Ann: GOZ FY24 Results Presentation, page-2

Good result under the circumstances.

Property Asset Split: 50% office/23% retail/27% Industrial.

So GOZ is NOT a pure office play with the concentrated asset risk associated with just having office exposure.

Achieved above guidance on FFO of 23.9c.

Gearing of 40% is on the highside, but within midpoint of their target 35-45%

Average WACR: 6.3% which is starting to become OK for me (another 10% to 7%). But this is fine relative to NTA of $3.45

Discount of share price $2.30 to NTA of $3.45 equals 35% which provides plenty of buffer room.

Office Cap rate of 6.5% getting their, another 10% to go to get to 7%
Industrial Cap rate of 6% is starting to become attractive.

FY25 guidance is ok:
FFO of 22.3-23.1 c against FY24 actual $23.9
Dividend 18.2c against FY24 of 18.2

I think we are near to bottom of the cycle, and unlike REITS GOZ doesn't pay out all its FFO as dividends (80% pay out on the above figures, leaving 20% retained).

Overall happy.

I added to my position into the opening few minutes of the market buying up to $2.32
On FY25 numbers this is still an 8% yield, and next year (CY25) the market will start focusing on yield as RBA interest rates come down, and peoples bank deposit rates start dropping significantly.

GOZ is a story for CY25.