Growthpoint's Distribution Increasing Above Trend; Further Significant Growth From GMF Acquisition
No-moat Growthpoint Properties Australia reported fiscal 2016 distributable income of AUD 126 million, or AUD 21.9 cents per security, up 3.3% on the prior year, ahead of our forecast and guidance for earnings of AUD 21.3 cents or more per security. Distributions were in line with guidance and our estimate of AUD 20.5 cents per security, up 4.1%. On a stand-alone basis, excluding the anticipated acquisition of ASX-listed GPT Metro Office Funds, or GMF, management has guided to distributable inco...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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