GARDA PROPERTY GROUP — Interim / Quarterly Report 2017

Feb 20, 2017

Appendix 4D GARDA Diversified Property Fund ARSN 104 391 273 For the half year ended 31 December 2016

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This preliminary financial report is given to the ASX in accordance with Listing Rule 4.2.A. This report should be read in conjunction with the Interim Financial Report for the half year ended 31 December 2016. It is also recommended that the Interim Financial Report be considered together with any public announcements made by the Fund during the half year. Reference should also be made to the summary of significant accounting policies as outlined in the 30 June 2016 Annual Report. The Interim Financial Report for the half year ended 31 December 2016 is attached and forms part of this Appendix 4D.

Details of reporting period

Current reporting period: 1 July 2016 – 31 December 2016 Prior corresponding period: 1 July 2015 – 31 December 2015

Results for announcement to the market

	31 Dec 2016	31 Dec 2015	Change	Change
	$m	**$m **	**$m **	%
Revenue from ordinary activities	9.441	8.493	0.948	11.16
Net profit attributable to unit holders	3.589	3.390	0.199	5.87
Funds from operations1	5.176	4.027	1.149	28.53

1 Funds from operations (FFO) is a financial measure which is not prescribed by Australian Accounting Standards (AAS) and represents the profit under AAS adjusted for specific non-cash items, including fair value movements in assets and liability values. The Directors consider FFO to reflect the core earnings of the Fund, as it is used by them to make strategic decisions and as a guide to declare distributions. A reconciliation of the Fund’s statutory profit to FFO is provided in the Directors’ Report included in the attached Interim Financial Report.

For a brief explanation of the figures above please refer to the Interim Financial Report for the half year ended 31 December 2016 released concurrently with this Appendix 4D.

Distributions

	Cents per unit	Total distribution	Date of payment
September 2016 quarter distribution	2.35	$2,204,406	19 October 2016
December 2016 quarter distribution	2.35	$2,639,591	24 January 2017
Total distribution for the half year ended 31December 2016	4.70	$4,843,997
September 2015 quarter distribution	2.25	$2,161,560	22 October 2015
December 2015 quarter distribution	2.25	$2,114,094	27 January 2016
Total distribution for the half year ended 31December 2015	4.50	$4,275,654

The record date for the December 2016 quarter distribution was 30 December 2016. No part of the distributions relates to foreign sourced income.

Net tangible asset backing per unit

	31	Dec	2016	31	Dec	2015
			$			$
NTA per unit			1.11			1.02

Level 21, 12 Creek Street, Brisbane QLD 4000[| ] GPO Box 5270, Brisbane QLD 4001 P. (07) 3002 5300[|] F. (07) 3002 5311[|] info@gardacapital.com.au

www.gardacapital.com.au

Appendix 4D GARDA Diversified Property Fund ARSN 104 391 273 For the half year ended 31 December 2016

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Details of entities over which control has been gained or lost

There was no gain or loss of control on entities during the year.

Distribution reinvestment plan

There was no dividend reinvestment plan (DRP) in operation during the half year ended 31 December 2016.

Detail of associates and joint ventures

The Fund has no interests in associates and joint ventures.

All operations of the Fund are domiciled in Australia. Australian Accounting Standards are used to compile the interim financial report.

The Financial Report has been reviewed and the independent review report is not subject to a modified opinion, emphasis of matter or other matter paragraph.

Level 21, 12 Creek Street, Brisbane QLD 4000[| ] GPO Box 5270, Brisbane QLD 4001 P. (07) 3002 5300[|] F. (07) 3002 5311[|] info@gardacapital.com.au

www.gardacapital.com.au