Charter Hall Long WALE REIT - CLW December 2022 portfolio valuations
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Charter Hall Long WALE REIT (ASX: CLW) today announces the results of December 2022 portfolio valuations.
December 2022 portfolio valuations
CLW had 93% of the portfolio by gross asset value independently valued as at 31 December 2022 with
the balance of the portfolio having been independently valued at 30 June 2022.
The valuations resulted in a $64.6 million, or 0.9% net uplift on prior book values, increasing the overall portfolio value from $7,151 million1 to $7,215 million during the six-month period to 31 December 2022. The portfolio’s weighted average cap rate has expanded 5bps from 4.36% to 4.41% and excluding the impact of the Metcash lease extension, the portfolio’s weighted average cap rate expanded 10 bps.
The unaudited impact of the valuations announced today are expected to increase CLW’s estimated pro-forma June 2022 NTA per security from $6.17 to $6.26, an increase of 9 cents per security, or 1.4%2, reflecting the high percentage of uncapped CPI-linked rent-review assets in the portfolio.
A summary of the CLW portfolio valuation by sector as at 31 December 2022 is outlined below:
| Sector | Properties | Prior book value (A$m) | Valuation (A$m) | Valuation uplift (A$m) | Prior cap rate | Current cap rate | Cap rate movement |
| Long WALE retail | 445 | 3,001.9 | 3,088.0 | 86.1 | 4.28% | 4.33% | 0.06% |
| Industrial & logistics - ex. Metcash | 23 | 1,243.2 | 1,252.1 | 9.0 | 3.71% | 3.84% | 0.13% |
| Industrial & logistics - Metcash | 1 | 198.0 | 221.0 | 23.0 | 6.50% | 4.50% | (2.00%) |
| Office | 13 | 1,365.2 | 1,336.3 | (28.9) | 4.90% | 5.05% | 0.15% |
| Social infrastructure | 41 | 1,028.9 | 1,024.2 | (4.7) | 4.09% | 4.14% | 0.05% |
| Agri-logistics | 27 | 313.7 | 293.7 | (20.0) | 5.21% | 5.71% | 0.50% |
| Total | 550 | 7,150.8 | 7,215.4 | 64.6 | 4.36% | 4.41% | 0.05% |
The Metcash, Canning Vale, Perth property has been split out from the balance of the industrial and logistics portfolio in the above table to separately indicate the impact on portfolio cap rate movement as a result of the recently agreed 10 year lease extension with Metcash at this property.
CLW reaffirms that, based on information currently available and barring any unforeseen events, CLW provides FY23 Operating EPS guidance of 28.0 cents and distribution per security guidance of 28.0 cents.
CLW will report the REIT’s Half-Year FY23 Results on Thursday, 9 February 2023.
1 As at 30 June 2022, adjusted for all property acquisitions and divestments that have settled or are expected to settle in the six month period to 31 December 2022, capital expenditure and additions during the period
2 Subject to audit and finalisation of 31 December 2022 statutory accounts (including confirmation of the NZD/AUD exchange rate as at 31 December 2022) and excluding any movement of interest rate derivatives during the period
Announcement Authorised by the Chair
Click here to view the PDF ASX Announcement
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