The GPT Group (GPT) investor relations material

Executive summary

• Funds from operations (FFO) reached $338.8 million (17.7 cents per security), up 5.0% year-over-year, with AFFO at $263.4 million, and statutory net profit after tax rising 21.6% to $400.1 million, supported by positive revaluations.

• Assets under management (AUM) grew to $41.6 billion, a 4.6% increase, driven by new acquisitions, development activity, and portfolio growth.

• Investment portfolio occupancy remained high at 97.6%, with retail at 99.8%, office at 92.1%, and logistics at 98.9%, and like-for-like NPI growth of 5.8%.

• Major acquisitions included 50% stakes in Sunshine Plaza and Macarthur Square for $1.2 billion, and significant developments at Rouse Hill Town Centre and Melbourne Central.

• Strategic focus on retail, office, and logistics sectors, with disciplined capital allocation, co-investment strategy, and high leasing activity supporting growth.

Financial highlights

• FFO per security was 17.7 cents, with a distribution of 12.25 cents per security; AFFO grew 2.3% to $263.4 million.

• Net tangible assets per security increased to $5.61 from $5.53.

• Net gearing was 31.5%, within the 25%-35% target range, and liquidity stood at $1.0 billion.

• Interest cover ratio was 4.0x, and weighted average debt term was 4.4 years, with 74% of debt hedged.

• Maintenance and leasing capex guidance for the year is $170 million.

Outlook and guidance

• Affirmed FY 2026 FFO guidance of 35.4 cents per security (4% growth, 5.7% excluding trading profits) and distribution guidance of 24.5 cents per security.

• Expect continued rental growth and high occupancy in retail, with limited new supply supporting fundamentals.

• Office and logistics sectors expected to benefit from tightening supply and ongoing leasing momentum.

• Transaction activity and disciplined capital management position the group for sustainable earnings growth.