Gpt Group Stock Earnings Reports

GPT delivered a strong 2025 with FFO of $650.5m (up 5.5% reported; 6.9% excluding trading profits) and AFFO of $494.4m (up 5.2%). Key portfolio metrics: like-for-like net property income growth ~6.3% across the investment portfolio, average cap rate ~5.76%, and high occupancy (Retail total centers 99.8%; Logistics >95%; Office comparable occupancy ~95.6% excluding Grosvenor). Assets under management grew to about $40bn driven by expansion of mandates and partnerships; GPT executed ~$4.9bn of gross transactions and increased co-investments by 67% (including acquisition of 50% of Grosvenor Place and Perron retail assets). Management operations revenue rose ~10.8% from new assets under management. Balance sheet remains conservative: net gearing 31.1% (within 25–35% target), $1.2bn liquidity, no unfunded capital commitments, A2/A- credit ratings, and an increased hedge coverage (72% average drawn debt, 78% at reporting date). Debt management actions have reduced forecast average cost of debt for 2026 to ~5.0% (from 5.3%). Major development activity includes Rouse Hill and Melbourne Central (c.$170m redevelopment), and a $3bn logistics pipeline with c.$400m underway. Grosvenor Place has higher vacancy on acquisition but management expects lease-up over 12–30 months with ~20,000sqm active enquiry; initial capex plan ~$30–35m. Guidance for 2026: FFO growth ~4% to $0.354/security (5.7% excluding trading profits) and distribution of $0.245/security (≈2.1% increase). CapEx for 2026 expected around $170m, with maintenance and leasing CapEx elevated due to Office leasing activity. Overall message: strong operating momentum, growth of the investment management platform, disciplined capital and risk management, and a cautious but constructive outlook for 2026.