GMT Annual Meeting of Unitholders

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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 Annual Meeting of Unitholders
Date 22 July 2020
Release Immediate

WELCOME
Good afternoon ladies and gentlemen and welcome to this annual meeting of
Unitholders. I’m Keith Smith, Independent Director and Chairman of Goodman (NZ)
Limited, the Manager of Goodman Property Trust.
Adopting a virtual format for this year’s meeting reflects the unique times in which we
are living. While our preference was to hold a physical meeting, the potential disruption
from COVID-19 made a webcast the most appropriate format for this year’s event. The
uncertainty created by an extended lead-time, the travel restrictions on our Australian
based directors and the possible health and safety risks of a public gathering meant a
virtual meeting was the most pragmatic solution.
Today’s presentations will focus on the recent operating performance of the Trust and
the strategy for a more challenging economic environment. The meeting will also
consider one ordinary resolution, relating to the re-appointment of Susan Paterson as
an Independent Director.
A key difference between a virtual meeting and a physical one is in the way questions
are dealt with and how voting is conducted.
Now the meeting has started, you can submit questions through the webcast portal. It’s
a simple process, just click on the speech bubble icon at the top of the instruction
screen. This will open a text window that will allow you to type and submit your
question.

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

While we have allocated time at the end of the presentations to answer these, I
encourage you submit your questions at any stage.
Polling on the resolution has also opened. Unitholders can now vote by selecting the
polling icon on the instruction screen and following the prompts. Votes can be
amended up until the time the poll closes, at the conclusion of the meeting.
If you experience any technical issues asking questions or casting your vote, please
refer to the instructions provided in the Virtual Annual Meeting Guide that accompanied
the Notice of Meeting.
If you’d like to utilise the full-screen view of the presentation slides, which I
recommend, please use the icon and arrow at the top right of the screen to expand and
reduce the frame size.
ATTENDANCE AND BOARD COMPOSITION
I would now like to introduce the members of the Board and executives of the Manager
who are in attendance today.
In addition to myself we have Greg Goodman, Peter Simmonds, Leonie Freeman,
Phil Pryke, Susan Paterson, John Dakin and Andy Eakin.
The composition of the Board is unchanged from last year, and a majority of
Independent Directors is maintained. It is an experienced and capable group who have
overseen the growth of the business and the successful repositioning of GMT as New
Zealand’s leading industrial space provider.
As I noted last year, a Board refresh is on the governance agenda. To maintain
continuity and ensure an orderly transition, the timing of Director retirements and new
appointments will be staggered over the next two to three years.
REPRESENTATIVES OF TRUSTEE AND ADVISORS
In addition to the directors and executives present today, we also have representatives
of the Trustee and other advisors dialled in to the meeting. Listed on screen now, these
representatives will be available to answer any questions directed to them later in the
meeting.

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

MEETING FORMALITIES
I’d now like to work through some of the procedural formalities of an annual meeting.
I’d like it noted that in accordance with the Trust Deed, I have been nominated by the
Trustee to act as Chair of this meeting and I have now tabled this nomination.
I also confirm that the meeting has been properly convened and notice has been
properly given to Unitholders.

And finally, I can confirm that we have satisfied the requirements for a quorum.
Now the formalities are dealt with we can proceed.

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

YEAR IN REVIEW
GMT’s financial year ended on 31 March 2020, just as COVID-19 began to disrupt the
New Zealand economy. Due to the timing, the pandemic only had a limited impact on
the Trust’s 2020 financial results.
GMT delivered another strong operating performance over the year, with significant
growth in asset values, positive leasing outcomes, new development projects and
strategic acquisitions all contributing to a statutory profit of $284.4 million, before tax.
Capital management initiatives also proved timely, with bank refinancing and
$175 million of new equity providing substantial capacity for future investment and
development opportunities.
While the economic environment has deteriorated from last year, our investment
strategy remains focused on the Auckland industrial market. It has continued to be the
country’s best performing commercial real estate sector, providing the logistics
infrastructure that supports critical supply chains.
As we look ahead, the quality and scale of the portfolio, together with the low level of
gearing and focused investment strategy gives the Board confidence that the Trust will
continue to deliver sustainable long-term growth.
COVID-19 IMPACTS
The health and safety of Goodman staff, customers and contractors has been the
priority of the Board and Manager since COVID-19 first began to impact New Zealand.
Business continuity plans were implemented, with development sites and management
offices closed in accordance with the Government’s Alert Level restrictions.
As an essential business we continued to operate throughout the lockdown period,
along with many of our customers. Agile work practices enabled our team of 60 to
continue working remotely with only minor disruption to our normal business
operations.

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

Four months into the new financial year we have more clarity on the economic impacts
of the pandemic. The Trust has performed relatively well, with distribution and logistics
assets being the least affected of the various property investment classes.
Income receipts have remained stable and around 95% of the rent due over the last
four months has been paid by customers.
While this has been a reassuring result, we remain wary of the longer-term financial
impacts of COVID-19. Adapting to a more uncertain operating environment, while the
economy recovers, will ensure the Trust’s stable cashflows and strong financial
position are maintained.
DISTRIBUTION POLICY AMENDED
GMT’s investment strategy has been refined in recent years to meet the increasing
demand for warehouse and distribution space across Auckland.
The repositioning has also included initiatives to enhance the Trust’s capital structure.
Asset sales and equity issuance have significantly deleveraged the balance sheet,
while new debt issues have diversified the Trust’s sources of funding and extended the
term of its debt.
To ensure the business can continue to grow sustainably, the Board has amended its
distribution policy for the Trust. Adopting a target payout ratio of between 80% and
90% of cash earnings, on average over time, better aligns distributions with the
underlying cashflows from the Trust’s stabilised portfolio.
It’s another step in the evolution of a high-quality, low risk, property business, focused
on sustainable long-term growth.
Under the new policy, cash distributions of at least 5.3 cents per unit are expected to
be paid in FY21. The distribution represents around 85% of the Trust’s forecast cash
earnings.
I’d now like to pass over to Andy Eakin, who will give a more detailed overview of the
Trust’s recent financial results.

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

ANDY EAKIN’S ADDRESS
Thank you, Keith, and good afternoon ladies and gentlemen.
It’s great that technology enables us to engage safely with our Unitholders. While a
virtual format is new for our annual meetings, we have always webcast these events for
investors that are unable to attend.
I’m pleased to report that 2020 was another successful year for GMT. Investing in the
supply-constrained Auckland industrial market has continued to deliver outstanding
returns to Unitholders. It has also positioned the Trust to benefit from the continuing
growth of e-commerce.
Consumers have responded to the risks of COVID-19 by embracing the convenience
and safety of online sales and contactless delivery. It’s another positive demand driver
for industrial property and GMT’s portfolio is ideal for logistics and fulfilment businesses
that want convenient access to Auckland’s large population base.
FY20 FINANCIAL AND OPERATIONAL HIGHLIGHTS
GMT delivered a strong operating performance last year with sustained customer
demand being reflected in positive leasing results and new development commitments.
Asset sales in prior years, and the recent equity raise, have provided the balance sheet
capacity to fund these new projects. They have also allowed the Trust to make
strategic acquisitions, including the T&G Global facility in Mt Wellington.
The additional income from new developments and acquisitions has offset the
reduction in income from balance sheet deleveraging, with net rental income of $145.3
million being a new record for GMT.
While these operating results contribute to the Trust’s financial performance, it is the
revaluation of the Trust’s property portfolio that has had the greatest impact,
contributing $165.8 million of fair value gains to GMT’s $261.9 million after-tax profit.
The 5.7% increase in asset values to $3.1 billion reflects the quality of the portfolio,
higher market rentals and positive investor sentiment toward Auckland industrial
property.

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

Although fair value gains are not distributed, they add to GMT’s net tangible asset
backing which has increased 10%, to $1.72 per unit at 31 March. With a current stock
price of around $2.15 per unit, the Trust is trading at a very strong 25% premium to its
asset value.
INVESTMENT RETURNS
The strength of GMT’s recent stock price performance reflects investor support of our
strategy. The inclusion of GMT in the FTSE EPRA NAREIT Global Real Estate Index in
March 2020 is expected to add greater diversity and liquidity to the register, with many
offshore funds now required to hold GMT stock.
With a Total Unitholder Return of 28.1%, last year, the Trust significantly outperformed
its listed peers through the period.
With a relative return 39.4% above its benchmark index, a performance fee of
$11 .4 million was earned by Goodman as Manager of the Trust. The relative
performance hurdle measure means the Manager only earns a performance fee when
GMT out-performs its listed property peer-group, and provides positive total returns to
investors.
The Manager is also required to use the performance fee to subscribe for new units in
the Trust. It’s a Trust Deed requirement that’s ensures the close alignment of interests
between Goodman, as Manager and cornerstone investor, and other Unitholders. The
total return calculation includes both the movement in GMT’s stock price and the
distributions paid to Unitholders.
Totalling almost $90 million, cash distributions of 6.65 cents per unit were paid in
respect of FY20. As Keith has noted earlier, we have amended our distribution policy
and will now retain between 10% and 20% of cash earnings. For the current year, this
means around $19 million will be reinvested back into the portfolio ensuring it remains
of very high quality.

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

GEARING AND LIQUIDITY
The extensive sales programme that has repositioned the Trust and deleveraged the
balance sheet, was concluded during the year, with the last of the asset sales being
completed.
With more than $1.2 billion of disposals since 2014, it has been a successful strategy
realising strong profits and providing the balance sheet capacity to fund the
development programme.
More than $800 million has been reinvested into new development projects over the
same timeframe. The addition of 300,000 sqm of new industrial space has significantly
improved the composition and quality of the portfolio, with GMT now New Zealand’s
largest listed property investor by market capitalisation.
New equity initiatives, raising $175 million in September and October 2019, have
added further financial flexibility.
The additional capital, raised at $2.10 per unit, has helped reduce committed gearing to
just 20.6% at 31 March 2020. It’s a conservative level that provides substantial
headroom against GMT’s Trust Deed and debt facility covenants which all include a
maximum loan to value ratio of 50%.
The refinancing of the Trust’s bank facilities during the year has also provided
additional liquidity. Renewed on competitive terms, the total size of the facilities was
increased by $100 million to $400 million.
With low gearing and only partially drawn debt facilities, GMT has a very strong
balance sheet. The liquidity it provides will enable the Trust to progress its
development programme and take advantage of new acquisition opportunities, well into
the future.
The low gearing also ensures that GMT has the necessary headroom to absorb any
significant changes in asset values should property markets soften.

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

TREASURY INITIATIVES
A capital structure that includes a variety of funding sources adds to GMT’s financial
resilience. With a combination of bank borrowings, New Zealand listed retail bonds and
US Private Placement debt notes, the Trust has a diverse debt book.
At 31 March 2020, 96% of drawn debt was from non-bank sources with drawn bank
borrowings of just $25 million. These facilities are also long dated, with GMT’s drawn
debt having a weighted average term to expiry of around four years.
The next maturity in our treasury programme is the GMB020 bonds which expire in
December this year. While we have ample capacity to repay this $100 million bond
from bank debt, we are considering further new non-bank debt issuance, possibly via a
new retail bond offering. Doing so will help retain liquidity within our bank facilities and
provide the Trust with significant operational flexibility.
Standard & Poor’s reaffirmed their BBB credit rating of GMT earlier this month, a rating
that has remained stable since it was first issued in 2009. All of GMT’s existing debt,
including its retail bonds, are secured over the Trust’s property portfolio and is
therefore rated one notch higher at BBB+.
BUSINESS STRENGTH
The investment grade credit rating reflects the strength of GMT’s balance sheet and
the ongoing success of our investment strategy.
While the emergence of a global pandemic couldn’t have been foreseen when we
started our business planning earlier this year, we’re pleased with the resilience of the
Trust over the last four months.
GMT has demonstrated it is a substantial and mature property business able to
withstand market disruptions. By continuing to act prudently and limiting new
investment to the most compelling opportunities, we will ensure it remains a well-
capitalised and robust business.
I’ll now hand over to John who will continue with the operational review.

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

JOHN DAKIN’S ADDRESS
Thank you Andy, and good afternoon to everyone participating in our virtual meeting
today.
With COVID-19 disrupting the global economy it has been a turbulent start to the new
financial year. The initial impacts have been acute and while New Zealand has fared
relatively well, we’re cautious about the outlook. As you’ve heard from Keith and Andy,
our business remains strong and we’re adapting to the more challenging operating
environment.
In my presentation today I want to focus principally on the investment strategy of the
Trust and our response to the pandemic. I’ll also highlight some new sustainability
initiatives and refinements to our corporate reporting.
INVESTMENT STRATEGY
The Alert Level restrictions have highlighted the important role a secure and efficient
supply chain plays in the orderly functioning of a modern economy.
Warehouse and distribution facilities provide companies with the physical infrastructure
to manage inventory, while established transport routes link these businesses with
suppliers, customers and end consumers.
The continued urbanisation of cities and the rise of e-commerce are having a
significant impact on demand for warehouse and logistics space in many markets
around the world. A well-organised supply chain, that can quickly distribute goods and
materials, is critical for our cities to function and grow.
An investment strategy focused on urban logistics space has positioned GMT to take
advantage of these trends.
Auckland is the preferred investment market. It is the gateway to the country, its
commercial centre and largest consumer market.
GMT’s substantial property portfolio provides over one million square metres of high-
quality industrial space. The map on screen shows the location of the eleven estates
that make up the portfolio. You’ll see these properties are strategically located in the

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

established industrial suburbs of East Tamaki, Mangere, Mt Roskill, Mt Wellington,
Otahuhu, Penrose and Wiri.
Central to Auckland’s large consumer population, each estate provides customers with
specific locational advantages including direct motorway access, proximity to the
airport and port facilities and even dedicated rail sidings.
CUSTOMER FOCUS
Our estates include around 150 individual buildings, leased to over 200 businesses.
These companies provide the strong rental cashflows that underpin the Trust’s
operating results. It is a diverse group of businesses, representing the automotive,
building products, freight and logistics, retail, warehousing and distribution sectors.
While a large proportion of these customers were classified as essential and were able
to operate throughout the lockdown, a number have sought rent relief as they manage
the combined impacts of trading restrictions and a sharp recession.
Our support has been directed at the most vulnerable businesses in the portfolio -
those with limited financial capacity. We’re balancing the needs of these customers
with our obligations to Unitholders and, where possible, linking any rental concessions
to mutually beneficial leasing outcomes.
The type of support we have provided has included, rental abatements, rent deferrals,
and rent freezes, together with lease restructures and marketing support. We have
made allowances in our FY21 guidance to cover both the cost of this support and more
prudent leasing assumptions. With forecast cash earnings of 6.2 cents per unit, we are
expecting to deliver an operating result consistent with last year.
We are assisting other businesses too, accelerating invoice payments to suppliers and
increasing the frequency of progress payments to our construction partners. These are
ongoing practices that are expected to help restore business confidence as economic
activity resumes.

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

DEVELOPMENT PROGRAMME
Significant progress has been made in the Trust’s development programme with 11
projects completed over the last 12 months and a further $100 million of work in
progress. The completed projects included several customer expansions, along with
new design-build and build-to-lease facilities. The following images show some
examples.
You’ll see all the new development projects are high-quality and operationally efficient.
They’re also flexible enough to meet the requirements of many different businesses.
They incorporate sustainable design elements and are constructed using materials and
building processes that minimise waste and other environmental impacts. Energy
saving technologies and low flow water fittings also reduce operating costs for
customers.
Specialist packaging supplier, NCI is a new customer at Savill Link in Otahuhu and an
example of a business utilising automated technology to improve efficiency.
The 14,000 sqm, design-built warehouse accommodates the manufacturing plant
required for the production and labelling of cans used in the packaging of food, drink,
milk powder and paint. The manufacturing process, that can produce up to 300 large
cans per minute, includes sophisticated robotics.
With a combined value of almost $160 million, the 11 new facilities contributed
$22.5 million of fair value gains to this year’s profit result. They are now 100% leased
and have an average weighted average lease term of more than 10 years.
With around 80% of the portfolio built since 2004, GMT’s development capability has
been a critical factor in the growth of the business.
Maintaining a development pipeline is essential if the Trust is to meet the future
property requirements of its customers. New investment opportunities that provide
redevelopment potential are being targeted to replenish our land bank. The recent
acquisition of two neighbouring Mt Wellington properties, in separate transactions, is an
example of this strategy.

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

Acquired on a sale and lease back basis, the existing facilities, provide steady holding
income while future amalgamation of the two properties into a single 7ha site offers
further development opportunity.
In the geographic centre of Auckland, with access to more than 800,000 consumers
within a 20-minute delivery drive, the properties are ideally located for fulfilment and
logistics businesses.
The acceleration in e-commerce, online sales and contactless delivery are established
trends that are continuing to drive customer demand for the Trust’s well located,
warehouse and distribution facilities.
SUSTAINABILITY
OfficeMax is an existing customer at Highbrook that has recently had its premises
expanded to accommodate business growth. As part of the 7,350 sqm warehouse
extension, the office product and business consumable reseller is incorporating an 880
panel, solar array.
The northern orientation and extensive roof area make the building ideal for solar
technology and it is expected that that the new system will provide over 20% of the
customer’s electricity.
With over 400,000 kWh of capacity the system is expected to generate enough
electricity to power 57 New Zealand homes for a year. Using solar as an energy source
will also offset 39 tonnes of greenhouse gas emissions every year.
Sustainability is an increasing area of focus for all our stakeholders and there are other
initiatives underway across the business that will enhance our corporate performance.
GMT has been a regular contributor to the Carbon Disclosure Project since 2009 and
we have just completed a comprehensive emissions inventory ahead of this year’s
annual survey. The global initiative encourages companies, cities, and states to
monitor greenhouse gas emissions and implement strategies to minimise climate
change impacts. With a continued reduction in our carbon emissions and independent
audit assurance, we are expecting to improve on last year’s rating of B minus.

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

We have also set targets for the future with the aim of having carbon neutral operations
by 2025. Our recent annual report includes more detail on these initiatives, and I
encourage you to read the document to learn more about our sustainability
programme.
It also includes an overview of the Goodman Foundation.
The Foundation is an initiative of the Manager that supports the work of local
community groups. The aim is to help the vulnerable and improve the social outcomes
in the locations where we invest.
KiwiHarvest is the largest of our partnerships. The food rescue organisation operates a
distribution facility from Highbrook Business Park, collecting and redistributing
perishable food that would otherwise be consigned to landfill.
Last year the organisation rescued and redirected over 1,250 tonnes of food from
businesses across New Zealand. Equivalent to 3.6 million meals, it included surplus
produce, protein, mislabelled goods and grocery items approaching expiry.
Demand from social agencies for food parcels has escalated rapidly as a result of
COVID-19 with the volume of food being collected and distributed by KiwiHarvest more
than doubling during lockdown. To help meet the growing need and address the waste
that occurs in food production and distribution, we have helped facilitate the
establishment of a new national food rescue network.
With government support, the New Zealand Food Network is now operating from a new
1,000 sqm facility at Highbrook, next to KiwiHarvest. Having the two organisations side
by side, will create synergies and efficiencies that will help address the issue of food
poverty not only in Auckland, but across the country.
BUSINESS OUTLOOK
Creating a business that delivers sustainable long-term returns for investors, and
positive outcomes for other stakeholders, has always underpinned our investment
strategy.

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

Maintaining a low-leverage capital structure has been a deliberate part of this strategy.
It has ensured that GMT is a resilient and robust business with the financial reserves to
withstand market corrections and economic cycles.
Our expectations are that the impacts of COVID-19 are likely to be ongoing,
constraining economic activity for the next 18 to 24 months at least.
With a high-quality portfolio focused on urban logistics, GMT is uniquely placed to
benefit from the growing demand for distribution facilities close to consumers. The
pandemic is accelerating this trend with businesses responding to the challenges and
opportunities of a growing online marketplace.
While we’re cautious about the year ahead, we’re confident we have the best assets
and the right strategy for a more challenging operating environment.
Thank you everyone, I’d now like to hand back to Keith for questions.

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

GENERAL BUSINESS
KEITH SMITH
Thanks John. Before we move to the formal business of the meeting, I’d like to reiterate
a few key points from today’s presentations.
GMT is a well-capitalised and resilient property trust, exclusively invested in the
Auckland industrial market.
The business has responded to the challenges of COVID-19 and has continued to
perform well over the first four months of the new financial year. Customer enquiry for
new and existing space remains strong, portfolio occupancy has been maintained and
year-to-date rental cashflows are in-line with our expectations.
Although the operating environment is more uncertain, GMT’s investment strategy
remains unchanged. The focus on urban logistics, in New Zealand’s largest consumer
market, means the Trust is uniquely positioned take advantage of any new customer
requirements created by the accelerating growth of e-commerce.
As we look ahead, the quality and scale of the portfolio, together with the low level of
gearing and focused investment strategy gives the Board confidence that the Trust will
continue to deliver sustainable long-term growth.
That concludes the presentations ladies and gentlemen.
I encourage you to finalise any questions you’d like addressed and to submit these
now. As I mentioned earlier, questions need to be entered through the webcast portal.
To do so, please click on the speech bubble icon at the top of the instruction screen
and follow the prompts.
Before we deal with those however, I’d like to ask Greg Goodman, the global CEO of
Goodman Group to provide a brief update on current trends in the offshore markets
where GMG invests.
[Greg to address the meeting]

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

QUESTIONS FROM UNITHOLDERS
Thank you, Greg. I’ll now move onto questions.
[Keith to address any questions]
Ladies and gentlemen, as there are no further questions I will now proceed to the
formal business of the meeting.
RESOLUTION AND POLL
Unitholders have the right to nominate and vote on the Independent Directors of the
Manager.
This year Susan Paterson is retiring by rotation, and being eligible, has offered herself
for re-election. Susan has signalled that this will be her last term as an Independent
Director and she will be stepping down from the Board within the next three years.
With her commercial and governance expertise complementing the skills of the other
Directors, Susan is a highly regarded and effective member of the Board. The other
Directors and I unanimously recommend you vote in favour of her re-appointment.
The Resolution is set out in the Notice of Meeting and is shown on screen now.
We will shortly be closing the poll but before we do, I will invite Susan to address the
meeting. If there are any questions on the resolution, I also ask that you that you
submit these now.
[Susan to briefly address the Meeting]
Thank you, Susan.
[Keith to address any questions on the resolution]
As there are no further questions, we will now close the poll. The result will be
announced to the NZX in due course and a copy of the announcement will also be
available on our website.
Ladies and gentlemen, thank you very much for your participation this afternoon, I now
declare this meeting closed.

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

For further information please contact:
John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(021) 321 541

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

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

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.0 billion, ranking
it in the top 20 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman
Group, Goodman Group is also the Trust’s largest investor with a cornerstone unitholding of 21.4%.
GMT is New Zealand’s leading industrial space provider. It has a substantial property portfolio, with a value of $3.1
billion. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s.

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1
Annual
Meeting
Goodman Property Trust
2020

2
Goodman Property Trust Annual Meeting 2020
Meeting agenda
+Review the operating performance of the Trust and
the strategy for a more challenging economic
environment
+Consider and vote on one ordinary resolution
-re-appointment of Susan Paterson as an Independent
Director
Keith Smith
Chairman and
Independent Director

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Goodman Property Trust Annual Meeting 2020
Questions and answers
You can send a question at any time,
these will be addressed at the end of
the presentations.
To ask a question
Click on the speech bubble icon
on the top centre of the page
Type your question in the text
box and click the send arrow
332-013-351
Keith Smith
Chairman and
Independent Director
1
2

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Goodman Property Trust Annual Meeting 2020
332-013-351
Voting
Keith Smith
Chairman and
Independent Director
Online voting is available at anytime.
To cast a vote
Click on the bar graph icon
on the far right of the page
Click on either “For, Against or
Abstain” and it will change
colour to orange to show
your vote has been received
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Goodman Property Trust Annual Meeting 2020
Board and executives
Susan Paterson
Independent Director
John Dakin
Executive Director and CEO
Greg Goodman
Non-executive Director
Andy Eakin
Chief Financial Officer
Keith Smith
Chairman & Independent Director
Peter Simmonds
Independent Director
Leonie Freeman
Independent Director
Phil Pryke
Non-executive Director

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Goodman Property Trust Annual Meeting 2020
Advisors
+TrusteeCovenant Trustee Services Limited
+AuditorPricewaterhouseCoopers
Keith Smith
Chairman and
Independent Director

7
Goodman Property Trust Annual Meeting 2020
Meeting formalities
+Nominated Chairman
+Notice of meeting properly given
+Quorum confirmed
Keith Smith
Chairman and
Independent Director

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Goodman Property Trust Annual Meeting 2020
Year in review
Goodman Property Trust Annual Meeting 2020
100%
Auckland industrial weighting
$284.4m
Profit before tax
Gateway warehouses, HighbrookBusiness Park
$175m
New equity

9
Goodman Property Trust Annual Meeting 2020
COVID-19 impacts
+Health and safety of staff, customers and
contractors continued to be first priority
+Goodman classified as an essential business
+Income receipts representing around 95% of rent
due over last four months has been paid
+Remain cautious of longer-term economic impacts
Keith Smith
Chairman and
Independent Director

10
Goodman Property Trust Annual Meeting 2020
Distribution policy
+Amended to ensure the business can continue to grow
sustainably
+Adopting a pay-out ratio of between 80% and 90% of
cash earnings
1
aligns distributions with the underlying
cashflows from GMT’s stabilised portfolio
+Cash distributions of at least 5.3 cents per unit are
expected to be paid in FY21
1
Cash earnings is a non-GAAP financial measure that assesses underlying operating cashflows, after adjusting for borrowing costs and Manager’s base fee capitalised to land and expenditure related to building maintenance.
Keith Smith
Chairman and
Independent Director

11
overview
Gateway warehouses, HighbrookBusiness Park
Goodman Property Trust Annual Meeting 2020
Financial

172.7cpu
Net tangible asset backing
28.1%
Total Unitholder Return
1
12 months to 31 March 2020
Goodman Property Trust Annual Meeting 2020
NCI Packaging, Savill Link
$165.8m
Portfolio revaluation
$261.9m
Profit after tax
6.65cpu
FY20 cash distribution
1
GMT’s stock market performance calculated on an accumulation basis, aligned with performance fee calculation.
$145.3m
Net rental income
FY20 highlights
Andy Eakin
Chief Financial Officer

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Goodman Property Trust Annual Meeting 2020
+$1.2 billion of asset sales since 2014 with more than $800
million reinvested into new development projects
+Greater financial flexibility with $175 million of new equity,
raised at $2.10 per unit
+Committed gearing of just 20.6%
+Refinancing of bank facilities provides almost $400 million of
liquidity
Gearing and liquidity
Andy Eakin
Chief Financial Officer
Andy Eakin
Chief Financial Officer

14
Goodman Property Trust Annual Meeting 2020
Bank debt
4%
Bonds
64%
USPP notes
32%
Treasury initiatives
Funding sources shown on a drawn basis as at 31 March 2020
+96% of drawn debt from
non-bank sources
+Undrawn bank facilities of
almost $400 million
+GMT credit rating of BBB
reaffirmed with debt rated
BBB+
Andy Eakin
Chief Financial Officer

15
Operational
WestneyIndustry Park
Goodman Property Trust Annual Meeting 2020
review

16
Goodman Property Trust Annual Meeting 2020
Investment strategy
+Industrial property plays a critical role in supply chains
+Continued urbanisation and growth of e-commerce
contributing to increased demand for warehouse and
logistics space
+GMT positioned to take advantage of these global trends
+Auckland is the preferred investment market, commercial
centre of the country and its largest consumer market
John Dakin
Chief Executive Officer
Executive Director

17
Goodman Property Trust Annual Meeting 2020
Property portfolio
Goodman Property Trust Annual Meeting 2020
$3.1bn
Value
99%
Occupancy

18
Goodman Property Trust Annual Meeting 2020
Customer focus
+Portfolio focused on storage,
logistics and distribution
+Large proportion of customers’
businesses were classified as
essential throughout lockdown
+Support was directed at the most
vulnerable businesses, those with
limited financial capacity
Mainfreight
image
John Dakin
Chief Executive Officer
Executive Director

19
Development
programme
Active Healthcare, HighbrookBusiness Park
Goodman Property Trust Annual Meeting 2020

20
Goodman Property Trust Annual Meeting 2020
Completed developments
Hellmann
Estate
Highbrook Business Park
Completion
December 2019
NLA
3,548 sqm
El Kobar units
Estate
Highbrook Business Park
Completion
March 2020
NLA
5,330 sqm
John Dakin
Chief Executive Officer
Executive Director

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Goodman Property Trust Annual Meeting 2020
Paramount
Estate
Highbrook Business Park
Completion
December 2019
NLA
2,999 sqm
Completed developments
NZ Food Network
Estate
Highbrook Business Park
Completion
October 2019
NLA
1,024 sqm
John Dakin
Chief Executive Officer
Executive Director

22
Goodman Property Trust Annual Meeting 2020
NCI Packaging
Goodman Property Trust Annual Result 2020
Savill Link

23
Goodman Property Trust Annual Meeting 2020
Development progress
+Over 80% of the portfolio has been built since 2004
+Eleven new facilities completed in FY20
-Provides almost 35,000 sqm of high-quality space
-Value on completion was $158.6 million, contributing
$22.5 million of fair value gains
-Projects are 100% leased with a weighted average
lease term of more than 10 years
+Around $100 million of work in progress
John Dakin
Chief Executive Officer
Executive Director

Goodman Property Trust Annual Meeting 2020
Mt Wellington
Goodman Property Trust Annual Meeting 2020
acquisitions
Mt Wellington Estate

Goodman Property Trust Annual Meeting 2020
OfficeMax
Goodman Property Trust Annual Meeting 2020
7,350sqm
Warehouse extension
880
Panel, solar array
20%
Electrical demand
Highbrook
Warehouse extension

26
Goodman Property Trust Annual Meeting 2020
Sustainability - Carbon
+Green House Gas emissions
-FY19 CDP rating of B-
-Emissions inventory completed for FY20
-Independent audit assurance
+Future targets
-Carbon neutral business operations by 2025
-100% renewable energy use by 2025
John Dakin
Chief Executive Officer
Executive Director

Goodman
Goodman Property Trust Annual Result 2020
Foundation
1,250
Tonnes of foodrescued
3.6
Million meals (equivalent)

28
Goodman Property Trust Annual Meeting 2020
Business outlook
+COVID-19 is constraining economic growth globally
+GMT’s investment strategy is focused on urban logistics
property in Auckland
+The Trust is uniquely placed to benefit from the growing
demand for distribution facilities close to consumers
+Market fundamentals remain strong with good levels of
customer demand
+GMT is a well capitalised and resilient business that will
continue to be managed prudently
John Dakin
Chief Executive Officer
Executive Director

29
Goodman Property Trust Annual Meeting 2020
Goodman Group
394
Properties under
management
Greg Goodman
Chief Executive Officer
Executive Director
$49.2bn
Total assets under
management
As at 31 December 2019.

30
Questions
HighbrookBusiness Park
Goodman Property Trust Annual Meeting 2020

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Goodman Property Trust Annual Meeting 2020
Formal business
Resolution 1: Re-appointment of
Susan Paterson
As an ordinary resolution, that
Unitholders approve the re-appointment
of Susan Paterson as an Independent
Director of the Manager.
Susan Paterson
Independent Director

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Goodman Property Trust Annual Meeting 2020
Voting and close
+We will now close the poll and conclude the meeting
+The result will be announced on the NZX

33
M20 Business Park, Wiri
Thank you
Disclaimer: The information and opinions in this presentation were prepared by Goodman (NZ) Limited on behalf of Goodman Property Trust and its subsidiaries (Goodman).
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