GPT Group Maintains 2017 Guidance, but Slumping Retail Sales Is a Worry
Following narrow moat-rated GPT Group’s third-quarter update, we’ve left our AUD 5.20 fair value estimate and earnings outlook unchanged, with GPT fairly valued at current levels. GPT is performing broadly in line with expectations, with the firm reiterating 2017 guidance for 3% growth in funds from operations, or FFO, per security and 5% distribution growth. The major takeaway was the sharp slump in retail sales in the three months to end September, with the portfolio's moving annual turnover g...GPT Group owns and manages a portfolio of Australian retail, office and logistics assets. Co. operating segments include: Retail, which owns, develops and manages regional and sub-regional shopping centers and its equity investment in GPT Wholesale Shopping Centre Fund; Office, which owns, develops and manages CBD office properties with some related retail space, and its equity investment in GPT Wholesale Office Fund; Logistics, which owns, develops and manages logistics and business park assets; and Funds Management, which manages two Australian wholesale property funds in the retail and office sectors. At Dec 31 2016, Co. had 13 shopping centers, 23 office assets and 24 logistics assets.
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