A boost in sales from essential services shops offset reduced activity and the closure of specialty retailers across Charter Hall Retail REIT's portfolio during the height of the pandemic but the fund took a hit to profit over the financial year as some of its shopping centre assets fell in value.
Charter Hall Retail REIT recorded a 16.8 per cent fall in statutory profit from $53.1 million to $44.2 million in FY20 after recording $67.8 million in writedowns on the value of investment properties.
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Ingrid Fuary-Wagner is the AFR's explainer editor, based in Sydney. She previously wrote about property and before that was news editor at Domain. Connect with Ingrid on Twitter. Email Ingrid at ingrid.fuary-wagner@afr.com
