GDI Property Group (GDI) investor relations material

Executive summary

• FFO grew 25% year-over-year to AUD 44.5 million, with FFO per security up 24.5% to 8.24 cents and NTA per security rising to $1.21.

• Over AUD 150 million in asset sales completed, including the Autoleague portfolio and Bassendean assets, supporting liquidity and capital management.

• Portfolio occupancy reached 90% with over 20,000 sqm leased, and WS1/WS2 now 100% leased.

• Co-living JV FFO surged 44% to $9.5 million, driven by Moranbah acquisitions and Norseman expansion.

• A 5% buyback was announced, with post-balance date liquidity at approximately AUD 90 million.

Financial highlights

• FFO for the year was AUD 44.5 million, up from AUD 28.1 million in FY 2023, with a 16.5% CAGR.

• FFO per security was AUD 0.0824; distribution maintained at AUD 0.05 per security.

• Property Division FFO grew 14.8% to $58.4 million, with Westralia Square, WS2, and 197 St Georges Terrace showing strong growth.

• Funds Management Division FFO declined 39.3% to $6.2 million due to lower disposal fees.

• Net profit after tax was $34.9 million, slightly down from $41.6 million in the prior year.

Outlook and guidance

• Distribution of AUD 0.05 per security confirmed for FY 2027, subject to no material changes.

• Focus remains on leasing, asset sales, operational improvements in Co-living, and advancing development opportunities.

• No plans to increase distribution until price improvement and further stabilization.

• Buyback of 5% of securities announced as a capital management initiative, funded by asset sales.

• Acquisition opportunities for Funds Management and Co-living JV will be considered.