This article is from the Australian Property Journal archive
IN its first year under the new leadership of Stephen Burns as managing director and CEO, GDI Property (ASX: GDI) has posted a net loss of $6.9 million over FY24.
The net loss attributable to securityholders after tax, was a 141.7% drop from FY23’s $28.1 million.
FFO was up 5.1% to $29.6 million, from $28.1 million in FY23, or 5.52 cents per security, up 4.5% from 5.28 cents in FY23. Total FFO was impacted by a significant increase in the net interest expense to $15.8 million, up from $9.2 million in FY23. With Property FFO for the year at $41.6 million, up 12.6% from the FY23 Property FFO of $36.9 million. Total AFFO was at $13.7 million, up from $9.37 million in FY23.
Distributions were at 5.00 cents per security for the year. NTA per security is $1.19, down from $1.25 at 30 June 2023.
Over the year, GDI leased or renewed more than 37,000sqm of office space. Across the group’s investment property portfolio had an occupancy of 87.2%, a WALE of 5.4-years, WACR was at 6.6%, with the average value per sqm of lettable area in the office portfolio is $8,019.
GDI’s co-living joint venture adding $6.8m FFO2 for FY24, in excess of its return of 20% on initial invested capital.
GDI had gearing of 33%, with a loan to value ratio of 40.6% and n interest cover ratio of 2.0x. The group had drawn debt of $347.3 million on its syndicated facility and undrawn debt of $49.2 million. With 94% of the syndicated facility’s current drawn debt is hedged to 31 December 2024, 79% to 30 June 2025 and 50% to 31 December 2025.
In June of last year, Burns stepped in as interim as managing director and CEO, following the sudden exit of Steve Gillard in March that year.
GDI provided a FY25 distributions guidance of 5.00 cents per security.
