- Achieved significant leasing success, which drove an increase in the Group’s weighted average lease expiry (WALE) and portfolio occupancy to 6.4 years and 96%, respectively
- Billings remained strong with more than 99% of 1Q21 total billings collected to date1
- Maintained the Group’s robust balance sheet, with gearing of 32.2%2 well below our target range
- FY21 distribution guidance of 20.0 cents per security (cps) reaffirmed, representing a yield of 5.9%3
Timothy Collyer, Managing Director of Growthpoint, said, “The COVID-19 pandemic continues to have a significant impact on individuals and businesses across Australia. Against this challenging backdrop, I’m pleased with the way the Group is performing. We continue to achieve leasing success, most notably signing a 10 year and seven-month lease with Bunnings at Botanicca 3 for circa 14,000 square metres. This is one of the largest new office lease agreements in Australia since the outbreak of the COVID-19 virus.
“We are pleased to see our tenants increasingly returning to their offices, outside of Victoria. Working from home exclusively is not something that most employees or employers view as optimal. There is shared recognition of the many benefits of working in an office, such as fostering company culture and mentoring junior employees. We will continue to work with our tenants to ensure our offices enable employees to operate effectively in a COVID-safe environment.
“The vast majority of our industrial assets have continued to operate with minimal disruption, since the onset of the pandemic. Our assets are primarily used for warehousing and logistics and are critical components of our tenants’ supply chains, enabling them to meet the surge in demand for online shopping and groceries. Reflecting the strength of our portfolio and tenant base, less than 12% of rent relief granted during the COVID-19 pandemic has been for industrial tenants.”
Read the full 1Q21 Investor Update
