Transfer of Coverage for Growthpoint; No Change to Our View
We reiterate our AUD 3.30 fair value estimate for no-moat-rated Growthpoint Properties following a transfer of coverage to a new analyst. At current levels, shares screen as overvalued. While the firm offers a reasonable yield, the trust is higher risk than many Australian REIT peers because of its high financial leverage and lower-quality portfolio.Growthpoint’s property portfolio is split roughly two thirds office and one third industrial. The portfolio is relatively new, but the office asset...
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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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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