LDR Capital Property Fund · ASX:LED
LDR Capital Property Fund — FY2026 Earnings Presentation
43 slides from LDR Capital Property Fund's earnings presentation, Aug 27, 2026
Slide 1: LED FY26 Results
For personal use only LDR CAPITAL PROPERTY FUND | FY26 RESULTS PRESENTATION | AUGUST 2026 LED FY26 Results
Slide 2: Introduction to LED – A View from the Chairman
INTRODUCTION TO LED – A VIEW FROM THE CHAIRMAN For personal use only "FY26 was a year of significant change for LED. Since LDR Capital was appointed Investment Manager in February, our focus has been on getting the fundamentals right and addressing the issues that needed to be addressed. "We've made
Slide 3: Agenda and Presenters
AGENDA PRESENTERS For personal use only 01 Introduction to LED 02 Where it started 03 Where are we now 04 Where are we going Ryan Pittman Ben Vereb Managing Director Investment Director 05 Financial results LED Fund Manager LED Assistant Fund Manager 06 Outlook and guidance 07 Appendix LDR Capital P
Slide 4: Introduction to LED
INTRODUCTION TO LED Returning the focus to total returns per security For personal use only • LDR Capital Property Fund is an ASX listed A-REIT that currently owns commercial properties The Fund • LDR Capital (LDR), owned by the Lederer Group, was appointed the investment manager (Manager) of LED in
Slide 5: LDR Capital: achievements in the first months
INTRODUCTION TO LED LDR Capital: achievements in the first 6 months Significant achievements over the last six months against the five priority areas flagged in the February results. For personal use only Significant outperformance in management costs Immediate reduction in Fund management costs of
Slide 6: Repositioning is well advanced
INTRODUCTION TO LED Repositioning is well advanced Repositioning of the portfolio will continue through FY27 to deliver enduring cashflows that fund sustainable distributions For personal use only WHERE WE STARTED WHERE WE ARE NOW WHERE WE AIM TO GO • Investment in 8 office assets of varying quality
Slide 7: FY26 results snapshot
INTRODUCTION TO LED FY26 results snapshot For personal use only 01 Achievements 02 Key Financials $105 million in asset sales 6.9 cps Net proceeds1 FY26 FFO per security ~14,000 sqm leased 6.5 cps 32% of retained portfolio FY26 Distributions per security $1.9 million 1.8 cents In annualised Fund man
Slide 8: Where it started
For personal use only SECTION 02 Where it started LDR Capital Property Fund | ASX: LED | FY26 Results 8
Slide 9: Since IPO in Dec 2019, the Fund has delivered negative total returns
WHERE IT STARTED Since IPO in Dec 2019, the Fund has delivered negative total returns As a total return investor, LDR Capital is focused on making necessary decisions to restore investor value (restore NTA per security) For personal use only Total return since IPO1 Cents per security 30.0 20.0 10.0c
Slide 10: A snapshot of the performance of the Fund and Portfolio since IPO
WHERE IT STARTED A snapshot of the performance of the Fund and Portfolio since IPO LDR Capital is focused on restoring value in the Fund over the medium term and winning back investor trust. To do so, we first need to understand some For personal use only of the drivers of this underperformance Key
Slide 11: Focusing on AFFO
WHERE IT STARTED Focusing on AFFO LDR Capital believe that AFFO provides a more accurate reflection of asset performance For personal use only • Funds From Operations (FFO) is a widely used industry metric that adjusts statutory profit to reflect operating earnings (removes rent free periods, straig
Slide 12: Asset resets have reduced AFFO in FY26 and FY27
WHERE IT STARTED Asset resets have reduced AFFO in FY26 and FY27 New leases at WorkZone West and Garema Court commenced in August 2025 and July 2026 respectively, and will impact cash generated by the assets For personal use only in FY27 01 WorkZone West 02 Garema Court • 37% decline in passing rent
Slide 13: The Harris Street Fund has materially underperformed
WHERE IT STARTED The Harris Street Fund has materially underperformed LED is the largest investor in Harris Street Fund which has been underwhelming For personal use only • LED holds a 95.2% interest in Capital Notes valued at $35.7m as at 30 June 2026. The Capital Notes are a debt instrument issued
Slide 14: ~$48m of debt has been used to fund distributions
WHERE IT STARTED ~$48m of debt has been used to fund distributions Over the last 5 years, $48m of distributions to investors have been effectively funded by debt. This has led to a ~14 cent reduction in the NTA per For personal use only security. 5 cents of the distribution declared in FY26 was fund
Slide 15: NTA per security has declined since IPO
WHERE IT STARTED NTA per security has declined by 61 cents since IPO The ~50% decline in NTA since December 2019 is largely driven by devaluation of WorkZone West, Garema Court and HSF units For personal use only • Major driver to change in NTA has been change in valuations since acquisition • Portf
Slide 16: Where we are now
For personal use only SECTION 03 Where we are now LDR Capital Property Fund | ASX: LED | FY26 Results 16
Slide 17: Who is LDR Capital?
WHERE WE ARE NOW Who is LDR Capital? Backed by the Lederer Group, the manager is acutely focused on driving total returns per security for investors For personal use only 50+ years No. 1 securityholder Aligned with Investors of Lederer property investment, development Paul Lederer is the largest inv
Slide 18: The portfolio strategy and composition is fundamentally changing
WHERE WE ARE NOW The portfolio strategy and composition is fundamentally changing $105m in net proceeds from asset sales1 with further asset sales targeted over the next six months For personal use only Sold Held for sale • Generated $105m in net proceeds (after transaction costs) to retire debt • R
Slide 19: Disposed assets were not generating sufficient AFFO
WHERE WE ARE NOW Disposed assets were not generating sufficient AFFO LED has disposed of four assets which averaged a 5.2% AFFO yield over the last 5 years. Going forward, LED targets assets with For personal use only AFFO yields in the mid-7% range over the target hold period 9.7% 7.8% 8.0% 7.6% 6.
Slide 20: Leasing activity at current portfolio
WHERE WE ARE NOW Leasing activity at current portfolio LDR Capital has leased over 14,000 sqm since being appointed as investment manager. Portfolio occupancy is currently at 93% For personal use only Garema Court WorkZone West 50 Cavill Avenue Recent • Extended whole-of-building tenant until May Re
Slide 21: Investment property valuations for year end FY26
WHERE WE ARE NOW Investment property valuations for year end FY26 A bottom-up review of valuations, accurately capturing the current state of the assets, upcoming vacancies, and realistic capex forecasts For personal use only $255.5m 7.64% $5,885 / sqm Investment portfolio value Investment portfolio
Slide 22: Where we are going
For personal use only SECTION 04 Where we are going LDR Capital Property Fund | ASX: LED | FY26 Results 22
Slide 23: We've engaged with investors to understand what they want
WHERE WE ARE GOING We’ve engaged with investors to understand what they want For personal use only • Our focus is on driving total return per security for investors. Enduring cashflows lead to Sustainable distributions + NTA growth = Total Return • Over time we believe consistent total returns will
Slide 24: The Fund vision: own essential properties that deliver enduring cashflows
WHERE WE ARE GOING The Fund vision is simple: own essential properties that deliver enduring cashflows to fund a sustainable distribution For personal use only What is an essential property? Deliver enduring cashflows An essential property has several of the following features: How we aim to deliver
Slide 25: Recycling legacy assets into essential properties
WHERE WE ARE GOING Recycling legacy assets into essential properties For personal use only 1 Phase One: Reposition 2 Phase Two: Deliver attractive total returns to investors Do the hard work Consistency and transparency to win investor support • Continue asset recycling, harvesting value from legacy
Slide 26: FY26 Financial Results
For personal use only SECTION 05 FY26 Financial Results LDR Capital Property Fund | ASX: LED | FY26 Results 26
Slide 27: FY26 FFO and AFFO breakdown
FY26 FINANCIAL RESULTS FY26 FFO and AFFO breakdown For personal use only $m FY26 FY25 Gross property income 49,555 57,938 COMMENTARY Rates, taxes and other outgoings (12,078) (12,619) Net property income 37,476 45,319 • FY26 FFO of $28.2m (6.93 cps) and AFFO of $7.3m (1.80 cps) Capital notes income,
Slide 28: Proforma balance sheet
FY26 FINANCIAL RESULTS Proforma balance sheet For personal use only Jun 26 Asset sales Post sales $m KEY MOVEMENTS Actual by 30 Sep proforma Cash 7.3 -- 7.3 • Cannon Hill sold and settled prior to 30 June 2026 Assets held for sale 125.2 (83.2) 42.0 • $125.2m assets held for sale as at 30 June 2026;
Slide 29: Capital management
FY26 FINANCIAL RESULTS Capital management Gearing to reduce to 29.3% following settlement of contracted asset sales For personal use only Jun 26 Post sales DEBT POSITION $m Actual proforma • Further $81.6m of debt to be permanently retired, with facilities Facility limit $210.9m $129.3m repaid by en
Slide 30: Outlook and summary
For personal use only SECTION 06 Outlook and summary LDR Capital Property Fund | ASX: LED | FY26 Results 30
Slide 31: Summary of FY26
OUTLOOK AND SUMMARY Summary of FY26 Repositioning of the Fund is well advanced and will continue through FY27 For personal use only • LDR Capital was appointed as Manager in February 2026 and NTA bridge: Dec 25 to Jun 26 $ per security1 immediately commenced a review 0.64 • A number of early milesto
Slide 32: What is happening in FY27
OUTLOOK AND SUMMARY What is happening in FY27 Capex and incentive burden is forecast at $12.5m in FY27. This is elevated due to the resetting of Garema Court and WorkZone West For personal use only • WorkZone West reset in late 2025 with the expiry of the whole-of-building tenant. New leases have be
Slide 33: Setting the conditions for success in subsequent years
OUTLOOK AND SUMMARY Setting the conditions for success in subsequent years LED will prioritise investment in the assets in FY27 to drive total return per security over the medium term For personal use only The reality of FY27 What we are doing about it Early wins already banked Capex and incentive
Slide 34: FY27 Guidance
OUTLOOK AND SUMMARY FY27 Guidance Repositioning of the Fund is well advanced and will continue through FY27. Distribution guidance reflects repositioning strategy For personal use only • Capex and incentives in FY27 to be funded by property cashflows and not debt 4.8 cents • Unlike previous years, d
Slide 35: Closing Remarks
CLOSING REMARKS For personal use only “Over the last six months the team and I have undertaken a deep dive into the performance of the Fund. We have presented these findings with full transparency for LED investors to have a crystal-clear picture of the Fund. As the largest investor, I share the imp
Slide 36: Appendix
For personal use only SECTION 07 Appendix LDR Capital Property Fund | ASX: LED | FY26 Results 36
Slide 37: LED Investment Properties
APPENDIX LED Investment Properties For personal use only LED Portfolio¹ 50 Cavill Avenue WorkZone West Garema Court Total Location Gold Coast, QLD Perth, WA Canberra, ACT Ownership (%) 100% 100% 100% 100% Valuation ($m) 123.0 92.5 40.0 255.5 NLA (sqm) 16,571 15,400 11,442 43,412 Valuation ($ psm) 7,
Slide 38: Income statement reconciliation to FFO
APPENDIX Income statement reconciliation to FFO For personal use only $’000 FY26 FY25 Funds from operations (FFO) 28,207 35,418 Share of profit / (loss) from equity accounted investment (217) (3,714) Fair value gain / (loss) on investment properties (28,738) (22,644) Fair value gain / (loss) on deri
Slide 39: Asset contributions to Portfolio AFFO
APPENDIX Asset contributions to Portfolio AFFO Decline in Portfolio AFFO from FY25 to FY26 reflects a reset of WorkZone West, whilst Garema Court contribution will significantly reduce in FY27 For personal use only Portfolio FFO to AFFO $m 46.3 47.2 45.2 37.5 36.0 35.9 32.8 32.3 19% 25.7 22% 17% 7%
Slide 40: Reconciling historical FFO to AFFO over the last five years
APPENDIX Reconciling historical FFO to AFFO over the last five years For personal use only $m FY22 FY23 FY24 FY25 FY26 Portfolio FFO 35.9 45.1 46.3 47.2 37.5 Harris Street Fund FFO 0.2 2.1 1.5 0.8 -- Interest from capital notes -- -- -- 3.0 4.7 Other income 0.9 0.1 0.1 0.3 0.3 Borrowing costs (4.2)
Slide 41: Historical FFO, AFFO and Distributions per security
APPENDIX Historical FFO, AFFO and Distributions per security For personal use only FFO, AFFO, and Distribution Cents per security 12.6 10.9 11.0 10.7 10.5 10.0 9.9 9.4 9.4 8.5 7.2 7.5 7.1 7.2 6.9 6.6 6.5 5.3 4.9 4.6 1.8 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FFO per unit AFFO per unit DPU LDR Capital Pr
Slide 42: Contacts
APPENDIX Contacts For personal use only Ryan Pittman Ben Vereb MANAGING DIRECTOR • FUND MANAGER INVESTMENT DIRECTOR • ASSISTANT FUND MANAGER EMAIL Ryan.Pittman@ldrcapital.com.au EMAIL Ben.Vereb@ldrcapital.com.au For media enquiries, please contact: John Hurst TRIBUNE PARTNERS PHONE 0418 708 663 LDR
Slide 43: Disclaimer
APPENDIX Disclaimer This presentation has been prepared by LDR Capital Pty Ltd (ABN 58 684 831 196) on behalf of Evolution Trustees Limited (ABN 29 611 839 519, AFSL 486217) ("Evolution Trustees") as Responsible Entity for LDR Capital Property Fund I (ARSN For personal use only 636 623 099) and LDR
LDR Capital Property Fund — FY2026 Earnings Presentation on 6ix