The Charter Hall Group (ASX: CHC) share price is moving into uncharted territory today, reaching a new all-time high. The company provided upbeat news to the ASX, which appears to have rallied investors into snapping up Charter Hall shares.
At the time of writing, the property company's shares are swapping hands for $20.74, up 5.07% after earlier touching a record high of $20.76.
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What did Charter Hall announce?
The Charter Hall share price is lifting after the company announced an upgraded FY22 earnings guidance and FUM growth update.
In its release, Charter Hall advised its property portfolio will have a net value of around $3.5 billion by 31 December. The group routinely assesses its property platform every six months through independent auditors, giving a clearer picture of its assets.
In addition, Charter Hall noted that the consortium of which it is the lead manager has unconditionally included ALE Property Group (ASX: LEP). A court approval to complete the scheme of arrangement is set for 17 December.
Earlier this year, Charter Hall and industry superannuation fund, Hostplus partnered to take over ALE Properties for $1.68 billion. Post-transaction, Charter Hall Long WALE REIT (ASX: CLW) and Hostplus would each hold a 50% interest in the acquired business.
Together, the company expects valuations and unconditional transaction activity, and group funds under management (FUM) to come in at $61.3 billion.
Furthermore, Charter Hall stated as a result of the increased FUM, performance fees would also rise during the fiscal year. As such, the group is forecasting FY22 operating earnings per security guidance of no less than 105 cents per security. This is the second time within the last couple of months that the company has upgraded its annual earnings guidance.
Management commentary
Charter Hall managing director and group CEO David Harrison touched on the company's progress, saying:
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.
The resultant performance fees, whilst positive for the Group, also highlights the outperformance delivered for investors given fund investors typically receive 80% of excess total returns above the hurdles established at inception of the funds and partnerships.
About the Charter Hall share price
Over the past 12 months, the Charter Hall share price has gained 44% in value, with year-to-date treading at 40% higher. The company's shares have continued on an upwards growth trajectory in 2021, hitting an all-time high of $20.76 today.
On valuation grounds, Charter Hall presides a market capitalisation of around $9.65 billion, with 465.78 million shares outstanding.
