Growthpoint Properties Australia：办公租赁强劲的一年，但2H27将面临一些已知到期

研报英文原文证据摘录

J P M O R G A N

Asia Pacific Equity Research

18 August 2026

Growthpoint Properties Australia

Strong year of office leasing, but some known expiries

coming in 2H27

Overweight

GOZ.AX, GOZ AU

Price (17 Aug 26):A$2.16

▼Price Target (Jun-27):A$2.60

Prior (Jun-27):A$2.70

Growthpoint delivered FY26 FFO of $177.6m (23.5¢ps), up 0.9% on FY25, in line

with our forecast and at the upper end of its 23.0-23.6¢ guidance. LFL property

FFO was up 2.6%, offsetting a 23% fall in funds management revenue and rising

finance costs. GOZ had a strong year of office leasing, driving good occupancy

gains, though it has some impending expiries in 2H27 to manage and, like many,

is fighting rising debt costs in FY27. We retain our Overweight with a revised

$2.60 Price Target (-10¢), reflecting our view that GOZ’s de-risked income base

and ~8.5% distribution yield remain attractive as office fundamentals recover from

their cyclical trough.

Office leasing: GOZ completed a record 81,022 sqm (22% of office income)

at a 7.5-year average term, lifting office occupancy 3% in the year, to 95%, and

extending the office WALE to 6.3 years (+0.8 years). This has de-risked the

near term, cutting the FY27 office expiry profile and pushing group occupancy

to 96% (from 94%). 69% of office leasing was renewals in FY26. Three known

tenant departures in 2H across ~18,000sqm (~5% of the portfolio) will weigh

on income in 2H27E and 1H28E. Office LFL FFO moderated from 7.0%

(1H26) to 2.7% (FY26). Office devaluations were ~1% in both 1H and 2H as

the office average cap rate expanded 11bp, to 7.14%. The Industrial portfolio

held occupancy at 98% with leasing spreads of 34.6%, underscoring persistent

under-renting, though WALE eased to 5.6 years from 5.8. Industrial valuations

were down 1% in the year as the industrial average cap rates tightened 4bp in

1H26, but expanded 15bp in 2H, to 6.25%.

Australia

Australian REITs

Richard Jones, CFA AC

(61-3) 9633-4038

Adam West

(61-2) 9003-8010

Connor Eldridge

(61-2) 9003-6415

J.P. Morgan Securities Australia Limited

Key Changes (FYE Jun)

Prev

0.189

Adj. EPS - 28E (A$)

Cur Δ

0.181 -4.4%

Half Yearly Forecasts (FYE Jun)

Adj. EPS (A$)

H1

H2

FY

2026A

0.096

0.088

0.185

2027E

…