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.