GPT Group: Interim Result 2014

GPT continues its comeback from its GFC-induced lows, but it is still too expensive.

GPT Group (GPT) has announced its interim result (it has a calendar year end) with its preferred measure of underlying profit, Funds From Operations (FFO), remaining flat at $224m. Comparisons with last year are complicated by property sales and acquisitions, but comparable income from the retail portfolio increased 2.6% and for the office properties it fell 3.1% due to higher vacancies. An interim unfranked distribution of 10.5 cents was declared (ex-date already passed), up 4%, which we'd estimate puts the company on a 5.2% yield.

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