REPORTING SEASON: GPT Group (GPT)

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Figure 1: GPT Group 12 month chart

 

GPT Group’s (GPT) result better than expected, boosted by its logistics unit

·         Property investment firm GPT group reported better than expected half year numbers today, backed by improved market conditions leading to greater stability in key portfolio metrics. GPT reported Total Portfolio Return of 8% for 12 months to June 2014.

·         GPT said its occupancy rate was 95.6%, and its comparable income growth was up 0.3% with potential to build organically from a $3.2Billion stgelopment pipeline. Asset Acquisitions over the last year have totalled $1.1Billion.

·         GPT’s Retail portfolio listed like for like income growth of 2.6%, with a 99.5% occupancy rate while their Office portfolio listed like for like income decline of 3.1% with an occupancy rate of 91.7%. The firm is confident that the current mild recovery in the Sydney and Melbourne markets will continue. GPT is looking to launch a Metropolitan Office Fund before the end of 2014. Furthermore their Logistics income growth is up 0.6% with an occupancy rate of 95.3%; GPT acknowledged that the leasing market in Melbourne remains challenging.

·         GPT expects 2014 EPS of at growth at least 3% verses its view back in Feb 2014 of 3% growth

·         GPT’s 2H distribution of $0.105 a share was announced on the 23rd of June 2014 and is expected to be paid in Mid-September 2014.

 

You can see all of CommSec’s reporting season analysis by clicking here.

Juliana Roadley, Market Analyst,