GDI PROPERTY GROUP GDI Property Group (ASX: GDI) | Appendix 4D |
GDI Property Group Limited ACN 166 479 189 | Results for announcement to the market |
GDI Property Trust ARSN 166 598 161 | Period ended 31 December 2021 |
Appendix 4D
Results for announcement to the market
GDI PROPERTY GROUP
This Appendix 4D should be read in conjunction with the half yearly financial report of GDI Property Group for the half year
ended 31 December 2021. | |||||
1. | GDI Property Group | ||||
This report is for GDI Property Group ("GDI"), comprising the stapled entities GDI Property Group Limited (ACN 166 479 189) | |||||
("the Company") and GDI Property Trust (ARSN 166 598 161) ("the Trust"). | |||||
only | |||||
GDI was formed on 16 December 2013 by the stapling of shares in the Company to units in the Trust. Each stapled security | |||||
consists of one share in the Company and one unit in the Trust, which pursuant to a Co‐operation Deed dated 25 November | |||||
2013, cannot be dealt with or traded separately. | |||||
The responsible entity of the Trust is GDI Funds Management Limited (ACN 107 354 003, AFSL 253 142), a wholly owned | |||||
subsidiary of the Company. | |||||
For the purposes of statutory reporting, the stapled entity, GDI, is accounted for as a consolidated group. Accordingly, one | |||||
useof the stapled entities must be the 'deemed acquirer' of the other, with the Company being chosen as the deemed acquirer | |||||
of the Trust. | |||||
2. | Reporting period | ||||
The financial information contained in this report is for the six‐month period from 1 July 2021 to 31 December 2021. | |||||
3. | Highlights of the results | ||||
December 2021 | December 2020 | ||||
$'000 | $'000 | ||||
Revenue from ordinary activities | 28,919 | 26,037 | |||
Comprehensive net profit attributable to securityholders after tax | 37,874 | 5,811 | |||
Funds from operations (FFO1) | 15,376 | 14,252 | |||
Distribution to security holders | 20,850 | 21,004 | |||
Cents | cents | ||||
personal | Funds from operations per security | 2.845 | 2.632 | ||
Distributions per security | 3.875 | 3.875 | |||
Payout ratio | |||||
‐ Distributions as a % of FFO | 136% | 147% | |||
‐ Distributions as a % of AFFO2 | 182% | 258% | |||
Basic earnings per security3 | 7.01 | 1.07 | |||
Diluted earnings per security3 | 6.96 | 1.07 | |||
1 FFO is a Property Council of Australia definition which adjusts AIFRS net profit for non‐cash changes in investment properties, non‐cash impairment of goodwill, non‐cash | |||||
For | fair value adjustments to financial instruments, amortisation of incentives, straight‐line adjustments and other unrealised one‐off items. A reconciliation of total | ||||
comprehensive income for the period to FFO is provided at section 2.1 of the Directors' Report. |
2 AFFO adjusts FFO for incentives paid during the period and maintenance capex.
3 This calculation is based on the comprehensive profit attributable to stapled security holders of GDI.
GDI Property Group (ASX: GDI) | Appendix 4D |
GDI Property Group Limited ACN 166 479 189 | Results for announcement to the market |
GDI Property Trust ARSN 166 598 161 | Period ended 31 December 2021 |
only
Total assets
Total borrowings
Securityholders equity
Market capitalisation
Net tangible assets per security ($) Security price ($)
Securities on issue
Weighted average securities on issue
December 2021 | June 2021 |
$'000 | $'000 |
1,007,852 | 996,436 |
205,913 | 208,557 |
710,024 | 696,556 |
594,572 | 607,026 |
December 2021 | June 2021 |
1.284 | 1.250 |
1.105 | 1.120 |
538,074,504 | 541,987,836 |
540,420,895 | 541,752,496 |
use | |||||
4. Commentary on the results | |||||
Refer to the Directors' Report of the 31 December 2021 half yearly financial report for a commentary on the results of GDI. | |||||
5. Dividends/distributions declared and paid and dividend/distribution reinvestment plan | |||||
Distributions/dividends declared or paid in respect of the reporting period were: | |||||
personal | Amount per | Total | Franked amount | ||
security | distribution | per security | |||
FY21 final - paid 31 August 2021 | cents | $'000 | cents | ||
3.875 | 21,002 | ‐ | |||
FY22 interim - declared 10 December 2021 | 3.875 | 20,850 | ‐ |
No distribution reinvestment plan was operated by GDI.
6. Changes in control over group entities
During the period GDI established GDI No. 47 Pty Limited and GDI No. 48 Pty Limited, both wholly owned subsidiaries of GDI Funds Management Limited, GDI Carparks Pty Limited, a wholly owned subsidiary of GDI Investment Management Limited, and GDI No. 47 Trust and GDI No. 48 Trust, both wholly owned subsidiaries of GDI Property Trust. GDI No. 47 Pty Limited acts as the trustee of GDI No. 47 Trust, established to acquire and own 419‐431 Murray St, Perth. GDI No. 48 Pty Limited acts as the trustee of GDI No. 48 Trust, established to acquire and own 301‐311 Wellington St, Perth.
7. Compliance statement
This Appendix 4D has been prepared in accordance with AASB Standards (including Australian interpretations) and other Forstandards acceptable to the ASX. This Appendix 4D and the half yearly financial reports upon which it is based use the same
accounting policies.
The financial report for the six‐month period ended 31 December 2021 has been reviewed by the auditors for GDI.
A copy of the GDI half yearly financial report for the six months ended 31 December 2021, with the auditor's review conclusion, has been lodged with the ASX.
2
For personal use only
GDI Property Group
GDI Property Group Limited
ACN 166 479 189
Half Yearly Financial Report
31 December 2021
GDI Property Group comprises GDI Property Group Limited ACN 166 479 189 (the Company) and its subsidiaries and GDI Property Trust ARSN 166 598 161 (the Trust) and its subsidiaries. The responsible entity of the Trust is GDI Funds Management Limited ACN 107 354 003, AFSL 253 142, a wholly owned subsidiary of the Company.
GDI PROPERTY GROUP
CONTENTS
Directors' Report............................................................................................................................................................. | 1 | ||
Auditor's Independence Declaration................................................................................................................................ | 7 | ||
Financial Report .............................................................................................................................................................. | 8 | ||
only | Consolidated Statement of Profit or Loss and Other Comprehensive Income ....................................................................... | 8 | |
Consolidated Statement of Financial Position ........................................................................................................................ | 9 | ||
Consolidated Statement of Changes in Equity ...................................................................................................................... | 10 | ||
Consolidated Statement of Cash Flows................................................................................................................................. | 12 | ||
Notes to the Financial Statements ........................................................................................................................................ | 13 | ||
1. | Summary of significant accounting policies .............................................................................................................. | 13 | |
use | 2. | Property revenue....................................................................................................................................................... | 14 |
3. | Finance costs ............................................................................................................................................................. | 14 | |
4. | Non‐current assets held for sale ............................................................................................................................... | 15 | |
5. | Other assets............................................................................................................................................................... | 15 | |
6. | Investment properties............................................................................................................................................... | 15 | |
7. | Borrowings ................................................................................................................................................................ | 18 | |
8. | Dividends/distributions paid/payable ....................................................................................................................... | 19 | |
9. | Segment reporting..................................................................................................................................................... | 19 | |
10. | Fair value measurements .......................................................................................................................................... | 21 | |
personalFor | 11. | Contingent liabilities.................................................................................................................................................. | 24 |
12. | Events after the reporting date ................................................................................................................................. | 24 | |
Directors' Declaration ................................................................................................................................................... | 25 | ||
Independent Auditor's Review Report ........................................................................................................................... | 26 |
GDI PROPERTY GROUP
DIRECTORS' REPORT
For the six‐month period ended 31 December 2021
The Directors of GDI Property Group Limited ACN 166 479 189 ("the Company") and GDI Funds Management Limited ACN 107 354 003; AFSL 253 142 as Responsible Entity for GDI Property Trust ARSN 166 598 161 ("the Trust") present their report together with the half yearly financial report of the Company and its controlled entities and the Trust and its controlled
onlyentities for the six‐month period ended 31 December 2021. Shares in the Company are stapled to units in the Trust to form GDI Property Group ("GDI").
The half yearly financial reports of the Company and its subsidiaries and the Trust and its subsidiaries have been presented jointly in accordance with ASIC Class Oder 13/1050 relating to combining or consolidating accounts under stapling and for the purpose of fulfilling the requirements of the Australian Securities Exchange ("ASX"). The Responsible Entity of the Trust is GDI Funds Management Limited. GDI Funds Management Limited is a wholly owned subsidiary of the Company and shares a common board.
1. Directors
The following persons were Directors of the Company and GDI Funds Management Limited during the half year and to the date of this Directors' Report:
Director | Appointment date | |||
use | Gina Anderson | Independent Chairman | 5 November 2013 | |
John Tuxworth | Independent Non‐Executive | 20 February 2017 | ||
Giles Woodgate | Independent Non‐Executive | 16 November 2017 | ||
Stephen Burns | Independent Non‐Executive | 15 November 2018 | ||
Steve Gillard | Managing Director | 5 November 2013 | ||
2. Review of results and operations | ||||
personalFor |
The Board monitors a range of financial information and operating performance indicators to measure performance over time. The Board uses several measures to monitor the success of GDI's overall strategy, most importantly Funds From Operations ("FFO") and GDI's total return, calculated as the movement in net tangible assets ("NTA") per security plus distributions per security. FFO is a Property Council of Australia definition which adjusts statutory AIFRS net profit for non‐ cash changes in investment properties, non‐cash impairment of goodwill, non‐cash fair value adjustments to financial instruments, amortisation of incentives, straight‐line adjustments and other unrealised one‐off items.
2.1 Financial performance
The reconciliation between GDI's FFO and its statutory profit for the period ended 31 December 2021 is as follows:
GDI | ||||
31 December 2021 | 31 December 2020 | |||
$'000 | $'000 | |||
Total comprehensive income for the year | 40,115 | 10,476 | ||
Portfolio acquisition and other transaction costs | 3,598 | 823 | ||
Contribution resulting from consolidated trusts | (4,894) | (4,295) | ||
Distributions/funds management fees received from consolidated trusts | 2,087 | 2,190 | ||
Straight lining adjustments | 503 | 497 | ||
Amortisation of leasing fees and incentives | 4,398 | 6,410 | ||
Amortisation of loan establishment costs | 326 | 196 | ||
Depreciation | 7 | 152 | ||
Net fair value (gain) / loss on investment property | (22,263) | (2,318) | ||
Net fair value (gain) / loss on interest rate swaps | (666) | 121 | ||
Profit on sale of investment property | (7,834) | ‐ | ||
Funds From Operations | 15,376 | 14,252 | ||
Cents | Cents | |||
Funds From Operations per stapled security | 2.845 | 2.632 | ||
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GDI Property Group Ltd. published this content on 20 February 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 February 2022 22:30:02 UTC.
