The GPT Group (GPT) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Welcome to the GPT Group 2025 four year resource briefing. All participants are in listen only mode. There will be a presentation followed by a question and answer session. For participants connected via the phone, you would have been prompted earlier to indicate whether you wish to ask a question. If you declined at that time, you may press star at any point to be added to the queue. A reminder for those on the phone, you can dial star at any time to join the queue. I would now like to hand the conference over to Mr. Russell Prout, CEO and Managing Director. Please go ahead. Good morning to everyone who has joined our 2025 full year results call this morning. Today I'm joined on the call by the GPT executive team. I would like to start by acknowledging the traditional custodians on which our business operates. We pay our respects to elders past and present. and honor our responsibility for country, culture, and community in the places we create and how we do business. 2025 was another year of delivering results and strategic progress for GPT. Earnings guidance was upgraded twice during the year from the levels initially communicated at the start of 2025, and ultimately we delivered $650.5 million of funds from operations, or 34 cents per security. FFO was up 5.5% on report of 2024, and after adjusting the impact of trading profits, this growth rate was even higher at 6.9%. The quality of our investment portfolio is reflected in the performance metrics. Like-for-like net property income growth of 6.3%, occupancy level of circa 98%, and an average cap rate of about 5.76%. We also made significant progress in building our investment management platform, ending the year at about $40 billion of assets under management. This contributed to nearly 11% income growth in our ...