At yesterday's AGM for GPT Group, management provided a 1Q trading update, affirming 2024 funds from operations (FFO) and DPS guidance. Morgan Stanley assesses all seems to be progressing as expected.

Retail occupancy costs are now at 16.2%, compared to 16.1% in 2023, which the broker attributes to sales growth being mildly behind contracted 4-5% rent increases.

The Equal-weight rating and $4.70 target are retained. Industry view: In-Line.

Sector: Real Estate.

Target price is $4.70.Current Price is $4.25. Difference: $0.45 - (brackets indicate current price is over target). If GPT meets the Morgan Stanley target it will return approximately 10% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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