GMT Distribution and Goodresults Newsletter

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz



nzx release+
GMT Distribution and Goodresults Newsletter
Date 22 March 2018
Release Immediate

Further to the announcement of 21 February 2018, Goodman (NZ) Limited, the
Manager of Goodman Property Trust, is pleased to advise the third quarter distribution,
for the period ended 31 December 2017, will be paid to Unitholders today.

Copies of the covering letter and the Goodresults newsletter that accompany the
distribution statement have been provided to the NZX.

For further information, please contact:

John Dakin Andy Eakin
Chief Executive Officer Chief Financial Officer
Goodman (NZ) Limited Goodman (NZ) Limited
(09) 375 6063 (09) 375 6077
(021) 321 541 (021) 305 316

James Spence
Director Investment Management
Goodman (NZ) Limited
(09) 903 3269
(021) 538 934

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.7 billion, ranking it
in the top 20 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman
Group, Goodman Group is also the Trust’s largest investor with a cornerstone unitholding of 21%.
GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio, with a value
of $2.6 billion, which accommodates around 200 customers. The Trust holds an investment grade credit rating of BBB
from Standard & Poor’s.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz



22 March 2018

[Unitholder Name]
[Address 1]
[Address 2]
[Address 3]
[Address 4]

Dear Unitholder

GOODMAN PROPERTY TRUST (“GMT” and “Trust”)
Goodman (NZ) Limited, the manager of GMT, is pleased to advise Unitholders that
the third quarter distribution, for the period ended 31 December 2017, has now been
paid.
The distribution included 1.6625 cents per unit paid in cash with an additional 0.3134
cents per unit in imputation credits.
If you have any questions about your distribution payment please contact our
registrar, Computershare Investor Services. The telephone number is 0800 359 999
for calls originating within New Zealand or +64 9 488 8777 for international enquiries.
Unitholder newsletter
Also enclosed with this distribution notice is the latest goodresults newsletter. I
encourage you to read it to learn more about the Trust’s investment strategy and
some of the new wellbeing initiatives being undertaken.
Yours faithfully,

Keith Smith
Chairman

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Pursuing a disciplined
growth strategy
goodmanproperty.co.nz
Above – Recently completed ACCO warehouse, Highbrook Business Park.
Below – Existing Plytech facility, Highbrook Business Park.
GMT’s development programme continues to transform the portfolio, converting
strategic land holdings into high quality income producing assets.
MARCH 2018 ISSUE 7
GOODRESULTS
GOODMAN PROPERTY TRUST NEWSLETTER
goodmanproperty.co.nz
In December 2017, the Trust announced
a further new development with a
commitment from Plytech International
Limited for a purpose-built 7,300 sqm
industrial facility at Highbrook Business
Park in Auckland’s East Tamaki. The
manufacturer and supplier of plywood
based products is an existing customer
that is doubling its space requirements to
facilitate its business growth.
The development requires $11.4 million
of additional spend and is expected to
complete in November 2018.
John Dakin, said “This new project adds
to the $107.0 million of development
work already announced this financial
year. Funded through asset sales, it’s a
sustainable business activity that is growing
revenue and increasing investment in the
preferred Auckland industrial sector.”
The sale of 7 Show Place for $14.5 million
continues the successful sales programme
that is providing the balance sheet
capacity to fund the Trust’s development
activity. The three level, 3,037 sqm office
building within Show Place Office Park in
“With over $850 million of asset sales since 2012 we have positively
rebalanced the Trust’s portfolio, improving the quality and growth profile of
the assets. It’s a disciplined strategy that is focused on the delivery of the
industrial development pipeline and building a portfolio of unrivalled quality.”
John Dakin Goodman Chief Executive Officer
Christchurch, was sold to a local syndicator
in January 2018. It follows the disposal
of Central Park Corporate Centre in
Auckland’s Greenlane for $209 million.
Announced in November 2017 that sale
represents a significant milestone in the
repositioning of the Trust.
John Dakin said, “With over $850 million of
asset sales since 2012 we have positively
rebalanced the Trust’s portfolio, improving
the quality and growth profile of the assets.
It’s a disciplined strategy that is focused on
the delivery of the industrial development
pipeline and building a portfolio of
unrivalled quality.”
Following completion of all current
developments and contracted sales,
GMT’s Auckland industrial weighting will
have increased to almost 85% of its total
portfolio, while its remaining land holdings
will represent less than 5%.

GOODRESULTS GOODMAN PROPERTY TRUST NEWSLETTER MARCH 2018 ISSUE 7
—
PAGE 2
Key
portfolio
metrics
1
$2.3 bn
PROPERTY PORTFOLIO
98
%
PORTFOLIO OCCUPANCY
85
%
AUCKLAND INDUSTRIAL WEIGHTING
6.2 years
WEIGHTED LEASE TERM
$ 118 . 4 m
DEVELOPMENT PROJECTS
ANNOUNCED – YTD
2

143,833 sqm
NEW LEASING
ANNOUNCED – YTD
Leasing success growing
rental income
A substantial number of existing leases
have been renewed in the last six months
and the limited amount of vacant space
within the portfolio has also been reduced.
John Dakin said, “With over 140,000 sqm
of space secured on new or revised terms
it has been a positive period for the Trust.
Sustained economic growth is driving
occupier demand and low vacancy rates
are being reflected in high customer
retention levels and rising rents.”
The most significant of the new
transactions is the renewal of logistics
provider DHL’s lease at Highbrook
Business Park. The company has
occupied the 31,631 sqm facility since it
was constructed in 2005 and the 5-year
extension will extend its occupation of the
key site to almost 20 years.
Other significant leasing transactions in the
industrial portfolio include:
+ Honda, leasing the 2,805 sqm
warehouse facility on Business Parade
South at Highbrook Business Park.
+ Cottonsoft leasing the 17,124 sqm
warehouse facility at 55 Business
Parade North, Highbrook from
April 2018.
GMT’s smaller office portfolio, which is now
focused in the VXV Precinct of Auckland’s
Wynyard Quarter, has also recorded strong
leasing results.
John Dakin said, “The area's attraction
as a location for dynamic and progressive
businesses has been reinforced with
the five year commitment from a leading
technology customer for the 2,201 sqm top
floor of the Datacom Building.”
Strong leasing results have lifted occupancy to over 98% and extended the
weighted average lease term across the portfolio to beyond six years.
Air New Zealand, another key customer
in the precinct, has also agreed to renew
its lease extending its occupation of
185 Fanshawe Street out to 2027.
John Dakin said, “The quality of the Trust’s
assets and the strength of our customer
covenants means the property portfolio is
in outstanding shape.”
Above – DHL, Highbrook Business Park
Below – Datacom, VXV Precinct
1
As at 28/2/18 and adjusted
for contracted sales
2
Additional spend

GOODRESULTS GOODMAN PROPERTY TRUST NEWSLETTER MARCH 2018 ISSUE 7
—
PAGE 3
A flexible and collaborative workspace
that provided better facilities and a higher
quality work environment for staff was the
overriding objective of the new office. The
target of a Green Star Office Interior rating
ensured the environmental impacts of the
relocation were minimised and that the new
building systems were as energy efficient
as possible.
John Dakin said, “The move to activity
based working, the design of the
workplace, sophisticated HVAC and
lighting systems, and the wider use of
technology means the new office is
an environmentally friendly and highly
productive space.”
Overlooking Viaduct Harbour and close to
the recreational opportunities of Victoria
Park, Goodman’s city office sets a new
benchmark for refurbished business space.
Expected to receive a 5 Star Green Star
Office Interior Rating, it features high quality
materials and products selected for their
functionality, longevity and energy efficiency.
Ongoing monitoring is already showing
a significant reduction in energy
consumption, compared to the previous
office, after just 90 days of results. The
flexibility of activity based working, higher
quality services, better space planning
and a wider range of facilities has also
increased staff satisfaction and wellbeing.
An active recycling programme allowed
for recycling of approximately 90% of all
waste building materials. The sustainability
commitment extended to the recycling of
older office furniture and equipment further
minimising landfill waste.
John Dakin said, “We have created an
outstanding work space that has become
a functioning capability statement for
our business, showcasing the future of
workspace design.”
To learn more: www.goodman.com/nz
New Auckland workspace
for Goodman
A pending lease expiry at its Queen Street office and the opportunity to relocate
to new premises within one of its own buildings in the VXV Precinct was the
catalyst for Goodman to reassess its existing work practices and embark on a
comprehensive review of its Auckland space requirements.
“The move to activity based working, the design of the workplace, sophisticated
HVAC and lighting systems, and the wider use of technology means the new
office is an environmentally friendly and highly productive space.”
John Dakin Goodman Chief Executive Officer
Above and below – Images of Goodman's new activity based work environment.

The Trust’s website
www.goodman.com/nz
enables Unitholders and
Bondholders to view
information about their
investment, download
investor forms, check current
prices and view publications
and announcements.
This document has been prepared by
Goodman (NZ) Limited as manager of
Goodman Property Trust. The information
in this document is general information
only. It is not intended as investment
or financial advice and must not be
relied upon as such. You should obtain
independent professional advice prior
to making any decision relating to your
investment or financial needs. This
document is not an offer or invitation for
subscription or purchase of securities
or other financial products. Past
performance is no indication of future
performance. All values are expressed in
New Zealand currency unless otherwise
stated. March 2018.
goodmanproperty.co.nz
$100 million retail bond
GOODRESULTS GOODMAN PROPERTY TRUST NEWSLETTER MARCH 2018 ISSUE 7
—
PAGE 4
The $100 million of new debt funding
was secured at a very competitive 4.0%
per annum. The proceeds of the offer
will replace existing bank borrowings,
extending the tenor and diversity of the
Trust’s debt facilities.
In recent years GMT’s treasury programme
has been focused on securing long dated
debt and reducing its reliance on traditional
bank funding. This is the fourth retail
bond on issue and it is complemented
by US Private Placement issuance which
together total over $550 million. The Trust
is expected to have 92% of its debt drawn
from non-bank sources and these facilities
will have a weighted average term of
4.7 years at 31 March 2018
1
.
The new bonds share the same security
as GMT’s existing debt facilities and have
a credit rating of BBB+ from Standard &
Poor’s. This is one notch higher than the
Trust’s investment grade issuer rating of
BBB.
The quality of the Trust’s assets, its strong
balance sheet position and a consistent
investment strategy has helped maintain
these credit ratings unchanged since they
were first issued in 2009.
1
Adjusted for contracted sales
GMT has completed its second new
bond offer in less than nine months
with the successful issue of a
new five-and-a-half-year bond
in March 2018.
Fit and healthy
Men’s health was the focus in November
with Goodman participating in the
Movember challenge for the first time. Staff
were encouraged to support the initiative
by growing moustaches and raising money
for the charity. They were also invited to
attend a men’s health seminar that covered
a range of topics including prostate and
testicular cancer, smoking, alcohol, weight
and cardiovascular risk.
With over $30,000 being raised it was a
great success. In recognition of the effort
Robert Dunne from Movember came to
the Goodman office to thank staff and to
present a certificate for being the highest
fundraiser in the country.
The initiative was also promoted among
customers in the VXV Precinct and at
the end of the month a competition was
hosted for the best Moustache, Beard
and Fake Moustache. A public final,
hosted in the VXV Plaza, was well received
with prizes and judging provided by
neighbouring businesses and Movember.
Customers, business partners and the
public are also participating in other
programmes facilitated by Goodman’s
health and wellbeing focus. Over the last
quarter these have included:
+ The 2018 Waipuna Conference Suites
Fun Run at Highbrook Business Park.
+ Lunch time yoga classes within the
VXV Precinct lead by Tracy Adshead.
+ Visits from the mobile blood bank and
breast cancer awareness caravan
within the VXV business community.
+ A corporate cricket day for Goodman’s
agency partners in Victoria Park,
Auckland.
With a strong commitment to the principles of corporate social
responsibility, the customers of GMT and Goodman staff are all
benefiting from new health and wellbeing initiatives.
Above – Highbrook Fun Run – 2018 Goodman team.
Below left – Breast Cancer Caravan – Health & Wellbeing initiative.
Below right – Movember – John Dakin and Robert Dunne from the Movember Foundation.