Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

128 Pages·2017·8.97 MB·English

Goodman Property Trust Annual Report 2018
GMT Bond Issuer Limited Annual Report 2018
Goodman Property Trust Annual Report 2018
GMT Bond Issuer Limited Annual Report 2018
This document comprises the Annual Reports of Goodman Chairman’s report 14
Property Trust and GMT Bond Issuer Limited for the
year ended 31 March 2018 and contains the information Management report 18
required to be disclosed pursuant to the Listing Rules.
+ The Units in Goodman Property Trust are listed on Our strategy 24
the NZX with the code of GMT.
+ Bonds issued by GMT Bond Issuer Limited, Doing right by our people 30
a wholly-owned subsidiary of Goodman Property
Trust, are listed on the NZDX with the codes of
Doing good in our community 32
GMB020, GMB030, GMB040, and GMB050.
Operating earnings Sustainability 36
Operating earnings are a non-GAAP financial measure
included to provide an assessment of the performance
Property portfolio 40
of GMT’s principal operating activities. Calculation
of operating earnings is as set out in GMT’s Profit
or Loss statement. Board of Directors and management team 46
Cash earnings
Cash earnings is a non-GAAP measure that assesses Financial summary 49
free cash flow, on a per unit basis, after adjusting for
certain items. Calculation of GMT’s cash earnings is Goodman Property Trust Financial Statements 55
set out on page 50.
Look-through GMT Bond Issuer Limited Financial Statements 101
A non-GAAP measure that includes GMT’s proportionate
share of Wynyard Precinct Holdings Limited, the joint Other information 113
venture with GIC that owns the VXV Portfolio.
COVER
Evan Sanders
Portfolio Manager, Highbrook
Robyn Barfoot
Asset Manager, Highbrook
Between them, Robyn and Evan have 25 years’
experience in the property industry, with
20 of those years in various property roles
at Goodman. With that scope of knowledge
and expertise to call on, customers at
Highbrook know they are in good hands.
We work smarter to
make industrial property
perform better
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018 1
Keryn Diamond
Building Manager, Highbrook
Geoff Kirk
Operations Leader, Mailroom, NZ Post
Keryn has been working with the Highbrook
portfolio for more than eight years. She brings
experience and knowledge which ensure
customers such as NZ Post are provided
with the best service. Goodman developed
NZ Post’s purpose-built facility in 2007.
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We think about property every day and
use our expertise to deliver the best
property solutions for our customers
Drawing on
our experience
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018 3
Our business is
strengthened by the
successful companies
that choose our high-
quality properties
More than 200 leading businesses have chosen Goodman as their property provider.
Superior facilities, a commitment to customer service and the ability to accommodate
changing business requirements help create long-term partnerships. These relationships
create value for our investors and make us the leader in high-quality industrial space.
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Customer Profile
ACCO is a supplier of stationery and
art-related consumer products.
The business has just moved into a
new facility at Highbrook Business
Park to support its growth, having
previously occupied smaller buildings
elsewhere in the portfolio.
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018 55
Strategic locations
The Highbrook interchange and bridge
across the Otara Creek was a catalyst for the
development of the world-class business park
on the Waiouru peninsula. With up to 30,000
vehicle movements a day along Highbrook
Drive and direct access to SH1, it’s one of
Auckland’s best business locations.
6 Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018
We invest in key locations across
Auckland, close to infrastructure,
transport networks and consumers
We’ve focused on the industrial property sector and have chosen to
maximise our presence in Auckland to better serve businesses in
time-critical sectors. We use the experience and expertise of our people
to manage and develop strategic land investments into valuable assets
such as Highbrook Business Park.
$2.7
bn
Property portfolio at 31 March 2018
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018 7
Financial highlights
A successful year
$207.2 $106.3
m m
Profit before tax Look-through portfolio revaluation(1)

$243.9 $16 4.8
m m
Contracted asset sales New development projects – total project cost
8 Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018