Waypoint REIT Ltd (STU:1V2)

Full Year 2024 Waypoint REIT Ltd Earnings Call Transcript

Feb 26, 2025 / 11:00 PM GMT

Release Date Price: €1.42 (-0.50%)

Transcript

Key Points

Positve

Distributable EPS for FY24 was in line with guidance and at the top end of the original range.
The investment portfolio value increased by 1% to $2.8 billion, with a 1.1% increase in NTA per security.
Gearing was slightly lower at 32.6%, with significant refinancing and interest rate hedging activities completed.
Successful non-core asset sales achieved a 3.8% premium to book value, with further assets in due diligence.
High level of interest rate hedging with 93% of debt hedged or fixed for FY25, providing cost certainty.

Negative

Net profit after tax was down 20% due to higher interest costs from debt-funded acquisitions.
The convenience and mobility division faced a 22% decline in like-for-like earnings due to cost pressures.
Operating expenses were down, but higher interest expenses offset these benefits.
The OTR conversion program has been slower than expected, impacting potential growth.
Market rent assumptions led to a 0.7% decline in assessed market rents during the second half of the year.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

WPR.AX - Waypoint REIT Ltd
Full Year 2024 Waypoint REIT Ltd Earnings Call
Feb 26, 2025 / 11:00PM GMT

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Presentation
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Unidentified_1 [1]
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Thanks, Chris. Good morning, everyone, and thank you for joining us today.

I first like to start with a quick overview of the year, which is outlined on page 7 of the presentation.

Distributable EPS for FY24 was 16.$0.48, which was in line with the updated guidance provided at our half year results in August and at the top end of the original guidance range provided in February 2024.

The value of Waypoint's investment portfolio increased by 1% during the year to $2.8 billion underpinning a $0.03 or 1.1% increase in NTA per security to $2.76.

Cap rate expansion of 6 basis points in the first half was offset by 2 basis points of compression in the second half, and contracted rental escalations

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