Full Year 2024 Charter Hall Long WALE REIT Earnings Call Transcript
Key Points
- Charter Hall Long WALE REIT (CHLWF) has a best-in-class $5.8 billion diversified real estate portfolio with a long WALE of 10.5 years.
- The portfolio has an impressive occupancy level of 99.9%, contributing to stable cash flow.
- Operating earnings per security were $0.26 for the full year, in line with FY '24 guidance.
- The REIT completed $762 million of divestments, using proceeds to reduce debt and strengthen the balance sheet.
- Moody's reaffirmed its Baa1 investment grade credit rating for the REIT, demonstrating strong credit support.
- Net property valuation decreased by $626 million, leading to a 17.2% drop in NTA from $5.63 to $4.66 per security.
- Finance costs increased due to a rise in the weighted average cost of debt from 3.1% to 4%.
- The REIT's weighted average cost of debt is now 4%, reflecting higher interest expenses.
- The REIT's balance sheet gearing is at 30.1%, which, while within the target range, indicates a need for continued prudent capital management.
- FY '25 operating earnings guidance is slightly lower at $0.25 per security, reflecting potential challenges ahead.
Ladies and gentlemen, thank you for standing by and welcome to the Charter Hall Long WALE REIT 2024 full year results briefing. (Operator Instructions) Please note that this conference is being recorded today, Thursday, 8 August 2024.
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 financial year 2024. Presenting with me today is Scott Martin, Head of Long WALE REIT Finance.
I would like to commence today's presentation with an acknowledgment 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
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