Wrap Text
Group Condensed Unaudited Interim Results and Cash Dividend Declaration for the period ended 31 December 2025
Growthpoint Properties Limited
Approved as a REIT by the JSE
(Incorporated in the Republic of South Africa)
Registration number 1987/004988/06
ISIN: ZAE000179420
JSE Share code: GRT
JSE Bond issuer code: GRTI
("Growthpoint" or "the Company" or "the Group")
GROUP CONDENSED UNAUDITED INTERIM RESULTS AND CASH DIVIDEND DECLARATION FOR
THE PERIOD ENDED 31 DECEMBER 2025
The results for the six months ended 31 December 2025 (HY26), compared to the six months
ended 31 December 2024 (HY25), are set out below:
Group Highlights
- Dividend per share (DPS) increased by 8.5% to 66.2 cents per share (cps) (HY25: 61.0 cps)
with solid growth in the SA sectors and a conservative SA Loan to value (LTV) ratio
providing the platform for a measured increase in the payout ratio from 82.5% to 87.5%
- Distributable income per share (DIPS) increased by 2.3% to 75.7 cps (HY25: 74.0 cps)
- Distributable income increased by 2.1% to R2.6bn (HY25: R2.5bn) benefitting from lower
finance expenses, an overall improvement in contribution from the three SA sectors that
delivered encouraging like-for-like net property income (NPI) growth, positive renewal
reversions in the Retail sector, reduced portfolio vacancies with improved expense
recoveries across all three sectors, partially offset by continued negative reversions in
the Office sector
- Total group revenue, excluding straight-line lease income adjustments and Trading &
Development (T&D) revenue, increased by 2.4% to R6.6bn (HY25: R6.5bn)
- Group Interest Cover Ratio (ICR) improved from 2.5 times at FY25 to 2.7 times, and SA
ICR improved from 2.9 times at FY25 to 3.2 times
- Net asset value (NAV) per share, based on the SA REIT definition, decreased by 2.2% to
1 945 cps (30 June 2025 (FY25): 1 988 cps), driven by the acquisition of Auria Senior
Living (Auria), a provider of later living accommodation, by Growthpoint Healthcare
Property Holdings (RF) Limited (GHPH), lower property values in Growthpoint Properties
Australia Limited (GOZ) and the stronger Rand. Group investment property valuations
increased by R503.m (0.4%) from values reported at FY25.
SA Highlights
- SA revenue (excluding T&D) increased by 2.2% to R4.2bn (HY25: R4.1bn) due to:
- Decreased vacancies across all three sectors, completion of significant
developments such as Arterial Industrial Estate, Bayside Mall, Beacon Bay and
the Hilton Canopy Hotel, an improved renewal growth rate in the Retail sector,
which is partially offset by negative reversions in the Office portfolio and the
disposal of assets
- SA NPI increased by 2.8% to R2.9bn (HY25: R2.9bn) benefitting from cost containment as
renewable energy initiatives continue to roll-out
- Office like-for-like NPI grew by 5.8% (HY25: 9.4%), Logistics & Industrial 5.6% (HY25:
3.5%) and Retail 6.3% (HY25: 6.1%). Total like-for-like NPI growth for the three sectors
is a healthy 6.0% (HY25: 6.8%) driven by gross property income growth of 4.8% and like-
for-like property expenses increasing by only 2.0%
- Gross lettable area (GLA) of 567 552m² was let during HY26 resulting in reduced
vacancies of 7.2% (FY25: 8.2%), which are at the lowest levels since FY19
- A total of 364 813m² was renewed across 453 leases during the period with 140 632m²
(82 leases) in the Logistics & Industrial portfolio, 118 262m² (103 leases) in the Office
portfolio and 105 919m² (268 leases) in the Retail portfolio. In both the Logistics &
Industrial and Office sectors, a small number of large leases (four leases covering
37 245m² in Logistics & Industrial, and five leases covering 57 340m² in Office) had a
negative impact on renewal growth rates, reducing them to –1.4% (FY25: 0.4%) and –9.6%
(FY25: –3.2%) respectively. Despite this, both portfolios achieved longer lease
commitments, with the weighted average lease period on renewals increasing from 3.0
years in FY25 to 4.1 years and escalations on renewals averaging 7.4% for the Logistics &
Industrial portfolio and 6.8% for the Office portfolio
- The Retail sector showed positive rent renewal growth of 1.5% (FY25: -0.3%)
- SA finance costs, including net finance income received on derivatives, decreased by
14.6% to R1.2bn (HY25: R1.4bn) due to lower average borrowings during the period
compared to HY25 and a lower weighted average cost of debt in HY26 of 8.5% (HY25:
9.2%)
- The SA REIT loan-to-value (LTV) improved to 33.2% (FY25: 34.5%) due to lower net debt,
following the application of proceeds from the disposal of NewRiver REIT plc (NRR) and
domestic asset sales
- The SA REIT defined cost-to-income ratio for the SA business decreased to 48.1% (FY25:
48.2%) benefiting from improved expense efficiencies and recoveries.
V&A Waterfront Highlights
- Like-for-like NPI at the V&A increased by 8.7%, driven by increased tourism, which had
a positive impact on retail, hotels and attractions
- Growthpoint's 50% share of distributable income increased by 1.2% to R403.1m (HY25:
R398.0m) after taking into account increased net finance costs on external borrowings
in line with the V&A's funding strategy as its development pipeline unfolds, which
includes the temporary closure of the Table Bay Hotel and Lux Mall for redevelopment.
The results benefitted from improved trading performance of the V&A owned hotels and
cost savings realised from the desalination plant.
Offshore Investments
- The AUD distribution from GOZ (excluding the AUD2.1 cps once off distribution received
in HY25 to compensate for the additional dividend withholding tax (DWT)) increased from
AUD9.1 cps for HY25 to AUD9.2 cps for HY26 resulting in a net distribution received of
R485.4m (HY25: R533.2m). The payout ratio (excluding the once off AUD2.1cps from
HY25) decreased from 77.3% at HY25 to 75.5%. The DWT decreased from 18.3% at HY25
to 4.9% at HY26
- Significant leasing activities in the GOZ portfolio delivered strong like-for-like property
FFO growth of 5.9% (Office 7.0% and Industrial 3.3%), offset by the impact of divestments
during FY25. GOZ revenue decreased by 0.7% to R1.9bn mainly due to the stronger
average ZAR:AUD exchange rate (HY25: R1.9bn)
- GOZ LTV increased to 40.5% (FY25: 39.5%) due to the acquisition of 78 Waterloo Road,
Macquarie Park and lower fair valuations on investment property, driven mainly by the
Office portfolio which decreased by 0.9% (AUD24.0m)
- The EUR dividend from GWI decreased from EUR7.5 cps (R129.1m) at HY25 to EUR5.0 cps
(R68.9m) at HY26, mainly due to increased finance costs on secured loans and additional
Polish tax charges. Growthpoint has elected to receive a scrip dividend
- GWI LTV improved from 38.0% at FY25 to 37.0%, with high levels of liquidity.
Growthpoint Investment Partners (GIP)
- On 8 December 2025, GHPH, a subsidiary of Growthpoint, acquired 95% of the issued
share capital of Brenthurst Retirement Holdings (Pty) Limited, trading as Auria, for
R1.2bn, settled in cash. The effective date for income accrual is 1 January 2026 and no
income is included in HY26
- GIP's Assets Under Management (AUM) increased to R12.1bn (FY25: R8.6bn), mainly
driven by the R3.0bn acquisition of Auria properties:
- GHPH AUM increased to R7.4bn (FY25: R4.2bn)
- GSAH AUM increased to R4.7bn (FY25: R4.4bn)
- Growthpoint received gross management fees of R55.4m (HY25: R47.5m) from GHPH and
Growthpoint Student Accommodation Holdings (RF) Limited (GSAH)
- Growthpoint received dividends from GHPH and GSAH of R59.8m (HY25: R59.3m)
- GHPH LTV increased to 57.0% (FY25: 16.8%) due to the acquisition of Auria which was
funded by additional debt facilities
- GSAH LTV increased to 31.2% (FY25: 28.6%) due to increased borrowings to fund the
development of Howard College at the University of KwaZulu Natal
- GIP's strategy is to continue scaling its core sectors, while bedding down its recent
acquisition and positioning the platform for potential future listings of these assets.
The distributable income for HY26 is composed of the following:
SA Net SA T&D V&A GWI GOZ C&R & Lango GIP(2) Total(3)
Rm finance Rm Rm Rm Rm NRR(1) Rm Rm Rm
cost Rm
Rm
Revenue 4 166 - 23 - - 1 898 - - 568 6 655
Property expenses (1 230) - (19) - - (429) - - (191) (1 869)
Other operating expenses (233) - (28) - - (219) - - (41) (521)
Finance cost - (1 231) - - - (502) - - (113) (1 846)
Dividend from equity - - - 403 69 - - - - 472
accounted investment
Finance and other income - 50 - - - 1 - - 14 65
Non-controlling Interest - - - - - (287) - - (131) (418)
(NCI)
Amortisation of incentives - - - - - 249 - - - 249
added back
Realised foreign exchange - - - - - 72 - - - 72
gain
Profit on disposal of a 17.1% - - - - - - - - 25 25
share in the GSAH
Partnership
Current normal taxation - - - - - (42) - - - (42)
Distributable income - - - - - (256) - - (17) (273)
retained (including NCI's
portion)
Total distributable income 2 703 (1 181) (24) 403 69 485 - - 114 2 569
(HY26)
Total distributable income 2 634 (1 399) 25 398 129 533 96 11 90 2 517
(HY25)
(1) Capital& Regional plc (C&R) and NRR.
(2) Includingmanagement fees.
(3) Intercompany finance costs on the convertible loan between Growthpoint and GHPH have been eliminated in the table.
Strategy and execution
Our strategic priorities include:
1. Improving the quality of the SA portfolio by:
- Decreasing the relative weighting of the Office sector by exiting deteriorating
business nodes, focused disposal of B-grade assets, and all C-grade assets have been
sold, and considering concentration risk alignment to longer term portfolio
objectives
- Focusing our Retail exposure on large scale assets that serve growing and defensive
market catchments
- A measured increase in exposure to the Logistics & Industrial sector rolled out by
increasing exposure to modern logistics warehouses in growing nodes and recycling
capital from older sub-optimal assets in deteriorating nodes
- Leveraging our T&D platform to reposition underperforming assets aligned to our
long-term strategy, unlocking bulk development opportunities that generate
attractive returns and where strategically appropriate, retaining these assets for
sustained growth
- Evaluating all sectors through a precinct-led lens, leveraging scale and focused asset
management to generate sustainable returns and assist in mitigating prevailing
municipal governance and infrastructure constraints.
The execution thereof has included:
- The disposal of non-core assets including assets that are high risk and do not possess the
future growth prospects that we desire:
- During the period we sold 14 properties across the three sectors for R921.4m
(excluding T&D) with a loss on book value of R5.3m and profit on cost of R102.2m
(HY25: 12 properties sold for R589.4m, with a profit on book value of R7.4m and
profit of R128.6m on cost)
- Seven properties with a value of R3.2bn were held for sale at HY26 (FY25: five
properties of R317.4m)
- Since 1 July 2016, 201 properties have been sold for R15.9bn across the three
sectors. The total number of properties decreased from 471 properties to 314
and GLA reduced by 24.0%. Reweighting of the domestic property portfolio was
achieved through our targeted disposal strategy, resulting in the Office sector
decreasing from 46.0% to 42.0% and the Logistics & Industrial sector increasing
from 15.0% to 19.0%
- The rebalancing of our portfolio weighting to achieve sustainable long-term
earnings growth, includes the review of our core assets to assess future risk. This
is evidenced by the announcement of the sale of our 55% interest in the Discovery
building for R2.3bn post HY26. The net proceeds of R1.9bn will be used to settle
debt, with an estimated 0.8% decrease in SA LTV. The transaction is estimated
to be 1.0% dilutive to FY27 DIPS.
- We continue to prioritise the growth of our investments in and exposure to the better-
performing logistics sector:
- With a strong development pipeline for modern logistics warehouses
- The successful implementation is evident in the performance of the Logistics and
Industrial portfolio:
- Vacancies reduced to 3.3% at HY26 (FY25: 4.1%)
- Average in-force escalations of 7.5%, positively impacting the
performance of the portfolio
- Our development and capital expenditure has focused on the stronger performing
Western Cape province due to its more attractive property market fundamentals. A total
of R545.4m (HY25: R945.4m) development and capital expenditure was incurred during
the period with key projects including the redevelopment of 36 Hans Strijdom in Cape
Town (R110.3m) and Longbeach Mall, Noordhoek (R42.0m). We also upgraded La Lucia
Mall, Durban (R34.5m) in line with our strategy to upgrade and reposition all long-term
hold retail assets
- To reduce our reliance on the national grid and address water supply and security we
have implemented the following environmental initiatives:
- Total installed solar capacity of 61.7MWp at HY26 (FY25: 61.2MWp)
- During HY26 we completed solar installations for R42.9m (HY25: R117.3m) and
to date have spent more than a R1bn on 84 solar plants
- Wheeling of energy from the power purchase agreement (PPA) with Etana Energy
(Pty) Ltd commenced in October 2025 and generated 6.6GWh of renewable
energy in HY26. The Boston Hydro plant achieved Grid Code Compliance on 17
October 2025
- The total energy consumption derived from renewable sources increased from
7.9% at FY25 to 14.5% at HY26
- As at 31 December 2025, we utilised 46 (FY25: 40) registered boreholes and 178
(FY25: 162) water backup facilities with a total storage capacity of 10 758kl
(FY25: 9 854kl).
2. Our medium-term international strategy is focused on simplifying our investments through a
pragmatic review of ownership structures, while working with management teams to
evaluate initiatives that unlock shareholder value, balanced against the continued benefits
of geographic diversification for our shareholders:
- In August 2025 we disposed of our 14.2% investment in NRR at 75.0 pence per share,
raising gross sales proceeds of £50.5m (R1.3bn)
- 35.8% (FY25: 38.0%) of Growthpoint's property assets by book value are located offshore;
the reduction is mainly as a result of the disposal of NRR
- 21.6% (HY25: 30.6%) of Growthpoint's DIPS is earned offshore; the reduction is
predominantly due to the disposal of C&R and lower Rand distributions from GOZ and
GWI
- 28.0% decrease in Rand-equivalent foreign currency income, via cash and scrip dividend
alternatives, of R554.0m (HY25: R769.0m).
Liquidity and capital management
We pragmatically and conservatively manage liquidity and leverage, supporting the pursuit of
our strategic initiatives:
- R5.7bn (FY25: R4.7bn) unutilised committed funding facilities for SA
- R545.1m (FY25: R878.9m) cash balance on the SA balance sheet
- R321.1m (HY25: R440.5m) cash retained, before income tax, as a result of the 87.5%
dividend pay-out ratio (HY25: 82.5%)
- Group LTV increased to 40.8% (FY25: 40.1%), mainly due to GIP's acquisition of Auria
- Group interest cover ratio (ICR) increased to 2.7 times (FY25: 2.5 times) with RSA ICR
being conservative at 3.2 times (FY25: 2.9 times)
- 73.6% (FY25: 72.7%) of the SA long-term interest-bearing borrowings are hedged against
interest rates volatility.
Prospects
With the RMB/BER Business Confidence Index showing an improvement in Q4 2025, South Africa
enters 2026 with a cautiously improving macro-economic backdrop. The absence of
load-shedding, easing inflation, and a favourable interest-rate outlook have materially supported
business operations. Strengthening electricity availability and ongoing recovery in logistics
networks are contributing to more stable operating conditions, while the SARB's projected
rate-cutting cycle further enhances the investment environment.
The conflict in the Middle East has contributed to heightened global macroeconomic uncertainty,
exacerbating inflationary pressures and thereby sustaining elevated interest rates across key
markets. While increased volatility in energy and commodity prices, alongside broader financial
market instability, threaten future economic growth prospects, it is not expected to significantly
impact FY26 results.
Although structural challenges persist, including high unemployment, infrastructure
bottlenecks, and exposure to global trade tensions, the overall SA macro-economic environment
reflects greater stability and renewed momentum compared to the prior year.
The South African Reserve Bank has lowered the repo rate by a cumulative 150 basis points since
FY24. Low inflation, currently at 3.5% (FY25: 3.0%), is creating a more supportive environment
for the property sector. The Reserve Bank of Australia has increased the cash rate by 25 basis
points in February 2026 due to persistent high inflation.
Our strategic priorities remain firmly anchored in maintaining balance sheet strength and
advancing our environmental, social, and governance (ESG) commitments. In South Africa, we
will continue to enhance the quality of our portfolio through disciplined capital allocation,
proactive tenant retention, strategic asset repositioning, and the acceleration of green building
and renewable energy initiatives. We are also placing increased emphasis on sectors and regions
demonstrating higher growth potential, as well as reducing costs.
In the SA portfolio, the Office sector has stabilised, Cape Town has outperformed and Gauteng
is showing signs of improvement, with lower vacancies, higher renewal success rates and longer
weighted average lease periods on renewals, however, there were significant office leases that
were renewed in the period that impacted the renewal growth rate negatively. KwaZulu-Natal
outperformed on achieving positive renewal growth rate in the period. The Gauteng Office
portfolio remains under pressure due to oversupply, with high vacancy levels and higher negative
reversions compared to other regions. The Logistics and Industrial sector, benefiting from a more
balanced supply-demand dynamic, is expected to continue to outperform other sectors. In HY26,
our Retail portfolio delivered lower vacancies, positive renewal growth, higher renewal success
rates and strong future escalations on all letting.
At the V&A, excluding profits from residential sales, earnings before interest and taxation (EBIT)
is expected to be slightly higher than last year. Including profits from the 5 Dock Road residential
sales during the second half of FY26, the V&A anticipates achieving double digit growth for FY26.
The Intercontinental Table Bay Hotel refurbishment will be fully completed by April 2026. This
will create an initial drag on distributions until the hotel reaches its stabilised yield in 2028.
For FY26, GOZ remains customer-focused with active management, strategic capex deployment
and maximising leasing outcomes. Through its funds management business, there is continued
focus on transaction sourcing and managing fund maturities. New supply is expected to remain
constrained, while strong inbound migration and a tight labour market underpin long-term
demand for office, industrial and retail space. GOZ issued FFO FY26 guidance of AUD23.0 to
AUD23.6 cps and distribution guidance of AUD18.4 cps, reflecting a targeted payout ratio of
between 75.0% and 85.0%. No acquisitions or disposals of direct investment properties are
assumed in this guidance.
GWI continues to maintain a prudent financial position with moderate leverage and high levels
of liquidity. Progress is being made with constructive discussions amongst the shareholders in
respect of the future strategy for the company.
Asset valuations and LTV ratios have stabilised, and we will continue to execute strategic
initiatives aimed at preserving liquidity and creating long-term balance sheet strength.
Our diversified portfolio and income streams position us favourably for FY26. Our domestic
portfolio's improving performance driven by strengthening property fundamentals and continued
outperformance from the V&A, indicate that the property cycle has entered a growth phase.
Whilst GOZ has strong operational fundamentals the interest rate environment is not supportive,
and the sector is still lagging with growth opportunities constrained.
We expect DIPS for FY26 to grow by between 3.0% and 5.0% notwithstanding ongoing interest
rate uncertainty, and DPS growth of between 6.0% and 8.0%, with a payout ratio of 87.5% for
FY26.
This announcement contains certain forward-looking statements which relate to the possible
future performance and financial position of the Group. All forward looking statements are solely
based on the views and considerations of the Board of Directors. These statements involve risk
and uncertainty as they relate to events and depend on circumstances that may or may not occur
in the future. The Group does not undertake to update or revise any of these forward-looking
statements publicly, whether to reflect new information, future events or otherwise. These
forward-looking statements have not been reviewed or reported on by the Group's external
auditor.
Changes in the directorate
José Snyders joined as the Group Chief Financial Officer on 1 January 2026, with Gerald Völkel
continuing as Group Financial Director until 31 March 2026 to ensure a smooth leadership
transition.
The Board wishes to formally acknowledge and thank Gerald for his unwavering dedication and
distinguished service. In addition to his significant professional contribution, Gerald will be
remembered for his gentlemanly conduct, humour and genuine care for colleagues. The Board
extends its sincere best wishes to him for a fulfilling and well-deserved retirement.
Regulatory requirements
The condensed results for the period ended 31 December 2025 are unaudited.
This short form announcement is the responsibility of the Board of Directors and have been
prepared in compliance with the JSE Limited's Listing Requirements and does not contain full or
complete details. Any investment decisions by investors and/or shareholders should be based as
a whole on consideration of the Group consolidated interim financial statements which may be
downloaded from the Company's website.
https://growthpoint.co.za/financialreporting and
https://senspdf.jse.co.za/documents/2026/jse/isse/GRTE/Interim26.pdf
Interim dividend
Notice is hereby given of the declaration of the interim dividend number 80 of 66.20000 cps for
the period ended 31 December 2025. The dividend has been declared from income reserves.
Other information:
- Issued shares as at declaration date: 3 430 787 066 ordinary shares of no par value
- Income Tax Reference Number of Growthpoint: 9375077717
Shareholders are advised that the dividend meets the requirements of a "qualifying distribution"
for the purposes of section 25BB of the Income Tax Act, No 58 of 1962 (Income Tax Act). The
dividends on the shares will be taxable dividends for South African tax purposes in terms of
section 25BB of the Income Tax Act.
Tax implications for South African resident shareholders
Dividends received by or accrued to South African tax residents must be included in the gross
income of such shareholders and will not be exempt from income tax in terms of the exclusion
to the general dividend exemption contained in section 10(1)(k)(i)(aa) of the Income Tax Act
because they are dividends distributed by a REIT. These dividends are, however, exempt from
dividend withholding tax (dividend tax) in the hands of South African resident shareholders
provided that the South African resident shareholders have provided to the Central Securities
Depository Participant (CSDP) or broker, as the case may be, in respect of uncertificated shares,
or the company, in respect of certificated shares, a DTD(EX) form (dividend tax: declaration and
undertaking to be made by the beneficial owner of a share) to prove their status as South African
residents. If resident shareholders have not submitted the above mentioned documentation to
confirm their status as South African residents, they are advised to contact their CSDP or broker,
as the case may be, to arrange for the documents to be submitted before the dividend payment.
Tax implications for non-resident shareholders
Dividends received by non-resident shareholders from a REIT will not be taxable as income and
instead will be treated as ordinary dividends which are exempt from income tax in terms of the
general dividend exemption section 10(1)(k) of the Income Tax Act. Any dividend received by a
non-resident from a REIT is subject to dividend tax at 20.0%, unless the rate is reduced in terms
of any applicable agreement for the avoidance of double taxation (DTA) between SA and the
country of residence of the non-resident shareholder. Assuming dividend tax will be withheld at
a rate of 20.0%, the net amount due to non-resident shareholders is 52.96000 cps. A reduced
dividend withholding tax rate in terms of the applicable DTA may only be relied on if the non-
resident shareholder has provided the following forms to their CSDP or broker, as the case may
be, in respect of uncertificated shares, or the company, in respect of certificated shares:
- A declaration that the dividend is subject to a reduced rate as a result of the application
of the DTA
- A written undertaking to inform the CSDP, broker or the company, as the case may be,
should the circumstances affecting the reduced rate change or the beneficial owner
cease to be the beneficial owner, both in the form prescribed by the Commissioner of
the South African Revenue Service. If applicable, non-resident shareholders are advised
to contact the CSDP, broker or the company to arrange for the above mentioned
documents to be submitted before dividend payment, if such documents have not
already been submitted.
Salient dates and times
Last day to trade (LDT) cum dividend Tuesday, 14 April 2026
Shares to trade ex dividend Wednesday, 15 April 2026
Record date Friday, 17 April 2026
Payment date Monday, 20 April 2026
Notes:
1. Shares may not be dematerialised or rematerialised between the commencement of
trade on Wednesday, 15 April 2026 and the close of trade on Friday, 17 April 2026, both
days inclusive.
2. The above dates and times are subject to change. Any changes will be released on SENS.
Claim it Campaign
Shareholders are reminded to claim any unpaid or unclaimed dividends they may be entitled to.
As part of our ongoing commitment to enhancing shareholder communication and engagement,
we are participating in the market-wide "Claim It" campaign, which aims to assist shareholders
in recovering outstanding dividend payments.
For more information, or to check for any unclaimed entitlements, shareholders can visit the
Claim-It portal at https://www.jse.co.za/claimit. Shareholders are required to complete the
online application on the website. If they are unable to do so, they may contact JSE Investor
Services (Pty) Limited on 0861 472 644 for assistance.
Sandton
11 March 2026
Equity sponsor: Investec Bank Limited
Debt sponsor: Investec Bank Limited
Date: 11-03-2026 07:05:00
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