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Growthpoint Properties (GRT) investor relations material

Growthpoint Properties H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary9 Sep, 2025

Executive summary

  • Distributable income per share increased by 3.1% to 146.3 cps, and dividend per share rose by 6.1% to 124.3 cps, with a payout ratio of 85.0%.

  • Group loan-to-value (LTV) improved to just over 40% (40.1%), and interest cover ratios strengthened.

  • Major asset disposals included Capital & Regional and NewRiver, with proceeds used to reduce debt and recycle capital into growth nodes, especially logistics and the Western Cape.

  • Leadership transition planned: Estienne de Klerk to become Group CEO, José Sneijders to join as CFO.

  • Strategic focus on capital recycling, non-core disposals, and targeted investment in high-growth sectors and regions.

Financial highlights

  • Group property assets decreased by 6% to R155 billion, mainly due to asset sales.

  • Net asset value per share declined 1.6% year-over-year to 1,988 cps.

  • Distributable income reached R4.964 billion, up 3.1% year-over-year.

  • Dividend payout ratio increased to 85% (average), with R744 million retained for maintenance CapEx.

  • Finance costs fell 4.4% to R4.2 billion; total debt reduced by nearly R9 billion to R61 billion.

Outlook and guidance

  • Distribution growth per share forecasted at 3–5% for the next year; dividend per share growth expected at 6–8% due to higher payout ratio.

  • Positive outlook for all South African sectors and V&A Waterfront, with double-digit growth expected from the latter.

  • Offshore investments (GOZ, Globalworth) expected to remain stable or show slight growth.

  • RSA portfolio in a growth phase, but NPI will be impacted by disposals targeting R3.5bn in FY26.

  • GOZ FY26 FFO guidance: A$22.8cps–A$23.6cps; distribution guidance: A$18.4cps.

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Frequently asked questions

Growthpoint Properties Limited is a South Africa-based real estate investment trust (REIT) primarily engaged in the ownership and management of property. It is one of the largest primary REIT listed on the Johannesburg Stock Exchange (JSE), the company manages a diversified portfolio which includes over 500 properties across various sectors such as retail, office, and industrial spaces. The company is headquartered in Sandton, Johannesburg, South Africa.

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