Charter Hall WALE REIT lifts HY profit, reaffirms guidance
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The news: Property investor Charter Hall Long WALE REIT has reaffirmed earnings and distribution guidance after lifting its half-year profit.
The numbers: It reported statutory profit of $51.3 million for the six months to December, up from a $258.4 million net loss a year ago.
Operating earnings were slightly lower at $89.8 million, from $94 million a year ago. It will pay an interim distribution of 12.50 cents per security, down from 13 cents a year ago.
Shares were flat at $3.90 in early trading on the ASX.
The context: The group recorded a 3.5% increase in like-for-like net property income on the back of annual increases, despite net property divestment of $289 million during the period. It also completed a $50 million share buyback.
The REIT expects to deliver on FY guidance for earnings of 25 cents a security and distribution of 25 cents a security.
What they said: “The portfolio is in an excellent position with 53% of leases in the portfolio being triple-net, occupancy of 99.8% and a weighted average lease expiry of 9.7 years,” fund manager Avi Anger said.
The source: ASX announcement
