AUS
NZ
UK
CA
USA
IND
GPT Group (ASX:GPT) has recently via an ASX release declared its annual results for the year ended 31 December 2018. The results for the year were in-line with the companyâs upgraded guidance in October, Distributions and FFO per security grew by 3.5 %. The companyâs NTA is up 11% to $5.58, and the 12-month Total Return was 15.8%. The companyâs team has been successful in delivering strong returns from the companyâs portfolio over the last 12 months through active asset management, leasing and development. The Retail portfolio provided solid like for like growth and occupancy has been maintained at 99%. Valuation growth was modest except for Melbourne Central which was up $100m due to the strong growth from the asset.
As per the companyâs announcement, its office portfolio has delivered outstanding results with strong like for like growth and revaluation gains, reflecting the fact that the business is predominantly exposed to the Sydney and Melbourne markets where supply and demand fundamentals remain favourable. The Logistics portfolio also delivered a significant uplift in valuations. The sector continues to attract substantial investment demand, and the management doesnât see this theme changing. The asset class has been rerated with prime core assets now trading at cap rates of close to 5%.
The companyâs balance sheet remains robust with A space credit ratings, gearing of approximately 26% and a weighted average debt maturity profile of 6.3 years. The dividend declared for six months ending December 31, 2018, is AUD 0.12850000, the record date for which was December 31, 2018, & the payment date shall be February 28, 2019.
The company has guided for the year 2019 & stated that both FFO and Distribution growth of 4.0 per cent per security is expected. The sale of MLC is supposed to be neutral to guidance. From a development perspective, Stage 1 of the Sunshine Plaza expansion opened successfully in November last year with the balance expected to open at the end of next month. Outstanding progress has been made on leasing, and the management expects the second stage will open fully leased and will provide customers with a very compelling offer. The management is also now underway with the companyâs office development at Parramatta after securing a 50% pre-commitment with QBE. The companyâs office development at Sydney Olympic Park reached PC in October and is now 80% leased. Logistics developments in Sydneyâs west were also completed.
Now, let us have a quick glance at GPT Groupâs stock performance and the return it has posted over the last few months. The stock is currently trading at a price of $6.090, with a market capitalisation of ~$11.01 Billion. The counter opened the day at $6.100, it touched a dayâs high of $6.110 and touched the dayâs low of $6.075 with a daily volume of 3,140,798. The stock has provided a YTD return of 14.88% & also posted returns of 14.23%, 15.97% & 14.45% over the past six months, three & one-months period respectively. It had a 52-week high price of $6.125 and touched 52 weeks low of $4.590, with an average volume of 5,651,303.
Disclaimer
This website is a service of Kalkine Media Pty. Ltd. A.C.N. 629 651 672. The website has been prepared for informational purposes only and is not intended to be used as a complete source of information on any particular company. Kalkine Media does not in any way endorse or recommend individuals, products or services that may be discussed on this site. Our publications are NOT a solicitation or recommendation to buy, sell or hold. We are neither licensed nor qualified to provide investment advice.
