Gdi Property Group · ASX:GDI
Gdi Property — FY2025 Earnings Presentation
32 slides from Gdi Property's earnings presentation, Aug 25, 2025
Slide 1: Annual Results 25
Slide 2: Acknowledgement of Traditional Custodians
GDI acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
Slide 3: Continued leasing momentum + FFO growth
| Continued leasing momentum + FFO growth Over 32,000sqm leased1 during FY25 Continued leasing momentum including over 21,000sqm of office space leased Diversified offering allows us to work with existing tenants on expansion or relocation options FFO growth 20% FFO2 growth from previous year Proper
Slide 4: A positive start to FY2026
| A positive start to FY2026 Six assets exchanged Further dealership sales A fifth asset settled for $2.2 million in August 2025 A further six assets exchanged for $74.0 million, in line with 30 June 2025 independent valuations - Settlement scheduled February 2026 Anticipated return to investors of
Slide 5: Leasing and re-positioning core properties: Mill Green
| Leasing and re-positioning core properties Mill Green Agility to meet market and tenant needs Transactions with nine existing tenants to assist them to relocate or consolidate within the precinct Fitout Strategy yielding tangible success with sub 600sqm premises leasing faster with lower incentive
Slide 6: Leasing and re-positioning core properties
| Leasing and re-positioning core properties Westralia Square Complex Two core assets in a premium CBD location – 95% occupancy, minimal near-term expiry, minimal maintenance capex requirements. Opportunity to strategically add to NLA – Reviewing opportunities to add retail NLA and broaden tenant am
Slide 7: Car park sites in evolving precincts
839 Car bays | Car park sites in evolving precincts An emerging Entertainment and dining precinct including: Tiger Lils CBD car parks Shafto Lane The Generous Squire Strategically located CBD carparks continue to generate income as redevelopment The Stables prospects ripen. Combined FFO contribution
Slide 8: Asset sales providing investors with liquidity
| Asset sales providing investors with liquidity GDI No. 43 Property Trust Sold 6 Sunray Drive, Innaloo, Perth (IKEA) for $163.75 million in June 2025 Expected to deliver an investor IRR of approximately 9% on final termination in June 2026 GDI received a $3.3 million disposal fee GDI No. 46 P
Slide 9: Strong to solid returns from Co-living JV
| Strong to solid returns from Co-living JV Co-Living JV continues to deliver on objective of achieving 20% return on initial invested capital, with an FFO contribution of $6.5 million for the year. Newman First year of ownership delivered in excess of acquisition metrics resulting in a 45% value
Slide 10: Broadmeadow site offers significant upside
| Broadmeadow site offers significant upside GDI No. 38 Diversified Property Trust was originally a seven-asset portfolio, and now holds Broadmeadow and Bassendean (Perth) both leased to UGL. Investors have received 63.0 cents per unit from sales, are receiving an approximately +20% return on the re
Slide 11: NTA, Gearing, FFO and Distribution
6.62c 5.00c $1.20 34% PER SECURITY PER SECURITY NTA Gearing FFO Distribution Weighted average capitalisation Well within policy of sub 40% Growing FFO per security Distribution of 5.0 cents per rate of 6.7% LVR of 41% (covenant of 50%) indicative of strong leasing security for FY25 Avera
Slide 12: Contributors to FFO
$’000 $’000 | Contributors to FFO Property Division FFO1 50,849 41,622 Funds Management Division FFO1 10,174 6,592 Co-living JV FFO2 before interest 6,772 6,806 Property FFO1 higher than previous corresponding period Unallocated 31 (41) 22% increase in Property Division FFO on previous year West
Slide 13: Debt facilities and hedging
400.0 Tranche A Yes February 2027 210,750 210,750 - Tranche B Yes February 2028 210,750 153,581 57,169 350.0 75.0 Bank Guarantee1 Yes February 2028 5,000 - - 300.0 250.0 200.0 GDI No. 42 Office Trust Yes August 2026 11,500 10,000 1,500 150.0 GDI No. 46 Property Trust Yes March 2027 23,500 23,500 - 1
Slide 14: WA Economy
WA | WA Economy VIC -11.8 -11.1 QLD State Final Demand (SFD) Domestic economic growth as measured by state final demand (SFD) ACT -18.9 increased by 3.6% y-o-y in the March 2025 quarter, above the NSW -23.0 average 1.9% y-o-y growth recorded across the major states of NSW Victoria, Queensland and SA
Slide 15: Key office trends
Q3'24 AVG. Q3'24 PEAK DAY 92.9% 87.6% 84.0% 84.6% 92.9% | Key office trends 84.4% 64.2% 66.8% 81.5% 75.2% 64.4% Improving enquiry levels 58.8% Office Space enquiry levels for the first half of 2025 are up 24% compared to the second half of 2024. 1 Supply gap emerging The supply constraint backdrop i
Slide 16: An active and strong office market
| An active and strong office market 140 120 100 34.87 102.83 80 91.175 82.892 60 40 20 30.994 0 Adelaide Brisbane Melbourne Perth Sydney -20 Melbourne -40 -51.852 -60 -80 (JLL, June 2025 ( Perth CBD Boundary change) Previous peak New peak Jan 12 (CBRE Research, June 2025) 16
Slide 17: An emerging supply gap
| An emerging supply gap 9 The Esplanade 562 Wellington 562 Wellington 108 St Georges 200 St Georges 100 St Georges 15 The Esplanade Street Street Terrace Terrace Terrace or PCEC 2025 2026 2027 2028 2029 2030+ Precommitted Under Construction Backfill Mooted 20Yr Average Net Supply (between 2025 and
Slide 18: Property valuations and cap rates
Cap rate 30/6/24 30/6/25 Details Date $m % $m $m 141 St Georges Terrace, Perth Westralia Square 31/12/24 395.0 6.38 385.2 395.1 143 St Georges Terrace, Perth (WS2) 31/12/24 105.0 6.38 99.1 108.3 197 St Georges Terrace, Perth 30/06/25 226.0 7.00 209.5 226.0 5 Mill Street, Perth 30/06/25 52.5 7.25 53.
Slide 19: Key statistics and weighted average lease expiry
| Key statistics and weighted average lease expiry1 Occupancy1 88.2% 80% WALE by occupied area1 4.7 years Weighted average capitalisation rate2 6.7% Average value psm3 $8,477 60% Total NLA (sqm)2 122,081 1. Consistent with prior year, excludes 1 Mill Street CBD as it is not being actively marketed f
Slide 20: Property details: Westralia Square, WS2, 197 St Georges Terrace, 5 Mill Street
31 December 2024 31 December 2024 30 June 2025 30 June 2025 395.0 105.0 226.0 52.5 395.1 108.3 226.0 52.5 32,581 9,468 26,127 7,148 11,1243 11,090 8,650 7,345 7.25 7.25 7.25 7.50 6.38 6.38 7.00 7.25 98% 83% 87% 86% 6.7 / 6.6 7.6 / 6.3 3.7 / 3.2 2.1 / 1.8 MOW 1,833 / FY27 Arup Hatch Knightcorp 16,347
Slide 21: Property details: 1 Mill Street, 180 Hay Street, Murray Street, Wellington Street
30 June 2025 30 June 2025 31 December 2024 31 December 2024 36.5 18.8 44.8 25.3 36.5 18.8 44.8 25.3 6,648 4,927 - - 5,490 3,813 - - 8.75 8.25 7.50 7.50 8.00 8.00 6.00 6.25 - - n/a n/a - - n/a n/a - - Wilsons (under management Wilsons (under management agreement) agreement) 1. Including signed Heads
Slide 22: Property details: Autoleague Portfolio, Stanley Place
30 June 2025 2 April 2024 123.94 43.5 123.94 44.3 n/a 12,820 - 3,408 7.263 8.50 6.393 8.00 100.0 86.2 5.4 / 5.4 1.5 / 1.3 Autoleague 20,569 / FY31 Dept. of Human Resources 4,644 / FY27 1. Including signed Heads of Agreement to 31 January 2025 2. By occupied area / total NLA 3. Portfolio weighted ave
Slide 23: Funds Management trust updates
GDI NO. 43 PROPERTY TRUST GDI NO. 36 PERTH CBD OFFICE TRUST GDI NO. 38 DIVERSIFIED PROPERTY GDI NO. 46 PROPERTY TRUST GDI NO. 42 OFFICE TRUST TRUST As of August 2025, five assets Opportunity to recapture value GDI were able to remove City of Tenant amenity upgrades GDI secured UGL on a new 5- have b
Slide 24: Executing on strategy
GDI remains relentlessly focused on its | Executing on strategy leasing efforts in Perth to maximise the value of its current assets in both the Property and Funds Business. Leased, renewed or signed Heads of Agreements for over 32,000sqm of lettable area, including over 21,000 of office assets.
Slide 25: Business Model
Ensure the GDI skills and capability matches our ability to execute on our • Entering and exiting markets and | Business Model recycling our capital ACHIEVE OPTIMAL SHORT TERM AND strategy. GDI must have an elite team to • To maximise to property repositioning RETURNS THROUGH A LONG-TERM GOALS execu
Slide 26: The Portfolio | Lease expiry profile
| The Portfolio | Lease expiry profile 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% 26
Slide 27: The Portfolio | Lease expiry profile
| The Portfolio | Lease expiry profile 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% 27
Slide 28: Balance Sheet
| Balance Sheet $’000 $’000 Cash and cash equivalents 15,187 17,014 Derivative financial instruments - 536 Other assets 12,034 9,958 Non-current asset held for sale 2,200 - Total current assets 29,421 27,508 GDI No. 42 Office Trust (Stanley Place) $44.29 million Investment properties 1,073,155 1,056
Slide 29: Profit or Loss
| Profit or Loss $'000 $'000 Property revenue 75,638 66,487 Funds management revenue 5,846 2,573 Interest revenue and other income 819 756 Share of net profits from joint ventures 4,562 5,241 Net fair value (loss) on derivative financial instruments (4,008) (3,427) Net fair value gain/(loss) on inve
Slide 30: Net Profit after Tax to FFO
| Net Profit after Tax to FFO $’000 $’000 Total comprehensive income/(loss) for the period 41,643 (5,584) Contribution resulting from consolidated trusts (10,666) (10,668) Distributions / funds management fees received from consolidated 4,328 3,991 trusts Restructure and other non-operating costs1 1
Slide 31: 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) (collectively, GDI). Shares in GDI Property Group Limi
Slide 32: GDI
\GDI Blending a steady and invested approach with innovation and agility to ensure GDI is leading the future of property