A relatively strong performance from GPT Group’s shopping mall and logistics portfolios has helped to offset the impact of headwinds on its office holdings, with the ASX-listed property player reporting a narrow $1.1 million statutory interim loss for its 2023 financial year.

Property revaluations totalling $341.3 million were the main driver of the statutory loss – down from a $529.7 million ney profit a year earlier – along with the rising cost of debt. GPT is a landlord in its own right as well as manager of flagship office and shopping mall portfolios.