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Growthpoint Properties Australia

Growthpoint Properties Australia is a publicly-traded ASX listed A-REIT (ASX Code: GOZ) that specialises in the ownership and management of quality investment property. Growthpoint owns interests in a diversified portfolio of 57 office and industrial properties throughout Australia valued at approximately $4.0 billion and has an investment mandate to invest in office, industrial and retail property sectors.

Growthpoint is included in the S&P/ASX 200 Index and has been issued with an investment-grade rating of Baa2 for senior secured debt by Moody’s. Growthpoint aims to grow its portfolio over time and diversify its property investment by asset class, geography and tenant exposure through individual property acquisitions, portfolio transactions and corporate activity (M&A transactions) as opportunities arise.

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Analyst Views

GOZ – UBS rates the stock as Neutral

Growthpoint has provided FY14 earnings guidance of 19.9-20.0cps and the extended its debt on more stringent covenants, increasing weighted cost to 6.71%. The broker is forecasting 20c EPS and notes GOZ’s commitment to reducing LVRs. While the new covenants are tighter the broker notes GOZ still has plenty of headroom.

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