GPT provides Guidance for balance of FY21

19 April 2021

With 2 and half months to go, the GPT Group finally has the confidence to issue a profit guidance for FY2021 confirming that the Group expects to deliver FFO per security growth of 8% and DPS growth of 12%, on the prior year.

In February, GPT reported a net loss after tax of $213.1 million, compared to a net profit after tax of $880.0 million in 2019, a drop of almost $1bll, and with a significant exposure to Victoria, the Group has previously avoided providing any form of profit guidance to its investors.

However, as business and consumer confidence has grown to record highs and the COVID lock down restrictions eased, the pathway to cash returns over the next 10 weeks is much clearer for GPT.

GPT’s Chief Executive Officer, Bob Johnston, said: “It is pleasing to see Australia’s economy continuing to benefit from the post COVID-19 recovery and the disruption to our operations is abating. While risks remain, including the speed of recovery of our Melbourne Central Shopping Centre and further COVID-19 related disruptions, trading conditions over the first quarter have provided us with sufficient confidence to announce earnings and distribution guidance for the 2021 full year. The Group’s high quality portfolio has proved resilient throughout the pandemic. Consumer confidence continues to be strong driving foot traffic at our shopping centres, office utilisation is steadily increasing and demand for logistics assets remains strong reflecting the increased economic activity.”

The Group’s guidance statements assume that economic recovery is sustained and that there are no significant disruptions from COVID-19 related restrictions for the remainder of the year.

GPT will release its March 2021 Quarter Operational Update on 29 April 2021.

Disclaimer: The information contained on this web site is general in nature and does not take into account your personal situation. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from a financial adviser.