Shares of the real estate giant, Growth Properties Australia (ASX:GOZ), fell up to 4.2% to A$2.53, reaching their lowest price since April 2, 2020.

The commercial real estate group disclosed an annual statutory net loss after tax of A$254.6 mln, showing a drastic difference from the previous year’s profit of A$459.2 mln.

However, the company also stated that their net property income noted a growth of 6.7%, reaching A$264.3 mln.

This growth was accompanied by higher interest rates and additional debt due to the funding of securities buy-back & an acquisition, leading to a substantial increase in the company’s interest costs.

The stock has seen a 11.4% drop year-to-date, based on the last close.

Growth Properties Australia is a leading firm in the real estate sector, specializing in commercial property management.