Half Year 2025 Waypoint REIT Ltd Earnings Call Transcript
Key Points
- Distributable EPS increased by 0.4% due to a $50 million buyback, enhancing shareholder value.
- NTA per security rose by 4.7%, driven by a $96 million valuation gain and cap rate compression.
- Successful sale of non-core assets exceeded expectations, with five assets sold for a net 1% discount to book value.
- Pro forma gearing remains at the low end of the target range, indicating strong financial health.
- Viva Energy's OTR conversions on Waypoint's sites are fully funded by Viva, reducing financial burden on Waypoint.
- Viva Energy's Convenience & Mobility division saw a 39% decline in EBITDA, impacting overall performance.
- Fuel volumes decreased by 0.5%, although this was better than the broader industry's 2.4% decline.
- Convenience sales dropped by approximately 10%, largely due to a significant decline in tobacco sales.
- Interest expenses increased due to higher debt costs, impacting overall profitability.
- The potential for large-scale OTR projects remains uncertain, with no immediate plans for Waypoint to fund such developments.
Thank you for standing by, and welcome to the Waypoint REIT first-half 2025 results conference call. (Operator Instructions)
I would now like to hand the conference over to Mr. Hadyn Stephens. Please go ahead.
Good morning, everyone, and thank you for joining us today. A summary of key highlights for the six months to June 30, is provided on page 7 of the presentation.
Distributable EPS for the half was up 0.4% on the corresponding period last year, with the primary driver of this being lower weighted average securities on issue as a result of the $50 million buyback that commenced in April and are now approximately two-third complete.
NTA per security increased $0.13 or 4.7% during the period, underpinned by a valuation gain of $96 million due to 6 basis points of cap rate compression and contracted rent revenues for approximately 94% of the portfolio. As at June 30, Waypoint REIT's portfolio was valued at $2.89 billion, with a weighted average
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