Growthpoint's Strategy Is to Pivot Portfolio to East Coast. FVE Increases to AUD 3.00
Due to good progress on raising occupancy and increased rental certainty following a series of new leases, we increase our fair value estimate for no-moat-rated Growthpoint Properties to AUD 3.00 from AUD 2.90. At current levels, the firm screens as slightly overvalued trading around AUD 3.20. We forecast fiscal 2018 funds from operations of AUD 24 cents per security, or cps, implying earnings comfortably achieving FFO guidance of "at least 23.6 cps." Guided fiscal 2018 distributions of AUD 22.0...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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