GPT Group - S&P Global Ratings’ Credit Research

GPT Group

GPT Group - S&P Global Ratings’ Credit Research
GPT Group
Published Jan 13, 2021
15 pages (5246 words) — Published Jan 13, 2021
Price US$ 500.00  |  Buy this Report Now

About This Report

  
Abstract:

The stable outlook on GPT reflects our expectation that the group will over the next 12-24 months continue to grow its high-quality asset base in line with its diversified strategy, produce solid rental income, and adopt a moderate operating strategy. We believe GPT's commitment to disciplined financial policies and financing strategy will help the group maintain the ratio of funds from operations (FFO) to debt at more than 12% and of adjusted net debt to adjusted total tangible assets at less than 35%. We could lower the rating if GPT's investment portfolio underperforms our expectations, or management adopts a less-diversified operating strategy. Downward pressure could also occur if GPT purchases weaker quality assets, or increases development activity that weaken its

  
Brief Excerpt:

...GPT Group's diversified asset portfolio provides protection against COVID-19-related fallouts. The diversified and favorable market position of the group's commercial real estate assets ensured total rent collection was 67% of total billings during the second quarter of calendar 2020 even though rent collection in the retail segment was 36%. Total rent collection improved to 90% across the total portfolio in the third quarter. We expect GPT's gearing to increase but remain within the company's 25%-35% target range. The gearing (ratio of adjusted net debt to adjusted total tangible assets) rose to 26.1% at the end of September 2020 from 22.1% at end-December 2019. This was principally because of negative retail property revaluations in the backdrop of rental disruptions, weaker leasing conditions in retail assets arising from the COVID-19 pandemic, and required capital expenditure. Recovery in the retail segment is becoming evident with the lifting of lockdown restrictions across all states...

  
Report Type:

Full Report

Ticker
GPT@AU
Issuer
Sector
Global Issuers, Structured Finance
Country
Region
Pacific
Format:
PDF Adobe Acrobat
Buy Now

GPT Group – 2021/04/28 – US$ 500.00

GPT Group – 2022/05/17 – US$ 500.00

GPT Group – 2023/04/28 – US$ 500.00

GPT Group – 2019/12/17 – US$ 500.00

GPT Group – 2018/07/24 – US$ 500.00

Summary: GPT Group – 2018/07/24 – US$ 225.00

Summary: GPT Group – 2017/05/31 – US$ 225.00

More from S&P Global Ratings’ Credit Research

S&P Global Ratings’ Credit Research—S&P Global Ratings’ credit research provides analysis on issuers and debt obligations of corporations, states and municipalities, financial institutions, insurance companies and sovereign governments. S&P Global Ratings also offers insight into the credit risk of structured finance deals, providing an independent view of credit risk associated with a growing array of debt-securitized instruments.

About the Author


Cite this Report

  
MLA:
S&P Global Ratings’ Credit Research. "GPT Group" Jan 13, 2021. Alacra Store. Mar 29, 2024. <http://www.alacrastore.com/s-and-p-credit-research/GPT-Group-2578595>
  
APA:
S&P Global Ratings’ Credit Research. (). GPT Group Jan 13, 2021. New York, NY: Alacra Store. Retrieved Mar 29, 2024 from <http://www.alacrastore.com/s-and-p-credit-research/GPT-Group-2578595>
  
US$ 500.00
$  £  
Have a Question?

Any questions about the report you're considering? Our Customer Service Team can help! Or visit our FAQs.

More Research

Search all our Residential Mortgage-Backed Securities from one place.