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The GPT Group (GPT) investor relations material
The GPT Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Funds from operations (FFO) rose 4.4% year-over-year to $322.6 million for H1 2025, with FFO per security at 16.8 cents and statutory net profit after tax of $329.1 million, reversing a prior year loss.
Assets under management increased by $2.2 billion to $36.6 billion, driven by valuation gains and new retail asset additions.
Portfolio occupancy remains high at 98.5%, with NTA per security rising to $5.31 from $5.27.
Distribution per security was 12.0 cents, half of the annual guidance, totaling $229.9 million.
Strategic partnership with QuadReal and onboarding of five shopping centers worth $5 billion further strengthened the platform.
Financial highlights
Like-for-like net property income growth: Retail 5.6%, Office 6.5%, Logistics 5%.
Headline income growth: Retail 1.8%, Office 9.6%, Logistics declined 9.5% due to divestments.
Adjusted funds from operations (AFFO) was stable at $257.4 million.
Net gearing at 30.7%, within the 25%-35% target range, reducing to 28.8% post-transactions.
Weighted average cost of debt increased to 5.4%, with 80% hedged.
Outlook and guidance
Upgraded 2025 FFO guidance to no less than 33.2 cents per security, at least 3% growth over 2024, and distribution of 24.0 cents per security.
Expectation of continued strong sector performance, with positive momentum in earnings and cash flow into 2026.
CapEx for 2025 expected at $160–$170 million, skewed to the second half.
Management expects continued modest economic growth, stabilizing valuations, and improved investment activity, supported by forecast interest rate cuts.
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