Growthpoint’s high-quality metro office portfolio on track for record leasing
Growthpoint de‑risks forward expiries, creates new funds under management and updates guidance as partnership focused approach delivers positive leasing momentum.
Growthpoint Properties Australia’s (ASX: GOZ) results for the six months ended 31 December 2025 highlight positive leasing momentum, new funds under management and an update to FY26 earnings guidance.
Ross Lees, Chief Executive Officer and Managing Director, said “our first‑half performance demonstrates the strength of Growthpoint’s portfolio and the effectiveness of our customer-centric, active management strategy, as we support tenancy upgrades, expansions and relocations, and attract new tenants.
“Occupancy increased from 92% to 94% in our directly held office portfolio and we are on track for record office leasing this financial year.
“With high-occupancy of 98%, our directly held industrial portfolio continues to underpin income-driven returns.”
During the half, Growthpoint completed 30,068 square metres of directly held office leasing, more than half completed with existing customers, and 88% taking the same or more space.
FY26 office expiries reduced to 3% pro‑forma for a further 30,751 square metres under terms agreed as at 31 January 2026.1
Targeted capital investment supported positive outcomes at key assets; 100 Melbourne Street in South Brisbane is now fully let, and 5 Murray Rose Avenue at Sydney Olympic Park is 66% leased vs 21% at December 2024.
Growthpoint completed 62,566 square metres of leasing in the directly held industrial portfolio, and with nearly 26,000sqm of leases signed or under heads since 31 December 20251, direct industrial vacancies and forward expiries are now 4% or less through to FY29.
In funds management, Growthpoint created $125 million of new assets under management through the expansion of the Growthpoint Australia Logistics Partnership and establishment of the Growthpoint Macquarie Park Trust2, and provided liquidity for funds investors, facilitating $140 million of divestments during the half and a further $173 million in January 2026.
Growthpoint delivered Funds from Operations of $91.9 million, or 12.2 cents per security (cps), up 3.4% on the prior period, with distributions of 9.2 cents per security in line with guidance.
Mr Lees added “We are pleased to have updated our FFO guidance to 23.0 to 23.6 cps as we have substantially de-risked forward expiries in the first half, and reaffirmed distribution guidance of 18.4 cps.
“As we look ahead, we are optimistic about the structural imbalance between supply and cost across our markets, especially in office markets, where economic rents remain materially higher than market rents and we are seeing stock withdrawals for alternate uses.
“Together, these dynamics are expected to tighten vacancy rates over the medium term and create conditions that support rental growth.”
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Growthpoint 1H26 results highlights
Ross Lees, Chief Executive Officer and Managing Director, discusses Growthpoint's 1H26 results.
