The GPT Group (ASX:GPT) has reported its financial results for the full year ended Dec. 31, 2024, highlighting operational achievements and strategic progress.
Despite booking a statutory loss of $200.7 million due to investment property valuation declines, GPT recorded funds from operations of $616.3 million.
Key operational accomplishments included the modernisation of the GPT Wholesale Shopping Centre Fund and the establishment of a pivotal partnership with Perron Group.
Retail portfolio occupancy was robust at 99.8%, and the logistics portfolio reached 99.5% occupancy.
The group also reported net property income growth across its portfolios.
"The significant lift in occupancy across the office portfolio and strong retail and logistics operational performance sets up the group for future earnings growth," stated Russell Proutt, CEO of The GPT Group, reflecting on a year of operational improvements.
The company maintained its financial stability with a net gearing of 28.7% and $1.1 billion in liquidity.
Capital management actions included $4.5 billion in new and refinanced debt facilities.
A distribution of 12 cents per security was declared for the latter half of 2024, with payment scheduled for Feb. 28.
Looking forward, GPT anticipates funds from operations growth of up to 3% in 2025, aiming for a distribution of 24 cents per security.