Rents Across GPT’s Broader Portfolio Constrained by Challenges in Retail
GPT Group reported 2018 earnings on a funds from operations, or FFO, basis of AUD 31.84 cents per security, up 3.5% and consistent with guidance. The AUD 5.9 billion office portfolio was the main driver, delivering 5.8% like-for-like income growth and to a lesser extent, the AUD 1.9 billion industrial portfolio, where like-for-like rental growth was 2.8%. The AUD 6.2 billion retail portfolio achieve hard-fought growth of 2.2% as sales in numerous malls were impacted by competitor expansions near...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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