Garda Property Group's FY24 Guidance Upgrade

Garda Property Group (ASX: $GARDA) has announced an upgrade in its FY24 distribution payout ratio guidance to approximately 99% of funds from operations (FFO), with an expected FFO of $13.1 million. This improvement is attributed to increased revenue from external lending activities and reduced distributions payable following the buyback and cancellation of 8.9 million stapled securities, representing 4.0% of issued capital.

Executive Commentary

The upgrade in our FY24 distribution payout ratio guidance reflects our commitment to optimizing returns for our investors. The increased revenue from external lending activities and the strategic buyback and cancellation of stapled securities have contributed to this positive development. We remain focused on delivering sustainable value to our stakeholders and enhancing the overall performance of GARDA Property Group. - Matthew Madsen, Executive Chairman

Summary

Garda Property Group (ASX: $GARDA) has upgraded its FY24 distribution payout ratio guidance to approximately 99% of FFO, with an expected FFO of $13.1 million. This enhancement is driven by increased revenue from external lending activities and reduced distributions payable following the buyback and cancellation of 8.9 million stapled securities. The company's commitment to optimizing returns for investors is evident in this upgrade. The final FY24 quarterly distribution of 1.575 cents per security will be announced shortly for payment on 16 July 2024. With a full year distribution of 6.3 cents per security representing a yield of 5.4%, GARDA Property Group continues to focus on delivering sustainable value to its stakeholders and enhancing overall performance.