Charter Hall Long WALE REIT reports loss of $189 million

8 August 2023

Charter Hall Long WALE REIT (ASX:CLW) has reported its full year results, the diverse portfolio reported a statutory loss of $189 million for the financial year.

Operating earnings were at $202.4 million, down 2.3% compared to the previous fiscal year. Distributions will consist of 28 cents, which is in line with the guidance provided by the group.

During FY23, CLW completed $223 million of transactions consisting of $114 million of divestments and $109 million of income enhancing property acquisitions. The strategy improved the portfolio quality through sector diversification and lengthening the portfolio WALE.

The REIT’s diversified portfolio is 99.9% occupied and comprised of 549 properties with a long WALE of 11.2 years.

During FY23, CLW also refinanced and extended the syndicated debt facility and the group’s share of the facility is $225 million.

CLW provided FY24 operating earnings per security guidance of 26.0 cents and distributions per security guidance of 26.0 cents. Based upon yesterday’s closing price, this represents a 6.5% distribution yield.