Overview of Charter Hall Long WALE REIT's FY24 performance

Charter Hall Long WALE REIT (ASX: $CLW) has reported its full year results for the financial year 2024. The company's portfolio valuation stands at $5.8 billion with a weighted average lease expiry (WALE) of 10.5 years and an impressive 99.9% occupancy rate. The annual like-for-like property income growth is recorded at 4.7%, reflecting the company's strong performance.

Executive commentary on FY24 performance

The company's diversified real estate portfolio, secured by long-term leases to blue-chip tenants, has contributed to the strong financial performance. With 55% of leases being Triple Net Leases (NNN) and 99% leased to blue-chip tenants, the company has demonstrated resilience and stability in its income streams. The completion of the strategic asset divestment program has further strengthened the portfolio, reducing near-term lease expiry risk and providing exposure to prime quality assets in core markets. The company's focus on debt reduction and security buy-back initiatives has enhanced its financial position, as evidenced by the reaffirmation of its Moody's Baat credit rating.

Summary of FY24 results and outlook

Charter Hall Long WALE REIT's FY24 results showcase a robust performance, underpinned by a high-quality and diversified real estate portfolio. The company's strategic asset divestment program has not only reduced lease expiry risk but also provided exposure to prime quality assets and low capital-intensive NNN leases. The focus on debt reduction and the initiation of an on-market securities buy-back of up to $50 million demonstrate the company's commitment to enhancing shareholder value. Looking ahead, the company's FY25 guidance of Operating EPS and DPS of 25.0 cents reflects a distribution yield of 7.2%, indicating a positive outlook for the upcoming financial year. With a strong focus on ESG leadership and a resilient tenant base, Charter Hall Long WALE REIT is well-positioned to navigate the evolving real estate landscape and deliver sustainable value to its stakeholders.