GDI Property Group · ASX:GDI
GDI Property — Shareholder Meeting (November 2024)
26 slides from GDI Property's shareholder meeting presentation, November 2024
Slide 1: Managing Director & CEO's Presentation AGM 7 November 2024
Madebinell Director & CEO’s Presentation | AGM 7** November 2024
Slide 2: 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). Shares in GDI Property Group Limited are stapled to units in GDI P
Slide 3: Contents
Contents 01 02 O38 REFLECTING ON 2024 FINANCIAL SNAPSHOT OUR POINT OF Acknowledgement of Country 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 DIFFERENCE Abor
Slide 4: Focus is on executing strategy
Focus is on executing strategy > 2024 was another strong year for leasing Boosted property FFO - positioned for growth Paid a cash distribution of 5c per security in accordance with strategy Commenced recycling of non-core assets Positioned to undertake staged growth in the portfolio Continued to fo
Slide 5: Financial Snapshot
$0.63 SECURITY PRICE c. $338m MARKET CAP 02 All assets were independently valued during FY24 Weighted average capitalisation rate of 6.6% Average rate/sqm of NLA of $8,019! Growing FFO per security indicative of strong leasing outcomes and full year contribution from the Co-living JV, notwithstandin
Slide 6: Our Point of Difference
GDI represents Office building total return specialist Perth exposure - Core CBD Vv > > Syndication funds business > Co-living JV, car parks and car dealerships exposure Our point of difference > Focussed team (c. 1 person per $24m of market cap) > Active with key skills in leasing, development, acq
Slide 7: How We Create Value: The GDI Business Model
Entering and exiting markets and recycling our capital To maximise to property repositioning or reuse opportunity Counter cyclical approach anchored by replacement cost and retum criteria & 4 G 6 a ° . ° Short tarm and long- term goals that match ‘our objectives Results Buildings with good bones off
Slide 8: Property Portfolio Overview
Independent valuation Carrying Value Details Date $m Gp ~ sia a 141 St Georges Terrace, Perth (WS1) 31/12/23 379.0 6.00 385.2 371.0 4 143 St Georges Terrace, Perth (WS2) 31/12/23 94.0 6.50 99.1 90.0 4 197 St Georges Terrace, Perth 31/12/23 205.0 7.25 209.5 212.8 ¥ 5 Mill Street, Perth 31/12/23 54.0
Slide 9: Property Portfolio Key Statistics
Weighted average lease expiry as at 30 June 2024! Key Statistics as at 30 June 2024 } Occupancy! WALE’ 100% Weighted average capitalisation j ; rate? fs 80% Eo Average value psm? Total NLA (sqm)? 60% sf 1. Excludes 1 Mill Street but includes the showrooms in the Autoleague two Perth CBD carparks, uy
Slide 10: Diversified Tenant Base, Underpinned by Government Covenant
GDI Occupied Area (Wholly Owned) as at 30 June 2024 @ Primus Telecommunications Pty Ltd - 1.22% 100% @ Princebrook Pty Ltd - 1.22% @ Laing O'Rourke Australia - 1.22% 90% @ Insight Enterprise - 1.22% @ Paladin Energy - 1.22% @ Yangibana / Hastings - 1.22% 80% @ Virgin Australia - 1.26% lm Navitas - 1
Slide 11: Delivering on Strategy: Leasing, Refinancing, Legacy Issues
Leasing Refinancing Removal of Legacy Issues Leased or renewed over 37,000sqm of office space, including all but filling both Westralia Square and WS2, most notably with a combined 16,347sqm lease and lease extension to the Minister of Works for over 10 years at Westralia Square Completed additional
Slide 12: Delivering on Strategy: Our Scorecard
Board Renewal Co-Living JV Asset Management Recycling Positioned for Growth > Renewed the Board by appointing two new highly qualified Directors following the retirement of Gina Anderson in April 2024 Successfully navigated the first full year of operations of the Co-living JV, making a small additi
Slide 13: Leasing Momentum Continues
Leasing Momentum Continues > > > > Signed over 10,000m? of office leases and HOA's since year end Signed HOA over industrial lease for over 10,000m? Leasing momentum continues with active office enquiry and engagement across portfolio Relentless focus on leasing outcomes Spec Fitout Strategy > > Ear
Slide 14: Register Changes, Board Changes, Distribution Guidance
Register Changes > Left the REIT 300 Index > Welcomed a number of new shareholders, in particular one large small cap investor with c. 7.4% > Turnover of various index and quant related funds, providing greater stability Board Changes > John Tuxworth retired, and Patria Mann and Susan Hilliard joine
Slide 15: Perth Market Key Trends
> Positive net absorption continues +12,000sqm Q2, 2024 and 2,860sqm a Q3, 2024 =, Mi Overall vacancy of 15.7% ; , > Last twelve month A grade absorption of +74,000sqm compared to only 2,252sqm in Premium, reflecting shift in dynamic from ‘flight to quality’ to ‘flight to value’ Vv seal ad > Leasing
Slide 16: Perth Market: WA Economy
IY een GSP Growth GROSS STATE PRODUCT AVG. OVER 4 YEARS Gross State Product (GSP) growth forecast to average 1.8% over the next four years. / () Or Exports % OF AUSTRALIAN EXPORTS Exports from WA represent 46% of all Australian merchandise exports. PUR Trl Employment Growth TO 2031 Total employment
Slide 17: Perth strongest performing office market over last two years
The Perth market has been the strongest performing office market over the last two years to 30 June 2024 120.0 100.0 80.0 60.0 40.0 20.0 0.0 (,000sqm) -20.0 -40.0 -60.0 -80.0 -100.0 Adelaide CBD Brisbane CBD Melbourne CBD Perth CBD Sydney CBD *Net absorption for Perth CBD would have been 108,700 sqm
Slide 18: Perth CBD Enquiry Volume
Perth CBD Enquiry Volume mVolume (Sqm) © Number (RHS) 140,000 120,000 ° fe) 100,000 O ° ° ° © O ° ° 80,000 4 o_o ° 60,000 ° 40,000 20,000 - 0 1020 3020 1021 3021 1022 3022 1023 3023 1024 Perth CBD Physical Office Utilisation(%) vs Sublease (sqm) Return to Office Indicator - CBRE — Sublease Availabil
Slide 19: Property Division FFO higher than previous corresponding period
Property Division FFO' higher than previous corresponding period > FFO contribution from Westralia Square and WS2 of $23.7 million, up from $18.1 million from the prior year > Contribution from both assets will continue to grow as leases commence at WS2 > At Mill Green, FFO contribution was lower at
Slide 20: Principal Facility drawn to $347.3 million
As at 30 June 2024, Principal Facility drawn to $347.3 million with undrawn debt of $49.1 million 30 June 2024 Maturity Facility Utilised Unutilised Secured Date $'000 $'000 $'000 , Syndicated Facility 4 Pe i : /, N Tranche A Yes December 2026 346,500 322,331 24,169 r 4 ‘| n Tranche B Yes December 2
Slide 21: Property Portfolio: Valuation Date December 2023
Valuation Date 31 December 2023 WS2, Perth 31 December 2023 St Georges Tce, Perth 31 December 2023 5 Mill Street, Perth 31 December 2023 Valuation ($m) 379.0 94.0 205.0 54.0 Carrying Value ($m) 385.2 99.1 209.5 53.9 NLA (sqm) 32,618.7 9,472.6 26,126 7,148 Value ($/sqm) 10,6199 9,923.4 7,846.5 7,554.
Slide 22: Property Portfolio: Mill Street, Hay Street, Murray Street, Wellington Street
Mill Street, Perth 80 Hay Street, Perth Murray Street, Perth 1 Wellington Street, Pert Valuation Date 31 December 2023 31 December 2023 31 December 2023 31 December 2023 Valuation ($m) 38.3 18.8 42.9 24.4 Carrying Value ($m) 38.3 18.8 43.1 24.4 NLA (sqm) 6,648 4,927 - - Value ($/sqm) 5,761 3,805 : :
Slide 23: Autoleague WA and Stanley Place, Townsville
Autoleague WA Stanley Place, Townsville | LiL iidf SEEMEOLLLS- 4 gZ Z ] = BEER: Fa ay | gp Valuation Date 31 December 2023 2 April 2024 Valuation ($m) 140.57 43.50 Carrying Value ($m) 140.50 43.50 NLA (sqm) n/a 12,820 Value ($/sqm) 3,393 Discount Rate (%) 7.263 8.50 Capitalisation rate (%) 6.443 8.0
Slide 24: Unlisted fund asset updates
IKEA GDI No. 43 Property Trust Council approval to remove both the road easement and the fixed term right of use provides IKEA with the opportunity for long-term tenure and building improvements UGL Portfolio GDI No. 38 Diversified Property Trust UGL exercised the first of its two 5-year options of
Slide 25: Co-Living JV: Newman, South Hedland and Norseman
Co-Living | Newman, South Hedland and Norseman > Repositioning of South Hedland has improved occupancy, client mix and revenues Completed acquisition of Newman and commenced repositioning Consideration of benefit of additional rooms at South Hedland Norseman tenant, Pantoro recapitalised +$100 milli
Slide 26: GDI Property Group
GDI PROPERTY GROUP
GDI Property Group — Shareholder Meeting (November 2024) on 6ix