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Charter Hall Retail REIT Asset Revaluations as at 31 December 2012

08/02/2013

Charter Hall Retail REIT (ASX:CQR) (the ‘REIT’) today announced the results of its asset revaluations as at 31 December 2012.

The value of the Australian portfolio, representing 92% of the REIT's net tangible assets, increased by $0.4 million, offset by $6.8 million of acquisition costs incurred during the period. Underlying income growth from the portfolio offset the expansion of capitalisation rates from 8.17% to 8.22%.

Overall, the valuations resulted in the REIT's portfolio reducing in value by 1.2% or $25.1 million over the prior book value1. This primarily reflects a reduction in value of the REIT‟s European properties by $17.9 million.

The valuations of the REIT's German and Polish properties have been impacted by the weakness in the broader Eurozone economy, which continues to affect confidence in the region.

The portfolio's revaluation results are summarised below:

Asset revaluations

Charter Hall Retail REIT's Fund Manager, Scott Dundas, said: "Over the past six months we have continued to see positive rental rate growth across the Australian portfolio, which combined with this portfolio's sustained high occupancy, has delivered stable income growth from these assets."

1 Represents 30 June 2012 book value adjusted for foreign exchange rates, acquisitions, disposals and capital expenditure spent and accrued in the six months to 31 December 2012.

For further information, please contact:

Scott Dundas
Fund Manager
Charter Hall Retail REIT
T: +61 8295 1009
scott.dundas@charterhall.com.au
Philip Schretzmeyer
General Manager Finance
Charter Hall Retail REIT
T: +61 8295 1023
philip.schretzmeyer@charterhall.com.au
Investor enquiries:

Nick Kelly 
Head of Investor Relations
Charter Hall
T: +61 2 8908 4028 
nick.kelly@charterhall.com.au
Media enquiries:

Rachel Mornington-West
Head of Marketing and Communications
Charter Hall
T: +61 2 8908 4093
rachel.mornington-west@charterhall.com.au

About Charter Hall Retail REIT:

Charter Hall Retail REIT is a leading listed real estate investment trust with a portfolio of predominantly Australian high quality supermarket anchored neighbourhood and sub-regional shopping centres.

Charter Hall Retail REIT is managed by Charter Hall Group (ASX:CHC), one of Australia's leading fully integrated property groups, with over 22 years' experience managing high quality property on behalf of institutional, wholesale and retail clients. Charter Hall has $10 billion of funds under management across the office, retail and industrial sectors. The Group has offices in Sydney, Melbourne, Brisbane, Adelaide and Perth. The Group's success is underpinned by a highly skilled and motivated team with diverse expertise across property sectors and risk-return profiles. Sustainability is a key element of its usiness approach and by ensuring its actions are commercially sound and make a difference to its people, customers and the environment, Charter Hall can make a positive impact for its investors, the community and the Group. For further information on Charter Hall Group and Charter Hall Retail REIT go to www.charterhall.com.au

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