ASX-listed Waypoint REIT has recorded a net devaluation of $136.1 million or 4.4% across its Australian fuel station portfolio during the second half of 2022.
The company said independent valuations were carried out on 142 properties and directors’ valuations were performed on 260 properties.
The valuations showed the weighted average capitalisation rate (WACR) on the REIT’s portfolio increased by 27 basis points to 5.28% from end-June 2022 to end-December 2022.
The REIT said only 28 properties were subject to rent reviews that were reflected in the December 2022 valuations, with the majority of its portfolio having rent reviews that will be reflected in June 2023 valuations.
During 2H 2022, the REIT sold its Muswellbrook and Bulahdelah properties in New South Wales for a combined price of $5.05 million, down 1% on their end-June 2022 book values.
The company said its portfolio now comprised 402 properties with a combined valuation of $2,947.5 million.
The independent and directors’ valuations remained subject to audit, with further details to be released in February.
Waypoint REIT is Australia’s largest listed REIT owning solely service station and convenience retail properties with properties across all Australian States and mainland Territories.