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GPT Group updates guidance for FY'17 funds from operations

In an updated guidance, GPT Group edged up its estimate for its funds from operations, or FFO, per security for full year 2017, predicting an increase of 3%, up from a previous guidance of about 2%.

According to an earlier update, GPT's FFO for full year 2016 was 29.88 cents per security in 2016. The company's FFO amounted to A$279.8 million for the six months ended June 30, leading to a 3.5% year-over-year growth in its FFO per security, which weighed in at 15.54 cents.

GPT also expects its distribution per security to rise by approximately 5% during the full year, following a 7% year-over-year jump in the six months to June 30.

As of Aug. 14, US$1 was equivalent to A$1.27.