Goodman New Zealand Limited & Goodman Property Services Limited Units · NZX:GNZ
Goodman New Zealand Limited & Goodman Property Services Limited Units — Goodman Property Trust — H1 FY2014 Earnings Presentation
24 slides from Goodman New Zealand Limited & Goodman Property Services Limited Units's earnings presentation, Nov 20, 2013
Slide 1: Interim result to 30 September 2013
interim result+ to 30 September 2013 20 November 2013 The Crossing, Highbrook Business Park
Slide 2: Contents
contents+ + 01 overview + 02 financial overview + 03 investment portfolio + 04 investment activity + 05 development portfolio + 06 outlook The Crossing is the retail focal point of Highbrook Business Park with an open air plaza, restaurants, gym, cafes, accommodation, conference centre and convenien
Slide 3: Overview
+01overview Earnings and + $70.1 million before tax profit compared to $37.0 million in pcp Profit1 + $65.4 million after tax profit compared to $31.6 million in pcp + Distributable earnings before tax of $50.3 million or 4.18 cpu (4.07 cpu in pcp) + Distributable earnings after tax of $45.6 million
Slide 4: Financial overview
+02 financial overview+ Mainstream Logistics, Savill Link 4
Slide 5: Financial performance
+02 financial performance 6 months ended 30 September 30 September Change 2013 20121 % $m $m Distributable earnings before interest and tax 60.4 50.8 18.9 Interest (10.1) (9.8) 3.1 Distributable earnings before tax 50.3 41.0 22.7 Tax on distributable earnings (4.7) (3.4) 38.2 Distributable earnings
Slide 6: Financial position
+02 financial position as at 30 September 31 March Change 2013 20131 % $m $m Total assets 2,082.7 2,019.2 3.1 Property assets 1,994.6 1,931.3 3.3 Net borrowings 733.1 672.3 9.0 Liabilities 860.2 833.3 3.2 Equity 1,222.5 1,185.9 3.1 Net borrowings to property assets (%) 35.62 34.8 2.3 NTA per Unit (c
Slide 7: Capital management
+02 capital management + Strong balance sheet position: – 35.6%1 loan to value ratio at the bottom of the Board’s targeted range of 35% to 40% + Active capital management programme: – Disposal of Gateside Industry Park for $37.2 million – Distribution Reinvestment Plan raised $8.1 million in the six
Slide 8: Capital management
+02 capital management + An interest cover ratio of 2.6 times1 and a weighted average remaining term of 2.8 years across all debt facilities at 30 September 2013 Interest cover position Sept 13 actual 2.6 Covenant 2.0 + Currently 63%2 hedged with an average remaining term of 3.0 years across its swa
Slide 9: Investment portfolio
+03 investment portfolio+ Panasonic, Highbrook Business Park
Slide 10: Investment portfolio
+03 investment portfolio + Over 80,000 sqm of space secured on new or revised terms + WALT of 5.4 years + Average occupancy of around 95% + Occupancy 96% at 30 September 2013 Look through net property income bridge1 H1 FY13 to H1 FY14 $ millions 70.0 2.7 0.1 66.0 7.8 65.0 2.9 (0.8) (1.4) 63.1 60.0 5
Slide 11: Big footprint leasing
+03 big footprint leasing + Over 35,000 sqm of vacant space leased as part of Project Big Footprint Customer Estate NLA PK Furniture Enterprise Park 13,500 sqm Supply Chain Solutions Westney Industry Park 3,300 sqm PMP Enterprise Park 2,400 sqm Kiwi Logistics Enterprise Park 6,700 sqm Charta Packagi
Slide 12: Investment activity
+04 investment activity+ Artist’s impression of the Fonterra Head Office, Fanshawe St, Auckland 12
Slide 13: Fonterra head office acquisition
+04 Fonterra head office acquisition + New 16,000 sqm campus style office building + Target five star Green Star rating + Developed by Goodman Group and Fletcher Construction + 15 year lease to Fonterra + two 8 year rights of renewal + Settlement following completion, expected February 2016 + Locate
Slide 14: Asset sales programme
+04 asset sales programme + Disposal of Gateside Industry Park for $37.2 million + More than $70 million of sales in the last two years + Sales of $75-100 million expected over the next two years Gateside Industry Park Vector House $37.2 million $20.4 million 120 Pavillion Drive Downer EDI $8.1 mill
Slide 15: Development portfolio
development +05 portfolio+
Slide 16: Glassworks Industry Park development
+05 Glassworks Industry Park development Indicative illustration of development activity under way at Glassworks Industry Park Christchurch
Slide 17: Central Park Corporate Centre development
+05 Central Park Corporate Centre development Indicative illustration of development activity under way at Central Park Corporate Centre Auckland
Slide 18: Development update
+05 development update + New Developments - Commencement of over 43,238 sqm of new development projects - Total project cost of around $87 million - Forecast yield on cost of 8.3% GMT development activity FY14 43,238 FY13 48,218 FY12 49,615 FY11 9,336 FY10 29,008 FY9 35,318 FY8 106,608 FY7 83,139 FY
Slide 19: Development update
+05 development update Highbrook Business Park Central Park Corporate Centre New facility for Trio and expansions for New 5,670 sqm premium office building Viridian, Big Chill and Contract Logistics to accommodate strong demand in the Greenlane corridor Glassworks Industry Park New facilities for DH
Slide 20: Development completions
+05 development completions Central Park Corporate Centre Glassworks Industry Park Genesis and Customer Placemakers Customers Restaurant Brands NLA1 2,690 sqm NLA 5,154 sqm Lease term 9 years WALT 10 years Valuation $6.0m Valuation $24.5m Development timeframe 9 months Development timeframe 15 month
Slide 21: Development completions
+05 development completions The Crossing, Highbrook Business Park Savill Link Goodman, Quest, LG, Customer Mainstream Customers Waipuna Conference NLA1 10,825 sqm Centre Lease term 12 years NLA 9,186 sqm Valuation $14.9m WALT 8 years Development timeframe 12 months Valuation $36.1m Development timef
Slide 22: Outlook
+06 outlook+ The Genesis Energy Building, Central Park Corporate Centre 22
Slide 23: Outlook and summary
+06 outlook and summary Strategy + Investing in well located, high quality assets + Continuation of the Trust’s accelerated development programme + Recycling capital to fund new development activity + Focus on maximising portfolio rental streams with targeted leasing campaign to offset pending expir
Slide 24: Thank you
thank you+ Artist's impression of the new DHL facility at Glassworks Industry Park Christchurch
Goodman Property Trust — H1 FY2014 Earnings Presentation on 6ix