"Over the last 5 years, CQE has successfully divested 105 childcare centres and ARF units for total proceeds of $268.0m and re-invested into assets with stronger tenant covenants and superior return profiles".
You can't make this stuff up.
Even a cursory perusal of their presentations (1H24 vs 1H23) will tell you the non-childcare portfolio has seen $26.4m of devaluations over the last year.
Worse, three of those assets (SA Emergency Command, Brisbane Bus Terminal and Robina TAFE/Wise) have actually seen net property income decline!
They keep selling the genuinely scarce assets (childcare centres that are land rich and difficult to get approvals for) and purchase questionable social infra assets that have as a whole materially underperformed the childcare portfolio.
Market is looking right through their obfuscation and hence why stock is down today (ARF flat) and continues to trade at a massive discount to ARF on a Price / NTA basis.
CQE Price at posting:
$2.83 Sentiment: Hold Disclosure: Held
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