GPT Yet to Solve Headache of Downward Pressure on Retail Rents. FVE Unchanged at AUD 5.40
GPT Group’s first-quarter operational update confirms our view of a challenged environment for retail property landlords. Total sales for tenants in the shopping centre portfolio were up only 1.3% in the year to end March, pointing to a significant slowing on the 2.4% growth for the year to December 2018. For the high rent-paying specialty tenants, operating performance was similarly weak. Trailing 12-month specialty sales growth was 1.9% at end March, versus 3.6% at end December 2018. Prepared ...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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