Gdi Property Group · ASX:GDI
Gdi Property — HY26 Earnings Presentation
32 slides from Gdi Property's earnings presentation, Feb 23, 2026
Slide 1: GDI
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Slide 2: Agenda
01 Highlights 02 Financial Snapshot 03 The Perth Market 04 The Property Portfolio 05 Funds Management Division 06 Co-living JV 07 Strategy and Guidance A Appendices Acknowledgement of Country GDI acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this
Slide 3: Highlights | Continued momentum + FFO growth
Highlights | Continued momentum + FFO growth FFO Growth ($m) Property FFO ($m) FFO growth 21.3 29.1% FFO1 growth from half year ended 31 December 2024 29.0 16.5 25.4 Property Division FFO1 increased 13.9% from half year ended 31 13.1 December 2024, with the contribution from the Co-living JV 18.5 in
Slide 4: Highlights | Continued momentum + FFO growth
Dealership Asset Growth ($m) Highlights | Continued momentum + FFO growth Six assets exchanged 74.00 Further sales within Funds Management Division GDI No. 46 Property Trust – eight dealerships sold including six in one line for $74.0 million, 50% over January 2020 acquisition price. 49.25 One of th
Slide 5: Financial Snapshot
Financial Snapshot 3.94c 2.50c $1.20 35% PER SECURITY PER SECURITY NTA Gearing FFO Distribution Weighted average capitalisation Within policy of sub 40% Growing FFO per security Distribution of 2.5 cents per rate of 6.8% LVR of 41% (covenant of 50%) indicative of strong leasing security fo
Slide 6: Financial Snapshot | Contributors to FFO
Dec-25 Dec-24 $’000 $’000 Financial Snapshot | Contributors to FFO Property Division FFO 28,960 25,416 Funds Management Division FFO 2,698 3,544 Co-living JV FFO 4,583 3,349 Property FFO higher than PCP Other 31 92 13.9% increase in Property Division FFO on the period ended 31 December Total 36,27
Slide 7: Financial Snapshot
Financial Snapshot 23 February 2026 Facility Utilised Unutilised A combination of interest rate caps and swaps Maturity $’000 $’000 $’000 protects from rising rates Secured Date Syndicated Facility 400.0 Tranche A Yes February 2027 210,750 210,750 - Tranche B Yes February 2028 210,750 158,581 52,169
Slide 8: The Perth Market | WA Economy
The Perth Market | WA Economy Infrastructure + Mining Investment Value ($) Status Timeline WA 4.0 WA 2.20 Infrastructure – Perth Airport 5.0bn Build Phase 2025-31 Infrastructure - Women’s + Babies Hospital 1.8bn Build Phase 2025-29 AUST 3.4 VIC 1.80 Manufacturing – Eneabba Rare Earth Refinery (Iluka
Slide 9: The Perth Market | Key office trends
Perth CBD Lease Transactions over 500sqm 90,000 59 60 80,000 79,089 The Perth Market | Key office trends 70,000 60,000 42 40 50,000 51,691 40,000 Sale campaigns signalling renewed interest Asset sale campaigns are gaining interest from HNW syndicators, 30,000 20 20,000 Asian investors and some insti
Slide 10: The Perth Market | Supply gap impact on vacancy
The Perth Market | Supply gap impact on vacancy Perth CBD Historic Net Absorption + Vacancy Forecast Historic Net Absorption (RHS) 30% FORECAST 160,000 Historic Vacancy Vacancy 0K Sqm Net Absorption p.a. 140,000 25% Vacancy 20K Sqm Net Absorption p.a. Vacancy 40K Sqm Net Absorption p.a. 120,000 20%
Slide 11: The Perth Market | Rental growth forecasts
The Perth Market | Rental growth forecasts “Vacancy is now expected to keep trending down. Rents grew 4.7% YoY in 2025, and CBRE is forecasting 39% rental growth over the next five years, Perth CBD Prime Net Rent vs Economic Rent ($/sqm) with a noticeable step change expected from mid to late 2026 a
Slide 12: The Property Portfolio
The Property Portfolio Independent Carrying Value valuation Cap rate 31/12/25 30/6/25 Details Date $m % $m $m 141 St Georges Terrace, Perth (Westralia Square) 31/12/25 400.0 6.50 400.0 395.1 143 St Georges Terrace, Perth (WS2) 31/12/25 105.0 6.50 105.0 108.3 197 St Georges Terrace, Perth 30/06/25 22
Slide 13: The Property Portfolio | Key statistics and weighted average lease expiry
The Property Portfolio | Key statistics and weighted average lease expiry1 Key statistics Occupancy1 88.6% 80% WALE by occupied area1 4.5 years Weighted average capitalisation rate2 6.8% Average value psm3 $8,487 60% Total NLA (sqm)2 121,024 1. Consistent with prior year, excludes 1 Mill Street as i
Slide 14: The Property Portfolio
The Property Portfolio Westralia Square, Perth WS2, Perth 197 St Georges Tce, Perth 5 Mill Street, Perth Valuation Date 31 December 2025 31 December 2025 30 June 2025 30 June 2025 Valuation ($m) 400.0 105.0 226.0 52.5 Carrying Value ($m) 400.0 105.0 229.5 53.1 NLA (sqm) 32,581 9,529 26,046 7,148 Val
Slide 15: The Property Portfolio
The Property Portfolio 1 Mill Street, Perth 180 Hay Street, Perth Murray Street, Perth 301-311 Wellington Street, Perth 3 Valuation Date 30 June 2025 30 June 2025 31 December 2025 31 December 2025 Valuation ($m) 36.5 18.8 48.8 24.3 Carrying Value ($m) 36.5 18.7 48.8 24.3 NLA (sqm) 6,648 4,925 - - Va
Slide 16: The Property Portfolio
The Property Portfolio Autoleague WA Stanley Place, Townsville Valuation Date 30 June 2025 31 December 2025 Valuation ($m) 116.44 40.0 Carrying Value ($m) 116.44 40.0 NLA (sqm) n/a 12,820 Value ($/sqm) - 3,081 Discount Rate (%) 7.563 8.00 Capitalisation rate (%) 6.363 8.75 Occupancy1 (of NLA) (%) 10
Slide 17: Fund Management Division
Fund Management Division 1 Adelaide Terrace UGL Portfolio Stanley Place, Townsville IKEA Autoleague Portfolio GDI NO. 36 PERTH CBD OFFICE TRUST GDI NO. 38 DIVERSIFIED PROPERTY GDI NO. 42 OFFICE TRUST GDI NO. 43 PROPERTY TRUST GDI NO. 46 PROPERTY TRUST TRUST Tenant amenity upgrades have Bassendean pr
Slide 18: Co-living JV | Exceeding return hurdles
Co-living JV| Exceeding return hurdles Co-Living JV continues to deliver on objective of achieving 20% return on initial invested capital, with an FFO contribution of $4.6 million for the period. With the acquisition of the three assets in Moranbah and the expansion at Norseman, the Co-living JV now
Slide 19: Strategy and Guidance | Executing on strategy
GDI remains relentlessly focused on its Strategy and Guidance | Executing on strategy leasing efforts in Perth to maximise the value of its current assets in both the Property and Funds Business. Leasing Leased, renewed or signed Heads of Agreements for over 13,000sqm of office assets. Active sp
Slide 20: Strategy and Guidance | Leasing and re-positioning core properties
Strategy and Guidance| Leasing and re-positioning core properties Mill Green Agility to meet market and tenant needs Fitout Strategy yielding tangible success with sub 600sqm premises leasing faster with lower incentives. 197 St Georges Terrace Leasing up in accordance with our targeted part floor f
Slide 21: Strategy and Guidance | Leasing and re-positioning core properties
Strategy and Guidance| Leasing and re-positioning core properties Mill Green – Master Plan DA – Submitting CY26 STAGE 2 STAGE 1 – Tenant Amenity + Precinct Repositioning Value Add Proposition Future mixed-use Scaled and curated Food and Beverage offer (Eat Street) • Comparative (vs ‘as is’) improvem
Slide 22: Strategy and Guidance | Broadmeadow site offers significant upside
Strategy and Guidance| Broadmeadow site offers significant upside to investors and GDI GDI No. 38 Diversified Property Trust (GDI no. 38) was originally a seven-asset portfolio, and will soon hold only the 16 Broadmeadow Road, Broadmeadow, Newcastle. Broadmeadow 16-hectare site directly opposite M
Slide 23: Appendix | The Co-Living JV
Appendix | The Co-Living JV Acquiring, re-positioning and operating geographically diverse regional accommodation assets in locations with limited supply and sustained workforce demand. 3 Strategy to segment workforce and executive accommodation, investing in 4 targeted improvements and expansions a
Slide 24: Appendix | Co-Living Portfolio insights
Appendix | Co-Living Portfolio insights Site Newman Norseman South Hedland Moranbah OVERVIEW The Lodge, Newman is positioned in the heart The Norseman Village is a purpose-built The Lodge, South Hedland is centrally located Located in Bowen Basin, The Lodge Moranbah of Newman, a key Pilbara mining h
Slide 25: Appendix | The Portfolio | Lease expiry profile
Appendix | The Portfolio | Lease expiry profile Westralia Square WS2 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% VACANT FY26 FY27 FY28 FY29 FY30 FY31+ VACANT FY26 FY27 FY28 FY29 FY30 FY31+ 197 St Georges Terrace 5 Mill Street 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% VACANT FY26 FY27 FY28
Slide 26: Appendix | The Portfolio | Lease expiry profile
Appendix | The Portfolio | Lease expiry profile 1 Mill Street 180 Hay Street 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% VACANT FY26 FY27 FY28 FY29 FY30 FY31+ VACANT FY26 FY27 FY28 FY29 FY30 FY31+ 235 Stanley Street Autoleague Portfolio 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% VACANT FY26
Slide 27: Appendix | Balance Sheet
Appendix | Balance Sheet Dec-25 Jun-25 $’000 $’000 Current assets Cash and cash equivalents 10,320 15,187 Derivative financial instruments - - Other assets 16,220 12,034 Non-current asset held for sale 74,020 2,200 GDI No. 46 Property Trust $74.0 million Total current assets 100,560 29,421 Non-curre
Slide 28: Appendix | Profit or Loss
Appendix | Profit or Loss GDI Dec-25 Dec-24 $'000 $'000 Revenue from ordinary activities Property revenue 38,221 37,583 Funds management revenue 739 1,231 Interest revenue 213 295 Total revenue from ordinary activities 39,173 39,110 Share of net profits from joint ventures 4,378 2,986 Net fair value
Slide 29: Appendix | Net Profit after Tax to FFO
Appendix | Net Profit after Tax to FFO Dec-25 Dec-24 $’000 $’000 Total comprehensive income for the period 15,978 18,483 Contribution resulting from consolidated trusts (5,527) (5,329) Distributions / funds management fees received from consolidated 1,960 2,313 trusts Adjustments for Co-living JV1 2
Slide 30: Appendix | Business Model
Core business Our objectives Result Strategy to create value Ensure the GDI skills and capability matches INVESTMENT our ability to execute on our strategy. GDI must Appendix | Business Model • Entering and exiting markets and have an elite team to execute our goals and recycling our capital ACHIEVE
Slide 31: Appendix | Disclaimer
Appendix | Disclaimer This presentation has been prepared and issued by GDI Property Group Limited (ACN 166 479 189) and GDI Funds Management Limited (ABN 34 107 354 003, AFSL Number 253 142) as responsible entity of GDI Property Trust (ARSN 166 598 161) (collectively, GDI). Shares in GDI Property G
Slide 32: Blending a steady and invested approach with innovation and agility
Blending a steady and invested approach with innovation and agility to ensure GDI is leading the future of property