GPT Group sticks to full-year guidance
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The news: Property investor GPT Group has maintained its full-year guidance for funds from operations and distribution after a strong March quarter performance across all segments.
The numbers: The shopping centre owner and manager said it remains on track to deliver on full-year guidance of funds from operations (FFO) of 32 cents a security and distribution of 24 cents a security. That was on the back of retail specialty sales rising 4.9% in the March quarter with occupancy at 99.6%, office portfolio occupancy at 92% and logistics occupancy at 99.5%. GPT shares were up 1.5% at $4.29 each.
The context: GPT said its total assets under management had touched $35.3 billion, including $12.9 billion on its balance sheet and another $22 billion on its management platform on behalf of external clients.
“Growing our management platform with capital partners will continue to be a fundamental element of GPT’s strategy going forward,” new CEO Russell Proutt said in a presentation.
The property investor reported a full-year loss of $240 million in 2023 as the rapid increase in interest rates that lifted its cost of debt had a material impact on funds from operations and slashed valuations across the group's property portfolio.
The source: ASX announcement
