Growthpoint (GRT) 1H24 – Results Snapshot

Distribution per share decreased 8.6% to 58.8c.
Distributable income per share (DIPS) decreased 8.6% to 71.2c.
Expect the impact of high interest rates to be felt more in the second half of FY24. Expect DIPS to decline 10-12% for FY24.
Expect to maintain 82.5% payout ratio.
SA REIT NAV per share decreased 3.9% to R20.67.
Disposals of properties R776.4m (two office).
GIPS AUM flat at R17.9bn.
Group SA REIT LTV increased from 40.1% to 42%.
Group vacancies decreased from 9.6% to 8.5%.
Offshore assets decreased from 44.3% to 43.5%.
Offshore DIPS as a % of total DIPS increased to 32.5%.
Fair value adjustments for the year were negative R3.3bn.
Total property assets decreased 1.1% to R177.9bn.
R1bn in capex and development costs spent.