John Dakin Chief Executive Officer ◼︎ Andy Eakin Chief Financial Officer ◼︎ James Spence Director - Investment Management
Unless otherwise indicated, all numerical data provided in this presentation is stated as at 31 March 2021. All dollar values are NZD unless otherwise stated. All figures are rounded. Non-GAAP financial measures may not be consistent with their calculation by other similar entities.
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Goodman Property Trust Annual Result 2021
Overview
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Goodman Property Trust Annual Result 2021
Global logistics trends
The pandemic has brought its challenges, with its effect being felt across the globe. A consequence of the global pandemic has been structural changes to consumption trends resulting in increased demand for industrial real estate
Urbanisation, globalisation, digitalisation and sustainability trends continue to change the way people live, work and shop
Growing importance of global and local supply chains is rapidly re-shaping the industrial real estate market
Leasing enquiry remains significant globally, with continued strong demand from e-commerce, supermarket, data centre, and 3PL customers anticipated
Consumer-ledforces are the key drivers of significant growth in e-commerce sales and the digital economy
Consumers want faster and more convenient delivery options
Timely fulfilment forms a competitive advantage for online retailers
An investment strategy focused on urban logistics has positioned GMT to benefit from the growing digital economy
Limited supply of high-quality, well located space is driving positive current and expected future strength in portfolio occupancy and rent growth
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Goodman Property Trust Annual Result 2021
Results overview
Portfolio
Portfolio occupancy of 98.0%, WALE of 5.5 years, with only 9%1 of income subject to lease expiry by the end of FY22
Underlying like for like NPI growth of 4.1% for the year
$250.1m of development WIP including redevelopment of Roma Road and Favona Road Estates for NZ Post and Mainfreight
$560.0 million revaluation contributing to an ungeared property portfolio return2 of 22.1%
Capital management
$339 million in available liquidity, providing significant investment capacity
Year end gearing of 19.2%, with committed gearing of 22.5%
Lowered gearing range to 20-30% with capacity to absorb both market volatility and potential opportunities
FY21 result
Profit before tax of $648.9 million
23.0% increase in NTA from 172.7 cpu to 212.5 cpu
Cash earnings of $89.1 million, representing 6.4 cpu, up 3% on FY20
Distributions of 5.3 cpu, reflecting a payout ratio of 82.8%
Excludes Foodstuffs, Roma Road expiry in April 2021 as site to be redeveloped
Portfolio return for the year ended 31 March 2021 taking into account NPI and revaluations across stabilised and investment property under development
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Goodman Property Trust published this content on 13 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 May 2021 22:27:07 UTC.
Goodman Property Trust is a New Zealand-based company, which is a warehouse and logistics space provider. In New Zealand, the Company owns, develops and manages urban logistics space. The Companyâs invested properties include Highbrook Business Park, East Tamaki; Savill Link, Otahuhu; M20 Business Park, Manukau; The Gate Industry Park, Penrose; and Westney Industry Park, Mangere. The Companyâs customers include New Zealand Post, Mainfreight, DHL, Freightways, Officemax, Coda, Fletcher Building, Cotton On Clothing, Linfox, Supply Chain Solutions, Toll, Steel & Tube, Turners & Growers, Frucor Suntory, Asaleo Care, Viridian Glass, Metroglass, NCI Packaging, Cottonsoft, and Ingram Micro. The Company operates in key consumer markets in 14 countries across Asia Pacific, Europe and the Americas.
GOODMAN PROPERTY TRUST 
