This article is from the Australian Property Journal archive
OVER 1H24 GARDA Property Group (ASX: GDF) increased its exposure to the industrial sector, delivering its pipeline and divesting its Melbourne office assets.
GARDA recorded a statutory net loss after tax for the six month period ended 31 December 2023 of $34,612,000, after a net loss of $741,000 at 31 December 2022.
While posting an operating profit or funds from operations (FFO) of $6,955,000, compared to $7,592,000 at 31 December 2022.
The group’s pro-forma NTA per security was at $1.73, with 83% of its assets now comprising industrial assets by value.
GARDA’s portfolio value was $495 million as at 31 December 2023, with a WALE of 5.2 years and a development pipeline of circa 145,000sqm.
GARDA also completed the sale of its Botanicca 7 and Botanicca 9 office buildings, with settlement taking place on 31 January 2024.
At 31 December 2023 the facility was drawn to $247.4 million but was subsequently reduced to $187.2 million following settlement of the Melbourne office assets on 31 January 2024.
GARDA’s gearing was within the targeted range at 30.1%, with a weighted average cost of debt (fully drawn) of 4.86%.
80% of drawn debt is currently hedged via $150 million of interest rate swaps, weighted average hedged debt duration is 3.4 years.
GARDA posted a 6.3 cps FY24 DPS guidance and a forecast 5.2% distribution yield.
