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Business Description: Charter Hall Office REIT (CQO, formerly Macquarie Office Trust) is a sector specific AREIT offering exposure solely to Grade A office properties in Australia, the US, Europe and Japan. The responsible entity of the trust is Charter Hall after the sale of the manager in 2010 to the Charter Hall group.
Strategy Analysis: CQO seeks to provide unitholders with a secure, growing income stream and the prospect of capital growth by achieving scale in a portfolio of Australian 'A´ grade CBD and suburban office property investments. Growth is supported by active asset management, to maintain high occupancy levels and extend the weighted average lease expiry, refurbishment and development to match customer demand. CQO is on-track to finalise its exit of non-core markets (US and Europe) and distribute net proceeds by the end of FY12.
Charter Hall Office REIT reported NPAT of $69.4m for the year ended 30 June 2011. The reported profit for the year reflects the improved market conditions with net property valuation gains of $21.9m on a look-through basis compared to net property valuation losses of $280.7m in the prior year; however, offset by the loss on re-measurement of the investment in the US JV of $54.5m. Revenues from ordinary activities were $201.1m, up 6.1% from last year. Basic and Diluted EPS was 14.09 cents compared to (19.0) cents last year. Net operating cash flow was $69.2m compared to $79.1m last year. The final dividend declared was 11.0 cents, taking the full year dividend to 20.25 cents compared with 18.5 cents last year.
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The Age 6/02/2012 | AUSTRALIA has a reputation for embracing technological developments quickly. We had a record take-up of VHS, DVD and widescreen television, and it is widely claimed that the Land of Oz has more home theatres per head of population than anywhere else in the world.
Sun Herald 5/02/2012 | INVESTORS cheered during the week, perhaps convinced that the latest rearrangement of deckchairs on the good ship euro will do the trick and right the heavily listing vessel.
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