GPT to Benefit from the Shortage in East Coast CBD Office Supply. FVE up 2% to AUD 5.10
Narrow-moat-rated GPT Group's first-half 2018 earnings on a funds from operations, or FFO, basis of AUD 16 cents per security, or cps, were in line with expectations and increased 3.1% on the previous corresponding period. Guidance was reiterated for 3% growth in FFO per security and distributions and our forecasts are consistent with guidance. The major positive was the ongoing strength in the CBD office markets in Sydney and Melbourne, with vacancy rates for both now around 4.5%. GPT Group est...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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