S&P/ASX 200 Index (ASX: XJO) REIT (real estate investment trust) Charter Hall Long WALE REIT (ASX: CLW) is sliding today.
Shares in the ASX 200 REIT, managed by the listed manager Charter Hall Group (ASX: CHC), closed yesterday trading for $3.90. In morning trade on Friday, shares are changing hands for $3.87 apiece, down 0.8%.
For some context, the ASX 200 is down 0.2% at this same time.
This underperformance comes following the release of the ASX 200 REIT's half-year results (H1 FY 2025).
Read on for the highlights.
ASX 200 REIT slips on earnings retreat
The Charter Hall Long WALE REIT is in the red after reporting revenue from ordinary activities of $94.5 million, down 14.8% from H1 FY 2024.
Operating earnings of $89.8 million was down 4.4% year on year. Operating earnings per share came in at 12.5 cents, down 3.8%.
In other core financial metrics, the ASX 200 REIT reported statutory earnings of $51.3 million for the six months. The company achieved 3.5% like-for-like net property income (NPI) growth. Net tangible assets (NTA) were reported at $4.62 per share.
As for the tenancies, the portfolio weighted average lease expiry (WALE) stood at 9.7 years, with portfolio occupancy of 99.8%.
The six months also saw Charter Hall Long WALE REIT complete its $50 million on market share buyback program and complete a total of $289 million of net property divestments. That was comprised of a total of $300.4 million in asset divestments and $11.5 million in new acquisitions.
Among the bigger deals of the half year, CLW signed agreements with Coles Group Ltd (ASX: COL) for an expansion and lease extension at its Perth Airport Distribution Centre in Western Australia.
The board declared an unfranked quarterly dividend of 6.25 cents per share, with the ASX 200 REIT set to make that payout next Friday, 14 February. That brings the half-year dividend payout to 12.5 cents per share and the full-year payout to 25.5 cents per share. This sees the REIT trading on an unfranked trailing dividend yield of 6.6%.
What did management say?
Commenting on the half-year results posted by the ASX 200 REIT, Charter Hall Long WALE REIT fund manager Avi Anger said, "CLW has successfully completed its $50 million on market security buy-back program."
Anger continued:
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. Like for like property income growth of 3.5% resulted from an attractive mix of fixed and CPI linked annual increases.
With today's intraday moves factored in, shares in the ASX 200 REIT are up 3% over the past 12 months, not including those dividends.
