Annual Meeting 2020 1 Goodman Property Trust Annual Meeting 2020 - - PowerPoint PPT Presentation
Goodman Property Trust Annual Meeting 2020 1 Goodman Property Trust Annual Meeting 2020 Keith Smith Meeting agenda Chairman and Independent Director Review the operating performance of the Trust and + the strategy for a more challenging
1
Goodman Property Trust
2
Goodman Property Trust Annual Meeting 2020
+
Review the operating performance of the Trust and the strategy for a more challenging economic environment
+
Consider and vote on one ordinary resolution
Director
Keith Smith
Chairman and Independent Director
3
Goodman Property Trust Annual Meeting 2020
You can send a question at any time, these will be addressed at the end of the presentations.
Click on the speech bubble icon
Type your question in the text box and click the send arrow
332-013-351
Keith Smith
Chairman and Independent Director
1 2
4
Goodman Property Trust Annual Meeting 2020
332-013-351
Keith Smith
Chairman and Independent Director
Online voting is available at anytime.
Click on the bar graph icon
Click on either “For, Against or Abstain” and it will change colour to orange to show your vote has been received
1 2
5
Goodman Property Trust Annual Meeting 2020
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
6
Goodman Property Trust Annual Meeting 2020
+
Trustee Covenant Trustee Services Limited
+
Auditor PricewaterhouseCoopers
Keith Smith
Chairman and Independent Director
7
Goodman Property Trust Annual Meeting 2020
+
Nominated Chairman
+
Notice of meeting properly given
+
Quorum confirmed
Keith Smith
Chairman and Independent Director
8
Goodman Property Trust Annual Meeting 2020
Goodman Property Trust Annual Meeting 2020
Auckland industrial weighting
Profit before tax
Gateway warehouses, Highbrook Business Park
New equity
9
Goodman Property Trust Annual Meeting 2020
+
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
+
Amended to ensure the business can continue to grow sustainably
+
Adopting a pay-out ratio of between 80% and 90% of cash earnings1 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
Gateway warehouses, Highbrook Business Park
Goodman Property Trust Annual Meeting 2020
Net tangible asset backing
Total Unitholder Return1 12 months to 31 March 2020
Goodman Property Trust Annual Meeting 2020
NCI Packaging, Savill Link
Portfolio revaluation
Profit after tax
FY20 cash distribution
1 GMT’s stock market performance calculated on an accumulation basis, aligned with performance fee calculation.Net rental income
Andy Eakin
Chief Financial Officer
13
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
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%
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
Westney Industry Park
Goodman Property Trust Annual Meeting 2020
16
Goodman Property Trust Annual Meeting 2020
+
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
Goodman Property Trust Annual Meeting 2020
Value
Occupancy
18
Goodman Property Trust Annual Meeting 2020
+
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
Active Healthcare, Highbrook Business Park
Goodman Property Trust Annual Meeting 2020
20
Goodman Property Trust Annual Meeting 2020
Estate
Highbrook Business Park
Completion
December 2019
NLA
3,548 sqm
Estate
Highbrook Business Park
Completion
March 2020
NLA
5,330 sqm
John Dakin
Chief Executive Officer Executive Director
21
Goodman Property Trust Annual Meeting 2020
Estate
Highbrook Business Park
Completion
December 2019
NLA
2,999 sqm
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
Goodman Property Trust Annual Result 2020
23
Goodman Property Trust Annual Meeting 2020
+
Over 80% of the portfolio has been built since 2004
+
Eleven new facilities completed in FY20
$22.5 million of fair value gains
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
Goodman Property Trust Annual Meeting 2020
Mt Wellington Estate
Goodman Property Trust Annual Meeting 2020
Goodman Property Trust Annual Meeting 2020
Warehouse extension
Panel, solar array
Electrical demand
Warehouse extension
26
Goodman Property Trust Annual Meeting 2020
+
Green House Gas emissions
+
Future targets
John Dakin
Chief Executive Officer Executive Director
Goodman Property Trust Annual Result 2020
Tonnes of food rescued
Million meals (equivalent)
28
Goodman Property Trust Annual Meeting 2020
+
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
Properties under management
Greg Goodman
Chief Executive Officer Executive Director
Total assets under management
As at 31 December 2019.
30
Highbrook Business Park
Goodman Property Trust Annual Meeting 2020
31
Goodman Property Trust Annual Meeting 2020
Resolution 1: Re-appointment of Susan Paterson As an ordinary resolution, that Unitholders approve the re-appointment
Director of the Manager.
Susan P an Pat ater erson
Independent Director
32
Goodman Property Trust Annual Meeting 2020
+
We will now close the poll and conclude the meeting
+
The result will be announced on the NZX
33
M20 Business Park, Wiri
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 and other factors, many of which are beyond Goodman’s control, and which may cause actual Meetings to differ materially from those expressed in this presentation. Goodman undertakes no obligation to update any information or opinions whether as a Meeting 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 person in connection with this presentation.