Charter Hall Long Wale REIT Unveils FY23 Results

Charter Hall Long WALE REIT (ASX: CLW) Unveils FY2023 Full-Year Results Concluding on June 30th. Notable financial highlights include operating earnings of AU$202.4 million (28.0 cents per security), distributions of 28.0 cents per security, and a Net Tangible Asset (NTA) value of AU$5.63 per security. Despite a statutory loss of AU$189.0 million, the REIT maintains a substantial and diversified property portfolio valued at AU$6.8 billion. The portfolio benefits from a 5.1% weighted average rent review, and the balance sheet gearing is in line with the targeted range of 25% - 35%.

The Operating highlights include successful divestments of AU$114 million in assets, including two short WALE industrial properties. An AU$91 million investment in social infrastructure achieved a 7.4% initial yield and 9.6-year WALE. AU$18 million went into hospitality with a 5.0% cap rate and 15-year CPI-linked NNN leases. The portfolio has an 11.2-year WALE, 52% NNN leases, and 51% inflation-linked annual lease reviews with a 7.1% FY23 increase, while 49% have fixed annual reviews with a 3.1% average increase.

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