Growthpoint Properties Australia (GOZ) AGM 2024 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional owners and introduction of board members, management, and auditors.

• Chair and CEO/Managing Director delivered opening addresses outlining the agenda and formal business items.

• Outlined hybrid meeting format, voting procedures, and Q&A process for both in-person and online attendees.

• Agenda included financial performance review, CEO update, formal business, and director elections.

Financial performance review

• FY24 FFO reached AUD 0.239 per security, exceeding guidance; distribution was AUD 0.193 per share, payout ratio 81%.

• Gearing at year-end was 40.7%, expected to reduce to 37.6% after asset sales; hedging increased to 74.5%.

• Direct portfolio occupancy at 95%, WALE 5.7 years; industrial portfolio maintained 100% occupancy for third year.

• Portfolio value declined 7.9% due to sector headwinds; office down 11.2%, industrial down 1.8%.

• Funds management business managed AUD 1.6 billion as of June 2024.

Board and executive committee updates

• Welcomed new CEO Ross Lees and director Tonianne Dwyer; acknowledged outgoing Managing Director Tim Collyer.

• Grant Jackson retired in November 2023; Tonianne Dwyer appointed in September 2024.

• Board renewal and succession planning emphasized, achieving majority independent board and exceeding gender diversity targets (56% gender diversity, 44% independent directors as of September 2024).