Goodman Group · ASX:GMG
Goodman — Goodman Property Trust — FY2025 Earnings Presentation
36 slides from Goodman's earnings presentation, May 29, 2025
Slide 1: Goodman Property Trust Annual Results 2025
‘Goodman Property Trust Annual Results 2025 1 al — ne es perme =
Slide 2: Agenda
Overview Investment Investment Sustainability Portfolio Management Financial Capital Summary Questions Result Management & Outlook All property portfolio statistics are calculated on the basis of 100% asset ownership, including held for sale investment properties. All figures are in NZD.
Slide 3: Overview
I OVERVIEW
Slide 4: Portfolio FY25 Result and Delivering Strategy
PORTFOLIO FY25 RESULT + Portfolio occupancy of 99.0% + 13.8% increase in operating earnings before tax to $154.3 million and WALT of 5.6 years1 + 5.2% like-for-like increase on FY24 restated cash earnings to 7.55 cents + 122,302 sqm of stabilised per unit, and a 4.8% increase in distributions to 6.5
Slide 5: Investment Portfolio
U INVESTMENT PORTFOLIO
Slide 6: Portfolio: $4.7bn, 99.0% occupancy, 5.6 years WALT
+ While a more challenging operating environment has eased capacity constraints and moderated customer demand, underlying structural drivers continue to support strong leasing results + 122,302 sqm of space (10.1% of the portfolio) was leased on new or revised terms in FY251: — rental uplift of 28.6
Slide 7: FY26 Stabilised Portfolio Review Profile and Lease Expiry Profile
FY26 STABILISED PORTFOLIO REVIEW PROFILE 10-YEAR LEASE EXPIRY PROFILE % of stabilised portfolio income % of stabilised portfolio income 25% 6% No review 20% 8% Expiry 15% 4% Capped market review 3% Market review 10% 5% 0% 12% CPI review FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY34+ Value Add Co
Slide 8: Completed developments: 50,286 sqm
MAINFREIGHT AND MAINFREIGHT 2HOME – SAVILL LINK Net lettable area 50,286 sqm Completion value Yield on additional cost $214.8m 8.0% WALT Leased 9.4 years 100% SIKA, COTTON ON AND SIGNIFY – ROMA ROAD ESTATE1 1 NZ Post (back right) was completed in the previous financial year and Sika was leased post-
Slide 9: Development pipeline: Mt Wellington, Waitomokia, Penrose
+ The Auckland industrial market continues to show resilience despite the challenging economic environment, with customers signalling their long term intentions to increase warehousing footprint in and around Auckland + GMT is commencing the $93.8 million stage one regeneration plan for its value-ad
Slide 10: Highbrook Crossing investment
+ $15.7 million is being invested into Highbrook Crossing – the office and retail hub of Highbrook Business Park + Construction is underway, adding new eateries and amenities to the plaza level of the Quest hotel + A new entrance being constructed will offer a bright, sheltered space, with new lands
Slide 11: Investment Management
INVESTMENT MANAGEMENT
Slide 12: Highbrook funds management partnership
+ GMT has established its property funds management business with a new open-ended limited partnership to hold Highbrook Business Park + International investors Mercer and Goodman Group are investing $350 million of equity to acquire a 27.7% share in the $2.1 billion estate with GMT retaining 72.3%
Slide 13: Funds management platform recycles capital into higher return opportunities
The establishment of a funds management platform unlocks the ability for GMT to recycle capital into higher return opportunities, while earning management fees on partnership AUM MT WELLINGTON TOTAL PROJECT COST WAITOMOKIA Stage one multi-unit development of expected total developed NLA targeting a
Slide 14: Sustainability
SUSTAINABILITY
Slide 15: Sustainability achievements
SOLAR UPFRONT EMBODIED CARBON + Achieved a 44% reduction in corporate emissions, exceeding our 2025 interim target of a 21.5% reduction from FY20 base year 1 + 74% of the core portfolio has been upgraded as part of our $25+ million sustainability upgrade programme over the past four years, with new
Slide 16: Science-aligned emissions targets
We have set new science-aligned targets for our Scope 3 emissions intensity using SBTi’s criteria for limiting global warming to 1.5ºC1 To accelerate the reduction of upfront embodied carbon from developments we are establishing an Embodied Carbon Innovation Represents 64% of total FY25 emissions Fu
Slide 17: Financial Result
~ FINANCIAL RESULT
Slide 18: FY25 financial result highlights
NET PROPERTY INCOME PROFIT AFTER TAX SIGNIFY – ROMA ROAD ESTATE $230.5m $109.6m 13.5% increase on FY24 Supported by stable property values CASH EARNINGS1 DISTRIBUTIONS 7.55 cpu 6.50 cpu 5.2% like-for-like increase on 4.8% increase on FY24 restated FY24 NET CAPITAL RECYCLED COMMITTED LVR $670m to GMT
Slide 19: Net property income
NET PROPERTY INCOME $m 240 -0.8 230 +2.8 230.5 +12.8 + Net property income increased by $27.4 million 220 to $230.5 million, a 13.5% increase on FY24 + Completion of $214.8 million of developments 210 contributed significantly to the increase in net +12.6 property income this year + Underlying like-
Slide 20: Net corporate costs
NET CORPORATE COSTS $m FY25 FY241 + Following internalisation, external management fees have been replaced with the direct costs of employee remuneration and Manager’s base fee - (18.9) other corporate expenses Property services and other fees - (21.5) + Capitalised corporate costs have decreased du
Slide 21: Statement of comprehensive income
STATEMENT OF COMPREHENSIVE INCOME $m FY25 FY24 + Operating earnings before tax are 13.8% higher than the prior year, with the 13.5% increase in net property income Net property income 230.5 203.1 and 47.6% reduction in net corporate costs outweighing the Net interest cost (64.1) (46.7) impact of hig
Slide 22: Cash earnings and FY26 guidance
CASH EARNINGS + Cash earnings of 7.55 cents per unit was marginally ahead of $m FY25 Restated FY241 % change market guidance (7.5 cents per unit) increasing 5.2% on a like-for- Operating earnings before tax 154.3 135.6 13.8% like basis, from a restated 7.18 cents per unit1 Current tax on operating e
Slide 23: Capital Management
EE ee ita i PAA F Jan! ie
Slide 24: Hedging profile and borrowing metrics
HEDGING PROFILE BORROWING METRICS % 31-Mar-25 31-Mar-24 100% 12 month forward hedging level 80% 70% Weighted average cost of debt (WACD) 4.8% 4.8% 90% Interest cover ratio (ICR) covenant (>2.0x) 3.1x 2.5x 80% 70% 60% + 80% hedged for the next 12 months, with flexibility to repay bank debt upon settl
Slide 25: Maturity profile and funding metrics
MATURITY PROFILE FUNDING METRICS % 31-Mar-25 31-Mar-24 Non-bank funding (% of debt drawn) 48% 57% Available liquidity $405 million $760 million Weighted average debt term (drawn)1 2.6 years 3.2 years 150 LVR covenant (<50%)2 31.9% 32.1% + Settlement of the Highbrook partnership and the Bush Road sal
Slide 26: Loan-to-value ratio
LOAN-TO-VALUE RATIO % 50% + Balance sheet LVR of 31.8% at 31 March 2025 + Highbrook partnership 40% establishment and Bush Road disposal reduce look-through gearing by 11.7% to 20.4% Preferred look-through gearing range + With new development 30% 31.8% 32.1% announcements, committed gearing (9.9%) i
Slide 27: Summary & Outlook
SUMMARY & OUTLOOK
Slide 28: Summary and outlook
Navigating the challenging economic environment + The ongoing strength of GMT’s operating results demonstrates the resilience of the portfolio, and the benefits of an investment strategy focused on well-located warehouse and logistics property Positioned for growth + Internalisation has allowed GMT
Slide 29: Questions
QUESTIONS
Slide 30: Disclaimer
The information and opinions in this presentation were prepared by Goodman Property Services (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 information in this presentation. Opinions
Slide 31: Appendix
APPENDIX
Slide 32: Property portfolio details
Property Location Classification Market capitalisation rate % NLA (sqm) Buildings Key Customers Occupancy (%)2 WALT (years) 2 Highbrook Business Park1 East Tāmaki Core 5.0–7.13 496,452 78 DHL, Freightways, Mainfreight, NZ Post, OfficeMax 99 4.6 Savill Link Ōtāhuhu Core/Value-Add 5.13–6.25 162,603 15
Slide 33: Statement of comprehensive income
STATEMENT OF COMPREHENSIVE INCOME Property income it 2779 244.1 Property expenses (474) (41.0) Net property inoome 2808 203.1 Interest cost 24 (649) (473) Interest income 21 os 06 Net interest cost 40) @67) Net corporate costs 7 (10.9) (208) Share based payments expense 10 (12) - Operating earnings
Slide 34: Balance sheet
BALANCE SHEET Non-current assots. Investment property 13 286240 45339 Otherassets : 19 Investment property contracted forsale 3 14 Derivative financial instruments 62 384 Property, plant and equipment 38 Taxreosivable 69 Deferredtax assets 13.2 301 Related party assets 8 665 Total non-current assets
Slide 35: Statement of cash flows
STATEMENT OF CASH FLOWS Cash flows from operating activities Property income received 2759 242.2 Property expenses paid (48.4) (487) Interest income received 08 06 Interest costs paid on borrowings (663) (43.5) Interest costs paid on lease liabilities 45) (4) Corporate costs paid 76) (22.4) Net GST
Slide 36: Glossary
$ and cents Green Star SBTi New Zealand currency. Green Star is a voluntary sustainability Science Based Targets initiative. AUM rating system for non-residential buildings, fitouts and communities. Administered by Assets Under Management. the NZGBC the system provides a rating Stabilised Portfolio
Goodman Property Trust — FY2025 Earnings Presentation on 6ix