An $819 million write-down against its property portfolio has sent GPT into the red, with the ASX-listed landlord and fund manager recording a full-year 2023 statutory loss of $240 million.

Funds from operations – the industry’s preferred earnings measure that factors out fluctuations in portfolio gains and losses – fell 3.2 per cent to $600.9 million as higher debt costs chewed into its income. GPT’s FFO per security hit 31.37¢, in line with guidance.