Subscribe

GDI Property Group (GDI)

1H22 Results - Opening the borders

GDI Property Group (ASX: GDI) reported 1H22 Results for the 6 months to 31 December 2021.

Key points from the result include:

  • FFO up 7.9% driven by higher occupancy at Westralia Square, Perth WA
  • Management is focused on re-leasing as a key priority to improve portfolio occupancy of 70.5% and to drive earnings.
  • Leasing enquiries are picking up following the easing of WA restrictions due to COVID-19.
  • No earnings guidance from management, however distributions are to be maintained at 7.75 cpu, with a portion being paid out of capital. Low debt allows balance sheet support until earnings return.
  • An attractive distribution yield of 7.5% at current price levels.
Core Property maintains an ACCUMULATE recommendation.

Download our report for the full details.

Published - 7/03/2022

Core Property Rating - ACCUMULATE

Target - $1.20

This publication is not and should not be construed as, personal financial product advice, an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. Any opinion contained in the Report is unsolicited general information (general financial product advice) only. Read more here.