GDI Property Group (GDI) H1 2026 earnings summary

Executive summary

• FFO grew 29.1% year-over-year, with Property Division FFO up 13.9% and Co-living JV FFO up 36.8%, and NTA stable at AUD 1.20 per security, supported by asset revaluations.

• Over 13,000 sqm of office leasing achieved, with occupancy at 197 St George's Terrace rising from 61% to over 91%.

• Major asset sales included car yards and dealerships at significant premiums, totaling over AUD 250 million.

• Co-living portfolio expanded to over 920 rooms, including Moranbah acquisitions.

• Distribution guidance maintained at 5.0 cents per security for FY26.

Financial highlights

• FFO per security increased to 3.94 cents for HY26, up from 3.07 cents in HY25.

• Net tangible assets per security remained stable at AUD 1.20.

• Net interest expense declined due to expiry of an expensive swap and decreased 7.8% YoY to $10.1m.

• Statutory net profit after tax was $16.0m for HY26.

• Distribution for the half at AUD 0.025, with intent to pay AUD 0.05 for the year.

Outlook and guidance

• Distribution guidance reaffirmed at 5.0 cents per security for FY26, with a portion of the final distribution expected to be a return of capital for tax purposes.

• Leasing momentum and operational improvements expected to continue, with focus on asset recycling and Mill Green precinct repositioning.

• Market rents forecast to rise significantly, with CBRE projecting 39-69% growth over five years.