Garda Property recently pre-announced revaluations on around 80% of its portfolio with the net overall impact resulting in cap rates expanding by 55bps.

Morgans highlights industrial cap rate expansion was offset by strong growth in rents and a material increase in value for the North Lakes industrial land. 

FY23 DPS guidance was unchanged and the broker's FY24 DPS forecast remains at 7.2c.

The target falls to $1.81 from $1.90. Add.

Sector: Real Estate.

Target price is $1.81.Current Price is $1.27. Difference: $0.54 - (brackets indicate current price is over target). If GDF meets the Morgans target it will return approximately 30% (excluding dividends, fees and charges - negative figures indicate an expected loss).

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