If they commit to their strategy to divest $500M the look-through gearing will drop to ~37%. So far they only divested $142M.
If they succeed that's ~7% of the portfolio (valued at 6.5B).
Rent rise of ~4% won't compensate for the loss of income.
CLW has to sell some of its best assets - the only ones which would get close to book value - to avoid breaching convenants.
The debt refinance cliff is coming up in three years - and only a fool would think he can predict what the interest rates will be in 2027.
And for all those risks you are rewarded with a tremendous 6.6% yield...
I'll stick with corporate bonds for my income investments and watch from the side line.
Ann: CLW 2024 Half Year Results, page-4
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