GPT Benefits from Strong Sydney Office But Has Yet to Address Issue of Weak Apparel Sales
Narrow moat-rated GPT Group reported 2016 funds from operations, or FFO, of AUD 537 million or 29.8 cents per security, up AUD 35 million or 5.7% on the AUD 28.2 cents per security in 2015, in line with guided growth of approximately 5.5%. Performance fees of AUD 10 million were a key earnings driver, representing 29% of headline FFO growth. Distributions were consistent with guidance--up 4% to AUD 23.4 cents per security, equivalent to 78.4% of FFO and 100% of adjusted funds from operations, or...GPT Group owns and manages a portfolio of Australian retail, office and logistics assets. Co. operating segments include: Retail, which owns, develops and manages regional and sub-regional shopping centers and its equity investment in GPT Wholesale Shopping Centre Fund; Office, which owns, develops and manages CBD office properties with some related retail space, and its equity investment in GPT Wholesale Office Fund; Logistics, which owns, develops and manages logistics and business park assets; and Funds Management, which manages two Australian wholesale property funds in the retail and office sectors. At Dec 31 2016, Co. had 13 shopping centers, 23 office assets and 24 logistics assets.
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