Gdi Property Group · ASX:GDI
Gdi Property — H1 FY2021 Earnings Presentation
24 slides from Gdi Property's earnings presentation, Feb 22, 2021
Slide 1: GDI Property Group Half year results presentation
GDI PROPERTY GROUP Half year results presentation 22 February 2021
Slide 2: 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). Shares in GDI Property Group Limited are stapled to uni
Slide 3: A solid start to FY21 – Development and capital markets
A solid start to FY21 – Development and capital markets WS2, Perth 1 Mill Street, Perth 180 Hay Street, Perth Architectural drawings only Architectural drawing only DA approved DA lodged with planning authority for Settled July 2020, with an immediate uplift approval in value from the purchase
Slide 4: A solid start to FY21 - Leasing
A solid start to FY21 - Leasing Westralia Square, Perth 50 Cavill Ave, Surfers Paradise Level 11 leased to Cash Converters for Major tenant extended for five years and 10 years is currently negotiating to double its Level 12 under a heads of agreement occupancy for a new 6.5 year lease commenc
Slide 5: But still a lot more to do…
But still a lot more to do… Leasing Significant leasing opportunities remain at 1 Adelaide Terrace, Perth (GDI No. 36 Perth CBD Trust) 180 Hay Street, Perth Westralia Square, Perth 235 Stanley Street, Townsville (GDI No. 42 Office Trust) 5 Mill Street, Perth Capital markets Continue to
Slide 6: Financial Results
FINANCIAL RESULTS 50 CAVILLEQUITY LINKING AVE, SURFERS PARADISE TO PERFORMANCE 5
Slide 7: Summary
Summary $0.03 decrease due mainly to: NTA – $1.27 per security Reduction in value of 197 St Georges Terrace ($-21.0 million) Maintenance of distribution during leasing transition period FFO of 2.6 cents per security Significantly lower per security during leasing transition period Maintain
Slide 8: Contributors to FFO and AFFO
Contributors to FFO and AFFO Dec 20 Dec 19 Property Division FFO significantly lower than previous corresponding period $’000 $’000 Wrote off all rent waived in the period due to COVID-19 ($215,000) Property Division FFO 16,253 27,033 – Total written off due to COVID-19 now $733,000 ($518,000 pr
Slide 9: Balance sheet remains in a strong position
Balance sheet remains in a strong position Dec-20 Jun-20 Pro forma for post balance sheet events $'000 $'000 Current assets Cash and cash equivalents 7,106 10,100 Non-current assets held for sale 102,156 102,240 Other assets 18,865 14,500 Total current assets GDI No. 42 Office Trust (Stanley Place)
Slide 10: Debt profile and interest rate hedging
Debt profile and interest rate hedging As at 31 December 2020, drawn debt on the Principal Facility of $152.8 Board hedging policy gives management more flexibility around hedging, million and undrawn debt of $52.2 million particularly when drawn debt is <$100.0 million Increase of drawn debt
Slide 11: Property Portfolio
PROPERTY PORTFOLIO MILL GREEN, LINKING PERTH EQUITY TO PERFORMANCE 10
Slide 12: Perth market map of CBD buildings
Elizabeth Quay Treasury 11 Exchange Plaza St Martins Tower Allendale Square BCG Centre 100 SGT 108 SGT Quadrant 140 SGT Brookfield Place 2 Convention Centre BHP Alluvion Forrest Centre 225 SGT 240 St Georges Terrace Bishop C Perth market LINKING EQUITY TO PERFORMANCE QV1 (Chevron) New Woodside
Slide 13: Portfolio strategically weighted towards Perth
Portfolio strategically weighted towards Perth WA Consumer sentiment index at 10-year highs Private infrastructure projects pipeline by state 120 250 110 200 100 AUD Billions 90 150 80 70 100 60 50 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-
Slide 14: Portfolio overview
Portfolio overview Westralia Square, Perth 197 St Georges Terrace, 5 Mill Street, Perth 1 Mill Street, Perth Perth Valuation date 31 December 2020 31 December 2020 31 December 2020 31 December 2020 Valuation $345.00 million $230.00 million $56.00 million $40.00 million Carrying value $345.00 million
Slide 15: Portfolio overview
Portfolio overview 50 Cavill Ave, Surfers 180 Hay Street, Perth IDOM Portfolio, Perth 235 Stanley Place, Townsville Paradise Valuation Date 30 June 2020 31 July 2020 31 December 2020 31 December 2020 Valuation $101.00 million $15.00 million $105.85 million $51.5 million Carrying Value $100.92 millio
Slide 16: 1 Mill Street, Perth
1 Mill Street, Perth Development application submitted for the construction of a new 45,000sqm NLA office building including precinct upgrade to 5 Mill Street and 197 St Georges Terrace Demolition approval granted in December 2020. Demolition works anticipated to commence in first half of 2021 w
Slide 17: Development Approval granted for new office building on WS2
WS2 Development Approval granted for new office building on surplus land Development scope includes for new 9,000sqm NLA timber/steel hybrid office building (WS2) and full precinct public realm upgrade to existing office building (WS1) Construction anticipated to commence around June 2021 To
Slide 18: Funds Management
FUNDS MANAGEMENT 235 STANLEY LINKING STREET, EQUITY TOWNSVILLE TO PERFORMANCE 17
Slide 19: Funds Management business
Funds Management business GDI No. 29 Office Trust GDI No. 42 Office Trust Originally a two-asset fund, now only holding 10 strata Originally a two-asset fund with similar asset suites in 251 Adelaide Terrace management plans 100 of the 112 strata suites sold with investors receiving Now only
Slide 20: Appendix
APPENDIX WESTRALIA SQ ‐ TO LINKING EQUITY 141PERFORMANCE ST GEORGES TCE 19
Slide 21: Profit or Loss
Profit or Loss GDI Trust Dec 20 Dec 19 Dec 20 Dec 19 $'000 $'000 $'000 $'000 Revenue from ordinary activities Property income 24,606 35,103 24,709 35,123 Funds management income 1,322 1,064 - - Interest revenue 53 45 49 40 Other income 56 - 18 - Total revenue from ordinary activities 26,037 36,212 2
Slide 22: NPAT to AFFO
NPAT to AFFO GDI 31 December 2020 31 December 2019 $’000 $'000 Total comprehensive income for the period 10,476 59,546 Acquisition expenses and discontinued acquisition 823 - Contribution resulting from consolidated trusts (4,295) (2,297) Distributions / funds management fees received from consolida
Slide 23: Property by property information
Property by property information Dec 20 Dec 19 Dec 20 Property $m $m $m Incentives Maintenance and lease IFRS NPI2 FFO IFRS NPI2 FFO Capex spent capex spent costs 1 Mill Street 5 Mill Street 0.5 197 St Georges Terrace 0.3 1.9 Mill Green, Perth 6.2 8.9 7.6 10.0 0.3 2.3 Westralia Square, Perth 0.6 4.0
Slide 24: Linking Equity to Performance
LINKING EQUITY TO PERFORMANCE 23