Page 7 - GMT and GMT Bond Issuer Annual Report 2017 v2

The progression of the development programme, signi cant asset sales and selective acquisitions are all having a positive impact on GMT, lifting the quality of the portfolio and reinforcing the Trust’s position as a premium property provider.
These activities are also improving the nancial metrics of the business, de-leveraging the balance sheet and providing substantial capacity for future investment and development opportunities.
STRATEGIC FOCUS
A commitment to building a portfolio of exceptional quality has always underpinned the investment strategy of GMT. The acquisition of the remaining interests in Highbrook Business Park in 2012 and a focus on organic growth since then, have transformed the portfolio.
With more than $535 million of new development projects over the last ve years, GMT’s strategic land holdings are being converted into high quality, income producing assets.
While development activity is enhancing and extending the portfolio it is also providing essential business infrastructure that is enabling companies to operate more ef ciently and cost effectively.
Funded through asset sales, development is a sustainable business activity that is growing revenue and increasing investment in the preferred Auckland industrial sector.
Continued development success has also improved the alignment between the cash earnings of the Trust and the distributions it pays.
$535m NEW DEVELOPMENT PROJECTS OVER THE
LAST FIVE YEARS
27 Pukekiwiriki Place warehouse under construction, Highbrook Business Park, East Tamaki
MANAGEMENT EXPERTISE
The Board and Management Team work closely and constructively overseeing the governance and business operations of the Trust.
To support a more dynamic investment strategy a new senior management role, reporting to the Chief Executive Of cer, has been created. James Spence was appointed Director Investment Management in September 2016 and is now responsible for overseeing the investment decisions of GMT.
James has spent the last ve years managing Goodman wholesale funds and leading its
capital transaction programme across Europe.
His biography is available on the Trust’s website together with those of the other executives.
Led by John Dakin, it is a highly capable and experienced executive team.
The quality of John’s leadership was recognised during the year with a special service award from the Property Council of New Zealand. It complements the Honorary Fellowship he had previously received from the Royal Institution of Chartered Surveyors and re ects the signi cant contribution he has made to the property industry over the last 25+ years.
JAMES SPENCE
DIRECTOR – INVESTMENT MANAGEMENT (GMT)
GOODMAN PROPERTY TRUST ANNUAL REPORT 2017 05 CHAIRMAN'S REPORT
GMT BOND ISSUER LIMITED ANNUAL REPORT 2017
CHANGING LANDSCAPES