GARDA Property Group · ASX:GDF
GARDA Property — Garda Diversified Property Fund — FY2015 Earnings Presentation
25 slides from GARDA Property's earnings presentation, Aug 28, 2015
Slide 1: 2015 Full Year Results Presentation
GARDA INSERT DIVERSIFIED TITLE HERE PROPERTY FUND For personal use only 2015 FULL YEAR RESULTS PRESENTATION 28 AUGUST 2015 1 | GARDA DIVERSIFIED PROPERTY FUND 2015 FULL YEAR RESULTS PRESENTATION
Slide 2: Contents
CONTENTS For personal use only GARDA DIVERSIFIED PROPERTY FUND (GDF) 3 PORTFOLIO SUMMARY – DIVERSIFICATION 12 GDF HIGHLIGHTS 4 PORTFOLIO SUMMARY – LEASING 13 PORTFOLIO SUMMARY – AT RISK INCOME 14 01 FINANCIAL RESULTS PORTFOLIO SUMMARY – TENANT BASE 15 RESULTS OVERVIEW 6 CAPITAL MANAGEMENT 7 03 PORTF
Slide 3: Garda Diversified Property Fund (GDF)
GARDA DIVERSIFIED PROPERTY FUND (GDF) 07 $1.028 $140.7M 8.9% 94% For personal use only ASSETS NTA PER UNIT PORTFOLIO VALUE WEIGHTED AVERAGE OCCUPANCY CAP RATE 30% LVR 45,088M2 NLA 3.3YRS WALE 3 | GARDA DIVERSIFIED PROPERTY FUND 2015 FULL YEAR RESULTS PRESENTATION
Slide 4: Highlights 2015
HIGHLIGHTS 2015 For personal use only During FY15, GDF’s financial stability strategy culminated with GDF completing a successful initial public offer (IPO) in June 2015. The recapitalisation has considerably reduced debt levels, provided unitholders with liquidity and will allow GDF to return to di
Slide 5: Financial Results
For personal use only 01 FINANCIAL RESULTS
Slide 6: Results Overview
RESULTS OVERVIEW For personal use only • Recapitalisation and ASX listing in June 2015 has been FY15 FY14 transformational for GDF, with a meaningful return to distributions during FY16. Statutory Net Profit ($M)* (6.302) (10.431) Statutory EPU ($) (0.065)¹ (0.049) • Significant reduction in LVR thr
Slide 7: Capital Management
CAPITAL MANAGEMENT For personal use only DEBT FACILITY EQUITY RAISE • $63.0 million facility with St. George Bank • $70.0 million raised through recapitalisation • Initial draw to $42.6 million • Strong support with Broker and Institutional Offer closing early and over-subscribed • 3 year term • Tra
Slide 8: Fund Overview
For personal use only 02 FUND OVERVIEW
Slide 9: Fund Summary
FUND SUMMARY For personal use only DIVERSIFIED PORTFOLIO ATTRACTIVE FINANCIAL FORECASTS • Reputable tenants with diversity across industries and geography • WACR for the portfolio of 8.9% • $2.1 million valuation increase on a like for like basis to FY14 • Forecast distribution yield of 9.00% per an
Slide 10: Strategy and Objectives
STRATEGY AND OBJECTIVES For personal use only INVESTMENT OBJECTIVE INVESTMENT CRITERIA INVESTMENT OUTCOMES • To provide sustainable and growing • Commercial offices and industrial facilities • Increasing distributions – seeking growth distributable income derived from located both in city and suburb
Slide 11: Portfolio Summary – Property Metrics
PORTFOLIO SUMMARY – PROPERTY METRICS For personal use only PORTFOLIO NABERS PROPERTY PORTFOLIO AGE NLA (M2) CAP RATE (%) VALUATION VALUE (%) (STARS) 572-576 Swan Street, Richmond 22% 6 6,587 8.00% $31,600,000 5 436 Elgar Road, Box Hill 13% 27 5,725 9.00% $18,500,000 2 Bldg WALE 2,(by 747 Lytton Road
Slide 12: Portfolio Summary – Diversification
PORTFOLIO SUMMARY – DIVERSIFICATION Portfolio Income (byGeography) PORTFOLIO INCOME (by geography) For personal use only Melbourne 33% Brisbane 30% CAIRNS 7-19 Lake Street, Cairns ($37M) BRISBANE Portfolio IncomeGold (byCoast Sector) 7% GOLD COAST 747 Lytton Road, Murarrie ($13.6M) Cairns 30% 12-14
Slide 13: Portfolio Summary – Leasing
PORTFOLIO SUMMARY – LEASING Rent review profile For personal use only RENT REVIEW PROFILE 14,855m², the equivalent of 33% of portfolio income was either leased or 30% 26% 5.0% renewed during the 2015 financial year 26% 25% 4.5% 21% 17% 4 of the portfolio’s top 10 tenants have renewed for periods bet
Slide 14: Portfolio Summary – At Risk Income
PORTFOLIO SUMMARY – AT RISK INCOME For personal use only Modest lease expiry due during FY16 and FY17 at 5% and 10% gross income respectively FY16 LEASE EXPIRY PROFILE TENANT PROPERTY NLA (M²) LEASE END Fulton Hogan (6%) is the only top 10 tenant due to expire during this period (July 2016) QLD Stat
Slide 15: Portfolio Summary – Tenant Base
PORTFOLIO SUMMARY - TENANT BASE For personal use only TOP 10 TENANTS AT 1 JULY 2015 COMPANY SECTOR RENT P.A. % TOTAL LOCATION Commonwealth Govt (CASA) Federal Government $2.75M 16% Brisbane Airport Golder Associates Engineering, & Construction $2.49M 15% Melbourne QLD State Govt (Transport & Main Ro
Slide 16: Portfolio of Assets
03 For personal use only PORTFOLIO OF ASSETS
Slide 17: Property – 7-19 Lake Street, Cairns
PORTFOLIO SUMMARY – PROPERTY For personal use only 7-19 LAKE STREET, CAIRNS, QLD Date acquired: Jun-06 Occupancy: 86% Valuation: $37,000,000 WALE: 3.4 Ownership interest: 100% Tenants: 27 NLA: 14,813m² NABERS: 5 star Car spaces: 254 17 | GARDA DIVERSIFIED PROPERTY FUND 2015 FULL YEAR RESULTS PRESENT
Slide 18: Property – Swan Street and Elgar Road
PORTFOLIO SUMMARY – PROPERTY For personal use only 572 - 576 SWAN STREET, 436 ELGAR ROAD, RICHMOND, VIC BOX HILL, VIC Date acquired: Nov-07 Occupancy: 100% Date acquired: Sept-07 Occupancy: 100% Valuation: $31,600,000 WALE: 2.1 Valuation: $18,500,000 WALE: 4.0 Ownership interest: 100% Tenants: 2 Own
Slide 19: Property – Lytton Road and The Circuit
PORTFOLIO SUMMARY – PROPERTY For personal use only 747 LYTTON ROAD, 12-14 THE CIRCUIT, MURARRIE, QLD BRISBANE AIRPORT, QLD Date acquired: May-07 Occupancy: 91% Date acquired: Jan-07 Occupancy: 100% Valuation: $13,600,000 WALE: 2.8 Valuation: $20,000,000 WALE: 4.4 Ownership interest: 100% Tenants: 4
Slide 20: Property – Varsity Pde and Benjamin Place
PORTFOLIO SUMMARY – PROPERTY For personal use only 154 VARSITY PDE, 142 BENJAMIN PLACE, GOLD COAST, QLD LYTTON, QLD Date acquired: Aug-07 Occupancy: 88% Date acquired: Sept-07 Occupancy: 100% Valuation: $12,000,000 WALE: 2.8 Valuation: $7,950,000 WALE: 3.5 Ownership interest: 100% Tenants: 4 Ownersh
Slide 21: Appendices
For personal use only 04 APPENDICES
Slide 22: Balance Sheet
BALANCE SHEET AS AT 30 JUNE 2015 For personal use only 2015 2014 $000’S $000’S ASSETS Cash and cash equivalents 3,233 3,026 Trade and other receivables 353 287 Assets classified as held for sale - 14,550 Investment properties 140,650 138,550 TOTAL ASSETS 144,236 156,413 LIABILITIES Trade and other p
Slide 23: Statement of Profit or Loss
STATEMENT OF PROFIT OR LOSS FOR THE YEAR ENDED 30 JUNE 2015 For personal use only 2015 2014 $000’S $000’S Revenue 17,434 18,756 Property expenses (5,131) (5,524) Trust level expenses (1,796) (1,858) Finance costs (12,450) (9,971) Net loss on financial liability held at fair value through profit and
Slide 24: Disclaimer
DISCLAIMER This presentation (Presentation) has been prepared on behalf of GARDA Capital Limited (ACN 095 039 366) (AFSL 246714) (GARDA) as responsible entity of the GARDA Diversified Property Fund (GDF or the Fund). The information and statements in this Presentation were prepared or are made only
Slide 25: Garda Diversified Property Fund
For personal use only GARDA DIVERSIFIED PROPERTY FUND 2015 FULL YEAR RESULTS PRESENTATION | 28 AUGUST 2015
Garda Diversified Property Fund — FY2015 Earnings Presentation on 6ix