![](https://growthpoint.com.au/sites/default/files/styles/banner_small/public/2024-10/1Q25-trading-update-news-hero-image.jpg?itok=6AXdOMrO) # 1Q25 investor update October 2024 [Back to News & media](/news) ### 1Q25 market update1: - Launch of Growthpoint Australia Logistics Partnership (GALP) with initial $198 million commitment2 - 1Q25 pro forma gearing will reduce to 37.9% (from 41.7% at 30 September 2024) following the sale of the 15.1% investment in Dexus Industria REIT (ASX: DXI) and proceeds from GALP - Resilient portfolio weighted average lease expiry (WALE) increasing to 5.8 years (30 June 2024: 5.7 years) - Office WALE of 6.0 years (30 June 2024: 6.1 years) - Industrial WALE of 5.3 years (30 June 2024: 4.9 years) - Solid portfolio occupancy of 93% (30 June 2024: 95%) - Office 91% (30 June 2024: 92%) - Industrial 98% (30 June 2024: 100%) - Completed 96,044 square metres (sqm) of leasing across the portfolio, representing 5.5% of portfolio income since 30 June 2024 - FY25 funds from operations (FFO) guidance range of 22.3 – 23.1 cents per security (cps) maintained - Reaffirms FY25 distribution guidance of 18.2 cps, with an additional 2.1 cps special distribution forecast2 Growthpoint’s CEO and Managing Director, Ross Lees, said: “Our solid performance in the first quarter has been driven by good leasing progress and solid occupancy, momentum in our strategy of establishing new funds and initiatives to reduce our gearing position.” [For more information read the full ASX Announcement](/sites/default/files/results/2024/GOZ_1Q25_market_update.pdf) --- 1.All data in this announcement is pro forma including the five-year lease extension at Woolworths’ Perth Regional Distribution Centre, Perth Airport, WA, which became effective post 1Q25 end. 2.Subject to the completion of the Growthpoint Australia Logistics Partnership as announced to the ASX on 1 October 2024. Related articles [](/news/growthpoint-completes-fy22-fy26-sustainability-framework-and-refreshes-strategy) ![](/sites/default/files/styles/listing_view_component/public/2021-06/News-teaser-img-net-zero-2025.jpg?h=325f73b2&itok=OTNkc2Ih) October 2026 Growthpoint completes FY22-FY26 Sustainability ... [ Learn more ](/news/growthpoint-completes-fy22-fy26-sustainability-framework-and-refreshes-strategy) [](/news/growthpoints-central-park-mall-welcomes-key-new-retailers) ![](/sites/default/files/styles/listing_view_component/public/2026-06/Central-Park-sq-teaser-img.jpg?h=e0be0408&itok=T69Spf8V) September 2026 Growthpoint’s Central Park Mall welcomes key new ... [ Learn more ](/news/growthpoints-central-park-mall-welcomes-key-new-retailers) [](/news/growthpoint-achieves-over-94-occupancy-307-queen-street) ![](/sites/default/files/styles/listing_view_component/public/2026-06/307-Queen-st-sq-teaser-img.jpg?h=e0be0408&itok=DsFWVlqN) August 2026 Growthpoint achieves over 94% occupancy at 307 Queen ... [ Learn more ](/news/growthpoint-achieves-over-94-occupancy-307-queen-street)