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GARDA PROPERTY GROUP — Net Asset Value 2021
May 10, 2021
64972_rns_2021-05-10_4504303e-eeb0-4e18-96b3-e7e586c5024b.pdf
Net Asset Value
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GARDA Property Group
Level 21, 12 Creek Street W gardaproperty.com.au Brisbane QLD 4000 E [email protected] GPO Box 5270 P +61 7 3002 5300 Brisbane QLD 4001
11 May 2021
GARDA ANNOUNCES 21% INCREASE IN NTA
GARDA Property Group (“GARDA”) today announced a 21% increase in proforma Net Tangible Assets [1] (“proforma NTA”) to $1.45 per stapled security.
The 21% increase in proforma NTA since 31 December 2020 follows the independent valuation of eight investment properties and the previously disclosed sales of three non-core properties, above book value.
A proforma NTA per security of $1.45 represents a 29% premium to GARDA’s closing security price of $1.125 on 10 May 2021:
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A proforma NTA of $1.45 per GARDA security also implies:
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Gearing of 31.8%[2] - down from 38.9% at 31 December 2020.
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Total portfolio value of $457 million.
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A portfolio WACR of 5.78%[3] - a compression of 65 basis points.
The independent valuation program included eight of GARDA’s 14 investment properties, including six industrial and two commercial assets.
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In accordance with GARDA’s valuation practices, the remaining six properties, now representing 32% of the Group’s portfolio, will be independently valued in the half year ending 31 December 2021.
A summary of the independent valuations is provided below:
| Property | 30 April 2021 Valuation Cap Rate Cap Rate Movement4 |
Movement in Valuation |
|---|---|---|
| $m % bps |
$m | |
| Industrial Acacia Ridge (69 Peterkin)5 Mackay Morningside Pinkenba Wacol (Westgate) Wacol (Pinnacle)6 Office Box Hill Cairns Total |
11.0 na - 35.0 6.50% 75 43.7 5.25% 50 26.2 5.00% 175 45.4 5.00% 50 22.3 5.00% - 183.7 39.0 5.50% 50 86.5 6.75% 150 125.5 $309.2m |
(0.2) 4.0 2.1 5.7 4.4 9.0 |
| 25.0 | ||
| 5.8 25.2 |
||
| 31.0 | ||
| $56.0m |
Industrial properties now represent approximately half of the GARDA portfolio by value, with this proportion to increase as GARDA’s “develop to own” industrial pipeline is delivered.
Concurrently with its achievements in the industrial sector, GARDA’s commercial portfolio has also achieved strong income and valuation outcomes.
The portfolio WACR is now 5.78%, with the WACR for commercial office buildings being 5.96% and for industrial buildings being 5.56%.
GARDA currently has $17.1 million in liquidity[7] and following the completion of three asset sales, approximately $23 million in debt facility headroom.
FY21 distributions guidance is reaffirmed at $0.072 per security with an expected payout ratio of between 95% and 100% of earnings.
– END –
Authorised for release by: Matthew Madsen (Executive Chairman)
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For more information please contact:
Paul Brown
Manager, Investor Relations GARDA Property Group Phone: 07 3002 5362 [email protected]
About GARDA Property Group
The ASX listed GARDA Property Group (ASX:GDF) is an internally managed real estate investment, development and funds management group.
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