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GMT Annual Meeting of Unitholders

Tuesday, 5 August 2014

WELCOME
Good afternoon ladies and gentlemen, I’m Keith Smith, Independent Director and Chairman of Goodman (NZ) Limited, the manager of Goodman Property Trust.

Welcome to this Annual Meeting of Unitholders, it is a pleasure to be hosting this year’s meeting at Highbrook Business Park.

We are justifiably proud of this award winning estate and believe that  the new facilities  provided  here  at  The  Crossing  typify  the  quality  and  value  of  the  Trust’s development programme.
The purpose of today’s meeting is to review our investment and development strategy in a more buoyant economic environment, and to  consider and vote  on one extraordinary resolution.
I’d  encourage  you  all  to  participate  in  today’s  forum  and  take  the  opportunity  to communicate directly with those responsible for managing  your investment.

I also  invite you  to  stay  for  the  refreshments  that  follow  the  meeting and highly recommend a  walk  through  the  plaza  area  outside  to  view  some  of  the  unique features that characterise this mixed use  development.

 
ATTENDENCE AND APOLOGIES
I would  now  like  to  introduce  the  other  members  of  the  Board,  together  with  the executives of the Manager, who are present today.
From  my  far  right  –  Peter  Simmonds,  Independent  Director;  Leonie  Freeman, Independent  Director;  Phil  Pryke,  Non-executive  Director;  Susan  Paterson, Independent  Director;  Andy  Eakin,  Chief  Financial  Officer;  and  John  Dakin,  Chief Executive Officer and Executive Director.
Unfortunately Greg Goodman is unable to attend today, and has given his apologies.
The composition of the  Board is unchanged since we met last year and a majority of Independent Directors is maintained.


REPRESENTATIVE OF TRUSTEE; EXECUTIVES AND ADVISORS PRESENT
In addition to the Board, there are executives of the Manager, representatives of our Trustee, Corporate Trust Limited and representatives from the Trust’s advisors also present today. These advisors include –

our solicitors, Russell McVeagh;
our auditors, PricewaterhouseCoopers; and
our tax advisors, KPMG. 
I’d  now  like  to  proceed  through  some  of  the  more  formal  aspects  of  the  meeting before we begin the presentation.


MEETING FORMALITIES 
I’d like it noted that in accordance with the Trust Deed, I have been nominated by the  Trustee  to  act  as  chairman  of  this  meeting  and  I  have  now  tabled  this nomination.
I also confirm that the meeting has been properly convened and notice has been properly given to Unitholders. 

GMT’s Trust Deed requires at least five persons holding, or representing by proxy, or as representative or attorney, at least ten per cent of the number of Units on issue at the date of the meeting carrying the right to vote at the meeting for a quorum to be achieved. 
I confirm that these requirements have been met; and that a quorum is present.


VOTING PROCEDURE
A formal poll on the resolution  being considered at today’s meeting  will be taken at the  conclusion  of  proceedings.  The  scrutineers  will  be  the  Trust’s  auditors, PricewaterhouseCoopers. 
You will be asked to cast your vote at the appropriate time using the voting and proxy form provided to you. If you do not have a voting and proxy form representatives from Computershare  will  be able  to  provide  you  with  a  replacement  when  the  poll  is conducted.

The  Chairman,  Directors  and  Others  have  been  appointed  as  proxy  by  481Unitholders  representing  297,706,518  Units.  There  are  3  abstentions  representing 6,200,898 Units.


OTHER ITEMS
Before  we  proceed  I  would  also  like  to point  out  that  the  emergency  exits  for  the building are accessed through the rear doors of this meeting room. In the unlikely event of an emergency you will be required to evacuate and assemble outside in a designated  area,  if  this  occurs  please  follow  the  directions  of  the  Waipuna Conference Centre staff.

To  simplify  proceedings,  I  will  refer  to  Goodman  Property  Trust  throughout  the meeting as the “Trust” or “GMT”, and Goodman (NZ) Limited  –  the manager of that Trust – as the “Manager”.
Now the formalities are dealt with we can proceed.


INTRODUCTION
It  has  been  a  very  positive  12  months  for  the  Trust  with  a  growing  economy  and rising  business  confidence  contributing  to  a  stronger  operating  performance  and record financial result.
An expanded and enhanced property portfolio  together with stronger valuation gains this  year  have  been  the  main  contributors  to  the  increase  in  profit  before  tax,  to $146.8 million.
It is also pleasing to be reporting a distributable earnings  result  at the upper end of our guidance range.

With  the  benefits  of  earlier  investment  and  development  decisions  now  being realised,  the Board are looking forward to a period of robust business growth driven by sustained customer demand. 
To ensure that  the  future investment performance of the Trust is maximised, we are refining our strategy and  enhancing the management and  governance structures of the Trust.


FUNDING GROWTH
These initiatives include a more active approach  to  capital management, with asset recycling now the preferred source of development funding. 
With more sales planned it is a sustainable initiative that is  expected to finance the growth of the business over the next 3-5 years. 

With reduced capital requirements as a result of an ongoing asset sales programme,it  has  also  been  announced  that  the  Distribution  Reinvestment  Plan  is  to  be suspended later this year.


GOVERNANCE AND STRUCTURE
To the extent that it can under its Unit Trust structure, the Board has always  sought to ensure the Trust has  a contemporary  governance framework aligning its practices more closely with those of a listed company.

It  maintains a majority of Independent Directors, holds annual meetings, and leads the sector with its financial, remuneration and sustainability disclosures .

We have further extended this alignment with the introduction of investor nomination and voting on Independent Directors. The Executive and Non-Executive Directors will remain Goodman Group appointees.
The  new  initiative,  which  will  come  into  effect  next  year,  will  increase  the accountability  of  Directors  ensuring  that  the  interests  of  Unitholders  remain  at  the forefront of the Board’s decision making process.
We  have  previously  discussed  the  benefits  of  the  Trust’s  external  management structure  and  the  alignment  of  Goodman  Group  as  GMT’s  Manager  and  largest investor. 
It’s a point I want to reinforce again today. 
Goodman Group  has reiterated to the  Independent Directors that it  is  committed to New  Zealand  and  the  existing  business  structure.  It  replicates  a  successful  and proven model that the Group follows in the global markets that it operates.

The  slide  on  screen  shows  the  extent  of  this  business  and  with  more  than  A$26 billion of funds under management across,  Asia Pacific, Europe and North America it is one of the worlds largest property groups. 
An operating model that combines fund management with cornerstone investmentsensures a close alignment of interests between Goodman Group and other investors. 
It’s a positive relationship that provides access  to international customers, investors, and global expertise.
The value of this partnership  to GMT  has been demonstrated time and time again, and  unique  opportunities  like  Highbrook  Business  Park  or  the  new  Fonterra headquarters  in  Auckland’s viaduct  precinct  wouldn’t  have  been  secured  without Goodman Group. 
Equally import  is the readiness of  Goodman Group Manager to engage with its wide investor  base.  As  a  result  of  this  ongoing  consultation  the  Board  are  extremely pleased  to  be presenting  new  management  fee  initiatives  that  are  designed  to enhance the operational and financial performance of GMT.


MANAGEMENT FEE
With a management expense ratio of just 0.54% GMT has one of the most efficient and cost effective management structures of any listed property entity. 
The  proposed  changes  to  the  base  management  fee  will  refine  an  already competitive fee structure, reducing the quantum of fees paid by GMT.
The proposed amendment has two key components:
1.  The Trust will receive a fee rebate equivalent to the  base management  fee attributable to the development land portfolio.  

2.  The balance of the base management fee due to the Manager will now be used to subscribe for new units in GMT.
As the proposed amendment requires changes to GMT Trust Deed we will be voting on an extraordinary resolution to facilitate the change later in the meeting. 
The  Board  believes  that  the  new  initiatives  will  provide  a  number  of  benefits  to Unitholders.
The first of these is a lower management expense ratio.  The rebate mechanism  willreduce  the  amount  of fees  paid  to  the  Manage r  and  the  total  operating  expenses incurred by the Trust. This will result in a lower management expense ratio overall.

The  fee  rebate for  the  current financial  year  is expected  to be  approximately  $1.0 million  which  will  have  an  immediate  and  positive  impact  on  GMT’s  distributable earnings. The obligation of the Manager to now use its base fee to subscribe for new units in the Trust will also contribute to an increase in  underlying cash  earnings, an area of real focus for us.
The combined impact of these two changes  is expected to add around half a cent to GMT’s distributable earnings, on a weighted average unit basis, this financial year.
The  requirement  to  use  its  management  fee  to  subscribe  for  new  units  in  GMT means  that  Goodman  Group’s  cornerstone  investment  in  the  Trust  is  expected  to grow  over time. It is a positive outcome that increases  the  already  strong alignment between Goodman Group and other Unitholders.
With the  base fee rebate  calculated on  the relative weighting of  development land within the Trust’s property portfolio the  revised fee  structure  further  encourages  the Manager  to  convert GMT’s  strategic  land  holdings  into  income  producing  assets, reducing its development land weighting.

The Independent Directors believe that the proposed changes to the fee structure are positive new initiatives that will improve the investment performance of the Trust. 
We consider the  resolution facilitating the  necessary amendments  to the Trust  Deed to be in the best interests  of GMT and its Unitholders and unanimously recommend that you vote in favour of the Resolution. 
We’ll  have  the  opportunity  to  consider  the  Resolution  in  more  detail,  later  in  the meeting. In the meantime  I would like to pass over to Andy Eakin and John Dakin, who  will  give  a  more  detailed  overview  of  the  Trust’s  financial  and  operational performance.


ANDY EAKIN’S ADDRESS
Thank you Keith and good afternoon ladies and gentlemen. It’s a pleasure to be presenting to you today as we review GMT’s strongest ever financial result.

An expanded and enhanced property portfolio, following  the  2012  acquisition of the remaining  interests  in  Highbrook  Business  Park,  together  with  fair  value  gains  on property and financial assets have been the main contributors to  the  72.1%  increase in profit after tax this year, to $134.1 million.
The profit also reflects a sustained lift in activity levels right across the business.
The management team are extremely pleased with the performance of the Trust and are optimistic about the current business outlook. Increased occupancy levels across the portfolio and robust property market fundamentals are expected to support similar financial results well into the future.
Our  active  management  approach  and  the  new  business  initiatives  we  are undertaking  are  expected  to  enhance  the  performance  of  the  Trust,  helping  us achieve our growth targets over the next few years. 


EARNINGS & DISTRIBUTIONS
Distributable  earnings,  the  measure  we  use  to  assess  underlying  operating performance, has increased  this year to 8.36 cents per unit  before tax on a weighted average  unit  basis.  The result  is  towards  the  top  of  our  guidance  range  and represents a pleasing increase on the 8.21 cents per unit achieved the previous year. 
With a payout ratio of around 80%, the Trust paid cash distributions of 6.25 cents per unit last year.


LOOKING FORWARD
We  have  refined  our  strategy  to  take  advantage  of  current  market  conditions  andexpect rising demand will continue to have a positive impact on the Trust’s operating performance. 
The  new  business  initiatives  you  are  voting  on  today  will  also  contribute  to  the forecast rise in  distributable earnings before tax to around 9.1 cents per unit for the 2015 financial year. Around half a cent of this increase is  attributed  to the proposed fee changes.
We expect to pay a full year cash distribution of 6.45 cents per unit ,  more than  3% higher than last year.
Maintaining our payout ratio at around 80% of distributable earnings allows us to help fund  the development  and  investment  initiatives that  are  realising  the  value  in  our strategic land holdings and enhances an already high quality property portfolio. 
For an individual New Zealand resident taxpayer, with a marginal tax rate of 33 %,  a cash distribution of 6.45 cents per unit equates to a pre -tax yield of  around  9.0%  at the current unit trading price.

Payment of the first quarter distribution for the period ended 30 June 2014, is to be made on 18 September 2014 and will include a cash component of 1.6125 cents per unit.


CAPITAL MANAGEMENT
An  emphasis  on  sustainable  business  growth  is  driving  a  successf ul  asset  sales programme. Over  $100  million of disposals have been completed since  2012, with the sales typically being secured at a premium to book value.
With strong gains being achieved, asset recycling  is currently the most cost -effective source  of  development  funding.  With  more  disposals  planned  the  Distribution Reinvestment Plan  is to be suspended .  The suspension, which is expected to occur later  this  year,  marks a  deliberate  change in  our capital management  strategy  with asset sales now the preferred source of development funding.
Today’s  more  buoyant  investment  market  is  reflective  of  resurgent capital  markets both locally and internationally. 
The  improvement  in  financial  market  conditions  has  helped  facilitate  new  treasury initiatives with further debt refinancing  activity  and an  extension  to the Trust’s bond programme being completed.
The  $100  million  issue of  seven  year  Goodman+Bonds  in  December  2013  further diversifies the Trust’s sources of debt funding, extending its non-bank borrowing to over 30% of total debt. 
The bond issuance and debt refinancing  were achieved at  very  competitive margins, providing  significant  interest  savings  while  also  improving  the  expiry  profile  of  the Trust’s debt facilities.

 

At 31 March 2014, these facilities had a weighted average term to expiry of 3.5 years while  net  borrowings  represented  just  36%  of  the  Trust’s  $2.0  billion  property portfolio. 
This level of debt is at the lower end of the targeted band of 35 to 40 percent that the Board believes is optimal for the Trust, and significantly lower than the 50 percent level permitted under its bank, bond and Trust Deed covenants. 
It’s a strong balance sheet position that is reflected in the   Trust’s  investment grade credit  rating  of BBB  from  Standard  &  Poor’s.  The  rating  agency  has  also  recently reaffirmed its rating of the Trust’s bonds and bank debt one notch higher at BBB+.


CONCLUDING COMMENTS
As the ultimate owners of  the Trust  I hope you are  satisfied with  the recent  financial performance.  Before  I  hand  over  to  John  for  an  operational  overview  I’d  like  to reinforce some of the key themes that I’ve covered this afternoon. 
GMT is experiencing robust growth.
We are targeting distributable earnings growth of  around three percent  this year, in addition to the benefit arising from the proposed fee changes. 
Distributions and underlying cash earnings are expected to grow accordingly. 
Active capital management strategies and prudent treasury policies will  continue to provide the flexibility to manage the Trust’s expected growth. 
Thank you everyone.


JOHN DAKIN’S ADDRESS
Thanks Andy and good afternoon ladies and gentlemen. It’s great to be at Highbrook today supporting one of the many successful businesses that underpin GMT’s strong operating results.

 

This year marks a particularly significant milestone in the history of the Trust, being 10 years since Goodman became an investment partner and set about repositioning GMT as an industrial and office space specialist.
It’s been an eventful decade and I’m proud to have led the team that has worked hard to facilitate the transition from an NZX small cap stock into one of the New Zealand’s largest listed entities.
We have evolved from modest beginnings into a robust property business with a substantial property portfolio that attracts many major companies as key customers. 
It is a business that has been built on a consistent strategy – to own, manage and develop the best commercial real estate in the country. 
While reviewing our operational performance this afternoon I’d like to reinforce this strategy, demonstrating how it is guiding the decision making that is shaping the high quality business we all invest in.


OVERVIEW 
GMT is an active property business that generated more than $127 million of net rental income last year, significantly more than the $21 million it recorded back in 2004. 
Greater levels of development, increasing occupancy levels and rising rental rates are expected to contribute to even stronger operating results going forward.
It’s an encouraging outlook that reflects a stage in the cycle  where rising customer demand, driven by solid economic growth and strong property market fundamentals is driving positive leasing results.

 

INVESTMENT PORTFOLIO
With over one million square metres of rentable area and around 250 customers, our investment  portfolio  has  real  scale  and   depth.  It  features  modern,  well  located properties that deliver the consistent rental cashflows that underpin the Trust’s strong operating results. 
High customer retention levels and the attraction of strategically located, high -quality, efficient buildings have all contributed to a pleasing increase in portfolio occupancy, which has lifted from 96% to 97% over the last 12 months.
The property services team worked hard to secure  more than 150,000 sqm of new lease  commitments  during the  year,  which  has  helped extend the weighted average lease term across the portfolio from 5.3 years to 5.5 years. 
This  leasing  success,  together  with  a  strengthening  property  market  has  also contributed to an improved valuation result with an overall gain of $23.8 million  being recorded. 
It  is  the  strongest  uplift  since  2008  and  is  largely  attributable  to  the  investment performance  of  the  office  portfolio  and  recent  development  completions.  These assets have been the main contributors to firming in the portfolio capitalis ation rate to 7.9%.
An improved investment market has also allowed the Trust to be more active, selling assets to fund its development investment activities. 
It is a cost effective and sustainable approach that enhances the growth profile of the Trust while delivering valuable profits on sale.

 

DEVELOPMENT PROGRESS
I’m pleased to report that the high  levels of business confidence being recorded at present is also being reflected in the number of new developments we are undertaking. 
We announced 12 new projects last year and another three in the first quarter of this financial year. It is the greatest volume of work in progress since 2008 and signals a deliberate acceleration in our development programme.

With projects as large and diverse as Highbrook Business Park, we are creating award winning real estate that offers unparalleled working environments for  its business occupiers with amenity and recreational spaces that benefit the whole community.
More than 60% of GMT’s assets have been developed by Goodman over the last 10 years with the current 15 projects adding almost 95,000 sqm of industrial and office space to the portfolio.
These new facilities, which have a combined total project cost of $165.7 million, are expected to contribute around $13.6 million of annual net rental once fully leased and income producing.
It’s a value adding activity that  extends the range of options we are able to provide customers while enhancing the quality and growth profile of the portfolio.


IMPORTANCE OF PARTNERSHIPS
A large proportion of the new facilities we are building are for existing customers who are expanding their business operations. It’s a trend that has characterised our development programme over the last 10 years reinforcing the benefits of our customer service model.

We endeavour to build long-term partnerships with our customers and maintain a close relationship with them, responding to their immediate property requirements while seeking to accommodate their changing business needs.
It’s an approach that helps differentiate Goodman from other property providers. We are not like traditional landlords, we have customers not tenants and we do our best to ensure their businesses prosper. 
More than 50 dedicated staff from accounting and property services personnel through to development and engineering managers help achieve these goals.

It’s a team that understands that  the success of our customers' businesses contributes to our own results and we have many examples of how we have facilitated our customers’ growth.
Here at Highbrook Business Park, we have recently completed a substantial expansion to the Contract Logistics warehouse. This customer is part of the New Zealand Post Group of companies, one of the first organisations to recognise the commercial and strategic benefits of being located at this world class estate. 
Since 2004 we have completed five facilities for The NZ Post Group, providing long term property solutions to a range of business units from mail  sorting and distribution through to banking and digital solutions.
We are also extending our relationship with other customers here at Highbrook, with both Steel and Tube and CSR Viridian committing to new facilities adjoining their existing warehouses.
DHL is another key customer that has facilitated its business growth through a long term partnership with Goodman. The global logistics specialist leases three purpose built warehouses across Auckland and has a new facility under-development in Christchurch. This customer now occupies over 55,000 sqm of industrial space within the portfolio contributing around five percent of our net rental income.
It’s part of a wider Goodman association that includes 37 facilities in eight countries across Asia, Europe, and the Pacific.
The evolution of internet shopping and the continued outsourcing of logistics functions for many companies has been one of the drivers in the growth of freight forwarding operators here in New Zealand Businesses like, Big Chill, Daniel Silva, Supply Chain Solutions and Toll are all 
logistics operators who have recognised our development capability and now occupy multiple facilities within the portfolio.
Bridgestone is another example of a company that has identified Goodman as its preferred property partner committing to tailored property solutions in a number of locations.
We completed a 5,000 sqm warehouse for this tyre distributor at M20 Business Park in Wiri back in 2011 and then built an adjoining facility a year later to accommodate its tyre retreading business. 
We are now underway with an additional facility at Glassworks Industry Park in Christchurch. The automotive servicing outlet is anchoring a multi-unit development that fronts onto Halswell Junction Road, providing a second access to the property.
The current slide shows the Glassworks Estate and the level of activity being undertaken as we transform the former brownfields site, that was once home to Crown Crystal Glass, into a modern industrial park.

This heightened level of activity reflects strong levels of customer enquiry across all our development estates and I’m pleased to report we have substantial new projects underway in every location.
To achieve property outcomes that deliver the strongest investment returns we partner with proven architects, designers, engineers, contractors, and trade suppliers who understand our vision. 
We want high quality, well located buildings with the technology and innovation that maximises their operational efficiency and long-term value.


FONTERRA ACQUISITION
The acquisition of the new Fonterra Headquarters for $92.6 million is a new purchase consistent with this strategy.
The  opportunity  to  own this  substantial  new  office  development  was only  possible through  our  relationship  with  Goodman  Group  and  we’re  extremely  pleased  to  be building a partnership with Fonterra,  an iconic New Zealand brand and  one of the 
world’s  leading  dairy  companies,  as  they  establish  new  business  premises  in Auckland’s Wynyard Quarter.
The  16,000  sqm  campus  style  office  is  one  of  two  commercial  buildings  being developed by Goodman Group in conjunction with Fletcher Building .. 
The next few slides provide artist’s impressions of the low rise office building which is due to  open  in early  2016. The seven level property will feature large flexible floor plates  and  incorporate  environmentally  sustainable  materials  and  energy  efficient building systems. 
Fonterra has taken a 15 year lease  over the new premises. The commitment  also includes naming rights, underground car parks, and further rights of renewal.

Situated on Fanshawe Street, opposite Victoria Park and between the GMT-owned Air New Zealand building and Viaduct Corporate Centre, the head office will occupy a high profile site in a progressive part of the city. 
We have a significant interest in the viaduct with over $140  million already invested there. It’s a proven location for the Trust, with these assets delivering some of the highest total returns of our entire commercial portfolio since they were acquired.


SUMMARY AND OUTLOOK
Before I hand over to Keith to take us through the formal business of the meeting I’d like to finish with some concluding remarks .
There is a growing momentum in our business at present and the benefits of earlier investment decisions mean the Trust has extremely well placed to capitalise on rising customer demand. 
Above average development volumes and a lift in portfolio occupancy are both contributing to growing revenue streams.
Delivering our development programme and realising the value in our strategic land holdings remains a key operational focus. It is our expectation that the 2015 financial year will be even stronger than the last, with over $100 million of new projects anticipated.
We have the balance sheet capacity and active capital management strategies to finance this growth while our customer relationships and stakeholder partnerships  will help ensure we remain one of New Zealand’s preferred property providers.
Thank you ladies and gentleman.


FORMAL BUSINESS 
Thanks John, we’ll now move to the formal business of the meeting.

Since it was established as Manager of the Trust in 2004, Goodman Group has 
sought to closely align its interests with those of other investors, maintaining a cornerstone Unitholding while adopting progressive management and governance practices.
Independent Directors have worked on behalf of all investors to ensure the Trust remains a contemporary and attractive investment entity. Today’s resolution continues this tradition with refinements to an already competitive fee structure expected to enhance GMT’s operational and financial performance while increasing the already strong alignment between Goodman Group and other Unitholders.
A full explanation of the Trust Deed amendments required to effect these changes was provided in the Notice of Meeting.
The Resolution contemplates that I, as Chairman, table a form of the Trust Deed, signed by myself for identification purposes, showing the amendments proposed.

I now formally table the amended Trust Deed.
Before opening the floor to questions, I will provide a summary of the resolution you are voting on today.


RESOLUTION 
Unitholder approval  is required under Listing Rules  7.3.1, 7.5 and 9.2.1  due to the relationship between the Trust  and Goodman Group and  the fact that Units will be issued to the Manager as a result of the  Trust Deed Amendments.

The Resolution is set out in the Notice of Meeting, and for your convenience is also displayed on the screen. As the Resolution has been notified, there is no formal requirement for a seconder. 
I’ll now read the resolution: 
As an extraordinary resolution, that Unitholders approve:
(a)  the amendments to the Trust Deed relating to: 
(i)  the rebate of certain management fees paid to the Manager; and 
(ii)  the requirement for the Manager to use its base management fee (for a five year period from 1 April 2014) to subscribe for new Units, 
in the form tabled at the Meeting and signed by the chairperson for the purpose of identification; and
(b)  the issue of Units to the Manager (or any nominee of the Manager) pursuant to the amendments to the Trust Deed.
In my opening address I noted the benefits the changes are expected to provide, they include:  
1.  A lower management expense ratio.
2.  Improved earnings.
3.  A reduced development land weighting. 
4.  Increased alignment.
These are immediate and lasting benefits and the Independent Directors unanimously recommend that Unitholders vote in favour of this proposal.
Of the 303,907,416 proxy votes received, 97.5% are in favour of the resolution, 0.21% against and 0.24% are discretionary. Abstentions represented around 2.0% of the total.

A majority of not less than three quarters of persons entitled to vote and voting is required to carry this extraordinary resolution. Goodman Group and its Associated Persons are not permitted to vote. 
These disqualifications do not apply where any of those persons acts as a proxy or representative for a person who is not disqualified from voting, and is voting in accordance with the express instructions of that other person.


PROCEDURE FOR QUESTIONS FROM UNITHOLDERS 
I would now like to open the floor for questions , these can relate  to the resolution  or be more general in nature.
Please signal your intention to ask a question and a member of staff will bring you a microphone. For the record, I would also ask that you identify yourself before you speak; and, if you are a proxy or representative for a Unitholder, please let us know that as well.


VOTING AND CLOSURE 
Ladies and gentlemen, as there are no further questions we will proceed to a poll and formally conclude this meeting. 
If you have not already voted you should complete your voting and proxy form and place it in the boxes on the registration table outside this meeting room. There are pens available and Computershare staff will be on hand should you have any questions or require replacement forms. 
Refreshments are also being served in the reception area and you are welcome to stay and enjoy the hospitality while the poll is being conducted. 
The result of the poll will be announced to the NZX in due course and a copy of the announcement will also be available on our website.

Thank you very much for your attendance and participation today, I now declare this meeting closed.


For further information please contact: 
Keith Smith 
Chairman 
Goodman (NZ) Limited 
(021) 920 659 
John Dakin 
Chief Executive Officer 
Goodman (NZ) Limited  
(09) 375 6063 
(021) 321 541 
Andy Eakin 
Chief Financial Officer 
Goodman (NZ) Limited 
(09) 375 6077 
(021) 305 316


About Goodman Property Trust: 
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.3 billion, ranking it in the top 15 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group are also the Trust’s largest investor with a cornerstone unitholding of 17.6%. GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio with a value in excess of $2.0 billion that accommodates around 260 customers. The Trust holds an investment grade credit rating of BBB from Standard & Poor’s.