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GPT Group
(Sydney:GPT)
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Rating:74Outperform
Price Target:
AU$5.50
▲(11.11% Upside)
Action:Reiterated
Date:08/17/26
The score is supported primarily by healthy cash generation and a solid overall financial profile, plus an attractive income-oriented valuation (reasonable P/E and strong dividend yield). Technicals add modest support with a constructive trend and neutral momentum. The latest earnings update is broadly positive with reaffirmed guidance and operational momentum, tempered by office occupancy/CAPEX needs and potential longer-term funding/hedging headwinds.
Positive Factors
Consistent cash generation and FFO growth
Sustained FFO/AFFO growth and consistent operating cash flow strengthen GPT's ability to fund distributions, development and reinvestment from operations. Durable cash generation reduces reliance on capital markets and supports capital recycling and fee income expansion over multiple cycles.
Negative Factors
Higher finance and corporate costs
Rising interest expense and elevated corporate costs compress distributable cash and increase sensitivity to interest rate moves. Even with hedging, a structurally higher cost of debt reduces margin for error on developments and slows surplus free cash generation over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation and FFO growth
Sustained FFO/AFFO growth and consistent operating cash flow strengthen GPT's ability to fund distributions, development and reinvestment from operations. Durable cash generation reduces reliance on capital markets and supports capital recycling and fee income expansion over multiple cycles.
Read all positive factors
GPT Group (GPT) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$9.00B
Dividend Yield5.12%
Average Volume (3M)4.65M
Price to Earnings (P/E)8.6
Beta (1Y)0.68
Revenue Growth-7.59%
EPS Growth178.60%
CountryAU
Employees500
SectorReal Estate
Sector Strength53
IndustryREIT - Diversified
Share Statistics
EPS (TTM)0.55
Shares Outstanding1,915,577,400
10 Day Avg. Volume5,202,444
30 Day Avg. Volume4,649,925
Financial Highlights & Ratios
PEG Ratio-0.02
Price to Book (P/B)0.98
Price to Sales (P/S)10.08
P/FCF Ratio17.27
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$5.49Price Target Upside11.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)0.36
Revenue Forecast (FY)AU$1.01B
GPT Group Business Overview & Revenue Model
Company Description
The GPT Group is a premier diversified real estate entity in Australia, distinguished as a top 50 company on the ASX by market capitalization. Its operations encompass the ownership and active management of a substantial $25.3 billion property por...
How the Company Makes Money
GPT primarily makes money from (1) property income generated by its directly owned property portfolio and (2) fee-based income earned from managing real estate funds and assets for external investors.
1) Rental and property-related income (direct...
GPT Group Earnings Call Summary
Earnings Call Date:Aug 16, 2026
(Q2-2026)
| Next Earnings Date:Feb 15, 2027
Earnings Call Sentiment Positive
The call communicated broad operational momentum across Retail, Logistics and Funds Management with positive FFO growth, AUM expansion and active transaction and fundraising activity. Office showed strong leasing and income growth but occupancy recovery is uneven due to the Grosvenor acquisition and required CapEx and leasing time. Headline net property income was impacted by strategic divestments and some rental gains are being offset in valuations by below‑the‑line CapEx and incentives. Balance sheet metrics and liquidity remain sound and management affirmed full‑year guidance, supporting a constructive outlook.Positive Updates
Funds from Operations Growth
FFO of $338.8 million, up 5.0% on H1 2025 (and up 8.3% when excluding trading profits), demonstrating underlying earnings growth.
Negative Updates
Headline Net Property Income Impacted by Portfolio Sales
Headline net property income was 1.1% lower for the half; planned divestments into co‑investment partnerships reduced headline net property income by 10.8% as assets were recycled to pursue higher‑return opportunities.
Read all updates
Q2-2026 Updates
Positive
Negative
Funds from Operations Growth
FFO of $338.8 million, up 5.0% on H1 2025 (and up 8.3% when excluding trading profits), demonstrating underlying earnings growth.
Read all positive updates
Company Guidance
GPT affirmed full‑year guidance of FFO of $0.354 per security (4% growth on 2025 reported, 5.7% excl. trading profits) and distribution guidance of $0.245 per security; H1 FFO was $338.8m (up 5% YoY; 8.3% excl. trading profits), AFFO $263.4m (up 2.3%), statutory NPAT $400.1m and H1 distribution $0.1225 per security (96% of free cash flow, within 95–105% target). Full‑year maintenance and leasing CapEx is guided at ~ $170m. Balance sheet and capital metrics: AUM $41.6bn (+$1.8bn, +4.6%), investment portfolio $16.3bn (+$45m, +0.3%), NTA $5.61 (from $5.53), net gearing 31.5% (target 25–35%), $1bn liquidity, no unfunded commitments, ratings A2/A‑; net finance costs $113.4m, weighted average cost of debt 5% (down 34bps), hedging 74% of drawn debt in 2026 (3.2%), 60% in 2027 (3.6%) and 41% in 2028 (4.2%). Operational guidance underpinned by like‑for‑like NPI growth (asset level 5.8%; Retail 4.6%, Office 8%, Logistics 4%), occupancies (Retail 99.8%, Office 92.1%, Logistics 99%), leasing spreads (Retail 6.6%, Office 4.7%, Logistics face spreads ~38%), Logistics WALT 4.9 years, and co‑investment and management earnings momentum (co‑investment income +42.4%, management operations +2.5%).GPT Group Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
66
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 984.40M | 1.03B | 988.70M | 900.10M | 816.40M | 795.30M |
| Gross Profit | 708.10M | 738.10M | 646.90M | 560.50M | 498.10M | 562.20M |
| EBITDA | 1.30B | 1.24B | 29.00M | 564.10M | 514.00M | 426.40M |
| Net Income | 1.05B | 981.00M | -200.70M | -240.00M | 469.30M | 1.42B |
Balance Sheet | ||||||
| Total Assets | 17.12B | 16.93B | 15.63B | 16.28B | 17.32B | 17.18B |
| Cash, Cash Equivalents and Short-Term Investments | 120.30M | 99.40M | 72.20M | 67.90M | 60.20M | 61.50M |
| Total Debt | 5.59B | 5.56B | 4.87B | 4.83B | 5.10B | 5.19B |
| Total Liabilities | 6.35B | 6.30B | 5.52B | 5.51B | 5.84B | 5.51B |
| Stockholders Equity | 10.78B | 10.63B | 10.11B | 10.77B | 11.48B | 11.67B |
Cash Flow | ||||||
| Free Cash Flow | 383.20M | 601.10M | 602.20M | 582.60M | 273.80M | 307.90M |
| Operating Cash Flow | 681.30M | 622.10M | 604.00M | 586.00M | 564.40M | 520.40M |
| Investing Cash Flow | -668.30M | -902.50M | 68.20M | 206.10M | -245.80M | -1.23B |
| Financing Cash Flow | 45.60M | 307.60M | -667.90M | -784.40M | -319.90M | 394.70M |
GPT Group Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | AU$11.05B | 11.29 | 9.44% | 6.12% | 14.63% | 18.93% | |
74 Outperform | AU$9.00B | 8.61 | 7.84% | 4.90% | -7.59% | 178.60% | |
70 Outperform | AU$10.36B | 18.56 | 19.38% | 2.28% | 18.04% | 71.29% | |
69 Neutral | AU$59.75B | 20.46 | 11.41% | 1.05% | 17.33% | 59.19% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | AU$6.22B | 13.32 | 4.83% | 6.46% | -28.16% | 250.74% | |
56 Neutral | AU$1.58B | 17.90 | 1.57% | 8.60% | -0.03% | ― |
* Real Estate Sector Average
AU:GPT
GPT Group
4.74
-0.55
-10.41%
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GPT Group Corporate Events
GPT Group Releases 2026 Interim Result Presentation
Aug 16, 2026
GPT Group has released its 2026 interim result presentation, providing the market with an update on the performance of its property portfolio and operations for the first half of the year. The disclosure, authorised by the board, signals continued...
GPT Group Delivers Strong Interim Result as Property Portfolio and Funds Platform Expand
Aug 16, 2026
GPT Group reported funds from operations of $338.8 million for the six months to 30 June 2026, supported by strong like-for-like net property income growth and a $45 million investment portfolio valuation uplift. The group maintained high portfoli...
GPT Group Releases 2026 Interim Financial Report for Management Holdings
Aug 16, 2026
GPT Group has released its 2026 Interim Financial Report for GPT Management Holdings Limited, covering both the parent company and its consolidated entities for the period to 30 June 2026. The report, available via the group’s website, refle...
GPT Group Releases 2026 Interim Report to ASX
Aug 16, 2026
The GPT Group has released its 2026 Interim Report, providing investors and other stakeholders with an update on the performance and operations of its property trust and management entities for the first half of the year. The disclosure, authorise...
GPT Group’s Management Arm Posts Sharply Lower Half-Year Profit and Suspends Dividend
Aug 16, 2026
GPT Group has reported interim results for GPT Management Holdings Limited for the half year ended 30 June 2026, showing a sharp decline in performance. Total revenues and other income fell 26.1% to $152.2 million, while net profit after tax dropp...
GPT Group lifts half-year profit and distributions as revenues grow
Aug 16, 2026
GPT Group has reported a solid interim performance for the half year ended 30 June 2026, with total revenues and other income rising 8.0% to $722.2 million and profit from operations, assessed as Funds from Operations, increasing 5.0% to $338.8 mi...
GPT Group Issues New Tranche of Unquoted Performance Rights
Jul 5, 2026
GPT Group has notified the market of the issuance of 90,016 unquoted performance rights under its employee incentive scheme, with an issue date of June 30, 2026. The securities, designated under the code GPTAJ, will not be quoted on the ASX, refle...
GPT Group retires 128,253 performance rights in capital adjustment
Jul 5, 2026
GPT Group has notified the market of changes to its issued capital structure following the cessation of a tranche of performance rights. According to the notification, 128,253 GPTAJ performance rights have lapsed as of June 30, 2026, reducing the ...
GPT Group sets 12.25 cent interim distribution for June half
Jun 19, 2026
GPT Group has declared an estimated distribution of 12.25 cents per ordinary stapled security for the six months to 30 June 2026, reinforcing its role as a steady income vehicle for property investors. The distribution will trade ex on 29 June, be...
GPT Group Announces A$0.1225 Half‑Year Distribution
Jun 19, 2026
GPT Group has declared a six‑month distribution for holders of its fully paid stapled securities, reflecting its ongoing policy of providing regular income to investors from its property portfolio. The distribution has been set at A$0.1225 p...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.