why gpt is not the new centro, page-2

The big one that stands out to me is the P&L.

GPT P&L is still understandable to me - they are expecting to make just short of 500m dollars... thats after paying their 250m interest, so they have a further 2x+ coverage up their sleeve.

However CNP declared 185m profit and proceeded to make an accounting adjustment of 1.3bn odd on the P&L -resulting in a net loss of 1.1bn odd.

GPT MAT ratios and other KPIs also seem to be significantly healthier- I suspect reflecting better quality of management of assets.

And at a glance, GPT has a strongly performing existing asset base that underpins its earnings (516m in Australian property leases) - CNP appeared to be much more reliant on development projects - IE things that hadn't been complete yet, or not come online yet, or perhaps wouldn't be worth / yield a much as originally expected.

But it really only was a glance - and its tempered with things I "hope" rather than "know".