GPT Group (GPT) +1.21%: the property group fell into a loss of $213.1m for 2020 as falling property valuations weighed on the result. Despite a drop on the prior year, funds from operations (FFO) which is the best metric to look at for property stocks was a pretty handy 9% beat to expectations coming at 28.48c given the loss was driven by non-cash items. They will also end the year with a 13.2c dividend which was another surprise to the upside. The easing of COVID restrictions into the back end of 2020 helped GPT finish the year strong with decent performances out of office and retail, while the logistics portfolio was a standout throughout the year. GPT is also trading at a ~25% discount to assets which helps explain why they are looking to buy-back up to 5% of shares on issue. Overall, the result is an okay one, however there are clearly clouds still hanging over retail & office.
MM remain neutral GPT
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