Growthpoint Properties Australia announced its financial results, with a Statutory net loss of $120.4 million. Portfolio valuation declined by 4.2% on a like-for-like basis over six months, with the portfolio valued at $4.6 billion on 31 December 2023.
Timothy Collyer, Managing Director of Growthpoint, said, “The Group achieved some very positive office leasing outcomes in Brisbane and Adelaide, whilst the industrial portfolio saw continued strong performance with higher rents and 100% occupancy. Office markets are experiencing higher-than-average vacancies, although the outlook for physical occupancy continues to improve. Our office portfolio is well positioned given recent leasing success and a lower vacancy rate relative to the broader market, high-quality tenants, long WALE, and strong sustainability credentials. Following 31 December 2023, the Group signed new leases and Heads of Agreement representing 1.5% of total portfolio income, reducing portfolio vacancy by a further 0.3%.”
The portfolio occupancy increased to 95%, driven by higher office occupancy of 93%. The industrial portfolio remains 100% occupied from 30 June 2023.
The group has affirmed its FY24 guidance of 19.3 cents per security.
This property is for sale by Expressions of Interest closing March 20, 2024, at 2pm, unless sold prior.
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