Charter Hall Retail REIT property, Balo Square. (Charter Hall REIT)Charter Hall Retail REIT property, Balo Square. (Photo: Charter Hall Retail REIT)

Charter hall REIT has declared a distribution per unit (DPU) of 14.00 Australian cents for its 1H 2018, a marginal fall of 0.7% from the 14.1 cents recorded for the corresponding period of the previous financial year.

The REIT’s funds from operations (FFO) increased by 0.3% year-on-year to AUD61.9 million (USD49 million) from AUD61.7 million in 1H 2017, while net income, including property income and income from joint ventures, came in at AUD87.6 million, up about 6.1%.

The growths in FFO and net income came on the back of efforts by the retail-heavy REIT to reposition its portfolio for growth.

“We have repositioned the portfolio for growth a process that began 18 months ago”, said Charter Hall REIT.

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By Ridzwan Rahmat

Ridzwan has been analysing REITs and business trusts since 2008, and personally manages a portfolio comprising mainly of SGX-listed REITs. He founded REITsWeek in 2013.