The GPT Group (GPT) H2 2025 earnings summary

Executive summary

• Funds from operations (FFO) grew 5.5% to AUD 650.5 million (or $650.5 million), with FFO per security at AUD 0.34 (34.0c), and statutory net profit after tax reached AUD 981 million ($981.0 million), driven by positive revaluation gains and a turnaround from the prior year loss.

• Assets under management rose to approximately AUD 40 billion ($39.8b), up AUD 5.4 billion year-over-year, with significant expansion in mandates, partnerships, and gross transactions of approximately $4.9 billion.

• Platform breadth and aligned partnerships enabled growth across retail, office, and logistics sectors, with high investment portfolio occupancy at 97.6% and like-for-like net property income growth of 6.3%.

• Major acquisitions included a 50% stake in Grosvenor Place ($860m), increased holdings in Highpoint Shopping Centre and Perron assets, and a $1.8 billion partnership with CSC.

• Sustainability initiatives advanced, with 100% of wholly-owned and managed assets certified carbon neutral and $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%.

• Adjusted FFO was AUD 494.4 million ($494.4m), up 5.2%, and distribution per security was 24.0c.

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

• Property valuations increased by AUD 308.5 million (2%) to AUD 16.1 billion, with net valuation uplifts across all portfolios.

• Net gearing increased to 31.1%, within the 25%-35% target range, and liquidity was $1.2 billion at year-end.

Outlook and guidance

• FY2026 FFO expected to be approximately 35.4c per security, up 4% (5.7% excluding trading profits), with a distribution of 24.5c per security.

• CapEx for 2026 projected at AUD 170 million, with maintenance and leasing capex expected to remain elevated.

• Like-for-like growth across all divisions expected to be above 5%, with continued retail sales momentum, high occupancy, and logistics demand underpinned by population growth and e-commerce.

• Office market recovery anticipated to drive further leasing and rental growth.