GPT: Result 2017
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Like Scentre Group and Vicinity Centres, GPT has been updating its shopping centre portfolio to concentrate on the larger, ‘super-regional' and City Centre malls. By also repositioning its malls to emphasise food catering, retail services and general retail, it aims to counter the rising threat from online shopping.
| Year to 31 Dec | 2017 | 2016 | /(–) (%) |
|---|---|---|---|
| Distrib. profit ($m) | 446.3 | 421.5 | 6 |
| Distrib. per share (c)* | 24.6 | 23.4 | 5 |
| Gearing (%)** | 25.2 | 25.1 | - |
| NTA per share ($) | 5.04 | 4.58 | 10 |
| * Unfranked, ex date already passed | |||
| ** Gearing defined as net debt/(total tangible assets – cash) | |||
Even so, GPT's retail portfolio suffered a 1.2% fall in leasing spreads despite nearly full occupancy, illustrating that even the highest-quality malls won't be totally immune from the rise of online shopping.
Elsewhere, its portfolio of premium and A-grade buildings, 88% of which are located in Sydney and Melbourne, remain well placed to benefit from these two cities' strong economies and tight supply of high-grade office space.
Overall, GPT has a high-quality portfolio of office towers, shopping centres and industrial properties. It also has a substantial funds management division, with $12bn funds under management via its Wholesale Office Fund and Wholesale Shopping Centre Fund, in which it owns 25% and 29% stakes respectively.
We're notching up our Buy price to $3.50 (from $3.30) and our Sell price to $6 (from $5.80) and, with a 5.1% unfranked yield, GPT remains a HOLD.
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