1) ARF had more CPI exposure in leases.
2) ARF less geared than CQE as hasnt shovelled hundreds of millions of social infra onto balance sheet with unhedged debt.
3) ARF hasnt done clearly dilutive deals to generate fees for its manager. E.g. Buying innovation quarter at 4.7% cap in Feb 2023 when cost of funds was already well into 5%'s and futures telling you would get right into the 6's.
So mostly bad management by Charter Hall relative to internalised ARF management.
Hence why assets heavily discounted.
News: CQE Charter Hall Social Infrastructure REIT Sees FY24 Distribution Of 16.0 AU Cents Per Unit, page-3
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$2.46 |
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Mkt cap ! $918.9M | |||
| Open | High | Low | Value | Volume |
| $2.44 | $2.46 | $2.42 | $1.227M | 500.4K |
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| No. | Vol. | Price($) |
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| 1 | 3074 | $2.44 |
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| Price($) | Vol. | No. |
|---|---|---|
| $2.46 | 1774 | 1 |
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