LDR Capital Property Fund · ASX:LED
LDR Capital Property Fund — H1 2026 Earnings Presentation
22 slides from LDR Capital Property Fund's earnings presentation, Feb 27, 2026
Slide 1: LDR Capital Property Fund 1H26 Results
For personal use only LDR Capital Property Fund 1H26 Results ASX:LED
Slide 2: Speakers and Agenda
For personal use only Speakers Agenda 1. Introduction 2. Half year results 3. Outlook and guidance 4. Additional information David Burgess Ryan Pittman CEO, LDR Capital CFO, LDR Capital
Slide 3: Introduction
For personal use only Introduction
Slide 4: Fund overview and change of responsible entity
LDR Capital Property Fund: 1H26 Results For personal use only • LDR Capital Property Fund (formerly Elanor Commercial Property Fund) was listed on the ASX in 2019 (“The Fund”) • The Fund directly owns eight commercial properties with a gross asset value of $425m and a $45m1 investment in an unlisted
Slide 5: LDR Capital overview and assets under management
LDR Capital Property Fund: 1H26 Results Overview For personal use only Assets Under Management2 • LDR Capital is a real estate funds management platform ASX: LED Wholesale Funds Lederer Mandate established in 2025 that now manages approximately $1.4bn of commercial property assets $0.5bn $0.3bn $0.6
Slide 6: The Group is committed to supporting LED
LDR Capital Property Fund: 1H26 Results The Group is committed to supporting LED The Lederer Group closed the off-market takeover of ECF in October 25 and holds a ~43% interest in LED For personal use only The Lederer Group’s investment history in LED Lederer Group acquires Elanor’s Lederer Group lo
Slide 7: Listening to investor feedback: SWOT analysis and focus
LDR Capital Property Fund: 1H26 Results LDR Capital has been listening to investor feedback Our focus is delivering on aligned objectives with our investors For personal use only SWOT Analysis Feedback and Focus Strengths Weaknesses Asset level Fund level ✓ Occupancy above national average × Capex a
Slide 8: Executing immediately: 100-day priorities
LDR Capital Property Fund: 1H26 Results Executing immediately Ensuring the portfolio delivers strong cash flows to fund a sustainable distribution over the medium term For personal use only Immediate reduction in fund level expenses (removing cost 1 recoveries and reduction in property management fe
Slide 9: Half year results
For personal use only Half year results
Slide 10: Results summary
LDR Capital Property Fund: 1H26 Results Results summary For personal use only Key financials for half year ending 31 December 20251 FFO per security Distributions per security WALE 3.58c 3.25c 4.1 yrs • Re-set FY26 guidance • Consistent with guidance • Increase from 3.4 yrs in June 2025 Pro forma NT
Slide 11: Portfolio summary
LDR Capital Property Fund: 1H26 Results Portfolio summary The portfolio provides a mix of assets that have mostly held high occupancies For personal use only LED’s largest two assets account for 51% of portfolio value2 Current Portfolio Summary 1 No. of Assets 8 Book Value $425.0m Weighted average c
Slide 12: Valuation Summary
LDR Capital Property Fund: 1H26 Results Valuation Summary Asset values remain materially below replacement cost For personal use only • Four external valuations were completed and Valuation summary ($m) Cap rate Value Value Change Change Dec 25 Dec 25 Jun 25 $m % additional four assets were valued i
Slide 13: Detailed asset management with acute focus on leasing
LDR Capital Property Fund: 1H26 Results Detailed asset management with acute focus on leasing A focus on all aspects of each property to ensure strong leasing outcomes For personal use only WorkZone West, Perth Garema Court, Canberra ~71% occupancy after single tenant expiry, Whole building lease to
Slide 14: Lease Expiry Profile
LDR Capital Property Fund: 1H26 Results Lease Expiry Profile Good quality tenant base with diversified annual expiries For personal use only • The portfolio has a well diversified expiry profile, with minimal major expiries over the next four years • 80% of currently vacant space is at WorkZone West
Slide 15: Outlook and guidance
For personal use only guidance Outlook and
Slide 16: FY26 full year guidance
LDR Capital Property Fund: 1H26 Results FY26 full year guidance The Fund is now under new stewardship, with LDR Capital focused on delivering outcomes over the next 100 days that will shapethe future For personal use only strategy of LED FFO per security1 6.5 to 7.0 cps Distributions per security1 6
Slide 17: Additional information
For personal use only Additional information
Slide 18: Funds From Operations (FFO) and Income Statement
LDR Capital Property Fund: 1H26 Results Funds From Operations (FFO) and Income Statement For personal use only Income statement ($’000) 1H26 1H25 Gross property income 25,315 31,615 Property expenses (5,806) (6,666) • Decline in property income largely due to expiry of WorkZone West lease in August
Slide 19: Pro forma Financial position
LDR Capital Property Fund: 1H26 Results Pro forma Financial position For personal use only Compensation Balance sheet ($’000) 31 Dec 2025 Funding Pro forma Amount Assets • Pro forma balance sheet adjusted for post- Cash 3,874 (1,476) 2,398 balance sheet events including: Investment properties 425,00
Slide 20: Debt and hedging profile
LDR Capital Property Fund: 1H26 Results Debt and hedging profile For personal use only 31 Dec 2025 • Drawn debt (after funding Dec quarterly distribution) is approaching facility limits Facility limit $214.7m Drawn debt $200.3m • Current hedges (~$150m) all roll off in August 26. All in cost of debt
Slide 21: Pro forma portfolio summary
LDR Capital Property Fund: 1H26 Results Pro forma portfolio summary For personal use only Ownership Valuation Valuation NLA Valuation Cap rate WALE Property (%) type ($m) (sqm) ($ psm) (%) (yrs) 50 Cavill Avenue, Gold Coast, QLD 100% External $125.5m 16,571 $7,574 7.50% 3.2 WorkZone West, Perth, WA
Slide 22: Disclaimer
LDR Capital Property Fund: 1H26 Results Disclaimer This presentation has been prepared by LDR Capital Pty Ltd on behalf of Evolution Trustees Limited as Responsible Entity for LDR Capital Property Fund I and the controlled entity, LDR Capital Property Fund II (collectively “LDR Capital Property Fund
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