Growthpoint Properties (GRT) Q1 2026 TU earnings summary

Executive summary

• Focused on improving South African portfolio quality via targeted disposals and investments, with a R3.5bn asset disposal target for FY26 and R1.3bn in core portfolio investments, excluding GIP.

• International strategy centers on optimizing core investments, especially in Australia, and unlocking value in Globalworth Real Estate.

• V&A Waterfront and GIP expected to deliver significant growth, with strong development pipelines and new sector entries.

Financial highlights

• Sold and transferred eight non-core assets for R391.6m in Q1, with further disposals expected to reach R3.6bn for FY26, surpassing the R3.5bn target.

• Development and capital expenditure for the SA portfolio totaled R249.2m in Q1, with major projects in Cape Town, Durban, East London, and Johannesburg.

• Retail trading density rose 5.0% year-over-year to R37,020/m², with footfalls up 3.0% and rent-to-turnover ratio at 7.7%.

• V&A Waterfront EBIT grew 5% year-over-year, with like-for-like EBIT up 16% and strong retail and hotel performance.

Outlook and guidance

• Distributable income per share (DIPS) for FY26 expected to grow 3.0%–5.0%, and dividend per share (DPS) by 6.0%–8%, with a payout ratio of 87.5%.

• Guidance remains unchanged despite interest rate and currency uncertainty.