GMG -0.02%: shares in the industrial property company were strong early only to close marginally lower despite a beat at the half year result. It looked a 10% beat with profit up 27% to $786m. Much of the growth came from development earnings which was more than 50% higher. Rent increases were also coming through with LFL income growth of 3.4% while occupancy was around flat at 98.4%. The market seemed to be looking for a bit more out of the property income line given the tight demand for industrial space. The development pipeline continues to grow though, giving them a strong runway for growth. They bumped up guidance to 20% growth for the year, up from more than 15%, while the dividend is expected to be flat for the year after paying 15c at the half – the same as 1H last year.
MM remains long and bullish GMG
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