The interim distribution is expected to be paid on 31 August 2021.
Stock of The GPT Group (ASX:GPT) was riding high today after the releasee of its first half results. The vertically integrated diversified property group registered strong momentum in the six months to 30 June 2021.
The Group under its belt has AU$25.3 billion of high-quality retail, office, and logistics assets in Australia.
The GPT Group consists of General Property Trust (the Trust) and its controlled entities and GPT Management Holdings Limited (the Company) and its controlled entities. Currently a constituent of the S&P/ASX 50 Index, the GPT Group has a substantial investor base of more than 32,000 securityholders.
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Key developments in GPT’s business in H1’2021
The Group’s interim financial statement spells out its strong performance in the half year. GPT reported a rebound in retail sales, rent collection and leasing activity. Also, there has been improvement in leasing activity and increase in valuations under the office portfolio.
Below we have consolidated some details about GPT’s operating and financial performance as per its report.
- Funds from Operations (FFO) stood at AU$302.3 million for the first half of 2021, up 23.6% on the prior comparable period.
- The Group reported AU$760.5 million in statutory net profit after tax, as compared to a loss of AU$520.4 million in the prior comparable period. The profit has been attributed to AU$471.7 million in positive investment property valuation movements.
- Distributions to stapled securityholders totalled AU$254.8 million, representing an interim distribution of 13.3 cents per ordinary stapled security, up 43% on 30 June 2020.
- The Office portfolio attained AU$121.2 million (2.2%) of net revaluation uplift, which covers the Group’s equity interest in the GPT Wholesale Office Fund.
- The Group’s logistics partnership with QuadReal advanced during the period. Of the initial AU$800 million capital target (GPT share 50%), 43% had been committed at 30 June 2021
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Related article: GPT Group lifts dividend guidance for 2021
Two Melbourne fund-through acquisitions totalling approximately AU$270 million have exchanged in the period, with both to be held within the GPT QuadReal Logistics Trust.
Three assets at Sydney Olympic Park were divested, being subject to compulsory acquisition by the New South Wales Government for the Sydney Metro project. Compensation settlement is expected to be received in H2 2021.
Listed on the Australian Securities Exchange (ASX), GPT remains well positioned with a high-quality diversified portfolio, experienced management team and a strategy to create long-term value for securityholders. Also, the Group maintained a strong balance sheet and liquidity position during the period.
As the Group intends to emerge as the most respected property entity in Australia, its vision for further success will determine its journey ahead.
Stock information: GPT stock was trading at AU$4.830 on 16 August 2021 at 01:24 PM (AEST) on the ASX, up 3.6% from its last closing price. The company has a market capitalisation of AU$8.92 billion.