GARDA Property Group · ASX:GDF
GARDA Property — FY2021 Earnings Presentation
28 slides from GARDA Property's earnings presentation, Aug 12, 2021
Slide 1: Full Year Results Presentation | June 2021
For personal use only GARDA PROPERTY GROUP (ASX: GDF) FULL YEAR RESULTS PRESENTATION | June 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 HIGHLIGHTS 7 Valuations | NTA | Development Acquisitions | Asset Sales | Leasing PROPERTY 18 Metrics | Portfolio Overview FINANCE 21 Capital Management | FFO | Income Statement | Balance Sheet | Guidance | 2021
Slide 4: Introduction
For personal use only INTRODUCTION | 2021 Results Presentation 1-9 Kellar St, Berrinba
Slide 5: Group Overview: Financial Metrics
GROUP OVERVIEW FINANCIAL METRICS For personal use only Balance Sheet Return Profile $317 Million1 35% MARKET CAPITALISATION FY21 TOTAL SHAREHOLDER RETURN $1.45 29% NTA PER SECURITY FY21 RETURN ON EQUITY 38.4% 5.6%2 GEARING FY22 FORECAST DPU YIELD 4.1 times 85% - 90% INTEREST COVER RATIO FY22 FORECAS
Slide 6: Group Overview: Property Metrics
GROUP OVERVIEW PROPERTY METRICS For personal use only Real Estate Platform Portfolio Metrics $496 Million1 5.5 Years PORTFOLIO VALUE WALE 17 91% PROPERTIES OCCUPANCY ~137,000m² 5.78% PORTFOLIO NLA CAP RATE ~160,000m² 3.2% ‘BUILD TO OWN’ DEVELOPMENT PIPELINE GFA FIXED ANNUAL RENT INCREASES 1. Pro-for
Slide 7: FY21 Highlights
For personal use only FY21 HIGHLIGHTS | 2021 Results Presentation 41 Bivouac Place, Wacol
Slide 8: Key Operational Outcomes - FY21
HIGHLIGHTS KEY OPERATIONAL OUTCOMES - FY21 For personal use only Increase in Property Valuations ‘Build to Own’ Development Pipeline $56.0m | 22% ~160,000m² VALUATION UPLIFT INCREASED BY 124,000m² $30.6 Million Proceeds from 3 Asset Sales Active Management - Leasing 14% Premium 26,160m² | 19% TO BOO
Slide 9: Property Performance
PROPERTY PERFORMANCE 22% INCREASE IN INDEPENDENT VALUATIONS For personal use only $56.0m 5.78% VALUATION UPLIFT CAP RATE ▪ GARDA’s active management, in conjunction with continued strong market fundamentals drove a $56.0 million valuation increase. ▪ As a result of the revaluations, NTA per security
Slide 10: Net Tangible Assets
NET TANGIBLE ASSETS REVALUATIONS RESULTED IN A 23% INCREASE IN NTA PER SECURITY TO $1.45 For personal use only $1.60 $1.50 $0.35 $0.10 $0.02 $1.45 $1.40 $0.01 NTA ($) per Security $1.30 $1.20 $1.18 $1.10 $1.00 30-Jun-20 Net gain in fair value of Capital works Acquisition costs Interest rate swap pos
Slide 11: 'Build to Own' Industrial Development Pipeline
‘BUILD TO OWN’ INDUSTRIAL DEVELOPMENT PIPELINE INCREASED BY 124,000m² DURING FY21 For personal use only INDUSTRIAL DEVELOPMENT PIPELINE GFA DELIVERY North Lakes (new) 98,000 Wacol (new) 13,000 Richlands (new) 13,000 Wacol Building A 3,000 Acacia Ridge Stage 2 15,265 Wacol Building B 7,830 Acacia Rid
Slide 12: 'Build to Own' Industrial Development Pipeline: Delivery Overview
‘BUILD TO OWN’ INDUSTRIAL DEVELOPMENT PIPELINE DELIVERY OVERVIEW For personal use only Property Property Activity Estimated Duration Comments Start Value Costs ($m) ($m) $6m 4 months Pre-committed to Austrans, due for completion Dec 69 Peterkin Street, Acacia Ridge $11.0m 6,214m² warehouse remaining
Slide 13: Acquisitions: 109-135 Boundary Road, North Lakes
ACQUISITIONS 3 X INDUSTRIAL DEVELOPMENT SITES For personal use only 109-135 Boundary Road, North Lakes North Lakes is positioned to provide ready connectivity to major business centres and national road, air and rail networks. Situated alongside the Bruce Highway / M1 and near the Gateway Motorway,
Slide 14: Acquisitions: Progress Road, Wacol (Pinnacle East)
ACQUISITIONS 3 X INDUSTRIAL DEVELOPMENT SITES For personal use only 372 - 402 Progress Road, Wacol (Pinnacle East) Wacol is an established industrial suburb, 21km by road south-west of the Brisbane CBD. The 4.1 hectare site is located on Progress Road, a major dual lane arterial road connecting to b
Slide 15: Acquisitions: 56-72 Bandara Street, Richlands
ACQUISITIONS 3 X INDUSTRIAL DEVELOPMENT SITES For personal use only 56-72 Bandara Street, Richlands Richlands is an established industrial suburb, 21km by road south-west of the Brisbane CBD. Richlands borders Wacol with the same quality access to the Ipswich Motorway and Centenary Highway, via Prog
Slide 16: Asset Disposals
ASSET DISPOSALS $30.6 MILLION OF CAPITAL RECYCLED AT A 14% PREMIUM TO BOOK VALUES For personal use only 839 Beaudesert Rd, Archerfield ▪ Archerfield settled on 14 April 2021 for a sale price of $7.0 million, representing a 12.9% premium to the property's independent valuation of $6.2 million. ▪ Arch
Slide 17: Leasing
LEASING 26,160m² LEASED, REPRESENTING 19% OF NLA For personal use only ▪ 26,160m² has been leased or pre-committed since July 2020, representing 19% of current portfolio NLA. • 11,694m² of leasing at completed industrial developments located at Berrinba and Wacol (Pinnacle West - Bldg C). • 6,214m²
Slide 18: Property Portfolio
For personal use only PROPERTY PORTFOLIO | 2021 Results Presentation Botanicca 9, Richmond
Slide 19: Total Property Overview
TOTAL PROPERTY OVERVIEW For personal use only Sector (by Value) Geography (by value) Top 10 Tenants Tenant Property Gross Income (%) 44% J Blackwoods & Sons Mackay 9.9% Planet Innovation Box Hill 9.9% 39% Volvo Group Wacol 9.4% Komatsu Morningside 6.8% 48% Golder Associates Richmond 6.5% 7% Pinkenba
Slide 20: Integrated, Commercial and Industrial Property Platform
PROPERTY PORTFOLIO INTEGRATED, COMMERCIAL AND INDUSTRIAL PROPERTY PLATFORM For personal use only 20 | 2021 Results Presentation
Slide 21: Finance
For personal use only FINANCE | 2021 Results Presentation 41 Bivouac Pl, Wacol
Slide 22: Capital Management
CAPITAL MANAGEMENT STRONG CASH POSITION AND DEBT FACILITY HEADROOM For personal use only Key Debt Metrics – 30 June 2021 Total debt facilities $228 million ▪ Strong cash position at 30 June 2021 with $15.5 million in cash. Drawn Debt $210 million ▪ On 15 June 2021, GARDA secured a $28.0 million incr
Slide 23: Funds From Operations
FUNDS FROM OPERATIONS1 For personal use only 2021 2020 $000 $000 Net profit after tax 35,689 5,567 Adjustments for non-cash items included in net profit after tax: Valuations – (deduct increases) / add back decreases: Investment properties (50,671) 6,996 Derivatives (3,593) 1,425 Goodwill 33,586 - A
Slide 24: Income Statement
INCOME STATEMENT For personal use only 2021 2020 $000 $000 ❶ Revenue increased by approximately $1.4 million, largely due to: Revenue • Interest and fees received from debt advisory and loans provided Revenue from ordinary activities ❶ 30,481 29,116 to external parties ($0.9 million); and • leases c
Slide 25: Balance Sheet
BALANCE SHEET For personal use only 2021 2020 $000 $000 Current assets Cash and cash equivalents 15,534 20,488 ❶ Industrial property located at Lytton, QLD due to settle in September Receivables and other assets 3,723 5,291 2021. Assets held for sale ❶ 10,675 - Non-current assets ❷ Investment proper
Slide 26: Guidance: Outlook for FY22
GUIDANCE OUTLOOK FOR FY22 For personal use only Operational Focus ▪ Complete construction of Stage 1A of the Acacia Ridge re-development with Austrans to commence its pre-commit lease in November 2021. ▪ Advance town planning and receive relevant approvals at North Lakes and Pinnacle on Progress – E
Slide 27: Glossary: Definitions and Explanations
GLOSSARY DEFINITIONS AND EXPLANATIONS For personal use only Item / Term Definition / Explanation FY22 Forecast DPU Yield Calculated as the FY22 forecast distribution rate of $0.072 per security divided by GARDA’s ASX 1 July 2021 opening price of $1.285 per security. Gearing Calculated a total assets
Slide 28: 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