GARDA Property Group · ASX:GDF
GARDA Property — H1 FY2022 Earnings Presentation
27 slides from GARDA Property's earnings presentation, Feb 17, 2022
Slide 1: Half Year Results Presentation December 2021
For personal use only GARDA PROPERTY GROUP (ASX: GDF) HALF YEAR RESULTS PRESENTATION | December 2021
Slide 2: Disclaimer
DISCLAIMER For personal use only 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
Slide 3: Contents
For personal use only CONTENTS INTRODUCTION 4 Overview – Financial | Overview - Property HY22 HIGHLIGHTS 7 Valuations | NTA | Leasing | Acquisition INDUSTRIAL DEVELOPMENT PIPELINE 13 Capital Allocation | Timing PROPERTY 17 Metrics | Portfolio Overview FINANCE 20 Capital Management | FFO | Income Sta
Slide 4: Introduction
For personal use only INTRODUCTION 1-9 Kellar St, Berrinba
Slide 5: Group Overview: Financial Metrics
GROUP OVERVIEW FINANCIAL METRICS For personal use only Balance Sheet Return Profile $383 Million1 34% MARKET CAPITALISATION FY22 YTD TOTAL SHAREHOLDER RETURN $1.72 21% NTA PER SECURITY FY22 YTD RETURN ON EQUITY 36.1% 4.3%2 GEARING CURRENT DPU YIELD 4.6 times ~ 90% INTEREST COVER RATIO FY22 FORECAST
Slide 6: Group Overview: Property Metrics
GROUP OVERVIEW PROPERTY METRICS For personal use only Real Estate Platform Portfolio Metrics $562 Million1 5.6 Years PORTFOLIO VALUE WALE 17 94% PROPERTIES PORTFOLIO OCCUPANCY ~139,000m² 5.27% PORTFOLIO NLA PORTFOLIO CAP RATE ~150,000m² 3.2% ‘BUILD TO OWN’ DEVELOPMENT PIPELINE GFA FIXED ANNUAL RENT
Slide 7: HY22 Highlights
For personal use only HY22 HIGHLIGHTS 41 Bivouac Place, Wacol
Slide 8: Highlights: Key Outcomes to December 2021
HIGHLIGHTS KEY OUTCOMES TO 31 DECEMBER 2021 For personal use only 25 cents increase in NTA per security1 $67.7m increase in Portfolio Value2 $1.72 | 18.6% $558.9m | 14% NTA PER SECURITY PORTFOLIO VALUE $42m increase is debt facility headroom3 Melbourne Office Leasing4 $270m | 18.4% 7,034m² DEBT FACI
Slide 9: Property Performance
PROPERTY PERFORMANCE 14% INCREASE IN INDEPENDENT VALUATIONS For personal use only $67.7m 5.27% VALUATION UPLIFT CAP RATE ▪ GARDA’s active management, in conjunction with continued strong market fundamentals, continues to deliver securityholder value. ▪ GARDA completed a portfolio valuation program a
Slide 10: Net Tangible Assets
NET TANGIBLE ASSETS 18.6% INCREASE IN NTA PER SECURITY TO $1.72 AT 31 DECEMBER 2021 For personal use only $1.80 $0.32 $0.06 $1.70 $0.01 $1.72 $- $1.60 NTA ($) per Security $1.50 $1.45 $1.40 $1.30 $1.20 $1.10 $1.00 30-Jun-21 Net gain in fair value of Capital works Acquisition costs Interest rate swap
Slide 11: Leasing
LEASING STRONG LEASING OUTCOMES IN MELBOURNE OFFICE ASSETS For personal use only ▪ 7,034m² was leased or renewed in GARDA’s Melbourne office assets since July 2021 including: • 5,702m² - three year extension of Planet Innovation at Box Hill, now expiring in November 2030; • 702m² - new seven year le
Slide 12: Acquisition: Melbourne City-Fringe Office
ACQUISITION MELBOURNE CITY-FRINGE OFFICE For personal use only 8-10 Cato Street, Hawthorn East $22.0m $20.1m 6.00% INDEPENDENT VALUATION ACQUISITION PRICE CAP RATE Hawthorn East is a tightly held commercial and industrial suburb, located 7km by road south-east of the Melbourne CBD. The key feature o
Slide 13: Industrial Development
For personal use only INDUSTRIAL DEVELOPMENT
Slide 14: Build to Own Industrial Development Pipeline
‘BUILD TO OWN’ INDUSTRIAL DEVELOPMENT PIPELINE ~ 26,000M² OF IMMEDIATE DEVELOPMENT TO COMMENCE For personal use only INDUSTRIAL DEVELOPMENT PIPELINE GFA DELIVERY North Lakes 98,000 Wacol (Pin. East) 13,000 Richlands 13,000 Wacol (Pin. West) Bldg A 3,000 Acacia Ridge Stage 2 15,265 Wacol (Pin. West)
Slide 15: Capital Allocation and Timing
‘BUILD TO OWN’ INDUSTRIAL DEVELOPMENT PIPELINE CAPITAL ALLOCATION AND TIMING For personal use only ▪ Acacia Ridge - Stage 2 (15,265m²) and Building B Pinnacle West, Wacol (7,830m²) have been earmarked for speculative build in the short term. ▪ Richlands (~13,000m²) requires a final DA on building de
Slide 16: Status, Timing and Assumptions
‘BUILD TO OWN’ INDUSTRIAL DEVELOPMENT PIPELINE STATUS, TIMING AND ASSUMPTIONS For personal use only Property NLA (m²) DA Status DA timing Project Start Term Estimate Capital Required Pinnacle West – Wacol (Bldg B) 7,830 Building approved Approved Apr-22 7.5 mths $9m Acacia Ridge Stage 2 15,265 Build
Slide 17: Property Portfolio
For personal use only PROPERTY PORTFOLIO Botanicca 9, Richmond
Slide 18: Total Property Overview
TOTAL PROPERTY OVERVIEW For personal use only Sector (by Value) Geography (by value) Top 10 Tenants Tenant Property Gross Income (%) 48% J Blackwoods & Sons Mackay 9.7% Planet Innovation Box Hill 9.5% 42% Volvo Group Wacol 9.1% Komatsu Morningside 6.7% 46% Golder Associates Botanicca 7 6.4% 6% Pinke
Slide 19: Integrated Commercial and Industrial Property Platform
PROPERTY PORTFOLIO INTEGRATED, COMMERCIAL AND INDUSTRIAL PROPERTY PLATFORM For personal use only 19
Slide 20: Finance
For personal use only FINANCE 41 Bivouac Pl, Wacol
Slide 21: Capital Management
CAPITAL MANAGEMENT STRONG CASH POSITION AND DEBT FACILITY HEADROOM For personal use only Key Debt Metrics – 31 December 2021 Total debt facilities $270 million ▪ Strong cash position with $20.1 million at 31 December 2021. Drawn Debt $228 million ▪ On 22 December 2021, GARDA secured a $42.0 million
Slide 22: Funds from Operations
FUNDS FROM OPERATIONS1 For personal use only 31 Dec 31 Dec 2021 2020 $000 $000 Net profit after tax 64,739 10,440 Adjustments for non-cash items included in net profit after tax: Valuations – (deduct increases) / add back decreases: Investment properties (54,242) (3,052) Derivatives (2,887) (237) As
Slide 23: Income Statement
INCOME STATEMENT For personal use only 31 Dec 31 Dec 2021 2020 $000 $000 Revenue Revenue from ordinary activities ❶ 15,723 15,280 ❶ Revenue increased by approximately $0.5 million, largely due to: Other income 35 225 • Leases commencing following development, positive leasing Net gain in fair value
Slide 24: Balance Sheet
BALANCE SHEET For personal use only 31 Dec 30 Jun 2021 2021 $000 $000 Current assets Cash and cash equivalents 20,093 15,534 ❶ Industrial asset located at Heathwood, QLD, independently valued at Receivables and other assets 5,299 3,723 $17.8 million, was held for sale at balance date. Assets held fo
Slide 25: Guidance: Outlook for FY22
GUIDANCE OUTLOOK FOR FY22 For personal use only Operational Focus ▪ Begin demolition of the existing improvements at 38 and 56 Peterkin Street, Acacia Ridge to allow stage 2 construction to commence, delivering approximately 15,000m². ▪ Advance town planning and receive relevant approvals at North L
Slide 26: Glossary: Definitions and Explanations
GLOSSARY DEFINITIONS AND EXPLANATIONS For personal use only Item / Term Definition / Explanation Calculated as the FY22 forecast distribution rate of $0.072 per security divided by GARDA’s ASX 16 February 2021 opening price of $1.685 FY22 Current DPU Yield per security. Gearing Calculated as total a
Slide 27: 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
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