Highlights

  • Macquarie Research has rated GPT Group as “Outperform”, with a target price of AUD 6.27 per share.
  • GPT shares were trading at AUD 5.66, up 0.44%, during the 12 November 2025 session.
  • The Group upgraded its FY25 Funds from Operations (FFO) guidance to 34.0 cents per security, reflecting growth of approximately 5.5% year-on-year.

GPT Group (ASX: GPT) has received an “Outperform” rating from Macquarie Research, with the brokerage setting a target price of AUD 6.27 per share. The rating, reviewed on 12 November 2025, might follows GPT’s operational and financial performance update for the September 2025 quarter.

At the time of the announcement, GPT shares were trading at AUD 5.66, representing a 0.44% increase for the session, with trading volumes reaching approximately 374,000 shares on the Australian Securities Exchange.

Macquarie’s latest analysis continues to place GPT Group among the higher-rated diversified real estate investment trusts (REITs) in the sector, with a long-term growth outlook of 5% and a current recommendation score of 2.33 (Buy).

September Quarter Update Highlights Portfolio Performance

For the quarter ended 30 September 2025, GPT reported occupancy of 98.0% across its investment portfolio and a weighted average lease expiry (WALE) of 4.4 years.

In the Retail Investment portfolio, occupancy stood at 99.6%, with a WALE of 3.9 years. Total Centre sales increased 3.4% and Specialty sales rose 4.8% compared with the same period in 2024. Moving annual turnover (MAT) for Total Centres grew 3.8%, while Specialty MAT increased 2.4%. Specialty sales productivity reached AUD 13,559 per square metre, with occupancy costs averaging 15.7%.

The Office Investment portfolio recorded 95.2% occupancy and a WALE of 4.7 years. Following the quarter, GPT finalised the acquisition of a 50% interest in Grosvenor Place, Sydney, valued at AUD 860 million, in partnership with the Commonwealth Superannuation Corporation.

In the Logistics Investment portfolio, occupancy was 98.4% with a 4.7-year WALE, supported by the completion of the GPT QuadReal Logistics Trust 2 partnership with QuadReal in August 2025.

Guidance Upgrade and Outlook

GPT upgraded its 2025 Funds from Operations (FFO) guidance to approximately 34.0 cents per security, up from its earlier forecast of no less than 33.2 cents, representing about 5.5% growth compared to FY24. The Group also reaffirmed its distribution guidance of 24.0 cents per security for FY25.

Chief Executive Officer Russell Proutt said the company’s ongoing operational focus and leasing outcomes have contributed to performance across the investment portfolio and growth in earnings.

About GPT Group

GPT Group is one of Australia’s leading diversified property groups, managing a substantial portfolio of retail, office, and logistics assets nationwide. The Group remains focused on driving portfolio optimisation and maintaining stable cash flow performance across its investment segments.