GPT Group Announces 15% Full Year DPS Decline In 2020
February 15, 2021 – GPT announced that its distribution per security (DPS) hit 22.5 cents per security for the full year 2020, down from the 26.48 cents per security seen in the same full year period in 2019.
Likewise, the The GPT Group announced that it delivered Funds From Operations (FFO) of $554.7 million for the 12 months to 31 December 2020, a decrease of 9.6 per cent on the prior year.
FFO per security was 28.48 cents, a decrease of 12.9 per cent on the prior year. The Group reported a net loss after tax of $213.1 million, compared to a net profit after tax of $880.0 million in 2019, predominantly due to negative property valuation movements of $712.5 million.
GPT’s Chief Executive Officer, Bob Johnston, said: “The effects of the COVID-19 pandemic resulted in a challenging year for the Group. We commenced 2020 with strong momentum and the expectation of delivering earnings and distribution growth. However, the onset of COVID-19 rapidly changed the operating landscape and we had to adapt our approach swiftly.”
“The Group responded well to the uncertainty and evolving challenges, maintaining a strong focus on working with our customers to help them operate successfully and safely through the pandemic, whilst continuing to execute on strategy and positioning the business to benefit from the emerging economic recovery.”
Read more here..