Garda Property Group (GDF) Corporate presentation summary

Portfolio transactions

• Remaining seven-property portfolio sold to a Charter Hall-managed fund for $300.0m; separate Heathwood and Pinkenba sales bring total gross proceeds to $350.8m.

• Gross sale proceeds of $350.8m represent a 1.4% discount to the $355.8m carrying value; discount rises to 5.2% after settlement adjustments.

• Charter Hall assets sold at a 5.8% fully leased yield versus a 9.2% implied capitalisation rate.

• Heathwood and Pinkenba sales are unconditional; settlements due 20 Nov 2026 and 22 Jan 2027, respectively. Morningside settlement is expected in Mar 2027.

Balance sheet and financial outcomes

• All Group debt of $185.3m is expected to be repaid; post-settlement cash is estimated at $176.6m, with $144.4m in loan receivables.

• Pro forma NTA is $1.56 per security versus $1.65 pre-transaction, before anticipated special distributions totalling 10 cents per security.

• FY27 FFO guidance rises 19% to 12.5 cents per security from 10.5 cents; distribution guidance rises 39% to 12.5 cents from 9.0 cents.

• FY27 payout ratio guidance is 100%, versus 85% previously; ordinary distributions step up to 3.4 cents per quarter from the Dec 2026 quarter.

• Special distributions of 9.8 cents per security are intended to assist with capital-gain outcomes; headline guidance cites 10.0 cents per security.

Strategy and capital deployment

• Lending becomes the primary earnings engine, with direct property ownership and develop-to-own retained as options when risk-adjusted returns meet applicable hurdles.

• Capital deployment pathways include committed lending, new lending, securities buy-backs, and direct property or development investment subject to market conditions and hurdle rates.

• New lending targets residential and industrial opportunities across Southeast Queensland, from senior and mezzanine facilities to early-stage, higher-leverage positions.

• Capital can move between debt and equity as prospective returns justify risk; total Group investable capital is shown at $321.0m, including lending capacity.