Revenue from ordinary activities was $116.3 million for the six months leading up to 31 December 2013, increasing 32.5 per cent from the 2012 result of $87.8 million.
Operational earnings also increased rising by 16.7 per cent, from $43.8 million in 2012 to $51.1 million for this half.
Charter Hall REIT fund manager Scott Dundas said the active start to the 2014 financial year has contributed to the fund’s solid result and led to an increase in assets under management to $1.9 million.
Charter Hall acquired three properties, completed two centre redevelopments and initiated three new projects during the six months.
The three acquired properties, Secret Harbour Shopping Centre in Western Australia, Southgate Plaza in South Australia and Rosebud Plaza in Victoria, were purchased for a total of $193.2 million and represent a 7.7 per cent yield.
Its redevelopment projects include the $15.7 million project at South Hedland Square and the $59 million redevelopments projects underway at Orange Central in New South Wales.
The Polish portfolio was also sold in October for €174.5 million along with three US properties for US$25.5 million.
Charter Hall said this has completed the REIT’s reweighting to Australia.
According to the half-yearly results, the Australian portfolio has an occupancy rate of 98.2 per cent and net operating income growth of 2.5 per cent.
“With food sales and non-discretionary retail continuing to outperform traditional discretionary spending, the REIT remains well positioned given the majority of its portfolio consists of high-quality Australian neighbourhood and sub-regional shopping centres,” said Mr Dundas.
He said Charter Hall will continue to focus on actively managing the portfolio, working with tenants to improve the shopping centre experience and lease management to maximise property returns.
