Gdi Property Group · ASX:GDI
Gdi Property — FY2021 Earnings Presentation
24 slides from Gdi Property's earnings presentation, Aug 23, 2021
Slide 1: Annual results presentation
GDI PROPERTY GROUP Annual results presentation 23 August 2021
Slide 2: Disclaimer
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). Shares in GDI Property Group Limited are stapled to uni
Slide 3: Executing on strategy
Executing on strategy WS2, Perth 1 Mill Street, Perth 50 Cavill Avenue, Surfers Paradise Architectural drawings only Architectural drawing only DA approved DA approved Exchanged contracts, settlement to occur on or about 31 August 2021 Construction commenced Seeking tenant precommitment(s)
Slide 4: Executing on strategy
Executing on strategy Westralia Square 5 Mill Street, Perth 180 Hay Street, Perth Levels 1 – 12 leased Strong leasing momentum, with Settled July 2020, with an immediate uplift occupancy back to 86% of NLA from a in value from the purchase price (+$2.2 low of approximately 60% during FY21 mill
Slide 5: 50 Cavill Avenue – case study
50 Cavill Avenue – case study Before refurbishment After refurbishment Purchased in February 2016 for $48.75 million, or $49.2 million inclusive of costs after settlement adjustments Four sides of natural light, water views from every floor, easily divisible floors plates in desperate need of ca
Slide 6: Why GDI?
Why GDI? •Delivered an annualised total return since listing of 13.3% p.a. Total return focused •This return has been largely crystallised •Demonstrated restraint •Perth rebound story taking shape – positive absorption, decreasing vacancy, increased enquiry Exposure to Perth •Very confident in the s
Slide 7: Financial results
FINANCIAL RESULTS 50 CAVILLEQUITY LINKING AVE, SURFERS PARADISE TO PERFORMANCE 6
Slide 8: Summary
Summary Small ($2.3 million) valuation gains during the year – Does not include $8.0 million gain from sale of 50 Cavill NTA – $1.25 per security Avenue, Surfers Paradise Maintenance of distribution resulted in NTA decreasing $0.02 per security from 31 December 2020 Significantly higher than i
Slide 9: Contributors to FFO and AFFO
Contributors to FFO and AFFO Jun-21 Jun-20 Property Division FFO lower than previous corresponding period: $’000 $’000 Minimal impact from COVID-19, with $296,000 of rent written off (FY20 $518,000) Property Division FFO 34,267 49,146 At Westralia Square, departure of UGL, transition of WAPOL
Slide 10: Balance sheet remains in a strong position
Balance sheet remains in a strong position Jun-21 Jun-20 Pro forma for post balance sheet events $’000 $'000 Current assets Cash and cash equivalents 11,188 10,100 Non-current assets held for sale 102,491 102,240 Other assets 10,586 14,500 Total current assets GDI No. 42 Office Trust (Stanley Place)
Slide 11: Debt profile and interest rate hedging
Debt profile and interest rate hedging As at 30 June 2021, drawn debt on the Principal Facility of $168.8 million Board hedging policy gives management more flexibility around hedging, and undrawn debt of $36.2 million particularly when drawn debt is <$100.0 million Post balance date, refinanc
Slide 12: Property portfolio
PROPERTY PORTFOLIO MILL GREEN, LINKING PERTH EQUITY TO PERFORMANCE 11
Slide 13: Perth market map
Elizabeth Quay Treasury 12 Exchange Plaza St Martins Tower Allendale Square BCG Centre 100 SGT 108 SGT Quadrant 140 SGT Brookfield Place 2 Convention Centre BHP Alluvion Forrest Centre 225 SGT 240 St Georges Terrace Bishop C Perth market LINKING EQUITY TO PERFORMANCE QV1 (Chevron) New Woodside
Slide 14: Portfolio strategically weighted towards Perth
Portfolio strategically weighted towards Perth WA Labour Force and Population Growth Private infrastructure projects pipeline by state 1.40% 1,420 250 1,400 1.20% Employed Persons ('000) 1,380 200 1.00% 1,360 AUD Billions 0.80% 1,340 150 1,320 0.60% 1,300 100 0.40% 1,280 1,260 0.20% 50 1,240 0.00% 1
Slide 15: Portfolio overview
Portfolio overview Westralia Square, Perth 197 St Georges Terrace, 5 Mill Street, Perth 1 Mill Street, Perth Perth Valuation date 31 December 2020 31 December 2020 31 December 2020 31 December 2020 Valuation $345.00 million $230.00 million $56.00 million $40.00 million Carrying value $347.64 million
Slide 16: Portfolio overview
Portfolio overview 50 Cavill Ave, Surfers 180 Hay Street, Perth IDOM Portfolio, Perth 235 Stanley Place, Townsville Paradise Valuation Date 30 June 2020 31 July 2020 31 December 2020 31 December 2020 Valuation $101.00 million $15.00 million $105.85 million $51.5 million Carrying Value $101.25 millio
Slide 17: Development Pipeline - Perth
Development Pipeline - Perth 1 Mill Street Development approval for the construction of a 45,000sqm NLA office building, including precinct upgrades to 5 Mill Street and 197 St Georges Terrace Demolition plans to commence Q4 CY21 Continued engagement with prospective major tenants Architectura
Slide 18: Funds Management
FUNDS MANAGEMENT 235 STANLEY LINKING STREET, EQUITY TOWNSVILLE TO PERFORMANCE 17
Slide 19: Funds Management business
Funds Management business GDI No. 29 Office Trust GDI No. 42 Office Trust Originally a two-asset fund, now only holding 10 strata Originally a two-asset fund with similar asset suites in 251 Adelaide Terrace management plans 100 of the 112 strata suites sold with investors receiving Now only
Slide 20: Appendix
APPENDIX WESTRALIA SQ ‐ TO LINKING EQUITY 141PERFORMANCE ST GEORGES TCE 19
Slide 21: Profit or Loss
Profit or Loss GDI Trust Jun-21 Jun-20 Jun-21 Jun-20 $'000 $'000 $'000 $'000 Revenue from ordinary activities Property income 52,043 67,663 52,427 67,759 Funds management income 2,599 2,206 - - Interest revenue 111 163 104 152 Other income 56 263 18 200 Total revenue from ordinary activities 54,809
Slide 22: NPAT to AFFO
NPAT to AFFO GDI Jun-21 Jun-20 $’000 $'000 Total comprehensive income for the period 22,960 66,740 Acquisition expenses and discontinued acquisition 830 5,448 Contribution resulting from consolidated trusts (9,220) (7,253) Distributions / funds management fees received from consolidated trusts 4,245
Slide 23: Property by property information
Property by property information FY22 Jun-21 Jun-20 Jun-21 $m $m $m $m Incentives Capex Maintenance and lease FFO IFRS NPI2 FFO IFRS NPI2 FFO spent capex spent costs 1 Mill Street (0.5) - 5 Mill Street 3.2 - - 1.0 197 St Georges Terrace 16.3 - 1.0 3.6 Mill Green, Perth 19.0 13.7 19.3 14.7 19.5 0.8 1
Slide 24: Linking equity to performance
LINKING EQUITY TO PERFORMANCE 23