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Charter Hall Long WALE REIT (ASX: CLW) today announces the results of June 2023 portfolio valuations.
CLW had 549 properties, or 100% of the portfolio by gross asset value independently valued as at 30 June 2023.
The valuations resulted in a $419.0 million, or 5.8% net decrease from prior book values. The overall portfolio value has decreased from $7.2521 billion to $6.833 billion and the portfolio average cap rate has expanded 36bps from 4.41% to 4.77%.
The unaudited impact of the valuations announced today represents an estimated decrease in the NTA per security from $6.23 as at 31 December 2022 to $5.652, reflecting a $0.58 or 9.3% decrease.
A summary of the CLW portfolio valuation by sector as at 30 June 2023 is outlined below:
|Sector||Prior book value (A$m)||Valuation change (A$m)||Valuation (A$m)||Prior cap rate||Cap rate movement||Current cap rate|
|Long WALE retail||3,096.7||(240.2)||2,856.5||4.33%||0.41%||4.74%|
|Industrial & Logistics||1,489.4||(36.0)||1,453.5||3.94%||0.31%||4.25%|
CLW will report the REIT’s Financial Year 2023 Results on 8 August 2023.
Announcement Authorised by the Board
Click here to view PDF ASX Announcement
1 As at 31 December 2022, adjusted for all property acquisitions and divestments that have settled or are expected to settle in the six month period to 30 June 2023, capital expenditure and additions during the period.
2 Subject to audit and finalisation of 30 June 2023 statutory accounts (including confirmation of the NZD/AUD exchange rate as at 30 June 2023) and excluding any movement of interest rate derivatives during the period.