CANBERA (dpa-AFX) - GPT Group (GPT.AX, GPTGF.PK), an Australian owner,
manager, and developer of retail assets, on Monday reported a decline in Funds
from Operations or FFO for the full year.

For the full year, the company posted FFO of A$600.9 million or 31.37 cents per
security, lesser than A$620.6 million or 32.40 cents per security, reported last
year.

The lower FFO result was mainly due to an increase in interest costs for the
Group and for its two wholesale funds in which GPT has a material co-investment.

Excluding items, FFO stood at A$488 million, compared with A$510.8 million a
year ago.

Distribution per security was unchanged at 25 cents per security from previous
year's 25 cents per security.

Net loss stood at A$240 million as against a profit of A$469.3 million a year
ago, mainly due to a property devaluations of A$819 million

Looking ahead, amidst persisting uncertain operating environment, for the
full-year 2024, the Group expects to post FFO of around 32 cents per security
with a distribution of 24 cents per security.

Further, the company said: 'Net income growth across the diversified portfolio
is expected to be offset by higher interest costs. Trading profits from
contracted sales at Sydney Olympic Park are expected to contribute circa 4
percent of FFO, which is higher than the historical average.'



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