For the half year to June 30, GPT reported funds from operations - being the more accurate measure for real estate investment trusts - of $295.5 million, up 2.2 per cent from the previous corresponding period's $289.4 million, in line with market expectations.
Chief executive Bob Johnston said it has been a productive six months for the group, with the sale of the half share of the MLC Centre in Sydney to Dexus for $800 million; the acquisition of five logistics assets, and the more recent acquisition of a 25 per cent interest in Darling Park Towers 1 and 2 along with Cockle Bay Wharf.The company expects full-year earnings growth of 2.5 per cent, consistent with last year.
GPT will also focus on increasing the logistics portfolio to be 20 per cent of the overall business from the current 17 per cent, while office and retail are 40 per cent each. The recently-appointed head of retail, Chris Barnett said the retail assets had delivered comparable net income growth of 1.4 per cent.
"Strong performance in the office and logistics segments, driven by strong market fundamentals in both Melbourne and Sydney, showcase the company’s successful strategic shift to these two segments as primary growth drivers," she said.