Charter Hall (ASX:CHC) has upgraded its earnings guidance for 2022 following the company’s 6-month valuation process.
The real estate investment trust individually evaluated almost 100 per cent of the group’s platform properties, proving a net valuation uplift of $3.5 billion as at 31 December 2021, subject to relevant approvals. As a result, funds under management are now expected to be $61.3 billion.
With the valuation uplifts increasing funds under management and likely performance fees payable at testing date during the fiscal year, Charter Hall has upgraded its financial year 2022 operating earnings per share guidance to no less than 105 cents per share.
“It is pleasing to see the hard work we have put into curating and growing high quality portfolios for our fund investors over many years has delivered excellent financial returns, well above expectations and performance fee hurdles,” said CEO David Harrison.
“The resultant performance fees, whilst positive for the Group, also highlights the outperformance delivered for investors given fund investors typically receive 80 per cent of excess total returns above the hurdles established at inception of the funds and partnerships.”
Shares in Charter Hall (ASX:CHC) are trading 5.4 per cent higher $20.80