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Property Stocks Down Under 16 February 2022: Charter Hall Long WALE REIT (ASX:CLW)
Charter Hall Long WALE REIT: Loyal tenants mean everything
Today we look at Charter Hall Long WALE REIT (ASX: CLW). This REIT has a diverse portfolio of 549 properties worth ~$7 billion with a WALE of 12.2 years. 42% of its properties are retail and hospitality, with another 21% logistics and industrial properties, 19% offices, 13% social infrastructure and 4% agricultural logistics. Examples of Charter Long WALE properties include corporate offices, supermarket distribution centres, depots for trucks and buses, food processing factories and even blood donation centres.
The last time we covered Charter Hall Long WALE REIT, we thought it was overvalued as it was trading at a hefty premium to its Net Tangible Assets (NTA). But it is currently sitting 4% lower than we last covered the trust and at a 19% discount to its NTA despite having bulked up by acquiring ALE Property Group. So does it earn a higher rating now?