The GPT Group (GPT) H2 2025 earnings summary

Executive summary

• Funds from operations (FFO) rose 5.5% to AUD 650.5 million, with FFO per security at AUD 0.34 and statutory net profit after tax of AUD 981 million, driven by positive revaluation gains.

• Assets under management reached approximately AUD 40 billion, up AUD 5.4 billion year-over-year, with strong growth across retail, office, and logistics segments.

• Investment portfolio occupancy remained high at 97.6%, with like-for-like net property income growth of 6.3%.

• Major acquisitions included a 50% stake in Grosvenor Place and increased holdings in Highpoint Shopping Centre and Perron assets.

• Sustainability initiatives advanced, with 100% of wholly-owned and managed assets certified carbon neutral and AUD 1.3 billion in sustainable debt issued.

Financial highlights

• Like-for-like net property income (NPI) growth of 6.3% across the portfolio, with retail at 5.1%, office at 8.3%, and logistics at 5.1%.

• FFO per security was AUD 0.34, and distribution per security was AUD 0.24.

• Adjusted FFO grew 5.2% to AUD 494.4 million, with elevated CapEx due to office leasing.

• Property valuations increased by AUD 308.5 million (2%) to AUD 16.1 billion.

• Net tangible assets per security rose 4.9% to AUD 5.53.

Outlook and guidance

• FY2026 FFO expected to be approximately AUD 0.354 per security, up 4% (5.7% excluding trading profits), with distributions forecast at AUD 0.245 per security, a 2.1% increase.

• CapEx for 2026 projected at AUD 170 million.

• Like-for-like growth across all divisions expected to be above 5%.

• Retail sales momentum and high occupancy expected to continue, with limited new supply supporting rental growth.

• Office and logistics market recoveries anticipated, with logistics demand underpinned by population growth and e-commerce.