AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Growthpoint properties is an ASX-listed REIT firm which is focused on investing in offices, industrial and retail sectors across Australia
- In FY23, the company witnessed 6.7% increase in NPI, driven by acquisition of GSO Dandenong, drawing of bank guarantee at 100 Skying terrace, acquisition synergies and receival one-off early surrender payment
- The expected distribution for FY24 is 19.3 cents per security
Growthpoint Properties Australia (ASX:GOZ) is a real estate investment trust (REIT) company that invests in properties in the industrial and retail sectors and offices across Australia. The company operates through Industrial property investments, office property investments and funds management segments.
The 1.75 billion market cap firm witnessed a 4.3% YoY fall in funds from operations (FFO) to AUD 204.80 million in the financial year 2023 (FY23). However, during the reported period, NPI increased by 6.7% YoY due to acquisition of GSO Dandenong, drawing of bank guarantee at 100 Skying terrace, acquisition synergies and receival one-off early surrender payment.
As at 30 June 2023, debt of GOZ was hedged at 70.5% and gearing was 37.2%.
Recent business update
Through an ASX-update dated 20 December 2023, the company informed about the distribution of 9.65 cents per security for the six months ending 31 December 2023. The distribution announced was in line with distribution guidance of FY24. Through the release, the company also informed that it has maintained its FFO guidance for FY24 between 22.5 to 23.1 cents per security.
Outlook
The company is in a position to navigate through the cycle with a better-than-expected WALE offering secure property rental cash flows, ample covenant headroom, a decent capital structure and asset management capability.
In FY24, expected distribution is 19.3 cents per security, assuming an average FY24 floating rate of 4.35%.
Share performance of GOZ
GOZ shares surged by 2.15% to close at AUD 2.38 apiece on 4 January 2024. Including today’s gain, GOZ’s share price witnessed a fall of 20.40% in the last 12 months and recorded a rise of 10.70% in the last three months.
The 52-week high of GOZ is AUD 3.52, recorded on 3 February 2023, and the 52-week low is AUD 1.97, recorded on 31 October 2023.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 04 January 2024. The reference data in this report has been partly sourced from REFINITIV.
Disclaimer
This article has been prepared by Kalkine Media, echoed on the website kalkinemedia.com/au and associated pages, based on the information obtained and collated from the subscription reports prepared by Kalkine Pty. Ltd. [ABN 34 154 808 312; AFSL no. 425376] on Kalkine.com.au (and associated pages). The principal purpose of the content is to provide factual information only for educational purposes. None of the content in this article, including any news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations, and video is or is intended to be, advisory in nature. The content does not contain or imply any recommendation or opinion intended to influence your financial decisions, including but not limited to, in respect of any particular security, transaction, or investment strategy, and must not be relied upon by you as such. The content is provided without any express or implied warranties of any kind. Kalkine Media, and its related bodies corporate, agents, and employees (Kalkine Group) cannot and do not warrant the accuracy, completeness, timeliness, merchantability, or fitness for a particular purpose of the content or the website, and to the extent permitted by law, Kalkine Group hereby disclaims any and all such express or implied warranties. Kalkine Group shall NOT be held liable for any investment or trading losses you may incur by using the information shared on our website.
