Growthpoint Upgrades Previously Soft Guidance; FVE Unchanged at AUD 3.00
Growthpoint’s funds from operations, or FFO, for first-half fiscal 2018 of AUD 12.5 cents per security were down 0.5% on the AUD 13.1 CPS on the prior corresponding period, mostly due to lost rents on sold industrial assets. Nonetheless, full-year guidance was lifted from at least AUD 23.6 CPS to at least AUD 24.3 CPS. We viewed previous guidance as conservative, so the upgrade was not a surprise. We previously forecast AUD 24.5 CPS, and our forecasts are largely unchanged, but we raise distribu...
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