GOODMAN GROUP — Interim / Quarterly Report 2014

Feb 12, 2014

Results for the half year ended 31 December 2012

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Global partner + Global platform

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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 the Goodman Group Interim Financial Report for the half year ended 31 December 2013 and 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 Presentation uses operating profit and operating EPS to present a clear view of the underlying profit from operations. Operating profit comprises profit attributable to Securityholders, adjusted for property valuations, derivative and foreign currency mark to market and other non-cash or non-recurring items. It is used consistently and without bias year on year for comparability. A reconciliation to statutory profit is provided in summary on page 10 of this Presentation and in detail on page 3 of the Directors’ Report as announced on ASX and available from the Investor Centre at www.goodman.com.
• • 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 Highlights

• Section 2 Results overview

• • Section 3 Operational performance
• • Section 4 Outlook and summary

• Appendices

• Results analysis

• Investment

• Development

• Management

• Capital management

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4

Highlights

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+ Focused strategy delivering sustainable growth:

• Operating profit[1] of $296 million, up 11% on 1H FY13

• Operating EPS[1] of 17.16 cents[2] , up 6% on 1H FY13

• Distribution per security of 10.35 cents, up 7% on 1H FY13

• Delivering on commitment to stability, consistency and visibility

• • Continued strategy of being an Australian listed, global industrial property operator and fund manager:

• Total assets under management of $26 billion increased 11% on FY13

• Quality of product reflected in current leasing success and continued high occupancy of 96%

• Key focus remains on execution of day to day operational activities

• Recognised global brand across customers and capital partners

+ Prudent capital management aligned to sustainable risk adjusted returns:

• Sustainable growth achieved while maintaining gearing at 19.5%³ and liquidity of $1.9 billion

• Capital partnering approach to all markets, undrawn debt and equity of $5.2 billion supporting future growth opportunities

• – Capitalising on market demand for industrial properties with $746 million of assets disposed

• Proactively renewing banking facilities to market rates: procured debt facilities of $2.4 billion with average term of 5.0 years across Group and managed funds

• Distribution reinvestment plan successfully raised $42 million from the December 2013 distribution

• Operating profit and operating EPS comprises profit attributable to security holders adjusted for property valuations, derivative and foreign currency mark to market and other non-cash or non-recurring items

• Calculated based on weighted average diluted securities of 1,725.0 million which includes 8.1 million LTIP securities which have achieved the required performance hurdles and will vest in September 2014 and September 2015

• Calculated as total interest bearing liabilities over total assets, both net of cash and fair values of cross currency swaps used to hedge foreign liabilities denominated in currencies other than those to which the proceeds are applied equating to $35.3 million – refer to note 6 of the Financial Statements

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Highlights

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+ Goodman’s global operating platform is a key point of differentiation:

• Capital partners attracted to sector specialists with $2.0 billion of third party equity commitments raised in the 1HFY14

• Enables the Group to respond to significant opportunities for example the $343 million Sydney Corporate Park transaction

• Diversity provides a range of growth opportunities – 53% of earnings from offshore markets

• Contemporary fund management structure consistently applied across global funds platform

• Exclusive due diligence on a portfolio of 34 Brazilian industrial assets with an announcement following completion of this process

+ Structural changes in occupier market driving development workbook to $2.6 billion

• Goodman Sakai, Osaka Bay 100% leased 5 months prior to completion. Strong market dynamics resulting in additional projects in Nagoya and Tokyo Bay

• Land procurement at competitive pricing and planning of sites providing future development opportunities in markets such as the US, Japan and Brazil

• E-commerce growth a global trend with logistics a major beneficiary

• Urban renewal projects a recurring theme contributing to development earnings

• In light of growth continuing to adopt a selective pre-committed and pre-sold approach to development activities, 88% of all developments pre-sold

+ On track to deliver FY14 operating EPS of 34.3 cents up 6% on FY13

• Forecast distribution of 20.7 cents up 7% on FY13

Results overview

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Highlights

	+	High occupancy maintained at 96%
	+	Retention rate of 77% and WALE of 4.9 years
Own	+	Like for like rental growth at 2.2%
	+	Leased 1.4 million sqm across the platform equating to $168 million of property income across the Group and managed
		funds
	+	WIP at $2.6 billion across 63 projects in 10 countries with a forecast yield on cost of 8.4%
	+	Development commitments of $1.2 billion with 69% pre-committed and 76% pre-sold to funds or third parties
	+	Development completions of $1.0 billion with 89% pre-committed and 92% pre-sold to funds or third parties
Develop	+	Ability to finance and attract capital for development activities is a key point of difference when dealing with customers
	+	Urban renewal projects continue to be realised in Australia
	+	Increased development capital allocated to North America, Japan, China and Brazil in line with growth in development
		book to $2.6 billion
	+	Total assets under management of $26.0 billion, external assets under management increased to $21.6 billion
	+	Raised $2.0 billion of new third party equity
Manage	+	Continued focus on asset recycling: disposed $746 million of property assets across all regions
	+	$5.2 billion1in undrawn debt and equity providing opportunities for funds to participate in growth opportunities from the
		Group and broader market
	+	Grew operating profit by 11% and maintained gearing at 19.5%2(32.9% look through)
	+	ICR 5.9x (3.4x look through)
Corporate	+	Procured debt facilities of $2.4 billion with an average term of 5.0 years across Group and managed funds securing
		current market rates
	+	Distribution reinvestment activated raising $42 million

1. Fund investments are subject to Investment Committee approval

2. Calculated as total interest bearing liabilities over total assets, both net of cash and fair values of cross currency swaps used to hedge foreign liabilities denominated in currencies other than those to which the proceeds are applied equating to $35.3 million – refer to Note 6 of the Financial Statements

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M7 Business Hub, Australia

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Results overview

• • Operating results in line with full year forecast:

• Property fundamentals remain sound

• Maintained liquidity and low gearing

• Development commitments and enquiry levels a positive lead indicator into 2014 performance

• • Investment EBIT contributing 54% of earnings, 46% Development and Management:

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	1H FY14
Operating profit ($M)	296.0
Statutory accounting profit ($M)	160.4
Operating EPS (cents)1	17.16
Distribution per security (cents)	10.35

• 61% Investment and 39% Development and Management on a look through basis

• • Statutory result adversely impacted by $216 million of unrealised derivative and foreign exchange mark to market movements. This is offset in the balance sheet by $262 million of favourable foreign currency translations not recognised through the income statement

		As at
		31 Dec 2013
	NTA ($)	2.73
	Gearing (balance sheet)2(%)	19.5
	Available liquidity ($B)	1.9
	WACR (look through) (%)	7.8

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1. Operating profit and operating EPS comprises profit attributable to security holders adjusted for property valuations, derivative and foreign currency mark to market and other non-cash or non-recurring items and calculated based on weighted average securities of 1,725.0 million which includes 8.1 million LTIP securities which have achieved the required performance hurdles and will vest in September 2014 and September 2015

2. Calculated as total interest bearing liabilities over total assets, both net of cash and fair values of cross currency swaps used to hedge foreign liabilities denominated in currencies other than those to which the proceeds are applied equating to $35.3 million – refer to Note 6 of the Financial Statements

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Profit and loss

• • Half year operating profit of $296 million:

• Investments reducing in line with balance sheet initiatives with ROA > 7%

• Development volumes continue to increase, driving increased EBIT and average ROA circa 11%

• Interest savings realised on re-negotiated bank loans in terms of fees and margin

• Immaterial net impact from foreign currency movements demonstrating effectiveness of hedges

• Cap rate compression across all markets starting to be realised

• Statutory profit of $160.4 million includes property valuations, derivative mark-to-markets and other noncash or non-recurring items

• • Operating EPS of 17.16 cents per security, up 6% on 1H FY13
• • DPS of 10.35 cents per security, up 7% on 1H FY13

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Income statement

		1H FY13	1H FY14
		$m	$m
	Investment (look through)	254.9	244.4
	Management	56.0	57.5
	Development	83.1	102.3
	Unallocated operating expenses	(19.9)	(24.6)
	Operating EBITDA (look through)	374.1	379.6
	Operating EBIT (look through)	371.9	376.2
	Look through interest and tax adjustment1	(64.5)	(57.8)
	Operating EBIT	307.4	318.4
	Net borrowing costs	(19.9)	(6.6)
	Tax expense	(10.7)	(5.0)
	Operating profit (pre minorities)	276.8	306.8
	Minorities2	(11.1)	(10.8)
	Operating profit (post minorities)	265.7	296.0
	Weighted average securities (million) 3	1,636.7	1,725.0
	Operating EPS (cps)	16.2	17.16
	**Non operating items4 **
	Property valuations	(39.4)	98.9
	Derivative and foreign currency mark to market	(52.3)	(219.3)
	Other non-cash or non-recurring items	(19.4)	(15.2)
	Statutory profit	154.6	160.4

1. Reflects adjustment to GMG proportionate share of managed funds’ interest and tax 2. Includes Goodman PLUS

2. Includes 8.1 million LTIP securities which have achieved the required performance hurdles and will vest in September 2014 and September 2015

3. Refer Appendix 1 slide 24

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Balance sheet

+ Strong balance sheet maintained:

• 60% payout ratio of operating profit and DRP ensure the Group is sustainably funded for the long term

• Managed fund equity raisings and asset recycling funding growth

• • Cap rate compression and foreign currency having positive contribution to net tangible assets
• • Fund cornerstones increasing in line with growth of assets under management
• • Development holdings increasing on the back of increased activity in Japan, China, North America and Brazil
• • $1.9 billion of liquidity fully covering maturities to CY18

• • Resulting in the following key metrics:

  • Gearing of 19.5%[3] (32.9% look through)

• NTA of $2.73 per security[2 ]

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Balance sheet

		30 June 2013	31 Dec 2013
		$m	$m
	Stabilised investment properties	2,090	2,169
	Fund cornerstones1	3,086	3,233
	Development holdings	1,848	2,159
	Intangibles	891	979
	Cash	645	566
	Other assets	331	253
	Total assets	8,891	9,359
	Interest bearing liabilities	(2,250)	(2,310)
	Other liabilities	(805)	(1,051)
	Total liabilities	(3,055)	(3,361)
	Minorities	(332)	(326)
	Net assets (post minorities)	5,504	5,672
	Net asset value ($)	3.21	3.30
	**Net tangible assets ($)2 **	2.69	2.73
	Balance sheet gearing3(%)	18.5	19.5

1. Includes Goodman’s investments in its managed funds and other investments 2. Based on 1,718.7 million securities on issue

2. Gearing calculated as total interest bearing liabilities over total assets, both net of cash and fair values of cross currency swaps used to hedge foreign liabilities denominated in currencies other than those to which the proceeds are applied equating to $35.3 million - refer to Note 6 of the Financial Statements

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Group liquidity position

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• • Goodman Group has cash and available lines of credit of $1,881 million at 31 December 2013:

• $566 million cash

• $1,315 million available lines

• • Significant covenant headroom maintained
• • Average debt maturity profile of 5.6 years
• • ICR at 5.9 times (3.4 times look through)
• • Successfully refinanced $1.1 billion of Group’s revolving bank debt facilities, with reductions in margins and fees
• • Debt markets remain open to the Group and managed funds:

Goodman Group debt maturity profile

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• $92 million through debt capital markets with an average expiry of 6.9 years

• $2.3 billion of bank facilities with an average expiry of 4.9 years

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Section 3+ Operational Performance

Interlink, Hong Kong Goodman Fiege Brieseleang, Berlin Osaka Nanko, Japan

Investment

• • Property fundamentals remain stable reflecting quality of the portfolio and customers:

• Maintained occupancy at 96%

• Retention remains high at 77%

• WALE of 4.9 years

• Like for like rental growth of 2.2%

• • Direct investments and cornerstone investments reducing in line with asset recycling initiatives
• • Asset recycling initiatives used to fund growth opportunities include:

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Investment ($m)	1H FY13	1H FY14
Direct	81.1	77.2
Cornerstones	173.8	167.2
Look through EBITDA	254.9	244.4
**Key metrics1 **	1H FY13	1H FY14
WACR (%)	7.9	7.8
WALE (yrs)	4.7	4.9
Customer retention (%)	78	77
Occupancy (%)	96	96

1. Key metrics shown in the above table relate to Goodman and managed fund properties

2. $88 million of direct investments sold to third parties or managed funds over the last 12 months

3. $587 million of cornerstone investments sold to facilitate capital partners investing in funds over the last 12 months

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Development

• • Development demand continues to be driven by structural changes:

• E-commerce, supply chain efficiencies, building obsolescence, 3PL consolidation

• • Development WIP at $2.6 billion

• Americas to contribute to 2H FY14 WIP

• • Development book growing to $2.6 billion, driven by:

• Japan benefiting from strong market dynamics

• UK customer demand contributing to European WIP

• Structural changes to customer needs

• • Prudent low risk strategy focused on pre-sold and pre-committed developments

• 76% of new developments for third parties or funds

• 69% of new developments pre-committed

• China and Japan only markets with meaningful speculative led developments

• • Leasing success on speculative developments during development phase

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	Development ($m) Revenue EBITDA	1H FY13 102.1 83.1	1H FY14 132.8 102.3
	Key metrics Work in progress ($bn)	1H FY13 2.0	1H FY14 2.6
	Work in progress (million sqm) Number of developments Development for third parties or funds (%)	1.7 63 78	1.9 63 88
	Pre-commitment (%)	73	71
	Yield (%)	8.6	8.4

	Work in progress (end value)	$bn
	Opening (June 2013)	2.3
	Completions	(1.0)
	Commitments	1.2
	FX	0.1
	Closing (December 2013)	2.6

• Goodman Sakai, Osaka Bay (130,000 sqm),100% leased, 5 months prior to completion

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Management

• • External assets under management of $21.6 billion increased 11% on FY13
• • Development completions organically growing assets under management
• • Active asset management through both acquisitions and disposals

+ Raised $2.0 billion in new third party equity

• Contemporary fund structure aligns investor interests

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Management ($m)	1H FY13	1H FY14
Management income²	86.8	97.6
EBITDA	56.0	57.5
Key metrics	1H FY13	1H FY14
Number of managed vehicles	14	15
External AUM (end of period) ($bn)	17.3	21.6

• • Global capital partners and customers attracted to sector specialist and development capabilities:

• Global capital available to partner in new markets

• • Continuing to pursue further long-term debt capital market alternatives in managed funds

• GHKLF currently transitioning to an unsecured platform and considering debt capital market options

+ Opportunities for funds to participate in growth opportunities

• $1.1 billion in undrawn debt facilities

• $4.1 billion[1] in undrawn equity

• Fund investments are subject to Investment Committee approval

• Includes gross up of property outgoings of $8.6million (2013: $7.7 million)

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Management – AUM

• • Major new initiatives completed during the half year include:

• Raised €550 million for GELF with Goodman selling a further €110 million of its cornerstone investment to meet excess demand

• Commitment of a further US$500 million for GCLH taking total equity for that fund to US$1.5 billion

• Establishment of KWASA Goodman Germany (KGG) partnership with EPF on a 70:30 split with an initial equity commitment of €500 million

• Initial acquisition of €213 million of German assets acquired by KGG

• $100 million GJCF equity raising oversubscribed

• Subsequent to 31 December, Goodman and ADIC expand GJDP equity allocation to US$800 million

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• Active asset management opportunities completed including Sydney Corporate Park for $343 million

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Management platform

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	Goodman’s Largest¹ managed vehicles	Goodman’s Largest¹ managed vehicles	Goodman’s Largest¹ managed vehicles	Goodman’s Largest¹ managed vehicles	Goodman’s Largest¹ managed vehicles	Goodman’s Largest¹ managed vehicles	Goodman’s Largest¹ managed vehicles	Goodman’s Largest¹ managed vehicles
	GAIF	GTA	GELF	GHKLF	**GMT2 **	ABPP	EPF	GCLH
Total assets	$5.6bn	$3.3bn	$3.3bn	$2.7bn	$1.9bn	$1.6bn	$1.1bn	$1.0bn
GMG co-investment	26.7%	19.9%	20.4%	20.0%	17.4%³	43.1%	37.3%	20.0%
GMG co-investment	$0.9bn	$0.4bn	$0.4bn	$0.4bn	$0.2bn³	$0.4bn	$0.2bn	$0.2bn
Number of properties	115	55	92	15	22	21	17	14
Occupancy	95%	95%	96%	99%	96%	91%	100%	99%
Weighted average lease expiry	5.4 yrs	3.3 yrs	4.6 yrs4	3.1 yrs	5.4yrs4	6.2 yrs4	7.5 yrs	3.1 yrs
WACR	8.0%	7.9%	7.5%	6.2%	8.1%	7.9%	7.4%	8.6%
**Gearing5 **	39.6%	36.3%	34.5%	22.6%	35.6%	40.9%	40.7%	4.4%
Weighted average debt expiry	4.4 yrs	3.3 yrs	3.5 yrs	2.2 yrs	3.0 yrs	2.2 yrs	4.3 yrs	3.1 yrs

1. Managed funds with assets under management >$1 billion

2. As at 30 September 2013 (as disclosed to the New Zealand stock exchange on 20 November 2013) 3. As at 31 December 2013

3. WALE of leased portfolio to next break as at 31 December 2013

4. Gearing calculated as total interest bearing liabilities over total assets, both net of cash

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Capital

Pudong International Airport Logistics Park, China China

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Strategy and outlook

	+	Leading global industrial property operator and fund manager
	+	Focus on execution of a consistent and clearly enunciated strategy
	+	Customer service focus and asset management capabilities are key to business model
	+	Capabilities in major markets with focus on execution and quality of product and service
	+	Pursue opportunities to build economies of scale in new markets to deliver incremental growth into FY15
Strategy	+	Demand for core, high quality, stable yielding industrial real estate remains strong from global pension and sovereign funds, with Goodman’s development capabilities a key differentiator for capital partners
	+	Structural change continuing to drive development demand: E-commerce, supply chain efficiencies, 3PL consolidation,
		building obsolescence
	+	Focus on cost containment ensuring overheads remain in line with growth outlook - efficiencies key driver
	+	Increased development activity in Brazil, North America, Japan and China. Current liquidity funding growth in these markets
	+	Cross selling of customers, capital partners and business processes across global platform
	+	Low gearing providing appropriate risk adjusted returns and growth outlook
Capital	+	Controlled and managed approach to development work book
management	+	Focus remains on pre-committed development matched to third party capital
	+	Maintain gearing below 25%, retain earnings and recycle capital to fund long term growth
	+	Proven track record, global operating platform, extensive relationships with global investment partners and customers
	+	Benefiting from global capital partners and customers driving ‘active’ earnings growth
Outlook	+	Offshore markets key contributor to growth – greater than 50% of earnings
	+	Experienced management team aligned to long term sustainable earnings and growth
	+	Positioned to deliver FY2014 operating EPS of 34.3 cents up 6% on FY2013

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Appendix 1+ Results analysis

Pinnacle Corporate Park, Australia Westney Industry Park, New Zealand Banfield Distribution Centre, Australia Kobe, Japan

Profit and loss

Total income by business segment for the half year ended 31 December 2013

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Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items	Category Total Investment Management Development Unallocated Non- operating items
$m $m $m $m $m $m
Gross property income Management income Development income Income from disposal of inventories Distributions from investments Net gain from fair value adjustments on investment properties Net gain on disposal of investment properties Net gain on disposal of controlled entities Share of net results of equity accounted investments1 Net gain on disposal of equity investments	105.6 97.4 238.7 67.1 1.3 46.8 0.8 5.5 225.0 0.6	106.9 - - - 1.3 - - - 108.1 -	- 97.4 - - - - - - 0.2 -	- - 238.7 67.1 - - 0.8 5.5 63.0 0.1	- - - - - - - - - -	(1.3) - - - - 46.8 - - 53.7 0.5
Total income	788.8	216.3	97.6	375.2	-	99.7
Development and property expenses and inventory cost of sales Operating expenses Impairment losses	(272.1) (113.0) (4.5)	(29.7) - -	- (40.1) -	(242.4) (30.5) -	- (28.0) -	- (14.4) (4.5)
EBIT	399.2	186.6	57.5	102.3	(28.0)	80.8
Look through NPI adjustment (Goodman share of interest and tax within its fund investments)		57.8	-	-	-
Look through operating EBIT		244.4	57.5	102.3	(28.0)

1. Includes share of associate and JVE property valuation gains of $56.6 million, share of associate and JVE unrealised derivative losses of $(2.9) million

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Profit and loss (cont)

Category	Category	Total Investment Management Development Unallocated Non-operating items	Total Investment Management Development Unallocated Non-operating items	Total Investment Management Development Unallocated Non-operating items	Total Investment Management Development Unallocated Non-operating items	Total Investment Management Development Unallocated Non-operating items	Total Investment Management Development Unallocated Non-operating items
		$m $m $m $m $m $m
EBIT – per statutory accounts		399.2	186.6	57.5	102.3	(28.0)	80.8
Net gain from fair value adjustments on investment properties Share of net loss from fair value adjustments on investment properties and interest rate swaps in associates and JVEs Impairment losses Straight-lining of rental income Share based payment expense Other non-cash, non-operating items		(46.8) (53.7) 4.5 1.3 14.4 (0.5)	- - - - - -	- - - - - -	- - - - - -	- - - - - -	(46.8) (53.7) 4.5 1.3 14.4 (0.5)
Operating EBIT		318.4	186.6	57.5	102.3	(28.0)	-
Net finance expense (statutory) Add: fair value adjustments on derivative financial instruments Add: foreign exchange loss Net finance expense (operating) Income tax expense Minorities		(223.0) 182.2 34.2
		(6.6) (5.0) (10.8)
Operating profit available for distribution		296.0
Net cash provided by operating activities1		138.4

1. Difference between operating profit pre-minorities and cash provided by operating activities of $(168.4) million relates to: - $(71.1) million of prepaid and capitalised interest

2. $(82.2) million of non cash share of equity accounted income

3. $(15.1) million of development cash flow and other working capital movements

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Reconciliation non-operating items

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Non-operating items in statutory profit & loss		Half Year ended
		31 Dec 2013
	$m	$m
Property valuations
Net gain from fair value adjustments on investment properties	46.8
Share of net gain from fair value adjustments on investment properties in associates and joint ventures	56.6
Subtotal		103.4
Impairment losses
Impairment – inventories	(1.5)
Impairment – receivables	(1.3)
Impairment – other financial assets	(1.7)
Subtotal		(4.5)
Derivative and foreign currency mark to market
Fair value adjustments on derivative instruments – GMG	(182.2)
Unrealised foreign exchange loss	(34.2)
Fair value adjustments on derivative instruments – associates and joint ventures	(2.9)
Subtotal		(219.3)
Other non-cash or non-recurring items
Share based payment expense	(14.4)
Capital profits not distributed	0.5
Straight-lining of rental income	(1.3)
Subtotal		(15.2)
TOTAL		(135.6)

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Financial position

As at 31 December 2013 Direct Assets $M Investments $M Developments $M Other $M Total $M	As at 31 December 2013 Direct Assets $M Investments $M Developments $M Other $M Total $M
Cash - - - 565.7	565.7
Receivables - 30.5 154.9 215.9	401.3
Inventories - - 1,216.3 -	1,216.3
Investment properties 2,169.3 - 333.1 -	2,502.4
Investments accounted for using equity method - 3,184.3 440.4 -	3,624.7
Intangibles - - - 979.0	979.0
Other assets - 17.7 14.6 37.1	69.4
Total assets 2,169.3 3,232.5 2,159.3 1,797.7	9,358.8
Interest bearing liabilities 2,309.6	2,309.6
Other liabilities 1,051.4	1,051.4
Total liabilities 3,361.0	3,361.0
Net assets/(liabilities)	5,997.8
**Gearing1 **	19.5%
**NTA (per security)2 **	2.73
Australia / NZ 1,877.5 1,731.0 525.3 67.8	4,201.6
Asia - 627.9 450.7 242.8	1,321.4
CE 42.9 476.2 327.7 682.4	1,529.2
UK 248.9 397.4 622.9 313.3	1,582.5
Americas - - 232.7 8.4	241.1
Other - - - 483.0	483.0
Total assets 2,169.3 3,232.5 2,159.3 1,797.7	9,358.8

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Calculated as total interest bearing liabilities over total assets, both net of cash and fair values of cross currency swaps used to hedge foreign liabilities denominated in currencies other than those to which the proceeds are applied equating to $35.3 million – refer to Note 6 of the Financial Statements

Calculated based on 1,718.7 million number securities on issue

25

Net tangible asset bridge

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• For period ended 31 December 2013¹

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1. Calculated on 1,718.7 million securities being closing securities on issue and excludes minority interest

26

Property valuations

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+ Cap rate compression starting to be realised

+ WACR at 7.8%

+ Strong investor demand continues for prime investment assets

31 December 2013 property valuations (look through)

		Book value	Movement since	WACR	WACR movement
	(GMG exposure) $m		June 2013 $m	%	since June 2013 %
Australia		4,768.2	78.0	7.9	0.1
New Zealand		377.4	0.9	8.1	-
Hong Kong		531.1	18.9	6.2	0.2
China		493.8	7.9	8.6	0.1
Japan		128.6	0.9	5.5	-
UK		1,539.2	(2.3)	8.1	0.5
Continental Europe		1,216.7	(5.4)	7.6	-
Total / Average		9,055.0	98.9	7.8	0.1

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Appendix 2+ Investment

Goodman Interlink, Hong Kong

Leasing

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Across the Group and Funds platform:

• • ~1.4 million sqm leased during the half year
• • Positive lease reversions of 5.4% on new leasing deals, with like for like NPI growing at 2.2%

+ Occupancy maintained at 96%

Region	Leasing area (sqm)	Net annual rent (A$M)	Average lease term (years)
Australia	544,938	66.5	3.8
New Zealand	79,352	13.1	6.3
Hong Kong	198,168	37.6	3.8
China	65,944	5.1	1.7
Japan	53,818	4.8	4.0
UK	53,311	11.1	7.5
Europe	420,884	29.6	3.4
Total	1,416,415	167.8	4.1

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Customers

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30

Geographic exposure

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31

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Direct portfolio detail

Key metrics

Portfolio snapshot

Total assets	A$2.2 billion
Customers	263
Number of properties	38
Occupancy	94%
Weighted average cap rate	7.8%

• • 38 properties with a total value of $2.2 billion located across key Australian and UK markets
• • Leasing deals remain strong across the portfolio:

• 151,022 sqm ($18.7 million net annual rental) of existing space leased

• customer retention of 62%

• • 94% occupancy and a weighted average lease expiry of 3.2 years
• • Average portfolio valuation cap rate of 7.8%

WALE of 3.2 years (by net income)

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Top 10 customers make up 27% of portfolio income

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Rheinberg Logistics Centre , Germany

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A endix 3+ pp Development

Bungarribee Industrial Estate, Australia

Developments

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1HFY13 Developments	Completions	Commitments	Work in progress
Value ($M)	978	1,167	2,592
Area (m sqm)	0.9	1.0	1.9
Yield (%)	8.2	8.5	8.4
Pre-committed (%)	89	69	71
Weighted Average Lease Term (years)	7.4	6.6	7.9
Development for Third Parties or Funds (%)	92	76	88
Australia / New Zealand (%)	26	28	38
Asia (%)	22	34	35
Americas (%)	3	2	5
Europe (%)	49	36	22

Work in progress	On balance sheet	Third party funds	Total end value	Third party funds	Pre committed
by region	end value	end value		% of total	% of total
	$m	$m	$m
Australia / New Zealand	20	965	985	98	85
Asia	112	781	893	88	52
Americas	-	137	137	100	4
Europe	168	409	577	71	94
Total	300	2,292	2,592	88	71

34

Developments (cont)

• • Development pipeline from controlled land sites maintained at $10 billion
• • Development holdings increasing on the back of increased activity in Japan, China, North America and Brazil
• • The Group’s development future cash commitments

Cash commitments as at 31 December 2013	$M
Gross GMG cost to complete	261
Less pre-sold1cost to complete	(91)
Net GMG cost to complete	170
Net GMG managed funds cost to complete	1,300

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1. Pre-sold projects are reimbursed by instalments throughout the project or at practical completion of the project

35

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Appendix 4+ Management

BirminghamBusiness Park, U.K Senec Logistics Centre, Slovakia Interlink Industrial Estate, Australia

Global platform

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Goodman Australia Industrial Fund

Key events

Key metrics¹

Total assets	A$5.6 billion
Interest bearing liabilities	A$2.2 billion
Gearing²	39.6%
Customers	529
Number of properties	115
Occupancy	95%
Weighted average lease expiry3	5.4 years
Weighted average cap rate	8.0%
GMG co-investment	26.7%
GMG co-investment	A$0.9 billion

• • New equity raised totaling $115 million through the Fund’s distribution reinvestment plan
• • Acquired four investment properties totaling $417 million with active asset management opportunities

• Sydney Corporate Park for $343 million in the prime industrial precinct of South Sydney. The acquisition represents a landmark transaction and is a strategic holding with a strong, diverse and sustainable cash flow, underpinned by strong industrial uses in the precinct

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• • Completed the sale of Forrester Distribution Centre, NSW for $73 million
• • Work in progress of 78,531 sqm with end value of $188 million
• • Leased 266,731 sqm of space, providing an average incentive of 7.8% and average lease term of 3.4 years
• • Bank debt refinancing completed for $415 million

• Gearing calculated as total interest bearing liabilities over total assets, both net of cash 3. Including development properties WALE becomes 5.7 years

• As at 31 December 2013

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Goodman Trust Australia

Key metrics¹

Key events

Total assets	A$3.3 billion
Interest bearing liabilities	A$1.2 billion
Gearing²	36.3%
Customers	259
Number of properties	55
Occupancy	95%
Weighted average lease expiry	3.3 years
Weighted average cap rate	7.9%
GMG co-investment	19.9%
GMG co-investment	A$0.4 billion

• • Completed the second urban renewal development sale in North Ryde for $73 million
• • Leased 127,445 sqm in the year, representing $14 million of net property income with an average term of 4.2 years
• • Completed 36,447 sqm of developments adding $51 million to the Australian stabilised portfolio
• • Commenced two development projects in Brisbane which will add a further 69,410 sqm of space and $85 million in value to the portfolio

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• • Work in progress of 191,876 sqm with end value of $317 million
• • Refinanced $85 million of European debt with a four year facility provided by ING resulting in an increase in the weighted average debt maturity under the European facilities of 1.1 years
• • DRP remains in partial operation

• As at 31 December 2013 2. Gearing calculated as total interest bearing liabilities over total assets, both net of cash

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Goodman European Logistics Fund

Key metrics¹

Key events

Total assets	A$3.3 billion
Interest bearing liabilities	A$1.4 billion
Gearing²	34.5%
Customers	98
Number of properties	92
Occupancy	96%
Weighted average lease expiry3	4.6 years
Weighted average cap rate	7.5 %
GMG co-investment	20.4%
GMG co-investment	A$0.4 billion

• • GELF successfully closed the 2013 equity raise of €550 million, 95% by existing investors and 5% by new investors
• • Secondary trade of GELF units reducing GMG cornerstone to 20.4%
• • Completed a €108 million asset disposal to KGG
• • Acquisition of four GMG developments totalling €114 million over the last 6 months

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• • Leased 402,404 sqm of space during the year (excluding developments) representing €17 million of net property income
• • Significant weighting maintained to core Western European countries (>80%)[4]

• As at 31 December 2013

• Gearing calculated as total interest bearing liabilities over total assets, both net of cash

• WALE of leased portfolio to next break

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

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Goodman Hong Kong Logistics Fund

Key metrics¹

Key events

Total assets	A$2.7 billion
Interest bearing liabilities	A$0.7 billion
Gearing2	22.6%
Customers	223
Number of properties	15
Occupancy	99%
Weighted average lease expiry	3.1 years
Weighted average cap rate	6.2%
GMG co-investment	20%
GMG co-investment	A$0.4 billion

• • Sale of one floor of Mita Centre for HK$67 million
• • Leased 148,968 sqm in the six months, representing HK$178 million of net property income at an average rental growth of 16.6%
• • 99% occupancy with a weighted average lease expiry of 3.1 years
• • Valuation uplift driven by rental growth and cap rate compression
• • The Fund’s portfolio comprises 15 properties offering customers 1.4 million sqm of quality logistics space

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• • Management currently progressing on obtaining a corporate credit rating and documenting an unsecured debt platform

• As at 31 December 2013

• Gearing calculated as total interest bearing liabilities over total assets, both net of cash

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Goodman Property Trust

Key metrics[1 ]

Key events

Total assets	A$1.9 billion
Interest bearing liabilities	A$0.7billion
Gearing2	35.6%
Customers	265
Number of properties	22
Occupancy	96%
Weighted average lease expiry	5.4 years
Weighted average cap rate	8.1%
GMG co-investment	17.4%3
GMG co-investment	A$0.2 billion3

+ Capital management program:

• NZ$37 million disposal of Gateside Industry Park

• NZ$100 million, 7 year corporate bond issue

• Weighted remaining term across all debt facilities increases from 2.8 years to 3.3 years

• 35.6% LVR in-line with target range of 35% to 40%

+ Active portfolio management:

• Over 80,000 sqm of space leased to new or existing customers during the 6 months ended 30 September 2013

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• WALE of 5.4 years and 96% occupancy rate

• • Major new development commitments include:

• Fonterra head office – 16,000 sqm

• Premium Office Building in Greenlane Corridor – 5,670 sqm

• DHL Facility at Glassworks – 6,885 sqm

• As at 30 September 2013 (as disclosed to the NZX in November 2013)

• Calculated as net debt / total property assets (includes GMT’s proportionate share of jointly controlled entities and total borrowings is net of cash and future sale of Gateside Industry Park)

• As at 31 December 2013

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Arlington Business Parks Partnership

Key metrics¹

Key Events

Total assets	A$1.6 billion
Interest bearing liabilities	A$0.7 billion
Gearing²	40.9%
Customers	110
Number of stabilised properties3	21
Occupancy	91%
Weighted average lease expiry4	6.2 years
Weighted average cap rate	7.9%
GMG co-investment	43.1%
GMG co-investment	A$0.4 billion

• • 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 18 business parks and three stand alone assets valued at £0.8 billion
• • Completed £38 million new 21,524 sqm warehouse for PCL Logistics and Arla Foods Ltd
• • £9 million of new developments secured for Nissan Cars and Toolbank

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• • Completed £84 million of sales, increasing South East weighting to 74%
• • Re-positioned Everything Everywhere extending WALE for 10 years and diversifying income with TESCO subletting

• As at 31 December 2013

• Gearing calculated as total interest bearing liabilities over total assets, both net of cash

• The Fund holds 18 active business parks and 3 standalone properties

• WALE of leased portfolio to next break as at 31 December 2013

43

EPF Mandate

Key Events

• • KWASA-Goodman Industrial Trust (KGIT) was established in June 2012 in partnership with the Employees Provident Fund (EPF)
• • KGIT invested in an initial Australian portfolio comprising six assets with a combined value of circa A$400 million
• • KGIT settled on the acquisition of an additional five assets in January 2013 with a combined value of circa A$300 million
• • Establishment of KWASA-Goodman Germany (KGG)
• • KGG initial portfolio comprised seven industrial assets in Germany purchased from GELF and GMG
• • EPF investment mandate to be extended with Poland and France now under consideration

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Key metrics[1 ]

Total assets	A$1.1 billion
Interest bearing liabilities	A$0.4 billion
Gearing²	40.7%
Customers	31
Number of stabilised properties	17
Occupancy	100%
Weighted average lease expiry	7.3 years
Weighted average cap rate	7.4%
GMG co-investment (%)	37.3%
GMG co-investment ($b)	A$0.2 billion

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1. As at 31 December 2013 2. Gearing calculated as total interest bearing liabilities over total assets, both net of cash

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Goodman China Logistics Holding

Key events

Key metrics¹

Total assets	A$1.0 billion
Interest bearing liabilities	A$0.1 billion
Gearing²	4.4%
Customers	46
Number of properties	14
Occupancy	99%
Weighted average lease expiry	3.1 years
Weighted average cap rate	8.6%
GMG co-investment	20%
GMG co-investment	A$0.2 billion

• • Strong support from capital partners to capitalise on the ongoing demand for prime logistics space in China:

• US$500 million equity upsizing from Canada Pension Plan Investment Board (CPPIB) and GMG, increasing total equity commitment to US$1.5 billion

• Major international lenders upsized the finance facility by US$52 million to US$130 million

• • GCLH portfolio continues to expand with 14 stabilised properties and 12 development projects
• • Completed six strategic acquisitions and commenced four development projects during the half year. Strategically located development pipeline expanding portfolio offering to over 1.9 million sqm on completion

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• • Domestically focused portfolio continues to deliver strong operational performance, with occupancy of 99% and WALE of 3.1 years

• As at 31 December 2013 2. Gearing calculated as total interest bearing liabilities over total assets, both net of cash

45

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management

Torun Logistics Centre, Poland

Group financial covenants

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Covenants	Test	Covenant	Result	Headroom
Gearing ratio	Net liabilities1as a percentage of net tangible assets is not more than 55.0%	55.0%	27.5%	27.5%
Interest cover ratio	EBITDA to interest expense at least 2.0x	2.0x	5.9x	3.9x
Priority debt	Secured debt as a percentage of total tangible assets is not more than 12.5%	12.5%	0%	12.5%
	Net unsecured debt (total unsecured debt less
Unencumbered real property assets	unrestricted cash) to be not more than 100% of the amount of unencumbered real property assets (all unencumbered direct assets including stabilised assets,	100%	54.2%	45.8%
	development WIP and land bank)
Unencumbered assets	Unsecured debt as a percentage of unencumbered assets is not more than 66.7%	66.7%	29.0%	37.7%

1. Net liabilities = total liabilities less cash and excludes trade payables, mark to market derivatives, deferred tax liabilities and provisions for Securityholder distributions

47

Currency mix

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48

Financial risk management

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Financial risk management in line with Group Board policy

+ Interest risk management:

• 78% hedged over next 12 months

• Weighted average hedge maturity of 4.3 years

• Weighted average hedge rate of 4.70%[1] vs spot 1.63%[2]

+ Foreign currency risk management:

• 93% hedged as at 31 December 2013, of which 63% is debt and liabilities and 37% is derivatives

• Weighted average maturity of derivatives 3.9 years

• Includes the 10 year EMTN £250 million at 9.75% fixed rate 2. Spot refers 5 year swap market rate as at 3 February 2014

49

Financial risk management (cont)

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Interest rate

• • Interest rates are hedged to 78% over next 12 months
• • Weighted average hedge rate of 4.70%[1] vs spot 1.63%[2]

• NZD – (hedge 4.67%, spot 4.54%)

• JPY – (hedge 1.47%, spot 0.33%)

• HKD – (hedge 1.22%, spot 1.76%)

• GBP – (hedge 6.81%[3] , spot 1.96%)

• Euro – (hedge 2.90%, spot 1.01%)

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• USD – (hedge 6.37%, spot 1.62%)

• • Weighted average maturity of 4.3 years

• Includes the 10 year EMTN £250 million at 9.75% fixed rate

• Spot refers 5 year swap market rate as at 03 February 2014 3. Includes the 10 year EMTN £250 million at 9.75% fixed rate

50

Financial risk management (cont)

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Interest rate hedging profile

	Euro payable GBP payable HKD payable NZD payable JPY payable USD payable AUD receivable
As at Dec	€M Fixed rate % £M Fixed1 rate % HK$M Fixed rate % NZ$M Fixed rate % ¥M Fixed rate % US$M Fixed rate % A$M Fixed Rate %
2014	(697.1) 2.56 (440.0) 7.42 (1,711.2) 1.43 (200.0) 4.53 (13,615.1) 0.70 (255.0) 6.39 680.0 3.43
2015	(472.1) 2.34 (517.5) 6.84 (1,693.2) 1.17 (200.0) 4.35 (8,711.0) 1.03 (255.0) 6.39 680.0 3.43
2016	(300.0) 3.67 (540.0) 6.70 (1,567.2) 1.19 (178.0) 4.67 (7,848.9) 1.50 (255.0) 6.39 680.0 3.43
2017	(258.1) 3.53 (497.0) 6.74 (600.0) 0.95 (120.0) 5.10 (5,200.0) 1.92 (255.0) 6.39 680.0 3.43
2018	(197.3) 3.50 (287.9) 6.27 (279.5) 0.95 (98.0) 5.10 (4,224.7) 2.02 (255.0) 6.39 382.3 3.47
2019	- - (8.1) 3.62 - - - - (1,200.0) 3.32 (255.0) 6.39 - -
2020	- - - - - - - - (1,200.0) 3.32 (239.6) 6.39 - -
2021	- - - - - - - - (1,200.0) 3.32 (40.3) 6.23 - -
2022	- - - - - - - - (1,200.0) 3.32 - - - -
2023	- - - - - - - - (305.8) 3.32 - - - -

1. Includes the 10 year EMTN £250 million at 9.75% fixed rate

51

Financial risk management (cont)

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Foreign currency denominated balance sheet hedging maturity profile

Currency	Maturity	Weighted average	**Amount receivable1 **	**Amount payable1 **
		exchange rate
NZ$	2017 / 2018	1.3767	A$93.0m	NZ$130.0m
HK$	2016 / 2018	7.8154	A$332.5m	HK$2,590.0m
¥	2016 / 2017	85.9348	A$180.4m	¥15,500.0m
€	2016 / 2017/2018	0.7713	A$610.5m	€470.0m
£	2017 / 2018	0.6035	A$282.2m	£170.0m
£	2023	131.5400	¥11,300.0m	£85.9m
US$	2020 / 2022	0.6263	US$265.0m	£166.0m
US$	2020/2021/2022	0.7175	US$525.0m	€376.7m

1. Floating rates apply for the payable and receivable legs for the cross currency swaps except for the USDGBP, USDEUR and GBPJPY cross currency where the receivable for US$570 million is fixed at 6.375%, US$220 million is fixed at 6.0% and ¥11,300 million is fixed at 3.32% .

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Exchange rates

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+ Statement of Financial Position – exchange rates as at 31 December 2013

– AUDGBP – 0.5388 (31 December 2012 : 0.6428)

• AUDEUR – 0.6475 (31 December 2012 : 0.7868)

• AUDHKD – 6.9219 (31 December 2012 : 8.0474)

• AUDBRL – 2.1090 (31 December 2012 : 2.1270)

• AUDNZD – 1.0834 (31 December 2012 : 1.2608) – AUDUSD – 0.8927 (31 December 2012 : 1.0384) – AUDJPY – 93.9340 (31 December 2012 : 89.460) – AUDCNY – 5.4021 (31 December 2012 : 6.4740)

• Statement of Financial Performance – average exchange rates for the 6 months to 31 December 2013

– AUDGBP – 0.5818 (31 December 2012 : 0.6523) – AUDEUR – 0.6863 (31 December 2012 : 0.8159) – AUDHKD – 7.1461 (31 December 2012 : 8.0543) – AUDBRL – 2.1022 (31 December 2012 : 2.1222) – AUDNZD – 1.1344 (31 December 2012 : 1.2731) – AUDUSD – 0.9216 (31 December 2012 : 1.0388) – AUDJPY – 91.8434 (31 December 2012 : 82.975) – AUDCNY – 5.6286 (31 December 2012 : 6.5459)

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thank+ you

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