Australian fund manager GPT's retail business continues to perform well amid stable demand - Citi

GPT

19/08/2024 20:06

** Australian fund manager GPT Group's  GPT.AX  retail
business continues to perform well; company is in a position to
charge more for its spaces, amid stable demand for its
properties - Citi analysts 
    ** Brokerage says stores in GPT's properties spending less
of their sales on rent than they ever did before
    ** Despite a slight decrease in expected returns on new
logistics developments, GPT's warehouse business is thriving
with significantly higher lease rates - brokerage
    ** Citi increases FY24, FY25, and FY26 funds from operations
forecasts for GPT by 1.7%, 1.2%, and 0.3%, respectively,
incorporating continued momentum in retail and logistics
    ** Stock up 0.86% this year, as of last close

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))