GPT Rallies Into Wednesday’s AGM

Shares of GPT are up 1.5% in early trade in front of its AGM scheduled for Wednesday.

In the March quarter, GPT reported total shopping center comparable MAT growth of 2.1%, with 34,100 sqm of leasing space signed in the quarter and the acquisition of Sunshine Business Park in Melbourne for $74 million, with an initial yield of 6.1%.

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The share price has hit $4.80 so far this morning and will see further resistance in the $5.00 area.

We consider GPT a solid “Buy/Write” strategy at current levels as the sold call option premium will enhance portfolio cash flow.

GPT will pay a 12.3 cent dividend on June 29th, which places its annual yield around 5.00%.

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