Waypoint REIT Ltd
ASX:WPR
Waypoint REIT Ltd
Waypoint REIT Ltd. is a real investment trust fund that engages in property leasing and investment. The company is headquartered in Melbourne, Victoria and currently employs 0 full-time employees. The company went IPO on 2016-08-03. The firm's investment objective is to maximize the long-term income and capital returns from its ownership of the portfolio for the benefit of all securityholders. The majority of the Company's properties in the portfolio are leased to Viva Energy Australia Pty Limited, with other tenants including other fuel and convenience retail operators and non-fuel tenants.
Waypoint REIT Ltd. is a real investment trust fund that engages in property leasing and investment. The company is headquartered in Melbourne, Victoria and currently employs 0 full-time employees. The company went IPO on 2016-08-03. The firm's investment objective is to maximize the long-term income and capital returns from its ownership of the portfolio for the benefit of all securityholders. The majority of the Company's properties in the portfolio are leased to Viva Energy Australia Pty Limited, with other tenants including other fuel and convenience retail operators and non-fuel tenants.
EPS Upgrade: FY25 guidance for distributable EPS was raised by 1%, mainly due to the impact of the ongoing $50 million buyback.
Steady Results: Distributable EPS for the half rose 0.4% year-on-year, and distributable earnings were stable at $55.6 million.
Valuation Gains: Net tangible assets per security increased 4.7%, supported by a $96 million valuation gain from cap rate tightening and rent reviews.
Strong Balance Sheet: Gearing remains low at 32.5% pro forma, with liquidity around $140 million after buyback and asset sales.
Minimal Acquisition Appetite: Management sees acquisitions as a low priority due to challenging yields and prefers capital management or OTR funding.
OTR Conversion Update: Viva progressed with 10 conversions in the Waypoint portfolio, all tenant-funded; no significant funding request from Waypoint expected until 2026 or later.
Tobacco Headwinds Managed: Decline in tobacco sales continues to impact convenience stores, but higher-margin product diversification is offsetting the earnings impact.
