LDR Capital Property Fund (ASX:LED)

Half Year 2026 LDR Capital Property Fund I Earnings Call Transcript

Feb 26, 2026 / 12:00 AM GMT

Release Date Price: A$0.595 (+3.48%)

Transcript

Key Points

Positve

LDR Capital Property Fund (ASX:LED) has successfully transitioned to a new management structure with LDR Capital as the investment and property manager, aligning with the Leer Group, which owns 43% of the fund.
The fund has a gross asset value of $425 million, consisting of 8 commercial office buildings, indicating a substantial asset base.
LDR Capital has identified $1.4 million in annualized cost savings by reducing fund expenses and foregoing certain management fees.
The portfolio's weighted average cap rate is 7.85%, which is considered attractive and above peer group portfolios.
The fund's distribution guidance remains unchanged at 6.05 cents per unit for the full financial year, providing stability for investors.

Negative

The fund's FFO per security was below the original guidance, partly due to the removal of certain one-off revenue items.
The net tangible asset (NTA) per security has declined by $0.05 since June 2025, partly due to compensation payments and transaction costs.
Portfolio occupancy has declined due to vacancies in certain assets, impacting overall performance.
The fund's gearing is at 41.6%, which is above the target range, indicating higher financial leverage.
There is an increase in CapEx requirements for certain assets, which has kept asset values relatively flat.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

LED.AX - LDR Capital Property Fund I
Half Year 2026 LDR Capital Property Fund I Earnings Call
Feb 27, 2026 / 12:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to the LDR Capital Property Fund half-year results presentation.

Most of you would be aware the fund was formerly known as Eleanor Commercial Property Fund. I'm David Burgess, the fund manager of LED, the new ticker of the vehicle, and with me is Ryan Pittman, our CFO.

The LDR capital team is pleased to present this inaugural market presentation to the market.

Given the transition of the fund to LDR only occurred at the beginning of this month, the half-year financials have been prepared with support from Eleanor Investors, and we thank them for their assistance on this.

For those who are unaware, the fund was originally listed on the ASX in December

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