Hi Porka, I know what you mean. The REITs have a habit of dropping by far more than the distribution amount immediately after going ex-distribution. It's a great time to buy.
I cautiously bought three REITs (GPT included) a few months ago and have been averaging-up ever since. If not for adding to one of the other two REITs a few days ago, I would have bought more GPT close to four dollars. I can't believe it's this cheap.
It's a bargain at $4.30 though. You might get another chance at $4.03 -- I have no idea. My advice would be to buy half the units you're hoping to buy in the next few days at the current price; hopefully on a day where the market is down. Put the other half in later in March or April.
There is a strong case for GPT to be over $5.00 within 12 months with a 6% distribution thrown in as property valuations increase, and the 5% unit buyback wraps up. The half yearly report had a lot of good signs. You can't go wrong at $4.30 but keep some cash free in case you are able to top-up at a cheaper price. I've missed the boat too many times by waiting for a cheap stock to drop to an even cheaper price.
Good luck!
GPT Price at posting:
$4.31 Sentiment: Buy Disclosure: Held
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