Charter Hall Social Infrastructure REIT – Fund Update
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For general information or questions about your fund, please contact the Charter Hall Investor relations team:
Charter Hall Investor Relations
GPO Box 2704, Sydney NSW 2001
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Charter Hall Social Infrastructure Limited as Responsible Entity of the Charter Hall Social Infrastructure REIT (ASX: CQE) (CQE or the REIT) is pleased to provide Unitholders with an update regarding CQE’s recent leasing
activities, portfolio valuations and distribution declarations.
48 new leases agreed with Goodstart
In June 2021, CQE has agreed to new 20-year leases on a further 48 properties with its major tenant customer, Goodstart
Early Learning (Goodstart) on mutually beneficial terms including fixed annual increases. Prior to the new leases, these properties had a WALE of 5.5 years.
As a result of this transaction and other portfolio activities during the half,
CQE’s WALE as at 30 June 2021 is expected to be approximately 15 years.
Portfolio valuations
CQE had 2111 childcare properties, or 61% of the childcare portfolio by gross asset value independently
valued as at 30 June 2021. This includes 48 properties subject to new leases with Goodstart.
The valuations resulted in a $81.0 million or 12.3% uplift on the prior book values. The passing yield on these properties has firmed by 56 bps
to 5.7%. Excluding the 29 leasehold properties valued, the passing yield on freehold properties firmed by 59 bps to 5.4%.
A further 122 childcare properties which were last independently valued at 31 December 2020 were adjusted for rental
increases occurring during the half, resulting in a further uplift of $1.4 million
or 0.3%. These properties have a passing yield at 30 June 2021 of 5.7%.
CQE’s 50% interest in the Brisbane Bus Depot was independently revalued
to $61.12 million, reflecting a passing yield of 4.5% and an uplift of $6.1 million, or 11.1% on the prior book value.
The below table summarises the 6-month change in valuation1:
Portfolio | No | Prior Book Value | Valuation | Valuation | Change | Dec’20 | Jun’21 | Change |
Childcare | 333 | 1,091.5 | 1,173.9 | 82.4 | 7.5% | 6.0% | 5.7% | -33bps |
Brisbane Bus Terminal2 | 1 | 55.0 | 61.1 | 6.1 | 11.1% | 4.9% | 4.5% | -38bps |
Total | 334 | 1,146.5 | 1,235.0 | 88.5 | 7.7% | 6.0% | 5.6% | -33bps |
The table below summarises the 12-month change in valuation, noting that this reflects CQE’s like-for-like stabilised portfolio (excluding properties acquired and developments completed during the period):
Portfolio | No | Prior Book | Valuation | Valuation | Change | Dec’20 | Jun’21 | Change |
Childcare | 326 | 1,023.4 | 1,133.9 | 110.5 | 10.8% | 6.2% | 5.7% | -49bps |
Brisbane Bus Terminal2 | 1 | 52.3 | 61.1 | 8.8 | 16.9% | 5.1% | 4.5% | -63bps |
Total | 327 | 1,075.7 | 1,195.0 | 119.3 | 11.1% | 6.1% | 5.6% | -50bps |
The unaudited impact of the above valuations as at 30 June 2021 is an increase to the pro-forma NTA per unit to $3.27, a $0.24 or 8.1% increase on the 31 December 2020 NTA of
$3.03 per unit.
June quarter distribution and special distribution
CQE has declared the distribution for the quarter ending 30 June 2021 of 4.1 cents per unit, payable on 21 July 2021. This will result in the annual
distribution paid to unitholders being 15.7 cents per unit, in accordance with distribution guidance provided on 11 February 2021.
In addition, due to the portfolio curation activity undertaken during the year and resultant capital
gains, CQE’s taxable income for the year ended 30 June 2021 will exceed the total cash distribution paid to unitholders.
As a result of increased taxable income including the capital gains being attributed to unitholders, CQE
has declared a special distribution of 4.0 cents per unit, also payable on 21 July 2021.
This means the total distribution for the quarter ending 30 June
2021 will be 8.1 cents per unit, payable on 21 July 2021.
The distribution reinvestment plan will be active for this period for both of these distributions.
CQE will report the REIT’s Financial Year 2021 Results
on 12 August 2021.
1. Excludes acquisitions and valuation movements on developments completed during the half.
2. Value of 50% interest.
Announcement authorised by the Board
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