Goodman Group · ASX:GMG
Goodman — Goodman Property Trust — H1 2025 Earnings Presentation
28 slides from Goodman's earnings presentation, Nov 13, 2024
Slide 1: Goodman Property Trust
GOODMAN PROPERTY TRUST Cs cs
Slide 2: Contents
CONTENTS OVERVIEW === CAPITAL > es: MANAGEMENT INVESTMENT PORTFOLIO “) ~=6SUMMARY FINANCIAL RESULT APPENDIX PRESENTED BY:
Slide 3: Goodman Property Trust Interim Result 2025
= an GoonifiimgOPERTY TRUST | INTERIMIRESULT.2026
Slide 4: Future Focused
FUTURE FOCUSED GMT is positioned for the next phase of its business growth. Internalisation completed successfully Future growth opportunities + Internalisation has created a platform for sustainable long-term growth: — Consolidation of property ownership and management — Growth and diversification
Slide 5: Interim Result Highlights
INTERIM RES —_ oN vy & NY ee Investment portfolio Financial Result + Completion of three projects, with five + 10.6% increase in operating earnings before tax buildings totalling 50,286 sqm, concludes to $75.3 million, driven by: a period of intensive development — 11.3% increase in net property inc
Slide 6: Investment Portfolio
| oa] RAY AY COODMANPRORE RI TUS I INTERIMRESULT 2025
Slide 7: Development completions
y al -. Ig : : = B en ea : SS as = CO M PLE 10 NS Completion value Yield on additional cost 0 $214.8m 7.9% Net lettable area WALT 50,286sqm 9.6 years Leased Green Star Design rating! 89% 5 Star ‘Signifyis awaiting certification ands expected to achieve a 6 Green Star Design rating too
Slide 8: Portfolio Resilience
PORTFOLIO RESILIENCE + Aslowing economy and a more challenging operating outlook have reinforced the importance of well-located, efficient and sustainable logistics facilities to our customers + The portfolio continues to perform: 98.1% occupancy! WALT of 6.0 years, benefits from the long-dated leas
Slide 9: Rent Reversion
RENT REVERSION + Continuing to realise rental reversion to market through new leasing and rent reviews + Underlying like-for-like net property income growth on the stabilised portfolio of 7.3% for the period! + Positive leasing results were a major contributor to the growth, with 53,856 sqm of space
Slide 10: Stakeholder engagement and sustainability
Stakeholder engagement and sustainability Next steps + Following extensive consultation with mana whenua and other stakeholders, we have developed a unique masterplan that preserves the natural features of the property and acknowledges the important cultural history of the area To protect the unique
Slide 11: = By poe
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Slide 12: Financial Summary
FINANCIAL SUMMARY Net property income Profit after tax $111.4m 11.3% increase on 1H24- Cash earnings! $45.5m Supported by stable property values Distributions 3./4 cpu 2.5% increase on a like-for-like basis Wholesale green bond issue 3.25 Cpu 4.8% increase in cash distributions Net tangible assets p
Slide 13: Net Property Income
NET PROPERTY INCOME Net property income + Net property income increased by $11.3 million to $m 120 115 0 105 100 96 90 80 76 70 $1114 million, an 11.3% increase on 1H24 + Strong leasing results and development completions were the main drivers of the increase in net property -O1 income in the year t
Slide 14: Corporate Costs
CORPORATE COSTS Net corporate costs + $47 million, or 44.3%, reduction in GMT’s net corporate costs in the first six $m months of the year ee eee + With management now brought in-house, external management fees have been Manager's base fee 2 (97) replaced with the direct costs of employee remunerati
Slide 15: Financial Performance
FINANCIAL PERFORMANCE Statement of comprehensive income $m ee ee ee Net property income 111.4 1001 11.3% Net interest cost (30.2) (214) 411% Net corporate costs (6.9) (10.6) (44.3%) Total expenses (36.1) (32.0) 12.8% Operating earnings before tax 75.3 68.1 10.6% Income tax on operating earnings (13.
Slide 16: Cash Earnings
CASH EARNINGS Cash earnings + Cash earnings of $57.5 million are a 12.3% increase on the first half of FY 24: $m — The main driver is the 10.6% increase in operating earnings before tax a ee — When adjusted to exclude the benefits of $2.9 million of building Operating earnings before tax 753 681 10.
Slide 17: Capital Management
a CAPITAL: GOODMANBROPERTY TRUST | INTERIMRESULT 2025 ¢q
Slide 18: Liquidity
LIQUIDITY Maturity profile! Funding metrics $m I res55.25 star | Non-bank funding (% of debt drawn)! 4T% 57% Available liquidity! $3865 million $760 million Weighted average debt term (drawn)'? 3. years 3.2 years LVR covenant (<60%) 33.4% 32.1% + Debt diversity and tenor added through capital manage
Slide 19: Interest
INTEREST Hedging profile! Borrowing metrics 100% 12 month forward hedging level! 81% 70% 90% Weighted average debt cost 5.0% 48% ICR covenant (>2.0x) 2.6x 2.5x 80% 70% ron + Weighted average debt cost increased to 5.0%, as a result of the higher interest rate environment 50% + 81% hedged for the nex
Slide 20: Gearing
GEARING + LVR of 324% with fully committed LVR of Loan-to-value ratio 32.7%, significantly below covenant maximum % Covenant maximum of 50% 50% S899 99999999999 9999955555555 S555 + $204million of capital commitments include: — infrastructure and enabling works for the Waitomokia development 40% — c
Slide 21: Goodman Property Trust Interim Result 2025
/ GOODMANPROPERTY TRUST | INTERIMRESULT 2026
Slide 22: Looking Forward
‘ LOOKING FORWARD Navigating the challenging operating environment + We have continued to refine our business over the last six months, successfully internalising management functions while also progressing new investment and development initiatives + While a more challenging economic outlook has mo
Slide 23: Thank you (Ngā mihi)
GOGDMAN PROPERTY TRUSTS INTERIMRESULE 2025
Slide 24: Thank You and disclaimer
Slide 25: Appendix
Slide 26: Statement of Comprehensive Income
STATEMENT OF COMPREHENSIVE INCOME For the six months ended 30 September 2024 Property income 1 1348 119.5 Property expenses (23.4) (9.4) Net property income 111.4 100.41 Interest cost 21 (30.6) (217) Interest income 21 o4 03 Net interest cost (30.2) (21.4) Net corporate costs 6 (6.9) (10.6) ‘Operati
Slide 27: Balance Sheet
BALANCE SHEET As at 30 September 2024 1 mii Note 8080p 241 Mar 24 | Non-current assets 13 4596.4 45339 06 19 : 14 Derivative financial instrument 42 63 384 Property, plant and equipment 7 38 Tax receivable 69 69 Deferred tax 234 301 Related party asset 6 452 565 Total non-current assets 4679.4 46729
Slide 28: Statement of Cashflows
STATEMENT OF CASHFLOWS For the six months ended 30 September 2024 Cash flows from operating activities Property income received 133.0 149 Property expenses paid (28.7) (24.7) Interest income received 04 03 Interest costs paid on borrowings (29,0) (214) Interest costs paid on lease liabilities, (22)
Goodman Property Trust — H1 2025 Earnings Presentation on 6ix