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Charter Hall Long WALE REIT Results

February 15, 2019

 

Charter Hall Long WALE REIT announced its 1H FY19 results for the period 1 July 2018 to 31 December 2018.

 

Key financial and operational highlights for the period are:

 

Financial highlights:

• Operating Earnings of $31.1 million;

• Statutory Profit of $26.3 million;

• 1H FY19 EPS and DPS of 12.9 cents;

• NTA per security of $4.01; and

• Balance sheet gearing of 31.5%, within the target 25% to 35% range.

 

Operational performance:

• Portfolio WALE of 12.6 years, including the recently announced Inghams lease extensions, reflecting a 16.7% increase from 10.8 years as at June 2018;

• Total property portfolio growth of $350 million, or 23%, to $1.87 billion;

• Actively recycled capital from strategic divestments into new portfolio enhancing opportunities;

• Continue to improve portfolio tenant, geographic and sector diversification with recently announced property transactions; and

• 6.19% portfolio cap rate as at 31 December 2018.

 

On Friday, the REIT announced the successful extension of leases across the recently acquired Inghams portfolio, increasing the WALE from 15.8 years to 24.6 years. 

 

Overall, the total property portfolio has increased in value by approximately $350 million to $1.87 billion for the period, driven by $318.2 million of net acquisitions and $30.7 million in gross property revaluations.

 

At the end of the period, the REIT’s diversified portfolio remains 100% occupied and comprises 113 properties with a long WALE of 11.6 years, increasing to 12.6 years with the Inghams lease extension mentioned above. The portfolio weighted average capitalisation rate (WACR) as at 31 December 2018 was 6.19%.

 

CLW continues to focus on actively managing the portfolio and acquiring assets with long leases to high quality tenants to create value and deliver sustainable and growing returns for investors.

 

The REIT confirms that barring any unforeseen events and no material change in current market conditions, CLW’s guidance for FY19 Operating EPS remains unchanged from the guidance range announced on 5 December 2018 of 26.8 – 26.9 cents per security, which represents 1.5 – 1.9% annual growth on FY18 Operating EPS. The target distribution payout ratio remains at 100% of Operating Earnings.

 

CLW Trading Chart vs ASX200 AREITs

Blue - CLW

Purple - ASX200 AREITs

 

 

 

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