GPT Group (ASX: GPT) has revealed its interim results for the first half of 2023, outlining a net loss of AU$1.1 million, a significant contrast from the AU$529.7 million net profit in the same period last year. The decrease is linked to a drop in property values, totalling AU$341.3 million. This setback, the Group recorded Funds from Operations (FFO) of AU$316.7 million, slightly down from AU$326.5 million in June 2022, with an FFO per security of 16.53 cents compared to 17.04 cents previously.
GPT distributed 12.5 cents per security as interim dividends, slightly lower than the 12.7 cents per security distributed in June 2022. Net Tangible Assets per security stood at AU$5.85, down from AU$5.98 in December 2022. The Group's gearing ratio was 28.1%, maintaining strong liquidity of AU$1.5 billion and a 6.1-year weighted average debt term, with a 4.1% cost of debt for the period. GPT expects around 31.3 cents per security for FY2023 FFO and a full-year distribution of 25.0 cents per security.
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