Bulletin: GPT Group's Diversified Portfolio Weathers Pandemic Fallout

MELBOURNE (S&P Global Ratings) Aug. 11, 2020--S&P Global Ratings today said that GPT Group (A/Stable/A-1) would withstand the COVID-19-related fallout on its retail rental collection and lower property revaluations due to its diversified asset portfolio and relatively low gearing levels. Australia-based GPT Group issued A$300 million of domestic medium-term notes during the first half ended June 30, 2020, which bolstered the group's liquidity position to A$1.2 billion in cash and undrawn bank facilities. Operating conditions for the group's retail assets were challenging from March 2020 with the onset of COVID-19 that resulted in government-imposed stay-at-home restrictions. In the first half, GPT reported a statutory net loss after tax of A$519.1 million, including a negative property revaluation of A$711.3 million. In

...August 10, 2020 MELBOURNE (S&P Global Ratings) Aug. 11, 2020--S&P Global Ratings today said that GPT Group (A/Stable/A-1) would withstand the COVID-19-related fallout on its retail rental collection and lower property revaluations due to its diversified asset portfolio and relatively low gearing levels. Australia-based GPT Group issued A$300 million of domestic medium-term notes during the first half ended June 30, 2020, which bolstered the group's liquidity position to A$1.2 billion in cash and undrawn bank facilities. Operating conditions for the group's retail assets were challenging from March 2020 with the onset of COVID-19 that resulted in government-imposed stay-at-home restrictions. In the first half, GPT reported a statutory net loss after tax of A$519.1 million, including a negative property revaluation of A$711.3 million. In addition, the group's funds from operations (FFO) declined 17.4% to A$244.5 million, compared with the prior corresponding period's. The retail assets substantially...

Bulletin