Goodman Group · ASX:GMG
Goodman — Goodman Property Trust — Shareholder Meeting (March 2024)
16 slides from Goodman's shareholder meeting presentation, Mar 26, 2024
Slide 1: Special Meeting of Unitholders
Special Meeting of Unitholders GOODMAN PROPERTY TRUST | 26 March 2024 PRESENTED BY John Dakin Chair and Non-executive Director David Gibson Independent Director and Deputy Chair James Spence Chief Executive Officer
Slide 2: Meeting Objectives
MEETING OBJECTIVES 1. Review the internalisation proposal 2. Consider and vote on three resolutions to effect the change 2
Slide 3: Formalities
FORMALITIES + Nominated Chair of meeting + Notice formally given + Quorum confirmed + Hybrid format + Health and Safety
Slide 4: Board and Executives
BOARD AND EXECUTIVES John Dakin Greg Goodman Leonie Freeman Keith Smith Chair and Non-executive Director Independent Director Independent Director Non-executive Director David Gibson Laurissa Cooney James Spence Andy Eakin Deputy Chair Independent Director Chief Executive Officer Chief Financial Off
Slide 5: Background to the Proposal
BACKGROUND TO THE PROPOSAL + Goodman Group has been the Manager of GMT since 2003 + A sub-committee of the Independent Directors was established to consider and negotiate the Internalisation + External consultants (legal, tax, financial and accounting) advised on the transaction + Deloitte completed
Slide 6: Good to Great: Internalisation Benefits
INTERNALISATION BENEFITS GOOD TO GREAT The Internalisation is expected to provide growth opportunities for the business, with immediate and longer-term benefits. These include: + An enhanced growth profile and diversification of earnings with the establishment of a funds INTERNALISATION METRICS mana
Slide 7: Goodman Property Trust
GOODMAN PROPERTY TRUST GMT’s investment strategy, focused on urban logistics property, has built a high-quality portfolio and driven a track record of outperformance PROPERTY PORTFOLIO1 $4.5bn NET LETTABLE AREA2,3 1.1m sqm OCCUPANCY2 99.6% WALT2,4 215+ >$175 million 285,000 sqm 6.4 years CUSTOMERS F
Slide 8: Development Pipeline
DEVELOPMENT PIPELINE Development is a central element of GMT’s investment strategy, with around 90% of the core investment portfolio developed since 2004 ~400,000 sqm DEVELOPMENT POTENTIAL WITHIN GMT $1 billion + ADDITIONAL SPEND TO DEVELOP PIPELINE 72% OF SITES ARE BROWNFIELD OPPORTUNITIES
Slide 9: Funds Management Opportunity
FUNDS MANAGEMENT OPPORTUNITY Internalisation will enable GMT to establish a property funds management platform that will be anchored by a new Auckland logistics fund + The complementary business initiative will support GMT’s existing investment strategy, while creating an opportunity for faster earn
Slide 10: Updated Guidance
UPDATED GUIDANCE Targeting the creation of a ~$2 billion property funds management business, the positive contribution from fee revenue is expected to support annualised earnings growth of between 5% and 7% within the next three to five years + FY25 cash earnings of around 7.5 cents per unit1 are fo
Slide 11: Internalisation Summary
INTERNALISATION SUMMARY + Investment strategy remains focused on Auckland industrial property, with continuity of team and brand + Creation of a complementary funds management platform, will enable GMT to grow sustainably + Successful execution is expected to support greater earnings growth and gene
Slide 12: Resolution: Approval of Internalisation
RESOLUTION 1 APPROVAL OF INTERNALISATION To consider and, if thought fit, pass the following as an Ordinary Resolution: That the Unitholders ratify, confirm and approve for the purposes of Listing Rule 5.2.1, Goodman (NZ) Limited and Covenant Trustee Services Limited taking all steps necessary to en
Slide 13: Resolution: Approval of Issue of Units
RESOLUTION 2 APPROVAL OF ISSUE OF UNITS To consider and, if thought fit, pass the following as an Ordinary Resolution: That the Unitholders approve for the purposes of Listing Rule 4.2.1, the issue of 135,514,019 new Units to Goodman Funds Management Limited, as responsible entity for Goodman Indust
Slide 14: Resolution: Appointment of New Manager
RESOLUTION 3 APPOINTMENT OF NEW MANAGER To consider and, if thought fit, pass the following as an Extraordinary Resolution: That the Unitholders approve the appointment of Goodman Property Services (NZ) Limited as the new manager of Goodman Property Trust upon settlement of the Internalisation.
Slide 15: Voting and Close
VOTING AND CLOSE + We will now proceed to a poll and conclude the meeting + Webcast participants please submit your votes now + The result will be announced to the NZX
Slide 16: Thank You
THANK YOU
Goodman Property Trust — Shareholder Meeting (March 2024) on 6ix