Investors were underwhelmed when real estate investment trust Growthpoint Properties Australia Ltd (ASX: GOZ) posted its half-year results on February 20, with the share price dropping slightly to $3.12.
Shares in Growthpoint, which specialises in the ownership and management of investment property with 55 office and industrial properties across Australia, have been on a downward spiral since mid-December 2017, and were slightly higher at this time last year at $3.19.
Growthpoint Properties half-year results appeared strong, with all fundamentals showing the company is well-positioned for the future, including a statutory profit up 83% from the previous corresponding period to $207.3 million and the highest reported half-year earnings per share since Growthpoint's inception at 31.3c per share.
Growthpoint, who announced its property portfolio is now worth $3.3 billion, increased its FY18 guidance with a ROE at 21.3% for the 2017 calendar year, up from 12.7% for the 2016 calendar year.
Growthpoint's board and management cited "portfolio management, prudent control of expenses and a focus on favourable leasing outcomes" as the key to its ability to stay well on track to meet upgraded FY18 guidance and a dividend pay-out at 11c per share, unfranked.
