GPT upbeat despite loss
Publicly-listed property fund, GPT Group has booked a $249.34 million half-year loss as it continues to battle valuation declines across its portfolio.
However, the result has not dimmed the Group’s ambition “to position GPT to become Australia’s leading diversified real estate investment manager”
The $249.34 million loss came off the back of valuation declines of $566.8 million.
Commenting on the result, GPT chief executive, Russell Prout said the group remained on track to deliver on 2024 full-year guidance and declared a distribution of 12 cents per security for the first half.
“With a $34.4 billion Management Platform, including $22.1 billion across funds, partnerships and mandates, and deep operational capability, our business is in an excellent position to meet the challenges and opportunities of the market,” Prout said.
“Over the past two years, our funds under management have grown significantly, with additional mandates and partnerships being brought on board with investor partners,” he said noting that this included the commencing as investment manager for the Commonwealth Superannuation Corporation portfolio.
Prout told investors that the firm’s plan was to position the business for long-term growth by focusing on building its investment management platform.
“For the year 2024, we affirm our expectation of earnings and distributions of 32 cents and 24 cents per security, respectively,” he said.
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