General Property Trust remains on track for further earnings growth for 2003, according to its September quarterly report.
In all sectors, GPT continues to do well with its Office Portfolio retaining high occupancy at 96% with an average lease term extending to 5.8 years; its Retail Portfolio achieving specialty sales for the 12 months to September 30th of $8239 psm; and its Industrial and Business Park Portfolio with an average ease term of 5.9 years and a limited vacancy rate of just three%.
The outlook for the Hotel & Tourism Portfolio has also turned the corner, says the report.
“With progressive recovery in inbound visitation expected through the remainder of 2003 and into 2004,” it says.
“In the short term, slightly weaker demand at Ayers Rock Resort as a result of some displacement of expected visitation due to the Rugby World Cup has been offset by strong performance at Four Points which is expected to continue into next year.
“Disappointingly, recent bushfires at Ayers Rock Resort substantially destroyed the highly successful Longitude 131o. Plans are already underway to rebuild the facility. Both replacement costs and loss of profits are covered under GPT’s insurance arrangements.”
Major highlights for GPT include:
GPT, in joint venture with Lend Lease, being confirmed as the developer of the Rouse Hill Regional Centre. The Project Delivery Agreement was executed in early October.
Acquisition of the Twin Waters Resort in Queensland, in joint venture with Lend Lease. The resort will be redeveloped into 370 dwellings over the next 7 years.
Acquisition of a 50% interest in the Austrak Business Park in Somerton in Melbourne.
Acquisition of the Epping Homemaker centre in Melbourne.
Successful completion of a $452 million bond issue which extended the Trust’s debt maturity profile from 3.7 years to 5.2 years.
Leasing of over 9,600sqm within the Office portfolio including the leasing of four levels of the high rise of Australia Square to Origin Energy.
The opening, ahead of time, of the third stage of the expansion of Erina Fair. The project has now been completed.
GPT had a distribution of 5.3 cents per unit for the September 2003 quarter.
