GPT Performs Better Than Peers, But Retail Continues to Slow; AUD 5.20 FVE Unchanged
GPT Group’s first-quarter operational update contained no major surprises, with the firm reiterating 2017 guidance for 2% growth in funds from operations, or FFO, and 5% growth in distributions. Our forecasts and AUD 5.20 fair value estimate are unchanged, with narrow-moat-rated GPT Group fairly valued at current levels. The forecast distribution for 2017 of AUD 24.5 cents per security represents a 4.7% unfranked yield.The sales growth performance of the largest division--retail at 43% of opera...
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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