GOODMAN GROUP — Interim / Quarterly Report 2014

Nov 11, 2013

Quarterly and European Business Update

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Global partner + Global platform

Important notice and disclaimer

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• • This document has been prepared by Goodman Group (Goodman Limited (ABN 69 000 123 071) Goodman Funds Management Limited (ABN 48 067 796 641; AFSL Number 223621) as the Responsible Entity for Goodman Industrial Trust (ARSN 091 213 839) and Goodman Logistics (HK) Limited (Company Number 1700359; ARBN 155911142 – A Hong Kong company with limited liability)). This document is a presentation of general background information about the Group’s activities current at the date of the presentation. It is information in a summary form and does not purport to be complete. It is to be read in conjunction with Goodman Group’s other announcements released to ASX (available at www.asx.com.au). It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with professional advice, when deciding if an investment is appropriate.
• • This document contains certain "forward-looking statements". The words "anticipate", "believe", "expect", "project", "forecast", "estimate", "likely", "intend", "should", "could", "may", "target", "plan" and other similar expressions are intended to identify forwardlooking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Due care and attention has been used in the preparation of forecast information. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Group, that may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. Neither the Group, nor any other person, gives any representation, warranty, assurance or guarantee that the occurrence of the events expressed or implied in any forward looking-statements in this document will actually occur.
• • This document does not constitute an offer, invitation, solicitation, recommendation, advice or recommendation with respect to the issue, purchase, or sale of any stapled securities or other financial products in the Group.
• • This document does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States or to any “US person” (as defined in Regulation S under the US Securities Act of 1933, as amended (Securities Act) (US Person)). Securities may not be offered or sold in the United States or to US Persons absent registration or an exemption from registration. The stapled securities of Goodman Group have not been, and will not be, registered under the Securities Act or the securities laws of any state or jurisdiction of the United States.

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Contents

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• Section 1 UK Logistics

• Section 2 UK Business Parks

• Section 3

Continental Europe

• Appendix Property Snapshots

3

• Section 1[UK Logistics ]

Quarterly Highlights

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Own

• • Overall occupancy at 91% following short term letting to Royal Mail at Daventry + 12 properties owned and managed by Goodman UK Logistics + WALE increased to 3.1 years following re-gears at properties in Thurrock (South East) and Corby (Midlands) + Further re-gear discussions underway
• • A 10,200 sqm leasehold warehouse to Kent County Council at Aylesford Commercial Park. Completion October 2013
• • Agreement for lease signed with Kuehne + Nagel/Heineken for 58,274 sqm unit at Derby Commercial Park. Completion March 2014

• Develop

• • A 30,000 sqm turnkey development for Geopost at Hinckley Commercial Park. Completion August 2014 + Access to a 110 hectare rail interchange site at Etwall, Derbyshire on a draw down basis from Severn Trent + £29 million of residential land sold or under offer
• • Lodged and / or received planning consent for a further 263,046 sqm of rezoning to residential land

Manage

• • 333,300 sqm under management, with 50,200 sqm servicing Chambers Street Properties – GPH (JER) + Discussions underway with capital partners focusing on UK Logistics partnerships

5

UK Logistics Occupier Market Overview

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• • UK Economy showing signs of sustained growth. Inflation at 2.7%, Unemployment 7.7%, house prices increasing and confidence improving
• • In Q2 2013 GDP growth was 0.7%, anticipated growth for the year at 1.5%, with IMF predictions for 2014 at 1.9%
• • Demand in UK driven by retailers, e-commerce, parcel companies, 3PL’s and to a lesser extent, manufacturing
• • Supply of Grade A space at all time low – no significant speculative space since 2008. Vacancy at 9%
• • Increasing occupier confidence resulting in increased build to suit

UK Logistics Availability over 100,000 sqft (millions sqft)

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sqft
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Grade A take Up over 100,000 sqft

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sqft
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Source: JLL

Source: JLL

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UK Logistics Investment Market Overview

Distribution Warehouse property yields versus swap rate and gilt yield

• • Investor demand remains strong for industrial

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• • Prime yields are stable, with compression underway
• • Significant yield compression since April 2013 for properties with leases in the 5-10 yr range
• • Secondary yields also now improving
• • Yield spreads to gilts at historical highs

Source: Savillls

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7

Source: CBRE

Source: CBRE

UK Logistics Markets

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Company	Total Land	Consented (no. of sites)	Serviced (% of consented)
Goodman	422 hectares	257 hectares (12)	185 hectares (72%)

• • UK has 4 core markets; South East, Midlands, North West and South West
• • Supply of consented land in UK remains tight – land ownership remains key, with onerous planning system and limited supply
• • Deliverability is crucial

• £130 million already invested in site infrastructure works

• • 1,766,000 sqm of capacity for delivering bespoke developments across all markets

• Meet requirements from 2,300 sqm to 115,000 sqm

• • UKL considering selective site acquisition in prime markets not currently represented

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8

UK Logistics

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As at 30 September 2013 ($A)	GPH (JER) / GMG
Total assets (properties)	$0.8 bn
GMG co-investment	20% of GPH (JER)
GMG co-investment	$0.01 bn
Number of properties	12
Occupancy	91%
Weighted average lease expiry	3.1 years

Development

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Kuehne + Nagel / Heineken, Derby

Transaction type	Pre-let
Land area	122,000 sqm
Lettable area	58,274 sqm
Contracted owner	GMG
Location	Derby (Midlands)
Description	+ 10 years pre-let to Kuehne + Nagel, guaranteed by Heineken + Completion March 2014

Development

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Kent County Council, Aylesford

Transaction Type	Pre-let
Land Area	22,250 sqm
Lettable Area	10,200 sqm
Contracted Owner	GMG / Europa
Location	Aylesford (South East)
Description	+ 25 years pre-let without breaks to Kent County Council + Completion October 2013

Turnkey

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Geopost, Hinckley

Transaction Type	Land Sale /Development Management
Land Area	130,900 sqm
Building Size	30,000 sqm
Contracted Owner	Owner occupier - Geopost
Location	Hinckley (Midlands)
Description	+ Land sale for UK’s largest parcel hub, with development management role + Completion August 2014

9

GPH (JER) / GMG Metrics

Overview

• • Launched in June 2010, Goodman Princeton Holdings (Jersey) is a 80/20 joint venture between Chamber Street Properties and Goodman
• • The co-investment vehicle will invest in pre-committed logistics development opportunities sourced through Goodman
• • Target total investment of £400 million.
• • No debt facilities are currently in place

Asset Type Asset Type

Lease Expiry

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Key Metrics¹

Total Assets	£0.5 billion
Interest bearing liabilities	n/a
Customers	11
Number of properties	12
Occupancy	91%
Weighted average lease expiry	3.1 years
Goodman co-investment	20% of GPH (JER)
Goodman co-investment	£0.01billion

Customers by Income

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1. As at 30 September 2013, calculated to first break

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• Section 2 UK Business Parks

Quarterly Highlights

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	+	22 business parks1and 515,593 sqm of consented landbank (80%+ offices)
	+	91% occupancy as at 30 September 2013¹
Own	+	Leased 8,789 sqm in the quarter equating to £1.7m of net property income pa
	+	65% occupier retention over past 12 months
	+	WALE 6.2 years to first break1
	+	Weighted net equivalent yield of 8.6%
	+	Completed £38m new 21,524 sqm warehouse for PCL Logistics and Arla Foods Ltd
	+	£9m of new developments secured for Nissan Cars and Toolbank
	+	Completed 9,700 sqm land sale to Audi at Oxford and a further 97,000 sqm under offer across the portfolio
Develop	+	Aberdeen recently consented for 12,000 sqm office scheme, and higher value uses being secured at Edinburgh and
		Bristol
	+	Eastside Locks mixed use urban regeneration scheme now contracted and Phase 1 planning application and land sale
		activity being progressed
	+	£0.9 billion AUM
	+	Completed £84.1 million of sales during September / October 2013
	+	South East weighting increases from 69% to 74%¹
Manage	+	Reviewing ABPP long term ownership structure and fund life
	+	Successfully exiting Science Park joint ventures
	+	Successful outsourcing of property services to Workman

1. Numbers reported as at 30 September 2013 adjusted for sales completing October 2013

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UK Business Park Occupier Market Overview

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• • 2013 calendar year take up of 2.5m sq ft has exceeded the whole of 2012
• • Identified named demand at 5.1m sq ft is highest since 2007

• 900,000 sq ft under offer

• • Expect full year 2013 take up at pre GFC levels of 3.5m to 4.0m sq ft
• • Out of Town take up consistently exceeds In Town
• • Supply stabilized at 14m sq ft

• Grade B is on the increase

Supply for Thames Valley, North and South M25, West London (sqft)

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16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
Q4 2008 Q4 2009 Q4 2010 Q4 2011 Q4 2012 Q2 2013
Sum of Availability - Grade B Sum of Availability - Grade A Sum of Availability - Grade A New
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• Grade A accounted for 66% in 2008, now reduced to 50%

Annual take-up for Thames Valley, North and South M25 and West London (sqft)

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4,500,000
4,000,000
3,500,000
3,000,000
2,500,000
2,000,000
1,500,000
1,000,000
500,000
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
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Annual take-up by in/out of town for Thames Valley, North and South M25 and West London (sqft)

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5,000,000 120
4,000,000 100
80
3,000,000
60
2,000,000
40
1,000,000 20
0 0
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
In Town Out of Town
No. of Transactions In Town No. of Transactions Out of Town
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Source: Strutt and Parker – transactions and supply 5,000 sqft and above

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UK Business Park Investment Market Overview

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• • UK offices outside Central London trading volumes trending at circa £4bn pa
• • Prime yields relatively flat since January 2010
• • Sentiment towards sector improving rapidly and investors moving up the risk curve based on property fundamentals
• • Continued widening gap between prime and secondary/tertiary assets where issues remain over age, WALE, occupancy and location

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CBRE Prime M25 / South East Yield 10 year gilt rates% IPD SE All offices NEY
12.00%
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11 Dec-11 Jun-12 Dec-12 Jun-13
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Source CBRE

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Business Park Markets

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• • UK Regional office market dominated by SE and major conurbations – Manchester, Birmingham, Leeds, Edinburgh, and Glasgow

Entity	Hectares	Consented Area (sqm)	Primary Use
ABPP	122	516,000	82% office
ABPP	263	Unconsented	Mixed Use
UKBP	3	116,000	50% office

• • ABPP land bank 74% weighting to SE market

United Kingdom United Kingdom

• • Targeting 15% of land bank for alternative uses

15

UK Business Parks

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As at 30 September 2013 ($A)	ABPP
Total assets (properties)	$1.6 bn
GMG co-investment	43%
GMG co-investment	$0.3 bn
Number of properties	25
Occupancy	91%
Weighted average lease expiry	5.9 years

Leasing

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Hatfield Business Park, Hatfield

Sales

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Birmingham Business Park and Leeds Lawnswood

Planning & Development

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Stoneywood Business Park, Aberdeen

Transaction Type	Leasing
Lettable area	43,138sqm
Contracted owner	ABPP
Description	+ 6 building campus let to EE to 2022 + Lease re-gear with EE and subletting to Tesco + WALE increased to 10 years
Customer	Tesco / Everything Everywhere

Transaction Type	Land and asset sale
Area	63,000 sqm of land plus 47,231 sqm of buildings
Contracted owner	ABPP
Sale price	+ £73.0 million + Retained development rights over part of the Green Belt land
Vendor	Canmoor

Planning Consent 12,107 sqm Contracted owner ABPP + 3 building scheme consented Description + Highly constrained market

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ABPP Fund Metrics

Overview

• • Arlington Business Parks Partnership (ABPP) is a core plus unlisted fund which invests, develops and manages business parks located in key UK regional and urban fringe office markets
• • Portfolio comprising 22 business parks and 3 stand alone assets valued at £0.9 billion
• • Substantial development pipeline – 298 acres of consented land providing 516,000 sqm of future development

Geographic diversification

Lease Expiry profile

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Key metrics[1 ]

Total Assets	£0.9bn
Interest bearing liabilities	£0.5bn
Customers	154
Number of properties	25
Occupancy	91%
Weighted average lease expiry	5.9 years
Goodman co-investment	43%
Goodman co-investment	£0.2bn

Top 10 customers by income

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1. As at 30 September 2013

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• Section 3 Continental Europe

Quarterly Highlights	Quarterly Highlights	Quarterly Highlights
	+	High occupancy at 97% and WALE of 4.8 years
	+	118 logistics properties covering 4.8 million sqm
Own	+	Leased 1.3 million sqm over the last 12 months, securing 22% of the total rental income
	+	Retention of 86%
	+	Acquisitions in GELF, GPH (LUX) and KGG totalling €341m and disposals in GEBPF and GELF totalling
		€143m
	+	497,000 sqm of development work in progress across 15 projects at quarter end
	+	201,773 sqm of completions across 6 projects in the quarter
Develop	+	Momentum continuing into the second quarter with the development of a 128,736 sqm warehouse for Amazon in Wroclaw, Poland
	+	A further development of 56,000 sqm warehouse for Zalando in Moenchengladbach, Germany
	+	Pre-committed activity levels remain in excess of 90%
	+	GELF successfully closed the 2013 equity raise of €550m, 95% by existing investors and 5% by new investors
Manage	+	Secondary trade of GELF units reducing GMG cornerstone to 20.4%
	+	Fund raising of KGG: secured investment partnership with EPF with €500m equity commitment. Seed portfolio
		sourced from GELF (disposal €108m portfolio to KGG) and GMG development pipeline (€105m portfolio)

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European Logistics Real Estate Market

• • Most of Europe’s logistics hubs are located along the blue banana region (stretching from the West of the UK to the North of Italy)

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• • This region is a discontinuous corridor of urbanization in Western Europe, with a population of around 110 million inhabitants and characterized with a high density of roads, ports and airports.

• .

• • The enlargement of the European Union, continual infrastructure development and the growth of a consumer mass market in CEE are contributing to redefine distribution patterns in Europe and supporting the development of new freight traffic routes to the East.
• • These developments are in turn impacting European logistics markets and leading to the emergence of new industrial and distribution hubs (especially in Poland).

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Overview European distribution hubs
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Overview Goodman assets and landbanks
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European Logistics Real Estate Market

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Supply (development pipeline)

• • Development activity has been driven by built-to-suit activity and German demand
• • Recent lack of speculative development has resulted in shortage of prime product

Demand (take up)

• • Take-up levels have recovered to historical levels from 2009 low point
• • 2011 was a record year, 2012 in line with the strong 5-year average and 20% above the 10-year average
• • Continued strong demand in core European markets from E- commerce, retail, automotive and 3PL’s
• • Main drivers being: Germany’s competitive economy, infrastructure investments, structural trends (consolidation, supply chain reconfiguration, logistics outsourcing) and E-commerce

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+ European completions
14
12
10
8
6
4
2
0
2006 2007 2008 2009 2010 2011 2012 H1 2013
million sq m
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+ European warehouse take-up

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Source JLL

Source JLL

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European Logistics Real Estate Market

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Rents

Investment Yields

• • Across the board low rental growth
• • Upward rental movement in select prime markets
• • Low interest environment supportive of increased capital flows into the asset class resulting in a 57% YoY increase for the first half of 2013
• • Shortage of quality investment product leading to cap rate compression in core European markets
• • Prime yield tightening 25-50 bps over last 6-12 months in core markets

+ European industrial rent index

+ Logistics and industrial investment volumes

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Source JLL

Source JLL

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Continental Europe

As at 30 September 2013 ($A)	GELF	GPH (LUX)	KGG	GMG
Total assets (properties)	$2.8 bn	$0.2 bn	$0.3 bn	$0.5 bn
GMG co-investment	20%¹	20%	30%	n.a.
GMG co-investment	$0.4bn	$0.03 bn	$0.04 bn	n.a.
Number of properties	96	6	7	9
Occupancy	96%	100%	100%	93%
Weighted average lease expiry	4.6 years	7 years	8.2 years	7.3 years

1. Post settlement of GMG sell down completed in November 2013

Development

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Lauwin – Planque, France

Tenant	SIL – Grimonprez Logistique
Lettable area	30,025 sqm
Lease term	9 years
Transaction type	Occupier call option
Seller	GMG
Purchaser	GELF (subject to occupier option)
End value	$21 million

Leasing

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Vatry, France

Lettable area	56,221 sqm
Contracted owner	GELF
Customer	Veolog SAS
Rent	€2.3 million
Term	5 years

Sale

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Amazon, Pforzheim, Germany

Contracted seller	GMG / GELF
Vendor	KGG
Number of properties	7 German assets
End value	€213 million

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GELF Fund Metrics

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Overview

• • Goodman European Logistics Fund (GELF) is an unlisted fund that invests in high-quality warehouse and logistics properties throughout Continental Europe
• • Portfolio comprises of 96 assets[5] . Stabilised assets valued[3] at €1.7 billion and development assets valued at €0.1 billion
• • Significant weighting to core Western European countries (>80%)[4]

Key metrics[1 ]

Total Assets	€2.1bn
Interest bearing liabilities	€0.9bn
Customers	96
Number of properties	96
Occupancy	96%
Weighted average lease expiry2	4.6 years
Goodman co-investment	20.4%5
Goodman co-investment	€309m

Lease Expiry profile

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Geographic diversification

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Top 10 customers by income
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1. Valuation at 100% complete value

2. WALE of leased portfolio to next break

3. As at 30 September 2013

4. Goodman co-investment post settlement of GMG sell down

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1. Core Western European countries comprise Belgium, France, Germany and The Netherlands

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• A endix pp Property Snapshots

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UK Logistics

Andover Commercial Park

Crewe Commercial Park

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Asset type Development Land Asset type Development Land
Lettable area 840,000 sqft Lettable area 1,042,500 sqft
Site area 55 acres Site area 99 acres
+ Located close to M6 motorway
+ Infrastructure works complete
+ Main West Coast rail line adjoins the site
+ Co-op unit of 467,891 sqft completed in
2011 + Planning for 23 acres of residential use
Description Description approved
+ Planning consented for a single unit of
569,500 sqft + Infrastructure to be commenced in 2014 to
enable residential sale and bring forward
+ Retail plot to front of the site of 6 acres
employment land
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Colnbrook (SIFE)

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Asset type Development Land
Lettable area 2,000,000 sqft
Site area 97 acres
+ Super prime site close to Heathrow, on
intersection of the M25/M4 motorways
Description + Rail connected site
+ Planning inquiry expected 2014
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UK Business Parks

Hatfield Business Park

Birmingham Business Park

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Asset type Green Belt land post Canmoor
Lettable area + 334,000 sqft
Site area + 24 acres
+ Land excluded from Canmoor sale
+ Terms agreed for land sale
Description
+ Goodman retained in Development
Management role
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Asset type Mixed use Park Lettable area + 900 acres Site area + 5,000,000 sq ft

• • Completed £38m prelet to PCL Arla + Secured £4.4m turnkey for Toolbank to commence Nov 13
• • Re-positioned Everything Everywhere

• Description asset extending WALE for 10 years and diversifying income with Tesco subletting

• • Continue to promote adjoining Green Belt land for residential and mineral extraction

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Eastside Locks

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Mixed urban regeneration scheme with City Asset type Council Developable area 1.2m sq ft Site area 8 acres

• • Planning application being submitted for phase 1 development of up to 100,000 sq ft
• • Terms agreed for land sale for 625 unit student housing scheme
• • Major regeneration project underway on adjoining land by Birmingham City

• Description University with proposed student population of 24,000

• • Public sector investment underway of £67,000,000
• • ESL adjoins proposed HS2 station in Birmingham City Centre

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Continental Europe Logistics

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Puurs - Duvel Venlo - DSV & UPS
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Moenchengladbach-Zalando
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Rheinberg-Amazon

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Asset type Stabilized property Asset type Stabilized property Asset type Stabilized property Asset type Stabilized property
Lettable area 21,239 sqm Lettable area [110,572 sqm DSV ] 10,128 sqm for UPS Lettable area 134,000 sqm Lettable area 107,563 sqm
Site area 39,698 sqm Site area 195,000 sqm Site area 215,000 sqm Site area 221,156 sqm
+ Located in Venlo, one of the
+ Located on a key logistics axis (A 12) in the centre of major logistics hubs in The + Located in the industrial area + Located in Rheinberg is
Belgium, sitting between the Netherlands, less than 1 km “Regiopark”, directly next to approx. 10 km in the North of
Description city of Antwerp and Brussels International Airport Description from the A73 motorway leading north to Nijmegen and 1 km + Description the A61 (approx. 1km from the highway exit with highway Description Duisburg and features good accessibility via motorway
+ Turnkey development for Duvel from the A67 leading west to Antwerp and eastwards visibility; approx. 15-20 min west of Dusseldorf) + A57 with its own junction Completed 2011
towards the Ruhr area (65km) + Completed in 2013
+ Completed in 2012 + Completed 2008-2012
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28

thank+ you

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