Gpt Group · ASX:GPT
Gpt — The GPT Group — FY2024 Earnings Presentation
30 slides from Gpt's earnings presentation, February 2025
Slide 1: 2024 Annual Result Market Briefing
Experience First 2024 Annual Result 1 THE GPT GROUP - 2024 ANNUAL RESULT PRESENTATION Highpoint Shopping Centre, VIC. Market Briefing
Slide 2: Agenda
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, and to their knowledge,
Slide 3: 2024 Annual Result
2024 Annual Result Group performance Management Platform - $34.1b AUM $616.3m 32.2c Funds From Operations Investment Portfolio ($b) Funds 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 Logistics 3.8 0.3 0.9 Living
Slide 4: 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 occupancy that underpins Retail Office Logistics income security $4.9b $3.6b $3.8b GWOF 21.7% interest $1
Slide 5: 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 enhance foundations return on capital, 4.9% Total Specialty MAT growth 95% year-end Occupancy 15% rental upsi
Slide 6: 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 with our capabilities and capital • Capital partnering to grow platform expertise and
Slide 7: Investment
Experience First 7 THE GPT GROUP - 2024 ANNUAL RESULT PRESENTATION 100 Metroplex Place, Wacol, QLD. Investment
Slide 8: Investment portfolio valuations
Investment portfolio valuations Rebasing of 12 months to 31 Dec 2024 WACR Discount Rate Revaluation1 Total Return2 valuations Retail across the 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 Office to 1H 2024 $4.8b
Slide 9: Illustrative AUM growth opportunity
Illustrative AUM growth opportunity Initially using balance sheet portfolio as a Driven by new product >$85b1 catalyst development and additional third party AUM Redeployment of capital Progressively net sale proceeds Assumes 20% co-investment reinvesting proceeds as on all new & expanded FUM co-inv
Slide 10: Our integrated sustainability approach
Our integrated sustainability approach We are working to Strategic priorities Our Progress embed scalable sustainability solutions 2024 target achieved Carbon Neutral in our business which 100% GPT owned and managed assets certified carbon neutral as at December 2024 support our growth while driving
Slide 11: Financials
Experience First 11 THE GPT GROUP - 2024 ANNUAL RESULT PRESENTATION Highpoint Shopping Centre, VIC. Financials
Slide 12: 2024 earnings drivers
2024 earnings drivers Investment Portfolio & Management FFO composition Direct property Co-investment Management investments earnings operations 74.7% 12.8% 9.8% Note: FFO contribution is calculated before finance costs, corporate expenses and tax. Management operations FFO includes funds management
Slide 13: Segment result
Segment result ($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 14: 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 Borrowings 4,839.3 4,796.3 0.9% gearing at 28.7%, within
Slide 15: Retail
Experience First Highpoint Shopping Centre, VIC. Retail
Slide 16: GPT Retail Management Platform $14.0b
GPT Retail Management Platform $14.0b 17 Owned or managed AUM geographic spread 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) Mandates $5.5b 235m Annu
Slide 17: 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 As at 31 December 2024 2023 Occupancy (by area, %) 99.8 99.8 1Q 2024 2Q 2024 3Q 2024 4
Slide 18: 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 and low vacancy levels • Asset performance to benefit from leverage to expanded GPT Retail platform — Belmont Forum, WA and Cock
Slide 19: Office
Experience First Melbourne Central Tower, VIC. Office
Slide 20: GPT Office Management Platform $14.2b
GPT Office Management Platform $14.2b 29 AUM geographic spread Owned or managed 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-investment in GWOF 97% GW
Slide 21: 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% 92.3% As at 31 December 2024 2023 2
Slide 22: 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 quality office space • Current market conditions are anticipated to constrain the delivery of new CBD office supply across m
Slide 23: Logistics
Experience First 2 Ironbark Close, Berrinba, QLD. Logistics
Slide 24: GPT Logistics Management Platform $4.6b
GPT Logistics Management Platform $4.6b AUM 69 Owned or managed assets AUM geographic spread2 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% GQLT $0.6b Mandates $0.
Slide 25: 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 Leasing & Occupancy metrics1 Leas
Slide 26: Logistics platform growth drivers
Logistics platform growth drivers • Progressing milestones across ~$3b AUM development pipeline, with first two facilities at GQLT’s Western Sydney project due to complete in 2H 2025 • High quality, well located assets will benefit from occupiers looking to meet growing demand, optimise supply chain
Slide 27: Outlook and 2025 Guidance
Experience First Outlook and Melbourne Central, VIC. 2025 Guidance
Slide 28: Outlook and 2025 guidance
Outlook and 2025 guidance Outlook • 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 • Our premium quality
Slide 29: Thank you for joining us
Experience First Thank you for joining us Highpoint Shopping Centre, VIC. Questions
Slide 30: Disclaimer
Disclaimer Authorised for release by The GPT Group Board 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 responsible entity of the