This article is from the Australian Property Journal archive
AFTER a period of expanding its platform through strategic acquisitions, WOTSO Property (ASX:WOT) has posted a healthy boost to its revenue.
Australia’s first ever listed flexible property security has announced an interim of 3.0cps, to be paid on 8 April 2022, down from the prior year’s 3.5cps.
WOT posted a revenue of $25.6 million, up from $18.4 million in the previous year and up $5 million on its $16 million pre-pandemic revenue, with profit attributable to securityholders at $3.5 million, down from $5.6 million.
“Like so many Australian businesses WOTSO was not immune to the persistent disruptions caused by COVID. But, it’s fantastic to see the recovery well underway with our existing members returning to their workspaces and a steady stream of new members who are looking to adapt to changing work trends and capitalise on the flexibility that we offer,” said Jessie Glew, joint managing director of WOT.
Acquiring two new properties over the half year ending 31 December 2021, for a total of five acquisitions over the full year, WOT’s portfolio now includes 15 assets over roughly 80,000sqm of NLA, operating 40,000sqm of flexible space.
“These two acquisitions, in their own unique ways, are a continuation of our story. Our expansion into Western Australia will bring the WOTSO brand to a whole new market – a market that we know is ready to embrace our work-near-home offering,” said Tim Brown, joint managing director of WOT, referencing the Mandurah, WA acquisition.
“On top of this, the property on Military Road, Cremorne NSW gives us great optionality in relation to WOTSO’s presence on Sydney’s lower north shore. We are comfortable with an outcome that sees WOTSO occupy either the Cremorne site only or both the Cremorne site and existing Neutral Bay site,” added Brown.
At the close of the half year, WOTSO posted total gross assets at $446 million, up from the previous year’s total of $420 million.
Additionally, WOT ended 2021 with an operating cashflow of $9.7 million, up from $5.5 million in the prior year.
Statutory NAV per security was at $1.43, down from $1.44 in December 2020, while over the same periof adjusted NAV per security reached $1.50 from $1.49.
