why gpt is not the new centro

A few people have said GPT is the new Centro.

But the two companies are different in two fairly significant ways.

Number 1
Centro had to $4 billion of short term debt which matured on 30 April, 2008. That was why it came undone in the first place.
GPT has to refinance $100 million this year and $800 million next year. Most of the debt is long term and fully hedged.
Only 37% of CNPs debt was hedged.
Number 2
GPT has look through gearing (including the JV) of 46.8%.
CNP had look though gearing (ie over it's funds) of 75.2%

There are a lot of others. If interested you might like to check out the two presentations to the market.

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CNP data
http://stocknessmonster.com/news-item?S=CNP&E=ASX&N=293765

GPT data
http://stocknessmonster.com/news-item?S=GPT&E=ASX&N=495019

Feel free to add others...