GPT delivers 5% FFO growth and lifts platform to $41.6b in 2026 interim result
In its 2026 Interim Result Presentation, covering the half year ended 30 June 2026, The GPT Group reported funds from operations (FFO) of $338.8m, up 5.0% on the prior corresponding period, alongside FFO per security of 17.7c and statutory net profit after tax of $400.1m, up 21.6%.
The diversified real estate manager grew its Group assets under management (AUM) to $41.6b, an increase of 4.6%, or $1.8b, from $39.8b at December 2025. GPT declared a distribution of 12.25c per security and reaffirmed its FY 2026 guidance.
| Metric | 1H 2026 | Comparative | Change | Note |
|---|---|---|---|---|
| FFO | $338.8m | $322.6m (1H 2025) | +5.0% | Underlying earnings |
| FFO per security | 17.7c | — | — | Per-security earnings |
| AFFO | $263.4m | $257.4m (1H 2025) | +2.3% | After maintenance capex |
| Statutory NPAT | $400.1m | $329.1m (1H 2025) | +21.6% | Net profit after tax |
| Group AUM | $41.6b | $39.8b (Dec 2025) | +4.6% | Platform scale |
| Net gearing | 31.5% | 31.1% (Dec 2025) | +40bp | Within 25%-35% range |
| NTA per security | $5.61 | $5.53 (Dec 2025) | +1.4% | Net tangible assets |
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What FFO means and why it matters for REIT investors
Funds from operations (FFO) is the property industry’s measure of underlying earnings, stripping out non-cash items to show the recurring income a trust generates. Adjusted funds from operations (AFFO) takes this further by deducting maintenance and leasing capital expenditure, giving a clearer picture of distributable cash.
Assets under management (AUM) combines the balance sheet Investment property ($12.4b) with Investment management AUM ($29.3b) managed for capital partners across pooled funds, mandates and partnerships.
Net gearing (31.5%, within GPT’s 25%-35% target range) measures balance sheet leverage, while net tangible assets (NTA) of $5.61 reflects the underlying value backing each security. Together, these metrics drive distributions and long-term value for securityholders.
Sector performance drives like-for-like income growth
The operational engine delivered investment portfolio like-for-like net property income (NPI) growth of 5.8%, with portfolio occupancy of 97.6% across the three core sectors.
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Retail: 99.8% occupancy, 4.6% like-for-like NPI growth, 6.6% leasing spreads
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Office: 92.1% occupancy (94.3% excluding Grosvenor), 8.0% like-for-like NPI growth, 4.7% leasing spreads
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Logistics: 98.9% occupancy, 4.0% like-for-like NPI growth, 38% leasing spreads
Office recovery gathers pace
Office recorded like-for-like NPI growth of 8.0% (1H 2025: 6.5%), reflecting sustained momentum in the office market recovery. The presentation detailed that 51 Flinders Lane achieved practical completion, with the asset 39% committed (including heads of agreement).
Logistics leasing momentum builds
The logistics portfolio leased 100,400 sqm during the half, up from 52,500 sqm in the prior corresponding period, at average leasing spreads of 38%. Management highlighted a development pipeline with an estimated end value of approximately $3b.
Two of three Kemps Creek facilities under construction were already leased, with completion targeted for 2H 2026. Strong spreads and near-full occupancy point to embedded rental growth ahead.
Platform expansion and disciplined capital management
GPT reported gross transactions of approximately $1.7b across the Group platform in the half, underpinning growth in third-party AUM. The presentation detailed several acquisitions and capital events for the funds.
The GWSCF retail acquisitions of Sunshine Plaza and Macarthur Square, each spanning approximately 107,000 sqm of gross lettable area, were sourced from Lendlease’s Australian Prime Property Fund and priced in line with independent valuations, providing third-party pricing validation at entry.
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$622m investment in 50% of Sunshine Plaza for GWSCF
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$568m investment in 50% of Macarthur Square for GWSCF
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$697m capital raised for GWSCF through primary issuance and secondaries
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GWSCF $700m Asian Term Loan, diversifying funding sources
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Approximately $383m sale of 750 Collins St by GWOF, providing liquidity for GWOF investors
On the balance sheet, GPT reported liquidity of $1.0b with no unfunded commitments and net gearing of 31.5%. The weighted average cost of debt fell 34bps to 5.0%, and credit ratings of A- (S&P) and A2 (Moody’s) were maintained. NTA rose 1.4% to $5.61.
Presentation commentary
“The GPT Group is a leading, diversified real estate investment manager with assets under management (AUM) of $41.6 billion across the retail, office, logistics and living sectors.”
Growing third-party AUM lifts management fee income while GPT co-invests alongside partners, aligning interests across the platform.
FY 2026 guidance reaffirmed
Barring unforeseen circumstances, GPT reaffirmed its expectation to deliver FY 2026 FFO of approximately 35.4 cents per security, representing approximately 4% growth on FY 2025 (approximately 5.7% growth excluding trading profits), and a FY 2026 distribution of 24.5 cents per security.
The presentation pointed to the development pipeline as a forward growth driver. Rouse Hill Town Centre’s expansion was fully leased ahead of programme and on track for Q4 2026 completion, while the Melbourne Central expansion of approximately $170m was underway, with completion expected in 1H 2028.
Key guidance figures presented:
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FY 2026 FFO: approximately 35.4 cents per security (~4% growth)
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FY 2026 distribution: 24.5 cents per security
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Over $1b of projects targeted for funds and mandate partners
Reaffirmed guidance combined with a development pipeline underpins visibility on future earnings and distributions for securityholders.
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