Growthpoint Properties Australia (GOZ.AX): GOZ Delivers Stable Leasing and FY26 Guidance Intact—25% Discount to NTA

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Growthpoint Properties Australia (GOZ.AX): GOZ Delivers Stable Leasing and FY26 Guidance Intact—25% Discount to NTA

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16 Jun 2026 19:49:52 ET │ 11 pages

Growthpoint Properties Australia (GOZ.AX)

GOZ Delivers Stable Leasing and FY26 Guidance Intact — 25%

Discount to NTA

CITI’S TAKE Buy

Growthpoint’s June update is a stable result that reaffirms FY26 guidance, Price (16 Jun 26 16:00) A$2.33

with FFO of 23.0–23.6 cps and distribution of 18.4 cps unchanged. Target price A$2.60

Leasing remains stable — office occupancy has improved to 95% and the

Expected share price return 11.6% company is on track for a record year of office leasing, with 54,721 sqm

executed and a further 27,602 sqm under terms. The $495m debt Expected dividend yield 8.0%

refinancing removes near-term balance sheet risk, covering all FY27 Expected total return 19.6%

maturities. However, the stock continues to trade at a ~24.8% discount to Market Cap A$1,758M

reported NTA of $3.10/unit, which in our view reflects ongoing investor US$1,253M

caution toward office-exposed REITs. While leasing conditions are broadly

stable, the office sector remains a tenant market in the short term. We see

the medium-term supply/demand balance as gradually improving, which

is the key re-rating catalyst to watch. The FY27 yield of 8.2% provides Australian Real Estate Team

meaningful income support in the interim. Howard PennyAC

+61-2-8225-4819

Guidance Reaffirmed: A Stable Result howard.penny@citi.com

Suraj Nebhani, CFA • Growthpoint reaffirms FY26 FFO guidance of 23.0–23.6 cents per

suraj.nebhani@citi.com security and distribution guidance of 18.4 cps — in our view, this represents a

stable result that reaffirms the market’s expectation for FY26 and removes Akshit Batra

near-term earnings uncertainty.