Tougher Market Conditions Place Pressure on GPT’s Growth; Fair Value Estimate Increased to AUD 5.20
GPT Group reported first-half 2016 funds from operations, or FFO, of AUD 269.8 million, or AUD 15.02 cents per security, up AUD 21 million, or 6.1%, on the prior corresponding period. The FFO uplift stemmed from a mix of low- and high-quality contributors. The low-quality factors included a reduction of AUD 9 million in borrowing costs and an increase of AUD 10 million in fund-management performance fee income. The high-quality contributors include a 3.8% increase in like-for-like portfolio inco...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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