GARDA Property Group · ASX:GDF
GARDA Property — Merger or Acquisition (October 2026)
20 slides from GARDA Property's merger presentation, Oct 22, 2026
Slide 1: Portfolio Divestment Portfolio Sale
GARDA rsonal use only PROPERTY GROUP REAL ESTATE PORTFOLIO DIVESTMENT PORTFOLIO SALE 21 OCTOBER 2026 A capital allocation decision positioning Garda as a lending-led real estate investor.
Slide 2: The Property Transactions
rsonal use only The Property Transactions 1
Slide 3: Monetising property value
PORTFOLIO TRANSACTIONS Monetising property value In addition to the Heathwood and Pinkenba divestments, Garda has agreed to divest its remaining seven property assets to a Charter Hall managed fund for $300.0 million (together, the Transactions). rsonal use only A deliberate capital allocation decis
Slide 4: Transactions reset Garda's balance sheet and earnings profile
Transactions reset Garda’s balance sheet and earnings profile A simplified, lending-focused platform with substantial liquidity and upgraded earnings guidance The transactions change the mix of Garda’s assets, not its core competency: allocating capital into real estate opportunities where Garda has
Slide 5: FY27 Financial Outcomes
FY27 Financial Outcomes Attractive post portfolio divestment metrics, with NTA per security backed by cash, loan receivables and a 39% increase in FY27 distributions per security. rsonal use only FFO PER SECURITY DISTRIBUTIONS PER SECURITY PAYOUT RATIO 12.5 cps 12.5 cps 100.0% PRE-TRANSACTION PRE-TR
Slide 6: Pathway from announcement to completion
TRANSACTION TIMETABLE Pathway from announcement to completion Four sale transactions are expected to produce total gross settlement proceeds of $350.8 million rsonal use only 28 September 2026 29 September 2026 19 October 2026 Transactions 3 & 4: Transaction 1: Transaction 2: Portfolio sale to Chart
Slide 7: Transaction proceeds and capital capacity
PRO FORMA Transaction proceeds and capital capacity A single pro forma view of settlement adjustments and available capital rsonal use only $300.0 million $50.2 million ($7.0) million ($4.1) million $337.6 million MORNINGSIDE CHARTER HALL SALE OTHER DIVESTMENTS OUTSTANDING INCENTIVES NET PROCEEDS AF
Slide 8: Pro forma Balance Sheet
Pro forma Balance Sheet ($000 unless otherwise stated) Jun-26 Group Jul-Sep Sep-26 Group Morningside Charter Hall Heathwood sale Pinkenba sale Morningside sale Pro Forma Group Consol movements Consol completion portfolio sale Current assets Cash and cash equivalents 18,280 6,939 25,219 (916) – 43,24
Slide 9: Proceeds, tax cost base and capital gain
Proceeds, tax cost base and capital gain Garda intends to pay special distributions totaling 9.8 cents per security to assist with capital gain outcomes TOTAL CONTRACT VALUE NET SALE PROCEEDS GROSS CAPITAL GAIN GROSS GAIN PER SECURITY NET GAIN PER SECURITY $350.8 million $337.6 million $90.7 million
Slide 10: Why sell now?
RATIONALE Why sell now? Ability to crystalise value at near carrying value in a market with significant uncertainty ahead: persistent inflation, elevated bond yields, weakening economic growth and rental growth requirements well beyond current market evidence. rsonal use only 01 The macro repricing
Slide 11: What Garda looks like after the transaction
FUTURE STATE What Garda looks like after the transaction A lending-led real estate investment platform with balance-sheet flexibility rsonal use only Primary REAL ESTATE LENDING CORE IDENTITY Earnings Lending becomes the Groups primary activity. Engine Real estate capital allocator DIRECT PROPERTY O
Slide 12: Future capital deployment
DEPLOYMENT Future capital deployment Four capital deployment pathways rsonal use only CAPITAL PROPERTY COMMITTED MANAGEMENT NEW LENDING OPTIONALITY Committed lending Securities buy-back New lending Direct property and development Originate residential and industrial lending Fund contracted and Acqui
Slide 13: Lending
rsonal use only GARDA Lending 12
Slide 14: Lending: Real estate expertise
Lending: Real estate expertise THE GARDA DIFFERENCE Garda originates, structures and underwrites project funding for real estate projects Not just capital Expertise and rsonal use only 01 02 03 understanding Real Estate Expertise Enabling Capital Whole of Project Funding As an owner and developer of
Slide 15: Lending: risk composition
Lending: risk composition 74% of the loan book at senior debt style LVR levels % in band cumulative Corporate / Group Level rsonal use only 13% 100% ~26% of committed loan Why the platform can scale Early Stage / Pref. Equity book is in early 4% 87% stage and/or ✓ Deep local origination relationship
Slide 16: Loan Book Overview
Loan Book Overview Borrower LVR Group Location Sector Loan Limit LVR Facility Comment Project Progress (post sales) 1 East Brisbane Residential $376,250 65% 65% Single facility Top of a $5.2m senior facility Affordable rental facility Plan sealing and titling now 2 Brisbane Residential $12,985,000 9
Slide 17: Our Team: Board of Directors
Our Team Board of Directors rsonal use only Matthew Madsen Paul Leitch Andrew Thornton Oliver Talbot Lachlan Davidson Executive Chairman Independent Director Non-Executive Director Non-Executive Director Company Secretary and General Counsel +30 years in real estate and funds Institutional investmen
Slide 18: Our Team: Key Corporate and Commercial Executives
Our Team Key Corporate and Commercial Executives rsonal use only David Addis Paul Brown Mark Scammells Paul Lohr Paul Wood Chief Operating Officer Head of Treasury and Director, Projects Head of Asset Management Head of Lending Investor Relations and Acquisitions ~35 years in corporate finance and +
Slide 19: Disclaimer
Disclaimer 01 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 Diversifi
Slide 20: rsonal use only
rsonal use only Level 21, 12 Creek Street W gardaproperty.com.au Brisbane QLD 4000 E info@gardaproperty.com.au GPO Box 5270 P +61 7 3002 5300 Brisbane QLD 4001 19
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