Charter Hall Group 2026年第四季度财报及2027年指引电话会议纪要

发布时间：2026-08-21 一、AI总结内容 一、核心要点 1. FY26核心业绩：合并运营收益4.881亿澳元，折合每证券103.2澳分，同比增长26.8%；物业基金规模达760亿澳元，同比增长13.8%；权益流入创纪录达67亿澳元。 2. FY27指引：合并运营收益预计为每证券114澳分，同比增长10.5%；每股股息预计为53.7澳分，为连续第16年实现6%的股息增长。 3. 各板块表现：办公物业出租率95%，远超行业平均83%，核心子市场净有效租金增长强劲；工业物流物业出租率99%，租户续约率超90%，租金溢价9%；便利零售基金规模达183亿澳元，出租率99%。 4. 财务优化：有效税率永久降低5个百分点，当前集团资产负债率为14%，保持在审慎区间。 二、投资线索 1. 办公板块：核心项目Chiefly South预出租率达70%，360 Queen Street布里斯班项目预出租率超95%，政府客户总部项目需求强劲。 2. 工业板块：发展规模达70亿澳元，近期通过出售工业土地获得高于成本的溢价，收益将回流至核心项目。 3. 新基金：便利零售基金（CCRF）规模达33亿澳元，尚有15亿澳元增长空间，未来将继续布局小型区域零售资产。 三、风险与关注 1. 市场方面：全球权益估值偏高，商业地产潜在利率波动仍存， listed REIT估值折让影响股权融资能力。2. 经营方面：部分老旧办公物业存在结构性空置风险，需关注优质资产需求韧性。3. 其他：短期权益流入可能受宏观情绪影响，需跟踪FY27实际资金投放节奏。 二、音频原文（转写） Ladies and gentlemen thank you for standing by and welcome to the charter hall group twenty twenty six four year results briefing.At this time all participants are in a listen only mode.Therewould be a presentation followed by a question and answer session at which time if you wish to cue for a question you will need to press star one on your telephone keythed and wait for your name to be announcedplease note that this conference has been recorded today friday the twenty first august twenty twenty six.I will now like to hand the conference over to your host to day mr david harrison managing director and group chief executive officer thank you sir please go aheadgood morning and thank you for attending f y twenty six results call which our group say of our anastasia clark will present with myselfturning the group's earnings on slide four five twenty six has seen ch deliver operating earnings of fourhundred and eighty eight point one million translating to one hundred and three point two centsper security.Representing twenty six point eight percent growth over twenty five.Today we are also providing f o twenty seven guidance of approximately one hundred and fourteen cents per security.Representing a further ten and a half per cent growth over f y twenty six.Which delivers athree year growth of forty per cent of fly twenty four to twenty seven.Noting that therefore i twenty four result of eighty one point four cents.Was an inflection year as i have called out several timesthe group's return on contributed equity increase to twenty six point four per cent post tax.Reflecting strong earnings growth equityinklies and disciplined capital deployment.We continue our long standing track record of distribution growth increasing dps by six per cent to fifty point seven cents per security and guidingfor a further six per cent growth in fy twenty seven.Group thumb increased ten billion dollars or twelve per cent from eighty four point three to ninety four point three billion whilst property fum increased nearly fourteen per cent from sixty six point eight to seventy six billionnet acquisitions developmentsand equity flows accelerated during the year as we have continued to curate our existing and new portfolios.Whilst groupthumb grew approximately twelve per cent operating earnings for security grew almost twenty seven per cent demonstrating the strength of our platform and earnings diversificationa balance searemains well positioned with fourteen percent gearing and approximately billion dollars of balance sea investment capacityand total group invest ment capacity of six point four being across theplatform.Saying to slide five and house for taking pillows.Our strategy remained unchangedwe continue to access capital from listed institutional and retail investors.Deploy capital into attractive investment opportunities generate their usuary funds management acid and property management.Expand our, developmentand our uncommitted pipelines and invest alongside our capital partnerswe continue to execute on this strategy of access in deploying managing and investing capitalon behalf of our investor customers as we have for the last fifteen years.On this slide we talked to various milestones achieved over various time periodsgiven my twenty two years leading c hc i tend to focus on the longer longer term andit is pleasing to see that over the last decadewe've closedclose to sixty b in acquisitions completed fourteen bion of developments and existing asset improvementswhile securing thirty sevenbillion dollars in gross equity inflows into ourfunds management businessi also note that our balance sheet property investment portfo or pi has triple in size over the last decade from one point one to three point two then.P i forms the property investment segment of ch in its growth.Without raising new equity for over twelve years.Shows the power of our self funding business modelthe pi portfolio's growth not only enhanced our pi even at dar but it also supports the growthof our property funds management business and enhances our flexibility and optionality in opportunistically taking advantage of specific assetopportunities and dislogation events in marketshas shown in slide six we've delivered f y twentysix operating earnings of one hundred and threep