GDI Property Group (GDI) investor relations material

Executive summary

• Funds From Operations (FFO) rose 29.1% to $21.3 million for the half year, with Property Division FFO up 13.9% and Co-living JV FFO up 36.8%; NTA remained stable at $1.20 per security, supported by asset revaluations.

• Major property sales included six dealerships for $74.0 million and other assets, all at significant premiums to acquisition prices.

• Over 13,000 sqm of office leasing completed, with occupancy at 197 St Georges Terrace rising to over 91%.

• Co-living JV expanded to over 920 rooms, including Moranbah acquisitions, exceeding return hurdles and boosting FFO.

• Distribution guidance maintained at 5.0 cents per security for FY26.

Financial highlights

• FFO per security increased to 3.94 cents from 3.07 cents year-over-year.

• Statutory net profit attributable to securityholders was $16.4 million, unchanged year-over-year.

• Total revenue from ordinary activities was $39.2 million, with property revenue at $38.2 million.

• Net interest expense declined, aided by expiry of an expensive swap and a 7.8% YoY decrease to $10.1 million.

• Basic earnings per stapled security were 3.04 cents.

Outlook and guidance

• Distribution guidance for FY26 reaffirmed at 5.0 cents per security, with a portion potentially a return of capital for tax purposes.

• Focus on leasing, operational improvements, and asset recycling to drive FFO and capital returns.

• Perth office market expected to see vacancy contraction and up to 39% rental growth over five years due to no new supply until 2030+.