GARDA Property Group · ASX:GDF
GARDA Property — FY2025 Earnings Presentation
30 slides from GARDA Property's earnings presentation, Jul 30, 2025
Slide 1: FY25 Financial Results Presentation
For personal use only FY25 Financial Results Presentation | 30 July 2025 GARDA PROPERTY GROUP (ASX: GDF)
Slide 2: Disclaimer
DISCLAIMER This presentation (Presentation) has been prepared on behalf of Garda Property Group (GDF or Group or Garda), comprising Garda Holdings Limited (GHL) and its controlled entities and Garda Capital Limited (ACN 095 039 366) (AFSL 246714) (GCL) as responsible entity of the Garda Diversified
Slide 3: Overview
For personal use only OVERVIEW Pinnacle West, Wacol
Slide 4: Group Strategy
GROUP STRATEGY HOW GARDA ALLOCATES CAPITAL IN REAL ESTATE INVESTMENT For personal use only Garda allocates capital to develop, own or lend within its preferred real estate sectors. “Develop to own” Provide debt capital to external developers Acquire established real estate if more compelling than “d
Slide 5: Group Overview
GROUP OVERVIEW For personal use only 30 JUNE REAL ESTATE 2025 PLATFORM | POST ASSET SALES $522 million $332 million Internally managed REIT with predominantly south-east PROPERTY PORTFOLIO PROPERTY PORTFOLIO Queensland exposure. 4.2 year 4.5 year WALE A proven active approach, including a successful
Slide 6: Key Metrics Post Asset Sales
KEY METRICS POST ASSET SALES SIMPLIFIED BALANCE SHEET PROVIDES OBSERVABLE ADVANTAGE OVER PEERS A Gearing (%) Portfolio value $332 million 43% 39% 34% For personal use only 28% Gearing1 PRO FORMA 14.7% 15% LVR1 PRO FORMA 23.6% Peer 1 (Ind.) Peer 2 (Ind.) Garda Peer (Ind./Off.) Peer 4 (Off.) B FY26 DP
Slide 7: Garda Historical Performance
GARDA HISTORICAL PERFORMANCE PAYOUT RATIO HAS NORMALISED WITH ASSET SALES TO DRIVE GEARING LOWER 1 Gearing 2 NTA per security For personal use only $2.05 43% $1.96 38% $1.71 36% 36% 37% $1.61 34% $1.45 $1.18 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 3 Payout Ratio 4 WALE 105% 5.6 5
Slide 8: FY25 Operational Outcomes
FY25 OPERATIONAL OUTCOMES ASSET SALES CONCENTRATE PROPERTY OWNERSHIP TO BRISBANE INDUSTRIAL For personal use only North Lakes Cairns office 15,287m² of Increased capital industrial land sale sale NLA leased allocation to lending In January 2025, an on-market An active period of leasing, with In Octo
Slide 9: ASX Trading: Garda's Real Value
ASX TRADING: GARDA’S REAL VALUE CONTINUED DISCONNECT BETWEEN NTA AND SECURITY PRICE Garda’s independently valued industrial portfolio has a weighted average cap rate of 5.9%. At an ASX trading price of $1.27, Garda’s implied cap rate is 7.4%, with a 21% discount to NTA per security of $1.61, and a 6
Slide 10: Finance
For personal use only FINANCE 41 Bivouac Pl, Wacol
Slide 11: Net Tangible Assets Reconciliation
NET TANGIBLE ASSETS RECONCILIATION Increase Decrease Total For personal use only $1.80 $1.71 $1.70 -$0.03 $0.01 -$0.02 $1.61 -$0.02 -$0.01 $1.60 -$0.03 $1.50 $0.34 (21%) Discount to NTA $1.40 $1.30 $1.27 $1.20 $1.10 $1.00 Bldg B, Pinnacle West, Wacol 11
Slide 12: Funds From Operations (FFO)
FUNDS FROM OPERATIONS (FFO) FY25 FY24 $000 $000 For personal use only Net loss after tax (6,111) (42,926) Adjustments for non-cash items and one-off items: Valuations – (deduct increases) / add back decreases: Investment properties 13,635 39,295 Derivatives 5,291 3,385 Asset disposals – (deduct gain
Slide 13: Capital Management
CAPITAL MANAGEMENT Key Debt Metrics 30 June 2025 Ex. North Lakes Ex. Cairns For personal use only Expected debt facility limit $270.0 million ~ $200 million ~ $170 million ▪ The syndicated debt facility was drawn to $269.9 million at 30 June 2025, with $24.1 million in cash available for Drawn debt
Slide 14: Income Statement
INCOME STATEMENT FY25 FY24 $000 $000 For personal use only Revenue Rental and recovery revenue ❶ 24,405 27,129 Interest and lending revenue ❷ 7,697 3,647 Other income 715 674 Net gain on sale of investment property 11 - Total revenue and other income 32,828 31,450 Expenses Bldg A, Pinnacle West, Wac
Slide 15: Balance Sheet
BALANCE SHEET 30 Jun 2025 30 Jun 2024 $000 $000 For personal use only Current assets Cash and cash equivalents 24,136 17,002 Trade and other receivables 40 150 Financial assets ❶ 22,202 26,177 Investment properties held for sale ❷ 191,411 13,298 Other assets 1,964 741 Derivative financial instrument
Slide 16: Property Portfolio
For personal use only PROPERTY PORTFOLIO 56-72 Bandara St, Richlands
Slide 17: Property Portfolio
PROPERTY PORTFOLIO SOUTH-EAST QUEENSLAND INDUSTRIAL PORTFOLIO Geography and Sector (by Value) For personal use only Cairns / Office Brisbane / Industrial 15% 109-135 Boundary Road, North Lakes 70-82 Main Beach Road, Pinkenba 85% 326 & 340 Thynne Road, Morningside Gross 38, 56, 69 Peterkin Street, Ac
Slide 18: Valuation Overview
VALUATION OVERVIEW 5.86% 8.37% 6.35% INDUSTRIAL CAP RATE CAIRNS CAP RATE PORTFOLIO CAP RATE For personal use only ▪ Seven of 11 properties were independently valued in June 2025 for the purposes of the Valuation Property Sector Valuation Cap Rate financial reporting. Date ($m) (%) ▪ Despite softenin
Slide 19: Lease Expiry Profile
LEASE EXPIRY PROFILE NEGLIGIBLE FY26 EXPIRY WITH ~ $3.5 MILLION UPSIDE FROM ACACIA RIDGE LEASING ▪ FY25 was an active year, with 15,287m² of NLA either renewed or leased, including: For personal use only ▪ Tasman KB signing a two-year, 6,262m² lease at 69 Peterkin Street, Acacia Ridge, at a face ren
Slide 20: Capital Transactions – North Lakes
CAPITAL TRANSACTIONS – NORTH LAKES Acquired for $16.0 million in May 2021, Garda has invested a further $39.9 million creating 25ha of estate quality land. For personal use only Construction completed in July 2025. Settlement of the $113.635 million sale contract to an ESR managed fund is expected d
Slide 21: Capital Transactions – Cairns
CAPITAL TRANSACTIONS – CAIRNS ▪ Halpin Property Group has a call option to acquire Cairns Corporate Tower for $77.5 million. For personal use only ▪ The call option can be exercised by 19 August, with settlement expected to occur during September 2025, with the net sale proceeds used to repay debt.
Slide 22: Lending
For personal use only LENDING
Slide 23: Real Estate Lending
REAL ESTATE LENDING ENHANCED RETURNS FROM INCREASED ALLOCATION TO LENDING ▪ Garda originates, structures and underwrites debt funding for real estate projects, predominantly focused on the For personal use only residential and industrial sectors in south-east Queensland. ▪ Loans are typically provid
Slide 24: Real Estate Lending
REAL ESTATE LENDING ENHANCED RETURNS FROM INCREASED ALLOCATION TO LENDING ▪ Garda is the enabling capital for borrowers’ projects, underwriting full project finance, taking early and higher leverage positions and then assigning lower leverage senior debt participation in the single security structur
Slide 25: Real Estate Lending
REAL ESTATE LENDING ENHANCED RETURNS FROM INCREASED ALLOCATION TO LENDING Exposure across the capital stack including senior Attractive double-digit returns have been achieved. and junior positions. For personal use only Predominantly construction funding. Targeted loans term of approximately 12-18
Slide 26: Loan Book Overview
REAL ESTATE LENDING LOAN BOOK OVERVIEW Garda continues to deploy capital into and increase revenue from lending activities. Deployed capital has increased to $44.0 million at June 2025, across 14 loans. For personal use only 11.4 MONTHS $65.1 MILLION $54.8 MILLION FY25 FCST WEIGHTED LOAN TERM (BY LI
Slide 27: Guidance
For personal use only GUIDANCE 38-56 Peterkin Street, Acacia Ridge
Slide 28: FY26 Guidance
FY26 GUIDANCE 11% RISE IN FY26 DISTRIBUTIONS PAYABLE, TO 8.0 CENTS PER SECURITY. 9.1 cps 1.9 cps | 26% FY26 FFO INCREASE ON FY25 FFO For personal use only 8.0 cps 0.8 cps | 11% FY26 DISTRIBUTIONS INCREASE ON FY25 INCOME RETURN ~ 90% FY26 FORECAST PAYOUT RATIO 38-56 & 69 Peterkin Street, Acacia Ridge
Slide 29: Glossary
GLOSSARY DEFINITIONS AND EXPLANATIONS Item / Term Definition / Explanation For personal use only Funds from Operations is the Group’s underlying and recurring earnings from its operations. It is determined by adjusting statutory net profit FFO (under AIFRS) for certain non-cash and other one-off ite
Slide 30: For personal use only
For personal use only w: gardaproperty.com.au e: info@gardaproperty.com.au Level 21, 12 Creek Street, Brisbane QLD 4000 p: +61 7 3002 5300 GPO Box 5270, Brisbane QLD 4001