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Highlights

  • GOZ's net profit after tax increased by 12.1% annually to AUD 117.5 million, compared to AUD 104.8 million in 1HFY22
  • During 1HFY23, net property income (NPI) of the company rose 19% annually, while like-for-like NPI gained 10.8% over the prior corresponding period (pcp)
  • GOZ said funds from operations (FFO) in FY23 are likely to be 26.7 cents per share, higher than the FFO guidance of 25.5-26.5cps shared earlier

Growthpoint Properties Australia (ASX: GOZ) is a real estate investment trust (REIT) that invests in properties in the office, industrial and retail sectors across Australia.

For the half-year ending 31 December 2022, the company reported revenues of AUD 181.7 million, 20.2% higher than the revenue of AUD 151.2 million reported for 1HFY21. Strategic investments and accretive acquisitions supported the company's revenue growth. During 1HFY23, the company's net property income (NPI) rose 19% annually, while like-for-like NPI gained 10.8% over the prior corresponding period (pcp).

GOZ's net profit after tax increased by 12.1% annually to AUD 117.5 million, compared to AUD 104.8 million in 1HFY22.

GOZ Guidance Update

Last month on 21 June, the company shared updated guidance for FY23. GOZ said funds from operations (FFO) in FY23 is likely to be 26.7 cents per share, higher than the FFO guidance of 25.5-26.5cps shared earlier.

Meanwhile, GOZ said dividend distribution for the six months ending 30 June 2023 would be 10.7cps. Including this amount, total distribution for FY23 will be 21.4cps, in-line with the guidance and payout ratio of 80.1%.

Property Platform Valuation

The company said as per preliminary draft external valuations, which cover 69% of its total portfolio value, there is a decline of AUD 123.8 million in like-for-like between 31 December and 30 June 2023. For the full FY23, the valuation decline in like-for-like property would be AUD 249.8 million.

GOZ Top 10 Shareholders

The top 10 shareholders of the company together hold nearly 70.74% of the total shareholding in the company. Growthpoint Properties Ltd and Vanguard Investments Australia Ltd. hold a maximum stake in the company at 63.7% and 2.33%, respectively. Here are the other large shareholders in the company:

GOZ Share Price Performance

GOZ shares closed 1.067% higher at AUD 2.840 apiece on Tuesday (4 July 2023). The stock price has gone down by nearly 8.09% in the last one month, and over the last six months, stock prices went down by around 3.73%. The stock has a 52-week low and 52-week high of AUD 2.720 and AUD 3.820, respectively, and is currently trading below the mid-range of the 52-week-high-low levels.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance. 

Note 2: The reference date for all price data, currency, is 4 July 2023. The reference data in this report has been partly sourced from REFINITIV.