GPT Group (ASX:GPT) Buy Rating Maintained, Jefferies Targets AUD 6.16

Sonal Goyal

07 March 2026 01:49 AM AEDT

GPT Group (ASX:GPT) Buy Rating Maintained, Jefferies Targets AUD 6.16

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Highlights

FFO of AUD 650.5 million and adjusted FFO of AUD 494.4 million in FY25, with a full-year distribution of 24 cents per security.
Investment portfolio occupancy at 97.6% and like-for-like net property income growth of 6.3% across all sectors.
Assets under management (AUM) of AUD 39.8 billion, with major partnerships and ~AUD 4.9 billion in completed gross transactions.

The GPT Group (ASX:GPT) reported FY25 financial results showing funds from operations (FFO) of AUD 650.5 million, adjusted FFO of AUD 494.4 million, and a full-year distribution of 24 cents per security. The company also recorded a statutory net profit after tax of AUD 981 million, with a portfolio valuation uplift of AUD 308.5 million. Analyst Jefferies maintains a Buy rating on GPT, with a target price of AUD 6.16.

Operational and Development Highlights

GPT’s portfolio showed performance across retail, office, and logistics sectors. Notable operational developments include:

Rouse Hill Town Centre expansion (~AUD 200M) progressing on track, with practical completion expected in late 2026.
GPT QuadReal Logistics Trust 2 (GQLT2) seeded with ~AUD 460 million of GPT balance sheet assets.
Partnership with Commonwealth Superannuation Corporation (CSC) to acquire 50% of Grosvenor Place, Sydney.
New value-add investment partnership established with global capital partners to expand portfolio opportunities.

Financial Position and Capital Management

GPT maintains a robust financial position, with net gearing of 31.1% and available liquidity of AUD 1.2 billion. Key financial metrics include:

Funds from operations (FFO): AUD 650.5 million (34.0 cents per security)
Adjusted FFO: AUD 494.4 million
Statutory net profit after tax: AUD 981.0 million
Net tangible assets per security: AUD 5.53
Gearing: 31.1%
Liquidity: AUD 1.2 billion

The Group completed AUD 8.0 billion in new and refinanced debt facilities, maintaining weighted average debt cost of 5.3% and a 4.4-year average debt term. GPT retains A- (S&P) / A2 (Moody’s) credit ratings.

FY26 Guidance

FFO: 35.4 cents per security, ~4% growth over FY25 (or 5.7% excluding trading profits).
Distribution: 24.5 cents per security.

GPT Group’s FY25 results demonstrate positive portfolio performance, high occupancy, and strategic partnerships to support growth across retail, office, and logistics assets. With Jefferies maintaining a Buy rating and a target price of AUD 6.16, GPT might benefit from continued asset expansion, development projects, and disciplined capital management in FY26.

FAQ

Q1: What is the current analyst rating for GPT?
A1: Jefferies rates GPT as Buy with a target price of AUD 6.16.

Q2: How did GPT perform financially in FY25?
A2: GPT posted FFO of AUD 650.5 million, adjusted FFO of AUD 494.4 million, statutory net profit of AUD 981 million, and portfolio valuation uplift of AUD 308.5 million.

Q3: What is the outlook for FY26?
A3: GPT expects FFO of 35.4 cents per security (~4% growth) and a full-year distribution of 24.5 cents per security, barring unforeseen circumstances.

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