Waypoint REIT reported a 3.4% rise in first-half 2026 distributable earnings to $56.1 million, driven by a $1.1 million increase in rental income to $83.5 million, reflecting approximately 3% like-for-like growth.
Distributable earnings per security reached 8.59 cents, up from 8.31 cents in the prior period, while operating EBIT increased to $78.6 million from $77.5 million. Statutory net profit declined to $65.8 million from $137.1 million, primarily due to lower revaluation gains. The trust maintained a 100% payout ratio for fiscal 2026, with a full-year distributable earnings per security guidance of 17.14 cents, representing 3.0% growth on fiscal 2025.
Net interest expense rose to $22.4 million from $21.8 million, though refinancing efforts reduced borrowing costs. In June 2026, Waypoint issued a $250 million Australian Medium-Term Note to repay syndicated debt, saving roughly 5 basis points in margin. Weighted average debt maturity remained at 3.8 years, with gearing at 32.4%, within the 30–40% target range.
The trust’s portfolio, valued at $2.86 billion across 394 properties, saw a $10.7 million valuation uplift. The weighted average capitalisation rate expanded by 10 basis points to 5.71%, with cap rate movements varying by location. Melbourne assets saw an increase of 21 basis points, while Adelaide assets declined by 12 basis points. Portfolio occupancy stood at 99.9%, with a weighted average lease expiry of 5.9 years by income.
Waypoint’s major tenant, Viva Energy Australia, contributed 94.1% of rental income. Viva Energy reported a 154% surge in group EBITDA, with fuel volumes rising 2.0% to 2.63 billion liters. Convenience sales, excluding tobacco, grew 1.3%, though overall sales declined 3.8% due to a 16.8% drop in tobacco revenue. The trust completed 19 on-the-run (OTR) site conversions in the portfolio, with landlord consent secured for 40 additional sites.
Waypoint’s share price closed at $2.41 on August 26, 2026, trading at a 17.5% discount to its June 2026 net tangible assets of $2.92 per security. The distribution yield was 7.1%, with a 3.2% increase in the first-half distribution to 8.50 cents per security. Management reaffirmed its full-year guidance, maintaining a 100% payout ratio.
