GPT 1H26 FFO $338.8m, Holds ~35.4cps FY26 FFO Guidance

The GPT Group (ASX:GPT) reported funds from operations of $338.8 million, or 17.7 cents per security, for the six months to 30 June 2026, adjusted funds from operations of $263.4 million and a distribution of 12.25 cents per security. Statutory net profit after tax for the half year was $400.1 million, with an Investment portfolio valuation uplift of $45.0 million. Net tangible assets were $5.61 per security, net gearing was 31.5% against a stated range of 25% to 35%, and available liquidity was $1.0 billion at 30 June 2026. Investment portfolio occupancy was 97.6% including heads of agreement and Grosvenor Place, Sydney, which settled in December 2025, or 98.2% excluding Grosvenor, and Investment portfolio like-for-like net property income growth was 5.8%. Group assets under management were $41.6 billion, growth of $1.8 billion or 4.6% since 31 December 2025 on a basis that includes transactions contractually committed at 30 June 2026 and completed by 31 July 2026. Since 31 December 2025 the Group completed $6.9 billion in new and refinanced debt facilities across the Management platform, and at 30 June 2026 had a weighted average debt term of 4.4 years, including bank facility extensions undertaken post balance date, and a weighted average debt cost of 5.0%.

Retail portfolio occupancy was 99.8% with like-for-like NPI growth of 4.6%, and 232 specialty lease deals were completed at positive lease spreads of 6.6%, average annual rent increases of 4.8% and average lease terms of 5.1 years; total centre sales, on a metric excluding Rouse Hill Town Centre and Parkmore Big W, and total specialty sales, on a metric excluding Parkmore Big W, were each up 3.5% on the prior corresponding period. The Office portfolio recorded like-for-like NPI growth of 8.0% with occupancy of 92.1% including heads of agreement, or 94.3% excluding Grosvenor Place, where occupancy was 70.6% at 30 June 2026; 78,600 square metres of leasing was completed across 71 deals at average lease spreads of 4.7%, and gross lease incentives averaged 33%. Logistics occupancy was 98.9% including heads of agreement, with like-for-like NPI growth of 4.0% and 100,400 square metres of leasing on a 100 per cent square metre basis at average lease spreads of 38%. GPT's Wholesale Shopping Centre Fund closed an over-subscribed equity raise with $697 million raised in the period inclusive of secondaries, and completed a $700 million Asian Term Loan after balance date. Chief Executive Russell Proutt said the result reflects the earnings power of the platform the Group is building and that the development pipeline at Rouse Hill, Melbourne Central and Kemps Creek is funded and on program. Barring unforeseen circumstances, GPT continues to expect FY 2026 FFO of approximately 35.4 cents per security, representing approximately 4% growth on FY 2025 or approximately 5.7% growth excluding trading profits, and a FY 2026 distribution of 24.5 cents per security.