The Reserve Bank of Australia's (RBA) latest rate cut means the cash rate has now been reduced three times in Australia. I think that's a great tailwind for certain S&P/ASX 200 Index (ASX: XJO) shares.

While lower rates can be a useful bonus for share prices in a very generalised way, I believe there are some businesses that could significantly benefit.

I'm particularly thinking of ones that may have been hindered in recent years by elevated interest rates. I think the below businesses have a very promising outlook.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

Soul Patts is one of the businesses I like to mention the most because of its long-term track record and its ability to provide investors with diversification due to the nature of its portfolio.

The ASX 200 share is invested in a number of areas including telecommunications, agriculture, swimming schools, electrification, financial services, funds management and plenty more.

Two of the areas that it has the largest exposure to, particularly once its merger with Brickworks Ltd (ASX: BKW) is completed, are building products and industrial properties.

Rate cuts are likely to drive the value of its property investments higher. Due to the leveraged nature of property investments, increases in the property values can be very pleasing.

I think a decline in the cash rate could be supportive for building product demand, particularly if further rate cuts occur.

Overall, I believe this ASX 200 share is poised to deliver solid ongoing long-term returns in the coming years as it continues focusing on businesses with resilient cash flow generation with good prospects.

Charter Hall Long WALE REIT (ASX: CLW)

This is the most diversified real estate investment trust (REIT) on the ASX as it's invested across a wide array of properties including hotels, government-related buildings, data centres, telecommunication exchanges, service stations, grocery and distribution, food manufacturing, waste and recycling management, and so on.

I view this as a pleasing business to own for diversification and rental income. It has a long weighted average lease expiry (WALE) of more than nine years, providing rental security and visibility. Rental income is growing from both fixed annual increases and inflation-linked increases – its weighted average rental review (WARR) in FY25 was 3.1%, which I think is a pleasing growth rate.

Rate cuts can be a very useful boost for the business thanks to a potential reduction in interest costs and a boost to the property valuations.

In the coming years, I'm expecting the business to report operating (rental) profit growth and this can fund higher distributions in the coming years.

In FY26, it's expecting to grow its annual distribution per security by 2% to 25.5 cents. That represents a forward distribution yield of 5.7% at the time of writing.