Half Year 2026 GPT Group Earnings Call Transcript

Aug 16, 2026 / 11:00 PM GMT

Transcript

Key Points

Positve

GPT Group (GPTGF) reported a 5% increase in funds from operations (FFO) to $338.8 million, with an 8.3% growth excluding trading profits.
The company's investment management platform grew to $41.6 billion in assets under management, up 4.6% from the prior period.
Retail portfolio achieved strong like-for-like income growth of 4.6%, with occupancy at 99.8% and positive leasing spreads of 6.6%.
Office portfolio delivered like-for-like net property income growth of 8%, with strong leasing activity and early success at Grosvenor Place.
Logistics portfolio saw like-for-like income growth of 4%, with high occupancy at 99% and a 38% average face leasing spread.
The company maintained a strong balance sheet with net gearing at 31.5%, $1 billion in liquidity, and A2/A credit ratings.
GPT Group (GPTGF) affirmed its full-year guidance for FFO of 35.04 cents per security and distribution guidance of 24.05 cents per security.

Negative

Capital markets were volatile in the first half of 2026, which could impact future investment activity.
Headline net property income in retail was 1.1% lower due to strategic asset selldowns into funds.
Office occupancy declined to 92.1% from 94.4% a year earlier, partly due to the Grosvenor Place acquisition.
Net finance costs remained flat despite higher debt, with a weighted average cost of debt at 5%.
The company faces headwinds from rising interest rates, with hedging costs expected to increase in 2027 and 2028.
The office fund (GWAF) is addressing redemption requests, which may require further asset sales and impact earnings.
Corporate costs increased due to strategic investments in talent and performance-based compensation, with operating leverage not yet fully realized.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

GPT.AX - GPT Group
Half Year 2026 GPT Group Earnings Call
Aug 16, 2026 / 11:00PM GMT

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Presentation
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Unidentified_1 [1]
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Good morning to everyone who has joined the call today.

I would like to start by acknowledging the traditional custodians of the lands on which our business operates. We pay our respects to elders past and present and honor our responsibility for country, culture, and community in the places we create and how we do business.

In the first half of 2026, capital markets were volatile, but property fundamentals were sound, and it was those fundamentals that underpinned our earnings growth.

Funds from operations was $338.8 million, representing an increase of 5% on the first half of 2025.

Excluding trading profits, which are no longer included in our FFO calculation, this earnings growth was 8.3%. We also continue

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