Gdi Property Group · ASX:GDI
Gdi Property — FY2022 Earnings Presentation
29 slides from Gdi Property's earnings presentation, Aug 22, 2022
Slide 1: Annual results
Annual results 22 AUGUST 2022
Slide 2: Table of contents
Table of contents GDI ANNUAL RESULTS 2022 Acknowledgement of Country 01 02 03 GDI acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the Operational Financial Carbon continuation of cultural, spiritual and educational practices of highl
Slide 3: Operational highlights – WS2
Operational highlights – GDI ANNUAL RESULTS 2022 WS2 Lightweight steel and timber development of approximately Once operational, 9,500sqm of NLA on Westralia WS2 is also expected Square carpark to generate significantly less emissions than a Utilises existing concrete standalone building structure f
Slide 4: Operational highlights – 50 Cavill Ave, Surfers Paradise
Operational highlights – GDI ANNUAL RESULTS 2022 50 Cavill Ave, Surfers Paradise Before After Purchased for Spent approx. $48.8 million $18.4 million, in February 2016 including incentives Sold in August 2021 $49.3 million for$113.5 million after settlement adjustments $108.4 million Foyer after set
Slide 5: Operational highlights – Perth CBD carparks
Operational highlights – GDI ANNUAL RESULTS 2022 Perth CBD carparks Purchased two CBD carparks with a combined 1,440 spaces for Purchased on an $68.5 million in December 2021 approximately 5% passing cash yield Preparing a development scheme for Wellington Street for anticipated Little ongoing capex
Slide 6: Financial snapshot
Financial snapshot GDI ANNUAL RESULTS 2022 NTA FFO Distribution $1.27 per security 5.29 cents per security 7.75 cents per security Total return since IPO1 LVR (Principal Facility) Gearing 13.0%p.a. 26% 23% 1. Measured as movement in NTA per security plus distribution per security, divided by opening
Slide 7: Debt and capital management
Debt and capital management GDI ANNUAL RESULTS 2022 During the year, the Principal Facility On 30 June 2022, had two was amended and extended twice interest rate swaps ˃ Initially on settlement of 50 Cavill Avenue and the execution of the WS2 3 year 5 year $2.5m building contract (Tranche E) ˃ Subse
Slide 8: Carbon strategy
Carbon strategy GDI ANNUAL RESULTS 2022 Traditional Business New Development Buy well located buildings with easily divisible floor Expertise gained from WS2 is now being applied to our broader portfolio, initially 1 Mill Street plates for below replacement value and the Wellington Street carpark Up
Slide 9: The portfolio – The Perth market
The portfolio – GDI ANNUAL RESULTS 2022 The Perth market WA GSP vs Global GDP as at 4Q21 Perth CBD Net Absorption 5.0% 20,000 20.1% 23.0% Net Absorption (sqm) 15,000 22.0% 2.1% 10,000 1.7% 1.7% 1.8% 1.2% 1.4% 1.6% 1.6% 5,000 21.0% 0.6% 0.6% 0.8% 0.8% 0.1% 0 20.0% -5,000 -0.3% -0.1%-0.1% 19.0% -1.0%
Slide 10: The portfolio – Westralia Square, Perth
The portfolio – GDI ANNUAL RESULTS 2022 Westralia Square, Perth 30 June 2022 30 June 2021 Valuation date 31 December 2021 31 December 2020 Have now completed most major capital works Valuation1 $372.5 million $345.0 million items, including upgrading the foyer and all the Carrying value1 $376.9 mill
Slide 11: The portfolio – 197 St Georges Terrace, Perth
The portfolio – GDI ANNUAL RESULTS 2022 197 St Georges Terrace, Perth 30 June 2022 30 June 2021 Valuation date 30 June 2022 31 December 2020 197 St Georges Terrace has become a releasing story Valuation $218.0 million $230.0 million following the departures of Jacobs (Worley) from 4 Carrying value $
Slide 12: The portfolio – 5 Mill Street, Perth
The portfolio – GDI ANNUAL RESULTS 2022 5 Mill Street, Perth 30 June 2022 30 June 2021 Valuation date 30 June 2022 31 December 2020 5 Mill Street has always been an asset that has high Valuation $58.0 million $56.0 million appeal to the occupier market – its well located, has Carrying value $58.0 mi
Slide 13: The portfolio – 1 Mill Street, Perth
The portfolio – GDI ANNUAL RESULTS 2022 1 Mill Street, Perth 30 June 2022 30 June 2021 Valuation date 30 June 2022 31 December 2021 Existing DA to demolish 1 Mill Street, and another Valuation $36.0 million $40.0 million to construct an approximately 45,000sqm of NLA Carrying value $36.0 million $40
Slide 14: The portfolio – 180 Hay Street, Perth
The portfolio – GDI ANNUAL RESULTS 2022 180 Hay Street, Perth 30 June 2022 30 June 2021 Valuation date 31 December 2021 31 July 2020 Purchased vacant possession in July 2020 Valuation $18.40 million $15.0 million for $12.6 million Carrying value $18.40 million $16.1 million Have subsequently spent $
Slide 15: The portfolio – IDOM dealerships
The portfolio – GDI ANNUAL RESULTS 2022 IDOM dealerships 30 June 2022 30 June 2021 Valuation date 30 June 2022 31 December 2020 IDOM Automotive Group has now sold its entire Valuation $136.5 million $105.9 million Australian business to a consortium led by Carrying value $136.5 million $105.9 millio
Slide 16: The portfolio – 235 Stanley Street, Townsville
The portfolio – GDI ANNUAL RESULTS 2022 235 Stanley Street, Townsville 30 June 2022 30 June 2021 Valuation date 31 December 2020 31 December 2020 After two years of leasing inactivity, the last six Valuation $51.5 million $51.5 million months has seen a noticeable improvement in Carrying value $51.8
Slide 17: Funds business
Funds business GDI ANNUAL RESULTS 2022 GDI No. 43 GDI No. 38 GDI No. 36 Property Trust Diversified Property Trust Perth CBD Office Trust Post balance date, Ikea exercised the first Originally a seven asset trust, now only two 1 Adelaide Terrace is another re-leasing story of three five-year options
Slide 18: Guidance
Guidance GDI ANNUAL RESULTS 2022 Distribution, FFO and AFFO 10 % GDI’s unique business model 10 9 8 Cents per security 7 GDI’s financial results in inconsistent earnings, 6 FFO and AFFO objective is to achieve 5 4 10%+p.a. total return1, 3 measured both Although our objective for FY23 2 is to pay a
Slide 19: Appendix – Profit or loss
Appendix – Profit or loss GDI ANNUAL RESULTS 2022 GDI Trust Jun-22 Jun-21 Jun-22 Jun-21 $'000 $'000 $'000 $'000 Revenue from ordinary activities Property revenue 41,584 52,043 41,123 52,427 Funds management income 2,618 2,599 - - Interest revenue 126 111 123 104 Other income - 56 - 18 Total revenue
Slide 20: Appendix – Net profit after tax to FFO
Appendix – Net profit after tax to FFO GDI ANNUAL RESULTS 2022 GDI Jun-22 Jun-21 $’000 $’000 Total comprehensive income for the period 68,301 22,960 Acquisition expenses 3,654 830 Contribution resulting from consolidated trusts (9,724) (9,220) Distributions / funds management fees received from cons
Slide 21: Appendix – Contributors to AFFO
Appendix – GDI ANNUAL RESULTS 2022 Net interest expense marginally lower following the part repayment of debt on Contributors to AFFO the sale of 50 Cavill Avenue, which was subsequently increased again to fund the acquisition of the carparks Property Division FFO marginally lower than ˃ Interest on
Slide 22: Appendix – Balance sheet
Appendix – Balance sheet GDI ANNUAL RESULTS 2022 Jun-22 Jun-21 Pro forma for post balance sheet events $’000 $’000 Current assets Cash and cash equivalents 12,570 11,188 Non-current assets held for sale 1,240 102,491 Derivative financial instruments 528 - ˃ GDI No. 42 Office Trust (Stanley Place) $5
Slide 23: Appendix – Funds business
Appendix – Funds business GDI ANNUAL RESULTS 2022 GDI No. 29 GDI No. 33 Office Trust Brisbane CBD Office Trust ˃ Originally a two-asset fund, now only ˃ Bought 10 Market Street, Brisbane in 2010 Fund Summary: holding 8 remaining strata suites in 251 Fund Summary: and decided to strata it in 2012 Ade
Slide 24: Appendix – Funds business
Appendix – Funds business GDI ANNUAL RESULTS 2022 GDI No. 36 GDI No. 38 Perth CBD Office Trust Diversified Property Trust ˃ Owns the iconic 1 Adelaide Terrace, Perth ˃ Originally a seven-asset portfolio purchased from Fund Summary: Fund Summary: UGL on a sale and leaseback basis with five of those ˃
Slide 25: Appendix – Funds business
Appendix – Funds business GDI ANNUAL RESULTS 2022 GDI No. 42 GDI No. 43 Office Trust Property Trust ˃ Originally a two-asset fund with similar ˃ Owns 6 Sunray Drive, Innaloo, home to Perth’s only Fund Summary: asset management plans Fund Summary: IKEA store ˃ Established – ˃ Now only holding 235 Sta
Slide 26: Appendix – Funds business
Appendix – Funds business GDI ANNUAL RESULTS 2022 GDI No. 46 Property Trust ˃ Owns 17 Perth metropolitan properties occupied Fund Summary: by high profile car dealerships and service centres ˃ Established – ˃ The Portfolio was revalued to $136.5 million in 01 February 2020 June 2022, a significant i
Slide 27: Appendix – Property information
Appendix – Property information GDI ANNUAL RESULTS 2022 June 22 June 21 June 22 Property Maintenance Incentives & IFRS NPI1 FFO IFRS NPI1 FFO Capex Spent capex spent lease costs $m $m $m $m $m $m $m 1 Mill Street - - - 5 Mill Street - 1.5 1.3 197 St Georges Terrace - 0.8 1.5 Mill Green, Perth 13.2 1
Slide 28: Disclaimer
Disclaimer GDI ANNUAL RESULTS 2022 This presentation has been prepared and issued by GDI Property Group Limited (ACN GDI Property Group does not represent or warrant that the information in this 166 479 189) and GDI Funds Management Limited (ABN 34 107 354 003, AFSL Number presentation is free from
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