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Highlights

  • GPT recorded an FFO of AUD 616.3 million in FY24, reflecting a 2.6% YoY increase, with a total investment portfolio of AUD 785.4 million and an occupancy rate of 98.6%.
  • The company is expanding its investment portfolio, including an AUD 200 million Rouse Hill Town Centre expansion and a partnership with Perron Group.
  • GPT expects 1% to 3% rise in FFO for 2025.

The GPT Group (ASX:GPT) is a diversified property company in Australia that manages and owns a portfolio of retail, logistics, and office assets. Recently, the company announced that its director, Russell Proutt, acquired 67,521 stapled securities at nil consideration.

In the full year ended 31 December 2024, the company recorded Funds From Operations (FFO) of AUD 616.3 million, a 2.6% increase from the previous year’s AUD 600.9 million. The total investment portfolio slightly grew to AUD 785.4 million from AUD 784.7 million, while Adjusted Funds from Operations (AFFO) saw a 3.7% YoY decline, reaching AUD 470.0 million from AUD 488.0 million in FY23.

GPT’s investment portfolio hasa high occupancy rate of 98.6% and assets under management totalling AUD 34.1 billion in FY24. Key developments during the year included the modernisation of the GPT Wholesale Shopping Centre Fund (GWSCF), a new retail partnership with Perron Group, and a planned AUD 200 million expansion of the Rouse Hill Town Centre, scheduled to commence in the first half of FY25.

Outlook

Looking ahead, GPT anticipates its 2025 FFO to range between 32.5 to 33.1 cents per security, representing a 1% to 3% growth compared to the previous period. The company expects a distribution of 24.0 cents per security.

GPT is focused on leveraging its balance sheet strength to expand its funds management platform. This includes forming capital partnerships to drive growth, diversifying its product development pipeline, and engaging with domestic and international investors to strengthen its capital base.

Growth prospects for real estate sector

The Australian Bureau of Statistics (ABS) reported a 6.3% YoY increase in total dwelling approvals in January 2025, reaching 16,579. Private sector house approvals surged by 1.1% YoY to 9,042, while private sector dwellings excluding houses saw a notable 12.7% YoY increase to 7,213. The total value of residential building activity increased by 4.5% to AUD 9.04 billion.

Share performance of GPT

GPT shares closed 0.45% higher at AUD 4.43 per share on 25 March 2025. Over the past year, GPT’s share price has dropped by 2.64% and in a week, it has increased by 2.07%.

52-week high of GPT is AUD 5.19, recorded on 20 September 2024 and 52-week low is AUD 3.95, recorded on 19 June 2024.

Support and Resistance Summary

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency, is 25 March 2025. The reference data in this report has been partly sourced from EODHD/Others.

 

Technical Indicators Defined:

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock.

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock.