GDI PROPERTY GROUP — Interim / Quarterly Report 2021

Feb 21, 2021

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GDI PROPERTY GROUP Half year results presentation

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22 February 2021

Disclaimer

This presentation has been prepared and issued by GDI Property Group Limited (ACN 166 479 189) and GDI Funds Management Limited (ABN 34 107 354 003, AFSL Number 253 142) as responsible entity of GDI Property Trust (ARSN 166 598 161). Shares in GDI Property Group Limited are stapled to units in GDI Property Trust, which with their controlled entities, form GDI Property Group (ASX:GDI). This is not an offer of securities for subscription or sale and is not financial product advice.

Information in this presentation, including, without limitation, any forward-looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, GDI Property Group, GDI Property Group Limited, GDI Funds Management Limited and their officers, employees and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for it (including, without limitation, liability for negligence). Actual results may differ materially from those predicted or implied by any forward-looking statements for a range of reasons outside the control of the relevant parties. You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance.

The Information in this presentation should not be considered to be comprehensive or to comprise all the information which a GDI Property Group security holder or potential investor may require in order to determine whether to deal in GDI Property Group securities. Whilst every effort is made to provide accurate and completion information, GDI Property Group does not represent or warrant that the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in the information – such material is, by its nature, subject to significant uncertainties and contingencies. This presentation does not take into account the financial situation, investment objectives and particular needs of any particular person. Any prospective investor or other security holder must satisfy itself by its own investigation and by undertaking all necessary searches and enquiries as to the accuracy and comprehensiveness of all Information contained in this presentation.

The repayment and performance of an investment in GDI Property Group is not guaranteed by GDI Property Group Limited or GDI Funds Management Limited or any of their related bodies corporate or any other person or organisation.

An investment in GDI Property Group is subject to investment risk, including possible delays in repayment, the loss of income and the loss of the amount invested.

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A solid start to FY21 – Development and capital markets

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WS2, Perth
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Architectural drawings only

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1 Mill Street, Perth
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Architectural drawing only

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180 Hay Street, Perth
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• DA approved

• Construction targeted to commence mid 2021

• Completion in late 2022

• DA lodged with planning authority for approval

• Demolition to commence prior to 30 June 2021, subject to relevant approvals

• Settled July 2020, with an immediate uplift in value from the purchase price (+$2.2 million)

• Capex programme well underway

• Seeking tenant precommitment(s)

• Numerous inspections to potential all of ~~property and multi-floor tenants~~

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A solid start to FY21 - Leasing

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Westralia Square, Perth

• Level 11 leased to Cash Converters for 10 years

• Level 12 under a heads of agreement for a new 6.5 year lease commencing early 2022

• Strong interest in level 7, which when leased only six levels (13 – 18) vacant

Mill Green, Perth

• Two new leases at 197 St Georges Terrace

• Level 13 leased to Laing O’Rourke for five years 1 February 2021

• Suite on level 10 (209sqm) leased for five years commencing 1 June 2021

• Momentum rebuilding at 5 Mill Street

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50 Cavill Ave, Surfers Paradise

• Major tenant extended for five years and is currently negotiating to double its occupancy

Funds Management

• Two new leases of the peripheral sites at 6 Sunray Drive, Innaloo (GDI No. 43 Property Trust)

• New 3-year lease for 816sqm to Services Australia at Stanley Place (GDI No. 42 Office Trust) with interest in most of the vacant space

• New 8-year lease to Lycopodium commencing 1 July 2020 for 4,628sqm at 1 Adelaide Terrace, Perth (GDI No. 36 Perth CBD Office Trust)

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But still a lot more to do…

Leasing

• Significant leasing opportunities remain at

• 1 Adelaide Terrace, Perth (GDI No. 36 Perth CBD Trust)

• 180 Hay Street, Perth

• Westralia Square, Perth

• 235 Stanley Street, Townsville (GDI No. 42 Office Trust)

• 5 Mill Street, Perth

Capital markets

• Continue to review acquisition opportunities for both the Property business and Funds Management business, focusing on markets demonstrating the strongest near to medium term growth prospects

• Accelerate the sell down of the strata suites at

• 251 Adelaide Terrace, Perth (GDI No. 29 GDI Office Fund)

• 10 Market Street, Brisbane (GDI No. 33 Brisbane CBD Trust)

• Monitor opportunities to exit 50 Cavill Avenue, Surfers Paradise

Capex and development

• Progress the development opportunities at WS2 and 1 Mill Street, Perth

• Complete/progress the capex works programmes at

• Westralia Square, Perth

• 180 Hay Street, Perth

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180 Hay Street, Perth

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235 Stanley Place, Townsville

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FINANCIAL RESULTS

LINKING EQUITY TO PERFORMANCE50 CAVILL AVE, SURFERS PARADISE

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Summary

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• Reduction in value of 197 St Georges Terrace ($-21.0

• Maintenance of distribution during leasing transition period

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
FFO of 2.6 cents per security Significantly lower per security during leasing transition period
 Maintained distribution at prior year levels
Distribution of 3.875 cents per security
 Intend to pay a further 3.875 cents per security for second half [1]
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1. Subject to no material change in circumstances or unforeseen events and noting that we expect a proportion of any cash distribution for the second half will be paid out of capital.

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Contributors to FFO and AFFO

	Dec 20	Dec 19
	$’000	$’000
Property Division FFO	16,253	27,033
Funds Management FFO	3,651	2,008
Other	79	14
Total	19,983	29,054
Less:
Net interest expense	(1,840)	(955)
Corporate and administration expenses	(4,047)	(4,286)
Other	157	(3)
Total FFO	14,252	23,811
Maintenance capex	(397)	(2,153)
Incentives and leasing fees paid	(5,562)	(3,151)
Incometaxexpense / (benefit)	(157)	3
Total AFFO	8,137	18,510

• Property Division FFO significantly lower than previous corresponding period

• Wrote off all rent waived in the period due to COVID-19 ($215,000)

• Total written off due to COVID-19 now $733,000 ($518,000 previously disclosed at 30 June 2020)

• Equates to 1.3% of property income in 2020

• At Westralia Square, departure of UGL, transition of WAPOL from upper to lower levels and departure of Dept. of Justice meant FFO at Westralia Square was $9.6 million lower than the previous corresponding period

• At Mill Green, FFO was slightly lower, largely due to the lower occupancy at 5 Mill Street

• FFO at 50 Cavill Avenue unchanged on the previously corresponding period

• Funds Management FFO of $3.7 million (Dec 19: $2.0 million) includes:

• Distributions from GDI No. 42 Office Trust ($0.4 million)

• Distribution from GDI No. 46 Property Trust ($1.4 million)

• Net interest expense higher than Dec 19 due to higher amount of drawn debt, notwithstanding the lower interest costs

• Corporate and administration expenses in line with Dec 19, and includes a $500,000 accrual for FY21 bonuses

• Incentives and leasing fees paid relate mainly to the WAPOL lease at Westralia Square, and to various tenants at 197 St Georges Terrace

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Balance sheet remains in a strong position

	Dec-20	Jun-20
Pro forma for post balance sheet events	$'000	$'000
Current assets
Cash and cash equivalents	7,106	10,100
Non-current assets held for sale	102,156	102,240
Other assets	18,865	14,500
Total current assets	128,126 GDI No. 42 Office Trust (Stanley Place) $51.50 million	126,841
Non-current assets	GDI No. 46 Property Trust (IDOM Portfolio) $105.85 million
Investment properties	843,681	822,500
Other non-current assets	2,103	724
Intangible assets	18,110	18,110
Total non-current assets	863,895	841,685
Total assets	992,021	968,525
Current liabilities
Trade and other payables	26,787	25,520
Other current liabilities	737	405
Total current liabilities Non-current liabilities	27,524 GDI No. 42 Office Trust $10.00 million GDI No. 46 Property Trust $30.00 million	25,926
Borrowings	192,428	159,423
Derivative financial instruments	447	326
Other non-current liabilities	1,199	206
Total non-current liabilities	194,074	159,954
Total liabilities	221,598	185,880
Net assets	770,423	782,645
Equity	GDI No. 42 Office Trust and GDI No. 46 Property Trust
Equity attributed to holders of stapled securities	706,618 External Investors	721,403
Equity attributable to external non-controlling interest	63,805	61,242
Total equity	770,423	782,645

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Debt profile and interest rate hedging

• As at 31 December 2020, drawn debt on the Principal Facility of $152.8 million and undrawn debt of $52.2 million

• Increase of drawn debt in Principal Facility to fund:

• Acquisition of 180 Hay Street, Perth ($12.8 million)

• Working capital requirements ($20.0 million)

• Board hedging policy gives management more flexibility around hedging, particularly when drawn debt is <$100.0 million

• Entered in to two swaps during the period:

• $25.0 million 5-year swap expiring May 2025 (0.60%)

• $25.0 million 3-year swap expiring May 2023 (0.38%)

• Drawn debt of GDI No. 42 Office Trust and GDI No. 46 Property Trust remains unhedged

30 June 2020	30 June 2020	30 June 2020	30 June 2020	30 June 2020	30 June 2020
Principal Facility Secured Maturity Date Facility $’000 Utilised $’000 Unutilised $’000
Tranche B, C	Yes	July 2022	205,000	152,833	52,168
Tranche D (BG)	Yes	July 2022	5,000	-	-
Total Principal Facility			210,000	152,833	52,168
Consolidated unlisted funds
GDI No. 42 Office Trust	Yes	June 2022	11,500	10,000	1,500
GDI No. 46 Property Trust	Yes	February 2023	30,000	30,000	-
Total consolidated unlisted funds			41,500	40,000	1,500
TOTAL DEBT 251,500 192,833 53,668

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PROPERTY PORTFOLIO

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MILL GREEN, PERLINKING EQUITY TO PERFORMANCEH

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Perth market

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BHP
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Allendale Square Exchange Plaza
St Martins Tower Treasury
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100 SGT
Alluvion
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Convention Centre
Elizabeth Quay
Bishop C 225 SGT Quadrant BCG Centre
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Portfolio strategically weighted towards Perth

WA Consumer sentiment index at 10-year highs

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120
110
100
90
80
70
60
WA consumer sentiment index
Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Jan-19 Mar-19 May-19 Jul-19 Sep-19 Nov-19 Jan-20 Mar-20 May-20 Jul-20 Sep-20 Nov-20
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Source: JLL Research, ABS

Private infrastructure projects pipeline by state

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250
200
150
100
50
0
NSW VIC WA SA QLD
Source: JLL Research, ABS
AUD Billions
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National, state & territory job ad growth/decline comparing Jan 21 vs Jan 20

Perth CBD Net Absorption vs White Collar Employment Growth

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27.8%
16.3%
26.5%
‐4.8%
24.8%
‐1.4%
1.8%
42.0%
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150,000 10%
8%
100,000
6%
4%
50,000
16.3%
2%
26.5% - 0%
-2%
-50,000
‐4.8% -4%
-100,000 -6%
24.8%
‐1.4%
1.8% Perth CBD Net Absorption (LHS)
42.0%
Perth CBD White Collar Employment Growth % (RHS)
2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 2026 2028
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Source: SEEK Employment Report - 2021

Source: JLL Research

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Portfolio overview

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	Westralia Square, Perth	197 St Georges Terrace, Perth	5 Mill Street, Perth	1 Mill Street, Perth
Valuation date	31 December 2020	31 December 2020	31 December 2020	31 December 2020
Valuation	$345.00 million	$230.00 million	$56.00 million	$40.00 million
Carrying value	$345.00 million	$230.00 million	$56.00 million	$40.00 million
Valuation movement	+$17.50 million	-$21.00 million	-$2.5 million	+$6.5 million
Capitalisation rate	6.00%	6.75%	7.00%	7.75%
Discount rate	6.75%	7.00%	7.25%	7.5%
NLA (sqm)	32,598	26,216	7,148	6.649
Occupancy1 (% of NLA)	63%	89%	68%	0%
WALE (years)	5.75 years	2.65 years	2.58 years	N/A
Major tenants (sqm / expiry)	WAPOL (12,289sqm, FY26)	AMEC (7,341sqm, FY23)	Knightcorp (1,044sqm, FY25)	N/A
	BDM (1,833sqm, FY27)	Jacobs (3,442, FY22)		N/A

1. As at 22 February 2021 and including heads of agreement.

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Portfolio overview

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	50 Cavill Ave, Surfers Paradise	180 Hay Street, Perth	IDOM Portfolio, Perth	235 Stanley Place, Townsville
Valuation Date	30 June 2020	31 July 2020	31 December 2020	31 December 2020
Valuation	$101.00 million	$15.00 million	$105.85 million	$51.5 million
Carrying Value	$100.92 million	$15.33 million	$105.85 million	$51.5 million
Valuation movement	N/A	N/A	+$7.85 million	-$2.0 million
Capitalisation Rate	7.00%	8.00%	7.24%2	8.00%
Discount Rate	7.25%	8.25%	7.50%2	8.00%
NLA (sqm)	16,625sqm	4,925sqm		13,786
Occupancy1 (% of NLA)	91%	0%	100%	58%
WALE (years)	2.73 years	N/A	9.92 years	4.92 years
Major Tenants	Mantra (2,771sqm, FY24)	N/A	Buick Holdings Pty Limited3	DHS (5,460sqm, FY27, FY24)
	Ray White (1,129sqm, FY22)			NDIS (1,161sqm, FY26)

1. As at 22 February 2021 and including heads of agreement.

2. Weighted average.

3. The tenant is either Buick Holdings Pty Limited (Buick), or wholly owned subsidiaries of Buick. Buick is owned 67% by IDOM Automotive Group Pty Limited, a wholly owned subsidiary of IDOM Inc, an entity listed on the Tokyo Stock Exchange and 33% by entities associated with the DiVirgilio family.

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1 Mill Street, Perth

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Development application submitted for the construction of a new 45,000sqm NLA office building including precinct upgrade to 5 Mill Street and 197 St Georges Terrace

Demolition approval granted in December 2020. Demolition works anticipated to commence in first half of 2021 which will substantially improve speed to market of the office building

Design development progressing to assist with market engagement for key tenants

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Architectural drawings only

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WS2

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• Development Approval granted for new office building on surplus land

• Development scope includes for new 9,000sqm NLA timber/steel hybrid office building (WS2) and full precinct public realm upgrade to existing office building (WS1)

• Construction anticipated to commence around June 2021

• Total forecast costs of $63.0 million, including precinct works but excluding incentives and finance costs

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Architectural drawings only

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FUNDS MANAGEMENT

235 STANLEY STREET, TOWNSVILLELINKING EQUITY TO PERFORMANCE

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Funds Management business

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GDI No. 29 Office Trust

• Originally a two-asset fund, now only holding 10 strata suites in 251 Adelaide Terrace

• 100 of the 112 strata suites sold with investors receiving $1.30 in capital back in addition to income distributions

• Looking for short term leasing of the remaining 10 suites as the Perth strata market reawakens

GDI No. 33 Brisbane CBD Office Trust

• Bought 10 Market Street, Brisbane in 2010 and decided to strata it in 2012

• Approximately 50% of NLA sold or in process of being sold

• Signs of improvement in the Brisbane strata market after several years of price pressure

• Anticipate an acceleration of sales at improved pricing levels

GDI No. 36 Perth CBD Office Trust

• Owns the iconic 1 Adelaide Terrace, Perth

• Investors had been receiving +10% distribution yield on their initial investment with units valued at $1.11

• Levels 6 and 7 (and part Level 4) vacancy creates an opportunity to add value by releasing and extending the WALE

GDI No. 38 Diversified Property Trust

• Originally a seven-asset portfolio purchased from UGL on a sale and leaseback basis with four of those assets now sold

• Investors have/are

• received $0.605 of their initial capital

• receiving +15% distribution yield on their remaining $0.395 of initial capital

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GDI No. 42 Office Trust

 Originally a two-asset fund with similar asset management plans

Now only holding 235 Stanley Street, Townsville Opportunity to add significant value on releasing the vacancy created by the departure of the ATO in August 2020

GDI holds an ownership interest of 43.68%

GDI No. 43 Property Trust

 Owns 6 Sunray Drive, Innaloo, home to Perth’s only IKEA store

IKEA’s lease expires in February 2023, with IKEA having 3 x 5-year options

Annual CPI rent reviews, with market reviews at expiry and at each option date

Strategically located site between Sterling Station and Westfield Innaloo

Potentially significant upside on an alternate use basis

GDI No. 46 Property Trust

Owns 17 Perth metropolitan properties occupied by high profile car dealerships and service centres Long WALE of over 10 years, with the opportunity to add value through land amalgamations, capex and alternate uses (STCA)

GDI holds an ownership interest of 47.19%

  -

• a current unit value of $0.79

• Significant upside in Broadmeadow site on an alternative use basis

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APPENDIX

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WESTRALIA SQ ‐ 141 ST GEORGES TCELINKING EQUITY TO PERFORMANCE

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Profit or Loss

	GDI Trust Dec 20 Dec 19 Dec 20 Dec 19 $'000 $'000 $'000 $'000 24,606 35,103 24,709 35,123 1,322 1,064 - - 53 45 49 40 56 - 18 - 26,037 36,212 24,776 35,162 (121) - (121) - 2,318 37,949 2,318 37,949 28,234 74,161 26,973 73,112 10,356 9,095 10,356 9,095 2,689 1,232 2,698 1,373 4,047 4,286 2,221 3,208 823 - 797 - 17,915 14,613 16,072 13,677 10,319 59,548 10,902 59,434 157 (3) - - 10,476 59,546 10,902 59,434 - - - - 10,476 59,546 10,902 59,434 (426) 111 - - 6,236 58,278 6,236 58,278 5,811 58,389 6,236 58,278 4,665 1,156 4,665 1,156 10,476 59,546 10,902 59,434
Revenue from ordinary activities Property income Funds management income Interest revenue Other income
Total revenue from ordinary activities
Net fair value gain/(loss) on interest rate swaps Net fair value gain/(loss) on investment property
Total income
Expenses Property expenses Finance costs Corporate and administration expenses Acquisition expenses
Total expenses
Profit before tax Income tax benefit/(expense)
Net profit from continuing operations
Other comprehensive income
Total comprehensive income for the year
Profit and total comprehensive income attributable to: Company shareholders Trust unitholders
Profit and total comprehensive income attributable to stapled securityholders External non-controlling interests
Profit after tax from continuing operations

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NPAT to AFFO

	GDI
	31 December 2020 31 December 2019 $’000 $'000
Total comprehensive income for the period Acquisition expenses and discontinued acquisition Contribution resulting from consolidated trusts Distributions / funds management fees received from consolidated trusts Straight lining adjustments Amortisation of incentives and leasing costs Amortisation of loan establishment costs and depreciation Net fair value gain on investment property Net fair value (gain) / loss on interest rate swaps	10,476 59,546 823 - (4,295) (2,297) 2,190 943 497 457 6,410 3,026 348 85 (2,318) (37,949) 121 -
Funds From Operations	14,252 23,811

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Property by property information

Property		Dec 20	Dec 20	Dec 19	Dec 19		Dec 20	Dec 20	Dec 20
	$m			$m			$m
		IFRSNPI2 FFO		IFRSNPI2 FFO			Capex spent	Maintenance capex spent	Incentives and lease costs
1 Mill Street
5 Mill Street									0.5
197 St Georges Terrace							0.3		1.9
Mill Green, Perth		6.2	8.9	7.6	10.0		0.3		2.3
Westralia Square, Perth		0.6	4.0	13.3	13.6		4.2	-	2.8
50 Cavill Avenue, Surfers Paradise		2.7	3.5	2.8	3.5		0.3	-	0.5
180 Hay Street, Perth		0.2	0.2	-	-		0.5	-	-
Distributions from consolidated funds		-	1.8	-	0.8		-	-	-
Funds Management fees		1.3	1.7	1.1	1.2		-	-	-

1. “As is” is defined as contracted revenues only and does not include any new leasing or lease renewals and is subject to no material change in circumstances or unforeseen events.

~~2. IFRS NPI is the net property income of each asset prior to any revaluation adjustments.~~

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