Key Highlights

  • The GPT Group (ASX:GPT) reported first-half FY2026 funds from operations of $338.8 million, equivalent to 17.7 cents per security.
  • Like-for-like net property income increased 5.8%, supported by portfolio performance across retail, office and logistics assets.
  • Group Assets under management increased to $41.6 billion, while net gearing remained at 31.5% and available Liquidity stood at $1.0 billion.
  • GPT maintained its FY2026 guidance for FFO of approximately 35.4 cents per security and a full-year distribution of 24.5 cents per security.

The GPT Group (ASX:GPT) reported its financial results for the six months ended 30 June 2026, with funds from operations of $338.8 million, or 17.7 cents per security. Adjusted funds from operations were $263.4 million, while the group declared an interim distribution of 12.25 cents per security.

Statutory net profit after tax was $400.1 million for the half year and included a $45 million uplift from Investment portfolio valuations. Net tangible assets were $5.61 per security at 30 June 2026.

GPT's operating performance was supported by 5.8% growth in like-for-like net property income across its investment portfolio. Group assets under management reached $41.6 billion, an increase of $1.8 billion, or 4.6%, from the end of December 2025.

Retail Portfolio Performance

GPT's retail portfolio recorded occupancy of 99.8% at the end of June, while like-for-like net property income increased 4.6%. The group completed 232 specialty Lease transactions during the six-month period, with average lease spreads of 6.6% and annual rent increases averaging 4.8%.

Total centre sales increased 3.5% compared with the corresponding period, while specialty sales also rose 3.5%. The portfolio achieved specialty sales productivity of $14,062 per square metre, with average specialty occupancy costs of 15.8%.

Rouse Hill Town Centre's expansion remains fully leased and is progressing on schedule, with practical completion expected in late 2026. GPT also commenced construction of the approximately $170 million Melbourne Central expansion during the period.

Office and Logistics Operations

The office portfolio delivered 8.0% like-for-like NPI growth, with occupancy of 92.1% and a weighted average lease expiry of 4.8 years. GPT completed 78,600 square metres of leasing across 71 transactions, with average lease spreads of 4.7%.

Grosvenor Place in Sydney, acquired in late 2025, continued its leasing program, reaching 70.6% occupancy at the end of June. A total of 9,255 square metres of leasing transactions had been completed since settlement.

The logistics portfolio recorded 98.9% occupancy and 4.0% like-for-like NPI growth. Leasing activity covered 100,400 square metres, with average lease spreads of 38%. Development continued across a pipeline estimated at approximately $3 billion, including three facilities at Kemps Creek scheduled for completion in the second half of 2026.

Capital Management and Development

GPT completed $6.9 billion of new and refinanced Debt facilities across its management platform from the end of December through the reporting period. At 30 June, weighted average debt Maturity was 4.4 years and weighted average debt cost was 5.0%.

Net gearing was 31.5%, within GPT's stated 25% to 35% range, while available liquidity was $1.0 billion. The group maintained A- and A2 stable Credit ratings from S&P and Moody's respectively.

The Wholesale Shopping Centre Fund raised $697 million during the period through primary Equity issuance and secondary transactions. It subsequently completed a $700 million Asian Term Loan, providing an additional source of funding and extending debt maturity.

FY2026 Guidance

GPT maintained its expectation of delivering approximately 35.4 cents per security in FY2026 FFO, representing around 4% growth compared with FY2025. Excluding trading profits, the company expects FFO growth of approximately 5.7%. The group also continues to expect a FY2026 distribution of 24.5 cents per security.

Conclusion

GPT's first-half FY2026 performance was characterised by growth in property income, increased assets under management and continued development activity across its retail, office and logistics portfolios. The group's financial position remained within its targeted gearing range, supported by substantial liquidity and refinancing activity. With leasing programs progressing at Grosvenor Place, development projects advancing and FY2026 Earnings guidance maintained, GPT enters the second half of the financial year with its operating and capital-management programs continuing to develop.