fuel pump service station petrol gas
Source: Canva
  • Profits up 41.6% to $279.9M
  • Strong growth expected, likely 3.75% if no material change experienced
  • $32.5M spent on acquisitions, and a further $18.8M on developments

Service station and convenience retail property company, Waypoint REIT (ASX: WPR), announced net profits of $279.9M in their latest half-yearly results.

The 41.6% increase in profit was welcome, CEO Hadyn Stephens said in a statement to the ASX: ” Waypoint REIT’s strong FY21 growth outlook is underpinned primarily by 3% fixed rent reviews across the majority of the portfolio,”.

Distributed earnings rose 6.1% as well to $118.5M, per security up 4.25% to 15.15 cents.

Waypoint made acquisitions throughout the reporting period, $32.5M across five acquisitions which had a WACR of 6.25%. An additional $18.8M was spent on twelve development projects, with a weighted average yield of 6.70%.

Liquidity came in at $127.3M, funding the acquisitions and developments.

Gearing was a hair under the preferred range of 30%-40% at 29.4%; the ceiling revised down from the previous 45%.

Distribution for the half-year came in at 7.73 cents per security.

The company is expecting strong growth through to the end of the financial year, distributable EPS of 15.72 cents is expected, “representing 3.75% growth”.

Waypoint opened the day at $2.41.

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