Conference Presentation

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



nzx release+
Conference Presentation


Date
30 October 2018

Release
Immediate
Goodman (NZ) Limited, the Manager of Goodman Property Trust has provided the
NZX with a copy of the presentation being given at the NAB USPP Conference in
Sydney.
For further information please contact:
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,
ranking it in the top 20 of all listed investment vehicles. 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 $2.3 billion after recently contracted sales. The Trust holds an investment grade credit rating of BBB from
Standard & Poor’s.

---

Goodman
Property Trust
NAB First Look USPP Conference, Sydney
30 & 31 October 2018

Contents
Unless otherwise indicated, all numerical data provided in this presentation is stated as at 31 March 2018.
All dollar values are NZD unless otherwise stated. All figures are rounded.
Presented by:
Andy Eakin
Chief Financial Officer
James Spence
Director – Investment Management
GMT overview3
Auckland focus5
GMT portfolio10
Development programme16
Financial & capital management19
2

GMT
overview
3
6.1years
WALT
1
$2.7bn
Property portfolio
1
6.2
%
Weighted average
capitalisation rate
1
1m sqm
Net lettable area
1
25.0
%
Look-through loan
to value ratio
2
98.2
%
Portfolio occupancy
1
260+
Customers
1
$2.0bn
Market capitalisation
3
1
Including contracted sales, as at 31 March 2018
2
Adjusted for all sales contracted as at 31 March 2018
3
As at 23 October 2018

Strategic
overview
4
Strategy
＋High quality portfolio situated in key industrial locations close to
consumers
positioned to capitalise on growth in e-commerce and technological
change
＋Strategic holdings provide development pipeline and urban regeneration
opportunities
number of estates held significantly below replacement cost
＋Development programme improving asset quality and growth profile of
GMT
＋Balance sheet capacity expected to support build out of remaining land
holdings
Targeting
＋Increased growth in rental cashflows and cash earnings
＋Creation of a lower capex portfolio
＋Resilient portfolio with the balance sheet capacity to be opportunistic
should markets turn

Auckland
focus
5
Motorway access to Highbrook Business Park

Auckland
context
6
AucklandSydneyMelbourneBrisbane
Economic
PopulationMillion1.75.14.92.4
% of country population%35212010
Urban area
1
sqkm6072,0372,5431,972
GDP growth
2
%2.72.92.92.9
Unemployment%4.36.06.87.4
Property
3
Prime industrial stocksqm (million)4.811.510.35.4
Industrial land supplyHectares1,1112,8156,6693,173
Prime warehouse rental$/sqm120-135119-19678-125108-117
Prime capitalisation rates%5.0 – 5.54.5 – 5.255.756
Prime vacancy%2144
New Zealand
Australia
All statistics refer to greater city region unless stated.
1
Refers to urban area only, as defined by nation’s statistical areas
2
Average annual change to June 2018
3
Statistics for greater city regions above reflect Goodman’s estimates and various agency reports

Key logistics
infrastructure
7
Key
State Highway 1
Other State Highway
Rail
Auckland
Airport
Port of
Auckland
Wiri Inland
Port
Metroport
＋Land constrained city driven
by geographic challenges
(harbours, topography)
＋Experiencing increased
pressure on existing
infrastructure given
significant net migration
(circa 110,000 people last 4
years)
＋Major infrastructure projects
underway

Industrial
re-zoning
influence
＋Large quantity of industrial
stock re-zoned to other uses
within Auckland unitary plan
process
＋Example – 13,000m
2
GMT
development at Savill link for
NCI who relocated from Mt
Wellington industrial building
re-zoned to mixed use
8
Goodman NCI development
Existing NCI warehouse

9
e-Commerce
in NZ
GMT top ten customers split by subsidiary companies
1
% of portfolio income
0%1%2%3%4%5%6%7%8%
New Zealand Post
DHL
Fletcher Building
Coda
Fliway Transport
Toll
Spicers
CSR Building Products
Officemax
Big Chill
＋e-Commerce is a significant and growing part of global trade and has an estimated value of $3.8
trillion – twice the size of what it was five years ago
＋New Zealanders spent a total of $3.6 billion online in 2017 ($746 per capita)
＋Online shopping now delivers 8.1% of all retail spend in New Zealand
＋The greater Auckland region accounted for 37% of online spend in 2017
＋NZ Post delivered 38.9 million parcels in the month of December 2017 (9% increase on
December 2016)
e-Commerce sales by country
%of total retail sales in 2017
23.1%
19.1%
16.0%
12.6%
10.0%
9.0%
8.1%
7.9%7.9%
6.6%
3.2%
2.2%
0%
5%
10%
15%
20%
25%
Source: New Zealand Post
1
As at 31 March 2018, excluding contracted for sale properties

GMT
portfolio
10
Highbrook Business Park

Auckland
locations
＋GMT assets situated in key
logistics locations, well suited to
assist in the creation of fast and
efficient supply chains
11
Portfolio statistics
1
Value ($m)2,746.7
Land area (ha)242.3
NLA (sqm)1,111,244
$psmland1,133
1
Including contracted sales, as at 31 March 2018 (excludes Roma Rd)
2
Acquired October 2018
VXV Precinct (conditionally sold)
Central Park (sold)
2

Highbrook
Business
Park
Metrics
1
NLA434,107sqm
Land area107.0ha
Site coverage41%
Value$1,192m
Value (psmland area)$1,114/sqm
WALE6.0 years
Average age6.4 years
% complete82%
Cap rate5.8%
1
As at 31 March 2018
12

13
Other core
estates
SavillLink
The Gate Industry Park
M20 Business Park
WestneyIndustry Park
Metrics
1
NLA
426,015sqm
Land area
96.7ha
Site coverage
44%
Value
$800m
Value (psmland area)
$834/sqm
WALE
6.2 years
Average age
12.4 years
% complete
96%
Cap rate
6.5%
1
As at 31 March 2018

Value-add
estates
Penrose Industrial Estate
Tamaki Estate
Connect Industrial Estate
Metrics
1
NLA
92,426sqm
Land area
23.1ha
Site coverage
40%
Value
$148.6m
Value (psmland area)
$642.4/sqm
WALE
2.8 years
Average age
37.9 years
% complete
100%
Cap rate
6.2%
1
As at 31 March 2018
Concourse Industry Park
14

Acquisition:
Roma Road
＋Recently purchased for $93 million
＋Site located in centre of Auckland
Urban area and surrounded by low-
medium intensity residential
＋Area earmarked for intensification
＋Access and direct frontage to SH20
＋Expected to benefit from light rail
network running between Auckland
CBD and the airport in the
medium/long term
Waterview
tunnel
SH20
CBD
Proposed
light rail
Roma
Road
15

16
Development
programme
Gateway Warehouses, Highbrook Business Park

Capital
deployment
＋$672 million of development starts over the last five years, providing average yield on additional spend of
9.4% and development gains of $81million
1
＋$165 million of new developments announced in FY18, with a further $54 million YTD
＋80% of remaining portfolio has been developed by Goodman, providing for high quality, well-designed
long-term investments
17
98.2
108.8
148.7
97.0
164.8
54.1
0
20
40
60
80
100
120
140
160
180
FY14FY15FY16FY17FY18FY19 Q1
$ m
OtherHighbrook
100%
100%
72%
100%
65%
52%
200
400
600
800
1,000
1,200
HighbrookSavillM20WestneyThe GateOther
Developed by GoodmanOther
$ m
Development commencements
2
(total project cost including land)
Assets developed by Goodman
2
(total value of stabilised assets by estate)
1
Revaluation gains recorded on developments completed during the period
2
As as 31 March 2018, including FY19 Q1 announcements

Development
pipeline
＋66,000 sqm of space currently under construction within GMT portfolio
＋Remaining land supply 22 ha
1
＋Supports a further 116,000 sqm of industrial and commercial development
＋Yield on additional spend expected to range between 8-9%
＋Estimated additional spend of approximately $290 million
＋Highbrook represents 82% of remaining land supply
＋New land opportunities tightly held and difficult to secure
1
As at 31 March 2018, including FY19 Q1 announcements
18
Gateway Warehouses development (artists impression), HighbrookBusiness Park

Financial
& capital management
19
Courier Post, Highbrook Business Park

20
GMT
31 March 2018 financials
$2.7bn
Total assets
25
%
Loan to value
ratio (look-through)
$194mn
Profit after tax
$119mn
Operating earnings
before tax
$824mn
Total borrowings
4.5years
Weighted average
debt term
3.2times
Interest cover ratio
68
%
Non-bank funding
(drawn basis)

Asset
recycling
21
DISPOSALS
$1.2 billion
ACQUISITIONS
$267 million
1
DEVELOPMENTS
$672 million
2
5 year programme
Gateway Warehouses development (artists impression), HighbrookBusiness Park
Roma Road Estate, Mt Roskill, Auckland
Developed
Bought
Sold
1
Includes Roma Rd acquisition
2
Development starts (TPC including land)
VXV Precinct, Auckland CBD

Contracted sales
WPH disposal
Committed
developments
Roma Road
Development
pipeline
25.0%
14.1%
19.9%
22.9%
<35%
$160m
$93m
$290m
31%
0%
5%
10%
15%
20%
25%
30%
35%
Balance
Sheet
Reported
LVR
Pro Forma
LVR
Committed
LVR March
2018
Post
acquisitions
Approximate
built out LVR
GMT
capacity
＋GMT has strong liquidity as a result of recent divestments
＋Increased ability to further invest in Auckland industrial through development pipeline and
acquisitions
＋Build out of full development pipeline including projects underway (circa $450 million
1
) would result
in gearing of less than 35%
Pro-forma gearing bridge
2
1
At current construction costs
2
As at 31 March 2018, including Roma Rd acquisition
22
1

Debt
maturity
profile
Debtmaturity profile
(31 March 2018)
ExcludesGMT’s 51% share of the WPH debt facility
＋Provencapital management programme
＋Most diversified funding in NZ listed property sector
68% non-bank funding (drawn basis, 19% USPP, 49% domestic bonds)
Bank facility provides operational flexibility
＋Refinancing risk minimised with appropriate sized tranches
＋Credit cost risk minimised by utilising multiple sources
150150150
100
100100100
525252
FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31
USPP notes
Domestic bonds
Bank facility
Bank debt drawn
23

THANK YOU
Thank you
24

Appendicies
25

Presenters
26
Andy Eakin
Chief Financial Officer
Andy's role as Chief Financial Officer involves managing the finance and
associated activities of Goodman Property Trust and Goodman's New
Zealand operations. Andy has over 25 years' experience in finance roles
and has worked in Ireland, Scotland and New Zealand. Before joining
Goodman in March 2011, Andy was Group Reporting Manager at Fonterra
and prior to Fonterra he worked at LandcoLimited and
PricewaterhouseCoopers.
James Spence
Director Investment Management (GMT)
James is the Director of Investment Management for GMT, responsible for
overseeing the investment decisions of GMT and heading up the property
team. He joined the Group in 2006 and held various roles within the New
Zealand business before moving to Europe with Goodman in 2011. During
his time in Europe, James was responsible for managing Goodman
wholesale funds and leading its capital transaction programme. James has
13 years of experience in the property industry and holds a degree in
Property from the University of Auckland as well as a Graduate Diploma in
Applied Finance from Kaplan Education in Australia.

27
Auckland
industrial
market
＋Economic growth fuelling occupier
demand
＋Historically low vacancy and rising
market rents a feature of most
suburbs
＋Industrial land values now being
driven by offshore demand and
residential conversion factors
Auckland industrial rentals
$/m
2
0
20
40
60
80
100
120
140
160
20082009201020112012201320142015201620172018F
PrimeSecondary
Auckland industrial yields
0%
2%
4%
6%
8%
10%
12%
20082009201020112012201320142015201620172018F
PrimeSecondary
Auckland industrial vacancy
0%
1%
2%
3%
4%
5%
6%
20082009201020112012201320142015201620172018F
PrimeSecondary
200
250
300
350
400
450
500
550
20082009201020112012201320142015201620172018
South Auckland Industrial land values
$/m
2
Source: CBRE