Charter Hall’s REIT helped by exposure to industrials

Charter Hall REIT financial results

9 February 2022
| By Oksana Patron |
image
image
expand image

Three high-quality acquisitions which helped to increase exposure of Charter Hall Long WALE REIT (CLW) to the industrial and logistics sector have pushed statutory profit for half year period ending 31 December to $589.6 million.

At the same time, CLW’s net property valuation showed an 8.3% uplift compared to the previous year, and stood at $523 million. Also, at the end of December, CLW’s property portfolio grew to $7 billion from $5.6 billion as of 30 June, 2021.

Overall, the total property portfolio grew by $1.42 billion to $6.98 billion for the period, and was driven by $923 million of acquisitions and $532 million in property revaluation uplift.

In the announcement made to the Australian Securities Exchange (ASX), Charter Hall Long WALE REIT’s fund manager, Avi Anger, said that during this time the fund successfully completed the acquisition of the ALE Property Group in partnership with superannuation fund Hostplus.

This would bring more diversity and resilience to the portfolio through higher exposure to Australia’s hospitality operator, Endeavour Group.

In addition, the three acquisitions which took place during the reported period, and two of which were secured off-market, positively contributed through the increased exposure of the fund to the industrial and logistics sector.

As far as the FY22 guidance was concerned, the real estate investment trust (REIT) confirmed, barring any unforeseen events, its FY22 operating earnings per share (EPS) would be no less than 30.5 cents.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 weeks 6 days ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

3 weeks 3 days ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

2 months 3 weeks ago

ASIC has taken action against a Queensland adviser who was sentenced last May for misappropriating $1.8 million from his clients....

2 weeks 2 days ago

AMP is to launch a digital advice service to provide retirement advice to members of its AMP Super Fund, in partnership with Bravura Solutions. ...

2 weeks 2 days ago

A former Insignia Financial C-suite exec has taken on a leadership role at MUFG Retirement Solutions as it announces chief executive Dee McGrath will depart after six yea...

2 weeks 3 days ago

TOP PERFORMING FUNDS