GPT Group has struck a conditional settlement for $75 million in the shareholder class action led by Slater & Gordon. The Federal Court class lawsuit had alleged GPT had no reasonable basis for its distribution and earnings guidance in 2008 and failed to reveal key assumptions for those forecasts. The investor lawsuit put a spotlight on the sources of GPT's 2008 earnings forecasts, which the property trust later downgraded, causing heavy investor losses. Estimates of the potential compensation, were GPT to lose in court, were as high as $100 million. Slater & Gordon negotiated the settlement, which is still to be ratified by the court, on behalf of more than 2,300 class action group members. Under the terms of the settlement, GPT makes no admission of its liability. In a company statement, GPT said it maintained its position it complied with disclosure requirements in 2008. The settlement will deprive the legal community of an important precedent for quantifying damages suffered by aggrieved investors.

GPT Group has announced that a distribution of 5.1 cents per security has been declared for the quarter ended March 2013, up 10.9% from 2012. Record date is May 9, 2013. Ex-date is May 3, 2013 and the distribution payment date is May 17, 2013.

GPT Group provided earnings guidance for 2013. The company will continue to seek opportunities to further improve performance to generate strong earnings and increased value in 2013, as part of it’s optimize and grow strategy. The company remains on target to achieve growth in earnings per security of at least 5% for the full year.