GMT Annual Meeting of Unitholders

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
1





nzx release+
GMT Annual Meeting of Unitholders
Date 4 July 2018
Release Immediate

WELCOME
Good afternoon ladies and gentlemen and welcome to this annual meeting of
Unitholders. I’m Keith Smith, Independent Director and Chairman of Goodman (NZ)
Limited, the Manager of Goodman Property Trust.

The Board and management team are delighted to be at Eden Park today. It’s a new
venue for our meetings and a change from the usual central city hotel. We endeavour to
make these events as accessible as possible for our investors so be aware that this
meeting is also being webcast for those unable to attend.

It has been a defining year for GMT and today’s presentations will review the Trust’s
recent financial performance and the substantial repositioning of the portfolio that has
been achieved since we last met.

It is a positive transformation that is already delivering strong returns to investors. It also
provides the foundation for sustainable long-term growth.

The formal business of the meeting includes one ordinary resolution relating to the re-
appointment of Leonie Freeman as an Independent Director.

I’d encourage you all to participate in today’s proceedings and take the opportunity to
communicate directly with those responsible for managing your investment. Directors

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
2



and staff will also be available after the meeting to answer any further questions you may
have.

Before we proceed I would also like to point out that the bathrooms are located through
the entry foyer of this meeting room. In the unlikely event of an emergency you will be
required to evacuate and assemble outside the building in a designated safe area. Should
this occur please exit the room through the rear doors and follow the directions of Eden
Park staff.

As in previous years, I will refer to Goodman Property Trust throughout the meeting as
the “Trust” or “GMT”, and Goodman (NZ) Limited – the manager of that Trust – as the
“Manager”.

ATTENDENCE AND APOLOGIES
I would now like to introduce the other members of the Board, together with the
executives of the Manager, who are present today.

From my far left/right – Phil Pryke, Non-executive Director; Susan Paterson, Independent
Director; Peter Simmonds, Independent Director; Leonie Freeman, Independent Director;
Andy Eakin, Chief Financial Officer; and John Dakin, Chief Executive Officer and
Executive Director.

Greg Goodman is an apology for this year’s meeting due to illness.

The composition of the Board is unchanged since we met last year and a majority of
Independent Directors is maintained.

REPRESENTATIVE OF TRUSTEE; EXECUTIVES AND ADVISORS PRESENT
In addition to the Board, there are executives of the Manager, representatives of our
Trustee, Covenant Trustee Services Limited, and representatives from the Trust’s
external advisors also present today.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
3



MEETING FORMALITIES
I’d now like to work through some of the more formal aspects of the meeting before we
begin the presentations.
+ I’d like it noted that in accordance with the Trust Deed, I have been nominated by the
Trustee to act as chairman of this meeting and I have now tabled this nomination.
+ I also confirm that the meeting has been properly convened and notice has been
properly given to Unitholders.


For a quorum to be achieved, GMT’s Trust Deed requires at least five persons holding,
or representing by proxy, or as representative or attorney, at least ten per cent of the
number of Units on issue at the date of the meeting carrying the right to vote at the
meeting.

I confirm that these requirements have been met; and that a quorum is present.

Now the formalities are dealt with we can proceed.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
4



STRATEGIC FOCUS
GMT has grown to become one of New Zealand’s largest listed property investors, with
a market capitalisation of $1.9 billion and a corporate credit rating of BBB from Standard
& Poor’s. It is a high-quality business built around a substantial property portfolio, a wide
customer base and proven development capability.

Over the last five years we have successfully repositioned the Trust, concentrating
investment in the rapidly growing and supply-constrained Auckland industrial market.

We’ve deliberately focused our strategy to meet customer demand for logistics and
warehousing facilities located close to consumers. It reflects a global trend in gateway
cities, driven by demographic changes and the growth of online retailing.

With the Trust’s development programme well advanced and asset sales now largely
complete, the Board is extremely pleased with the progress that has been achieved. The
Directors are equally satisfied with the Trust’s operational and financial performance over
the last 12 months.

Positive leasing results have maintained occupancy above 98% and contributed to a
statutory profit of $207.2 million before tax.

With a strong balance sheet and a portfolio focused on the best performing property
sector, the Board is confident that the business is well positioned for sustainable long-
term growth.

EARNINGS & DISTRIBUTIONS
The Trust’s consistent operating performance has helped maintain cash earnings at $90
million or around seven cents per unit. It’s a notable achievement given the impact of
earlier asset disposals.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
5



Cash earnings is a non-GAAP financial measure that is used by investors and analysts
when assessing the operating performance of a business. It represents the free cashflow
generated by that business. With GMT we adjust for certain items, including maintenance
expenditure on the portfolio and the interest capitalised to development land, to represent
a recurring cashflow.

Aligning the cash earnings of the Trust with cash distributions ensures the business is
financially sustainable.

Distributions of 6.65 cents per unit, representing around 95% of cash earnings, were paid
to investors last year.

Asset sales will impact the current financial year although we still expect to achieve cash
earnings of around seven cents per unit and pay cash distributions of 6.65 cents per unit.

Remaining disciplined and reinvesting in our development programme will drive future
growth and continue to improve an already high-quality portfolio.

CORPORATE REPORTING
As some of you will have read in our annual report we have extended the breadth of our
reporting this year to provide a wider overview of our business. In addition to the
information about Goodman’s business model and the current investment strategy, we
have provided detail on our health and safety record, our community engagement, and
sustainability initiatives.

We have also described the diversity of the team that manages the Trust. The additional
commentary reflects a trend toward more integrated reporting.

The Environmental, Social and Governance record of a business is an increasingly
important consideration in the investment decisions of fund managers. Ensuring we are
delivering on these measures adds to GMT’s attractiveness as an investment option. It

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
6



also allows our diverse group of stakeholders to assess GMT’s performance on measures
that matter to them.

And as I noted in the annual report, it’s a story we are proud to tell.

I’d now like to pass over to Andy Eakin and John Dakin, who will give a more detailed
overview of the Trust’s recent financial and operational results.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
7



ANDY EAKIN’S ADDRESS
Thank you, Keith, and good afternoon ladies and gentlemen. It’s been another positive
year for the Trust and I’m pleased to be reviewing our recent financial performance with
you today.

The focus on Auckland industrial property is contributing to strong results with a
revaluation gain of $106.3 million underpinning this year’s profit of $207.2 million, before
tax.

The uplift in the value of the portfolio reflects the quality of the assets, rising market rentals
and buoyant investment market conditions. While these fair value gains are not
distributed, they contribute to GMT’s net tangible asset backing which has increased
6.5% over the year, to around $1.39 per unit at 31 March.

The growth in net tangible assets is one of the factors contributing to an improving stock
price.

Investors are positive about the strategic direction we are taking and the combination of
stock price appreciation and quarterly distributions has resulted in a total return for the
year, of 16.9%.

It is more than double the listed property benchmark and continues a period of strong
relative performance with GMT outperforming the benchmark over the last five years.

HISTORICALLY LOW GEARING
While we pride ourselves on how we manage our property portfolio and customer
relationships, equal focus is given to the financial management of the Trust. We take a
long-term view and manage prudently to ensure we maintain a strong balance sheet that
supports sustainable growth well into the future.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
8



We’ve taken advantage of strong buyer demand and have sold our remaining Auckland
office estates over the last 18 months, focusing our investment in the industrial sector.

Three sales totalling $243.9 million were contracted during the year and it was announced
in May 2018 that the Trust’s interest in the joint venture that owns the VXV Portfolio had
been conditionally sold
1
.

GMT’s 51% share of the $635 million gross sale price is $323.9 million.

We had extended this portfolio in recent years, creating a high quality commercial
precinct adjoining the vibrant Wynyard Quarter. Positive leasing results over the 12
months have maximised the value of these assets and helped facilitate the successful
sale to Blackstone, one of the world’s largest real estate investors.

The disposal is a particularly significant transaction for the Trust. It is the largest of all the
asset disposals undertaken and completes a five-year sales programme that will have
recycled almost $1.2 billion of capital when it settles later this year.

With a pro-forma look-through loan to value ratio of just 25% at 31 March 2018, and less
than 20% after adjusting for subsequent sales, GMT’s gearing is at an historically low
level.

The benefit of a deleveraged balance sheet is that we have the capacity to grow
organically, completing the Trust’s development programme and securing new
investment opportunities. The strong liquidity position also provides a substantial buffer,
ensuring GMT has the necessary headroom to absorb significant changes in asset values
should markets soften.



1
The sale remains conditional on Overseas Investment Office approval.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
9



TREASURY INITIATIVES
While the investment focus has been on development-led growth and asset recycling,
new treasury initiatives over the last 12 months have continued to enhance the capital
structure of the Trust.

Two new bonds were offered during the year, improving the diversity and tenor of GMT’s
debt facilities. The successful issues secured $200 million of debt funding at lower rates
than comparable bank funding would provide.

With a combination of bank borrowings, retail bonds and US Private Placement issuance,
the Trust has sector-leading debt diversity. It is also long dated with these facilities having
a weighted average term to expiry of around four and a half years.

Maintaining a variety of funding sources has enabled the Trust to reduce its reliance on
bank lending. At 31 March 2018 GMT had 68% of its debt drawn from non-bank sources.
The proceeds of asset sales will increase this proportion even further as bank debt is
repaid.

It’s a prudent approach that recognises credit markets can become restricted and pricing
more expensive.

One of the key features that has underpinned the success of the treasury programme is
the quality of our property portfolio. The excellent security it provides is reflected in the
debt pricing that has been achieved and the Trust’s investment grade rating from
Standard & Poor’s.

The rating agency recently re-affirmed the BBB rating for the Trust. Its debt, including its
bonds, is rated one notch higher at BBB+. Both assessments have remained stable since
they were first assigned in 2009.

I hope I’ve reinforced what a high-quality business you’ve invested in ladies and
gentlemen. I’ll now pass you over to John who will continue with the operational review.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
10



JOHN DAKIN’S ADDRESS
Thanks Andy and good afternoon ladies and gentlemen.

In my presentation today, I’ll review the achievements of the last 12 months and also
explore the opportunities ahead of us.

It’s been a significant year for GMT with development activity and asset sales refining the
portfolio and focusing investment in the Auckland industrial market. It’s the continuation
of a longer-term strategy that has transformed our business.

I want to elaborate on the key aspects of this strategy, including:
+ Auckland’s attraction as a gateway city;
+ The positive investment characteristics of industrial property; and
+ The value of our development pipeline.

AUCKLAND FOCUSED
Following completion of all current developments and contracted sales, the Trust’s $2.2
billion portfolio will be more than 99% invested in Auckland.

We’ve deliberately focused our investment in the country’s biggest city as it is the
gateway to New Zealand with extensive port, road, rail and air freight infrastructure
located here.

At almost four times the size of our next largest city, Auckland has scale and depth that
attracts people and businesses at a greater rate than any other location. This increases
demand for goods and services, meaning additional warehousing and distribution
facilities are required.

This is exactly the type of industrial property we are investing in. It fulfils a vital role in the
supply chain, ensuring goods are stored efficiently and can be quickly distributed to meet
demand, whenever and wherever that may be.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
11




Demographic modelling from Statistics New Zealand supports our assumption of
continued growth, with the city’s population forecast to increase from 1.5 million to more
than 2.3 million by 2043. It represents an annual increase of around 1.5% for the next 25
years, by which time Auckland is expected to make up almost 40% of the country’s total
population.

The expansion of online retailing is also increasing demand for logistics and warehousing
facilities close to consumers. While total retail spending is growing steadily the proportion
of goods being purchased online is growing at a much faster rate, contributing to the
strong demand for industrial space.

The CourierPost business located at Highbrook Business Park provides a good example.
This customer occupies a 20,000 square metre distribution centre with a highly
automated parcel sorting system capable of processing up to 120,000 items a day.

Parcel volumes at this facility have increased around 33% over the last five years,
reflecting not only the growth in the city but also the impact of e-commerce and online
retailing. It’s a trend that we expect to drive future growth as New Zealand catches up
with more developed markets such as the United Kingdom, where online sales make up
almost 15% of all retail sales, around twice the rate of New Zealand.

THE ATTRACTION OF INDUSTRIAL PROEPRTY
Our preference for Auckland industrial property also reflects the special investment
characteristics that has made it the best performing property sector.

These characteristics include:
+ A short construction timeframe;
+ Lower lifecycle costs compared to other property types;
+ Assets are typically smaller and more liquid than office or retail property;
+ Demand for industrial space is the most responsive to economic growth, and,

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
12



+ High land component allows for future changes of use.

Investors have recognised the unique value drivers of industrial property and it has
delivered the highest returns of all the property types according to the results of the IPD
Property Index.

The appraisal based index benchmarks the investment performance of over $13 billion
of commercial property in New Zealand. The table on screen shows that industrial
property has consistently delivered greater total returns than office or retail property.

Better design, improved functionality, and greater amenity for customers has improved
the quality of industrial property adding to its attractiveness as an asset class. For those
of you that attended the Highbrook open day in March, you’ll have seen firsthand what
high quality industrial property looks like.

The following images showcase some of our portfolio. The properties are modern, highly
specified and operationally efficient. They’re also well located and flexible enough to meet
the requirements of many different businesses.

Few property owners have the Auckland-wide footprint we provide and even fewer can
offer the benefits of being in a large master-planned estate such as Highbrook Business
Park. Highbrook is the largest estate we own and its value of $1.2 billion makes up around
50% of our portfolio.

Award-winning design, consistent landscaping, clear signage, recreational facilities,
public infrastructure and business support services have helped create an exceptional
work environment for the 80-plus companies already located there.

Like many gateway cities around the world, Auckland’s infrastructure is struggling to cope
with unprecedented growth. Traffic congestion is one of the issues impacting businesses.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
13



Larger logistics operators are using integrated transport hubs as a way of reducing
reliance on road transport networks.

Our portfolio includes rail options at Savill Link for this type of customer. The estate is
situated on the former site of the Otahuhu Railway Workshops and provides sidings that
allow direct access to freight services along the main trunk line.

Coda and Mainstream are two specialist logistics businesses that have chosen to locate
at Savill Link to take advantage of the rail infrastructure. Both facilities have then been
expanded due to business growth.

The ability to accommodate a customer’s changing requirements illustrates the
importance of our development capability.

GMT’s DEVELOPMENT CAPABILITY
The progression of our development programme has helped build a portfolio of enviable
quality, literally building by building. The chart on screen now shows the progression of
the development programme over time. Around 80% of the portfolio has been developed
since 2004, creating quality assets that set the benchmark for industrial property.

Development activity continues to transform our portfolio and we have more than $230
million of projects currently in progress, including 21 new warehouses. It’s a large
volume of work that is supported by an historically low vacancy rate and strong
economic growth.

The next few images show a selection of our recent projects.

Additional space requirements from existing customers make up a sizable proportion of
our current workbook but we are also securing new design-build commitments, as well
as undertaking a greater number of build-to-lease facilities to take advantage of the
current supply constraints.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
14




These projects added $21.0 million to our profit last year, demonstrating what a value
adding activity it is. Our current projects are also expected to deliver strong valuation
gains once completed. The yield on the additional capital invested is forecast to range
between eight and nine percent.

You’ll see these are all high-quality properties.

They incorporate sustainable design elements and are constructed using materials and
building processes that minimise waste and other environmental impacts. Energy
saving technology and low flow water fittings also make these facilities highly efficient,
lowering the operating costs for customers.

Owning strategic sites in key industrial suburbs and a commitment to owning the very
best quality assets has underpinned our development success.

The aerial image of Auckland on screen now shows the location of our estates. They
are situated near key transport infrastructure and road networks. Adjacent to residential
areas they are also ideal locations for logistics and parcel delivery businesses that want
to be close to consumers.

The scale of the portfolio means we have options suitable for most customers’
requirements. However, the rapid progress we have made in our development
programme means that our land holdings are diminishing and now make up less than
5% of the portfolio.

The build out of all GMT’s remaining land would add a further 116,000 sqm of rentable
area to the portfolio and still result in gearing of less than 30%. Reinvesting this capital
will drive future growth and we are regularly reviewing new investment opportunities.

Development remains our preferred strategy, providing the best risk adjusted returns.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
15



With competition from residential developers limiting greenfield opportunities, we are
also acquiring brownfield and infill sites that can be more intensively developed. The
Tamaki Estate in Panmure and Concourse Industry Park in Henderson are recent
examples.

As Andy noted earlier we have been selling assets to fund our development pipeline
with almost $1.2 billion of sales since 2013. We have commenced over $670 million of
new development projects over the same time frame.

The transformation in our property portfolio is clear in the chart shown now. Industrial
property is our favoured asset class, making up over 99% of the portfolio, and Auckland
is our preferred investment market.

Ladies and gentlemen, GMT is well positioned for the future.

We have narrowed our focus and deleveraged the balance sheet, improving the quality
of our business. Continued execution of our development led growth strategy will
ensure that GMT remains New Zealand’s leading industrial space provider.

Thank you for your attention.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
16



GENERAL BUSINESS
KEITH SMITH
Thanks John. Before we move to the formal business of the meeting I’d like to reinforce
the key points from today’s presentations.

We have refined our strategy and GMT is now almost exclusively invested in the
Auckland industrial sector. The focus is a deliberate capital allocation decision that
reflects the positive investment characteristics of industrial property and the strong
economic drivers in New Zealand’s largest city.

Asset sales have provided the Trust with the balance sheet capacity to fund new
investment and development activity well into the future. Continually renewing and
extending the portfolio, GMT’s development programme has helped transform the
business.

Securing future growth opportunities within our preferred investment sector remains an
important objective. Staying focused and managing our customer relationships, property
portfolio and financial position will also ensure this business continues to thrive.

That concludes the presentations ladies and gentlemen, I would now like to open the
floor for questions.

PROCEDURE FOR QUESTIONS FROM UNITHOLDERS

If you’d like to ask a question of the Board or its advisors please signal your intention to
do so by raising your hand and a member of staff will bring you a microphone. For the
record, I would also ask that you identify yourself before you speak; and, if you are a
proxy or representative for a Unitholder, please let us know that as well.

Ladies and gentlemen, as there are no further questions I will now proceed to the
formal business of the meeting.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
17



RESOLUTION
Unitholders have the right to nominate and vote on the Independent Directors of the
Manager with elections held annually.

Leonie Freeman is retiring by rotation, and being eligible, has offered herself for re-
election.

Leonie is an experienced and effective member of the Board. She provides extensive
property and valuation expertise that complements the skills of the other Directors. The
Board unanimously recommends that Unitholders vote in favour of her re-appointment.

Before we conduct the poll, I will invite Leonie to address the meeting.

[Leonie Freeman to briefly address the Meeting]

Thank you Leonie

The Resolution is set out in the Notice of Meeting and on the voting form you will have
received. As the resolution has been notified, there is no formal requirement for a
seconder.

A majority of not less than half of persons entitled to vote and voting is required to carry
the resolution.

Are there any questions on the resolution?


As there are no further questions we will proceed to a poll.

VOTING AND MEETING CLOSURE
If you have not already voted you should complete your voting and proxy form and
place it in the boxes on the registration table. There are pens available and
Computershare staff will be on hand should you have any questions or require
replacement forms.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
18




Refreshments are being served and you are welcome to stay and enjoy the hospitality
while the poll is being conducted.

The result will be announced to the NZX in due course and a copy of the
announcement will also be available on our website.

Ladies and gentlemen, thank you very much for your attendance and participation this
afternoon, I now declare this meeting closed.

For further information please contact:

Keith Smith
Chairman
Goodman (NZ) Limited
(021) 920 659

John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.9 billion and is
included in the NZX20 index. The Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman
Group is also the Trust’s largest investor with a cornerstone unitholding of 21%.
GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio, with a value
of $2.2 billion after settlement of recently contracted sales, which accommodates around 180 customers. The Trust holds
an investment grade credit rating of BBB from Standard & Poor’s.

---

Annual
Meeting
2018
Goodman Property Trust

Meeting
agenda
＋Review the strategy and performance of the Trust
＋Consider and vote on one ordinary resolution
-re-appointment of Leonie Freeman as an
Independent Director
2

Board &
executives
＋Phil PrykeNon-executive Director
＋Susan Paterson Independent Director
＋Peter Simmonds Independent Director
＋Leonie Freeman Independent Director
＋Andy Eakin Chief Financial Officer
＋John Dakin Executive Director and
Chief Executive Officer
＋Keith Smith Chairman and
Independent Director
Apology
＋Greg GoodmanNon-executive Director
3

Trustee &
advisors
＋Trustee Covenant Trustee Services Limited
＋SolicitorsRussell McVeagh
＋Auditor PricewaterhouseCoopers
＋Tax advisorsKPMG
4

Meeting
formalities
＋Notice of meeting properly given
＋Quorum confirmed
5

Overview
6
NZ Post, HighbrookBusiness Park, East Tamaki

Strategic
focus
＋Development success and asset sales have
transformed the portfolio
＋Investment concentrated in the Auckland industrial
sector
＋$207.2 million profit before tax and strong balance
sheet position
＋Disciplined strategy that is focused on long-term growth
7

FY18
earnings
6.65cpu
Cash distribution per unit
8
6.99cpu
Cash earnings per unit
$90.0m
Cash earnings
HighbrookInterchange, East Tamaki

＋Deleveraging will have an earnings impact while these
funds are reinvested
-cash earnings of around 7.0 cpuare forecast
-cash distributions of 6.65 cpuexpected to be paid
FY19
guidance
9

＋Expanded commentary encompassing
-Health and safety
-Sustainability
-Diversity
Corporate
reporting
10
Mundy Construction, HighbrookBusiness Park
KiwiHarvestCentral Park Corporate Centre
10

Financial
results
BayleysHouse, VXV Portfolio, Auckland
11

12
FY18
highlights
$207.2m
Profit before tax
12
$1 06.3cpu
Revaluation gain
16.9
Total return
%
$1 .39cpu
Net tangible asset backing

Asset
disposals
FY18
$243.9m
Year to date
$323.9m
Last 5 years
$1.2b
Central Park Corporate Centre, Greenlane
Millennium Centre, Greenlane
VXV Porfolio, Auckland

Balance
sheet
strength
＋Loan to value ratio of just 25.0% after adjusting for
contracted sales
＋VXV Portfolio sale reduces pro-forma gearing to 14.1%
Loan-to-value ratio
(look-through basis, as at 31 March)
14
35.9%
34.2%
33.9%
30.6%
25.0%
-10.9%
14.1%
FY14FY15FY16FY17FY18VXV
Portfolio
Pro-forma

Treasury
initiatives
15
Funding sources
(drawn basis, 31 March 2018)
Bank debt
32%
Bonds 49%
USPP notes
19%
＋Two further issues of Goodman+Bonds
-$100 million, 7 year fixed rate, 4.54%
-$100 million, 5.5 year fixed rate, 4.0%
＋GMT credit rating of BBB with debt rated BBB+
ExcludesGMT’s 51% share of the WPH debt facility

Operating
results
16
Gateway development, HighbrookBusiness Park, East Tamaki

＋Development and asset sales have transformed the
business over the last five years
＋GMT’s $2.2 billion portfolio is now 99% invested in the
Auckland industrial market
＋Focus reflects:
-growth profile of New Zealand's gateway city
-positive investment characteristics of industrial
property
-benefits of a development pipeline
Investment
focus
17

Gateway
city
＋Auckland is the commercial heart of the country
＋Geographically constrained, largest property market
＋Economy is growing faster than other main centres
＋Airport, port, rail and road infrastructure projects
＋Population forecast to grow 1.5% pa to 2.3 million by
2043
18

19
Growth in e-commerce is driving
demand for well-located and efficient
logistics space
CourierPost, HighbrookBusiness Park, East Tamaki

＋Positive investment characteristics
-short construction time frame
-lower lifecycle costs
-smaller asset sizes and value
-demand is responsive to economic growth
-high land component allows for future changes of
use
Industrial
property
20

Total
returns
＋Appraisal based index benchmarking over $13 billion of
NZ commercial property
＋Industrial property has outperformed over all periods,
delivering an average total return of 12% pa since 2003
21
MSCI - IPD Property Index
(annualised total returns to 31 March 2018)
Annualised Total Returns %
1 year3 years5 years10 years15 years
Industrial12.813.712.99.912.0
Office12.010.711.17.511.0
Retail7.59.69.97.711.1
All Property Index10.511.211.28.211.3

22
HighbrookBusiness Park
The Crossing

23
Warehouse facilities
HighbrookBusiness Park

24
DHL
HighbrookBusiness Park

25
SavillLink
Rail connections
Mainstream, SavillLink, Otahuhu
Coda, SavillLink, Otahuhu

98.2
108.8
148.7
97.0
164.8
54.1
FY14FY15FY16FY17FY18FY19 Q1
Development
success
＋80% of the portfolio has been developed since 2004
＋$223 million of work in progress
26
New projects $m
(total project cost including land)

Completed
projects
CSR
The Gate Industry Park
(Build-to -lease)
COMPLETION
May 2017
NLA
4,937 sqm
Beijer
Highbrook Business Park
(Build-to -lease)
COMPLETION
Jun 2017
NLA
7,503 sqm
ACCO
HighbrookBusiness Park
COMPLETION
Aug 2017
NLA
6,402 sqm
27

Completed
projects
Coda
Expansion
Savill Link
COMPLETION
Nov 2017
NLA
7,354 sqm
AB
Equipment
HighbrookBusiness Park
(Build-to -lease)
COMPLETION
Dec 2017
NLA
2,919 sqm
Spicers
HighbrookBusiness Park
COMPLETION
Mar 2018
NLA
9,918 sqm

Auckland Estates
29

Asset
diversity
＋Sales programme largely complete
＋Development success continually improving portfolio
-$672 million of new projects since FY14
30
Industrial weighting
(on completion of contracted sales and commenced developments)
72.0%
73.0%
75.0%
84.4%
83.2%
99.3%
FY14FY15FY16FY17FY18Forecast

Focused
31
＋Asset sales have rebalanced the portfolio and
deleveraged the balance sheet
＋Development programme has transformed the Trust
＋GMT almost exclusively invested in the Auckland
industrial market
＋Continuation of current investment strategy to take
advantage of growing demand for warehouse and
logistics space

Plytech, HighbrookBusiness Park, East Tamaki
32
Questions

Formal
business
As an ordinary resolution, that, Unitholders approve the
re-appointment of Leonie Freeman as an Independent
Director of the Manager.
33
The Board considers Leonie Freeman to be an
Independent Director and unanimously recommend
that Unitholders vote in favour of her re-appointment
33

Voting
and close
34
34
＋We will now proceed to a poll and conclude
the meeting
＋The result will be announced to the NZX

Thank you
35
HighbrookBusiness Park, East Tamaki