GDI PROPERTY GROUP — Investor Presentation 2021

Aug 22, 2021

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GDI PROPERTY GROUP Annual results presentation

23 August 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.

LINKING EQUITY TO PERFORMANCE

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Executing on strategy

WS2, Perth

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Architectural drawings only

• DA approved

• Construction commenced

1 Mill Street, Perth

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Architectural drawing only

• DA approved

• Seeking tenant precommitment(s) and/or project partners

50 Cavill Avenue, Surfers Paradise

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• Exchanged contracts, settlement to occur on or about 31 August 2021

• $8.0 million above last independent valuation

• Completion in late 2022

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Executing on strategy

Westralia Square

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• Levels 1 – 12 leased

• Capex programme all but complete

5 Mill Street, Perth

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• Strong leasing momentum, with occupancy back to 86% of NLA from a low of approximately 60% during FY21

180 Hay Street, Perth

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

• Capex programme well underway

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

LINKING EQUITY TO PERFORMANCE

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50 Cavill Avenue – case study

Before refurbishment

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Foyer - Before

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Lift lobby - Before

After refurbishment

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Foyer - After

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Lift lobby - After

• Purchased in February 2016 for $48.75 million, or $49.2 million inclusive of costs after settlement adjustments

• Four sides of natural light, water views from every floor, easily divisible floors plates in desperate need of capital expenditure

• Acquisition price well below replacement cost, particularly considering the near 450 underground car bays

• No NABERs Energy rating, 54% occupied, by NLA

• Passing net income of approximately $2.6 million

• Developed a capex programme to reinstate 50 Cavill Avenue as the preeminent business address on the Gold Coast and believed the occupier market would follow

• New state of the art destination control lifts and HVAC system

• Refurbishment of majority of floors including lift lobby upgrades

• Installation of new end of trip facility, major upgrade to the precinct and ground floor external tenancies

• Upgraded security systems

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Outdoor area - Before

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Outdoor area - After

• Total cost of approximately $18.4 million (including incentives)

At 30 June 2021, 50 Cavill Avenue was / had achieved

• 97% occupied by NLA, 4.5 Star NABERS Energy rating, with an expectation of 5 stars if it had been held to the next assessment

• Passing net income of approximately $7.9 million

• Exchanged contracts on 2 August 2021 for $113.5 million, a net sale price of approximately $109.0 million

• Settlement expected to occur on or around 31 August 2021

LINKING EQUITY TO PERFORMANCE

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Why GDI?

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Total return focused
Exposure to Perth
Assets with upside
Ability to capitalise
on any weakness
FY22 distribution
Committed team
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• •Delivered an annualised total return since listing of 13.3% p.a.

• •This return has been largely crystallised

• •Demonstrated restraint

• •Perth rebound story taking shape – positive absorption, decreasing vacancy, increased enquiry •Very confident in the short and medium term outlook for Perth

• •Significant upside in Westralia Square (leasing), WS2 (development), Mill Green (leasing and development), Hay Street (leasing)

• •Delivery of this upside is the focus

• •On settlement of 50 Cavill Avenue, Principal Facility LVR of approximately 10% provides GDI with the financial firepower to secure assets, or buy back its own stock, should opportunities arise

• •Ability to raise large amounts of capital through the existing unlisted platform

• •Forecast cash distribution of 7.75 cents per security[1]

• •Aligned management •Small team

• Subject to no material change in circumstances. A proportion of the distribution is likely to be paid out of capital

LINKING EQUITY TO PERFORMANCE

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FINANCIAL RESULTS

LINKING EQUITY TO PERFORMANCE50 CAVILL AVE, SURFERS PARADISE

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Summary

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
Small ($2.3 million) valuation gains during the year
–
Does not include $8.0 million gain from sale of 50 Cavill
NTA – $1.25 per security Avenue, Surfers Paradise
 Maintenance of distribution resulted in NTA decreasing $0.02
per security from 31 December 2020
 Significantly higher than internal forecasts due to leasing
FFO of 5.37 cents per security successes
 Maintained distribution at prior year levels
Distribution of 7.75 cents per security  Intend to pay a cash distribution of 7.75 cents per security for
FY22 [1]
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1. Subject to no material change in circumstances and noting that we expect a proportion of any cash distribution will be paid out of capital.

LINKING EQUITY TO PERFORMANCE

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Contributors to FFO and AFFO

	Jun-21	Jun-20
	$’000	$’000
Property Division FFO	34,267	49,146
Funds Management FFO	6,844	5,955
Other	170	358
Total	41,281	55,460
Less:
Net interest expense	(3,716)	(2,137)
Corporate and administration expenses	(8,142)	(7,824)
Other	(353)	(983)
Total FFO	29,069	44,516
Maintenance capex	(1,510)	(1,409)
Incentives and leasing fees paid	(11,324)	(21,627)
Incometaxexpense / (benefit)	(435)	520
Total AFFO	15,801	21,999

• Property Division FFO lower than previous corresponding period:

• Minimal impact from COVID-19, with $296,000 of rent written off (FY20 $518,000)

• 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 $14.2 million lower than the previous corresponding period and $18.8 million from FY19

• Releasing successes to date means that FY21 should be the low point in Westralia Square’s FFO contribution

• At Mill Green, FFO was slightly lower at $19.3 million (vs FY20 of $19.5 million), 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 $6.8 million (FY20: $6.0 million) includes:  Distributions from GDI No. 42 Office Trust ($0.7 million)

• Distribution from GDI No. 46 Property Trust ($2.9 million)

• Net interest expense higher due to higher amount of drawn debt

• Corporate and administration expenses increased slightly

• Includes a $2.1 million expense for performance rights issued in FY18, FY19, and FY20, and to be issued for the year ended 30 June 2021

• Incentives and leasing fees incurred across the portfolio

• $4.5 million at Mill Green

• $5.7 million at Westralia Square

• $1.0 million at 50 Cavill Avenue

LINKING EQUITY TO PERFORMANCE

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Balance sheet remains in a strong position

	Jun-21	Jun-20
Pro forma for post balance sheet events	$’000	$'000
Current assets
Cash and cash equivalents	11,188	10,100
Non-current assets held for sale	102,491	102,240
Other assets	10,586	14,500
Total current assets	124,265 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	852,087	822,500
Other non-current assets	1,974	724
Intangible assets	18,110	18,110
Total non-current assets	872,171	841,685
Total assets	996,435	968,525
Current liabilities
Trade and other payables	25,628	25,520
Other current liabilities	714	405
Total current liabilities Non-current liabilities	26,342 GDI No. 42 Office Trust $10.00 million GDI No. 46 Property Trust $30.00 million	25,926
Borrowings	208,557	159,423
Derivative financial instruments	2	326
Other non-current liabilities	831	206
Total non-current liabilities	209,390	159,954
Total liabilities	235,732	185,880
Net assets	760,703	782,645
Equity	GDI No. 42 Office Trust and GDI No. 46 Property Trust
Equity attributed to holders of stapled securities	696,556 External Investors	721,403
Equity attributable to external non-controlling interest	64,147	61,242
Total equity	760,703	782,645

LINKING EQUITY TO PERFORMANCE

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Debt profile and interest rate hedging

• As at 30 June 2021, drawn debt on the Principal Facility of $168.8 million and undrawn debt of $36.2 million

• Post balance date, refinanced the Principal Facility

• Extended maturity to August 2024

• Tranche E introduced to fund the development of WS2

• On settlement of 50 Cavill Avenue, Surfers Paradise, Tranche’s B, C and D will reduce by $50.0 million in total and undrawn debt on these tranches increases to $84.6 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 2021 Facility $’000 Utilised $’000 Unutilised $’000 205,000 168,833 36,168 5,000 - - 210,000 168,833 36,168 11,500 10,000 1,500 30,000 30,000 - 41,500 40,000 1,500 251,500 208,833 37,668	30 June 2021 Facility $’000 Utilised $’000 Unutilised $’000 205,000 168,833 36,168 5,000 - - 210,000 168,833 36,168 11,500 10,000 1,500 30,000 30,000 - 41,500 40,000 1,500 251,500 208,833 37,668	30 June 2021 Facility $’000 Utilised $’000 Unutilised $’000 205,000 168,833 36,168 5,000 - - 210,000 168,833 36,168 11,500 10,000 1,500 30,000 30,000 - 41,500 40,000 1,500 251,500 208,833 37,668	31 August 2021 pro forma1	31 August 2021 pro forma1	31 August 2021 pro forma1	31 August 2021 pro forma1
Principal Facility	Maturity				Maturity Facility $’000 Utilised $’000 Unutilised $’000
Facility Tranche B / C	Jul-22	205,000	168,833	36,168	Aug-24	159,400	74,833	84,568
Facility Tranche D2	Jul-22	5,000	-	-	Aug-24	5,600	-	-
Facility Tranche E					Aug-24	85,000	-	85,000
Total		210,000	168,833	36,168	250,000 74,833 169,568
Consolidated unlisted funds
GDI No. 42 Office Trust	Jul-22	11,500	10,000	1,500	Jul-22	11,500	10,000	1,500
GDI No. 46 Property Trust	Feb-23	30,000	30,000	-	Feb-23	30,000	30,000	-
Total		41,500	40,000	1,500		41,500	40,000	1,500
Total debt					291,500 114,833 171,068

1. Assumes settlement of 50 Cavill Avenue on 31 August 2021 and $15.0 million being drawn to part fund the August 2021 distribution payment 2. GDI has a $5.0 million bank guarantee supporting the financial requirements of GDI Funds Management Limited’s AFSL. This is undrawn and can not be used for general working capital purposes. GDI also has two guarantees totalling $600,000.in favour of the City of Perth in relation to some of the proposed demolition works at 1 Mill Street, Perth.

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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 Labour Force and Population Growth

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
Perth CBD Net Absorption vs White Collar Employment Growth
150,000 10%
8%
100,000
6%
4%
50,000
2%
- 0%
-2%
-50,000
-4%
-100,000 -6%
Perth CBD Net Absorption Perth CBD White Collar Employment Growth (RHS)
AUD Billions
Net Absorption (sqm)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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1.40% 1,420
1,400
1.20%
1,380
1.00% 1,360
0.80% 1,340
1,320
0.60%
1,300
0.40% 1,280
1,260
0.20%
1,240
0.00% 1,220
2016 2017 2018 2019 2021
Total Persons Employed Population Growth (LHS)
Source: JLL Research
Employed Persons ('000)
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National, state & territory job ad growth/decline comparing Jun 21 vs Jun 19

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60.2% 150,000 10%
8%
100,000
6%
4%
50,000
2%
40.8%
- 0%
53.9%
-2%
-50,000
-4%
10.0%
-100,000 -6%
62.0%
10.4%
Perth CBD Net Absorption Perth CBD White Collar Employment Growth (RHS)
14.5%
58.5%
Source: SEEK Employment Report – June 2021 Source: JLL Research
Net Absorption (sqm)
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
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LINKING EQUITY TO PERFORMANCE

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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	$347.64 million	$229.40 million	$55.99 million	$40.00 million
Capitalisation rate	6.00%	6.75%	7.00%	7.75%
Discount rate	6.75%	7.00%	7.25%	7.50%
NLA (sqm)	32,598	26,216	7,148	6.649
Occupancy1 (% of NLA)	61%	89%	86%	-
WALE1 (years)	5.5 / 3.3	2.3 / 2.0	3.0 / 2.6	-
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 30 June 2021 including signed heads of agreement. WALE is shown firstly on occupied space and secondly on total NLA

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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	$101.25 million	$16.08 million	$105,85 million	$51.7 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)	16,625	4,925		13,786
Occupancy1 (% of NLA)	97%	-	100%	59%
WALE1 (years)	3.2 / 3.1	-	9.4 / 9.4	4.4 / 2.6
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 30 June 2021 including signed heads of agreement. WALE is shown firstly on occupied space and secondly on total NLA

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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Development Pipeline - Perth

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1 Mill Street

• Development approval for the construction of a 45,000sqm NLA office building, including precinct upgrades to 5 Mill Street and 197 St Georges Terrace

• Demolition plans to commence Q4 CY21

• Continued engagement with prospective major tenants

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Architectural drawings – 1 Mill Street

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Westralia Square 2 (WS2)

• Built engaged as D&C Contractor and on site works have commenced

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• Contract scope includes new circa 9,300sqm NLA timber/steel hybrid office building (WS2) and full precinct public realm upgrade to existing office building (WS1)

• Completion Date Q4 CY22

• Total forecast costs of $63 million, including precinct works but excluding incentives and finance costs

Architectural drawings – WS2

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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 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 $0.63 of their initial capital

• receiving +15% distribution yield on their remaining $0.37 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 Jun-21 Jun-20 Jun-21 Jun-20 $'000 $'000 $'000 $'000 52,043 67,663 52,427 67,759 2,599 2,206 - - 111 163 104 152 56 263 18 200 54,809 70,294 52,370 68,111 324 (326) 324 (326) 2,318 32,862 2,318 32,862 57,451 102,831 55,012 100,647 19,895 18,659 19,895 18,659 5,270 3,176 5,290 3,191 8,142 7,824 4,338 5,352 789 463 296 536 830 5,448 801 7,408 34,927 35,571 30,620 35,146 22,525 67,260 24,392 65,501 435 (520) - - 22,960 66,740 24,392 65,501 - - - - 22,960 66,740 24,392 65,501 (1,432) 1,239 - - 17,417 65,864 17,417 65,501 15,985 67,104 17,417 65,862 6,975 (363) 6,975 (363) 22,960 66,740 24,392 65,501
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 Provision for impairment of debts 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
	Jun-21 Jun-20 $’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 and depreciation Net fair value gain on investment property Net fair value (gain) / loss on interest rate swaps	22,960 66,740 830 5,448 (9,220) (7,253) 4,245 3,749 757 1,032 12,139 7,335 (2,318) (32,862) (324) 326
Funds From Operations	29,069 44,516

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Property by property information

		FY22	Jun-21	Jun-21	Jun-20	Jun-20		Jun-21	Jun-21	Jun-21
		$m	$m		$m			$m
		FFO	IFRSNPI2 FFO		IFRSNPI2 FFO			Capex spent	Maintenance capex spent	Incentives and lease costs
1 Mill Street		(0.5)								-
5 Mill Street		3.2						-	-	1.0
197 St Georges Terrace		16.3						-	1.0	3.6
Mill Green, Perth		19.0	13.7	19.3	14.7	19.5		0.8	1.0	4.5
Westralia Square, Perth		10.6	3.3	8.3	21.0	22.5		6.5	0.1	5.7
50 Cavill Avenue, Surfers Paradise		1.2	5.3	7.1	5.5	7.1		0.8	0.1	1.0
180 Hay Street, Perth		(0.7)	(0.4)	(0.4)	-	-		1.3	-
Distributions from consolidated funds		3.7	-	3.6	-	2.4
Funds Management fees		3.3	2.6	3.3	2.2	3.6

1. “As is” is defined as contracted revenues only, or budgeted estimates of none contracted revenues (for example, casual car parking) 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.

LINKING EQUITY TO PERFORMANCE

22

LINKING EQUITY TO PERFORMANCE

23