Half Year 2023 Waypoint REIT Ltd Earnings Call Transcript
Hello, and welcome to the Waypoint REIT Half Year '23 Results Webcast Call. (Operator Instructions)
I will now turn the conference over to Hadyn Stephens, Managing Director and CEO. Please go ahead.
Thank you, operator, and welcome to everyone joining us on the call this morning. Starting on Page 7 of the presentation, I'll quickly call out some of the highlights for the 6 months to 30 June. Distributable EPS for the half of $0.0828 was in line with the guidance provided at the start of the year, but down 3.7% on the corresponding period with key drivers being lower rental income as a result of asset sales and higher interest expense, partially offset by rental growth and a lower number of securities on issue as a result of the buyback program last year.
In relation to valuations, we saw a further 12 basis points of cap rate expansion during the half, with Waypoint REIT's overall weighted average cap rate now having increased by 39 basis points over the last 12 months to 5.4%. Cap
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