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  • A statutory accounting profit of $374.3 million was recorded
  • 6.6% growth in valuation in the half year
  • Total FFO recorded came to $104.8 million

Growthpoint Properties Australia (ASX: GOZ) has released its half-year results, with the company revealing a valuation uplift of $300 million (6.6%) $300 million in the last six months of 2021, its largest increase to date in like-for-like portfolio valuation.

The company invested over $300 million in the half year, acquiring three high-quality office assets in New South Wales, Australian Capital Territory and Victoria as well as new securities in DXI.

Michael Green, Chief Investment Officer of Growthpoint, commented that results place Growthpoint in a position for continued growth.

“Another period of strong valuation gains reinforces the quality and highly desirable nature of the Group’s portfolio.”

Michael Green, Chief Investment Officer of Growthpoint

“The Group successfully leased approximately 106,000 square metres of accommodation, maintaining portfolio occupancy at 97% and long WALE of 6.3 years at 31 December 2021.

“We were pleased to achieve 93% tenant retention and to observe tenants are broadly maintaining their space requirements, with the Group signing several keylease renewals on 100% of leased space with tenants across both our office and industrial portfolios.

Growthpoint invested $300 million capital in 1H22, acquiring office assets and additional DXI securities.

The company managed to maintain a relatively long weighted average lease expiry (WALE) of 6.3 years maintained, up slightly from 6.2 years.

Growthpoint Properties’ trading results highlights

Movement Percentage HY22 HY21
Revenue and other income from ordinary activities up 2.1%  $151,200,000  $148,100,000
Funds from operations (FFO) up 6.5% $104,800,000 $98,400,000
Net profit attributable to Securityholders up 205.8% $374,300,000  $205,800,000
Distribution to Securityholders up 77.2% $80,300,000 $77,200,000

The company recorded a statutory accounting profit of $374.3 million, up 81.9% from the corresponding half year.

“We are confident Growthpoint will continue to deliver on its long track record of sustainable returns to our Securityholders,” Mr Green said.

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