2322 GMT - Property owner and manager GPT's funds from operations in 1H pleasantly surprise Citi. GPT reported FFO of 17.7 Australian cents/share. That was above Citi's forecast of 17.5 cents and was also slightly ahead of consensus expectations. "Reported net tangible assets of A$5.53/share implies a current market discount of approximately 7%--a disconnect that appears unwarranted given the quality of the platform and the operational progress on display," analyst Howard Penny says. GPT's guidance for annual FFO of 35.4 cents/share is below Citi's estimate of 35.6 cents. However, Citi thinks management is likely being conservative. It retains a buy call on GPT, which ended last week at A$5.13.
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