GPT Group reiterates full-year guidance
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The news: Property investor GPT Group reaffirmed its full-year guidance as occupancy across some of its portfolio lowered in the September quarter.
The numbers: GPT said it expects to deliver full-year funds from operations of 32 cents per share and a distribution of 24 cents per share.
Total occupancy across GPT's portfolio fell from 98.1% to 97.9% quarter over quarter. Occupancy in GPT's retail investment portfolio edged up from 99.6% to 99.7%, while occupancy in its office (92.4% to 92%) and logistics (99.4% to 99.3%) portfolios reduced.
GPT's weighted average lease expiry (WALE) rose by 0.1 basis point (bp) in its retail portfolio, and lowered by 0.1 bp in its office and logistics portfolios.
The context: GPT said it is progressing on 2024 priorities for implementation to embed strategy, align operational capability, and position GPT as an active investment partner across funds and partnerships.
In August, the property investor widened its half-year loss on the back of a devaluations in its office portfolio and higher financing costs.
The source: ASX announcement
