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ASX ANNOUNCEMENT GPT The GPT Group 16 August 2021 GPT announces first half 2021 NPAT of $ 760.5 million and interim distribution of 13.3 cents per security The GPT Group ( ' GPT ' or ' Group ' ) announced its results for the 6 months to 30 June 2021 . 1H 2021 Overview • • • • . Net Profit After Tax ( NPAT ) of $ 760.5 million ( June 2020 : Net Loss After Tax of $ 520.4 million ) , with investment property valuation increases of $ 471.7 million Funds From Operations ( FFO ) of $ 302.3 million resulting in FFO per security of 15.64 cents , an increase of 24.6 % on the prior corresponding period ( pcp ) Interim distribution per security of 13.3 cents , an increase of 43 % on pcp , representing a payout ratio of 99.9 % of free cash flow Portfolio revaluation gain of 3.3 % and Weighted Average Capitalisation Rate ( WACR ) of 4.85 % Net Tangible Assets of $ 5.86 per security up 5.2 % on 31 December 2020 $ 146.8 million of securities ( 1.7 % of issued capital ) bought - back at an average price of $ 4.54 per security Retail rent collection rate 104 % of 1H 2021 net billings Total Centre sales up 5.0 % and Total Specialties sales up 6.5 % , compared to the same period in 20191 Completed 32 Smith and Queen & Collins Office developments valued at ~ $ 780 million Four Logistics developments on track to complete in 2H 2021 with a combined expected end value of $ 170 million Gearing of 24.5 % , with the first major facility renewal not until 2023 GPT's Chief Executive Officer , Bob Johnston , said : " Over the first half of 2021 , our Logistics portfolio continued to grow through developments and acquisitions , and we advanced commitments with our strategic partner QuadReal Property Group . We successfully completed Office developments at 32 Smith and Queen & Collins . Further , we experienced a rebound in retail sales and retail rent collections were high . Our balance sheet and liquidity position remained strong , with A and A2 investment - grade credit ratings from S & P and Moody's respectively . " Valuations During the period , 78 % of investment properties in the portfolio were independently valued including all Retail assets , resulting in a revaluation gain of 3.3 % or $ 471.7 million as at 30 June 2021. The portfolio WACR firmed 10 basis points to 4.85 % . 1 Excluding Melbourne Central and Travel Agents . Level 51 , 25 Martin Place , Sydney NSW 2000 www.gpt.com.au 1