Image source: Golden Dayz

Highlights

  • The GPT Group is amongst the largest diversified property groups in Australia with a market capitalization of AUD 7.37 billion
  • In FY23, the company expects to deliver FFO of nearly 31.3 cents per share
  • Today GPT shares closed 0.26% lower at AUD 3.91 apiece

The GPT Group (ASX: GPT) is a vertically integrated diversified property company which owns, manages and develops office, logistic and retail portfolio across Australia. Headquartered in Sydney, the company has an established platform which has more than AUD 30 billion worth of assets under management.

At the end of first half of financial year 2023 (1HFY23), the company recorded 99.5% of retail portfolio occupancy, 11.8% YoY increase in centre sales, 10.1% YoY growth in specialty sales and conclusion of 343 lease deals.

During the reported period, group funds from operations (FFO) dropped by 3% YoY to AUD 316.7 million, while retail segment FFO increased by 9.5% to AUD 158.8 million.

Top 10 shareholders of GPT

The top 10 shareholders of GPT have nearly 45.74% stake in the company, while the top four have around 31.78% stake. UniSuper Limited and Vanguard Investments Australia Ltd. have the maximum stake in the firm, with a shareholding of ~16.30% and ~6.37%, respectively.

Recent business update

On 3 November 2023, the company released its quarterly results for the period ended 30 September 2023. During the latest quarter, the company maintained occupancy of 97.7% for the diversified investment portfolio. Under the retail portfolio, the occupancy was 99.6%.

During the reported period, under the office portfolio, the company recorded 36,700 square metres of leasing and the occupancy of logistics portfolio was 99.3%.

The company informed through an ASX update that it expects to achieve its distribution and FFO guidance for FY23.

Outlook

In FY23, the company expects to deliver FFO of nearly 31.3 cents per share and distribution of 25 cents per share. By the end of FY23, the company is targeting to achieve occupancy of nearly 90% under its office portfolio.

The company is committed to explore retail development opportunities. Additionally, the company is focused on undertaking leasing strategies to boost sales productivity and position its assets to grab attention of first-to-market retailers.

Share performance of GPT

GPT shares closed 0.26% lower at AUD 3.91 apiece on 9 November 2023. With this, GPT’s shares have witnessed a fall of 13.30% in the last nine months and a rise of 2.62% in the past one week.

The 52-week high of GPT is AUD 4.76, recorded on 3 February 2023, and the 52-week low is AUD 3.4, recorded on 30 October 2023.

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

 

Note 2: The reference date for all price data, currency, is 09 November 2023. The reference data in this report has been partly sourced from REFINITIV.