Half Year 2026 Charter Hall Long WALE REIT Earnings Call Transcript
Key Points
- Charter Hall Long WALE REIT (ASX:CLW) reported operating earnings of $0.1275 per security, representing a 2% growth compared to the prior period.
- The portfolio achieved a 3% growth in like-for-like net property income, with 52% of income CPI-linked.
- The REIT's portfolio has a high occupancy rate of 99.9% and a long WALE of 9.2 years, providing stability and continuity of income.
- Moody's reaffirmed CLW's BAA1 investment grade credit rating, indicating strong financial health.
- CLW completed $1.1 billion of new interest rate hedging, achieving an average forecast hedging of 80% for the financial year, demonstrating effective risk management.
- Finance costs increased by 13.6% due to higher average debt drawn and increased weighted average cost of debt.
- The REIT's look-through gearing is at 41%, which is relatively high and may constrain future acquisition capabilities without asset divestments.
- The sale of the Coles Distribution Centre in Truganina was completed at a price below the June book value, indicating a potential loss in asset value.
- The weighted average cost of debt remains at 4.4%, which could impact profitability if interest rates rise further.
- The REIT faces potential challenges with tenant vacancies, such as the upcoming vacating of Telstra from a Canberra property, which requires active tenant engagement to mitigate.
Ladies and gentlemen, thank you for standing by, and welcome to the Charter Hall Long WALE REIT 2026 half-year results briefing. (Operator Instructions) Please note that this conference is being recorded today, Thursday, February 12, 2026.
I would now like to hand the conference over to your host today, Mr. Avi Anger, Diversified CEO. Thank you, sir. Please go ahead.
Good morning, everyone, and welcome to the Charter Hall Long WALE REIT results presentation for the 2026 half year. Presenting with me today is Erin Kent, Head of Long WALE REIT Finance. I would like to commence today's presentation with an acknowledgement of country. Charter Hall acknowledges the traditional custodians of the lands on which we work and gather. We pay our respects to Elders past and present and recognize their continued care and contribution to country.
The format for today's presentation is that I will start with an overview of CLW and key highlights for the FY26 half year. You will
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