Charter Hall Long WALE REIT is a listed investment vehicle established and managed by Charter Hall Group. The REIT pays management fees to the parent group. There are over 500 properties in the REIT’s portfolio, spanning retail, industrial, office, data centers and social infrastructure. The portfolio typically has near full occupancy and long weighted average lease expiry, or WALE, of around 10 years. About half the leases are subject to annual inflation-linked rental uplifts, and half to fixed annual increases (typically 3%). One third of the REIT’s income is rents collected from the properties held on its own balance sheet and the rest is co-investment earnings from a dozen joint ventures.