Garda Property Group (GDF) H2 2025 earnings summary

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.