Growthpoint Properties Australia (GOZ) H2 2026 earnings summary

Executive summary

• Managed AUD 5.2 billion in assets across 64 properties, with AUD 4 billion directly held and AUD 1.2 billion managed for third parties.

• Achieved FY26 FFO of AUD 177.6 million (23.5 cps), near the top of guidance and above FY25, despite elevated interest rates and macroeconomic volatility.

• Statutory net profit after tax was AUD 90.1 million, reversing a AUD 124.6 million loss in FY25, mainly due to lower property devaluations.

• Record office leasing and significant industrial leasing increased portfolio occupancy to 96% and reduced near-term lease expiries.

• Created AUD 125 million in new AUM and facilitated AUD 331 million in divestments, providing liquidity for fund investors.

Financial highlights

• FFO increased 0.9% to AUD 177.6 million (23.5 cps), with like-for-like property FFO up 2.6% and office up 2.7%.

• Distributions maintained at 18.4 cps, payout ratio 78.2%.

• Statutory profit per security was 11.9 cps, reversing a prior year loss.

• Net tangible assets per security at AUD 3.05, with gearing at 41.6% within the 35–45% target range.

• Completed or announced AUD 637 million of divestments since FY24, exceeding reinvestment.

Outlook and guidance

• FY27 FFO guidance: 22.6–23.5 cps; distribution guidance: 18.4 cps.

• Focus on maintaining high occupancy, reducing lease expiry risk, and supporting fund growth.

• Considering activating a distribution reinvestment plan and reviewing payout ratio.

• No debt refinancing required until FY28; capital recycling and review of capital management plan planned.

• Expecting increased leasing CapEx in FY27 due to prior leasing activity.