Highlights

  • Garda Property Group delivered FY26 FFO of 11.1 cents per security, up 54%, exceeding initial guidance by 24% during FY26.
  • Distributions rose 18% to 8.5 cents per security, with the Payout Ratio at 77% and quarterly payments increased mid-year overall.
  • The lending portfolio grew to $134.1 million, with lending Revenue surging 168% to become a major Earnings driver during FY26.
  • Gearing declined to 29.8% and net tangible Assets reached $1.64 per security, alongside a reported discount to asset value overall.

Garda Property Group (ASX:GDF), an internally managed ASX-listed real estate Investment and funds management group focused on Brisbane industrial property and real estate lending, reported its FY26 results on 30 July 2026. FFO per security surged 54% to 11.1 cents, exceeding the initial FY26 guidance of 8.97 cents per security by 23.6% — or $4.3 million in absolute terms. Total group revenue grew 25% to $41.9 million. Distributions rose 18% to 8.5 cents per security for the year, with quarterly distributions increased from 2.0 cents to 2.25 cents per security mid-year. The FFO payout ratio was 77.0%, down from 84.9% in FY25, reflecting the rapid growth in earnings. Net tangible assets were $1.64 per security, with the security trading at a significant 35.7% discount to NTA at $1.055.

Lending Business Transformation

The defining theme of Garda Property Group's FY26 results was the rapid scaling of its real estate lending business. Following the strategic reallocation of approximately $190 million of proceeds from property asset sales into Debt reduction and commercial lending initiatives, the lending portfolio grew to $134.1 million — nearly double the prior year — and lending revenue surged 168% year-on-year to $20.6 million. Lending revenue now accounts for 49% of total group revenue, up from less than 20% in FY25, fundamentally reshaping the company's earnings profile. Garda's lending portfolio targets residential and industrial development projects across south-east Queensland, leveraging the group's established expertise in the region's property market. By FY27, management indicated lending Capital is expected to contribute approximately 55% of total group revenue.

Industrial Property Portfolio

Garda's direct property portfolio comprises Brisbane industrial assets, representing approximately 70% of group assets (down from 83% as capital was redeployed into lending). The property portfolio contributed 49% of revenue during FY26. The Brisbane industrial market remains supported by strong fundamentals — population growth in south-east Queensland, sustained infrastructure spending, and robust tenant Demand — that continue to underpin rental growth and low vacancy for well-located logistics and Warehousing assets. Garda has been executing an infill development strategy at its Acacia Ridge and Morningside properties, with development pipeline execution expected to add further income as projects are leased up.

FY27 Outlook and Distribution Strategy

Garda Property Group has outlined a medium-term distribution objective targeting distributions equivalent to 7% of NTA per security — equating to approximately 11.5 cents per security at current NTA of $1.64. FY26 FFO of 11.1 cents per security represents a 6.8% Yield on NTA, approaching this target. Management noted the lending business scale-up and the increasingly favourable Brisbane industrial market provide growing confidence in achieving the 7% NTA yield distribution over time. Gearing of 29.8% at 30 June 2026 — within the target range and reduced from prior years — provides Balance Sheet flexibility for further lending or Acquisition activity. The significant discount to NTA (~36%) was highlighted as a potential value opportunity for investors.

Stock Price Information

Garda Property Group (ASX:GDF) shares were trading at $1.025 on 6 November 2026, representing a decline of 1.44% for the day. The stock has declined approximately 18% over the past 12 months.