CHarter Hall Long Wale REIT Half Yearly Results to Dec 2017

Charter Hall Long WALE REIT announced its 1H FY18 results for the period from 1 July 2017 to 31 December 2017.

Key financial and operational highlights for the period are:

Financial highlights:

  • Statutory Profit of $45.9 million;

  • Operating Earnings of $27.3 million;

  • Operating Earnings per security (EPS) of 13.0 cents, 1.8% above PDS 1H FY18 EPS forecast;

  • Distribution per security (DPS) of 13.7 cents;

  • NTA per security increased to $4.02, reflecting 2.2% growth in the period; and

  • Balance sheet gearing of 28.62%.

Operational performance:

  • 11.3 year diversified portfolio WALE and 100% occupancy;

  • 8.4% increase in property portfolio value to $1.52 billion ;

  • $96.2 million of net property acquisitions;

  • $101.6 million of new equity successfully raised via DRP and Entitlement Offer; and

  • 4.8 years and 5.2 years weighted average debt and hedging maturities respectively.

Strategy and outlook

Management continues to focus on actively managing the REIT to create value and deliver sustainable and growing returns for investors. Barring any unforeseen events and no material change in current market conditions, CLW’s guidance for FY18 Operating EPS remains unchanged at 26.4 cents, representing:

  • 3.9% growth over FY17 annualised Operating EPS; and

  • 3.1% ahead of PDS target FY18 annualised Operating EPS of 25.6 cents

The target distribution payout ratio remains at 100% of Operating Earnings

Investor Presentation


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