This article is from the Australian Property Journal archive
ASX-listed Waypoint REIT’s bottom line was hit by the negative revaluations that swept through the wider commercial property sector, with the petrol station owner swinging to a full-year loss of $79.1 million.
The 2023 full-year result was compared to a statutory net profit of $133.8 million in FY22, with the shift “largely driven by valuation movements on the investment property portfolio and derivative financial instruments”, it said.
Its $2.77 billion portfolio comprises 402 properties, with 163 properties valued during the year resulting in a net valuation loss of $184.5 million. The portfolio’s average capitalisation rate was 5.68%, an increase from 5.28% on the prior corresponding period (pcp).
Portfolio weighted average lease expiry stood at 8.1 years and occupancy was 99.9%.
Waypoint REIT reported distributable Earnings per security of 16.48c, in line with guidance.
Distributable earnings was $110.7 million, a 4.7% decline on FY22’s $116.1 million.
Waypoint REIT expects to deliver distributable earnings per security of 16.32c to 16.48c in 2024, with the bottom end of this guidance range assuming the sale of non-core assets with a book value of approximately $80 million in 2024, and the top end of the range assuming no asset sales are completed.
Net tangible assets per security was $2.73, down 9.6% from $3.02.