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Charter Hall Retail REIT CQR

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Morningstar’s Analysis

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Recent Lockdowns Are Not a Repeat of 2020, Charter Hall Retail REIT Looks Defensive; Shares Fairly Valued

Alexander Prineas Equity Analyst

Analyst Note

| Alexander Prineas |

No-moat Charter Hall Retail REIT’s fiscal 2021 operating earnings per security were 4% below our expectations at AUD 27.30 cents. But we maintain our long-term assumptions and AUD 3.85 fair value estimate, which sees the stock screen as fairly valued. The REIT announced a final distribution of AUD 12.70 cents per security, taking full year distributions to AUD 23.40 cps.

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Company Profile

Business Description

Charter Hall Retail REIT, or CQR, owns and manages a portfolio of convenience focused retail properties, including neighbourhood and subregional shopping centres, service stations, and some retail logistics properties. The REIT is managed by Charter Hall, a listed, diversified fund manager and developer, which owns a minority stake in CQR, and frequently partners with it on acquisitions and developments. More than half of rental income comes from major tenants Woolworths, Coles, Wesfarmers, Aldi and BP (the latter occupies service station assets). The portfolio is more seasoned than some convenience rivals, with approximately two thirds of supermarket tenants at or near thresholds for paying turnover-linked rent.

No.1 Martin Place, Level 20
Sydney, NSW, 2000, Australia
T +61 286519000
Sector Real Estate
Industry REIT - Retail
Most Recent Earnings
Fiscal Year End Jun 30, 2022
Stock Type