Goodman Group · ASX:GMG
Goodman — Goodman Property Trust — Shareholder Meeting (June 2023)
26 slides from Goodman's shareholder meeting presentation, June 2023
Slide 1: Every Step Counts - Annual Meeting 2023
GOODMAN PROPERTY TRUST EVERY ANNUAL MEETING 2023 STEP COUNTS
Slide 2: Agenda
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Agenda 1. Meeting formalities 2. Review the Trust’s recent financial results, our investment strategy, and the current business outlook 3. Questions PRESENTED BY (IN SPEAKING ORDER): John Dakin Chair and Non-Executive Director Andy Eakin Chief Financial O
Slide 3: Online questions
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Online questions To ask a question 1 Click on “type your question” 2 Type your question in the text box and click “send” 3
Slide 4: Board and Executives
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Board and Executives John Dakin Greg Goodman Leonie Freeman Phil Pryke Chair and Non-Executive Director Independent Director Non-Executive Director Non-Executive Director David Gibson Laurissa Cooney Keith Smith James Spence Andy Eakin Deputy Chair and In
Slide 5: Strong governance – thank you
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Strong governance – thank you Keith Smith Phil Pryke Independent Director Non-Executive Director 5
Slide 6: CEO transition
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 CEO transition James Spence John Dakin Chief Executive Officer Chair and Non-Executive Director 6
Slide 7: Overview
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Overview Highbrook Business Park NET PROPERTY INCOME PORTFOLIO VALUATION TOTAL RETURN1 INCREASE IN RENTAL REVENUE FAIR VALUE REDUCTION 10 YEAR ANNUALISED 12.7% (4.7%) 10.7% 1 Calculated using the GMT close price on 27 June 2023 7
Slide 8: Earnings and distributions
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Earnings and distributions Tāwharau Lane, Highbrook Business Park CASH EARNINGS CASH DISTRIBUTIONS FY24 DISTRIBUTION GUIDANCE 6.6% INCREASE 83% OF CASH EARNINGS 5% INCREASE TO AROUND $99.6m 5.9cpu 6.2cpu 8
Slide 9: Financial resilience
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Financial resilience NET PROPERTY INCOME OPERATING EARNINGS AFTER TAX1 $177.0m 12.7% increase in rental revenue $111.1m 11.9% increase on prior year LOSS AFTER TAX NET TANGIBLE ASSET BACKING ($135.4m) 245.2 cpu LOAN TO VALUE RATIO2 S&P GLOBAL RATING 25.9%
Slide 10: Greening the debt book
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Greening the debt book INAUGURAL GREEN BOND GREEN BANK LOANS $150 million $300 million April 2022, 5 year term December 2022 TOTAL BANK FACILITIES AVAILABLE LIQUIDITY $1.1 billion $0.4 billion increase, December 2022 $739 million As at 31 March 2023 Highb
Slide 11: Sustainable business
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Sustainable business CDP CLIMATE SCORE GREEN STAR DEVELOPMENT A- 5 star rating for 2022 target Built rating for new projects OPERATIONAL EMISSIONS1 EMBODIED CARBON 38% 14% reduction from FY20 reduction on current projects2 1 Certification encompasses Good
Slide 12: Investment strategy
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Investment strategy + GMT invests exclusively in Auckland, a highly constrained market with strong demand for sustainable warehouse and logistics space + The desire to build supply chain resilience is driving customer demand for well-located urban logisti
Slide 13: Property portfolio
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 GMT’s urban logistics Property portfolio portfolio provides essential supply chain infrastructure, facilitating the efficient storage and distribution of goods and materials. PROPERTY PORTFOLIO $4.8bn NET LETTABLE AREA1 1.1m sqm OCCUPANCY2 99.5% WALT3 6.4
Slide 14: Shaping Auckland
HIGHBROOK BUSINESS PARK GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Shaping Auckland Over the last 20 years, Highbrook has been developed from a horse stud to a world class business park, providing a unique opportunity to shape Auckland’s built environment. Ra Ora Horse Stud, Highbrook Estate aeria
Slide 15: Highbrook Business Park: parkland and tracks
HIGHBROOK BUSINESS PARK GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 40 hectares 8 km PARKLAND1 WALKING & RUNNING TRACKS 1Master-planned reserve land, owned and managed by Auckland Council 15
Slide 16: Highbrook Business Park: facilities, customers, employees
HIGHBROOK BUSINESS PARK GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 75+ 130+ 5,500+ FACILITIES CUSTOMERS EMPLOYEES 16
Slide 17: Highbrook completions
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Highbrook completions Tāwharau Lane NZ Blood Service Stanley Black & Decker Net lettable area Net lettable area Net lettable area 8,135 sqm 3,317 sqm 9,185 sqm Achieved Green Star Design rating1 Achieved Green Star Design rating1 Target Green Star Built r
Slide 18: Highbrook Crossing
HIGHBROOK BUSINESS PARK GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 TOWN CENTRE HIGHBROOK CROSSING Highbrook Crossing is a vibrant hub providing amenity to Highbrook customers. KEY FEATURES 120-room serviced apartment hotel Conference centre Serviced office and co-working space 24-hour gym 8 cafés
Slide 19: Realising the vision
HIGHBROOK BUSINESS PARK GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Realising the vision + + + + $2.27 billion in value + + + + 1980–1990 1990 2003 2004 2004 2005 2011 2023 The estate of Sir Woolf Peter Walker Partners The landscape Goodman partners with Commencement of a First development Over 45%
Slide 20: Highbrook is almost 100% occupied
HIGHBROOK BUSINESS PARK GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Highbrook is almost 100% occupied and attracts premium rents with superior capital returns. It has been an exceptional investment for unitholders. 20
Slide 21: Work in progress
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Work in progress TOTAL PROJECT COST NET LETTABLE AREA WALT $461.6m 111,742 sqm 13.1 years PRE-COMMITTED ANNUAL RENT UPON COMPLETION BROWNFIELD REDEVELOPMENT PROJECTS %1 95% $23.1m 92% 1 Calculated by total project cost Mainfreight Development, Favona 21
Slide 22: Acquisition of Sleepyhead, Ōtāhuhu
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Acquisition of Sleepyhead, Ōtāhuhu further enhances GMT’s redevelopment pipeline, providing another strong last mile option for our customers. PURCHASE PRICE $49.35m LAND AREA 4.0 ha 22
Slide 23: Climate resilience
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 Climate resilience + Invested in locations and facilities that are at lower risk of the impacts of extreme weather, with only minor effects as a result of the Auckland Anniversary flooding and Cyclone Gabrielle + Insured against building damage and busine
Slide 24: Looking forward
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 LOOKING FORWARD Future focused + GMT is delivering strong operating results, driven by sustained rental growth + Our investment strategy remains focused on development led growth. The potential pipeline within the portfolio is substantial and we will cont
Slide 25: Questions
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 QUESTIONS 25
Slide 26: Thank you
GOODMAN PROPERTY TRUST | ANNUAL MEETING 2023 THANK YOU The information and opinions in this presentation were prepared by Goodman (NZ) Limited on behalf of Goodman Property Trust or one of its subsidiaries (GMT). GMT makes no representation or warranty as to the accuracy or completeness of the infor
Goodman Property Trust — Shareholder Meeting (June 2023) on 6ix