Goodman New Zealand Limited & Goodman Property Services Limited Units · NZX:GNZ
Goodman New Zealand Limited & Goodman Property Services Limited Units — Goodman Property Trust — H1 2012 Earnings Presentation
24 slides from Goodman New Zealand Limited & Goodman Property Services Limited Units's earnings presentation, Oct 1, 2011
Slide 1: Goodman Property Trust
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Slide 2: Contents
Contents + Section 01 Overview + Section 02 Financial overview + Section 03 Investment portfolio + Section 04 Market overview + Section 05 Development portfolio + Section 06 Governance + Section 07 Outlook 2
Slide 3: Overview
Overview + Net property income of $55.4 million ($53.1 million in pcp) Earnings & + Distributable earnings before tax of $40.2 million or 4.25 cpu ($38.3 million or 4.41 cpu, pcp) Profit + Full year distributable earnings expected to range between 8.4 and 8.6 cpu before tax + Renewing and extending
Slide 4: Financial overview
financial
Slide 5: Financial performance
Financial performance 6 months ended September 11 September 10 Change $ million $ million % (Restated) Distributable earnings before interest and tax 51.3 49.4 3.8 Interest (11.1) (11.1) 0.0 Distributable earnings before tax 40.2 38.3 5.0 Tax Payable (3.4) (1.0) (240.0) Distributable earnings after
Slide 6: Financial position
Financial position September 11 March 11 Change as at $ million $ million % Total assets 1,645.0 1,618.0 1.7 Property assets 1,604.2 1,576.0 1.8 Net borrowings 575.6 578.4 0.5 Liabilities 722.5 725.9 0.5 Equity 922.5 892.1 3.4 Underlying total borrowings to property assets (%) 35.9 36.7 n/a NTA back
Slide 7: Capital management
Capital management + Net borrowings represent 35.9% of property assets, compared to 36.7% at 31 March 2011 - Gearing consistent with targeted band of 35% to 40% + New development opportunities continue to be matched to new equity - Distribution Reinvestment Plan raising $33.0 million + $80.0 million
Slide 8: Investment portfolio
Slide 9: Portfolio leasing
Portfolio leasing + Active management has secured over 43,000 sqm of space on new and revised terms + This new leasing equates to $5.5 million of additional rent per annum + Major leasing transactions include: Property Customer Commencement Net lettable Term Net annual area1 years rental sqm $m Gate
Slide 10: Portfolio occupancy
Portfolio occupancy Portfolio occupancy Key vacancies Property Tenancy Net Date lettable became area1 vacant sqm M20 Business Park Warehouse/office 5,803 Sept 2011 M20 Business Park Warehouse/office/ 3,000 Sept 2011 showroom The Gate Industry Park Warehouse/office 1,903 Nov 2009 The Gate Industry Pa
Slide 11: Portfolio expiries
Portfolio expiries Lease expiry profile Key customer expiries – balance of FY12 Property Customer Net Expiry lettable area1 sqm The Gate Industry Park Crane Distribution 2,320 Dec 11 Enterprise Park Fonterra 12,037 Jan 12 Connect Business Estate Electoral Office 1,495 Jan 12 Connect Business Estate
Slide 12: Market overview
market overview
Slide 13: NZ investment market
NZ investment market + Significant fall in transaction numbers in the first half of the year, earlier expectations were of increasing sales volumes + Auckland yields have been relatively stable during the year and are expected to strengthen as market fundamentals improve + GMT asset values remain st
Slide 14: Auckland occupier market
Auckland occupier market Auckland Market1 Auckland Market1 GMT Portfolio2 Vacancy 30 June 2010 30 June 2011 30 September 2011 % % % Industrial Prime 2.8 2.9 1.2 Secondary 6.1 5.1 10.3 Total 5.0 4.4 3.6 Non-CBD office Prime 8.4 7.4 4.2 Secondary 12.0 13.7 6.7 Total 11.5 12.8 5.5 1 Source: CBRE 2 Excl
Slide 15: Development portfolio
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Slide 16: Development update
Development update + Increased levels of development activity over the last six months - 45,030 sqm committed in the first half of FY12 versus 6,900 in pcp + Improving economic conditions are expected to drive the Trust’s development business + Land holdings will need replenishing if current demand
Slide 17: Development activity - YTD
Development activity - YTD Customer Net lettable area1 Lease term Ownership Total Project Cost2 sqm years % $m The Crossing Stage One, Highbrook Business Park 9,800 6 - 10 50 21.83 Super Cheap Auto (New Zealand) Pty Limited, Savill Link 20,530 10 100 24.0 Scalzo Food Industries Limited, Highbrook Bu
Slide 18: Recent development activity
Recent development activity Super Cheap Auto (New Zealand) Pty Limited, Panasonic New Zealand Limited, Savill Link Highbrook Business Park Artists Impression Artists Impression Scalzo Food Industries Limited, The Crossing Stage One, Highbrook Business Park Highbrook Business Park Artists Impression
Slide 19: Recent development completions
Recent development completions Bridgestone New Zealand Limited, PMP (NZ) Limited, M20 Business Park Enterprise Park Bridgestone New Zealand PMP (NZ) Customer Customer Limited Limited Net lettable area1 4,900 sqm Net lettable area1 2,185 sqm Lease term 8 years Lease term 10 years Ownership % 100 Owne
Slide 20: Governance
Slide 21: Board appointment
Board appointment + Leonie Freeman, appointed to the Board as an Independent Director on 11 October 2011 - 25 year career across a range of property disciplines - Brings a complementary skill set and broad range of experience to an already capable Board + Appointment is consistent with the Board pol
Slide 22: Outlook
Slide 23: Outlook and summary
Outlook and summary + Continuing focus on the investment portfolio and maximising revenue streams Strategy + Realising the potential of the Trust’s land holdings by accelerating the development programme + Consideration of strategic opportunities that enhance the portfolio + A subdued economic recov
Slide 24: Important Notice
Important Notice This presentation has been prepared by Goodman (NZ) Limited as the manager of Goodman Property Trust (“GMT”). The details in this presentation provide general information only. It is not intended as investment or financial advice and must not be relied upon as such. You should obtai
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