• Funds from operations (FFO) of $650.5 million, up 5.5% year-on-year
• Net tangible assets (NTA) per security of $5.53, up 4.9%
• Gearing of 31.1%, within target range of 25-35%

The GPT Group has reported its 2025 annual results, highlighting strong financial performance across its diversified real estate platform. Funds from operations (FFO) grew 5.5% year-on-year to $650.5 million, driven by improved occupancy in the office portfolio and growth in co-investment income. Net tangible assets (NTA) per security increased 4.9% to $5.53, reflecting the group's disciplined capital management and investment strategy. Gearing remained within the target range of 25-35% at 31.1%. The group's investment management platform grew to $39.8 billion in assets under management, up 15.6% year-on-year. Key highlights included the $860 million acquisition of a 50% stake in Grosvenor Place, Sydney, and the formation of new partnerships such as a $1.8 billion joint venture with CSC for the Grosvenor Place asset. The group's retail, office and logistics portfolios all delivered strong operational performance, with like-for-like net property income growth of 5.1%, 8.3% and 5.1% respectively. The group's development pipeline, including the Rouse Hill Town Centre redevelopment and the planned Melbourne Central redevelopment, also progressed well.