Charter Hall Long WALE REIT - Valuation Update

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CLW announces that a number of co-owned properties were independently revalued. The valuations relate to properties held in joint venture with Charter Hall unlisted retail and wholesale funds and institutional investment partners.

These independent valuations represent 45% of CLW’s portfolio by value with the properties valued being across a broad sector, tenant and geographic spread.

Properties revalued included the ALH leased portfolio of properties, office properties including ATO Adelaide, Westpac Kogarah, the recently acquired NSW Government leased Glasshouse at Macquarie Park, Optima Perth and both state government leased properties in the Brisbane CBD. Industrial and logistics properties revalued include the recently extended 15 year WALE Coles logistics facility in Perth and Woolworths Dandenong 18 year WALE distribution centre.

CLW recorded a flat net valuation movement across the properties revalued and there was no change in capitalisation rate for those properties valued. This reflects the resilience of long WALE properties leased to strong corporate and government tenant customers. Post the revaluations, CLW’s weighted average capitalisation rate for its entire portfolio remains unchanged at 5.5%.

As at 30 April 2020, the REIT’s diversified portfolio is 99.8% occupied with a portfolio WALE of 14.2 years.

The entire portfolio will be independently valued at 30 June 2020.

Fund Manager of CLW, Avi Anger commented

“the outcome of the independent valuations undertaken across our portfolio since the onset of COVID-19, demonstrates the resilience of our long WALE portfolio of properties leased to high quality tenants. In the current environment, we have seen valuations relatively unchanged for the properties in our portfolio on long leases to tenants who are financially strong and continue to pay rent during this period.”

Announcement authorised by the Board

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