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GARDA PROPERTY GROUP — Earnings Release 2015
Aug 27, 2015
64972_rns_2015-08-27_a9db1dbe-fd66-4321-a646-263be29324e8.pdf
Earnings Release
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ASX Announcement / Media Release GARDA Diversified Property Fund GDF - FY15 Annual Results
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28 August 2015
GARDA Capital Limited as the responsible entity ( RE ) of GARDA Diversified Property Fund ( GDF ) has today announced the Annual Result for the period ending 30 June 2015. The GDF Annual Financial Report has been made available for investors at www.gardacapital.com.au.
The result for FY15 reflects the significant interest and restructuring costs ahead of the successful recapitalisation of GDF late in the financial year. The initial public offer ( IPO ) for units in GDF in June 2015 was a major milestone for investors within the previously unlisted vehicle and repositions GDF for growth as a diversified AREIT holding commercial offices and industrial facilities along the eastern seaboard of Australia.
Since GDF was admitted to the official ASX list and began trading on 2 July 2015, the RE has continued to operate GDF with its active management philosophy. A number of key items outlined in the product disclosure statement dated 22 May 2015 ( PDS ) have been achieved post reporting date:
Interest Rate Risk Hedged
Following the initial draw of $42.6 million from the three-year St. George Bank debt facility, GDF’s initial loan-to-value ratio at completion of the IPO was a conservative 30%. As part of the diligent capital management of GDF, the RE has entered in to a four-year fixed rate swap agreement at an effective rate of 3.845% (PDS: 3.85%).
Buy-Back Facility Implemented
The PDS highlighted that there was a facility allowing the RE of GDF, in its sole discretion, to buyback up to 20 million units in GDF on-market. Since the commencement of the buy-back on 2 July 2015, the daily trading volume has averaged above 200,000 units, and the RE has bought back and cancelled approximately 1.1 million units in GDF at an average price of $1.00 since listing.
Outlook
The RE will continue to assess acquisitions consistent with GDF’s investment strategy to grow scale and diversification, as well as continuing to improve both the income and capital value of the existing portfolio of properties.
Level 21, 12 Creek Street, Brisbane QLD 4000[| ] GPO Box 5270, Brisbane QLD 4001 P. (07) 3002 5300[|] F. (07) 3002 5311[|] [email protected]
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Outlook (continued)
As foreshadowed in the PDS, GDF is forecasting to pay a distribution equivalent to 9% per annum on the IPO offer price of $1.00 per unit, paid on a quarterly basis.
Details of GDF’s maiden distribution are highlighted below:
| Distribution Amount | $0.0225 per unit |
|---|---|
| Ex-Date | 28 September 2015 |
| Record Date | 30 September 2015 |
| Payment Date | 22 October 2015 |
-Ends-
For more information please contact:
Matthew Madsen Paul Brown Managing Director Manager, Investor Relations GARDA Capital Limited GARDA Capital Limited Phone: 07 3002 5300 Phone: 07 3002 5362 [email protected] [email protected]
About GARDA Diversified Property Fund
GDF is an ASX listed Real Estate Investment Trust (REIT) which invests in commercial offices in city and suburban markets as well as industrial facilities along the eastern seaboard of Australia. GDF currently holds seven established property assets independently valued at $140.7 million.
About GARDA Capital Limited
GARDA Capital Limited is the responsible entity of GDF and is a member of the GARDA Capital Group and holds AFSL 246714 which permits it to act as responsible entity for GDF. Garda Capital Limited is a real estate investment and funds management group, with a Board and management team with considerable real estate and funds management experience. The GARDA Capital Group and its Associates have co-invested in GDF and hold a 10% strategic stake, in line with its coinvestment strategy.
Level 21, 12 Creek Street, Brisbane QLD 4000[| ] GPO Box 5270, Brisbane QLD 4001 P. (07) 3002 5300[|] F. (07) 3002 5311[|] [email protected]