The GPT Group

ASX:GPT

The GPT Group

ASX:GPT
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$4.49 (+0.2%)
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Valuation of $4.60
stale
PeregrineCapital
Added 2 years ago

As I touched on in my straw a few months ago, GPT's financial reporting is best in class in my opinion.

The current yield on offer of around 5.5% isn't great but I think there are reasons to be optimistic about growth in distributions going forward due to:

1) Increase in rental income from completed developments

2) Increase in FM revenue from completed developments

3) Increase in rental income from Industrial properties

4) Increase in FM revenue from acquisitions in some of their very modestly geared funds.

Despite the dent rising interest costs might put in the bottom line, I think GPT can compound distributions at 3% over the next 10 years it’s not hard to justify paying current prices.

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#Financials
stale
PeregrineCapital
Added 2 years ago
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I'll do a valuation in the next few weeks but I just wanted to make a note of how good GPT's reporting is compared to some of its peers. A few things I really like are:

1) They report AFFO which includes actual cash outflows for maintenance capex and lease incentives.

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2) They report cashflow instead of just passing off FFO as representing the true underlying cashflow of the business:

3660a40e701b8f2706a513b2bdc2acf7a19f65.png

3) The Fair Value Reconciliation is pretty insightful in terms of demonstrating how the book values of the portfolio have come to be. It's interesting to see how much expenditure is capitalised for each asset.

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