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GARDA Property (ASX:GDF) - Managing Director, Matthew Madsen
Managing Director, Matthew Madsen
Source: GARDA Property
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  • In FY21 GARDA Property (GDF) produced total shareholder return of 35 per cent and return on equity of 29 per cent, with earnings exceeding $30 million
  • Net profits after tax rose from 5.567 million in 2020 to $35.869 in 2021 off the back of more than $33 million in asset disposals
  • Funds from operations also grew slightly, from 15.68 million in 2020 to $16.167 million in 2021
  • The company enjoyed a $56 million valuation increase across its $496 million portfolios of 17 properties
  • Shares in GARDA fell 1.79 per cent on the market today, rounding off the day of trading at $1.37

GARDA Property (GDF) has delivered a total securityholder return of 35 per cent in FY21 and a return on equity of 29 per cent, as profits rise over $30 million.

Net profits after tax rose from 5.567 million in 2020 to $35.869 in 2021 off the back of more than $33 million in asset disposals.

Funds from operations also grew slightly, from 15.68 million in 2020 to $16.167 million in 2021, with funds from operations per security falling from 8.2 cents in FY20 to 7.8 in FY21.

Revenue grew by roughly $1.4 million, largely due to interest and fees received from debt advisory, loans provided to external parties and leases commencing following development, positive leasing outcomes and an increase in recovery income.

The company enjoyed a $56 million valuation increase across its $496 million portfolios of 17 properties.

As a result of the revaluations, net tangible assets per security increased $0.25 per security, or 21 per cent, to $1.45.

GARDA’s portfolio has a 5.5 year weighted average lease expiry, 91 per cent occupancy levels, a 5.78 per cent cap rate and a 3.2 per cent fixed annual rent increase.

Since July 2020, 26,160sqm of space has been leased or pre-committed, accounting for 19 per cent of the portfolio’s current net lettable area.

The company has limited FY22 expiry coming on board with an additional 5,587sqm, or 5 per cent of portfolio gross income, becoming available with Austrans’ current tenancy expiry representing 4,465sqm of this.

Austrans has pre-committed to Stage 1A of the Acacia Ridge, Queensland, development and its lease will shortly expire. This will allow GARDA to destroy all buildings at 38 and 56 Peterkin Street, which make up Stage 2 of the plan.

As at June 20 2021, GARDA had $15.5 million in cash, with $210 million drawn from the $228 million debt facility, leaving $18 million headroom.

Three properties in Brisbane were acquired by the group in the financial year for $30 million while three assets were disposed of, representing $30.6 million of capital recycled at a 14 per cent premium to book values.

GARDA has posted an FY22 distribution of 0.72 cents per security, with distributions of 0.018 cents per share to be paid quarterly.

Shares in GARDA fell 1.79 per cent on the market today, rounding off the day of trading at $1.37.

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