The GPT Group’s 2026 interim results demonstrate the increasing earnings power of its diversified platform, with funds from operations reaching $338.8 million and like-for-like net property income growth of 5.8% reflecting strong underlying asset performance. The company declared a distribution of 12.25 cents per security, supported by adjusted funds from operations of $263.4 million, while statutory net profit of $400.1 million included a $45.0 million valuation uplift across the investment portfolio.
The quality of GPT’s portfolio continues to underpin operational resilience, with investment portfolio occupancy of 97.6% and the retail segment achieving particularly strong metrics at 99.8% occupancy. The 232 specialty lease completions achieved during the half included positive lease spreads of 6.6% and average rent increases of 4.8%, signalling landlord pricing power in a tight market. Specialty sales productivity of $14,062 per square metre demonstrated continued strength in retail demand, with occupancy costs averaging 15.8% of specialty sales.
Beyond core property operations, GPT’s platform business is generating increasingly material earnings through its funds management operations. Assets under management grew to $41.6 billion, up $1.8 billion or 4.6% since year-end, with gross transactions reaching approximately $1.7 billion during the period. The $697 million equity raise for GPT’s Wholesale Shopping Centre Fund came oversubscribed, highlighting investor appetite for exposure to GPT’s carefully curated portfolios. The fund’s execution of a $700 million Asian Term Loan supports its development pipeline and demonstrates access to international capital markets.
The company’s financial position supports continued capital deployment, with net gearing of 31.5% and liquidity of $1.0 billion providing flexibility. Net tangible assets per security of $5.61 reflects a solid asset backing, though investors should note this includes the significant Grosvenor Place acquisition which settled in December 2025. The practical completion of the Wholesale Office Fund at 51 Flinders Lane, Melbourne adds a significant new asset to the core portfolio.
GPT’s development pipeline remains the key focal point for future value creation. The Rouse Hill Town Centre expansion is fully leased ahead of schedule and tracking towards late 2026 completion on time and on budget, while the approximately $170 million Melbourne Central expansion has commenced during the period. These developments, combined with the Kemps Creek project, represent material growth opportunities once completed and leased up.
Investors should monitor the lease-up progress at Grosvenor Place, which accounts for the variance in overall occupancy, and track momentum across the development pipeline through the remainder of 2026. This announcement is price sensitive and has been flagged as material by the ASX.
View the full ASX announcement (PDF)
About The GPT Group (ASX: GPT)
The GPT Group is one of Australia’s largest listed property trusts with approximately $34.1 billion in assets under management. It owns, manages, and develops a diversified portfolio of retail, office, and logistics assets primarily located in Sydney and Melbourne. The company is a stapled entity comprising the General Property Trust and GPT Management Holdings Limited.
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