GMT’s Industrial Focus Delivers Record Interim Profit
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+
GMT’s Industrial Focus Delivers Record Interim Profit
Date 14 November 2019
Release Immediate
Goodman (NZ) Limited, the manager of Goodman Property Trust ("GMT" or
"Trust") is pleased to announce the Trust’s financial results for the six
months ended 30 September 2019.
The continued execution of an investment strategy exclusively focused on the
Auckland industrial market has contributed to a record interim profit of more than
$200 million.
Financial and operational highlights include:
+ A statutory profit of $236.4 million, before tax. Fair value gains of $172.4 million
on investment property, following a comprehensive portfolio revaluation, the
main contributor to the 256.0% increase from the previous corresponding period.
+ A 10.1% increase in net tangible assets, from 157.0 cents per unit at 31 March
2019, to 172.8 cents per unit at 30 September 2019.
+ Adjusted operating earnings
1
of $53.7 million before tax or 4.11 cents per unit.
+ Cash distributions of 3.325 cents per unit, representing around 106% of GMT’s
cash earnings
2
of 3.15 cents per unit.
+ Successful capital management initiatives with $175 million of new equity
raised through a $150 million placement in September 2019 and a $25 million
Retail Unit Offer (completed after the interim balance date).
+ Substantial balance sheet capacity with a loan to value ratio
3
of 17.9% at 30
September 2019 and committed gearing of just 20.6%.
+ Refinancing of the Trust’s bank facility in November 2019 on competitive new
terms. The facility has been increased to $400 million comprising three traches
with a weighted average term to expiry of three years.
+ Further development progress with the commencement of nine new industrial
projects, total project cost of $123.2 million.
+ The acquisition of the T&G Global facility in Mt Wellington, on a sale and
leaseback basis, for $65 million.
Result Overview
Keith Smith, Chairman of Goodman (NZ) Limited said, "Focusing investment in the
supply-constrained Auckland industrial market is a successful strategy that is
delivering high-quality property solutions for customers and strong returns for
1
Adjusted operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of
GMT’s principal operating activities. Refer to note 3.2 of GMT’s financial statements for further information.
2
Cash earnings is a non-GAAP measure of free cash flow. The calculation is set out on slide 7 of the accompanying
presentation.
3
Refer to note 2.5 of GMT’s financial statements for further information.
Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
investors. Sustained demand for warehouse and logistics space, driven by
economic and demographic growth, make it New Zealand’s best performing
commercial real estate sector.”
Chief Executive Officer, John Dakin said, “GMT’s outstanding operational and
financial results reflect these positive market dynamics.”
A significant portfolio revaluation, successful leasing outcomes, further development
progress and strategic new acquisitions have all contributed to GMT’s record interim
profit.
Recent capital initiatives have also provided greater financial flexibility, reducing
gearing and positioning the Trust for sustainable long-term growth.
Keith Smith said, “The $175 million of new equity, raised through a placement and
retail unit offer, has created significant balance sheet capacity for future investment
and development opportunities.”
With customer demand for well-located industrial space exceeding supply in many
locations across the city, continued execution of the development-led growth
strategy remains the priority.
John Dakin said, “Completing the build-out of GMT’s remaining greenfield land and
activating the value-add opportunities within the portfolio remains the current focus.
With $235.6 million of projects under construction, it’s a disciplined approach that
will drive future earnings growth.”
Further information is provided in the GMT and GMT Bond Issuer Limited Interim
Report 2020. A copy of the report, which was released today, has been provided to
the NZX and is available on the Trust’s website at: www.goodman.com/nz.
Portfolio Performance
Low vacancy rates and limited new supply have created a positive market dynamic
that is being reflected in GMT’s leasing results.
More than 67,500 sqm of space has been secured on new or revised terms over
the last six months and at 30 September 2019 the portfolio had an occupancy rate
of over 99%. The weighted average lease term had also been maintained at more
than five years.
John Dakin said, “Robust real estate fundamentals and a buoyant investment
market, fueled by lower interest rates, have also contributed to a significant interim
revaluation.”
The 6% increase in the value of the portfolio, to $3.0 billion, reflects a fair-value
gain of $172.4 million. The gain was also the main contributor to the 10.1%
increase in Net Tangible Assets, since 31 March 2019.
The demand that has underpinned GMT’s recent leasing success has also
continued to drive its development programme. Nine new projects, with a total cost
of $123.2 million, have been announced since March. They include expansions for
existing customers Ingram Micro, Mainstream, Panasonic and OfficeMax, and five
new build-to-lease projects.
John Dakin said, “The Auckland industrial market is at capacity. Businesses that
require additional space have very few options. GMT’s own portfolio is almost full
and, with no large warehouse spaces available, these build-to-lease projects
provide much-needed new supply
.”
Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
The Trust now has 17 development projects underway. Once completed these
facilities will provide around 76,500 sqm of high-quality industrial space, generating
around $14.0 million of annual rental income.
John Dakin said “It's the continuation of a successful development programme that
has included more than $800 million of new projects since 2014. This development
activity has helped create a modern industrial portfolio that would be extremely
difficult to replicate.”
Capital Management Initiatives
An underwritten Placement and a Retail Unit Offer were successfully completed in
September and October, raising $175 million of new equity at $2.10 per unit.
Keith Smith said, “Strong capital markets, supportive investors and a clear
investment strategy were all contributing factors in the success of these equity
initiatives.”
The additional capital reduces committed gearing to just 20.6%.
Keith Smith said, “It’s a prudent level that provides additional balance sheet
capacity that will be used to fund future opportunities. With committed gearing
significantly below the 35% upper limit of the Board’s preferred range, GMT has
substantial balance sheet capacity.”
The refinancing of the Trust’s bank facility, following the interim balance date,
provides a secure source of funding for future investment activity. Renewed on
competitive terms, the size of the facility was increased $100 million to $400 million
and the tenor extended.
Greater financial flexibility allows the Trust to pursue new investment and
development opportunities that complement the existing portfolio. It’s a strategy
that is expected to deliver sustainable long-term growth.
The purchase of the T&G Global facility in Mt Wellington during September is an
example of this strategic focus. With immediate access to State Highway 1 via the
Mt Wellington interchange the 5.8-hectare property is central to Auckland’s large
consumer market, making it ideal for fulfilment and logistics businesses.
With site coverage of just 31% it also offers redevelopment potential through better
site utilisation and intensification of use.
John Dakin said, “With GMT’s existing development programme nearing
completion and a lack of appropriately zoned land available for new development,
securing brownfield sites like these will be essential if the Trust is to meet its
customers’ future supply chain requirements.”
Outlook and guidance
GMT’s investment strategy has been refined to meet the growing demand for
warehouse and distribution space across Auckland. Driven by a strong regional
economy the city’s industrial property market continues to be New Zealand’s best
performing commercial real estate sector.
The Trust’s operating results reflect these positive market dynamics.
Leasing success, further development progress and strategic acquisitions have all
contributed to GMT’s recent financial performance.
New equity initiatives have also provided greater financial flexibility. The balance
sheet capacity this has created will be invested into new opportunities over time.
Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
With a stable business outlook, GMT is expected to deliver full year earnings
consistent with earlier guidance. Distributions of 6.65 cents per unit are expected to
be paid.
For further information please contact:
John Dakin Andy Eakin
Chief Executive Officer Chief Financial Officer
Goodman (NZ) Limited Goodman (NZ) Limited
(021) 321 541 (021) 305 316
Keith Smith James Spence
Chairman and Independent Director Director Investment Management
Goodman (NZ) Limited Goodman (NZ) Limited
(021) 920 659 (021) 538 934
Attachments provided to NZX:
1. Goodman Property Trust and GMT Bond Issuer Limited Interim Report 2020
2. GMT Interim Result Presentation
3. NZX Interim Result Announcement
About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $2.9 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 22%.
GMT is New Zealand’s leading industrial space provider. It has a substantial property portfolio, with a current market value
of $3.0 billion. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s.
---
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+
GMT Result Announcement
Results for announcement to the market
Name of issuer Goodman Property Trust (“GMT”)
Reporting Period 6 months to 30 September 2019
Previous Reporting Period 6 months to 30 September 2018
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing operations $84,100 7.1%
Total Revenue $84,100 7.1%
Net profit/(loss) from continuing operations $224,300 278.2%
Total net profit/(loss) $224,300 278.2%
Final Dividend
Amount per Quoted Equity Security $0.01662500
Imputed amount per Quoted Equity Security $0.00302096
Record Date 28 November 2019
Dividend Payment Date 12 December 2019
Current period Prior comparable
period
Net tangible assets per Quoted Equity
Security
$1.728 $1.402
A brief explanation of any of the figures
above necessary to enable the figures to be
understood
-
Authority for this announcement
Name of person
authorised to make this
announcement
Andy Eakin
Contact person for this announcement Andy Eakin
Contact phone number (09) 375 6077
Contact email address andy.eakin@goodman.com
Date of release through MAP
14 November 2019
Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
Notes
1. This announcement is extracted from the interim financial statements of Goodman Property
Trust. A copy of the interim financial statements together with the independent review report on
the interim financial statements is attached to this announcement.
---
Goodman Property Trust Interim Report 2020 GMT Bond Issuer Limited Interim Report 2020
This document comprises the interim reports of
Goodman Property Trust and GMT Bond Issuer Limited
for the six-month period ended 30 September 2019.
+ The Units in Goodman Property Trust are equity
securities listed on the NZX with the code of GMT.
GMT has a Non Standard issuer designation.
+ Bonds issued by GMT Bond Issuer Limited, a
wholly-owned subsidiary of Goodman Property Trust,
are listed on the NZDX with the codes of GMB020,
GMB030, GMB040, and GMB050.
Goodman Property Trust is
New Zealand’s largest listed
property investor by market
capitalisation. It is a high-quality
business built around a
substantial portfolio, a wide
customer base and a proven
development capability.
Contents
Operational highlights 2
Results overview 3
Chairman’s and Chief Executive Officer’s report 4 – 8
Goodman Property Trust Financial Statements 9 – 30
GMT Bond Issuer Limited Financial Statements 31 – 36
Other information
Investor relations 38
Glossary 39
Corporate directory 40
Highbrook Business Park, East Tamaki
GMT's largest estate and an exceptional work environment for the businesses
and staff located here.
By providing high-quality property solutions
in strategic Auckland locations, we give our
customers the space they need to succeed.
Space for the world’s
greatest ambitions
1
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
$172.4 m
Portfolio revaluation
$236.4 m
Profit before tax
$3.0 bn
Property portfolio
100% Auckland Industrial
1 7. 9 %
Loan to value ratio
$235.6 m
Projects under development
99.5 %
Portfolio occupancy
Operational highlights
View over the Tamaki River from the Gateway Warehouses at Highbrook Business Park.
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
2
Results overview
Adjusted operating earnings
Adjusted operating earnings is a non-GAAP financial
measure included to provide an assessment of the
performance of GMT’s principal operating activities.
Calculation of adjusted operating earnings is as set
out in note 3.2 of GMT’s financial statements.
Cash earnings
Cash earnings is a non-GAAP financial measure that
assesses free cash flow, on a per unit basis, after
adjusting for borrowing costs and Manager’s base fee
capitalised to land and expenditure related to building
maintenance. Cash earnings for the prior period have
been restated, as if the management fee had been
paid in cash, for consistency.
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
3
30 September
2019
30 September
2018
%
change
Profit before tax ($m)236.466.4256.0
Profit after tax ($m)224.359.3278.2
Adjusted operating earnings before tax ($m)
(1)
53.76 0 .1(10.6)
Adjusted operating earnings after tax ($m)
(1)
44.751.7(13.5)
Movement in fair value of investment property ($m)172 .416.8926.2
Cash earnings per unit (cpu)3 .153.22(2.2)
Cash distribution per unit (cpu)3.3253.325–
Assets for loan to value calculation ($m)
(2)
2,960.92,311.92 8 .1
Borrowings for loan to value calculation ($m)
(2)
531.3405.731.0
Loan to value ratio (%)
(2)
17. 917. 52.3
GMT – Standard & Poor’s credit ratingBBBBBB–
Goodman+Bonds – Standard & Poor’s credit ratingBBB+BBB+–
(1)
Refer to note 3.2 of GMT’s financial statements for further information.
(2)
Refer to note 2.5 of GMT’s financial statements for further information.
Delivering on strategy
Chairman’s and Chief Executive Officer’s report
Seated from left to right:
Keith Smith — Chairman and Independent Director
John Dakin — Chief Executive Officer and Executive Director
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
4
The continued execution of an investment strategy exclusively focused on the
Auckland industrial market has contributed to a record interim profit of more
than $200 million.
A significant portfolio revaluation, successful leasing outcomes, further
development progress and strategic new acquisitions have all contributed to
GMT’s strong financial performance over the last six months.
Recent capital initiatives have also provided greater financial flexibility,
reducing gearing and positioning the Trust for sustainable long-term growth.
The Board is pleased with the progress being made and believes GMT is
now uniquely placed to benefit from the structural changes that are driving
customer demand for logistics space close to consumers.
Financial Results
The interim statutory profit of $236.4 million before tax is a record for GMT
and over 250% higher than the previous corresponding period.
Fair value gains of $172.4 million on investment properties, following a
comprehensive portfolio revaluation, were the main contributor to the
increase. The 6% rise in the value of the portfolio (to $3.0 billion) reflects
strong property fundamentals and recent sales results, with a further
strengthening of yields following interest rate cuts.
Focusing investment in the supply-constrained
Auckland industrial market is a successful
strategy that is delivering high-quality property
solutions for customers and strong returns for
investors. Sustained demand for warehouse
and logistics space, driven by economic and
demographic growth, make it New Zealand’s
best performing commercial real estate sector.
Premium Apparel — one of the 100 customers at Highbrook Business Park.
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
5
Chairman’s and Chief Executive Officer’s report
(continued)
The substantial gain was also the main driver of the 10.1% increase in
net tangible asset backing, from 157.0 cents per unit at 31 March 2019 to
172.8 cents per unit at 30 September 2019.
The conclusion of the asset sales programme in FY19 completed the
successful repositioning of GMT as a specialist industrial property provider.
It has helped improve the quality of the portfolio and reduced gearing.
The earnings impact of this balance sheet deleveraging has outweighed the
positive revenue contribution from new developments and acquisitions over
the last six months. As a result, adjusted operating earnings have reduced
10.6% from the previous period, to $53.7 million before tax.
Cash earnings of 3.15 cents per unit was materially consistent with the
previous period despite lower revenue. The rapid progress of the
development programme has reduced capitalised holding costs and the
lower maintenance requirements of a purely industrial portfolio have
helped maintain GMT’s cash earnings.
Capital Management Initiatives
Strong capital markets, supportive investors and a clear investment strategy
were all contributing factors in the success of GMT’s recent equity initiatives.
These initiatives included:
1. An underwritten Placement to institutional investors on 18 September
2019, raising $150 million.
2. A Retail Unit Offer to eligible Unitholders seeking $15 million (with
the ability to accept up to $10 million of oversubscriptions). The offer
opened on 26 September and closed on 18 October 2019.
With a fixed issue price of $2.10 per unit, both offers were oversubscribed
and the maximum $175 million was raised.
The new equity reduces committed gearing to just 20.6%. It’s a prudent level
that provides additional balance sheet capacity that will be used to fund
future opportunities.
The Board believes the combination of a Placement and a Retail Unit Offer
made the equity raising fair to all Unitholders and was a cost-effective
alternative to a full rights issue. It was the Trust’s first new issue since 2012
and the first to be offered under the Anti-Money Laundering and Countering
Financing of Terrorism regime.
NCI Packaging, Savill Link, Otahuhu
Recently completed design-build facility for specialist packaging company.
OfficeMax, Highbrook Business Park
Existing customer who is expanding its current facility to accommodate its
business growth.
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
6
Chairman’s and Chief Executive Officer’s report
(continued)
Despite a more complicated application process as a result of these
regulations, the Retail Unit Offer received overwhelming support. More
than 3,500 Unitholders took advantage of the opportunity to purchase
additional GMT units at a discount to the current trading price and without
brokerage costs.
The strong demand meant the $10 million of oversubscriptions were fully
taken up and applications had to be scaled in accordance with the rules of
the offer.
With committed gearing significantly below the 35% upper limit of the Board’s
preferred range, GMT has substantial balance sheet capacity.
The refinancing of the Trust’s bank facility, following the interim balance date,
provides a secure source of funding for future investment activity.
Renewed on competitive terms, the size of the facility was increased
$100 million to $400 million. The tenor was also extended with the three
tranches having a weighted average term to expiry of three years.
Growth Opportunities
Greater financial flexibility allows the Trust to pursue new investment and
development opportunities that complement the existing portfolio.
It’s a strategy that is expected to deliver sustainable long-term growth.
The recent acquisition of the T&G Global facility in Mt Wellington, on a sale
and leaseback basis, is an example of this strategic focus. Located near
Sylvia Park Shopping Centre, the 5.8 hectare site is central to Auckland’s
large consumer market, making it ideal for fulfilment and logistics businesses.
The property features functional industrial facilities and with immediate
access to State Highway 1 via the Mt Wellington interchange it has excellent
connectivity with major freight and transport infrastructure.
With site coverage of just 31% it also offers redevelopment potential through
better site utilisation and intensification of use.
With GMT’s existing development programme nearing completion and a
lack of appropriately zoned land available for new development, securing
brownfield sites like these will be essential if the Trust is to meet its
customers’ future supply chain requirements.
T&G Global, Mt Wellington
Strategic acquisition that provides future redevelopment potential.
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
7
Chairman’s and Chief Executive Officer’s report
(continued)
Portfolio Performance
Low vacancy rates and limited new supply have created a positive market
dynamic that is being reflected in GMT’s leasing results.
More than 67,500 sqm of space has been secured on new or revised terms
over the last six months and at 30 September 2019 the portfolio had an
occupancy rate of over 99%. The weighted average lease term had also been
maintained at more than five years.
Value
($ million)
Rentable
area
(sqm)
Average
age
(years)
Occupancy
(%)
Weighted
average
lease term
(years)
Core estates2,515.0863,48610.999.55.8
Value-add estates362.5176,82 94 4 .199.63.2
Total investment portfolio2 , 8 7 7. 51,040,31516.599.55.5
The demand that has underpinned this leasing success has also continued
to drive the Trust’s development programme. Nine new projects, with a total
cost of $123.2 million, have been announced since March. They include
expansions for existing customers Ingram Micro, Mainstream, Panasonic and
OfficeMax, and five new build-to-lease projects.
With customer demand for well-located industrial space exceeding supply in
many locations across the city, the Auckland industrial market is effectively
at capacity. Businesses that require additional space have very few options.
GMT’s own portfolio is almost full and, with no large warehouse spaces
available, these build-to-lease projects provide much-needed new supply.
The Trust now has 17 development projects underway. Once completed these
facilities will provide around 76,500 sqm of high-quality industrial space,
generating around $14.0 million of annual rental income.
It's the continuation of a successful development programme that
has included more than $800 million of new projects since 2014. This
development activity has helped create a modern industrial portfolio that
would be extremely difficult to replicate.
Completing the build-out of the remaining greenfield land and activating the
value-add opportunities within the portfolio continues to be the focus. With
$235.6 million of projects under construction, it’s a disciplined approach that
will drive future earnings growth.
Outlook and Guidance
GMT’s investment strategy has been refined to meet the growing demand
for warehouse and distribution space across Auckland. Driven by a strong
regional economy, the city’s industrial property market continues to be
New Zealand’s best performing commercial real estate sector.
The Trust’s operating results reflect these positive market dynamics.
Leasing success, further development progress and strategic acquisitions
have all contributed to GMT's recent financial performance.
New equity initiatives have also provided greater financial flexibility. The
balance sheet capacity this has created will be invested into new
opportunities over time.
With a stable business outlook, GMT is expected to deliver full year earnings
consistent with earlier guidance. Distributions of 6.65 cents per unit are
expected to be paid.
John Dakin Keith Smith
Chief Executive Officer Chairman
and Executive Director and Independent Director
Panasonic, Highbrook Business Park
Another of the customers within the portfolio expanding their current facilities.
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
8
Chairman’s and Chief Executive Officer’s report
(continued)
The Board of Goodman (NZ) Limited, the Manager of Goodman Property
Trust, authorised these financial statements for issue on 13 November 2019.
For and on behalf of the Board:
Keith Smith Peter Simmonds
Chairman Chairman, Audit Committee
Goodman Property Trust
Interim Financial Statements
For the six months ended 30 September 2019
Contents
Profit or loss 10
Balance sheet 11
Cash flows 12
Changes in equity 13
General information 14
Notes to the Financial Statements:
1. Investment property 16
2. Borrowings and lease liabilities 19
3. Units, earnings per unit and distributions 23
4. Derivative financial instruments 25
5. Tax 26
6. Related party disclosures 27
7. Commitments and contingencies 29
8. Financial risk management 29
9. Operating segments 29
Independent review report 30
9
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
Profit or loss
For the six months ended 30 September 2019
$ millionNote
6 months
30 Sep 19
6 months
30 Sep 18
Property income1.18 4 .178.5
Property expenses(12.8)(14.5)
Net property income71.364.0
Share of operating earnings before tax from joint venture–2 .1
Interest
Interest cost2 .1(11. 5 )(12.2)
Interest income2 .10.33.3
Net interest cost(11. 2 )(8.9)
Administrative expenses(1.2)(1.3)
Manager’s base fee(5.2)–
Operating earnings before other income / (expenses) and tax53.755.9
Other income / (expenses)
Movement in fair value of investment property1.4172.416.8
Disposal of investment property0.3–
Dividend income from joint venture–2 .1
Share of other expenses and tax from joint venture–(0.5)
Movement in fair value of financial instruments4 .110.0(3.7)
Manager’s base fee expected to be reinvested in units–(4.2)
Profit before tax236.466.4
Ta x
Current tax on operating earnings5 .1(9.0)( 7. 8 )
Current tax on non-operating earnings5 .10 .1(1.1)
Deferred tax5 .1(3.2)1.8
Total tax(12 .1)( 7.1)
Profit after tax attributable to unitholders224.359.3
There are no items of other comprehensive income, therefore profit after tax attributable to Unitholders equals total comprehensive income attributable to Unitholders.
CentsNote
6 months
30 Sep 19
6 months
30 Sep 18
Basic earnings per unit after tax3.217.194.59
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
10
Balance sheet
As at 30 September 2019
$ millionNote30 Sep 1931 Mar 19
Non-current assets
Investment property 1.33,023.12,633.4
Derivative financial instruments4.256.025.0
Deferred tax assets–1.9
Total non-current assets3,079.12,660.3
Current assets
Investment property contracted for sale1.58.843.5
Debtors and other assets13.013.6
Cash13.93 .1
Total current assets35.760.2
Total assets3 ,114 . 82,720.5
Non-current liabilities
Borrowings2.2588.85 8 5 .1
Lease liabilities2.458.9–
Derivative financial instruments4.217. 712 .1
Deferred tax liabilities2 7. 726.4
Total non-current liabilities6 9 3 .1623.6
Current liabilities
Creditors and other liabilities41.14 7. 6
Lease liabilities2.43.3–
Derivative financial instruments4.20 .1–
Current tax payable2.63 .1
Total current liabilities47.150.7
Total liabilities74 0. 26 74 . 3
Net assets2 , 3 74 .62,046.2
Equity
Units3.11,580.41, 419 .1
Unit based payments reserve–13.9
Retained earnings794.2613.2
Total equity2 , 3 74 .62,046.2
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
11
Cash flows
For the six months ended 30 September 2019
$ million
6 months
30 Sep 19
6 months
30 Sep 18
Cash flows from operating activities
Property income received86.87 7. 0
Property expenses paid(20.0)(15.4)
Interest income received–2.9
Interest costs paid(11.1)(11.9 )
Ground lease expenses paid(1.6)(1.6)
Administrative expenses paid(1.3)(1.3)
Manager’s base fee paid(9.9)(4.2)
Manager’s performance fee paid(8.6)–
Net GST paid( 0 .1)(1.3)
Ta x p a i d(9.4)(10 .1)
Net cash flows from operating activities24.83 4 .1
Cash flows from investing activities
Payments for the acquisition of investment properties(105.4)(14.0)
Proceeds from the sale of investment properties4 7. 5223.9
Capital expenditure payments for investment properties( 5 7. 0 )(64.0)
Holding costs capitalised to investment properties( 5 .1)(6.3)
Repayments from joint venture–0.7
Dividends received from joint venture–2 .1
Net cash flows from investing activities(120.0)142.4
Cash flows from financing activities
Proceeds from borrowings1 3 7. 0111.0
Repayments of borrowings(149.0)(241.0)
Proceeds from the issue of units161.35.2
Distributions paid to unitholders(43.3)(42.9)
Settlement of derivative financial instruments–(8.9)
Net cash flows from financing activities106.0(176.6)
Net movement in cash10.8( 0 .1)
Cash at the beginning of the period3 .14.7
Cash at the end of the period13.94.6
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
12
Changes in equity
For the six months ended 30 September 2019
$ millionUnits
Unit based
payments
reserve
Retained
earningsTo t a l
As at 1 April 20181,4 08.75.3379.71,79 3.7
Profit after tax––319.5319.5
Distributions paid to unitholders––(86.0)(86.0)
Manager’s base fee–10.4–10.4
Manager’s performance fee–8.6–8.6
Issue of units10.4(10.4)––
As at 31 March 20191, 419 .113.9613.22,046.2
Profit after tax––224.3224.3
Distributions paid to unitholders––(43.3)(43.3)
Issue of units161.3(13.9)–14 7. 4
As at 30 September 20191,580.4–794.22 , 3 74 .6
There are no items of other comprehensive income to include within changes in equity, therefore profit after tax equals total comprehensive income.
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
13
General information
For the six months ended 30 September 2019
Reporting entity
Goodman Property Trust (“GMT” or the “Trust”) is a unit trust established
on 23 April 1999 under the Unit Trusts Act 1960. GMT is domiciled in
New Zealand. The Manager of the Trust is Goodman (NZ) Limited (“GNZ”)
and the address of its registered office is Level 2, 18 Viaduct Harbour Avenue,
Auckland.
The interim financial statements presented are consolidated financial
statements for Goodman Property Trust and its subsidiaries (the “Group”).
GMT is listed on the New Zealand Stock Exchange (“NZX”) and is an FMC
reporting entity for the purposes of the Financial Markets Conduct Act 2013
and the Financial Reporting Act 2013 and, with effect from 15 May 2019, is an
Equity Security for the purposes of the NZX Main Board Listing Rules.
The Group’s principal activity is to invest in real estate in New Zealand.
The interim financial statements for the six months ended 30 September 2019
are unaudited. Comparative balances for 30 September 2018 are unaudited,
whilst comparative balances as at 31 March 2019 were audited.
Basis of preparation and measurement
The interim financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice (“NZ GAAP”) and
comply with International Accounting Standard 34 ‘Interim Financial Reporting’
and New Zealand Equivalent to International Accounting Standard 34 ‘Interim
Financial Reporting’.
The interim financial statements of the Group have been prepared in
accordance with the requirements of the NZX Main Board Listing Rules.
The interim financial statements do not include all of the notes included in
the annual financial statements. Accordingly, these notes should be read in
conjunction with the annual financial statements for the year ended 31 March
2019, prepared in accordance with New Zealand Equivalents to International
Financial Reporting Standards (“NZ IFRS”) and International Financial
Reporting Standards (“IFRS”).
The accounting policies and methods of computation used in the preparation
of these interim financial statements are consistent with those used in the
financial statements for the year ended 31 March 2019, other than following
the adoption of NZ IFRS 16 ‘Leases’ as detailed in notes 1.3 and 2.4.
The interim financial statements have been prepared on the historical cost
basis except for assets and liabilities stated at fair value as disclosed.
The interim financial statements are in New Zealand dollars, the Group’s
functional currency, unless otherwise stated.
New accounting standards now adopted
On 1 April 2019 the Group adopted NZ IFRS 16, which has replaced the
previous guidance in NZ IAS 17 ‘Leases’.
Under NZ IFRS 16 a contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of time in
exchange for consideration. Under NZ IAS 17, a lessee was required to make
a distinction between a finance lease (on balance sheet) and an operating
lease (off balance sheet). NZ IFRS 16 requires the recognition of ‘right-of-use
assets’ representing the fair value of the occupational ground leases and
‘lease liabilities’ reflecting the present value of future lease payments for the
occupational ground leases.
As a lessor of investment property leased to customers, the new standard
has resulted in no changes to the recognition and measurement of leases
when compared to existing accounting policies.
As a lessee, GMT’s exposure is in respect of occupational ground leases at
Westney Industry Park and The Gate Industry Park.
The Group adopted NZ IFRS 16 using the modified retrospective method
of adoption with the date of initial application of 1 April 2019. Under this
method, the standard is applied retrospectively with the cumulative effect
of initially applying the standard recognised at the date of initial application.
No adjustment is made to comparative disclosures.
NZ IFRS 16 has amended the scope of NZ IAS 40 ‘Investment Property’ by
defining investment property to include both owned investment property and
investment property held by a lessee as a right-of-use asset. This results in
lessees using either the cost model and disclosing fair value, or using the fair
value model, depending on whether the lessee accounts for the remainder
of its investment property under the cost model or the fair value model.
GMT uses the fair value model.
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
14
General information (continued)
For the six months ended 30 September 2019
On the 1 April 2019 adoption date, a lease liability of $62.2 million has been
recorded with the right-of-use asset embedded in the fair value of the
underlying investment property. Stabilised investment property increased
by $62.2 million to adjust for cash flows relating to lease liabilities already
recognised separately on the balance sheet and also reflected in the
investment property valuations. This results in no change to net assets and
no impact to profit. There are no changes to net cash flows recognised as a
result of adoption of the new standard.
The effect of adopting NZ IFRS 16 as at 1 April 2019, in respect of occupational
ground leases is as follows:
$ million
NZ IAS 17
recognition
at 31 Mar 19
Adoption
impact
NZ IFRS 16
recognition
at 1 Apr 19
Investment property 2,633.462.22,695.6
Lease liabilities–(62.2)(62.2)
2,633.4–2,633.4
Upon adoption of NZ IFRS 16, the Group applied a single recognition and
measurement approach for all leases. The standard provides specific
transition requirements and practical expedients, which has been applied
by the Group.
The Group also applied the available practical expedients wherein it used
a single discount rate to a portfolio of leases with reasonably similar
characteristics and used judgements in determining the lease term where
the contract contains options to extend or terminate the lease.
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
15
Notes to the Financial Statements
For the six months ended 30 September 2019
1. Investment property
Property income is earned from investment property leased to customers.
1 .1 Property income
$ million
6 months
30 Sep 19
6 months
30 Sep 18
Gross lease receipts75.972.3
Service charge income10 .19.3
Straight line rental adjustments1.10.5
Amortisation of capitalised lease incentives(3.0)(3.6)
Property income8 4 .178.5
1.2 Future contracted gross lease receipts
Gross lease receipts that the Trust has contracted to receive in future years are set out below. These leases cannot be cancelled by the customer.
$ million30 Sep 1931 Mar 19
Yea r 1150.714 0 .1
Yea r 214 0.2131.3
Yea r 3121.6111.9
Yea r 4101.393.3
Yea r 580.771.0
Year 6 and later3 4 7. 5245.7
Total future contracted gross lease receipts942.0793.3
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
16
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
1. Investment property (continued)
1.3 Total investment property
This table details the total investment property value.
$ million
30 Sep 1931 Mar 19
Stabilised
propertiesDevelopmentsLandTo t a l
Stabilised
propertiesDevelopmentsLandTo t a l
Core
Highbrook Business Park, East Tamaki1,4 5 3.381.746.31,581.31,322.853.460.31,436.5
Savill Link, Otahuhu355.27. 92.3365.4292.53 1.12.3325.9
M20 Business Park, Wiri272.67. 3–279.92 4 7. 2–7. 0254.2
The Gate Industry Park, Penrose242.4––242.4232.5––232.5
Westney Industry Park, Mangere191.50 .1–191.6122.70.7–123.4
Tot a l c o r e2,515.09 7. 048.62,660.62 , 217.785.269.62,372.5
Value-add362.5––362.5260.9––260.9
Total investment property2 , 8 7 7. 59 7. 048.63,023.12,478.685.269.62,633.4
Included within stabilised properties is an add-back equivalent to lease liabilities of $62. 2 million (31 March 2019: $nil).
GMT’s estates are classified as either “core” or “value-add” estates.
Core
Those estates within the portfolio which consist largely of modern, high-quality industrial and logistics properties.
Value-add
Those estates which generally consist of older properties that are likely to have redevelopment potential over the medium to long-term. Redevelopment of the
properties to realise their maximum future value may require a change in use.
Significant transactions
In May 2019, GMT completed the acquisition of a property at Pilkington Road, Panmure (part of the value-add Tamaki Estate) for $9.9 million.
In July 2019, GMT completed the disposal of the remaining properties at Show Place, Christchurch, a value-add estate, for $13.1 million. This sale resulted in a gain of $0.3 million over the previous
carrying value.
In September 2019, GMT completed the acquisition of value-add estates at Monahan Road, Mt Wellington and Favona Road, Mangere for $65.0 million and $29.0 million respectively.
New accounting policies
The Group recognises a right-of-use asset at the commencement date of the lease, being the date the underlying asset is available for use. Investment property is defined to include both owned
investment property and investment property held by a lessee as a right-of-use asset. The Group therefore measures all investment property using the same measurement basis, being the fair
value model. The value of the right-of-use assets represents the fair value of a freehold interest in the land subject to ground lease interests held by GMT. Investment property is adjusted for cash
flows relating to lease liabilities already recognised separately on the balance sheet and also reflected in the investment property valuations.
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
17
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
1. Investment property (continued)
1.4 Movement in fair value of investment property
Movement in fair value of investment property for the period is summarised below.
$ million
6 months
30 Sep 19
6 months
30 Sep 18
Stabilised properties159.9–
Developments12.411.7
Land0 .1–
Investment property contracted for sale–5 .1
Total movement in fair value of investment property172 .416.8
The movement in fair value of investment property contracted for sale represents the difference between contracted sale price and book value.
Key judgements
At 30 September 2019, the carrying value of stabilised properties is the fair value of the property as determined by an expert independent valuer. The fair values presented are based on market
values, being the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after proper
marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. At 30 September 2018, the stabilised properties are recorded at the 31 March 2018 independent
valuation, adjusted for movements in the book value since this date.
Developments completed in the period, or adequately progressed to allow fair value to be reliably determined, have been independently valued at 30 September 2019 and at 30 September 2018.
All other developments are held at cost and tested for impairment.
The following table discloses the weighted average quantitative information by asset class for stabilised properties and developments held at fair value
(excludes investment property contracted for sale):
30 Sep 19
Market capitalisation rate
%
Market rental
$ per sqm
Discount rate
%
Rental growth rate
%
Terminal capitalisation rate
%
Industrial5.41387.12.65.6
31 Mar 19
Market capitalisation rate
%
Market rental
$ per sqm
Discount rate
%
Rental growth rate
%
Terminal capitalisation rate
%
Industrial 5.71347. 52.76.0
Office 9.321110.81.19.3
At 30 September 2019, land is valued based on recent comparable transactions, resulting in land values ranging between $258 per square metre (“psm”) and
$650 psm for industrial land (31 March 2019: between $246 psm and $675 psm). At 30 September 2018, land was recorded at the 31 March 2018 independent
valuation, adjusted for movements in the book value from that date.
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
18
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
1. Investment property (continued)
1.5 Investment property contracted for sale
$ million30 Sep 1931 Mar 19
Value-add
Greenlane Office, Auckland8.88.5
Concourse Industry Park, Henderson–35.0
Total investment property contracted for sale8.843.5
Significant transaction
Settlement of the sale of Concourse Industry Park occurred in June 2019.
2. Borrowings and lease liabilities
2 .1 Interest
$ million
6 months
30 Sep 19
6 months
30 Sep 18
Interest expense on borrowings(13.3)(16.3)
Interest expense on lease liabilities(1.6)–
Amortisation of borrowing costs(1.3)(1.6)
Borrowing costs capitalised
(1)
4.75.7
Total interest cost(11. 5 )(12.2)
Interest income0.33.3
Net interest cost(11. 2 )(8.9)
(1)
Borrowing costs of $2.1 million were capitalised to land (30 September 2018: $3.4 million).
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
19
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
2. Borrowings and lease liabilities (continued)
2.2 Borrowings
$ million30 Sep 1931 Mar 19
Non-current
Syndicated bank facility–12.0
Retail bonds400.0400.0
US Private Placement notes – New Zealand dollar amount on inception
(1)
156.8156.8
556.8568.8
US Private Placement notes – foreign exchange translation impact
(1)
34.819.5
Unamortised borrowings establishment costs(2.8)(3.2)
Total non-current borrowings588.85 8 5 .1
Total borrowings588.85 8 5 .1
(1)
US Private Placement notes are fully hedged, with no currency risk on interest and principal payments.
2.3 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the assets of the wholly-owned subsidiaries of Goodman Property Trust. A loan to value ratio
covenant restricts total borrowings incurred by the Group to 50% of the value of the secured property portfolio.
The Group has given a negative pledge to not create or permit any security interest over its assets. The principal financial ratios which must be met are the
ratio of earnings before interest, tax, depreciation and amortisation to interest expense, and the ratio of financial indebtedness to the value of the property
portfolio. Further negative and positive undertakings have been given as to the nature of the Group’s business.
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
20
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
2. Borrowings and lease liabilities (continued)
2.4 Lease liabilities
$ million30 Sep 1931 Mar 19
Current3.3–
Non-current 58.9–
Total lease liabilities 62.2–
Key judgement
The lease liabilities are for perpetually renewable ground leases at Westney Industry Park ($62.0 million) and The Gate Industry Park ($0.2 million). The calculation of the lease liability assumes
lease terms of between 65 and 69 years and utilises a discount rate based on GMT’s weighted average cost of borrowing.
New accounting policies
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include
fixed payments, less any lease incentives receivable.
2.5 Loan to value ratio
Loan to value ratio (“LVR”) is a non-GAAP metric used to measure the strength of GMT’s balance sheet. The LVR calculation is set out below.
$ million30 Sep 1931 Mar 19
Total borrowings588.85 8 5 .1
US Private Placement notes – foreign exchange translation impact(34.8)(19.5)
Cash(13.9)( 3 .1)
Investment property contracted for sale – settlement proceeds due(8.8)(43.5)
Borrowings for LVR calculation531.3519.0
Investment property 3,023.12,633.4
Lease liabilities(62.2)–
Assets for LVR calculation2,960.92,633.4
Loan to value ratio %17.9%19.7%
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
21
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
2. Borrowings and lease liabilities (continued)
2.6 Composition of borrowings
$ million
30 Sep 19Date issuedExpiry
Weighted average
remaining term (years) Interest rate
Facility drawn
/ Amount
Undrawn
facility
Syndicated bank facilities–Oct 20 – Oct 211.5Floating–300.0
Retail bonds – GMB020Dec 13Dec 201.26.20%100.0–
Retail bonds – GMB030Jun 15Jun 222.75.00%100.0–
Retail bonds – GMB040May 17May 244.74.54%100.0–
Retail bonds – GMB050Mar 18Sep 233.94.00%100.0–
US Private Placement notesJun 15Jun 255.73.46%US$40.0–
US Private Placement notesJun 15Jun 277. 73.56%US$40.0–
US Private Placement notesJun 15Jun 3010.73.71%US$40.0–
$ million
31 Mar 19Date issuedExpiry
Weighted average
remaining term (years) Interest rate
Facility drawn
/ Amount
Undrawn
facility
Syndicated bank facilities–Oct 20 – Oct 212.0Floating12.0288.0
Retail bonds – GMB020Dec 13Dec 201.76.20%100.0–
Retail bonds – GMB030Jun 15Jun 223.25.00%100.0–
Retail bonds – GMB040May 17May 245.24.54%100.0–
Retail bonds – GMB050Mar 18Sep 234.44.00%100.0–
US Private Placement notesJun 15Jun 256.23.46%US$40.0–
US Private Placement notesJun 15Jun 278.23.56%US$40.0–
US Private Placement notesJun 15Jun 3011. 23.71%US$40.0–
As at 30 September 2019 and 31 March 2019 a $300.0 million syndicated bank facility was provided to the Trust by ANZ Bank New Zealand Limited, Bank
of New Zealand, Commonwealth Bank of Australia, Westpac New Zealand Limited (each providing $67.5 million) and The Hongkong and Shanghai Banking
Corporation Limited (providing $30.0 million).
As at 30 September 2019, GMT’s drawn borrowings had a weighted average remaining term of 4.5 years (31 March 2019: 5.0 years), with 100% being drawn from
non-bank sources (31 March 2019: 98%). Calculation of the weighted average remaining term assumes drawn bank debt utilises the longest dated facilities.
Subsequent event
On 7 November 2019 the syndicated bank facility was amended. Total available funding was increased to $400.0 million, comprising three facilities expiring in November 2021 ($135.0 million),
November 2022 ($135.0 million) and November 2023 ($130.0 million). The facility is now provided by Commonwealth Bank of Australia ($120.0 million), Westpac New Zealand Limited
($120.0 million), Bank of New Zealand ($80.0 million) and The Hongkong and Shanghai Banking Corporation Limited ($80.0 million).
Goodman Property Trust
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of Goodman Property Trust
22
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
3. Units, earnings per unit and distributions
Issued units represent capital contributed to GMT by Unitholders. Distributions are paid to GMT unit holders when approved by the Board of the Manager.
3 .1 Issued units
Issued units (million)Value ($ million)
30 Sep 1931 Mar 1930 Sep 1931 Mar 19
Balance at the beginning of the period1,294.91, 2 8 7. 81, 419 .11,4 08.7
Manager’s base fee reinvested2.97.15.310.4
Manager’s performance fee reinvested4.7–8.6–
Unit placement71.4–14 7. 4–
Balance at the end of the period1,373.91,294.91,580.41, 419 .1
Significant transactions
In September 2019, GMT raised $150.0 million of new equity through an underwritten placement (“Placement”). The price of the Placement units was fixed at $2.10 per unit. The new units were
allotted on 24 September 2019 and rank equally with existing units.
Subsequent event
In October 2019, GMT raised $25.0 million of new equity through a retail unit offer (“Retail Offer”). The price of the Retail Offer units was fixed at $2.10 per unit. The new units were allotted on
25 October 2019 and rank equally with existing units.
3.2 Earnings per unit
Earnings per unit measures are calculated as profit or adjusted operating earnings after tax divided by the weighted number of issued units for the period.
Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GMT’s principal operating activities. The
calculation of operating earnings before other income / (expenses) and tax is set out in Profit or Loss. Adjusted operating earnings after tax, as set out below,
incorporates GMT’s share of operating earnings of the WPHL joint venture between the date it was contracted for sale and settlement date (14 December 2018),
reflecting GMT’s continuing economic interest in the joint venture:
$ million
6 months
30 Sep 19
6 months
30 Sep 18
Operating earnings before other income / (expenses) and tax53.755.9
Share of operating earnings from joint venture – post-contracted for sale–4.2
Adjusted operating earnings before tax53.76 0 .1
Income tax on operating earnings(9.0)( 7. 8 )
Share of income tax on operating earnings from joint venture–(0.6)
Adjusted operating earnings after tax44.751.7
For the five years ending 31 March 2019, weighted units for the Manager’s base fee reinvested were included as the services were rendered.
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Interim Financial Statements
of Goodman Property Trust
23
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
3. Units, earnings per unit and distributions (continued)
3.2 Earnings per unit (continued)
Weighted units
Million30 Sep 1930 Sep 18
Issued units at the beginning of the period1,294.91, 2 8 7. 8
Manager’s base fee 2.95.3
Manager’s performance fee4.7–
Unit placement2.7–
Weighted units1,305.21, 2 9 3 .1
cents per unit
6 months
30 Sep 19
6 months
30 Sep 18
Adjusted operating earnings per unit before tax4 .114.65
Adjusted operating earnings per unit after tax3.424.00
Basic and diluted earnings per unit after tax17.1 94.59
3.3 Net tangible assets
Diluted units, comprising issued units plus deferred units not yet issued, are used to calculate net tangible assets per unit.
Diluted units
Million30 Sep 1931 Mar 19
Issued units1,373.91,294.9
Deferred units for Manager’s base fee expected to be reinvested–3 .1
Deferred units for Manager’s performance fee expected to be reinvested–5 .1
Diluted units1,373.91, 3 0 3 .1
30 Sep 1931 Mar 19
Net tangible assets ($ million)2,374.62,046.2
Net tangible assets per unit (cents)172.815 7. 0
Subsequent event
On 13 November 2019 a cash distribution of 1.6625 cents per unit with 0.3021 cents per unit of imputation credits attached was declared. The record date for the distribution is 28 November 2019
and payment will be made on 12 December 2019.
Goodman Property Trust
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Interim Financial Statements
of Goodman Property Trust
24
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
4. Derivative financial instruments
Derivative financial instruments are used to manage exposure to interest rate risks and foreign exchange risks arising from GMT’s borrowings.
4 .1 Movement in fair value of financial instruments
$ million
6 months
30 Sep 19
6 months
30 Sep 18
Interest rate derivatives(3.5)0.5
Cross currency interest rate derivatives relating to US Private Placement notes28.811. 3
Total movement in fair value of derivative financial instruments25.311. 8
Foreign exchange rate movement on US Private Placement notes(15.3)(15.5)
Total movement in fair value of financial instruments10.0(3.7)
4.2 Derivative financial instruments
$ million30 Sep 1931 Mar 19
Cross currency interest rate derivatives
Non-current assets42.513.7
Interest rate derivatives
Non-current assets13.511. 3
Non-current liabilities( 17. 7 )(12 .1)
Current liabilities( 0 .1)–
Net derivative financial instruments38.212.9
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25
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
5. Ta x
5 .1 Tax expense
$ million
6 months
30 Sep 19
6 months
30 Sep 18
Profit before tax236.461.3
Tax at 28%(66.2)( 17.1)
Depreciation of investment property2.72.4
Movement in fair value of investment property48.33.3
Disposal of investment property0 .10.8
Deductible net expenditure for investment property3.33.0
Share of joint venture net profit less dividends received–1.0
Derivative financial instruments2.8(1.1)
Other–( 0 .1)
Current tax on operating earnings(9.0)( 7. 8 )
Depreciation recovery income for property sold and settled0 .1(3.6)
Settlement of derivative financial instruments–2.5
Current tax on non-operating earnings0 .1(1.1)
Current tax(8.9)(8.9)
Depreciation of investment property(2.7)( 0 .1)
Reduction of liability in respect of depreciation recovery income2.53.7
Disposal of investment property0.7(0.9)
Deferred expenses(0.9)(1.1)
Derivative financial instruments(2.8)0 .1
Borrowing issue costs–0 .1
Deferred tax(3.2)1.8
Total tax(12 .1)( 7.1)
Current tax on operating earnings is a non-GAAP measure included to provide an assessment of current tax for GMT’s principal operating activities.
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of Goodman Property Trust
26
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
6. Related party disclosures
As a Unit Trust, GMT does not have any employees. Consequently, services that the Group requires are provided under arrangements governed by GMT’s Trust
Deed or by contractual arrangements. The Trust has related party relationships with the following parties.
EntityNature of relationship
Goodman (NZ) LimitedGNZManager of the Trust
Goodman Property Services (NZ) LimitedGPSNZProvider of property management, development management and related services to the Trust
and its former joint venture WPHL
Goodman Investment Holdings (NZ) LimitedGIHUnitholder in GMT
Goodman LimitedGLParent entity of GNZ, GPSNZ & GIH
Goodman Industrial TrustGITProperty co-owner with GMT
Wynyard Precinct Holdings LimitedWPHLFormer joint venture between GMT and GIC, Singapore’s sovereign wealth fund (sale of WPHL
settled on 14 December 2018)
6 .1 Transactions with related parties other than WPHL
Recorded Capitalised Outstanding
$ millionRelated party
6 months
30 Sep 19
6 months
30 Sep 18
6 months
30 Sep 19
6 months
30 Sep 1830 Sep 1930 Sep 18
Manager’s base feeGNZ(5.6)(4.8)0.40.5(1.0)(5.3)
Property management fees
(1)
GPSNZ(1.5)(1.7)––( 0 .1)( 0 .1)
Leasing feesGPSNZ(0.6)(1.6)––( 0 .1)( 0 .1)
Acquisition and disposal feesGPSNZ(1.5)(1.5)––––
Minor project feesGPSNZ(0.2)(0.3)0.20.3––
Development management feesGPSNZ(3.4)(1.8)3.41.8––
Total fees(12.8)(11.7 )4.02.6(1.2)(5.5)
Reimbursement of expenses for services providedGPSNZ(0.4)(0.6)–––( 0 .1)
Total reimbursements(0.4)(0.6)–––( 0 .1)
Land acquisition – Savill LinkGIT–(4.7)–4.7––
Total capital transactions–(4.7)–4.7––
Issue of units for Manager’s base fee reinvestedGIH5.35.2––––
Issue of units for Manager’s performance fee reinvestedGIH8.6–––––
Issue of units for PlacementGIH32.4–––––
Total issue of units 46.35.2––––
Distributions paidGIH(9.3)( 9 .1)––––
Total distributions paid(9.3)( 9 .1)––––
(1)
Of the property management fees charged by GPSNZ, $1.3 million was paid by customers and was not a cost borne by GMT (30 September 2018: $1.5 million).
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27
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
6. Related party disclosures (continued)
6.2 Transactions with WPHL
The sale of GMT’s interests in WPHL settled on 14 December 2018.
Recorded Capitalised Outstanding
$ millionRelated party
6 months
30 Sep 19
6 months
30 Sep 18
6 months
30 Sep 19
6 months
30 Sep 1830 Sep 1930 Sep 18
Repayments from / (advances to) joint ventureWPHL–0.7–––(106.8)
Interest income received from joint ventureWPHL–2.7––––
Dividends received from joint ventureWPHL–2 .1––––
Advances to WPHL were unsecured and were subordinated to WPHL’s bank debt prior to disposal. The advances were repayable on demand and incurred a
market rate of interest for advances of this type.
6.3 Other related party transactions
Capital transactions
Capital transactions that occur with related parties can only be approved by the independent directors of GNZ, with non-independent directors excluded from the
approval process.
No properties were acquired pursuant to the Co-ownership Agreement between GMT and Goodman Industrial Trust (30 September 2018: none). This agreement
was approved by Unitholders at a general meeting held on 23 March 2004.
GMT purchased no land during the period ended 30 September 2019 (30 September 2018: $4.7 million) that was co-owned via the Co-ownership Agreement
between GMT and Goodman Industrial Trust.
Key management personnel
Key management personnel are those people with the responsibility and authority for planning, directing and controlling the activities of an entity. As the Trust
does not have any employees or Directors, key management personnel is considered to be the Manager. All compensation paid to the Manager is disclosed within
this note.
At 30 September 2019, Goodman Group, GNZ’s ultimate parent, through its subsidiary Goodman Investment Holdings (NZ) Limited, held 296,560,508 units in
GMT out of a total 1,373,886,544 units on issue (31 March 2019: 277,250,271 units out of a total 1,294,900,545 units).
6.4 Related party capital commitments
$ millionRelated party30 Sep 1931 Mar 19
Development management fees for developments in progressGPSNZ6 .14.8
Total related party capital commitments6 .14.8
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
28
Notes to the Financial Statements (continued)
For the six months ended 30 September 2019
7. Commitments and contingencies
7.1 Non-related party capital commitments
These commitments are amounts payable for contractually agreed services for capital expenditure. For related party capital commitments refer to note 6.4.
$ million30 Sep 1931 Mar 19
Completion of developments120.07 9 .1
Acquisition of Favona Road–29.0
Total non-related party capital commitments120.010 8 .1
7. 2 Contingent liabilities
GMT has no material contingent liabilities.
8. Financial risk management
8 .1 Fair value of financial instruments
Except for the retail bonds and US Private Placement notes; the carrying values of all balance sheet financial instruments approximate their estimated fair value.
The fair values of retail bonds and US Private Placement notes are as follows:
$ millionFair value hierarchy30 Sep 1931 Mar 19
Retail bondsLevel 1429.64 2 1.1
US Private Placement NotesLevel 2U S $119.4U S $118 .4
9. Operating segments
The Trust’s activities are reported to the Board as a single operating segment. Therefore these financial statements are presented in a consistent manner to that
reporting.
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
29
Independent review report
to the unitholders of Goodman Property Trust
Report on the interim financial statements
We have reviewed the accompanying interim financial statements of Goodman Property Trust (the Trust) and its controlled entities (together, the Group) on pages 9 to 29,
which comprise the balance sheet as at 30 September 2019, and the statement of profit or loss, the statement of changes in equity and the statement of cash flows for
the period ended on that date, and selected explanatory notes.
Manager’s responsibility for the interim financial statements
The directors of Goodman (NZ) Limited (the Manager) are responsible on behalf of the Trust for the preparation and fair presentation of these interim financial statements
in accordance with New Zealand Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34
Interim Financial Reporting (IAS 34) and for such internal control as the Manager determines is necessary to enable the preparation and fair presentation of interim
financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based on our review. We conducted our review in accordance with the
New Zealand Standard on Review Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410). NZ SRE 2410
requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as a whole, are not prepared in
all material respects, in accordance with NZ IAS 34 and IAS 34. As the auditor of the Trust, NZ SRE 2410 requires that we comply with the ethical requirements relevant
to the audit of the annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The auditor performs procedures, primarily consisting of
making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The procedures performed
in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and International
Standards on Auditing. Accordingly, we do not express an audit opinion on these interim financial statements.
We are independent of the Group. Other than in our capacity as the auditor and provider of other related assurance services, we have no relationship with, or interests in,
the Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim financial statements of the Group do not present fairly, in all material
respects, the financial position of the Group as at 30 September 2019, and its financial performance and cash flows for the period then ended, in accordance with
NZ IAS 34 and IAS 34.
Who we report to
This report is made solely to the Trust’s unitholders, as a body. Our review work has been undertaken so that we might state to the Trust’s unitholders those matters
which we are required to state to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to
anyone other than the Trust’s unitholders, as a body, for our review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants Auckland
13 November 2019
Goodman Property Trust
Interim Report 2020
Interim Financial Statements
of Goodman Property Trust
30
Independent review report
to the unitholders of Goodman Property Trust
The Board of GMT Bond Issuer Limited authorised these financial statements
for issue on 13 November 2019. For and on behalf of the Board:
Keith Smith Peter Simmonds
Chairman Chairman, Audit Committee
GMT Bond Issuer Limited
Interim Financial Statements
For the six months ended 30 September 2019
Contents
Profit or loss 32
Balance sheet 32
Cash flows 33
Changes in equity 33
General information 34
Notes to the financial statements:
1. Borrowings 35
2. Advances to related parties 35
3. Commitments and contingencies 35
4. Financial risk management 35
5. Equity 35
Independent review report 36
31
Interim Financial Statements
of GMT Bond Issuer Limited
GMT Bond Issuer Limited
Interim Report 2020
Profit or loss
For the six months ended 30 September 2019
$ million
6 months
30 Sep 19
6 months
30 Sep 18
Interest income9.99.9
Interest cost(9.9)(9.9)
Profit before tax––
Ta x––
Profit after tax attributable to shareholder––
There are no items of other comprehensive income, therefore profit after tax attributable to shareholder equals total comprehensive income attributable to
shareholder.
Balance sheet
As at 30 September 2019
$ millionNote30 Sep 1931 Mar 19
Non-current assets
Advances to related parties 2400.0400.0
Current assets
Cash0.20.2
Interest receivable from related parties25.05.0
Total assets405.2405.2
Non-current liabilities
Borrowings1400.0400.0
Current liabilities
Interest payable on retail bonds5.25.2
Total liabilities405.2405.2
Net assets––
Equity
Contributed equity5––
Retained earnings ––
Total equity––
GMT Bond Issuer Limited
Interim Report 2020
Interim Financial Statements
of GMT Bond Issuer Limited
32
Cash flows
For the six months ended 30 September 2019
$ million
6 months
30 Sep 19
6 months
30 Sep 18
Cash flows from operating activities
Interest income received9.99.9
Interest costs paid(9.9)(9.7)
Net cash flows from operating activities–0.2
Net movement in cash–0.2
Cash at the beginning of the period0.2–
Cash at the end of the period0.20.2
Changes in equity
For the six months ended 30 September 2019
$ million
Contributed
equity
Retained
earningsTo t a l
As at 1 April 2018–––
Profit after tax–––
As at 31 March 2019–––
Profit after tax–––
As at 30 September 2019–––
There are no items of other comprehensive income to include within changes in equity, therefore profit after tax equals total comprehensive income.
GMT Bond Issuer Limited
Interim Report 2020
Interim Financial Statements
of GMT Bond Issuer Limited
33
General information
For the six months ended 30 September 2019
Reporting entity
GMT Bond Issuer Limited (“the Company”) was incorporated on 5 November
2009. GMT Bond Issuer Limited is domiciled in New Zealand. The address of
its registered office is Level 2, 18 Viaduct Harbour Avenue, Auckland.
GMT Bond Issuer Limited is an issuer for the purposes of the Financial
Reporting Act 2013 as its issued debt securities are listed on the New Zealand
Debt Exchange (“NZDX”). GMT Bond Issuer Limited is a registered company
under the Companies Act 1993.
The Company was incorporated to undertake issues of debt securities with
the purpose of on lending the proceeds to its parent entity, Goodman Property
Trust (“GMT”), by way of interest-bearing advances.
The interim financial statements for the six months ended 30 September 2019
are unaudited. Comparative balances for 30 September 2019 are unaudited,
whilst the comparative balances as at 31 March 2019 are audited.
Basis of preparation and measurement
The interim financial statements have been prepared in accordance with
New Zealand Generally Accepted Accounting Practice (“NZ GAAP”) and
comply with International Accounting Standard 34 ‘Interim Financial Reporting’
and New Zealand Equivalent to International Accounting Standard 34 ‘Interim
Financial Reporting’.
The interim financial statements do not include all notes included in the annual
financial statements. Accordingly, these notes should be read in conjunction
with the annual financial statements for the year ended 31 March 2019,
prepared in accordance with New Zealand Equivalents to International
Financial Reporting Standards (“NZ IFRS”) and International Financial
Reporting Standards (“IFRS”).
The accounting policies and methods of computation used in the preparation
of these interim financial statements are consistent with those used in the
financial statements for the year ended 31 March 2019.
The interim financial statements have been prepared on the historical cost
basis.
The interim financial statements are in New Zealand dollars, the Company’s
functional currency.
GMT Bond Issuer Limited
Interim Report 2020
Interim Financial Statements
of GMT Bond Issuer Limited
34
Notes to the Financial Statements
For the six months ended 30 September 2019
1. Borrowings
1 .1 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the assets of the wholly-owned subsidiaries of the Company’s parent entity, Goodman
Property Trust. A loan to value covenant restricts total borrowings incurred by the Goodman Property Trust Group to 50% of the value of the secured property
portfolio.
The Goodman Property Trust Group has given a negative pledge which provides that it will not create or permit any security interest over its assets.
The principal financial ratio which must be met is the ratio of financial indebtedness to the value of the property portfolio. Further negative and positive
undertakings have been given as to the nature of the Goodman Property Trust Group’s business.
2. Advances to related parties
All advances and interest receivable are with Goodman Property Trust.
Covenant Trustee Services Limited (as Trustee for Goodman Property Trust) has entered into a guarantee under which Goodman Property Trust
unconditionally and irrevocably guarantees all of the obligations of GMT Bond Issuer Limited under the Bond Trust Documents.
3. Commitments and contingencies
3 .1 Capital commitments payable
GMT Bond Issuer Limited has no capital commitments.
3.2 Contingent liabilities
GMT Bond Issuer Limited has no material contingent liabilities.
4. Financial risk management
4 .1 Fair value of financial instruments
The fair value of financial instruments has been estimated as follows:
$ millionFair value hierarchy30 Sep 1931 Mar 19
Related party receivablesLevel 2429.64 2 1.1
Retail bondsLevel 1(429.6)( 4 2 1.1)
For related party receivables, the Company uses the fair value of the retail bonds as a proxy.
5. Equity
As at 30 September 2019, 100 ordinary shares had been issued for nil consideration (31 March 2019: 100 ordinary shares for nil consideration). All shares rank
equally with one vote attached to each share.
The Company has tangible assets of $0.2 million, and its net assets are nil. Consequently, the net tangible assets per bond at 30 September 2019 are nil
(31 March 2019: nil).
GMT Bond Issuer Limited
Interim Report 2020
Interim Financial Statements
of GMT Bond Issuer Limited
35
Independent review report
to the shareholder of GMT Bond Issuer Limited
Report on the interim financial statements
We have reviewed the accompanying interim financial statements of GMT Bond Issuer Limited (the Company) on pages 31 to 35, which comprise the balance sheet as
at 30 September 2019, and the statement of profit or loss, the statement of changes in equity and the statement of cash flows for the period ended on that date, and
selected explanatory notes.
Directors’ responsibility for the interim financial statements
The directors are responsible on behalf of the Company for the preparation and fair presentation of these interim financial statements in accordance with New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34 Interim Financial Reporting (IAS 34)
and for such internal control as the directors determine is necessary to enable the preparation and fair presentation of interim financial statements that are free from
material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying interim financial statements based on our review. We conducted our review in accordance with the
New Zealand Standard on Review Engagements 2410 Review of Financial Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410). NZ SRE 2410
requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements, taken as a whole, are not prepared
in all material respects, in accordance with NZ IAS 34 and IAS 34. As the auditor of the Company, NZ SRE 2410 requires that we comply with the ethical requirements
relevant to the audit of the annual financial statements.
A review of interim financial statements in accordance with NZ SRE 2410 is a limited assurance engagement. The auditor performs procedures, primarily consisting of
making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The procedures performed
in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and International
Standards on Auditing. Accordingly, we do not express an audit opinion on these interim financial statements.
We are independent of the Company. Other than in our capacity as the auditor, we have no relationship with, or interests in, the Company.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that these interim financial statements of the Company do not present fairly, in all
material respects, the financial position of the Group as at 30 September 2019, and its financial performance and cash flows for the period then ended, in accordance
with NZ IAS 34 and IAS 34.
Who we report to
This report is made solely to the Company’s shareholder. Our review work has been undertaken so that we might state to the Company’s shareholder those matters which
we are required to state to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone
other than the Company’s shareholder, for our review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants Auckland
13 November 2019
GMT Bond Issuer Limited
Interim Report 2020
Interim Financial Statements
of GMT Bond Issuer Limited
36
Independent review report
to the shareholder of GMT Bond Issuer Limited
Other Information
Contents
Investor relations 38
Glossary 39
Corporate directory 40
37
GMT Bond Issuer Limited
Interim Report 2020
Goodman Property Trust
Interim Report 2020
Investor relations
Other information
Introduction
Ensuring Unitholders and Bondholders are well informed and easily able to
manage their investment is a key priority of the Manager’s investor relations
team. Regular meetings and communications, its website and a dedicated
toll free contact number provide investors with the means to make informed
decisions.
Annual meeting
GMT’s Trust Deed requires at least one meeting of Unitholders each financial
year. The most recent Annual Meeting was held on 3 July 2019. The address
and presentation are available on GMT’s website.
Publications
For Unitholders and Bondholders who elect to receive printed copies, the
Annual Report is typically mailed in June of each year. GMT's Interim Report
is now provided electronically and is available in November.
Investor centre
The website, www.goodman.com/nz, enables Unitholders and Bondholders
to view information about their investment, download investor forms, check
current prices and view publications and announcements.
Registrar
Computershare Investor Services Limited is the registrar with responsibility
for administering and maintaining the Trust’s Unit and Bond Registers.
If you have a question about the administration of your investment,
Computershare can be contacted directly:
+ by phone, on their toll-free number 0800 359 999
(+64 9 488 8777 from outside New Zealand);
+ by email, to enquiry@computershare.co.nz; or
+ by mail, to Computershare Investor Services Limited,
Private Bag 92119, Auckland 1142.
Unitholder distributions
The Trust typically pays its distributions quarterly in the third month that
follows each quarter. For example, the distribution for the June 2019 quarter
was paid in September 2019. The table below shows the composition and
timing of distributions per unit that have been paid, or declared, since the
beginning of this financial period.
Distribution for
quarter ended
Cash
distribution
Imputation
credits
To t a l
distribution
Payment
date
31 Mar 2019$0.016625$0.003167$0.01979220 Jun 2019
30 Jun 2019$0.016625$0.002989$0.01961419 Sep 2019
30 Sep 2019$0.016625$0.003021$0.01964612 Dec 2019*
* Distribution announced but not yet paid at the date of this report.
Bondholder interest payments
Interest is paid semi-annually, each year, until redemption. No dividends or
distributions have been paid by GMT Bond Issuer Limited.
Helpline
The Manager has a dedicated toll-free number, 0800 000 656
(+64 9 375 6073 from outside New Zealand), which will connect Unitholders
and Bondholders directly with the investor relations team who will assist
with any queries.
Complaints procedure
As a financial service provider registered under the Financial Service
Providers (Registration and Dispute Resolution) Act 2008, the Manager is
a member of an approved dispute resolution scheme (registration number
FSP36542). Complaints may be made to the Manager or through the financial
dispute resolution scheme.
Financial Dispute Resolution Service
Freepost 231075
PO Box 2272
Wellington 6140
Toll free: 0508 337 337 (within New Zealand)
Telephone: +64 4 910 9952 (outside New Zealand)
Email: enquiries@fdr.org.nz
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
38
Glossary
Other information
$ and cents New Zealand currency.
Adjusted Operating Earnings is a non-
GA AP financial measure included to provide
an assessment of the performance of GMT’s
principal operating activities. Calculation of
adjusted operating earnings are as set out in
note 3.2 of GMT’s Financial Statements.
Board the Board of Directors of the Manager
and GMT Bond Issuer Limited.
Bondholder a person whose name is
recorded in the register as a holder of a
Goodman+Bond.
Cash Earnings is a non-GA AP financial
measure that assesses free cash flow, on a
per unit basis, after adjusting for borrowing
costs and Manager's base fee capitalised
to land and expenditure related to building
maintenance.
Chairman the Chairman of the Board of the
Manager.
Co-ownership Agreement the agreement
of that name between the Manager,
Goodman Property Aggregated Limited,
the Trustee, Goodman Funds Management
Limited as responsible entity of GIT, Tallina
Pty Limited as trustee of Penrose Trust,
and Trust Company Limited as custodian
of Tallina Pty Limited, dated 1 April 2004 as
amended by the Restructuring Agreement
between the same parties dated 7 March
2005, relating to the buying, selling and
holding of property by the Trust and
Goodman Group in 50/50 shares.
CPU or cpu cents per unit.
Director a director of the Manager and GMT
Bond Issuer Limited.
GIC the sovereign wealth fund of Singapore.
GIT Goodman Industrial Trust and its
controlled entities, as the context requires.
GL Goodman Limited and its controlled
entities, as the context requires.
GMB GMT Bond Issuer Limited, a wholly
owned subsidiary of Goodman Property
Tr u s t .
Goodman means Goodman (NZ) Limited as
the Manager of the Trust.
Goodman Group or GMG means GL,
GIT and Goodman Logistics (HK) Limited,
operating together as a stapled group. Where
either GL, GIT or Goodman Logistics (HK)
Limited is party to a contract or agreement
or responsible for an obligation or liability,
without the other, all references to Goodman
Group as concerns that contract, agreement
or responsibility shall be to that party alone.
Goodman+Bond or Bond a bond issued
by GMB.
GPSNZ Goodman Property Services (NZ)
Limited.
HDL Highbrook Development Limited
HBPL Highbrook Business Park Limited
Independent Director has the meaning
given to that term in the Listing Rules which,
for the Manager are those persons listed on
the following page.
Interim Balance Date 30 September 2019.
Listing Rules the Listing Rules of NZX from
time to time and ‘LR’ is a reference to any of
those rules.
Management Team the senior executives
of the Manager as listed on the next page.
Manager or GNZ the manager of the Trust,
Goodman (NZ) Limited.
N TA net tangible assets.
NZ IFRS New Zealand Equivalents to
International Financial Reporting Standards.
NZDX the New Zealand debt market
operated by NZX.
NZX means NZX Limited.
Registrar the unit registrar for GMT
and Goodman+Bond registrar for GMB
which, at the date of this Annual Report, is
Computershare Investor Services Limited.
sqm square metres.
Trust Deed the GMT trust deed dated
23 April 1999, as amended from time to time.
Trust or GMT Goodman Property Trust and
its controlled entities, including GMB, as the
context requires.
Trustee the trustee of the Trust, Covenant
Trustee Services Limited.
Unitholder or unitholder any holder of a
Unit whose name is recorded in the register.
Unit or unit a unit in GMT.
WPH or Wynyard Precinct Wynyard
Precinct Holdings Limited, the joint
venture between GMT and GIC, the
sovereign wealth fund of Singapore (sold in
December 2018).
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
39
Corporate directory
Other information
Goodman Property Trust
Interim Report 2020
GMT Bond Issuer Limited
Interim Report 2020
40
Manager of Goodman Property Trust
Goodman (NZ) Limited
Level 2, 18 Viaduct Harbour Avenue
Auckland 1010
PO Box 90940
Victoria Street West
Auckland 1142
Toll free: 0800 000 656 (within New Zealand)
Telephone: +64 9 375 6060 (outside
New Zealand)
Email: info-nz@goodman.com
Website: www.goodman.com/nz
Issuer of Goodman+Bonds
GMT Bond Issuer Limited
Level 2, 18 Viaduct Harbour Avenue
Auckland 1010
PO Box 90940
Victoria Street West
Auckland 1142
Toll free: 0800 000 656 (within New Zealand)
Telephone: +64 9 375 6060 (outside
New Zealand)
Email: info-nz@goodman.com
Website: www.goodman.com/nz
Auditor
PricewaterhouseCoopers
PwC Tower
188 Quay Street
Private Bag 92162
Auckland 1142
Telephone: +64 9 355 8000
Facsimile: +64 9 355 8001
Registrar
Computershare Investor Services
Limited
Level 2, 159 Hurstmere Road
Takapuna
Private Bag 92119
Auckland 1142
Toll free: 0800 359 999 (within New Zealand)
Telephone: +64 9 488 8777 (outside
New Zealand)
Facsimile: +64 9 488 8787
Email: enquiry@computershare.co.nz
Legal Advisors
Russell McVeagh
Level 30, Vero Centre
48 Shortland Street
PO Box 8
Auckland 1140
Telephone: +64 9 367 8000
Facsimile: +64 9 367 8163
Trustee and Supervisor
for Goodman Property Trust
Covenant Trustee Services Limited
Level 6, Crombie Lockwood Building
191 Queen Street
PO Box 4243
Auckland 1140
Telephone: +64 9 302 0638
Bond Trustee
Public Trust
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
Auckland 1140
Toll free: 0800 371 471 (within New Zealand)
Telephone: +64 9 985 5300 (outside
New Zealand)
Facsimile: 0800 371 001
Directors of Goodman (NZ) Limited
and GMT Bond Issuer Limited
Chairman and Independent Director
Keith Smith
Independent Directors
Leonie Freeman
Susan Paterson ONZM
Peter Simmonds
Executive Director
John Dakin
Non-executive Directors
Gregory Goodman
Phillip Pryke
Management Team of Goodman (NZ)
Limited and GMT Bond Issuer Limited
Chief Executive Officer
John Dakin
Chief Financial Officer
Andy Eakin
General Counsel and Company Secretary
Anton Shead
Director Investment Management
James Spence
General Manager Development
Michael Gimblett
Director Investment Management
and Capital Transactions
Kimberley Richards
Head of Corporate Affairs
Jonathan Simpson
Marketing Director
Mandy Waldin
This Interim Report for the six-month period ended 30 September 2019 has been prepared by Goodman (NZ) Limited as the Manager of GMT and by GMT Bond Issuer Limited. The information in this
Interim Report is general information only. It is not intended as investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to making any
decision relating to your investment or financial needs. This Interim Report is not an offer or invitation for subscription or purchase of securities or other financial products. Past performance is no indication
of future performance. All values are expressed in New Zealand currency unless otherwise stated. November 2019.
GMT Bond Issuer Limited
Interim Report 2020
Goodman Property Trust
Interim Report 2020
goodman.com/nz
---
Goodman Property Trust Interim Result 2020
Unless otherwise indicated, all numerical data provided in this presentation is stated as at 30 September 2019. All dollar values are NZD unless otherwise stated. All figures are rounded.
03Overview
05Financial result
11Capital management
14Investment portfolio
25Summary and outlook
28Appendix
Contents
Presented by:
John Dakin Chief Executive Officer Andy Eakin Chief Financial OfficerJames Spence Director - Investment Management
3
Gateway warehouse–HighbrookBusiness Park
Overview
Auckland industrial focus is driving strong operating results:
＋Occupancy of 99.5%, retention rate of 74%
1
, WALE of 5.5 years
＋128,581 sqm of new leasing and market reviews completed with 7.3%
2
rental growth. Portfolio assessed to be 7.6% under-rented
＋Development workbook remains strong; 15 build-to-lease warehouses completed over last 12 months are fullyleased
＋Interim revaluation of $172.4 million driven by a combination of cap rate compression (28 bps) an
d underlying market rental growth
3
$227.1 million of strategic investment:
＋Acquisitions of Mt Wellington, Pilkington Road and Fa
vonaRoad properties, all prime infill locations, settled for $103.9 million
＋Development commitments: $123.2 million
4
– nine new projects including two new customer expansions announced today
Strengthened financial metrics:
＋$175 million of new equity raised
5
＋Gearing of 17.9% (20.6% on a fully committed basis) provides significant financial flexibility to continue accretive investment programme
＋Refinancing of GMT’s bank facility completed in November 2019
＋Increase in NTA by 15.8cpu(10%) to 172.8cpu
＋FY20 earnings guidance reaffirmed; cash earnings to be materially consistent with FY19
＋Distribution guidance maintained at 6.65 c
pu
4
Interim Result 2020
Overview
1
Retention rate measured over a 24 month period
2
Increase in passing rental on leasing and market reviews completed on stabilised portfolio in the period
3
2.7% increase in market rental across GMT’s underlying portfolio for the 6 months to September 2019 as assessed by GMT’s independent valuers
4
Total project cost including land, finance costs and all fees
5
$150 million Placement completed in the period with $25 million from a Retail Unit Offer completed in October 2019
5
Premium Apparel –HighbrookBusiness Park
Interim Result 2020
Financial result
Financial highlights
17.9%
Loan-to-value ratio
172.8cpu
Net tangible asset backing
$172.4m
Portfolio revaluation
$236.4m
Profit before tax
4.5years
Weighted average debt term
2
3.325cpu
Cash distributions
3.15cpu
Cash earnings
30.3%
1
GMT’s stock market performance including unit price appreciation and distributions paid
2
Calculated on drawn debt
Total Unitholder Return
1
6 months to 30 September 2019
6
1H201H19
Adjusted operating earnings after tax44.751.7
Manager’s base fee
1
-(4.7)
Adjusted operating earnings after tax
2
44.747.0
Capitalised borrowing costs – land(2.1)(3.4)
Capitalised management fees –land(0.1)(0.3)
Maintenance capex(1.4)(1.6)
Cash earnings41.141.7
Cash earnings per unit (cpu)3.153.22
Distribution per unit (cpu)3.3253.325
Distribution % of cash earnings105.6%103.3%
＋1H20 cash earnings materially consistent with restated 1H19
2
＋Arrangement by which base fee was required to be used to subscribe
for new units expired on 31 March 2019
＋Distribution of 3.325 c
puequates to approximately 106% of cash
earnings for the period
＋Income from acquisitions and developments in addition to like-fo
r-like
rental growth has mitigated much of the impact of asset disposals and
de-leveraging
＋FY20 cash earnings guidance reaffirmed, expected to be materially
c
onsistent with FY19 (6.24cpuafter allowing for base fee)
Cash earnings
Cash earnings summary ($m)
1
Includes base fee paid on GMT’s interests in Wynyard Precinct Holdings Limited joint venture
2
1H19 restated to treat base fee as if settled in cash
7
Interim Result 2020
Financial result
172.8
+2.6
+11.6
+0.9
+0.7
157.0
140.0
145.0
150.0
155.0
160.0
165.0
170.0
175.0
31-Mar-19Equity
placement
Stabilised
revaluation
Development
revaluation
Other30-Sep-19
＋NTA increased 15.8 cpu(10%) for the year to date to 172.8 cpu
＋6.5% increase in underlying portfolio valuation main contributor
＋$150 million
1
of equity raised at 23% premium to NTA
2
＋$12.4 million revaluation gains on developments reflects an average
margin of 16%
Capital growth
Net tangible assets(cents per unit)
8
1
A further $25 million of equity was raised through a Retail Unit Offer in October 2019
2
NTA as at 30 September 2019 excluding impact from equity placement
Interim Result 2020
Financial result
Valuation ($m)Cap rateChange ($m)Change (%)
% attributable to cap rate
compression
HighbrookBusiness Park
1,430.4
5.2%102.87.7%54%
Savill Link
307.4
5.6%15.45.3%80%
M20 Business Park
272.6
5.7%23.79.5%66%
The Gate Industry Park
242.4
5.4%8.13.5%73%
WestneyIndustry Park
125.0
7.0%2.62.1%100%
Value-add estates
257.1
5.5%7.32.9%57%
Underlying stabilised portfolio
2,634.9
5.4%159.96.5%65%
Completed developments
1
75.05.2%10.4n/an/a
Acquisitions
2
105.44.7%
3
--n/a
Right-of-use assets in respect of ground leases62.2n/a--n/a
Total stabilised properties2,877.55.3%170.36.3%n/a
Partially completed developments
4
97.05.3%2.0n/an/a
Land48.6n/a0.10.2%n/a
Total investment portfolio3,023.15.3%172.46.0%n/a
Investment property contracted for sale8.8n/a--n/a
Total portfolio3,031.95.3%172.46.0%n/a
Interim portfolio valuation
Portfolio valuation summary
9
Interim Result 2020
Financial result
1
In addition, $4.1 million was recognised in March 2019
2
Pilkington Road, FavonaRoad and Monahan Road properties, including costs capitalised since acquisition
3
Passing yield on acquisition price
4
Partially complete developments include developments held at cost (i.e. not sufficiently complete to be valued)
＋GMT continues to be conservatively leveraged
＋LVR of 17.9% at 30 September with fully
committed LVR at 20.6%
＋ICR of 3.9x on a normalised basis
1
(covenant:
not less than 2.0x)
＋Significant capacity for investment in
development pipeline and other opportunities
Balance sheet strength
Loan-to-value ratio
10
Interim Result 2020
Financial result
17.9%
20.6%
+3.0%
+1.2%
+0.6%
+3.5%
-0.4%
-1.3%
-5.0%
-0.8%
19.7%
10%
12%
14%
16%
18%
20%
22%
24%
26%
31-Mar-19AcquisitionsDevelopments
incl.
revaluation
DisposalsStabilised
revaluation
Equity
placement
Other30-Sep-19Retail offerCommitted
developments
Committed
LVR
Refer to note 2.5 of GMT’s Interim Financial Statements for further detail regarding calculation of LVR
1
ICR covenant calculation benefits from realised gain on disposal of interests in the Wynyard Precinct Holdings Limited joint ve nture resulting in a 5.0x measure as at 30 September 2019. Normalised ICR excludes this one-off gain.
11
NCI Packaging – Savill Link
Metrics
30-Sep-1931-Mar-19
Non-bank funding (drawn debt)100%98%
Headroom within bank facility$400m
1
$288m
Weighted average debt term (drawndebt)4.5y5.0y
Gearing covenant (<50%)20.5%22.4%
＋Refinancing of GMT’s bank facility completed in
November 2019
＋Increased facility size by $100m to $400m, with
funding from BNZ, CBA, HSBC and Westpac
＋Significant headroom provides capacity for further
development and investment
＋Committed to continued accessing of non-bank
funding
＋Maintained Standard & Poor’s corporate rating of
BBB (stable), BBB+ debt issue rating
Managing funding risk
Bank funding maturity profile
Non-bank funding maturity profile
12
Interim Result 2020
Capital management
100100100100
525252
0
20
40
60
80
1 00
1 20
1 40
FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31
USPP notes
Domestic bonds
1
Post bank facility refinancing
150150
135135
130
0
20
40
60
80
1 00
1 20
1 40
FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31
Bank facility - old
Bank facility - new
Metrics
30-Sep-1931-Mar-19
12m forward hedging level77%76%
Weighted average debt cost5.0%4.9%
ICR covenant
1
(>2.0x)3.9x3.6x
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Y1Y2Y3Y4Y5
＋Debt repayment has resulted in elevated hedging
levels over the next 12 months
＋Greater exposure to floating rates from late CY20
＋Cross currency swaps USD:NZD movement on
U
SPP notes (ITM $34.8 million)
＋Interest rate swaps net ITM $3.4 million
＋WACD for FY20 expected to be around 4.9%
Managing interest rate risk
Hedging profile
13
Interim Result 2020
Capital management
1
ICR covenant calculations benefit from realised gain on disposal of interests in the Wynyard Precinct Holdings Limited joint ve nture resulting in a 5.0x measure as at 30 September 2019. Normalised ICR excludes this one-off gain.
14
Premium Apparel –HighbrookBusiness Park
Interim Result 2020
Investment portfolio
Portfolio highlights
$123.2m
Development
commencements
3.4%
Underlying net property
income growth
5.5years
Weighted average lease
term
99.5%
Occupancy
15
100%
Auckland industrial
weighting
Gateway warehouse –Highbrook Business Park
70
80
90
100
110
120
130
140
150
201420152016201720182019
Prime IndustrialSecondary Industrial
Penrose
Rosebank
Albany
East
Tamaki
Wiri
Airport
Corridor
Mangere
Market update
16
Source: JLL (Jun 2019)
Interim Result 2020
Investment portfolio
Total: 162,000 sqm
GMT: 47,000 sqm
Source: CBRE (Oct 2019)
0
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000
2010201120122013201420152016201720182019
(F)
Industrial speculative development (sqm)
Auckland warehouse rents ($psm)
＋Auckland industrial market near capacity with 1.9% vacancy rate
1
＋Prime industrial rental growth of 5.6% in year to June 2019
1
＋Prime locations, close to consumers, expected to deliver best returns
＋Industrial market showing strongest investment performance and investor confidence of all property sectors
＋Speculative development around 160,000 sqm (1.5% of total stock) in Auckland’s central industrial locations
—GMT is responsible for around 30% of this build-to-lease activity. We constantly monitor our exposure to uncommitted product alongside
market conditions
Auckland prime industrial absorption
(sqm)
1
JLL 3Q19
Auckland central industrial precincts
Source: CBRE (Aug 2019)
95%
96%
97%
98%
99%
100%
FY16FY17FY18FY191H20
Portfolio leasing
＋First half stabilised leasing totalled67,778 sqm (equates to approximately 7% of the portfolio)
＋Occupancy of 99.5% with limited expiries remaining in FY20
＋FY21 expiries equate to 10.8% of portfolio, down from 15.0% as at March 2019
＋Development leasing a strong mixture of expansions for GMT’s existing customer base (15,976 sqm) and4 new customers (6,405 sqm)
17
Lease expiry profile (% of portfolio income)Occupancy (% of portfolio income)
Interim Result 2020
Investment portfolio
0%
5%
10%
15%
20%
25%
VacantFY20FY21FY22FY23FY24FY25FY26FY27FY28>FY28
VacantExpiring Income
64.0
10.2
+2.3
+6.2
+1.7
+0.3
-3.2
-10.2
74.2
71.3
40
45
50
55
60
65
70
75
80
1H19DisposalsAcquisitionsDevelopmentsUnderlying
portfolio
Other1H20
GMTWPHGMTWPH
Net property income
Look-through net property income bridge ($m)
＋Income from acquisitions and developments in
addition to like-for -like rental growth has mitigated
much of the impact of asset disposals
＋Average occupancy of 99.2%, reflecting the
p
ortfolio re-weighting to Auckland Industrial
＋Underlying NPI growth equated to 3.4% for the
p
eriod, (4.1% when adjusting for straightliningand
the impact of fitout rents)
18
Interim Result 2020
Investment portfolio
Reversion event
EstateNew WH rental
rate (psm)
% Increase on
passing
Incentive (%)
RenewalHighbrook1304.9%5.4%
Market Review (10% cap/collar)
2
Highbrook12810.0%-
Market Review (10% cap/collar)
2
The Gate12210.0%-
Market Review (10% cap/collar)
2
Savill11910.0%-
RenewalM201351.9%7.1%
Income subject
toreversion in 1H20
Rental increase from 1H20
reversion events
Rental increase from 1H20
reversion event pa
1
Total12.5%7.3%4.6%
Rental growth
Rental reversion
＋New leases, renewals and market reviews
(
reversion events) across 12.5% of portfolio
produced average annualised passing rental
increases of 4.6%
1
＋Strength of market rental growth has resulted in a
number of market reviews being limited to the pre
agreed capped level
1
Increase in contract rental for reversion events divided by number of years since the last time the rental was reviewed
2
A cap/collar is an agreement whereby rental cannot go up or down by more than a certain percentage upon a market rent review
19
Interim Result 2020
Investment portfolio
Leasing and market review examples above 10,000 sqm
＋Portfolio assessed as being 7.6% under-rented as at 30 September
1
＋36% of portfolio is subject to market review or expiry prior to the end of
FY22.Of these, 34% are subject to a form of cap with an average cap
on rental increases of 9%
＋Fixed reviews have an average increase of 2.6% per annum
Future reversions
Portfolio review profile(% of portfolio income)
20
Interim Result 2020
Investment portfolio
1
Internally assessed as at 30 September 2019 (face market rental vs. face passing rental across portfolio)
19%
57%
54%
3%
11%
8%
3%
5%
5%
2%
11%
15%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
2H20FY21FY22
FixedCPIMarketExpiries
Metrics
Expansion net lettable area15,976 sqm
Total project cost$48.4m
Yield on additional cost7.7%
Yield on total cost (incl. land)5.7%
Expansion of Mainstream at Savill Link and Ingram Micro at
M20 Business Park:
＋5,972 sqm of expansion space to cater for businesses which are
c
urrently operating their facilities at capacity
＋Average term to expiry of 7.3 years
＋Developments add to the expansion workbook announced in
S
eptember 2019, which included expansions of the OfficeMax
and Panasonic buildings at Highbrook Business Park
Customer expansions
Highlights – customer expansions
1
Mainstream – Savill Link
Ingram Micro – M20 Business Park
21
Interim Result 2020
Investment portfolio
1
All customer expansions commenced in FY20 including: OfficeMax, Panasonic, Mainstream and Ingram Micro
SavillLink
99
%
complete
1
Mainstream expansion
22
SavillDrive Units
100
%
occupancy
$365.4m
valuation
1
Post completion of current development programme
Ingram Micro expansion
M20 9,000
M20 Business Park
23
100
%
complete
1
$279.9m
valuation
100
%
occupancy
1
Post completion of current development programme
Estate
Total project cost
($m)
Lettable area
(sqm)
Expected
completion date
2
Leased
Highbrook156.147,107Feb-2143%
Savill Link25.27,502Oct-2051%
Westney16.48,347Dec-200%
M2037.913,582Dec-2032%
Total235.676,53838%
Current development programme
＋15 warehouses completed by GMT on a build-to-lease basis in FY19 are fully leased
＋Current development programmeo
f 76,538 sqm is 38% committed (49% terms agreed) and average time to completion ofnine months
1
—average warehouse face rent achieved on current workbook of$135 psmand incentives of 4.7%
＋GMT’s exposure to build-to-l
ease (uncommitted) development remains low, equating to just 4.4% of total portfolio
24
Work-in -progress summaryLeasing exposure
sqm
Currently under construction76,538
Uncommitted48,954
Total GMT portfolio1,116,869
Exposure4.4%
Interim Result 2020
Investment portfolio
1
Weighted by total project cost
2
Last completion date of current work in progress
25
Gateway warehouses -HighbrookBusiness Park
Outlook
Underlying fundamentals are expected to continue to drive sustainable growth in the Auckland Industrial market
＋Scarcity of land in infill locations likely to result in increased brownfield development / site intensification
＋Industry continues to see significant change with customers re-e
valuating supply chains andbecoming more focused on locations which provide
efficient and timely distribution within a congested transport network
＋Expect to see increased use of technology & automation as distributors seek to maximise productivity from within existing asset
s
＋Structural trends are expected to continue to attract strong capital investment into the sector
G
MT focused on making the right decisions for the long term
＋The location of GMT’s real estate will support our customers supply chain evolution, forecast to provide resilient cash flowsi
n a low interest rate /
low growth environment
＋Substantial balance sheet capacity to further increase footprint in preferred Auckland markets through incremental site acquis
it ions in line with
strategy
26
Interim Result 2020
Summary and outlook
27
Goodman office –VXV Precinct
Disclaimer: The information and opinions in this presentation were prepared by Goodman (NZ) Limited on behalf of Goodman Property Trust and its subsidiaries (Goodman).
Goodman makes no representation or warranty as to the accuracy or completeness of the information in this presentation.
Opinions including estimates and projections in this presentation constitute the current judgment of Goodman as at the date of this presentation. They are subject to change without notice.
Such opinions are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties andother factors, many of which are beyond Goodman’s control,
and which may cause actual results to differ materially from those expressed in this presentation.
Goodman undertakes no obligation to update any information or opinions whether as a result of new information, future events or otherwise.
This presentation is provided for information purposes only.
No contract or other legal obligations shall arise between Goodman and any recipient of this presentation.
Neither Goodman, nor any of its Board members, officers, employees, advisers or other representatives will be liable (in contract or tort, including negligence, or otherwise) for any direct or
indirect damage, loss or cost (including legal costs) incurred or suffered by any recipient of this presentation or other personin connection with this presentation.
28
NCI Packaging – SavillLink
Work-in- progress summary
29
Interim Result 2020
Appendix
DevelopmentEstate
Total project cost
($m)
Lettable area
(sqm)
Expected
completion date
Leased
Underwood 1,000Highbrook Business Park3.61,026 Oct-19Uncommitted
The Crossing CarparkHighbrook Business Park12.7-Dec-1950%
El Kobar UnitsHighbrook Business Park18.05,330Dec-1934%
Underwood 2,600Highbrook Business Park9.42,990 Dec-19100%
Business Parade 3,100Highbrook Business Park11.23,530 Dec-19100%
1
Panasonic ExpansionHighbrook Business Park8.02,660 Feb-20100%
Big Chill ExpansionHighbrook Business Park13.25,203 Feb-20100%
Savill Drive UnitsSavill Link18.05,482 Mar-2064%
1
OfficeMax ExpansionHighbrook Business Park20.37,344 Jul-20100%
El Kobar 10,000Highbrook Business Park26.110,400 Sep-20Uncommitted
Waiouru PointHighbrook Business Park15.14,359 Oct-20Uncommitted
Westney 4,500Westney Industry Park9.84,970 Oct-20Uncommitted
M20 9,000M20 Business Park25.09,630 Dec-20Uncommitted
68 Westney RoadWestney Industry Park6.63,377 Dec-20100%
1
Island UnitsHighbrook Business Park18.34,265 Feb-21Uncommitted
Total existing projects215.670,566
Ingram Micro ExpansionM20 Business Park12.83,952Oct-20100%
Mainstream ExpansionSavill Link7.22,020Oct-20100%
Total new developments
(announced 14 November 2019)
20.05,972
Total work in progress235.676,538
1
Includes terms agreed by way of Heads of Agreement
Profit or loss
30
Interim Result 2020
Appendix
Balance sheet
31
Interim Result 2020
Appendix
Cash flows
32
Interim Result 2020
Appendix
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.