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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: E_K_S who wrote (60421)	2/27/2018 1:31:36 PM
From: Lazarus	Read Replies (2) \| Respond to of 78750

I'll follow as well here @ $29.45 $PPL

To: E_K_S who wrote (60421)	3/2/2018 7:27:31 AM
From: Spekulatius	1 Recommendation Recommended By E_K_S Respond to of 78750

Re GPT - seems like a popular company in the industrial space. I do recall, they took out the mixed office/industrial REIT I owned at that time (forgot the ticker). I calculate the cap rate at 6.9% (at $21.4 share price ; NOI $446M/$6460M EV), while they purchase and dispose of their properties at a cap rate in the low 6% range. Seems like there is a 10% discount based on EV and a bit short of 20% based on NAV. NOI growth for Y2018 is forecasted ~1% and I think they are guiding FFO/share down. Debt profile could look better too, there’s really a lot of short term maturities which means interest cost will go up. This does not look like a compelling investment thesis to me.