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01 Highlights 04 The Property Portfolio 07 Strategy and Guidance 02 Financial Snapshot 05 Funds Management Division 03 The Perth Market 06 Co-living JV A Appendices Acknowledgement of Country GDI acknowledges and pays respect to the past, present and future Traditional Custodians and Elders of this nation and the continuation of cultural, spiritual and educational practices of Aboriginal and Torres Strait Islander peoples.
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Highlights | Continued momentum + FFO growth FFO growth 29.1% FFO1 growth from half year ended 31 December 2024 Property Division FFO1 increased 13.9% from half year ended 31 December 2024, with the contribution from the Co-living JV increasing 36.8%. NTA stable on property revaluations Supported by valuation increases at Westralia Square and the Murray Street carpark, notwithstanding increased capitalisation rates. Co-living JV Acquisition of three assets in Moranbah adds to earnings and diversifies the portfolio by geography, commodity and client Now over 920 rooms owned and managed. Spec fit-out strategy demonstrably effective Splitting floors and providing speculative fit-outs at 197 St George’s Terrace has lifted occupancy2 from a low of 61% in June 2022 to over 91%. A similar strategy to be deployed at 5 Mill Street, albeit with a greater use of in situ fitouts. In total, over 13,000sqm of leasing2 achieved in the period. WS2 recognition 2025 Winner, Best Sustainable Development, Commercial, Property Council of Australia Awards. 3 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 fair value adjustments to financial instruments, amortisation of incentives, straight -line adjustments and other unrealised one-off items. The FFO contribution from the Co -living JV is GDI’s share of the joint venture’s consolidated earnings before tax. Property Division FFO and Funds Management Division FFO are the contribution to total FFO from the Property Division and Funds Management Division pre corporate and administration expenses, and net interest. 2. Including Heads of Agreement, lease renewals and extensions, and assets in the Funds Management Division. 13.1 16.5 21.3 HY24 HY25 HY26 FFO Growth ($m) 18.5 25.4 29.0 HY24 HY25 HY26 Property FFO ($m) 55% 60% 65% 70% 75% 80% 85% 90% 95% 100% FY22 HY23 FY23 HY24 FY24 HY25 FY25 HY26 Occupancy Improvement (197 St George’s Terrace)
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Highlights | Continued momentum + FFO growth Further sales within Funds Management Division GDI No. 46 Property Trust – eight dealerships sold including six in one line for $74.0 million, 50% over January 2020 acquisition price. One of the two remaining properties in GDI No. 38 Diversified Property Trust exchanged, leaving that fund with only the highly prospective 16-hectare property at 16 Broadmeadow Road, Broadmeadow, Newcastle. Significant potential performance fees payable from both these funds on final realisation. Syndicated facility refinanced Limit increased by $25.0 million to $426.5 million, with $52.2 million undrawn. Term extended on 50% to February 2028, with balance expiring February 2027. Margin compression and expiry of an expensive swap expected to reduce interest expense in FY26 from the prior year. Well positioned for leasing momentum Leasing activity continues with supply gap now evident. GDI is poised to capture rental growth and market activity with speculative fitout strategy. 4 49.25 74.00 Acquisition Value Sales Value Dealership Asset Growth ($m) Six assets exchanged 98.0 28.5 74.0 42.4 0 20 40 60 80 100 120 140 160 Acquisition Value 2020 ($m) HY26 Status ($m) GDI No. 46 Car yards Portfolio Settlements (6) Exchanged (6) Balance 1. Independent valuation dated 30 June 2025 1
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Financial Snapshot 5 2.45 3.07 3.94 HY24 HY25 HY26 FFO per security (cents) NTA $1.20 Weighted average capitalisation rate of 6.8% Average rate/sqm of NLA of $8,487 1 Gearing 35% Within policy of sub 40% LVR of 41% (covenant of 50%) and ICR of 2.3X (covenant 1.5X) on the Syndicated Facility Distribution Distribution of 2.5 cents per security for HY26 Intention to pay a cash distribution of 5.0 cents per security for FY26 2 FFO Growing FFO per security indicative of strong leasing outcomes 3.94c PER SECURITY 2.50c PER SECURITY 1. After deducting $1,000/sqm from the valuation of Westralia Square for the public carpark, comprising 357 car bays operated by Wilsons. 2. Subject to no material change in circumstances or unforeseen events. The distribution may be wholly or partly paid out of capital.
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Financial Snapshot | Contributors to FFO Property FFO higher than PCP 13.9% increase in Property Division FFO on the period ended 31 December 2024 Westralia Square: $15.1 million, 12.7% increase from full-period tenant contributions and rental growth. WS2: $2.9 million, 45.0% increase as the property reached stabilised occupancy. 197 St Georges Terrace: $7.6 million, 24.6% increase reflecting successful leasing following subdividing and fitting out full floors. Carparks: $2.4 million consistent with the half year ended 31 December 2024. Funds Management Division FFO decreased to $2.7 million, down 23.9% on the period ended 31 December 2024, primarily due to the sale of 6 Sunray Drive, Innaloo (GDI No.43 Property Trust), which generated approximately $1.1 million in annual management fees. Co-living JV FFO increased to $4.6 million, a 36.8% increase on the period ended 31 December 2024, driven by the accretive acquisition of the Moranbah properties and stronger performance at the other three existing properties. Net interest expenses of $10.1 million, 7.8% lower than the, reflective of lower interest rates partially offset by higher drawn debt levels. Corporate and administration expenses of $5.3 million (31 December 2024: $4.9 million). 6 Dec-25 Dec-24 $’000 $’000 Property Division FFO 28,960 25,416 Funds Management Division FFO 2,698 3,544 Co-living JV FFO 4,583 3,349 Other 31 92 Total 36,272 32,401 Less: Net interest expense (10,125) (10,980) Corporate and administration expenses (5,257) (4,946) Other 396 18 Total FFO 21,286 16,494
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Financial Snapshot 7 23 February 2026 Secured Maturity Date Facility $’000 Utilised $’000 Unutilised $’000 Syndicated Facility Tranche A Yes February 2027 210,750 210,750 - Tranche B Yes February 2028 210,750 158,581 52,169 Bank Guarantee1 Yes February 2028 5,000 - - Total Syndicated Facility 426,500 369,331 52,169 Consolidated unlisted funds GDI No. 42 Office Trust Yes August 2026 11,500 10,000 1,500 GDI No. 46 Property Trust Yes March 2027 12,000 12,000 - Total consolidated unlisted funds 23,500 22,000 1,500 TOTAL DEBT 450,000 391,331 53,669 100.0 100.0 100.0 175.0 175.0 175.0 94.3 94.3 94.3 0.0 50.0 100.0 150.0 200.0 250.0 300.0 350.0 400.0 01 JAN '26 30 JUN '26 31 DEC '26 BBSY@3.75% CAP, 2.65% COLLAR BBSY@3.43% CALLABLE SWAPS UNHEDGED A combination of interest rate caps and swaps protects from rising rates 1. The bank guarantee supports the financial requirements of GDI Funds Management Limited’s AFS Licence. This is undrawn and cannot be used for general working capital purposes.
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8 The Perth Market | WA Economy State Final Demand (SFD) Domestic economic growth as measured by state final demand (SFD) grew 3.0% to the September 2025 quarter, above the average 1.9% y-o-y growth recorded across the major states of NSW, Victoria, Queensland and SA. The WA jobs market continues to be strong Recent data insights show that WA is leading the nation in wages growth. In December 2025, unemployment remained low at 3.9%, below the national average of 4.1%. Strong migration The WA population continues to grow at the fastest pace nationally. WA’s population grew by 2.2% y-o-y in the June 2025 quarter, above the 1.5 percent growth recorded nationally. Retail spending Consumer spending driven by strong population growth and a robust jobs market, has continued to be strong particularly in Western Australia despite cost-of-living pressures. In the 3 months ending November 2025, Western Australia was leading all other states with household spending growth of 8.0%. 4.4 5.5 5.7 5.8 6.3 8.0 VIC NSW AUST SA QLD WA Household Spending Growth (%) 3 months to end Nov 25, ABS 1.10 1.20 1.50 1.80 1.80 2.20 SA NSW AUST QLD VIC WA Population Annual Growth (%) 12 months to Jun 2025, ABS 3.3 3.3 3.3 3.4 3.4 4.0 VIC NSW SA QLD AUST WA Wages Growth (%) Sept quarter 2025, ABS Infrastructure + Mining Investment Value ($) Status Timeline Infrastructure – Perth Airport 5.0bn Build Phase 2025-31 Infrastructure - Women’s + Babies Hospital 1.8bn Build Phase 2025-29 Manufacturing – Eneabba Rare Earth Refinery (Iluka Resources) 1.8bn Build Phase 2023-26 Mining – Scarborough Energy Project + Pluto Train (Woodside) 16.5bn Build Phase 2022-27 Manufacturing – Urea Fertiliser Plant, Karratha (Perdaman) 6.4Bn Build Phase 2023-27 Defence - Henderson Defence Project (Federal Government) 12.0bn Committed 2027-30s Mining - West Angeles Iron Ore Mine (Rio, Mitsui, Nippon Steel) 1.1bn Committed 2027-27 Mining – Gorgon LNG Stage 3 (Chevron, Shell, ExxonMobil) 3.0bn Committed 2026-30 Mining – Hope Downs 2 (Hancock Prospecting, RIO) 2.4bn Committed 2026-27 Infrastructure – Westport (Kwinana Port) 7.2bn Planning 2028-39
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0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Capital Square 2 1 The Esplanade Westralia Square 2 Capital Square 3 9 The Esplanade 562 Wellington St 200 St Georges Tce 100 St Georges Tce 15 The Esplanade 2022 2023 2024 2025 2026 2027 2028 2029 2030+ Perth CBD Supply Gap 2025-30 Supply (sqm) Complete Backfill Mooted 20y Average New Supply 9 The Perth Market | Key office trends Sale campaigns signalling renewed interest Asset sale campaigns are gaining interest from HNW syndicators, Asian investors and some institutions. Depth of interest has increased but minimal transactions completed. Improving enquiry levels Office space enquiry levels in 2025 were up 7.2% on prior year and Q4 was busy for transactions with 49% of all leasing for 2025 recorded. Supply gap emerging With no developments expected until 2030+, Perth occupiers will be relying solely on backfill space. The supply gap together with a high volume of CBD lease expiries in the next five years is expected to drive down vacancy and drive strong rental growth. CBRE are forecasting 39% rental growth over the next five years. Tenant movement positive for net absorption and CBD 68% of tenants relocating in 2025, did so to expand their footprint 1. Speculative fitout strategy proving beneficial GDI continues to focus on speculative fitout strategy and incremental asset level growth opportunities. 1. CBRE, 2025 Leasing Review and Outlook to 2026, February 2026 51,691 79,089 42 59 0 20 40 60 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 2024 2025 Perth CBD Lease Transactions over 500sqm Volume (Sqm) No. Of Deals Source: CBRE, 2025 Leasing Review and Outlook to 2026, February 2026 FORECAST
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The Perth Market | Supply gap impact on vacancy 10 -80,000 -60,000 -40,000 -20,000 0 20,000 40,000 60,000 80,000 100,000 120,000 140,000 160,000 -15% -10% -5% 0% 5% 10% 15% 20% 25% 30% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Net Absorption (sqm) Vacancy Perth CBD Historic Net Absorption + Vacancy Forecast Historic Net Absorption (RHS) Historic Vacancy Vacancy 0K Sqm Net Absorption p.a. Vacancy 20K Sqm Net Absorption p.a. Vacancy 40K Sqm Net Absorption p.a. Source: CBRE, 2025 Leasing Review and Outlook to 2026, February 2026 FORECAST
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11 The Perth Market | Rental growth forecasts 0 200 400 600 800 1,000 1,200 1,400 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 Dec-28 Dec-29 Dec-30 $/sqm Prime NFR Prime NER Economic Rent ~35%+ gap expected to narrow in the next five years Perth CBD Prime Net Rent vs Economic Rent ($/sqm) Prime (Premium and A Grade) NFR (Net Face Rents) NER (Net Effective Rents) +5.0%pa +7.1%pa FORECAST Source: CBRE Research, February 2026 “Vacancy is now expected to keep trending down. Rents grew 4.7% YoY in 2025, and CBRE is forecasting 39% rental growth over the next five years, with a noticeable step change expected from mid to late 2026 as market rents play catch up to economic rents.” “Perth remains structurally one of the strongest office markets in Australia. Beyond expiry led moves, we expect continued momentum from SMEs, Law firms, Professional Services, Government, Engineering, and Mining related occupiers, many of whom may move ahead of their lease expires to secure the right option in a tightening market.” Source: CBRE, 2025 Leasing Review and Outlook to 2026, February 2026
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The Property Portfolio 12 Independent valuation Carrying Value Details Date $m Cap rate % 31/12/25 $m 30/6/25 $m 141 St Georges Terrace, Perth (Westralia Square) 31/12/25 400.0 6.50 400.0 395.1 143 St Georges Terrace, Perth (WS2) 31/12/25 105.0 6.50 105.0 108.3 197 St Georges Terrace, Perth 30/06/25 226.0 7.00 229.5 226.0 5 Mill Street, Perth 30/06/25 52.5 7.25 53.0 52.5 1 Mill Street, Perth 30/06/25 36.5 8.00 36.5 36.5 235 Stanley Street, Townsville1 31/12/25 40.0 8.75 40.0 44.3 180 Hay Street, East Perth 30/06/25 18.8 8.00 18.7 18.8 Total office properties 878.8 882.7 881.5 Autoleague Portfolio, Perth1,2 30/06/25 116.4 6.362 116.4 116.4 419-431 Murray Street, Perth 31/12/25 48.8 6.13 48.8 44.8 301-311 Wellington Street, Perth 31/12/25 24.3 6.25 24.3 25.3 Total carparks and car yards 189.5 189.5 186.5 Total investment properties 1,068.3 1,072.2 1,068.0 1. GDI owns 43.7% of GDI No. 42 Office Trust (Townsville) and 47.2% of GDI No. 46 Property Trust (Autoleague Portfolio) . 2. Relates to 11 car yards within Perth with a market yield range of 5.79% - 6.76% and an IRR range of 7.32% - 8.73% and includes non-current assets held for sale. The 30 June 2025 carrying value has been restated to reflect assets sold in the period.
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Key statistics Occupancy1 88.6% WALE by occupied area1 4.5 years Weighted average capitalisation rate2 6.8% Average value psm3 $8,487 Total NLA (sqm)2 121,024 1. Consistent with prior year, excludes 1 Mill Street as it is not being actively marketed for lease. 2. Includes 1 Mill Street. 3. Consistent with prior year, after deducting $1,000/sqm from the valuation of Westralia Square for the public carpark, comprising 357 car bays operated by Wilsons . 0% 20% 40% 60% 80% VACANT FY26 FY27 FY28 FY29 FY30 FY31+ Low medium-term risk Near term opportunity 13 The Property Portfolio | Key statistics and weighted average lease expiry1
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14 Westralia Square, Perth WS2, Perth 197 St Georges Tce, Perth 5 Mill Street, Perth Valuation Date 31 December 2025 31 December 2025 30 June 2025 30 June 2025 Valuation ($m) 400.0 105.0 226.0 52.5 Carrying Value ($m) 400.0 105.0 229.5 53.1 NLA (sqm) 32,581 9,529 26,046 7,148 Value ($/sqm) 11,2773 11,019 8,677 7,345 Discount Rate (%) 6.88 7.00 7.25 7.50 Capitalisation rate (%) 6.50 6.50 7.00 7.25 Occupancy1 (of NLA) (%) 98% 83% 91% 77% WALE 2 (years) 6.5 / 6.4 7.0 / 5.9 3.6 / 3.3 2.3 / 1.8 Major Tenants (sqm/expiry) MOW 1,833 / FY33 16,347 / FY34 Arup 2,598 / FY32 Hatch 2,381 / FY32 Vix Technology 737 / FY28 1. Including signed Heads of Agreement. 2. By occupied area / total NLA. 3. After deducting $1,000/sqm for the public carpark, comprising 357 car bays operating by Wilsons, in addition to the 179 tenan t bays. The Property Portfolio
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15 1 Mill Street, Perth 180 Hay Street, Perth Murray Street, Perth 301-311 Wellington Street, Perth 3 Valuation Date 30 June 2025 30 June 2025 31 December 2025 31 December 2025 Valuation ($m) 36.5 18.8 48.8 24.3 Carrying Value ($m) 36.5 18.7 48.8 24.3 NLA (sqm) 6,648 4,925 - - Value ($/sqm) 5,490 3,807 - - Discount Rate (%) 8.75 8.25 7.50 7.50 Capitalisation rate (%) 8.00 8.00 6.13 6.25 Occupancy1 (of NLA) (%) - - n/a n/a WALE 2 (years) - - n/a n/a Major Tenants (sqm/expiry) - - Wilsons (under management agreement) Wilsons (under management agreement) 1. Including signed Heads of Agreement. 2. By occupied area / total NLA. 3. Architectural Render. The Property Portfolio
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16 Autoleague WA Stanley Place, Townsville Valuation Date 30 June 2025 31 December 2025 Valuation ($m) 116.44 40.0 Carrying Value ($m) 116.44 40.0 NLA (sqm) n/a 12,820 Value ($/sqm) - 3,081 Discount Rate (%) 7.563 8.00 Capitalisation rate (%) 6.363 8.75 Occupancy1 (of NLA) (%) 100.0 86.2 WALE 2 (years) 4.9 / 4.9 1.4 / 1.2 Major Tenants (sqm/expiry) Autoleague 19,452 / FY31 Dept. of Human Resources 4,644 / FY28 1. Including signed Heads of Agreement. 2. By occupied area / total NLA. 3. Portfolio weighted average. 4. Relates to 11 car yards within Perth with a market yield range of 5.79% - 6.76% and an IRR range of 7.32% - 8.73% and includes non-current assets held for sale. The Property Portfolio
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17 IKEA GDI NO. 43 PROPERTY TRUST GDI were able to remove City of Stirling caveats from the title. This allowed for the unconditional sale of the property for $163.75 million, with settlement occurring 19 June 2025. $2.5 million retained for warranties expected to be released and returned to investors before 30 June 2026. 1 Adelaide Terrace GDI NO. 36 PERTH CBD OFFICE TRUST Tenant amenity upgrades have generated positive leasing activity with existing tenants, including Lycopodium Limited choosing to not exercise a right to terminate the lease exercisable before 31 December 2025 . Reducing the level of vacancy and improving the WALE remains a priority. UGL Portfolio GDI NO. 38 DIVERSIFIED PROPERTY TRUST Bassendean property exchanged with settlement expected before 31 March 2026. The Broadmeadow Place Strategy (a joint City of Newcastle and Government of NSW plan) was approved early 2025 allowing for a State led re-zoning of the UGL Broadmeadow site. Broadmeadow property independently revalued to $78.0 million, up from a previous $44.0 million. Autoleague Portfolio GDI NO. 46 PROPERTY TRUST Only five assets from the original 17 asset portfolio remain, four in Myaree, Perth and one in Wangara, Perth. Continuing to revise asset management plans for these properties, including further disposals and capital expenditure initiatives. Stanley Place, Townsville GDI NO. 42 OFFICE TRUST Opportunity to recapture value through active leasing program, with heads agreed with one of the major tenants for a one+one year extension. Fund Management Division
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Co-living JV| Exceeding return hurdles Co-Living JV continues to deliver on objective of achieving 20% return on initial invested capital, with an FFO contribution of $4.6 million for the period. With the acquisition of the three assets in Moranbah and the expansion at Norseman, the Co-living JV now owns and manages over 915 rooms. The acquisition of the three assets in Moranbah adds to earnings and diversifies the portfolio by geography, commodity and client. South Hedland Longer term (6+ month) contracts secured underpinning forward looking occupancy. Solid first half with site EBITDA of +$5.0 million. Norseman Expanding the accommodation offering by 64 rooms, and delivered another 76 temporary rooms to the mine site. Pantoro Gold Limited’s demand continues to exceed existing capacity, with expectations of additional third-party demand. Newman Continues to build its profile and pivot from tourism and operational shutdowns to a broader corporate offering. Moranbah Consolidated what was Smartstay Village (144 rooms) and the adjacent Moranbah Motor Inn (56 rooms) into The Lodge Village, and rebranded the Outback Motel to The Lodge Outback. Focus on increasing occupancy across non-contracted rooms. 18 Pictured above: Norseman Hotel (top) and The Lodge Motel (Newman) (bottom).
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19 Strategy and Guidance | Executing on strategy Leasing Leased, renewed or signed Heads of Agreements for over 13,000sqm of office assets. Active speculative fitout strategy has been very effective Focus is on leasing remaining space, renewals and growth opportunities. Financial Continue to grow overall FFO, up 29.1% on HY25. Boosting Property Division FFO, up 13.9% on HY25. Maintaining distribution of 5.0 cents per security for FY26. Co-Living Achieving FFO contribution in line with target 20% return on initial invested capital. Focus on operational improvements to achieve optimal occupancy. Actively reviewing acquisition opportunities where we can bring operational improvements. Asset management Recycling of assets within the Funds Management Division, with over $250.0 million of asset sales now achieved since December 2024. Optimising performance fees through property value creation. Continue to focus on partnering for growth opportunities. Recycling Non-core balance sheet assets targeted ($100.0 million in total). GDI’s proportionate share from sales of dealerships has resulted in over $37.5 million of capital returned (or to be returned). Additional assets identified for sale. Underway Position for growth Existing assets undergoing growth plans include Mill Green and carparks. Focus on improving Mill Green long term income opportunity. Working on plans for several assets in the Funds Business. Underway Gearing Stable with material reduction subject to recycling. Underway GDI remains relentlessly focused on its leasing efforts in Perth to maximise the value of its current assets in both the Property and Funds Business. Distribution guidance of; 5.00 cents per security for FY26, subject to no material change in circumstances or unforeseen events. The distribution may be wholly or partly paid out of capital. Objective of holding a through cycle distribution of not less than 5.00 cents per security.
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Strategy and Guidance| Leasing and re-positioning core properties Mill Green Agility to meet market and tenant needs Fitout Strategy yielding tangible success with sub 600sqm premises leasing faster with lower incentives. 197 St Georges Terrace Leasing up in accordance with our targeted part floor fitout strategy. Leased, renewed or relocated tenants occupying over 3,300sqm of net lettable area (NLA), with occupancy increasing to 91%1, up from 61%1 at June 2022. Progressing well on the balance and remaining disciplined with our capital expenditure. 5 Mill Street - renewal focus Expanding tenants accommodated in 197 St Georges Terrace. Good price point and benefitting from quality fitouts insitu. 1 Mill Street Suitable for timber and adaptable reuse, but require a tenant pre-commitment. Integrated access to retail and services amenity across entire Mill Green site. Staged master plan Concept design complete - 197 St Georges Terrace, corner site repositioning and curated retail elevating amenity to set tone. Key Objectives Boost income from combined site. Activate remaining vacancy + add ground floor retail and amenity. Staged approach to optimise timing and returns. 1. Including signed Heads of Agreement 20 Illustrative renders of 197 St Georges Tce + 5 Mill street Concept Design
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Strategy and Guidance| Leasing and re-positioning core properties Mill Green – Master Plan DA – Submitting CY26 21 5MILL1MILL 197SGT STAGE 2 Future mixed-use Tower with planning flexibility to meet highest and best use demand. STAGE 1 – Tenant Amenity + Precinct Repositioning Scaled and curated Food and Beverage offer (Eat Street) St Georges Convenience Retail (including Grocer) Lower-level floor plate expansions – Retail and Office 197 Elevated (Hotel style) Lobby Additional amenity – new conferencing facilities and tenant gym Landscaping improvements Value Add Proposition • Comparative (vs ‘as is’) improvement to capitalization rate and valuation • Leasing sqm rate uplifts (5 Mill and 197) • Reduced Vacancy + improved demand • Improve site use and exposure • Unlock development potential and or liquidity for 1 Mill Street
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Strategy and Guidance| Broadmeadow site offers significant upside to investors and GDI GDI No. 38 Diversified Property Trust (GDI no. 38) was originally a seven-asset portfolio, and will soon hold only the 16 Broadmeadow Road, Broadmeadow, Newcastle. Broadmeadow 16-hectare site directly opposite McDonald Jones Stadium (Newcastle Stadium). UGL have a contractual right of occupation to May 2034. Newcastle Council has approved the Broadmeadow Place Strategy, which includes “urban services and commercial services [that] will sleeve new medium density residential development that is earmarked within part of the UGL Goninan’s site”. Rezoning application in process and expected to be lodged in FY26. Valued in June 2025 at $78.0 million, up from a September 2023 valuation of $44.0 million. Potential performance fee Assuming settlement of Bassendean and subsequent capital return, investors in GDI No. 38 will have received $1.03 per unit from the sale of the six properties, and their units will be valued at $1.21 cents per unit after fees and costs. A successful rezoning of the Broadmeadow property and subsequent sale is likely to deliver investors in GDI No. 38 an internal rate of return in the high teens, and a performance fee to GDI in excess of $17.0 million. 1 1. For example, if Broadmeadow was to be sold on 31 December 2027 at the current valuation, investors would receive an estimated IRR of approximately 18.5% after fees and GDI would receive disposal and performance fees in excess of $17.0 million. 22 Smith Park Hunter Park Broadmeadow Hamilton North Georgetown Griffiths Road Hamilton Train Station
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23 Appendix | The Co-Living JV Acquiring, re-positioning and operating geographically diverse regional accommodation assets in locations with limited supply and sustained workforce demand. Strategy to segment workforce and executive accommodation, investing in targeted improvements and expansions and improvements, and integrating food and beverage offerings, with the aim to maximise occupancy, length of stay and yield. 2 1 3 4 Location Rooms Underway/In planning 1 Newman, WA Within town, Pilbara Region 88 Rooms Guest amenity + options to expand 2 Norseman, WA Goldfields Region 345 Rooms 64 Rooms (Underway) 3 South Hedland, WA Within town, Pilbara Region 240 Rooms Room refurbishments, Gym + guest amenity 4 Moranbah, QLD Bowen Basin 245 Rooms Room refurbishments, Gym + guest amenity HY26 numbers exclude Moranbah 897 2,195 4,765 1,820 2,938 5,224 0 1,000 2,000 3,000 4,000 5,000 Newman Norseman South Hedland EBITDA by Property ($,000) HY25 HY26
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Appendix | Co-Living Portfolio insights Site Newman Norseman South Hedland Moranbah OVERVIEW The Lodge, Newman is positioned in the heart of Newman, a key Pilbara mining hub. The property services a stable base of FIFO, workers corporate travellers linked to long-term mining operations and regional services as well as tourists visiting local national parks. The Norseman Village is a purpose-built workforce accommodation asset servicing mining, exploration and transport activity across the Goldfields region. Developed in 2021/22, the village is positioned to support ongoing operational demand in and around Norseman, providing modern accommodation designed for comfort, efficiency and longer-term stays. The Lodge, South Hedland is centrally located within South Hedland, offering convenient access to shopping, services and local amenities. The property operates as a core workforce and corporate accommodation asset supporting ongoing mining, logistics and infrastructure activity across the Pilbara region. Located in Bowen Basin, The Lodge Moranbah comprises two complementary assets: The Lodge Village and The Lodge Outback Motel. Both are centrally located within Moranbah, enabling guests to live within the local community while servicing Bowen Basin mining operations. ROOM INVENTORY 88 Rooms with queen beds Mix of studio motel-style rooms, deluxe motel- style rooms & 2-bedroom apartments with kitchenette All rooms designed for comfort, functionality and longer stays Significant space for future expansion up to 100 additional rooms 345 Rooms Majority single occupancy with ensuite (workforce) Small number of larger queen rooms 20x houses & duplexes for guest and staff housing Construction commenced for additional 64 rooms 240 Queen Rooms 137 with in room laundry facilities Mix of studio motel-style rooms, deluxe motel- style rooms & 1-bedroom apartments with kitchenette The Lodge Village: 200 Rooms 144 Single + 56 Queen Rooms The Lodge Outback Motel: 45 Rooms Studio Hotel + two bed family rooms SERVICES/AMENITIES On-site Seasons Steakhouse and licensed bar Fully fenced secure property Swimming pool Central location close to town facilities and services Complimentary Guest parking, laundry facilities and Wi-Fi On-site dining and communal facilities Gym Fully fenced secure property Complimentary Guest parking, laundry facilities and Wi-Fi Café Pub – the Norseman Hotel Central location close to town facilities and services On site dining Fenced/secure property Swimming pool Central location close to town facilities and services Complimentary Guest parking, laundry facilities and Wi-Fi On-site dining and communal facilities Happyland Chinese Restaurant (Licenced) Complimentary Guest parking, laundry facilities and Wi-Fi Central location close to town facilities and services CAPEX PLANNED Up to 100 additional rooms in stages Room and bathroom refresh programs Upgrades to food and beverage facilities Development of additional Guest amenities and shared spaces Further expansion planned for dining and common areas and additional rooms to meet existing client demand Operational enhancements New on-site Gym Full room refurbishments and soft upgrades Dining and common area enhancements Ongoing building services and infrastructure maintenance Repositioning works across The Lodge Village and The Lodge Outback Motel Upgrade of The Lodge Outback Motel rooms to executive standard Renovation & opening of Seasons Steakhouse Moranbah servicing the executive motel client Relocation of Happyland Chinese Restaurant to smaller premises MAJOR CLIENTS BHP, Hancock, Norwest, CPB, Ventia, Mirait, Colas, Monadelphous, Pantoro Gold Limited (take-or-pay contract) Acciona, Rio Tinto Propjects, Ventia, Ertech, NWMC, Maca, BMD, SRG, Monadelphous Stanmore (take-or-pay contract), Aurizon, Fenner, Cleanaway, Loram 24
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Appendix | The Portfolio | Lease expiry profile 25 Westralia Square WS2 197 St Georges Terrace 5 Mill Street 0% 20% 40% 60% 80% 100% VACANT FY26 FY27 FY28 FY29 FY30 FY31+ 0% 20% 40% 60% 80% 100% VACANT FY26 FY27 FY28 FY29 FY30 FY31+ 0% 20% 40% 60% 80% 100% VACANT FY26 FY27 FY28 FY29 FY30 FY31+ 0% 20% 40% 60% 80% 100% VACANT FY26 FY27 FY28 FY29 FY30 FY31+
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Appendix | The Portfolio | Lease expiry profile 26 1 Mill Street 180 Hay Street 235 Stanley Street Autoleague Portfolio 0% 20% 40% 60% 80% 100% VACANT FY26 FY27 FY28 FY29 FY30 FY31+ 0% 20% 40% 60% 80% 100% VACANT FY26 FY27 FY28 FY29 FY30 FY31+ 0% 20% 40% 60% 80% 100% VACANT FY26 FY27 FY28 FY29 FY30 FY31+ 0% 20% 40% 60% 80% 100% VACANT FY26 FY27 FY28 FY29 FY30 FY31+
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Appendix | Balance Sheet 27 Dec-25 Jun-25 $’000 $’000 Current assets Cash and cash equivalents 10,320 15,187 Derivative financial instruments - - Other assets 16,220 12,034 Non-current asset held for sale 74,020 2,200 Total current assets 100,560 29,421 Non-current assets Investment properties 998,166 1,073,155 Derivative financial instruments 152 104 Equity accounted investments – Joint Venture 43,739 39,362 Other non-current assets 2,429 2,117 Intangible assets 18,110 18,110 Total non-current assets 1,062,596 1,132,848 Total assets 1,163,156 1,162,269 Current liabilities Borrowings 10,000 - Trade and other payables 22,101 20,342 Other current liabilities 774 1,029 Total current liabilities 32,875 21,371 Non-current liabilities Borrowings 392,087 397,044 Other non-current liabilities 968 4,123 Total non-current liabilities 393,055 401,167 Total liabilities 425,930 422,538 Net assets 737,226 739,731 Equity Equity attributed to holders of stapled securities 670,071 666,459 Equity attributable to external non-controlling interest 67,155 73,272 Total equity 737,226 739,731 GDI No. 42 Office Trust (Stanley Place) $40.0 million GDI No. 46 Property Trust (Autoleague Portfolio) $42.4 million GDI No. 42 Office Trust $10.0 million ˃ GDI No. 42 Office Trust and GDI No. 46 ˃ Property Trust external investors GDI No. 46 Property Trust $23.5 million GDI No. 46 Property Trust $74.0 million
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GDI Dec-25 Dec-24 $'000 $'000 Revenue from ordinary activities Property revenue 38,221 37,583 Funds management revenue 739 1,231 Interest revenue 213 295 Total revenue from ordinary activities 39,173 39,110 Share of net profits from joint ventures 4,378 2,986 Net fair value gain/(loss) on derivative financial instruments 3,389 (1,876) Net fair value (loss)/gain on investment property (1,165) 9,116 (Loss) on sale of non-current assets (218) (37) Total income 45,557 49,300 Expenses Property expenses 13,049 13,052 Finance costs 11,669 12,837 Corporate and administration expenses 5,257 4,899 Other expenses - 47 Total expenses 29,975 30,835 Profit before tax 15,582 18,465 Income tax benefit/(expense) 396 (136) Net Profit from continuing operations 15,978 18,330 Other comprehensive income - 154 Total comprehensive income for the year 15,978 18,483 Profit/(loss) and total comprehensive income attributable to: Company shareholders 1,042 2,567 Trust unitholders 15,369 13,853 Profit and total comprehensive income attributable to stapled securityholders 16,411 16,420 External non-controlling interests (433) 2,064 Profit after tax from continuing operations 15,978 18,483 Appendix | Profit or Loss 28
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Dec-25 Dec-24 $’000 $’000 Total comprehensive income for the period 15,978 18,483 Contribution resulting from consolidated trusts (5,527) (5,329) Distributions / funds management fees received from consolidated trusts 1,960 2,313 Adjustments for Co-living JV1 205 363 Smoothing of accelerated rent 248 - Straight lining adjustments (164) (532) Amortisation and depreciation 10,592 8,400 Net fair value loss/(gain) on investment property 1,165 (9,116) Net fair value (gain)/loss on interest rate swaps (3,389) 1,876 Loss on sale of non-current assets 218 37 Funds From Operations 21,286 16,494 29 Appendix | Net Profit after Tax to FFO 1 The FFO contribution from the Co-Living JV is adjusted for unrealised (gains)/losses, depreciation and GDI’s share of income tax expense.
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30 Appendix | Business Model Ensure the GDI skills and capability matches our ability to execute on our strategy. GDI must have an elite team to execute our goals and attract the best stakeholders. Achieve a through cycle diversified funding structure, by managing appropriate debt levels and access to perpetual equity on the GDI balance sheet and partnering and managing capital. Selectively recycle the portfolio to achieve a balanced and diversified grouping of chosen office assets with fundamentals that allow GDI to extract strong and growing income and capital value. Execute on leasing across all parts of the GDI business. Boutique mindset to funds management to make investors' money across the spectrum. We need to speed up the velocity of our syndicates by returning capital and earning the right to issue new product. Communicate clearly and regularly with all stakeholders and report on the execution of our stated strategy. Selectively add to the Board and management proposition. Culturally as a whole, GDI must ensure it is enhancing the GDI point of difference and act with flexibility and agility and all the integrity and rigour of a leading company. Strategy to create value The GDI value proposition DRIVEN BY: Proposition To be the best office building total return specialist, with a value driven approach to entering and exiting markets with agility and flexibility Vision We identify, acquire and repurpose or reuse buildings by curating tailored spaces for tenants that desire the best environmental low carbon offices Our Focus Off market discovery / (stealthy) Below replacement cost and total return focus (value screens) Building, adapting, reusing (break - even rent advantage) Implementation of an integrated carbon reduction strategy (ESG lens) Integrating appropriate technology for tenants, property performance / management (management tools) Enticing and securing best tenants / whole of building criteria (optimisation) Selling when values are ripe and leasing strategies have been executed (timing) Avoid holding property for multiple capex and re-leasing cycles (returns) Agility, flexibility, quick decision capability (speed) Core business Our objectives Result INVESTMENT • Entering and exiting markets and recycling our capital • To maximise to property repositioning or reuse opportunity • Counter cyclical approach anchored by replacement cost and return criteria • Adjacent businesses and asset segments that allow for improvement (e.g. car parks, Co-Living JV) REPURPOSE / REUSE • Buildings with good bones offering natural light and suitable cores and floorplate opportunities, allows the GDI team to curate an amenity that attracts suitable tenants • We tailor solutions with an environmental focus and can build with timber and reuse existing structures ASSET MANAGEMENT • Working with building tenants and understanding their requirements and lease needs through leasing execution capability and ongoing management • Enables GDI to deliver the best occupancy and income streams MANAGE FUNDS • Through syndicates, joint ventures and funds management initiatives, GDI is able to deliver performance to our investors. This includes opportunities to implement the GDI lens to additional property segments ACHIEVE OPTIMAL RETURNS THROUGH A BALANCED AND DIVERSIFIED PORTFOLIO OF ASSETS WITH AN ACTIVE MANAGEMENT APPROACH TO SPOT UNDER VALUED OPPORTUNITIES THAT ALLOW FOR THE GDI TEAM TO ADD VALUE THROUGH A REPOSITIONING LENS OFFER GREAT PRODUCT FOR TENANTS THAT ARE TAILORED AND INNOVATIVE WITH AN ENVIRONMENTAL EDGE MAINTAIN STRONG THROUGH CYCLE FUNDING SOURCES ADOPT A TEAM CULTURE THAT IS VERY EFFECTIVE AT ATTRACTING, MENTORING AND RETAINING THE BEST MIX OF VERY TALENTED EMPLOYEES SHORT TERM AND LONG-TERM GOALS THAT MATCH OUR OBJECTIVES MATCHING GDI CAPABILITIES WITH OUR GOALS REMAINING RISK AWARE ON ALL BUSINESS FRONTS, PARTICULARLY DEVELOPMENT SIZE AND DELIVERY REWARD PERFORMANCE THROUGH MATCHING SUCCESS AGAINST STATED GOALS AND OBJECTIVES The company we keep defines us Fundamental to our approach is to partner with the best in their field Relationships are the foundation stone to our values An elite team approach to solving problems for shareholders We act at all times with integrity and governed by strong governances and risk management practices Above all, retain the GDI Property point of difference and live the brand Prosper through executing strategic turning points
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Appendix | 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) (collectively, GDI). Shares in GDI Property Group Limited are stapled to units in GDI Property Trust to form GDI Property Group. This presentation is not an offer of securities for subscription or sale, is not intended to be used for the purpose of or in connection with offers or invitations to subscribe for, purchase or otherwise deal in any equity, debt instruments or other securities, 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, its controlled entities and their respective officers, employees, contractors, agents 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 expressed in or implied by any forward-looking statements due to risks, uncertainties and other factors outside the control of the relevant parties. Those factors include general economic conditions in Australia, competition in the markets in which GDI operates, the implications of regulatory risks, interest rates and the impact of climate change and other environmental considerations. See Directors’ Report titled ‘Risks’ of our results released for further information. You should not place undue reliance on the Information, noting that returns from all investments may fluctuate, and that past performance is not necessarily a guide to future performance. The Information is provided as a general guide only and 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. The Information is based on assumptions and information known by GDI as at the date of this presentation and to the extent permitted by law, GDI assumes no obligation to update the Information to reflect changes in expectations, assumptions or otherwise. Whilst every effort is made to provide accurate and complete information, GDI Property Group does not represent or warrant that the Information 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. The Information 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 the Information. The repayment and performance of an investment in GDI Property Group is not guaranteed by GDI or any of its 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. Authorised for release by the GDI Board of Directors. 31
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Blending a steady and invested approach with innovation and agility to ensure GDI is leading the future of property