Waypoint (WPR) H1 2026 earnings summary

Executive summary

• Distributable earnings per security rose 3.4% year-over-year to 8.59 cents, supported by rental growth, disciplined capital management, and a completed buyback, while distributable earnings for 1H26 were $56.1 million, up 0.9% year-over-year.

• Net tangible assets per security increased 0.7% to $2.92, driven by a $10.7 million portfolio valuation uplift.

• Gearing at 32.4%, at the lower end of the 30–40% target range, with a new $250 million six-year AMTN issued, extending debt maturity and repaying bank facilities.

• All FY26 lease expiries resolved with a 97%+ retention rate and 10.3% rental uplift on renewals.

• Statutory net profit for 1H26 was $65.8 million, down from $137.1 million in 1H25, mainly due to lower property revaluation gains.

Financial highlights

• Rental income grew year-over-year, with like-for-like rental growth of 3% and total rental income at $83.5 million (+$1.1 million YoY).

• Distributable earnings reached $56.1 million (+$0.5 million YoY), and distribution per security increased 3.2% to 8.50cps.

• Management expense ratio remained low at 31bp.

• Portfolio comprised 394 properties valued at $2,862.7 million as of 30 June 2026.

• Net valuation gain of $10.7 million recorded during the period.

Outlook and guidance

• FY26 distributable earnings per security guidance reaffirmed at 17.14 cents, representing 3% growth, assuming stable operating conditions.

• Quarterly distributions for 2H26 expected to rise to 4.32cps, reflecting a 100% payout ratio.

• Targeting $10–20 million in non-core asset sales in 2H26, but not under pressure to sell.