Growthpoint Properties Australia (GOZ) H1 2026 earnings summary

Executive summary

• Managed AUD 4.1 billion in directly held assets and AUD 1.4 billion for institutional investors, focusing on high-quality Australian real estate and disciplined capital management.

• Achieved strong leasing activity, increasing direct office occupancy to 94% and industrial to 98%, with significant progress in reducing near-term expiries and generating new AUM through fund establishment and expansion.

• Statutory net profit for 1H26 was $62.6 million, reversing a net loss of $98.7 million in 1H25, mainly due to lower property devaluations.

• Like-for-like property FFO increased 5.9% year-over-year, with office up 7.0% and industrial up 3.3%, offset by lower funds management revenue and divestments.

• Maintained high sustainability standards, achieving Net Zero Target as of July 2025 and strong NABERS and GRESB scores.

Financial highlights

• FFO per security rose to 12.2 cents, up 3.4% year-over-year; total FFO was $91.9m, up 3.5%.

• Distribution per security was 9.2 cents, with a payout ratio of 75.5%.

• Net tangible assets per security increased slightly to $3.10.

• Gearing increased to 41.2%, within the target range of 35-45%.

• Weighted average cost of debt was 5.0%, with 78% of debt fixed.

Outlook and guidance

• FY26 FFO guidance upgraded to 23.0–23.6 cps, reflecting strong leasing momentum; distribution guidance set at 18.4 cps.

• 1H26 FFO expected to be higher than 2H26 due to lease and fund expiries impacting the second half.

• No acquisitions or disposals of direct investment properties assumed in guidance.