2304 GMT - GPT Group gets a new bull in Macquarie, which finds reasons to be positive about its office towers. Macquarie upgrades GPT to outperform, from neutral, and lifts its price target by 2.7% to A$5.70/share. Macquarie says GPT is trading at an 8% discount to net tangible assets. It's set for 5% compound annual growth in funds from operations and adjusted FFO over FY 2025-2028, which Macquarie finds attractive. On offices, Macquarie says FY 2026 is likely to be the peak year for incentives. That means "adjusted FFO growth should accelerate to 8% in FY 2027 and be greater than the 5% FFO growth we forecast." GPT is up 1.4% at A$5.14 at the open. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
February 16, 2026 18:04 ET (23:04 GMT)
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