2339 GMT - Morgan Stanley thinks investors should shrug off the decline in GPT's office occupancy. GPT said office occupancy was 92.0% at the end of September, from 92.4% three months earlier. Analyst Simon Chan highlights that GPT has signaled occupancy will bounce about over coming months. "The key though is that only 5% of leases are due to expire between now and December 2025," MS says. GPT maintained its annual earnings and payout guidance. MS thinks the new CEO's strategy is taking shape, but at a controlled pace. "We think investors may have to be patient, as it won't be until 2025/26 that major mandate or third-party capital wins could come to fruition," MS adds. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 04, 2024 18:39 ET (23:39 GMT)
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