Highlights

  • Waypoint REIT reaffirmed FY26 distributable Earnings guidance of 17.14 cents per security, representing expected growth of 3% year-on-year during FY26.
  • Portfolio value reached AUD 2.86 billion across 394 fuel and convenience retail properties at the June 2026 reporting date overall.
  • Triple net lease arrangements accounted for 89.9% of income, supporting the property group’s existing rent and operating structure during FY26.
  • Waypoint reported gearing of 32.4% and Interest Rate hedge cover of 90%, supporting its Balance Sheet and earnings outlook overall.

Waypoint REIT released its 1H26 results on 27 August 2026, reporting distributable earnings per security (DEPS) of 8.59 cents for the half year ended 30 June 2026 — up 3.4% on 1H25 — and reaffirming full-year FY26 DEPS guidance of 17.14 cents per security, representing 3% growth on FY25's 16.64 cents. The portfolio of 394 fuel and convenience retail properties was valued at $2,862.7 million at 30 June 2026 — a $10.7 million (0.4%) increase for the half. NTA per security stood at $2.92, against a prevailing Market Price of approximately $2.41 — a 17.5% discount to asset value.

Portfolio and Income Quality

Waypoint REIT is Australia's largest listed REIT investing exclusively in fuel and convenience retail properties, with a network spanning all Australian states and mainland territories. The portfolio is predominantly leased to Viva Energy on triple net (NNN) leases, which account for 89.9% of income. Triple net leases transfer property expenses to the tenant, reducing landlord Capital obligations and underpinning a low management expense ratio of 31 basis points — one of the lowest in the S&P/ASX 200 REIT Index. The specialised, essential-service nature of fuel and convenience Assets provides consistent, non-discretionary income.

Balance Sheet and Capital Management

Gearing of 32.4% at 30 June 2026 sits comfortably within the lower half of Waypoint's 30–40% target range. The REIT maintains 90% interest rate hedge cover, providing substantial earnings protection in the current interest rate environment. Cash distributions are paid quarterly, providing investors with regular income. With a 17.5% discount to NTA and a forward distribution Yield of approximately 7.1% at the prevailing price, the case for WPR's income-focused Investment proposition remains attractive relative to the underlying asset quality.

FY27 Outlook

Looking ahead, Waypoint's contracted annual rent reviews — which are reflected in the June 2026 valuations — provide a clear line of sight to continued distribution growth beyond FY26. The portfolio's essential-service characteristics, long lease tenure, and triple net structure mean that Waypoint's income stream is among the most defensible in the Australian listed REIT sector. FY27 distribution guidance will be provided at the full-year FY26 results, expected in early 2027.

Stock Price Information

On 6 November 2026, Waypoint REIT (ASX:WPR) shares recorded a change in price. For current pricing, refer to the ASX website or your broker platform.