GARDA Property Group · ASX:GDF
GARDA Property — Garda Diversified Property Fund — H1 FY2016 Earnings Presentation
24 slides from GARDA Property's earnings presentation, Feb 26, 2016
Slide 1: Half Year Results Presentation
GARDA DIVERSIFIED PROPERTY FUND For personal use only HALF YEAR RESULTS PRESENTATION 26 FEBRUARY 2016
Slide 2: GDF Overview
INSERT GDF OVERVIEW TITLE HERE For personal use only PORTFOLIO CAPITAL $140.7M PORTFOLIO VALUE 8.9% WEIGHTED AVERAGE $0.09 per unit FULL YEAR DISTRIBUTION $0.045 per unit HALF YEAR Valuations at 1 April 2015. CAP RATE FORECAST DISTRIBUTION ACTUAL 93% 3.3 YEARS WALE $1.02 NTA PER UNIT 32% LVR OCCUPAN
Slide 3: Key Achievements
KEY ACHIEVEMENTS NET PROFIT For personal use only Statutory net profit for the period ending 31 December 2015 of $3.39 million. FUNDS FROM OPERATIONS (FFO) FFO generated for the half year was $4.027 million. DISTRIBUTIONS $0.045 per unit in distributions paid for the half year. Full year distributio
Slide 4: Results Overview
RESULTS OVERVIEW • Distributions for H1FY2016 of $4.276 million. For personal use only H1FY16 • DPU of $0.045 paid during the period. Statutory Net Profit ($000’s) 3,390 Statutory EPU ($) 3.53 • Competitive yield of 9.625%¹. FFO ($000’s) 4,027 • Full year distribution payout ratio forecast at 95%. F
Slide 5: Strategy and Outlook
STRATEGY AND OUTLOOK For personal use only STRATEGY OUTLOOK • GDF invests in commercial and industrial assets • Management reaffirms the distribution rate of located along the eastern seaboard. $0.09 per unit for the full year, reflecting a yield of 9.625% on current pricing1. • Management’s current
Slide 6: GDF at a Glance
GDF AT A GLANCE DIVERSIFIED PORTFOLIO ATTRACTIVE FINANCIAL FORECASTS For personal use only • Reputable tenants with diversity across industries and • $4.027 million in H1FY2016 Funds From Operations (FFO). geography. • Actual distributions paid for H1FY2016 of $0.045 per unit. • $140.7 million portf
Slide 7: A-REIT Comparison
A-REIT COMPARISION FY16 Earnings Yeild (%) FY16 DistributionYeild (%) FY16 EARNINGS YEILD (%) FY16 DISTRIBUTION YEILD (%) For personal use only 10.4 10.1 9.6 7.7 8.0 8.6 9.0 9.3 8.5 8.9 9.2 7.1 7.3 8.2 R F A F TIX I F F GD F R A F TIX GM TO GD I GD ID CM GM TO GD ID CM DEBT/ASSET RATIO (%) PREMIUM/(
Slide 8: Diversified Portfolio
DIVERSIFIED PORTFOLIO Portfolio Income (byGeography) PORTFOLIO INCOME (by geography) For personal use only Melbourne 34% Brisbane 29% CAIRNS 7-19 Lake Street, Cairns ($37M) BRISBANE Portfolio IncomeGold (byCoast Sector) 8% GOLD COAST 747 Lytton Road, Murarrie ($13.6M) Cairns 29% 12-14 The Circuit, A
Slide 9: WALE & Occupancy
WALE & OCCUPANCY 30 Jun 15 31 Dec 15 Occupancy by income (%) 100 100 100 100 100 100 100 100 94 86 91 91 89 89 93 83 OCCUPANCY (by income) (%) For personal use only 30 Jun 15 31 Dec 15 100 100 100 100 100 100 100 100 94 93 86 Street, Lake 83 74791Lytton Road, 91 89 Varsity 89 Parade, Benjamin Place,
Slide 10: Property Assets
PROPERTY ASSETS PORTFOLIO INDEPENDENT For personal use only PROPERTY PORTFOLIO AGE NLA (M2) CAP RATE (%) NABERS VALUE (%) VALUATION¹ 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 2,747 Lytton Road, Murarrie 10% 7 3,617 8.
Slide 11: Key Tenants
KEY TENANTS • Top 10 tenants account for 72% of the fund income. • Top ten tenants have an average lease term of 5.85 years. For personal use only • Broad mix of tenants across federal and state • Top ten tenants have an average WALE of 3.22 years. government, construction, facilities management, IT
Slide 12: Leasing
LEASING PORTFOLIO LEASING COMPLETED For personal use only PROPERTY TENANT NLA (M²) TERM START DATE RENT REVIEW Cairns Dept. of Public Works* 110 5 years 1/05/16 3.00% Richmond Fulton Hogan* 1,847 6 years 1/07/16 3.50% Cairns Dept. Of Public Works 286 2 years 1/11/15 4.00% Cairns Cape Flattery Silica
Slide 13: At Risk Income
AT RISK INCOME • At July 2015 the net income that was due to expire through FY16 was 5% and through FY17 was 10%. For personal use only • 2,826m² has been leased or renewed during the first half reducing FY16 expiry to 1% and FY17 expiry to 4%. • Continued focus on addressing remaining FY16 and FY17
Slide 14: Appendix: Financials
For personal use only APPENDIX 1 FINANCIALS
Slide 15: Income Statement
INCOME STATEMENT 31-DEC-15 31-DEC-14 For personal use only INCOME STATEMENT $000’S $000’S Property rental income 8,493 9,755 Property expenses (2,401) (2,579) Trust level expenses (769) (883) Finance costs (852) (4,974) Net loss of financial liabilities held for fair value through profit and loss (4
Slide 16: Balance Sheet
BALANCE SHEET 31-DEC-15 30-JUN-15 For personal use only BALANCE SHEET $000’S $000’S Assets Cash and cash equivalents 2,128 3,233 Trade and other receivables 527 353 Investment properties 141,881 140,650 Total Assets 144,536 144,236 Liabilities Trade and other payables 1,468 1,696 Borrowings (current
Slide 17: Funds From Operations (FFO)
FUNDS FROM OPERATIONS (FFO) For personal use only FUNDS FROM OPERATIONS 31-DEC-15 31-DEC-14 $000’S $000’S Net Profit/(loss) 3,390 (160) Fair Value Movement in Investment Properties 590 520 Net loss on fair value of derivative financial instrument 491 – Loss on sale of investment properties – 678 Imp
Slide 18: Appendix: Portfolio of Assets
INSERT TITLE HERE For personal use only APPENDIX 2 PORTFOLIO OF ASSETS 18 | GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION
Slide 19: Portfolio Summary – 7-19 Lake Street, Cairns
PORTFOLIO SUMMARY – PROPERTY 7-19 LAKE STREET, For personal use only CAIRNS, QLD Date acquired: Jun-06 Occupancy: 83% Valuation @ 1 April 2015: $37,000,000 WALE: 3.4 (agreed leases, subject to documentation) Ownership interest: 100% Tenants: 27 NLA: 14,813m² NABERS: 5 star Car spaces: 254 19 | GARDA
Slide 20: Portfolio Summary – Swan Street and Elgar Road
PORTFOLIO SUMMARY – PROPERTY 572 - 576 SWAN STREET, 436 ELGAR ROAD, For personal use only RICHMOND, VIC BOX HILL, VIC Date acquired: Nov-07 Occupancy: 100% Date acquired: Sept-07 Occupancy: 100% Valuation @ 1 April 2015: $31,600,000 WALE: 3.3 Valuation @ 1 April 2015: $18,500,000 WALE: 3.5 (agreed l
Slide 21: Portfolio Summary – Lytton Road and The Circuit
PORTFOLIO SUMMARY – PROPERTY 747 LYTTON ROAD, 12-14 THE CIRCUIT, For personal use only MURARRIE, QLD BRISBANE AIRPORT, QLD Date acquired: May-07 Occupancy: 91% Date acquired: Jan-07 Occupancy: 100% Valuation @ 1 April 2015: $13,600,000 WALE: 2.9 Valuation @ 1 April 2015: $20,000,000 WALE: 3.9 Owners
Slide 22: Portfolio Summary – Varsity Pde and Benjamin Place
PORTFOLIO SUMMARY – PROPERTY 154 VARSITY PDE, 142 BENJAMIN PLACE, For personal use only GOLD COAST, QLD LYTTON, QLD Date acquired: Aug-07 Occupancy: 89% Date acquired: Sept-07 Occupancy: 100% Valuation @ 1 April 2015: $12,000,000 WALE: 2.3 Valuation @ 1 April 2015: $7,950,000 WALE: 3.0 Ownership int
Slide 23: 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 24: Garda Diversified Property Fund Half Year Results Presentation
For personal use only GARDA DIVERSIFIED PROPERTY FUND HALF YEAR RESULTS PRESENTATION | 26 FEBRUARY 2016
Garda Diversified Property Fund — H1 FY2016 Earnings Presentation on 6ix