GDI Property Group (GDI) investor relations material

Executive summary

• Over 32,000 sqm leased in FY25, with 21,000 sqm from office leasing, driving 20% FFO growth and 22% increase in Property Division FFO year-over-year, with leasing momentum continuing into FY26.

• Asset recycling included the sale of IKEA and dealership assets, providing significant liquidity and strong investor returns, with over $250M in sales and IKEA sale expected to deliver a 9% IRR.

• Co-living segment contributed $6.5M to FFO, meeting the 20% return hurdle and showing strong value increases, especially at Newman.

• Syndicated facility refinanced and expanded to $426.5M, with maturities extended and $57.2M undrawn.

Financial highlights

• FFO per security increased to 6.62c in FY25 from 5.52c in FY24, with total FFO up 20% to $35.6M and property FFO up 22% year-over-year.

• Net profit after tax was $41.5M in FY25, a turnaround from a $5.6M loss in FY24.

• NTA per security increased to $1.20, and gearing remained steady at 34%.

• Maintained a 5¢ per security distribution, with intent to continue next year.

• Car parks delivered a 15% increase in contribution, benefiting from high city patronage.

Outlook and guidance

• Distribution guidance remains at 5¢ per security for FY26, with special dividends possible if sizable transactions occur.

• Focused on leasing, operational improvements, and asset recycling to drive further FFO growth.

• Anticipates further rate cuts to lower interest expense in FY26.

• Leasing momentum and speculative fit-out strategy expected to capture rental growth amid an impending supply gap.