Overview of Charter Hall's 1H FY24 results

Charter Hall Group (ASX: $CHC) has released its 1H FY24 results, reporting operating earnings post-tax of $195.1 million and a property investment portfolio value of $2.8 billion. The company also disclosed distributions of 22.1cps and a return on Contributed Equity of 21.4%.

Executive commentary on 1H FY24 results

We've continued the on-going curation of the portfolio's we manage, developing new assets and modernising prime located assets that meet the needs of today's tenants while selectively divesting older, non-core assets which enhances returns. The commencement of construction for the $1.8 billion Chifley South Tower to create Australia's premier $3.8 billion precinct, follows $3bn of development completions across office and industrial over the past 12 months, all demonstrating the active asset management of our Platform.

Summary of 1H FY24 results and outlook

Charter Hall Group (ASX: $CHC) reported operating earnings post-tax of $195.1 million and a property investment portfolio value of $2.8 billion for the 1H FY24. The company's Managing Director and Group CEO, David Harrison, highlighted the ongoing curation of the managed portfolio, emphasizing the development of new assets and the modernization of prime located assets. Looking ahead, Charter Hall reconfirms its FY24 earnings guidance for post-tax operating earnings per security of approximately 75cps and a FY24 distribution per security guidance for 6% growth over FY23, provided there is no material adverse change in current market conditions.