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GPT Group Says Rent Collection Rates Averaged 90% Of Q3 Billings

GPT Group (GPT.AX,GPTGF.PK) reported that its rent collection rates across the Group improved to 90% of rental billings in the third quarter, up from 67% in the second quarter. Retail collections increased to 81% of billings in the third quarter, up from 36% in the second quarter.

The company noted that office occupancy of 94.1% with leasing of 36,400 square metres completed during the third-quarter, compared to office occupancy of 94.4% at 30 June 2020.

The Group currently has $1.1 billion of available liquidity held in cash and undrawn bank facilities, which fully funds all current commitments to 2023.

The company said that fiscal year 2020 FFO and distribution guidance remains withdrawn, citing the ongoing uncertainty in relation to the duration and impact of the pandemic on its operations.

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