Charter Hall Long WALE REIT (CLW) H1 2026 earnings summary

Executive summary

• Operating earnings and distributions per security for 1H FY26 were AUD 0.1275, up 2% year-over-year, with NTA per security at AUD 4.68, also up 2% from June 2025.

• Statutory profit for the half year ended 31 December 2025 was $153.6 million, up from $49.7 million year-over-year, reflecting strong property revaluations and early adoption of AASB 18.

• Portfolio value increased to $6.0bn, with a net valuation uplift of $139 million and 99.9% occupancy, underpinned by blue-chip and government tenants.

• WALE stands at 9.2 years, providing long-term income security, with 52% of lease rent reviews CPI-linked.

• The REIT’s property investment activities remained stable, with no significant changes in business operations.

Financial highlights

• Like-for-like net property income grew 3% year-over-year to $147.0m in 1H FY26.

• Net tangible assets per security rose to $4.68, driven by positive revaluations.

• Finance costs increased 13.6% due to higher average debt drawn and increased cost of debt.

• Statutory earnings for 1H FY26 were $153.6m, up from $49.7m in 1H FY25, mainly due to fair value movements.

• Basic earnings per stapled security rose to 21.60 cents from 6.92 cents year-over-year.

Outlook and guidance

• FY26 guidance reaffirmed for operating earnings and distribution per security at AUD 0.255 (25.5 cents), representing 2% growth over FY25.

• Distribution yield forecast at 6.8% based on the latest closing price.

• The REIT benefits from inflation-linked revenue streams and interest rate hedging, providing resilience against macroeconomic uncertainty.