Property giant GPT Group has brushed off suggestions of a permanent decline in the office market despite revealing a $519 million first-half loss and slump in rent collection from mall tenants | msccummins
Property giant GPT Group has brushed off suggestions of a permanent decline in the office market despite revealing a $519 million first-half loss and slump in rent collection from mall tenants as the coronavirus pandemic ravages the sector.
"There will be changes in workplace practices and work from home arrangements but tenants have told us their staff still enjoy face-to-face collaboration which helps to shape the DNA of the organisation's culture."Bloomberg Funds from operations dropped 23.3 per cent to $244.5 million due to introduction of the commercial tenancies code of conduct, which provides rent relief for the retail tenants. Store closures across its shopping malls resulted in rent collection falling to 36 per cent from all tenants. The group undertook independent valuations for the entire retail portfolio as at June 30, which resulted in a negative revaluation of 10.5 per cent.
"Although malls have been hard hit, we see brands that dominate their sectors will still want to have a physical presence and the higher-quality fortress shopping centres will continue to attract these leading labels."
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Google, Facebook profits won't be wiped out by publishers' payments: ACCCRod Sims has said the amount publishers will receive from Google and Facebook will not completely wipe out the tech giants' profits, but will take into account how much journalism costs to produce
Read more »
322 cases and 19 deaths in VictoriaVictoria has recorded 322 new COVID19 cases in the past 24 hours and 19 deaths - marking the state's highest single-day death toll so far. Premier Daniel Andrews has issued fresh warnings - here are the latest updates:
Read more »
Charting the pandemic: Record day for deaths, but case growth rate continues to slideit was only last weekend that Australia's pandemic death toll topped 200.
Read more »
Texas tycoons pocket $18 million thanks to booming regional property marketReal estate agents say low interest rates and a shortage of properties are driving up both demand and prices, with buyers interested in everything from two-bedroom units to acreage blocks and multi-million-dollar grazing allotments.
Read more »
Number of active cases of COVID-19 among Victorian healthcare workers climbs to 1,065As more healthcare workers become infected with coronavirus, managers of hospitals and aged care homes, as well as state and federal governments, face growing pressure to keep staff safe.
Read more »
Australian startups push for bigger role in vaccine-makingAn Australian startup racing to develop a successful coronavirus vaccine has urged the federal government to ensure small firms are given development deals alongside pharmaceutical giants | MsEmmaK
Read more »