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Garda Property (GDF) investor relations material
Garda Property H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Asset sales of North Lakes and Cairns to concentrate portfolio in Brisbane industrial sector, reducing gearing to 14.7% post-settlement.
Lending activities expanded, with $44.0 million deployed, contributing 23% of FY25 revenue.
FY25 saw active leasing, with 15,287m² leased or renewed, supporting a WALE of 4.2 years.
Portfolio value post-asset sales is $332 million, 100% industrial, with a 5.86% cap rate.
Financial highlights
FY25 revenue was $32.8 million, down $2.7 million year-over-year due to asset divestments.
Net loss after tax of $6.1 million, improved from $42.9 million loss in FY24.
FFO for FY25 was $15.0 million (7.2 cps), with an 85% payout ratio.
NTA per security at 30 June 2025 was $1.61, down from $1.71 a year earlier.
Gearing reduced to 42.7% at June 2025, with further reduction to 14.7% expected post-sales.
Outlook and guidance
FY26 distribution guidance of 8.0 cps, up 11% from FY25, with a forecast payout ratio of ~90%.
FY26 FFO guidance of 9.1 cps, a 26% increase on FY25.
Yield guidance of 6.3% based on ASX price of $1.27 as of 29 July 2025.
Earnings upside expected from leasing vacant space at Acacia Ridge and further lending revenue.
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