Gpt Group · ASX:GPT
Gpt — The GPT Group — FY2024 Earnings Presentation
31 slides from Gpt's earnings presentation, Feb 17, 2025
Slide 1: 2024 Annual Result Presentation
ASX Announcement 17 February 2025 2024 Annual Result Presentation The GPT Group (‘GPT’ or ‘Group’) provides its 2024 Annual Result Presentation. For personal use only -ENDS- Authorised for release by The GPT Group Board. For more information, please contact: Investors Relations Philip Cheetham Head
Slide 2: Experience First: 2024 Annual Result
Experience First For personal use only 2024 Annual Result 1 THE GPT GROUP - 2024 ANNUAL RESULT PRESENTATION Highpoint Shopping Centre, VIC. Market Briefing
Slide 3: Agenda
For personal use only Agenda 2024 Annual Result Overview and Strategy Update Russell Proutt 3 GPT acknowledges the Traditional Custodians of the lands on which our business operates. Investments Mark Harrison 8 We pay our respects to Elders past, present and Financials Merran Edwards 12 emerging, an
Slide 4: 2024 Annual Result
2024 Annual Result Group performance Management Platform - $34.1b AUM $616.3m 32.2c For personal use only Investment Portfolio ($b) Funds Funds From Operations Funds From Operations Balance Sheet Co-investments Management($b)1 per security Retail 4.9 0.8 9.1 $470.0m 24.0c Office 3.6 1.2 10.7 Logisti
Slide 5: The GPT platform
The GPT platform Management Platform $34.1b AUM1 We own and manage a very Investment Portfolio $14.6b high quality and diversified Co-investments portfolio with strong Balance Sheet $12.3b $2.3b For personal use only occupancy that underpins Retail Office Logistics income security $4.9b $3.6b $3.8b
Slide 6: 2024 achievements
2024 achievements The successful Strategic pillars 2024 outcomes 2024 outcomes implementation of our strategy will Build upon Retail Office Logistics existing $14.0b AUM $14.2b AUM $4.6b AUM For personal use only enhance foundations return on capital, 4.9% Total Specialty MAT growth 95% year-end Occ
Slide 7: Driving momentum for 2025
Driving momentum for 2025 We will create new Focus areas Our plans investment Source • Leverage existing balance sheet portfolio as a catalyst for build out of funds opportunities aligned growth management platform For personal use only with our capabilities and capital • Capital partnering to grow
Slide 8: Investment
Experience First For personal use only 7 THE GPT GROUP - 2024 ANNUAL RESULT PRESENTATION 100 Metroplex Place, Wacol, QLD. Investment
Slide 9: Investment portfolio valuations
Investment portfolio valuations Rebasing of 12 months to 31 Dec 2024 WACR Discount Rate Revaluation1 Total Return2 valuations Retail across the For personal use only Investment $5.8b 5.44% 6.80% +$144.5m Portfolio value +1 bps +3 bps +2.7% Portfolio, with majority of 2024 valuation decline biased Of
Slide 10: Illustrative AUM growth opportunity
Illustrative AUM growth opportunity Initially using balance sheet portfolio as a Driven by new product >$85b1 catalyst development and For personal use only additional third party AUM Redeployment of capital Progressively net sale proceeds Assumes 20% co-investment reinvesting proceeds as on all new
Slide 11: Our integrated sustainability approach
Our integrated sustainability approach We are working to Strategic priorities Our Progress embed scalable sustainability solutions 2024 target achieved Carbon Neutral For personal use only in our business which 100% GPT owned and managed assets certified carbon neutral as at December 2024 support ou
Slide 12: Financials
Experience First For personal use only 11 THE GPT GROUP - 2024 ANNUAL RESULT PRESENTATION Highpoint Shopping Centre, VIC. Financials
Slide 13: 2024 earnings drivers
2024 earnings drivers Investment Portfolio & Management FFO composition For personal use only Direct property Co-investment Management investments earnings operations 74.7% 12.8% 9.8% Note: FFO contribution is calculated before finance costs, corporate expenses and tax. Management operations FFO inc
Slide 14: Segment result ($m)
Segment result ($m) Investment Portfolio CY 2024 CY 2023 Change Retail 275.9 266.3 3.6% • CY 2024 Investment Portfolio income in line Office 207.5 213.7 (2.9%) with CY 2023, with retail portfolio income growth being offset by a decline in office Logistics 187.5 186.9 0.3% portfolio income and co-inv
Slide 15: Strong financial position
Strong financial ($m) Assets CY 2024 CY 2023 Change (%) position Investment Property (incl. EAI) Other assets 14,620.7 1,009.1 15,410.5 869.3 (5.1%) 16.1% Total Assets 15,629.8 16,279.8 (4.0%) Liabilities • Strong balance sheet maintained with For personal use only Borrowings 4,839.3 4,796.3 0.9% ge
Slide 16: Retail
Experience First For personal use only Highpoint Shopping Centre, VIC. Retail
Slide 17: GPT Retail Management Platform
GPT Retail Management Platform $14.0b 17 Owned or managed AUM geographic spread For personal use only AUM assets 1.4m sqm GLA AUM Composition 4,300+ GPT $4.9b Brisbane 23% Tenancies GPT 28.5% Perth 10% co-investment in GWSCF Sydney 30% $11.8b Moving Annual Turnover Melbourne 37% GWSCF $3.5b (MAT) Ma
Slide 18: Retail Investment Portfolio performance
Investment Portfolio +4.9% Sales growth 2024 vs 2023 Total Centre performance Like for like Net Property 4.8% Total Specialty 4.9% 4.9% 5.3% 6.2% 4.9% 4.4% 4.3% Income growth 3.6% 2.8% Leasing & Occupancy metrics1 For personal use only As at 31 December 2024 2023 Occupancy (by area, %) 99.8 99.8 1Q
Slide 19: Retail platform growth drivers
Retail platform growth drivers • Portfolio retail sales momentum expected to continue during 2025 • Limited new supply into the market should support further rental growth For personal use only and low vacancy levels • Asset performance to benefit from leverage to expanded GPT Retail platform — Belm
Slide 20: Office
Experience First For personal use only Melbourne Central Tower, VIC. Office
Slide 21: GPT Office Management Platform
GPT Office Management Platform $14.2b 29 AUM geographic spread Owned or managed For personal use only AUM assets 1.2m sqm NLA AUM Composition Mandates $2.7b Brisbane 13% 640+ Tenant customers Perth 2% GPT $3.6b Sydney & ACT 41% 100% Melbourne 44% Prime grade owned GPT 21.7% or managed assets1 co-inv
Slide 22: Office Investment Portfolio performance
Investment Portfolio +1.9% Occupancy target achieved through concerted leasing effort with deals completed across 20% of total NLA performance Like for like Net Property Leasing volume (sqm) Occupancy at 31 December Income growth Leasing & Occupancy metrics1 94.7% For personal use only 92.3% As at 3
Slide 23: Office platform growth drivers
Office platform growth drivers • Continued return to office and stabilisation of hybrid work models, coupled with ongoing flight to quality, will drive further demand for high For personal use only quality office space • Current market conditions are anticipated to constrain the delivery of new CBD
Slide 24: Logistics
Experience First For personal use only 2 Ironbark Close, Berrinba, QLD. Logistics
Slide 25: GPT Logistics Management Platform
GPT Logistics Management Platform $4.6b 69 Owned or managed AUM geographic spread2 For personal use only AUM assets 1.3m sqm GLA 80+ AUM Composition GPT $3.8b Tenants QLD 18% ~$3b WA 2% Development NSW 46% pipeline1 61% SA 2% VIC 32% GPT 50.1% co-investment in GQLT Developed by GPT (by value)2 35% G
Slide 26: Logistics Investment Portfolio performance
Investment Portfolio +5.6% performance Like for like Net Property • High quality customer base, with >70% of income from ASX-listed and multi-national corporations Income growth • Ability to capture income upside, with the portfolio estimated to be >15% under-rented For personal use only Leasing & O
Slide 27: Logistics platform growth drivers
Logistics platform growth drivers • Progressing milestones across ~$3b AUM development pipeline, with first two facilities at GQLT’s Western Sydney For personal use only project due to complete in 2H 2025 • High quality, well located assets will benefit from occupiers looking to meet growing demand,
Slide 28: Outlook and 2025 Guidance
Experience First For personal use only Outlook and Melbourne Central, VIC. 2025 Guidance
Slide 29: Outlook and 2025 guidance
Outlook and 2025 guidance Outlook For personal use only • Economic environment stabilised in 2024, and investment activity displayed signs of recovery, with increasing transaction volumes • We believe this trend will continue into 2025 as the Australian market will screen attractively for investment
Slide 30: Thank you for joining us
Experience First For personal use only Thank you for joining us Highpoint Shopping Centre, VIC. Questions
Slide 31: Disclaimer
Disclaimer Authorised for release by The GPT Group Board For personal use only This Presentation (Presentation) has been prepared by The GPT Group comprising GPT RE To the maximum extent permitted by law, The GPT Group, its related companies, officers, Limited (ACN 107 426 504; AFSL 286511), as resp