I hold quite the parcel at a tad more than double current SP.
Im in it for the long term now, like it or not - and it presently still beats interest in the bank.
FWIW Im glad it didnt encounter the distressed selling others like GMG have seen. I could hazard a guess that it might be because GPT came to market hat in hand much earlier than many other REITs, and possibly has a reputation for better disclosure - although isnt that being severely tested nowadays!
...and they have balance sheet strength, assets worth X +/- Y% and importantly no debt due to be refinanced until late 2010.... and some would say a portfolio of assets that is irreplacable.. who knows.
I believe they will continue to carry on collecting $500m odd of rent - there is no reason why they shouldnt, interest is only heading south right now, properties are leased and construction has stalled.
If I take away the risk of debt default and having to sell assets at a fire sale, its a great company at a great price. It stopped being a great company for a few years under Nic Lyons and Elisabeth Lossworthy, but Michael O'Brien has a great reputation in the industry - I dont know why they are looking for another CEO - hopefully the company will realise he is as good as any!
Let it pay me my 7%+ and let it grow. For those buying @ 50c odd expect a 7.2c dividend this year, giving you 14% which is pretty good - and capital growth a-plenty to come one day ahead.
GPT Price at posting:
40.8¢ Sentiment: LT Buy Disclosure: Held
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