GMT+ Full year results to 31 March 2013
Contents + Section 01 Overview + Section 02 Financial overview + Section 03 Investment activity + Section 04 Investment portfolio + Section 05 Development portfolio + Section 06 Outlook + Appendices 2
Overview + $91.7 million before tax profit compared to $53.5 million in pcp + $77.9 million after tax profit compared to $40.5 million in pcp Earnings & Profit + Distributable earnings before tax of $87.7 million or 8.21 cpu ($80.9 million or 8.41 cpu, pcp) + Distributable earnings after tax of $84.1 million or 7.88 cpu ($74.7 million or 7.78 cpu, pcp) + Full year cash distributions of 6.25 cents per unit, representing a 79.3% payout ratio + Net property income increased by 5.2% to $117.1 million + Portfolio occupancy averaged 96% and a weighted average lease term of 5.3 years Portfolio + Over 144,000 sqm of space leased across GMT s investment portfolio + Revaluation of $4.2 million and a portfolio capitalisation rate of 8.1% + 100% ownership of Highbrook Business Park following the acquisition of remaining JV interests + Loan to value ratio of 34.8% and interest cover ratio of 2.6 times Capital Management + Weighted remaining term across debt facilities now 3.2 years + Debt restructuring and refinancing, new $600.0 million facility + Over $235 million of equity issued + Almost $35.0 million of capital recycled through the asset sale programme Development + Commencement of new projects totalling $90.0 million, encompassing 48,218 sqm of rentable area + Further commitments from Trio Group and Bridgestone post balance date 3
Financial overview+ The Crossing, Highbrook Business Park
Financial performance 12 months ended March 13 March 12 Change % Net rental and related income 117.1 111.3 5.2 Net finance costs (28.9) (26.9) (7.4) Other administrative expenses (9.7) (8.5) (14.1) Costs relating to Highbrook acquisitions (2.2) - - Gain on disposal of investment property 0.1 - - Net change in value of property investments 4.2 (19.5) 121.5 Gain resulting from business combination 5.5 - - Fair value gain/(loss) on derivative financial instruments 5.6 (2.9) 293.1 Profit before income tax 91.7 53.5 71.4 Taxation (13.8) (13.0) (6.2) Profit for the year after income tax 77.9 40.5 92.3 Distributable earnings before tax (1) 87.7 80.9 8.4 Tax on distributable earnings (3.6) (6.2) 41.9 Distributable earnings after tax (1) 84.1 74.7 12.6 Note: Values in table above may not appear to sum accurately due to rounding. (1) Distributable earnings is an alternative performance measure used to assist investors in assessing the Trust s underlying operating performance. Refer to the accompanying appendix for details on how this measure is calculated. 5
Revenue reconciliation Portfolio income - + Modest growth across investment portfolio on a like for like basis + Customer restructuring includes impact of Geon default + Highbrook acquisitions contribute from 14 December 2012 + Development contribution includes full year contribution from Supercheap and others 6
Distributable profit Distributable earnings - + Includes beneficial ownership of Highbrook from 1 October 2012 to 13 December 2012 + Adjusted to be net of associated transaction costs 7
Tax on distributable earnings + Effective tax rate of 4.1% on distributable earnings + Includes the benefit of the Highbrook acquisitions which has reduced the effective tax rate by 3.5% + Change in legislation from 1 April 2013, to spread all lease incentive deductions over term of lease, increases effective tax rate by 1% + Expectation that tax will range between 8-11% in FY14 8
Financial position as at March 13 March 12 Change % Total assets 2,052.3 1,674.3 22.6 Property investments 2,008.1 1,629.5 23.2 Net borrowings 698.1 581.2 (20.1) Total liabilities 866.4 739.2 (17.2) Equity 1,185.9 935.1 26.8 Net borrowings to property assets (%) 34.8 35.7 n/a NTA per unit (1) (cpu) 95.0 92.9 2.3 Note: Values in table above may not appear to sum accurately due to rounding. (1) As a result of the recognition of equity relating to the deferred consideration component of the Highbrook Acquisitions, GMT s net tangible assets per unit is calculated as if those deferred issue units had already been issued. 9
Property investments Portfolio value - 10
Net tangible assets Cents per unit NTA NTA at 31 March 2012 92.9 Increase in fair value of property investments 0.3 Increase in fair value of derivative financial instruments 0.3 Depreciation recovered on asset sales (0.4) Retained earnings 0.7 DRP 0.1 Highbrook acquisition (1) 1.1 NTA at 31 March 2013 95.0 Note: NTA is calculated on a diluted basis as a result of the recognition of equity relating to the deferred issue units. (1) Gain on acquisition, issuance at a premium to NTA 11
Capital management + Equity initiatives included: - $60.0 million private placement to institutional investors - $30.0 million Unit Purchase Plan to eligible Unitholders - $20.5 raised through the Distribution Reinvestment Plan - $93.3 million issue of GMT units to Goodman Group and the estate of Sir Woolf Fisher - $37.3 million of deferred units to be issued in December 2015 + Strong balance sheet - Loan to value ratio of 34.8%, below the lower end of the Board s targeted 35% to 40% band - Interest cover ratio of 2.6 times 1 1 Main GMT facility 12
Capital management + Debt restructuring and refinancing activity at competitive new margins + Weighted term across all debt facilities maintained at 3+ years + Weighted average cost of debt for FY13 of 8.0% Bank facilities March 13 March 12 GMT main facility 600.0 330.0 Highbrook (50%) - 112.5 Henshaw Goodman - 31.0 Viaduct Corporate Centre (50%) 26.0 26.0 Total bank facilities 626.0 499.5 Undrawn amount 117.5 106.7 Retail Bond 150.0 150.0 Wholesale Bond 45.0 45.0 Weighted average cost of debt 1 8.00% 7.75% Weighted term 3.2 years 3.1 years 1 Includes margin, line fees, establishment costs and derivatives. 13
Capital management + GMT is currently 65.5% hedged with an average term of 2.9 years across its swap book + Positioned towards the bottom of the policy band, taking advantage of lower floating rates + Effective interest rate in FY14 expected to be around 7.0% GMT Hedging profile % hedged 14
Earnings outlook + Improving business confidence and strengthening economic growth will drive occupier demand + The Trust is well positioned to benefit from this lift and sustained earnings growth expected over the medium to longer term, but remains sensitive to: - rental growth - interest rate movements - investment and development activity - capital management initiatives + Distributable earnings before tax in the range of 8.2 8.4 cents per unit in FY14 + Cash distribution expected to be at least 6.25 cents per unit 15
Investment activity+ Supercheap Auto at Savill Link, completed July 2012
Highbrook Business Park + Over 100 hectares of developable land strategically located in Auckland s East Tamaki + Development started in 2005, with over 250,000 sqm of prime industrial and office assets now completed + Highbrook acquisitions - Purchase of remaining JV interests for $186.6 million - Funded using combination of cash and GMT units, including $37.3 million of deferred issue units - 99.1% Unitholder support for transaction 17
Acquisition benefits + Enhances an already high quality property portfolio + Increased exposure to prime industrial and business space assets + An expanded development capability at a point in the property cycle where development activity and property values are improving + A favourable consideration structure, with an element of deferral + A strengthened register with both Goodman Group and Fisher reinvesting back in GMT, maintaining strong alignment through their respective equity investments + GMT able to realise operational savings as a result of simplified ownership structure + Increased scale and liquidity, GMT s market capitalisation increased to $1.3 billion as a result of the Acquisitions, the Institutional Placement and Unit Purchase Plan 18
NZ investment market activity Total Investment Sales Value - $5 million+ + Substantial increase in transaction activity during the second half of 2012-84 sales totalling $1.6 billion in 2H 2012 compared to 49 sales totalling $0.9 billion in 1H 2012. + Private investors and local and offshore institutional investors all buying + Increase in average transaction price Source: CBRE Research 19
Sale of assets + Strengthening investment market with interest from local and offshore investors competing for quality assets + Recycling of capital will ensure GMT can take advantage of more growth orientated investment and development opportunities + Asset sales programme realised $34.9 million with three disposals during the year + More than $50.0 million of property being targeted for disposal in FY14 with additional assets being positioned for sale over the next 18-24 months 20
Investment portfolio+ The Ford Building, Highbrook Business Park
Portfolio leasing Space leased - NLA 1 sqm Key leasing deals completed in FY13 Property Customer NLA 1 sqm Term years Westney Industry Park Linfox Logistics 29,870 5 Carter Holt Harvey Facility Carter Holt Harvey 2 22,341 10 Central Park Various Customers 13,570 7 3 M20 Business Park Ford 9,112 3 Gateside Industry Park Toll Networks 8,031 3 Penrose Industrial Estate George Weston Foods 3,963 12 Millennium Centre Toyota Finance 2,105 9 Southpark Industrial Estate Acrow Limited 1,155 8 + Over 144,000 sqm of space leased on new and revised terms in FY12 + This new leasing equates to $19.5 million of portfolio income or 14.5% of portfolio NLA + On average 139,600 sqm of space has been secured per annum across the investment portfolio over the last 7 years The Gate Industry Park Dometic 1,298 8 SMEC House Unilever NZ 933 6 Total 92,378 6.6 Other Various Customers 51,690 3.1 Total FY13 144,068 5.4 1 Net lettable area (net of canopies and yard) 2 Includes the 1,800 sqm warehouse extension being built for Carter Holt Harvey 3 Weighted average lease term 22
Portfolio occupancy Portfolio occupancy portfolio income (%) Key vacancies Property Tenancy NLA 1 sqm Enterprise Park Warehouse 6,000 Westney Industry Park Warehouse/office 4,861 Highbrook Business Park Warehouse/office/retail 2,403 The Gate Industry Park Warehouse/office 1,903 Connect Business Estate Office 2,290 M20 Business Park Office/Showroom 1,024 Millennium Centre Office 963 Other Various 14,660 Total 34,104 1 Net lettable area (net of canopies and yard) + Challenging leasing environment for secondary space + Market rentals improving for prime space + GEON space becoming vacant from July 2013 23
Portfolio expiries Lease expiry profile portfolio income (%) Key customer expiries FY14 Property Customer NLA 1 Expiry sqm M20 Business Park Frucor 18,192 Apr 13 Highbrook Business Park GEON 10,047 July 13 Highbrook Business Park LG Electronics 2,560 May 13 Savill Link Toll 8,393 May 13 Westney Industry Park Cardinal Logistics 8,413 July 13 Westney Industry Park Pacific Network 2,998 Nov 13 Highbrook Business Park Machineryhouse 2,206 Nov 13 The Gate Industry Park Design Print 2,342 Jan 14 Total 55,151 1 Net lettable area (net of canopies and yard) + Weighted average lease term of 5.3 years at 31 March 2013 - WALT of 5.8 years across industrial assets - WALT of 3.8 years across office assets + 9.5% of income due to expire in FY14 24
Valuations + Valuation gain of $4.2m compared to a devaluation of $19.5m in FY12 - Investment portfolio recorded an increase of $25.9m or 1.5% - Commenced developments recognised $3.8m of value uplift - Development land declined by $25.5m or 9.5% + Portfolio capitalisation rate firmed by 40bps to 8.1% + Investment portfolio remains around 4.0% over-rented Valuation Summary Mar 2013 Valuation $m Valuation gain/loss $m Annual change % Weighted cap rate % Cap rate shift % Office portfolio 529.5 8.6 1.7 8.56 (0.24) Industrial portfolio 1,173.7 17.3 1.5 7.91 (0.43) Commenced developments 60.5 3.8 6.7 - - Development land 244.3 (25.5) (9.5) - - Total 2,008.1 4.2 0.2 8.1 0.40 Note: Values in table above may not appear to sum accurately due to rounding. 25
Capital Projects + $2.1 million for planned refurbishment at the ex-frucor facility, M20 Business Park, including a new roof, separation of services + $1.3 million for upgrade works to gym and childcare provision at Central Park Corporate Centre + $3.0 million for seismic works at Show Place Office Park, Christchurch - cost reflected in current valuations + Additional seismic works of $2.0 million to be spend across the office portfolio over next 3-5 years + Additional deal related capital expenditure of between $6 $10 million likely 26
Development portfolio+
Development strategy Accelerating our development programme and realising the value in the Trust s strategic land holdings is a key business focus + Current land weighting of 11.6% of total property assets + Dominant developer in South Auckland industrial market and Greenlane office corridor + Improving economic conditions are expected to drive an increase in development activity + Continuation of design-build activity + Produce uncommitted product at certain estates - Key influencing factors - Cyclical low in building costs - Improving occupancy in key markets - Market rentals firms 28
Development programme + Significant increase in development activity since FY11-48,218 sqm of projects totalling $90.0 million in FY13-5,700 sqm of industrial projects committed post balance date + Average land take-up of 117,000 sqm over the last 9 years supporting around 59,000 sqm of new development activity GMT development activity NLA 1 sqm 1 Net lettable area (net of canopies and yard) FY14 Reflects YTD development commitment to Trio Group at Highbrook Business Park and Bridgestone at M20 Business Park 29
Development activity FY13 Customer NLA 1 sqm Lease term years Total Cost $m Status Frucor, M20 Business Park 17,150 12 22.3 Complete PlaceMakers, Glassworks Industry Park 2,745 9 5.0 Complete Big Chill expansion, Glassworks Industry Park 1,085 15 3.8 Complete Mainstream, Savill Link 10,620 12 12.5 Commenced 7 Central Park, Central Park 5,340 10 21.4 Commenced Carter Holt Harvey expansion, Glassworks Industry Park 1,800 9 1.1 Commenced Car Park expansion, Central Park - - 2.6 Commenced Warehouse 28, Highbrook Business Park 6,700-8.9 Design & consent stage 10 Show Place, Show Place Office Park 2,778-12.4 Design & consent stage Total 48,218 90.0 Note: Values in table above may not appear to sum accurately due to rounding 1 Net lettable area (net of canopies and yard) and are subject to final measures upon completion 30
Recent development completions Highbrook Business Park M20 Business Park Customer Panasonic NLA 1 7,500 sqm Lease term 10 years Ownership % 100 Total project cost $m 12.8 Development timeframe Sep 2011 February 2013 Customer Frucor NLA 1 17,150 sqm Lease term 12 years Ownership % 100 Total project cost $m 22.3 Development timeframe April 2012 March 2013 1 Net lettable area (net of canopies and yard) 31
Current projects PlaceMakers + NLA 2,745 sqm + Valuation $6.0m + Cap rate 7.00% + PC April 2013 The Crossing + NLA 9,800 sqm + Valuation $34.6m + Cap rate 7.88% + PC July 2013 Mainstream + NLA 10,620 sqm + Valuation $13.2m + Cap rate 7.33% + PC May 2013 7 Central Park + NLA 5,340 sqm + Valuation $23.0m + Cap rate 7.50% + PC July 2013 32
Outlook+
Outlook and summary + Continuation of accelerated development programme Strategy + Existing funding capacity utilised, enhancing investment returns to Unitholders + Focus on maximising portfolio rental streams with targeted leasing campaign to offset pending expiries and lift occupancy + Asset disposals refining portfolio in strong investment market + Improving business confidence and economic outlook + Strong underlying property fundamentals, with improving rental growth forecast Outlook + Medium to longer term growth prospects increasingly positive + Investment returns strengthening as investors take advantage of low interest rate environment + Sustaining higher levels of development activity dependent on business confidence being maintained + Strong balance sheet position Capital management + Refinancing completed, weighted average debt term of 3.2 years + Equity, bank debt and bond markets are all future funding options + DRP continues timely & cost effective equity + Property markets are strengthening + GMT positioned for growth Summary + Achieving leasing objectives will deliver consistent operating results + FY14 distributable earnings guidance of 8.2 cpu 8.4% cpu + Cash distributions expected to be at least 6.25 cpu, 34
Thank you+ Important Notice This presentation has been prepared by Goodman (NZ) Limited as the manager of Goodman Property Trust ( GMT ). The details in this presentation provide 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 presentation 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. May 2013.
Appendix Distributable Earnings Reconciliation The following tables are extracted from note 6 to the consolidated financial statements of Group Group 31 Mar 13 31 Mar 12 Profit used in calculating distributable earnings Profit after income tax used in calculating basic and diluted 40.5 earnings per unit 77.9 Net change in value of property investments (4.2) 19.5 Gain on disposal of investment property (0.1) - Net gain resulting from business combination (5.5) - Beneficial ownership of further 50% of Highbrook Development Limited from 1 October 2012 to 13 December 2012 (3) 1.8 - Beneficial ownership of further 25% of Highbrook Business Park properties from 1 October 2012 to 13 December 2012 (3) 0.6 - Costs in respect of the acquisition of Highbrook Development Limited expensed through the statement of comprehensive income 2.2 - Fair value (gain)/loss on interest rate derivatives (5.6) 2.9 Changes in cash flow hedge reserve 6.1 3.8 Interest on deferred settlements 0.7 1.2 Income tax expense 13.8 13.0 (1) Distributable earnings before tax 87.7 80.9 Current tax expense (5.4) (7.7) Adjustment to prior year s current tax expense (0.1) 0.1 Tax losses generated outside GMT tax group (3.2) - Current tax expense funded through tax losses generated in - subsidiary 3.1 Depreciation recovered on sale of assets 0.7 - Current tax expense funded through brought forward tax losses 1.3 1.4 (2) Distributable earnings after tax 84.1 74.7 Group Group 000s 31 Mar 13 31 Mar 12 Weighted average number of units used in calculating basic earnings per unit and distributable earnings per unit 1,067,717 961,088 Weighted average number of units used in calculating diluted earnings per unit and distributable earnings per unit 1,078,662 961,088 In part consideration for the acquisition of Highbrook Development Limited on 14 December 2012, the Trust has agreed to issue 37,335,625 units in GMT no later than on 14 December 2015. Group Group Cents 31 Mar 13 31 Mar 12 Basic earnings per unit 7.30 4.21 Diluted earnings per unit 7.22 4.21 Distributable earnings before tax per unit (undiluted) (1) 8.21 8.41 Distributable earnings before tax per unit (diluted) (1) 8.13 8.41 Distributable earnings after tax per unit (undiluted) (2) 7.88 7.78 Distributable earnings after tax per unit (diluted) (2) 7.80 7.78 (3) The purchase price for the further 50% of the shares in Highbrook Development Limited and further 25% of the Highbrook Business Park properties was determined based on their agreed value as at 30 September 2012. Settlement of the acquisition, and therefore the accounting for the acquisition, took place on 14 December 2012 with no adjustment made to the agreed purchase price for the change in value of the company and assets being acquired in the intervening period. These adjustments represent GMT s beneficial interest in the distributable earnings (cash income) of the acquired portion of Highbrook Development Limited and the Highbrook Business Park properties, as if ownership had transferred on the date the purchase price was determined. 36
Appendix GMT financial performance Period ended March 13 March 12 March 11 March 10 March 09 Net rental income 117.1 111.3 108.7 106.2 103.7 Administrative expenses (11.9) (8.5) (7.6) (6.8) (7.3) Adjustments to reflect Highbrook acquisitions (1) 4.6 - - - - Distributable earnings before interest and tax 109.8 102.8 101.1 99.4 96.4 Interest (22.1) (21.9) (23.7) (20.2) (9.4) Distributable earnings before tax 87.7 80.9 77.5 79.2 87.0 Tax on distributable earnings (3.6) (6.2) 0.5 (1.7) (3.2) Distributable earnings after tax 84.1 74.7 78.0 77.5 83.8 Adjustments to reverse Highbrook acquisitions (1) (4.6) - - - - Gain/(loss) on disposal of property 0.1-0.2 (2.1) (0.2) (Loss)/gain on interest rate derivatives 5.6 (2.9) (5.4) 13.2 2.3 Revaluation movement 4.2 (19.5) (24.8) (49.9) (172.8) Deferred tax (10.2) (6.9) (6.9) (8.0) 12.8 Performance fee - - - (3.5) - Changes in cash flow hedge reserve (6.1) (3.8) (4.2) (24.4) - Interest in deferred settlements (0.7) (1.2) (0.9) - - Net gain resulting from business combination 5.5-0.6 - - Profit after tax 77.9 40.5 36.7 2.8 (74.1) (1) Refer to distributable earnings reconciliation for further detail 37
Appendix GMT financial performance continued Period ended March 13 March 12 March 11 March 10 March 09 Weighted average units on issue 1,067.7 961.1 887.4 851.2 838.8 Distributable earnings before tax per unit (c) 8.21 8.41 8.74 9.31 10.38 Distributable earnings after tax per unit (c) 7.88 7.78 8.79 9.10 10.00 Less retained earnings per unit (c) 1.63 1.53 1.05 0.60 - Cash distributable earnings per unit (c) 6.25 6.25 7.74 8.50 10.00 Note: Values in table above may not appear to sum accurately due to rounding. The 2010 year result has been restated following a change in the Trust s accounting policies. GMT was an early adopter of the amendment to NZ IAS 12 Income Taxes. 38
Appendix GMT assets and liabilities as at March 13 March 12 March 11 March 10 March 09 Total assets 2,052.3 1,674.3 1,618.0 1,510.4 1,561.6 Property assets 2,008.1 1,629.5 1,576.0 1,474.1 1,512.7 Net borrowings (1) 698.1 581.2 578.4 544.7 546.0 Total Liabilities 866.4 739.2 725.9 656.3 659.4 Equity 1,185.9 935.1 892.1 854.1 902.2 Underlying net borrowings to property assets (%) 34.8 35.7 36.7 36.9 35.3 NTA per unit (cpu) 95.0 92.9 94.8 98.3 105.6 Unit price (cents) 104.5 103.5 93.0 100.0 133.0 Note: Values in table may not appear to sum accurately due to rounding. The 2010 year result has been restated following a change in the Trust s accounting policies. GMT is an early adopter of the amendment to NZ IAS 12 Income Taxes. (1) Total borrowings net of cash 39
Appendix GMT portfolio metrics as at March 13 March 12 March 11 March 10 March 09 NLA 1 (sqm) 1,000,418 987,569 928,420 896,440 880,016 Weighted average capitalisation rate (%) 8.1 8.5 8.6 8.6 8.7 Portfolio occupancy (%) 96 96 97 96 96 WALT 2 (years) 5.3 5.4 5.6 5.8 5.9 Customers 256 246 225 217 236 1 Net lettable area (net of canopies and yard) and includes current active developments 2 Weighted average lease term as at 31 March 2013 Top ten customers - portfolio income (%) Asset diversity property value (%) Customer industry exposure - portfolio income (%) The charts above represent the portfolio as at 31 March 2013 upon completion of commenced developments 40
Appendix GMT investment portfolio Property GMT ownership % NLA 1 sqm Valuation 2 $M Market cap rate % Occupancy % WALT 3 years Key Customers Highbrook Business Park + HDL Assets 100 167,916 323.4 7.00-7.88 100 6.4 PaperLinX, Datamail,NALCO, Scalzo,Panasonic + HBPL Assets 100 83,256 161.1 7.00-8.50 99 6.8 DHL, McPherson's, Big Chill, BMW, NZ Post M20 Business Park 100 100,107 135.9 7.13-8.88 99 6.0 Frucor, Ford, ACC, Kmart, Bridgestone Connect Business Estate 100 31,204 49.0 9.00 93 2.4 Fletcher Building, Synovate The Gate Industry Park 100 79,755 132.5 7.63 98 6.2 FEL Group, Tapper Transport, Recall, SCA Westney Industry Park 100 102,540 96.1 8.00-9.25 95 4.8 Linfox, SCS, Toll, Cotton On, Pacnet Savill Link 100 76,892 104.2 7.38-8.13 100 4.9 Toll, USG, Holden, Super Cheap Enterprise Park 100 64,675 46.8 9.38 86 4.2 PMP, Mainstream, Bikes International Penrose Industrial Estate 100 30,979 39.8 8.63 100 4.5 Turners Auctions, Vehicle Safety Systems Gateside Industry Park 100 17,861 28.0 7.75 100 4.7 TNL, Toll, Metropack and Port of Tauranga Viaduct Corporate Centre 50 31,199 157.3 8.13-8.50 100 4.1 Vodafone, KPMG, Microsoft. HP, Westpac Central Park Corporate Centre 100 33,298 114.4 9.13 93 3.3 Armourguard Security, SIMPL Group, Salesforce Millennium Centre, Phase Two 100 19,816 67.1 8.75 99 2.6 Spotless Services, MWH, Pharmacy Brands Air New Zealand House 100 15,587 62.0 8.75 100 6.3 Air New Zealand Millennium Centre 100 15,465 57.3 8.5 94 4.9 Mighty River Power, Genesis Energy, Bridgestone Yellow HQ 100 8,057 34.3 7.75 98 6.8 Chevron, Yellow Pages, Peak Pilates SMEC House 100 4,774 20.6 8.125 88 4.1 Vector, BTI, SMEC New Zealand, Unilever NZ Southpark Industrial Estate 100 21,991 24.3 9.25 100 3.0 Bullet Freight, Owens Transport, Enphase Energy Glassworks Industry Park 100 11,968 18.8 8.50 100 7.5 Fisher & Paykel, NZ Safety, Big Chill Show Place Office Park 100 22,395 92.5 8.25 97 3.7 IAG NZ, Solid Energy, Transpower, Holcim Carter Holt Harvey 100 20,381 13.9 9.50 100 9.4 Carter Holt Harvey 614-616 Great South Road 100 2,215 4.4 Total 962,330 1,780.0 8.1 96 5.3 1 Net lettable area (net of canopies and yard) 2 Valuations have not been adjusted to reflects GMT s interest 3 Weighted average lease term at 31 March 2013 41
Appendix GMT developments Property Highbrook Business Park Net lettable area 1 sqm Estimated market value 2 $M Estimated capitalisation rate % Occupancy % Lease term years Expected date of completion + The Crossing Stage 1 9,800 34.6 7.88 59 6-12 July 2013 + Warehouse 28 6,700 10.4 7.50 - - 2014 Savill Link + Mainstream 10,620 13.2 7.33 100 12 May 2013 Central Park + Building 7 5,340 23.0 7.50 100 9-12 July 2013 Glassworks Industry Park + PlaceMakers 2,745 6.0 7.00 100 9 April 2013 Show Place Office Park + 10 Show Place 2,778 14.1 7.75 - - June/July 2014 Total 37,983 101.3 M20 Business Park + Bridgestone 3 2,200 4.4-100 12 November 2013 Highbrook Business Park + Trio Group 3 3,500 6.5-100 8 February 2014 1 Net lettable area (net of canopies and yard) and are subject to final measures upon completion 2 Not all developments were sufficiently progressed to be independently valued at 31 March 2013 3 Announced post balance date 42