Growthpoint Properties Australia’s Preference for Office Remains; FVE Unchanged at AUD 2.96
No-moat-rated Growthpoint Properties Australia reiterated its guidance for fiscal 2017, which it upgraded on Dec. 15, 2016. Distributable income is expected to be at least AUD 23.3 cents per security, with the distribution of AUD 21.5 cents per security 4.9% higher than in fiscal 2016. Our fair value estimate is unchanged at AUD 2.96. Securities currently trade at a 7% premium to our intrinsic assessment and an 18% premium to net tangible assets of AUD 2.72, and offer an estimated distribution y...Growthpoint Properties Australia is engaged in property investments, focusing on Australian property in the industrial, office and retail sectors. As of June 30 2016, Co.'s industrial portfolio had 38 properties with a total lettable area of 874,156 square meters and Co.'s office portfolio had 20 properties with a total lettable area of 235,389 square meters.
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