1. 82.9k

    Growthpoint Properties Australia Limited (in its capacity as responsible entity
    for Growthpoint Properties Australia Trust and in its own capacity) (ASX: GOZ)
    (GOZ) requests that its securities be placed in a trading halt from the
    commencement of trading today pursuant to ASX Listing Rule 17.1.
    The trading halt is requested pending an announcement by GOZ in connection
    with a proposed acquisition and a capital raising to be undertaken by way of a
    pro rata accelerated non-renounceable entitlement offer (Rights Offer).
    GOZ requests that the trading halt remain in place until the earlier of:
    an announcement being made about the completion of the institutional
    component of the Rights Offer; or
    the commencement of trading on Wednesday, 21 November 2018.
    GOZ is not aware of any reason why the trading halt should not be granted or
    any other information necessary to inform the market about the trading halt.
    Please contact me if you require any additional information.

    courtesy of Bell Direct

    ( DYOR )

    i do not hold this share ( but have considered it , several times )

    a bit of a punching bag of the unions ( which might provide a buying opportunity )

  2. 82.9k

    Transaction overview
    › Acquisition of A-Grade office asset 100 Skyring Terrace, Newstead, QLD (Acquisition)
    › Purchase price of $250 million2
    › Fully leased with a 7.5 year weighted average lease expiry (WALE)3
    › Major ASX-listed tenants Bank of Queensland and Collection House
    › Attractive weighted average rent review (WARR) of ~3.9% per annum
    Equity raising
    › The Acquisition will be partially funded by an equity raising of up to approximately $135 million via a non-underwritten
    1 for 17.65 accelerated non-renounceable rights offer (Rights Offer)
    › Growthpoint Properties Limited (Growthpoint SA or GRT) has committed to take up its full entitlement of approximately
    $89 million worth of Securities under the Rights Offer
    Transaction impact
    › The Acquisition and Rights Offer (together, the Transaction) are expected to have the following financial impact4
    › Annualised FY19 Funds From Operations (FFO) accretion of 2.2%5
    › Pro forma FY19 FFO guidance increased from at least 24.6 cents per Security to at least 24.8 cents per Security6
    › FY19 distribution per security (DPS) guidance of 23.0 cents maintained7
    , subject to market conditions
    › Pro forma net tangible assets (NTA) reduced from $3.19 to $3.18 per Security due to transaction costs
    › Pro forma gearing of 37.6% – 38.8%8
    , below the midpoint of Growthpoint’s 35% - 45% target gearing range

    courtesy of Bell Direct

    ( DYOR )

    i do not hold this share ( but do hold BOQ )

  3. 82.9k

    Growthpoint Properties Australia upgrades FY22 guidance, confirms distribution for 2H22
    and provides preliminary draft portfolio valuations
    Growthpoint Properties Australia (Growthpoint or the Group) announces its distribution for the six months ending 30
    June 2022, upgrades its FY22 funds from operations (FFO) guidance and provides preliminary draft external
    valuations of its property portfolio.
    Key highlights
    • FY22 FFO guidance upgraded to at least 27.7 cps
    • Distribution of 10.4 cps for the six months ending 30 June 2022
    • Preliminary draft external valuations indicate a $64.51 million increase which is expected to contribute an
    approximate 8 cents per security (cps) increase to the Group’s net tangible assets (NTA), to $4.63 per
    security pro forma, from $4.55 at 31 December 2021
    Timothy Collyer, Managing Director of Growthpoint, said, “We are pleased to upgrade our FY22 FFO guidance today
    to at least 27.7 cps and announce our distribution of 10.4 cps for the six months to 30 June 2022, which reflects the
    continued strong performance of the Group over the year. The preliminary results of Growthpoint’s external valuations
    demonstrate the resilience of the Group’s growing property portfolio, with the uplift reflecting the ongoing strength of
    the industrial market and leasing success across both our office and industrial portfolios.
    Ongoing market uncertainties caused by high inflation and the Reserve Bank of Australia’s increase to the official cash
    rate will mean a significant rise in interest rate expense for the A-REIT sector going into the next financial year.
    Growthpoint will be subject to a higher interest expense on its floating debt, with circa 60% of its debt forecast to be
    fixed as at 30 June 2022. However, the Group has ample head room to debt covenants and no hedges expiring in
    FY23. The Group’s exposure to favoured industrial and metropolitan office property markets and secure income from
    predominantly large corporate and government tenants provide a resilient foundation for our business. Our goal
    remains to provide our securityholders with sustainable income returns and capital appreciation over the long term.”
    FY22 Guidance
    In December 2021, Growthpoint provided upgraded FY22 FFO guidance of at least 27.0 cps. Since then, the Group
    has settled its acquisition of 2-6 Bowes Street, Phillip, ACT, purchased 141 Camberwell Road, Hawthorn East, VIC,
    has seen Woolworths exercise their five-year lease option for their Queensland distribution centre at Larapinta and
    received the rental determination, and has continued to see leasing successes across the portfolio. As a result, the
    Group has upgraded its FY22 guidance to at least 27.7 cps, which represents a minimum of 7.8% growth over FY21.
    This guidance also anticipates no significant market movements or unforeseen circumstances occurring during the
    remainder of the financial year.
    Distribution for six months ending 30 June 2022
    The distribution for the six months ending 30 June 2022 is 10.4 cps. The key dates for the distribution are:
    Ex-distribution date Wednesday, 29 June 2022
    Record date Thursday, 30 June 2022
    Payment date Wednesday, 31 August 2022
    The Group confirms that the Distribution Reinvestment Plan remains suspended and will not be in operation for this
    distribution payment.
    1 Gross increases, excluding capital expenditure incurred and net movement on incentives
    Property portfolio external valuations
    To date, Growthpoint has engaged independent external valuers to revalue 30 of its 582 properties, or 58% of the
    Group’s portfolio by value, at 30 June 2022. In line with the Group’s valuation policy, the remaining valuations will be
    undertaken as internal or Director’s valuations. The preliminary draft external valuations indicate a $64.51 million, or
    2.2%, increase on a like-for-like basis in asset values to 31 December 2021 book values. This uplift is expected to add
    approximately 8 cps to the Group’s NTA, which was $4.55 per security at 31 December 2021.
    The Group has had 17 of its 31 industrial assets revalued by independent valuers, representing 61% of its industrial
    portfolio by value. The preliminary draft external valuations indicate the value of the Group’s industrial portfolio has
    increased by $69.8 million, 7.0% higher on a like-for-like basis than the 31 December 2021 book values. Rent growth
    being a significant driver of the uplift. On a like-for-like basis, the average market capitalisation rates of the industrial
    properties valued has reduced approximately 24 basis points to 4.7%.
    Growthpoint has also had 13 of its 27 office assets revalued by independent valuers, representing 56% of its office
    portfolio by value. The preliminary draft external valuations indicate the value of the Group’s office portfolio has
    marginally decreased, by $5.3 million, 0.3% lower on a like-for-like basis than the 31 December 2021 book values. On
    a like-for-like basis, the average market capitalisation rates of the office buildings valued has increased approximately
    10 basis points to 5.0%.
    The valuations, including the impact of Director’s valuations on the balance of the portfolio, are subject to finalisation
    and audit and could be revised up or down. They also assume that there is no material change in market conditions
    before 30 June 2022, the effective date of the valuations.
    The final audited valuations for individual properties will be available as part of Growthpoint’s FY22 results, which will
    be released to the market on Tuesday 16 August 2022.
    This announcement was authorised for release by Growthpoint’s Board of Directors

    courtesy of Bell Direct

    ( DYOR )

    i do not hold this share ( but MAYBE i should crunch the numbers again )

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