Gdi Property Group · ASX:GDI
Gdi Property — H1 FY2022 Earnings Presentation
22 slides from Gdi Property's earnings presentation, Feb 21, 2022
Slide 1: Half year results presentation
GDI PROPERTY GROUP Half year results presentation 21 February 2022
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: First half snapshot
First half snapshot $0.03 increase from 30 June 2021 Valuation increases at Westralia Square (+$20.2 million) NTA – $1.28 per security and 180 Hay Street (+$1.8 million) Profit on sale of 50 Cavill Avenue (+$7.8 million) Higher FFO than previous corresponding period FFO of 2.845 cents per se
Slide 4: A great start to FY22 – Capital transactions
A great start to FY22 – Capital transactions 50 Cavill Ave, Surfers Paradise Perth CBD Carparks 301 - 311 Wellington Street, Perth 409 Murray Street, Perth Purchased two CBD carparks with a combined 1,440 spaces for $68.5 million in December 2021 Purchased for $48.8 million in February 2016 $4
Slide 5: A great start to FY22 - WS2
A great start to FY22 - WS2 Vision Progress Executed a fixed price contract prior to the significant cost escalations Notwithstanding some supply issues, remains on time and budget Perth’s most environmentally friendly premium grade office building Approximately 9,500sqm of NLA constructed f
Slide 6: Perth market ready to take off
Perth market ready to take off CBD Vacancy Now at 7 Year Low Sublease Vacancy at 10 Year Low 25.0% 4.3 20.0% 3.8 20.0% 3.4 16.8% Overall Vacancy Rate Sublease Vacancy Rate (%) 3.1 15.0% 2.8 15.0% 2.5 2.6 2.7 2.4 2.2 10.0% 1.7 1.5 1.3 1.3 1.2 1.2 1.1 5.0% 1.0 1.1 0.9 0.5 0.0% Perth CBD Jan-12 Jun-12
Slide 7: GDI is able to capture the rebound
GDI is able to capture the rebound During the period Still to do WAPOL leased level 7 taking total leased NLA in the property to Only 5 floors remaining to be leased 14,514sqm and increased the term of its entire lease by 2.5 Westralia Square, years to 31 July 2028 Based on current enquiry and
Slide 8: Financial Results
FINANCIAL RESULTS 50 CAVILLEQUITY LINKING AVE, SURFERS PARADISE TO PERFORMANCE 7
Slide 9: Contributors to FFO and AFFO
Contributors to FFO and AFFO Dec 21 Dec 20 FFO higher than previous corresponding period notwithstanding the dilutive impact of the sale of 50 Cavill Avenue $’000 $’000 Both Westralia Square and Mill Green benefited from higher average Property Division FFO 17,734 16,253 occupancy than in the pr
Slide 10: Balance sheet remains in a strong position
Balance sheet remains in a strong position Dec-21 Jun-21 Pro forma for post balance sheet events $'000 $'000 Current assets Cash and cash equivalents 6,134 11,188 Non-current assets held for sale 1,240 102,491 Other assets 17,046 10,586 GDI No. 42 Office Trust (Stanley Place) $51.50 million Total cu
Slide 11: Debt profile and interest rate hedging
Debt profile and interest rate hedging During the period, the Principal Facility was amended and extended twice, Board hedging policy gives management flexibility around hedging, initially on settlement of 50 Cavill Avenue and the execution of the WS2 particularly when drawn debt is <$100.0 mill
Slide 12: Property Portfolio
PROPERTY PORTFOLIO MILL GREEN, LINKING PERTH EQUITY TO PERFORMANCE 11
Slide 13: Portfolio overview
Portfolio overview Westralia Square, Perth WS2, Perth 197 St Georges Terrace, 5 Mill Street, Perth (WS1) Perth Valuation date 31 December 2021 31 December 2020 31 December 2020 Valuation $385.0 million (WS1 + WS2 land)3 $230.00 million $56.00 million Carrying value $385.0 million (WS1 + WS2 land) 3
Slide 14: Portfolio overview
Portfolio overview 1 Mill Street, Perth 180 Hay Street, Perth IDOM Portfolio, Perth 235 Stanley Place, Townsville Valuation Date 31 December 2020 31 December 2021 31 December 2020 31 December 2020 Valuation $40.00 million $18.40 million $105.85 million $51.5 million Carrying Value $40.00 million $18
Slide 15: Funds Management
FUNDS MANAGEMENT 235 STANLEY LINKING STREET, EQUITY TOWNSVILLE TO PERFORMANCE 14
Slide 16: Funds Management business
Funds Management business GDI No. 29 Office Trust Fund summary Originally a two-asset fund, now only holding 10 remaining strata suites in 251 Established – June 2008 Adelaide Terrace Capitalisation rate – N/A 102 of the 112 strata suites sold with investors receiving $1.30 in capital back i
Slide 17: Funds Management business
Funds Management business GDI No. 42 Office Trust Fund summary Originally a two-asset fund with similar asset management plans Established – 16 June 2016 Now only holding 235 Stanley Street, Townsville Capitalisation rate – 8.00% Immediately leased the Department of Social Services vacancy
Slide 18: Appendix
APPENDIX WESTRALIA SQ ‐ TO LINKING EQUITY 141PERFORMANCE ST GEORGES TCE 17
Slide 19: Profit or Loss
Profit or Loss GDI Trust Dec 21 Dec 20 Dec 21 Dec 20 $'000 $'000 $'000 $'000 Revenue from ordinary activities Property income 27,444 24,606 27,547 24,709 Funds management income 1,416 1,322 - - Interest revenue 59 53 58 49 Other income - 56 - 18 Total revenue from ordinary activities 28,919 26,037 2
Slide 20: NPAT to AFFO
NPAT to AFFO GDI 31 December 2021 31 December 2020 $’000 $'000 Total comprehensive income for the period 40,115 10,476 Acquisition expenses and discontinued acquisition 3,598 823 Contribution resulting from consolidated trusts (4,894) (4,295) Distributions / funds management fees received from conso
Slide 21: Property by property information
Property by property information Dec 21 Dec 20 Dec 21 Property $m $m $m Incentives Capex Maintenance and lease IFRS NPI2 FFO IFRS NPI2 FFO spent capex spent costs 1 Mill Street - - - 5 Mill Street - 0.8 0.8 197 St Georges Terrace - - 0.9 Mill Green, Perth 8.1 11.2 6.2 8.9 - 0.8 1.7 Westralia Square,
Slide 22: LINKING EQUITY TO PERFORMANCE
LINKING EQUITY TO PERFORMANCE 21