• Funds from operations of $322.6 million, up 4.4% on prior year
• Funds from operations per security of 16.8 cents, up 4.3% on prior year
• Distribution of 12.0 cents per security maintained
• Continued growth in investment portfolio and management platform

The GPT Group has announced its 2025 interim results, reporting a 4.4% increase in funds from operations to $322.6 million and a 4.3% increase in funds from operations per security to 16.8 cents. The group maintained its distribution of 12.0 cents per security. The investment portfolio saw net property income growth of 5.8% on a like-for-like basis, driven by improvements in office occupancy offsetting retail and logistics divestments. Income from co-investments grew significantly by 23.9%, supported by the Perron partnership assets. The management operations business also saw a 3.5% uplift in net income, reflecting the impact of new assets under management, partially offset by lower fees from asset devaluations. The group continued to execute on its strategy, with the transition of management rights for five new shopping centres valued at around $5 billion, a new $1 billion 80/20 logistics partnership with QuadReal, and the divestment of a 50% interest in Rouse Hill Town Centre to the GWSCF fund. The group's balance sheet remains strong, with net gearing of 30.7% and $1.0 billion in liquidity. Looking ahead, the group expects to deliver 2025 funds from operations of no less than 33.2 cents per security, representing at least 3% growth on the prior year, and a distribution of 24.0 cents per security.

Barring unforeseen circumstances, the group expects to deliver 2025 funds from operations of no less than 33.2 cents per security, which represents no less than 3% growth on the prior year, and a distribution of 24.0 cents per security.