Gpt Group · ASX:GPT
Gpt — The GPT Group — 1H 2025 Earnings Presentation
60 slides from Gpt's earnings presentation, 2025
Slide 1: 2025 Interim Result
Experience First 2025 Interim Result Sunshine Plaza, QLD. Market Briefing 1 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION
Slide 2: Agenda
Agenda 2025 Interim Result and Strategy update Russell Proutt 3 Financials Merran Edwards 7 Investments Mark Harrison 10 Retail Chris Barnett 14 GPT acknowledges the Traditional Custodians of the lands on which our business operates. Office Matthew Brown 18 We pay our respects to Elders past, presen
Slide 3: 2025 Interim Result
2025 Interim Result Group financial metrics Performance metrics $322.6m 16.8c Investment portfolio Group Management platform Funds from operations Funds from operations per security 5.8% 5.8% $2.2b Net property income Weighted average Group AUM growth $257.4m 12.0c growth (Like for like) capitalisat
Slide 4: The GPT platform
The GPT platform Generating sustainable Group AUM $36.6b Balance sheet AUM $12.2b Investment management AUM $24.3b income growth from our Management Sectors Investment properties Pooled funds Mandates Partnerships platform with the $12.2b $11.7b $11.0b $1.6b creation of new investment products Retai
Slide 5: Our strategy
Our strategy To be the leading Our execution strategy is underpinned by four fundamental pillars diversified real estate Build on existing Enduring value Diversified Aligned foundations creation platform partnering investment manager in Australia, dedicated to Exceptional Investment Breadth of Foste
Slide 6: Delivering against strategy 1H 2025
Delivering against strategy 1H 2025 Build on existing Enduring value Diversified Aligned foundations creation platform partnering 5.8% Investment portfolio GWSCF 50% acquisition of Management of five new Third strategy with net property income Rouse Hill Town Centre shopping centres transitioned tru
Slide 7: Financials
Experience First 7 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION Cockburn Gateway, WA. Financials
Slide 8: Segment financial performance
Segment financial performance As at 30 June $m 2025 2024 Change Key FFO drivers Investment properties Retail 140.2 137.7 1.8% 5.8% Office 117.3 107.0 9.6% • Investment properties income growth from Logistics 90.0 99.4 (9.5%) improvement in office occupancy offset by retail and logistics divestments
Slide 9: Strong financial position
Strong financial position Balance sheet $m Jun 2025 Dec 2024 Change Debt maturity profile $m ` Investment properties 15,140.0 14,620.7 3.6% ` Undrawn Bank Facilities 769.6 1,009.1 (23.7%) Drawn Bank Facilities 1,968 Other assets Medium Term Notes Total assets 15,909.6 15,629.8 1.8% US Private Placem
Slide 10: Investments
Experience First 10 8 Exhibition Street and underway development 51 Flinders Street, Melbourne. THE GPT GROUP 2025 INTERIM RESULT PRESENTATION Investments
Slide 11: Investment portfolio valuations
Investment portfolio valuations Total Investment As at 30 June 2025 Six-month change to 30 June 2025 portfolio valuation increase of $48.3m Sector Investment WACR WADR Valuation1 or 0.3% for the portfolio value 6 months to 30 June Retail $6.1b 5.42% 6.86% +$11.4m -2 bps +6 bps 0.2% Office $4.9b 6.35
Slide 12: AUM growth driving enhanced returns
AUM growth driving enhanced returns Alignment of interests Management rights for expanded AUM New investment product creation • Highpoint Shopping Centre interest • Property, leasing and development • Gross transactions of ~$2.3 billion increased to 25%, and 50% share of rights secured for 100% of B
Slide 13: Our integrated sustainability approach
Our integrated sustainability approach Embedding scalable sustainability solutions Carbon Neutral across our platform to 2024 target achieved #1 ranked REIT optimise asset 100% GPT owned and managed assets1 certified carbon neutral at December 2024 in S&P Global Corporate performance while Sustainab
Slide 14: Retail
Experience First Macquarie Centre, NSW. Retail
Slide 15: GPT Retail Management platform
GPT Retail Management platform $15.9b 18 Owned or Geographic spread by AUM AUM managed assets Assets under management 1.5m sqm by Investment type GLA 4,300+ QLD 21% 3 Tenancies $12.4b NSW 34% 7 Moving annual turnover (MAT) 243m WA 16% 3 VIC 29% 5 Annual Balance sheet $4.8b Mandates $6.6b customer vi
Slide 16: Investment portfolio performance
Investment portfolio performance 5.6% Investment portfolio Leasing and occupancy metrics1 Sales growth 1H 2025 vs 1H 20242 LFL net property income growth 9.0% Total Centre As at 30 June 2025 2024 Total Specialty 7.1% 6.6% Occupancy by area % 99.7 99.6 5.5% 4.9% WALE by income (years) 3.8 3.9 3.9% 3.
Slide 17: Retail platform growth drivers
Retail platform growth drivers • Five assets valued at ~$5 billion added to the Retail Management platform, with Macquarie Centre management transitioned on 1 August • Enhanced scale of the Retail Management platform driving asset performance • Retail sales momentum expected to continue throughout 2
Slide 18: Office
Experience First 2 Southbank Boulevard, Melbourne. Office
Slide 19: GPT Office Management platform
GPT Office Management platform $14.7b 27 Owned or Geographic spread by AUM AUM managed assets Assets under management 1.2m sqm by Investment type NLA 640+ QLD 14% 2 Tenant customers 100% NSW 39% 12 Prime grade owned or managed assets1 ACT 0.2% 1 97% WA 2% 1 VIC 45% 11 Owned and managed Balance sheet
Slide 20: Investment portfolio performance
Investment portfolio performance 6.5% Investment portfolio Leasing and occupancy metrics1 Strong recovery in LFL NPI growth LFL net property income growth supported by tenant demand As at 30 June 2025 2024 Occupancy by area % 94.4 92.4 WALE by income (years) 4.8 4.9 6.5% 5.0% Deals completed 6 month
Slide 21: Office platform growth drivers
Office platform growth drivers • Valuations stabilising with improvement seen for prime assets • Tenants taking more space with continued improvement expected in leasing market • 1H 2025 improvement in gross incentives • Market development pipeline is significantly below historical supply levels • P
Slide 22: Logistics
Experience First 2 Ironbark Close, Berrinba, QLD. Logistics
Slide 23: GPT Logistics Management platform
GPT Logistics Management platform $4.7b Owned or 69 Geographic spread by AUM AUM managed assets Assets under management 1.3m sqm by Investment type GLA 80+ QLD 16% 15 Tenant customers ~$3b NSW 46% 25 Development pipeline1 ACT 0.3% 1 ~60% WA 1% 4 VIC 35% 19 Developed by GPT SA 2% 5 Balance sheet $3.8
Slide 24: Investment portfolio performance
Investment portfolio performance 5.0% Investment portfolio Leasing and occupancy metrics1 LFL NPI growth supported by step LFL net property income growth change in lease spreads As at 30 June 2025 2024 99.5 99.4 39% Occupancy by area % 37% 35% WALE by income (years) 4.7 5.4 Deals completed 6 months
Slide 25: Logistics platform growth drivers
Logistics platform growth drivers • Occupiers continue to invest in supply chains • National gross take-up anticipated to reach ~3.6 million sqm in 2025, ~15% increase on 20241 • Market supply continues to be constrained • Progressing development pipeline milestones, estimated end value of ~$3 billi
Slide 26: Guidance
Experience First 2025 26 THE GPT GROUP 2025 INTERIM RESULT PRESENTATION Macarthur Square, NSW. Guidance
Slide 27: 2025 Guidance
2025 Guidance Barring unforeseen circumstances, we expect to deliver 2025 FFO of no less than 33.2 cents per security, which represents no less than 3% growth on pcp, and a distribution of 24.0 cents per security. Wembley Business Park, Berrinba, QLD. 27 THE GPT GROUP 2025 INTERIM RESULT PRESENTATIO
Slide 28: Appendices
Experience First Sunshine Plaza, QLD. Appendices
Slide 29: Group Management platform
Experience First Group Management platform
Slide 30: Overview
Overview The GPT Group is a leading, diversified real estate investment manager Geographic spread by AUM and sector 1 with assets under management (AUM) of $36.6 billion across the retail, office, logistics and living sectors. Group AUM comprises $12.2 billion of directly owned retail, office and lo
Slide 31: Asset portfolio
Asset portfolio Ownership Ownership Ownership State share % State share % State share % RETAIL OFFICE OFFICE Balance sheet Balance sheet Mandates Charlestown Square NSW 100 Australia Square NSW 50 Brookfield Place (24.9%) NSW Rouse Hill Town Centre NSW 50 2 Park Street NSW 50 7 Macquarie Place NSW W
Slide 32: Asset portfolio (continued)
Asset portfolio (continued) Ownership Ownership State share % State share % LOGISTICS LOGISTICS Balance sheet Balance sheet Citiwest Industrial Estate, Altona North VIC 100 6-10 Senna Road, Wingfield SA 100 Sunshine Business Estate, Sunshine VIC 100 15 Modal Crescent, Canning Vale WA 100 521 Geelong
Slide 33: Financials
Experience First Financials
Slide 34: Segment performance
Segment performance FFO to AFFO reconciliation 6 months to 30 June $m 2025 2024 6 months to 30 June $m 2025 2024 Retail Business segment income 475.7 446.9 Investment property net income 140.2 137.7 Financing and corporate overheads (153.1) (137.8) Co-investment net income 32.1 20.6 FFO 322.6 309.1
Slide 35: Group Financial metrics
Group Financial metrics Interest Cover Gearing $m 30 Jun 2025 30 Jun 2024 $m 30 Jun 2025 31 Dec 2024 FFO 322.6 309.1 Total assets 15,909.6 15,629.8 Add: taxes deducted 12.6 8.6 Less: Intangible assets (36.7) (21.0) 1 Add: Finance costs for the period 114.5 102.2 Less: Right of use asset (2.4) (7.2)
Slide 36: Investment portfolio
Experience First Investment portfolio
Slide 37: Key operating metrics
Key operating metrics GPT’s $15.1 billion Investment portfolio comprises $12.2 billion of directly owned Investment properties and $2.9 billion of co-investments across the Australian retail, office and logistics sectors. We invest alongside our capital partners in the GPT Wholesale Shopping Centre
Slide 38: Environmental metrics
Environmental metrics NABERS Ratings Jun 2025 Dec 2024 Office Energy 5.0 stars 5.0 stars Water 4.5 stars 4.3 stars Retail Energy 4.6 stars 4.3 stars Water 2.9 stars 3.0 stars Key metrics Assured as at 31 December 2024 2023 Energy 2 Energy intensity (MJ/m ) 271 272 Greenhouse gas emissions Scope 1 –
Slide 39: Retail
Experience First Retail get
Slide 40: Overview
Overview GPT's Retail Investment portfolio comprises ownership in 11 high quality assets with a total investment of $6.1 billion. The portfolio includes $4.8 billion of Investment properties held on the Group’s balance sheet, and $1.3 billion of co-investments in the GPT Wholesale Shopping Centre Fu
Slide 41: Operating performance metrics
Operating performance metrics 2 Like for like MAT growth % Specialty Ownership Capitalisation GLA 100% Occupancy by Total Centre Occupancy 1 As at 30 June 2025 share % Valuation $m rate % basis (sqm) area % MAT $m Total Centre Specialty MAT $ psm cost % Balance sheet Charlestown Square 100 881.0 6.0
Slide 42: Office
Experience First 9 et Office
Slide 43: Overview
Overview GPT's Office Investment portfolio comprises ownership in 23 high quality assets with a total investment of $4.9 billion. The portfolio includes Investment properties of $3.6 billion held on the Group's balance sheet and a $1.2 billion co-investment in the GPT Wholesale Office Fund (GWOF). 1
Slide 44: Overview (continued)
Overview (continued) 1 2 Top ten tenants Lease expiry by income Tenant Income % Government 12.2 12.2% 11.8% 11.9% 11.3% IAG 5.3 10.6% Amazon Web Services 5.0 ME Bank 3.2 QBE 3.0 5.6% CBA 2.4 ANZ 1.7 EY 1.6 2.1% Monash 1.6 McMillan Shakespeare 1.3 Vacant 2H 2026 2027 2028 2029 2030 2025 1. Includes s
Slide 45: Operating performance metrics
Operating performance metrics 2 Occupancy by area % Ownership Capitalisation NLA 100% WALE by 1 3 3 As at 30 June 2025 share % Valuation $m rate % basis (sqm) Actual Total income (years) Balance sheet Australia Square, Sydney 50.0 513.5 6.24 50,900 86.9 90.6 2.9 2 Park Street, Sydney 50.0 722.5 6.00
Slide 46: Logistics
Experience First Logistics get
Slide 47: Overview
Overview GPT's Logistics Investment portfolio consists of ownership in 69 high quality assets located across Australia together with a landbank for future development. The $4.1 billion portfolio includes $3.8 billion of Investment property held on the Group's balance sheet and a $0.3 billion co-inve
Slide 48: Operating performance metrics
Operating performance metrics Occupancy by area % Ownership Capitalisation GLA 100% WALE by 1 1 As at 30 June 2025 share % Valuation $m rate % basis (sqm) Actual Total income (years) Balance sheet NSW 54 Eastern Creek Drive, Eastern Creek 100 87.0 5.50 25,400 100.0 100.0 4.6 50 Old Wallgrove Road, E
Slide 49: Operating performance metrics (continued)
Operating performance metrics (continued) Occupancy by area % Ownership Capitalisation GLA 100% WALE by 1 1 As at 30 June 2025 share % Valuation $m rate % basis (sqm) Actual Total income (years) ACT 12 Faulding Street, Symonston 100 14.9 7.00 3,300 100.0 100.0 2.5 VIC Citiwest Industrial Estate, Alt
Slide 50: Operating performance metrics (continued)
Operating performance metrics (continued) Occupancy by area % Ownership Capitalisation GLA 100% WALE by 1 1 As at 30 June 2025 share % Valuation $m rate % basis (sqm) Actual Total income (years) QLD 102-108 Magnesium Drive, Crestmead 100 21.0 6.00 8,800 100.0 100.0 6.7 48 Miller Street, Murarrie 100
Slide 51: Investment management
Experience First Investment management
Slide 52: Overview
Overview GPT’s Investment management platform has $24.3 billion of assets under management across the retail, office, logistics and living sectors. The platform provides the Group with income through Investment management, Property management and Development management fees, and is comprised of pool
Slide 53: Investment management vehicles
Investment management vehicles As at 30 June 2025 Established AUM $b Ownership share % Co-investment value $m WACR % Net gearing % Credit rating Pooled funds GWOF Jul 2006 8.2 21.7 1,231.9 6.27 26.4 A- (Stable) GWSCF Mar 2007 3.5 33.7 828.0 5.44 26.2 BBB+ (Stable) Partnerships GQLT1 Nov 2020 0.6 50.
Slide 54: Development
Experience First Development
Slide 55: Underway projects
Underway projects Earliest practical Estimated project Estimated end 2 3 Ownership share % completion date size sqm value $m BALANCE SHEET Retail Rouse Hill Town Centre, NSW 50 2H 2026 10,500 230 Total 230 INVESTMENT MANAGEMENT Retail GWSCF Rouse Hill Town Centre, NSW 2H 2026 10,500 230 Office GWOF
Slide 56: Glossary
Experience First Glossary gpt
Slide 57: Glossary
Glossary Term Meaning A-grade As per the Property Council of Australia’s ‘a guide to office building quality’ AFFO Adjusted funds from operations is defined as FFO less maintenance capex, leasing incentives and one-off items calculated in accordance with the Property Council of Australia ‘voluntary
Slide 58: Glossary (continued)
Glossary (continued) Term Meaning GAV Gross asset value, includes the market value of all assets GFA Gross floor area GLA Gross lettable area Group total return Calculated at the Group level as the change in NTA per security plus distributions per security declared over the year, divided by the NTA
Slide 59: Glossary (continued)
Glossary (continued) Term Meaning Portfolio total return Calculated as the sum of the net income and revaluation movement of the portfolio divided by the average book value of the portfolio, compounded monthly for a rolling 12 month period ppt/s Percentage point/s Premium grade As per the Property C
Slide 60: 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, GPT, its related companies, officers, employees Limited (ACN 107 426 504; AFSL 286511), as responsible entity of the