• Funds from Operations (FFO) of $616.3 million or 32.2 cents per security
• Adjusted Funds from Operations (AFFO) of $470.0 million and a full year distribution of 24.0 cents per security
• Investment Portfolio occupancy of 98.6%

The GPT Group (GPT or Group) is pleased to announce its results for the 12 months to 31 December 2024. Key financial highlights include Funds from Operations (FFO) of $616.3 million or 32.2 cents per security, Adjusted Funds from Operations (AFFO) of $470.0 million, and a full year distribution of 24.0 cents per security. The Group reported a statutory loss after tax of $200.7 million, primarily due to investment property valuation declines of $770.7 million. Net tangible assets per security were $5.27, and the Group maintained a strong financial position with gearing of 28.7% and $1.1 billion in available liquidity. Operationally, the Group saw continued strong performance, with investment portfolio occupancy of 98.6% and Assets Under Management of $34.1 billion. Key strategic initiatives included the establishment of a retail partnership with Perron Group, the acquisition of a 50% interest in Cockburn Gateway and Belmont Forum in Perth, and the approval of the GPT Wholesale Shopping Centre Fund (GWSCF) modernisation proposal. The Group also made progress on its development pipeline, with the Rouse Hill Town Centre expansion approved and work commencing in the first half of 2025. Looking ahead, the Group expects to deliver 2025 FFO of between 32.5 and 33.1 cents per security, representing 1% to 3% growth on the prior year, and a distribution of 24.0 cents per security.

Barring unforeseen circumstances, GPT expects to deliver 2025 FFO of between 32.5 and 33.1 cents per security, being 1% to 3% growth on the prior year, and a distribution of 24.0 cents per security.

The Group continues to see significant opportunities for future growth and believes the changes made to the platform will drive earnings growth in the years ahead.