Charter Hall Long WALE REIT (CLW) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of country and overview of strategy and FY 2024 performance.

• Independent Chair Glenn Fraser and Fund Manager Avi Anger delivered addresses, followed by a Q&A and items of business.

• Agenda included operational and financial updates, formal business, and director elections.

Financial performance review

• Operating earnings per security for FY 2024 were AUD 0.26, matching guidance, with distributions per security also at AUD 0.26, maintaining a 100% payout ratio.

• Portfolio valued at $5.8bn, delivered 4.7% like-for-like net property income growth, with 99.9% occupancy and a 10.5-year WALE.

• AUD 762 million in divestments completed, reducing gearing to 30.1% and supporting a buyback program.

• Moody's Baal credit rating reaffirmed; 72% of drawn debt hedged.

• Net tangible assets per security at 30 June 2024 were AUD 4.66.

Board and executive committee updates

• Glenn Fraser appointed chair following Peeyush Gupta's resignation; Ray Fazzolari joined as Non-Executive Director.

• Board includes experienced members with backgrounds in property, finance, and governance, including Ceinwen Kirk-Lennox and Managing Director David Harrison.

• Avi Anger serves as Diversified CEO & Fund Manager; Darryl Chua is Deputy Fund Manager.