CLW +2.5%: A solid result today from a very solid real-estate investment trust. Operating earnings of $159m were inline with expectations as was the distribution of 29.2c. Interestingly, their Net tangible assets (NTA) increased 16.8% showing good gains from their property portfolio which now sits at $5.6b having raised additional equity through the period. Gearing sits at 31.4% which is in the middle of their targeted range while their weighted average lease expiry (WALE) is now 13.2 years. This is a very solid REIT expected to yield 5.7% over the next 12 months (unfranked). We did hold this previously in the Income Portfolio and made a mistake selling it due to our concern around rising bond yields.
MM is now neutral/bullish CLW around $5.10
Add To Hit List
