GPT Group (46T) Q2 2026 Earnings Report

The call communicated broad operational momentum across Retail, Logistics and Funds Management with positive FFO growth, AUM expansion and active transaction and fundraising activity. Office showed strong leasing and income growth but occupancy recovery is uneven due to the Grosvenor acquisition and required CapEx and leasing time. Headline net property income was impacted by strategic divestments and some rental gains are being offset in valuations by below‑the‑line CapEx and incentives. Balance sheet metrics and liquidity remain sound and management affirmed full‑year guidance, supporting a constructive outlook.

GPT affirmed full‑year guidance of FFO of $0.354 per security (4% growth on 2025 reported, 5.7% excl. trading profits) and distribution guidance of $0.245 per security; H1 FFO was $338.8m (up 5% YoY; 8.3% excl. trading profits), AFFO $263.4m (up 2.3%), statutory NPAT $400.1m and H1 distribution $0.1225 per security (96% of free cash flow, within 95–105% target). Full‑year maintenance and leasing CapEx is guided at ~ $170m. Balance sheet and capital metrics: AUM $41.6bn (+$1.8bn, +4.6%), investment portfolio $16.3bn (+$45m, +0.3%), NTA $5.61 (from $5.53), net gearing 31.5% (target 25–35%), $1bn liquidity, no unfunded commitments, ratings A2/A‑; net finance costs $113.4m, weighted average cost of debt 5% (down 34bps), hedging 74% of drawn debt in 2026 (3.2%), 60% in 2027 (3.6%) and 41% in 2028 (4.2%). Operational guidance underpinned by like‑for‑like NPI growth (asset level 5.8%; Retail 4.6%, Office 8%, Logistics 4%), occupancies (Retail 99.8%, Office 92.1%, Logistics 99%), leasing spreads (Retail 6.6%, Office 4.7%, Logistics face spreads ~38%), Logistics WALT 4.9 years, and co‑investment and management earnings momentum (co‑investment income +42.4%, management operations +2.5%).