Broad Recovery Sees GPT Set to Lift Payout
GPT says it is on track for an inflation-busting rise in distributions thanks to a strong recovery in some of its key businesses - especially retail - in the past couple of months.
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GPT is a vertically integrated diversified property group that owns and actively manages its $25.3 billion portfolio of high quality Australian office, logistics and retail assets. The Group leverages its real estate management platform to enhance returns through property development and funds management.
The GPT Group is a constituent of the S&P/ASX 50 with a substantial investor base of more than 32,000 securityholders.
GPT says it is on track for an inflation-busting rise in distributions thanks to a strong recovery in some of its key businesses - especially retail - in the past couple of months.
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The year to December 2021 was a case of marking time for GPT, with no real growth in revenue, earnings or distribution - but management has high hopes for 2022 and beyond.
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The axe has been wielded at leading office, shopping centre and logistics property group GPT, with a significant restructure and the loss of several senior executives in the fallout.
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GPT is continuing its shift away from CBS office towers and destination shopping malls, expanding its push deeper into logistics to $4.1 billion.
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For the second year in a row, Covid has forced GPT, the big CBD property and shopping mall owner and investor, to withdraw its full year earnings guidance and distribution forecast.
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Neutral rating maintained. Target rises to $5.00 from $4.80.
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Neutral rating with the target rising to $4.80 from $4.55.
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Given GPT Group's relatively high exposure to Victoria, Credit Suisse suspects part of its recent rally could be on the back of the re-opening.
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First-half results were below UBS estimates, with the variance related to development profits and retail income. Guidance for 2019 is unchanged.
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