GMT strategy focused on Auckland industrial property

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 strategy focused on Auckland industrial property
Date 28 May 2018
Release Immediate

Goodman (NZ) Limited, the manager of Goodman Property Trust (“GMT” or
“Trust”) is pleased to announce the Trust’s financial results for the year ended 31
March 2018.
The successful execution of the Trust’s asset sales programme and the reallocation of
capital into its growing development pipeline is focusing investment in the strongly
performing Auckland industrial market. This strategy is strengthening the balance sheet
and contributing to GMT’s strong financial and operational results.
Highlights for the period include:
+ A statutory profit of $207.2 million before tax (including look-through
1
valuation gains
of $106.3 million), compared to $220.5 million (including look-through valuation gains
of $114.7 million) previously.
+ Operating earnings
2
of $119.1 million before tax or 9.25 cents per unit, compared to
$121.7 million achieved in the previous period.
+ Cash distributions of 6.65 cents per unit, representing around 95% of GMT’s cash
earnings
3
of 6.99 cents per unit.
+ Contracted asset sales of $243.9 million, with a further $323.9 million conditionally
sold post balance date.
+ Commencement of seven new development projects with a total project cost of
$164.8 million.
+ Greater balance sheet capacity with a look through loan to value ratio
4
of 25.0%,
expected to reduce to less than 20% after settlement of all contracted sales.
+ Extension to the retail bond programme, with two $100 million issues.
+ A 6.5% increase in net tangible assets, from 130.4 cents per unit, to 138.9 cents per
unit at 31 March 2018.
Business transformation
Keith Smith, Chairman of Goodman (NZ) Limited said, “We have pursued a disciplined
growth strategy over the last five years, selling assets to fund the Trust’s development
projects. It has rebalanced the portfolio and deleveraged the balance sheet, transforming
GMT and positioning it for sustainable long-term growth.
With the development programme well advanced and asset disposals largely complete
(once contracted sales settle) the Board is extremely pleased with the progress that has
been achieved.”

1
A non-GAAP measure that includes GMT’s proportionate share of Wynyard Precinct Holdings Limited, the joint venture
with GIC that owns the VXV Portfolio.

2
Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GMT’s
principal operating activities. Calculation of operating earnings is set out in GMT’s Profit or Loss statement.

3
A non-GAAP measure of free cash flow that adjusts operating earnings after tax for interest costs capitalised to
development land and maintenance related capital expenditure. The calculation is set out on page 50 of the Annual
Report.
4
Refer to note 3.5 of GMT’s financial statements for further information.

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

Following completion of current development projects and contracted sales, GMT’s $2.2
billion portfolio will be 99% invested in Auckland industrial property.
Chief Executive Officer, John Dakin said, “We’re divesting our remaining office assets
and developing high-quality estates such as Highbrook Business Park in East Tamaki. It
is a deliberate strategy that reflects the positive investment characteristics of this type of
property and the strong growth profile of the country’s largest city.”
Keith Smith said, “The Directors are equally satisfied with the Trust’s operational and
financial performance. Positive leasing results and strong valuation gains have
contributed to a substantial profit of $207.2 million before tax.”
Further information on the financial result is provided in the Trust’s 2018 Annual Report
which was released today. A copy of the report has been provided to the NZX and an
online version will be available later this morning at www.goodmanreport.co.nz.

Demand led development
Economic growth, demographic changes, technological advances and the development
of online retailing, are all contributing to the strong demand for logistics and warehouse
space in Auckland.
John Dakin said, “The Trust’s position as the largest owner and developer of industrial
property in New Zealand means it is uniquely placed to benefit from these trends.”
They are also contributing to GMT’s leasing results with over 200,000 sqm of space
secured on new or extended terms since 31 March 2017. This leasing success has
helped maintain portfolio occupancy at over 98% and extended the weighted average
lease term beyond six years.
To meet current and forecast demand the Trust is undertaking a greater level of
development activity. The seven projects announced during the year, which include 24
new warehouse facilities, have a total project cost of $164.8 million.
This strong momentum has continued into the new financial year with two additional
development projects, total cost of $54.1 million, announced in May 2018. The design-
build commitments add to the large volume of work currently under way, with the
combined value of these projects now exceeding $230 million.
John Dakin said, “We have made tremendous progress with our development
programme over the last five years, investing more than $670 million and creating assets
that improve an already high-quality portfolio.”
Balance sheet strength
Disposals have provided the balance sheet capacity to fund the intensification of the
Trust’s development programme.
During the year, three sales totalling $243.9 million were contracted.
Post balance date, it was also announced that the VXV Portfolio had been conditionally
sold to Blackstone, a global investor and fund manager. GMT’s 51% share in the joint
venture that owns the VXV office assets had a gross sale price of $323.9 million.
John Dakin said, “This is a defining transaction for our business, it completes a
repositioning programme that firmly establishes GMT as the country’s leading provider of
high-quality industrial space.
With almost $1.2 billion of asset disposals and contracted sales since 2013 the
investment focus is now almost exclusively on Auckland industrial property. It’s the sector
and market that we believe will deliver the best long-term risk adjusted returns.”

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

With a loan to value ratio expected to be below 20% following completion of the
contracted sales, the Trust retains substantial balance sheet capacity.
Keith Smith said, “GMT has the means to complete its development programme and
pursue new investment opportunities while still maintaining a very prudent level of
gearing.”
Future focus
The current business strategy has enhanced the portfolio, improved earnings quality and
reduced gearing to a historically low level.
The Board expects to achieve cash earnings of around 7.0 cents per unit in FY19, a
similar level to last year. Cash distributions of 6.65 cents per unit are expected to be
paid.
Keith Smith said, “We view the portfolio repositioning as transformative for GMT.
Reinvesting in our development programme will drive future growth and continue to lift
the quality of our assets.
The execution of this investment strategy means that the business is focused and well
positioned for sustainable growth.”
For additional 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
Attachments provided to NZX:
1. Goodman Property Trust and GMT Bond Issuer Limited Annual Report 2018
2. GMT Annual Result Presentation
3. NZX Appendix 1
About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.8 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 $2.2 billion after recently contracted sales, which accommodates around 180 customers. The Trust holds an investment
grade credit rating of BBB from Standard & Poor’s.

---

Goodman Property Trust Annual Report 2018
GMT Bond Issuer Limited Annual Report 2018

Chairman’s report 14
Management report 18
Our strategy 24
Doing right by our people 30
Doing good in our community 32
Sustainability 36
Property portfolio 40
Board of Directors and management team 46
Financial summary 49
Goodman Property Trust Financial Statements 55
GMT Bond Issuer Limited Financial Statements 101
Other information 113
This document comprises the Annual Reports of Goodman
Property Trust and GMT Bond Issuer Limited for the
year ended 31 March 2018 and contains the information
required to be disclosed pursuant to the Listing Rules.
+ The Units in Goodman Property Trust are listed on
the NZX with the code of GMT.
+ Bonds issued by GMT Bond Issuer Limited,
a wholly-owned subsidiary of Goodman Property
Trust, are listed on the NZDX with the codes of
GMB020, GMB030, GMB040, and GMB050.
Operating earnings
Operating earnings are a non-GAAP financial measure
included to provide an assessment of the performance
of GMT’s principal operating activities. Calculation
of operating earnings is as set out in GMT’s Profit
or Loss statement.
Cash earnings
Cash earnings is a non-GAAP measure that assesses
free cash flow, on a per unit basis, after adjusting for
certain items. Calculation of GMT’s cash earnings is
set out on page 50.
Look-through
A non-GAAP measure that includes GMT’s proportionate
share of Wynyard Precinct Holdings Limited, the joint
venture with GIC that owns the VXV Portfolio.
Between them, Robyn and Evan have 25 years’
experience in the property industry, with
20 of those years in various property roles
at Goodman. With that scope of knowledge
and expertise to call on, customers at
Highbrook know they are in good hands.
Evan Sanders
Portfolio Manager, Highbrook
Robyn Barfoot
Asset Manager, Highbrook
COVER
Goodman Property Trust Annual Report 2018
GMT Bond Issuer Limited Annual Report 2018

We work smarter to
make industrial property
perform better
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Keryn has been working with the Highbrook
portfolio for more than eight years. She brings
experience and knowledge which ensure
customers such as NZ Post are provided
with the best service. Goodman developed
NZ Post’s purpose-built facility in 2007.
Keryn Diamond
Building Manager, Highbrook
Geoff Kirk
Operations Leader, Mailroom, NZ Post
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Drawing on
our experience
We think about property every day and
use our expertise to deliver the best
property solutions for our customers
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Our business is
strengthened by the
successful companies
that choose our high-
quality properties
More than 200 leading businesses have chosen Goodman as their property provider.
Superior facilities, a commitment to customer service and the ability to accommodate
changing business requirements help create long-term partnerships. These relationships
create value for our investors and make us the leader in high-quality industrial space.
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Customer Profile
ACCO is a supplier of stationery and
art-related consumer products.
The business has just moved into a
new facility at Highbrook Business
Park to support its growth, having
previously occupied smaller buildings
elsewhere in the portfolio.
5
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018
5

Strategic locations
The Highbrook interchange and bridge
across the Otara Creek was a catalyst for the
development of the world-class business park
on the Waiouru peninsula. With up to 30,000
vehicle movements a day along Highbrook
Drive and direct access to SH1, it’s one of
Auckland’s best business locations.
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

We invest in key locations across
Auckland, close to infrastructure,
transport networks and consumers
We’ve focused on the industrial property sector and have chosen to
maximise our presence in Auckland to better serve businesses in
time-critical sectors. We use the experience and expertise of our people
to manage and develop strategic land investments into valuable assets
such as Highbrook Business Park.
$2.7bn
Property portfolio at 31 March 2018
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Financial highlights
A successful year
$ 2 0 7. 2 m
Profit before tax
$243.9 m
Contracted asset sales
$164.8 m
New development projects – total project cost
$106.3 m
Look-through portfolio revaluation

(1)
8
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

A successful year
This year, we’ve sold assets
and  reinvested in our
development  programme.
This capital recycling means we
have one of the lowest geared
balance sheets in the sector. It
also means we’re well placed
to look for new opportunities.
The growth in value of our
underlying portfolio reinforces
our  view that industrial property
in  Auckland will deliver strong
returns over the long-term.
6.6 5cpu
Cash distributions
138.9cpu
Net tangible asset backing
Cash earnings
6.99cpu25.0
Look-through loan to value ratio

(1)

(2)
%
(1)
Includes GMT’s proportionate share of WPH.
(2)
Refer to note 3.5 of the Financial Statements for further information.
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Growth in e-commerce is
driving demand for well-
located and operationally
efficient logistics space
10
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Retail Sales
Online sales currently represent around
7% of total retail sales in New Zealand.
It’s a growing trend, with 10%-15% typical
in the more mature US and UK markets.
CourierPost is the largest of the five
NZ Post subsidiaries now located at
Highbrook. The national parcel delivery
service occupies a 20,000 sqm sorting
and distribution centre tailored to its
specific requirements. Designed as
New Zealand’s first Green Star rated
industrial facility, it accommodates a
highly automated parcel sorting system
that is capable of processing up to
120,000 items a day.
Parcel volumes at this facility have
increased around 33% over the last
five years, reflecting not only the
growth in the city but also the impact
of e-commerce and online retailing.
CourierPost
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Purpose, pillars, approach
What drives us
We’re a company that always looks forward.
Long-term plans ensure we make the most of changes
in market conditions without being impulsive and
remain focused on the needs of our customers.
Profitability starts with discipline and balancing
our core business drivers with the requirements
of  our  proven own
+
develop
+
manage strategy.
New Zealand’s largest industrial
property business
With a market capitalisation of $1.8 billion
and a corporate credit rating of BBB from
Standard & Poor’s, GMT has grown to
become one of New Zealand’s largest
listed property investors. It is a high-quality
business built around a substantial property
portfolio, a wide customer base and a proven
development capability.
We have a diverse group of investors that
is predominantly New Zealand-based but
also includes global investment funds and
a sovereign wealth investor.
Managed by the ASX-listed Goodman
Group, also GMT’s largest investor,
the business benefits from the global
perspective and expertise that this strong
relationship provides.
Our own+develop+manage business model
represents our core business functions with
the customer as our central focus.
Own
We aim to own the very best industrial assets,
in key locations, putting our customers close
to consumers in growing markets.
Develop
Value-adding development capability and
strategic land holdings allow us to build a
portfolio of real quality, with facilities tailored to
our customers’ unique business requirements.
Manage
We manage all aspects of our business
directly, taking responsibility for our customer
and stakeholder relationships.
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Purpose, pillars, approach (continued)
Our business model is supported by
the four strategic pillars that shape our
business practices. This ensures that our
stakeholders and their expectations are
front of mind and that the targets we set
are consistent with our corporate values.
+ Sustainable Development
+ Asset Management
+ Corporate Performance
+ People and Community
Business model
Working together
Our vision, business model and strategic
pillars all come together to provide a clear
and integrated plan for how we continue
to use and prioritise the resources we have
available and the goals we set for ourselves
and our partners. Most importantly, they help
ensure that everything we do revolves around
our vision to be a true leader in quality
business spaces.
“ Our vision is to be
the leading provider
of high-quality
industrial space.”
You can read more about each component
later in this report:
+ Own page 24
+ Develop page 26
+ Manage page 28
John Dakin
Chief Executive Officer
Sustainable Development
Future-proof portfolio
Leader in quality
industrial space
Corporate Performance
Stakeholder partnerships
Asset Management
Superior product and service
People and Community
Thriving culture and neighbourhoods
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Chairman’s report
Concentrating
our efforts
Focusing on the industrial property
sector in Auckland puts us at the
heart of a substantial and critically
important part of the economy.
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Over the last five years we have successfully
repositioned our business, concentrating
investment in the rapidly growing and
supply-constrained Auckland industrial
market. A development-led growth strategy
and successful sales programme have
underpinned this transformation.
With $0.7 billion of new development projects
and almost $1.2 billion of asset disposals and
contracted sales since 2013, we are confident
that the Trust’s portfolio now represents the
very best quality industrial property.
Our quality focus extends beyond the
physical characteristics of the assets we
own. It also includes the valued relationships
we share with customers, investors, our
own people and the communities where
we operate.
With our development programme well
advanced and asset sales now largely
complete, the Board is extremely pleased
with the progress that has been achieved.
The Directors are equally satisfied with
the Trust’s operational and financial
performance. Positive leasing results have
maintained occupancy above 98% and
also contributed to a statutory profit of
$207.2 million before tax.
We will pay cash distributions totalling
6.65 cents per unit this year, with
$85.5 million to be distributed to our
almost 10,000 investors. This is consistent
with earlier guidance.
With a strong balance sheet and a
portfolio focused on the best performing
property sector, the Board is confident
that the business is well positioned for
sustainable long-term growth.
Industrial focus
Industrial property provides the built
infrastructure that businesses need to
operate.
Our properties directly support the
260 companies that lease space in our
portfolio and are the daily workplace for
their 20,000 employees.
It is also an important part of the supply chain,
ensuring goods are stored efficiently and
can be quickly distributed to meet demand,
whenever and wherever that may be.
We also believe industrial property is likely
to provide the best risk-adjusted returns
over the long-term.
These positive investment characteristics are
reflected in another strong valuation result for
GMT this year. The $106.3 million or 4% uplift
in the value of the portfolio (on a look-through
basis) contributed to the 6.5% increase in
GMT’s net tangible asset backing, to $1.39
per unit at 31 March 2018.
The evolution of e-commerce and online
retailing is contributing to the strong demand
for warehousing and distribution space
across Auckland. Sustained economic
growth together with demographic changes
are adding to the requirement for large
logistics facilities located close to consumers.
GMT’s position as the largest owner
and developer of industrial property in
New Zealand means it is uniquely placed
to benefit from rising e-commerce and the
rapidly growing population in the country’s
largest city.
Chairman’s report (continued)
01.
Beijer Ref is a new
customer in the
7,503 sqm warehouse
at 27 Pukekiwiriki Place.
The air conditioning and
HVAC supplier has taken
an eight-year lease over
the recently completed
facility at Highbrook
Business Park.
01
Our development programme has been
accelerated to meet this demand. At the same
time, diminishing greenfield opportunities and
competition for land for residential conversion
means that strategic brownfield sites are
becoming more desirable. This emerging
trend is reflected in our investment strategy as
we look to secure a future pipeline.
Corporate reporting
This year we extended the breadth of the
commentary within our annual report to
provide a broader overview of our business.
This approach allows stakeholders to assess
performance on measures that matter to them.
It’s a story we are proud to tell, and this
report includes additional information
about our business model, the current
investment strategy and achievements in
our sustainability programme.
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All of these areas receive attention from
the Board and, as a responsible corporate
citizen, we want to secure a positive
mandate for the things we do.
We conducted a survey to determine
our material factors this year, asking a
representative group of our stakeholders to
identify and prioritise the items they believe
we should focus on. The comprehensive
results, detailed on page 38, included
16 factors. The most significant being:
+ Customer relationships
+ Sustainable development
+ Resilient property portfolio
+ Capital structure and financial results
+ Health, safety and wellbeing.
These key areas are well aligned with our
business priorities and underpin this year’s
reporting focus.
The Board believes that strong governance
structures provide transparency and lead to
better decision making. Governance is an
area of continual refinement and I’m pleased
to note that as a business we comply with the
eight principles of the recently updated NZX
Corporate Governance Code.
Our performance against these guidelines
is described throughout this report and more
specifically in the Corporate Governance
summary section on page 114.
Better property sector representation
The drive for better and more equitable
outcomes for our stakeholders underpins our
submissions to local and central government.
We undertake this work both directly as
an individual business and collectively
through our various industry memberships.
John Dakin was confirmed as the new
President of the Property Council of
New Zealand’s governing National Council
in April 2018. It is a voluntary position that
offers opportunities to provide industry
leadership on a range of topics.
Chairman’s report (continued)
GMT’s position as the largest owner
and developer of industrial property in
New  Zealand means it is uniquely placed
to benefit from rising e-commerce and
the rapidly growing population in the
country’s largest city. ”
“
John’s appointment is extremely positive,
ensuring our interests on matters such as
regional growth, transport policy and taxation
are represented at the highest level.
He has also expressed his desire to make the
industry’s leading body more contemporary,
with improvements required across the sector
in the areas of inclusion and diversity.
Investor forums
This year’s Annual Meeting is to be held
at 1:30pm on 4 July 2018 at Eden Park in
Auckland. The Board encourages investor
participation at all its forums and so we
have selected a meeting venue that is easily
accessible by both public transport and
private motor vehicle. A live webcast will be
broadcast for those who are unable to attend.
The formal business will include the election
of one Independent Director. Further details
will be contained in the Notice of Meeting,
which is expected to be distributed on
or around 12 June 2018. Please take the
opportunity to vote, either using the forms
you receive or through the online portal.
Recognising that our investors are located
throughout the country, the Board and
management team also intend to conduct a
national roadshow later this year. Please take
the opportunity to attend this biennial event
and engage directly with those responsible
for managing your investment.
Future focus
Our business strategy has continued to
enhance the portfolio, adding to the financial
strength of GMT, improving the quality
of its earnings and reducing gearing to a
historically low level.
The conditional sale of GMT’s interests in the
VXV Portfolio, following its 31 March balance
date, has completed the repositioning of
the portfolio with the investment focus now
almost exclusively on Auckland industrial
property. The transaction will also provide
additional balance sheet capacity, reducing
the loan to value ratio from an already
low 25% to less than 20% of total assets.
Consequently the Trust has the means to
complete its development programme and
pursue new investment opportunities while
still maintaining a very prudent level of debt.
The Board expects to achieve cash earnings
of around 7.0 cents per unit in FY19, a similar
level to last year. Cash distributions of
6.65 cents per unit are expected to be paid.
We view the portfolio repositioning as
transformative for GMT. It’s a positive
outcome that outweighs the short-term
reduction in earnings growth as a result of
asset disposals and balance sheet de-
leveraging. Reinvesting in our development
programme will drive future growth and
continue to lift the quality of the portfolio.
The execution of this investment strategy
means that the business we share is
extremely well positioned.
On behalf of the Board
Keith Smith – Chairman and Independent Director
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$323.9m
asset price
GMT’s 51% share of the $635 million
gross sale price. The portfolio includes
seven low-rise office buildings
located in Auckland’s VXV Precinct,
neighbouring the Wynyard Quarter.
The divestment of GMT’s interest in the
VXV Portfolio, owned within its Wynyard
Precinct joint venture, was announced
following it’s 31 March 2018 balance date.
The conditional sale is a defining
transaction for the Trust. It completes
a five-year sales programme that
will have recycled almost $1.2 billion
of capital when this transaction
settles. The Trust’s portfolio has been
extensively repositioned over this
time with the sale of office assets and
the progression of the development
programme focusing investment in
the Auckland industrial market.
The transaction reflects a passing
yield of 6.6% and will add around
two and a half cents per unit to
net tangible asset backing when it
settles, expected to be in late 2018.
VXV Portfolio
sale
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Management report
Customer
focused
We invest ahead of demand, meeting
our customers’ requirements for
high-quality, efficient space in
proven locations across Auckland.
For some years now we have been focusing
our investment strategy in the markets that
we expect to deliver the strongest returns.
We have also committed to owning the very
best property portfolio.
Adopting a long-term view means we invest
for tomorrow as much as today and seek
to build positive and lasting relationships
with all our customers. We believe these
factors make GMT a more sustainable and
resilient business.
Progression of our development programme,
continuing asset sales and selective
acquisitions are all having a positive impact,
refining the portfolio and deleveraging the
balance sheet.
Financial performance
The Trust has delivered strong financial
results over the last three years while the
portfolio has been transformed with asset
sales and new development commitments.
Further details on this year’s financial
performance is provided on page 49.
01.
Standing left to right
in the reception
area of the of the
Goodman office
are Chief Financial
Officer, Andy Eakin
and Chief Executive
Officer, John Dakin.
Highlights include:
+ Profit before tax of $207.2 million (including
property valuation gains of $106.3 million),
compared to $220.5 million (valuation
gains of $114.7 million) previously
+ Operating earnings after tax of
$101.6 million and cash earnings of
6.99 cents per unit, consistent with
earlier guidance
+ Extension to the Goodman+Bond
programme, with two $100 million retail
bond issues
+ A loan to value ratio of 25.0% at 31 March
2018, on a look-through basis, including
contracted sales at that date.
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260+ customers
lease space in our portfolio, employing around 20,000 people
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Management report (continued)
Customer relationships
The focus on superior customer service is a
key point of difference for our business. We
work hard at maintaining these professional
relationships because they underpin demand
for space within the portfolio. Superior
service delivery also builds loyalty, so that
our customers approach us first when their
property requirements change.
We have achieved positive leasing results
over the last 12 months with 201,623 sqm
of space, representing around 18% of
the portfolio, secured on new or revised
terms. An impressive 130,574 sqm of these
transactions are repeat business with
existing customers.
This leasing success has maintained portfolio
occupancy at over 98% and helped extend
the weighted average lease term to beyond
six years.
Sustainable development
The progression of our development
programme has helped build a portfolio of
enviable quality, literally building by building,
since 2004. Around 80% of the portfolio has
been developed since then, creating assets
that set the benchmark for industrial and
commercial property.
It is also creating value, with $21.0 million
of this year’s valuation gains attributable to
recently completed projects.
New requirements from existing customers
make up a sizable proportion of our ongoing
work. This trend has continued over the
last 12 months with three of the seven new
development projects pre-committed by
existing customers. The seven projects,
which include 24 new warehouse facilities,
have a total project cost of $164.8 million.
Strong customer demand has continued
into the new financial year with two further
projects, with a total cost of $54.1 million,
announced in May.
All our developments are completed to a
consistently high standard. They incorporate
sustainable design elements and are
constructed using materials and building
processes that minimise waste and other
environmental impacts. Energy saving
technology and low flow water fittings also
means these buildings are operationally
efficient.
The additional investment required to meet
this high-quality specification reflects our
commitment to a low carbon and sustainable
future. The benefits are both immediate
and longer term, combining productivity
gains and reduced operating costs for our
customers with higher investment returns
for our Unitholders and better environmental
outcomes for our communities.
Investment portfolio metrics
Rentable
area (sqm)
Average
age (years)
Customer
number
Occupancy
%
Weighted
average lease
term (years)
Industrial portfolio972,515 12.317199.35.8
Office portfolio138,729 11.99394.57.1
Total portfolio
as at 31 March 20181,111,244 12.326498.26.1
Total portfolio
after contracted sales964,228 12.217699.25.6

Note: Portfolio statistics includes leasing transactions signed after 31 March 2018.
Asset recycling
Asset disposals have provided the balance
sheet capacity that is funding the rapid build-
out of the Trust’s development pipeline. During
the year three further sales were secured.
Totalling $243.9 million, they included:
+ The three level office building at 7 Show
Place in Addington, Christchurch for
$14.5 million
+ The recently completed Steel & Tube
development in Hornby, Christchurch
for $20.4 million
+ The conditional sale of Central Park
Corporate Centre for $209 million.
Following our financial year-end, it was
also announced that the VXV Portfolio had
been conditionally sold to Blackstone, a
sophisticated global investor. GMT’s 51%
share in the joint venture that owns the office
assets was sold based on an asset price of
$323.9 million.
The disposal is a particularly significant
transaction for the Trust. It is the largest of
the asset disposals and its settlement later in
2018 will complete a substantial rebalancing
of the portfolio that has focused investment
in the Auckland industrial sector.
Following completion of all current
developments and contracted sales, the
Trust’s Auckland industrial weighting will
increase to around 95%, while remaining
land holdings will represent approximately
5% of the total portfolio.
People and community
Our committed and hardworking team
of more than 60 people continues to
deliver the positive business outcomes
that are the foundation of our operating
results. Developing talent within this team
and providing the tools and flexibility for
individuals to perform their roles to the
highest standard is always a priority.
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Management report (continued)
The move to an activity-based working style,
in a Green Star designed office space within
the VXV Portfolio, has been the catalyst for
some wider business improvements. We
have formalised our commitment to being
an equitable and diverse business and
extended our inclusion and diversity policy
to specifically focus on gender, ethnicity and
age. To broaden representation, we have
updated key policies and processes and,
where appropriate, set targets for the future.
Our new workspace, which is designed to
enhance productivity, is also facilitating new
wellbeing initiatives for our employees. The
focus is on our collective health with lifestyle
advice, physical activities, medical checks
and immunisations all being offered.
We’re also pleased to report that Goodman
is engaging with our wider communities more
than ever before. You can learn more about
these initiatives in the Community report on
page 32.
Workplace safety is another focus area. As
a business, we are committed to minimising
harm and mitigating risk with the aim of being
free of serious harm accidents. We insist
on best practice from our employees and
contractors so were disappointed to record
one serious injury during the year, the first in
three years.
The incident involved a tradesman working
at one of our estates and resulted from
procedures not being followed. A serious leg
laceration meant the individual was off work
for almost a week. Extra training and safety
inductions have been implemented to ensure
this type of accident doesn’t occur again.
01.
John Dakin at the
Highbrook Open Day
in March 2018. The
event was hosted at
the Showroom Units on
Highbrook Drive with
investors able to meet
staff, inspect the new
facility and take a bus
tour around the estate.
01
0203
03.
Air New Zealand renewed
its lease at 185 Fanshawe
Street in Auckland’s VXV
Precinct during the year.
02.
DHL is a long-term
customer that occupies
our largest warehouse.
It was the first facility
developed at Highbrook
in 2005 and the latest
five-year lease extension
will extend DHL’s
occupation of the site
to almost 20 years.
Outlook
The strength of our customer relationships
continues to underpin our business success.
It drives leasing results and supports our
development programme. Both activities
have created significant value over the last
12 months, adding to the rental cashflows
generated by the Trust and the strong
revaluation gains that are being achieved.
Taking advantage of the positive operating
environment and intensifying the
development programme remains our key
focus. Funded through asset sales, it is
a disciplined approach to growth that is
enhancing the portfolio and helping to create
a sustainable and resilient business that
delivers value for all our stakeholders.
John Dakin – Chief Executive Officer
Andy Eakin – Chief Financial Officer
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850,000 sqm
High quality space
Around 80% of the portfolio has been
developed since 2004, creating a modern
industrial portfolio of unrivalled quality.
Our development programme is
concentrated in key Auckland locations
where supply is constrained. It is creating
high-quality facilities to meet customer
demand for warehouse and distribution
space close to consumers.
We have over $230 million of projects
currently in progress. It’s a large volume
of work that is supported by a low
vacancy rate and strong economic
growth. We are focused on the
timely delivery of these projects and
progressing the balance of our value-
adding development programme.
We have a further 22.1 ha of land
available which is expected to support
a further 116,000 sqm of industrial
and commercial development.
Creating value
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Ben and Gary have worked on many
projects together. Here they apply their
depth of knowledge and expertise to
the Gateway development at Highbrook.
Ben Shaw
Project Manager
Gary Mundy
Director, Mundy Construction
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Our strategy
own
Taking ownership
of opportunities
We identify and acquire our assets prudently and
with a clear view of their potential. Our proven
experience in industrial property helps us see
investment opportunities that will cater for the
market not just today but years ahead.
We invest in industrial property based on its
return profile, the depth of the market and the
unique growth drivers for this type of asset.
Our $2.7 billion property portfolio is
predominantly located in Auckland.
We’ve deliberately focused on the country’s
biggest city because urbanisation and
growing e-commerce is increasing demand
for logistics and warehousing facilities close
to consumers. It’s a global trend that we
expect to continue to drive future growth.
Our capital allocation reflects not just the
strong growth profile of the supercity but also
the positive investment characteristics we’ve
identified for industrial property.
These include:
+ Flexibility of design
+ A growing logistics sector
+ Lower lifecycle costs
+ High land component
+ More liquid investment market.
With estates in the key industrial suburbs
of East Tamaki, Henderson, Mangere,
Otahuhu, Penrose and Wiri, we’ve been able
to achieve a level of scale across a portfolio
of exceptional quality that helps attract and
retain customers.
We have re-thought the modern workplace
and changed perceptions of how industrial
property is presented and used. Few property
owners have the Auckland-wide footprint we
provide and even fewer can offer the benefits
of being located in a large masterplanned
estate such as Highbrook Business Park.
Award-winning design, consistent
landscaping, clear signage, recreational
facilities, public infrastructure and business
support services help create exceptional
work environments for the companies that
partner with us.
The attractiveness of those environments is
reflected in our investment returns too, with
the portfolio generating over $465 million of
valuation gains over the last five years. That’s
an average rate of growth of 4% per annum,
which has added around 36 cents to our net
tangible asset backing.
The properties within our estates are modern,
highly specified and operationally efficient.
They’re well located, designed to meet the
requirements of a variety of end users and
can accommodate businesses that need
access to air, port, rail and road freight
networks.
Our top 10 customers represent almost
30% of our portfolio income. We have long-
term contractual arrangements with these
businesses – the largest of whom include
NZ Post Group, Fletcher Building, Fonterra,
DHL and Coda. The average term of these
relationships, from original lease start to
future expiry, is 17 years.
24
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Our strategy (continued)
own
00
02
00
By developing lasting relationships with
our customers, we can accommodate their
changing needs and continue to create
long-term value for our investors.
The portfolio is regularly reviewed to ensure
it is delivering the returns we expect. Any
properties that are assessed as non-strategic
or have less growth potential are divested.
In fact, we’ve substantially repositioned
the portfolio over the last five years with
almost $1.2 billion of asset disposals
and contracted sales.
The sale of Central Park Corporate Centre
during the year and the post balance date
disposal of GMT’s interest in the VXV
Portfolio largely completes our disposal
programme. These conditional sales signal
the divestment of all GMT’s significant office
assets with the Trust now almost exclusively
focused on Auckland industrial property.
This disposal programme, which has
achieved an average yield of 7.1%, has
provided us with the balance sheet capacity
to fund our development activity.
Continually renewing and extending the
portfolio, this development programme has
progressively transformed the business,
contributing to the strong investment returns
we have achieved.
It’s a strategy we will continue to pursue,
delivering critical business infrastructure to
a growing city, while creating a portfolio of
unrivalled quality.
02.
AB Equipment is a new
customer at Highbrook.
The industrial equipment
supplier committed
to a new 2,929 sqm
warehouse that was
being developed on an
uncommitted basis,
well ahead of the
project completing.
01.
Central Park Corporate
Centre was conditionally
sold during the year for
$209 million. It follows
the earlier sale of the
Trust’s other Greenlane
office estates, Millennium
and Connect.
01
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Our strategy
develop
Banking on our
development programme
Our development programme focuses on producing
the very best industrial properties. The strength of
the portfolio we have developed has underpinned
the success of GMT and continues to position the
Trust for long-term growth.
Goodman’s development capability is a
powerful wealth creation advantage for our
business. We provide customers with tailored
facilities that help their businesses prosper.
GMT has accelerated its development
programme in recent years, taking advantage
of strong property market conditions.
Around 80% of the portfolio has been
developed since 2004. Converting
strategically located land holdings into income
producing assets has helped create a high-
quality portfolio of real scale, with substantial
estates such as Highbrook Business Park.
Consistent with our ownership strategy,
this value-adding business activity is
focusing GMT’s investment in the Auckland
industrial market.
The consumer catchment within a 20-minute
truck drive of any of our Auckland estates is
estimated to have purchasing power of more
than $13 billion.
This proximity to a significant consumer base
is one of the key attractions for customers
looking to locate their business within a GMT
owned estate.
NZ Post Group was one of the first businesses
to move to a design-built facility at Highbrook
and is now GMT’s largest customer.
Convenience to motorways and on-site
amenity were important attractions for this
delivery and e-commerce logistics company.
Like many gateway cities, Auckland’s
infrastructure is struggling to cope with
unprecedented growth and traffic congestion
is one of the issues impacting businesses.
Larger logistics operators are using integrated
transport hubs as a way of reducing reliance
on road transport networks.
Strategically located throughout the city, our
portfolio includes rail options at Savill Link in
Otahuhu for this type of customer. Savill Link
is situated on the former site of the Otahuhu
Railway Workshops and provides sidings that
allow direct access to freight services along
the main trunk line.
Coda and Mainstream are two businesses
that have chosen to locate at Savill Link to
take advantage of the rail infrastructure it
offers and both have then expanded these
facilities to accommodate business growth.
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Our strategy (continued)
develop
New requirements from existing customers
make up a significant proportion of our
development programme. Seven new
projects were announced this year. With
a total project cost of $164.8 million, it
represents the greatest volume of new
work announced since 2009.
The projects, which are predominantly
at Highbrook Business Park, utilise
13.1 hectares of development land and
are expected to provide:
+ 63,468 sqm of rentable area across
24 new warehouse facilities
+ Almost $10 million of annual revenue once
fully leased and income-producing
+ Yield on additional spend of 8.3%
+ Valuation gains of between 10% and
15% once completed.
Two further development precommitments,
with a total project cost of $54.1 million,
were secured after the year end.
The projects include:
+ A design-built warehouse facility of
14,050 sqm for Australasian packaging
specialist NCI at Savill Link in Otahuhu
+ A 5,417 sqm warehouse expansion
for national carrier and existing
customer, Move Logistics at
Highbrook Business Park.
The new commitments add to the large
volume of work currently under way with
the total value of these projects now
$233.0 million.
Following the completion of these current
projects, GMT’s investment in the Auckland
industrial sector will increase to 95% of total
property assets, while its land weighting will
reduce to below 5%.
We expect the Trust’s remaining land holdings
will support a further 116,000 sqm of industrial
and commercial development.
Our long-term vision and tailored approach
to development provides our customers with
quality facilities to match their requirements,
ensuring their businesses operate efficiently
and cost effectively.
02.
Sarah Mundy
Machine Operator,
Mundy Construction.
Sarah is a contractor on
the Gateway development
at the entry to Highbrook,
one of seven projects
currently under way. As
well as being a heavy
machine operator
she is the site Health
and Safety Officer.
02
01
01.
The changing property
requirements of
Spicers have been
accommodated with
a new design-built
solution at Highbrook.
The paper and stationary
supplier is an existing
customer at the estate.
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Our strategy
manage
Designed to be
market-leading
Focusing on the detail and directly managing all
our business functions using our own people,
differentiates GMT as a premium property provider
and enables us to continue to deliver on the  things
our customers really care about.
Our dedicated team of portfolio managers,
property managers and support staff focuses
on delivering superior customer service.
Regular site visits from building managers
support this service focus, providing an
immediate point of contact should a building
issue arise.
Engineering capability within the business
also ensures that we optimise the operational
efficiency of the portfolio and that our
customers’ facilities are working as intended.
The amenity available at our larger estates
provides a true Goodman point of difference.
Highbrook for example offers serviced
The results are evident in our customer
satisfaction surveys and the positive leasing
results and high retention rates we achieve
when leases come up for renewal.
Over 200,000 sqm of space was secured on
new or revised terms in the last 12 months
and the limited amount of vacant space
within the portfolio has been further
reduced. Occupancy is at 98% and with
very few expiries due in the next few years
the weighted average lease term has been
extended to 6.1 years.
The most significant of our new deals is the
renewal of logistics provider DHL’s lease at
Highbrook Business Park. The company
has occupied the 31,631 sqm warehouse
facility since it was constructed in 2005 and
the latest five-year extension will extend its
occupation of the key site to almost 20 years.
Other major leasing transactions include:
+ Linfox Logistics renewing its lease over
26,201 sqm of warehouse and office
space at Westney Industry Park in Wiri
for a further four years
+ Cottonsoft doubling its space requirement
at Highbrook leasing the 16,973 sqm
warehouse facility at 55 Business Parade
North, from April 2018
+ Air New Zealand renewing its lease, over
185 Fanshawe Street in the VXV Precinct,
out to 2027.
The strong demand from customers is also
driving higher rental rates and we expect our
cashflows to grow over the next few years as
rents are raised to new market levels.
accommodation, banking facilities, a
conference centre, childcare, cafés and bars,
convenience retail, a gymnasium and other
business support services. Set within an
exceptional natural environment that features
esplanade reserves, walking tracks and
public spaces it sets the standard for modern
business parks anywhere in the world.
The extensive landscaping and careful
maintenance of all our properties means our
customers and their employees are working
in attractive and productive environments.
Employee satisfaction, together with health
and wellbeing, have been shown to contribute
to business productivity and are increasingly
important considerations in a modern and
progressive workplace.
In today’s tight labour market it is another
factor that helps businesses attract and
retain staff.
It all starts with the design features and
quality fittings our development managers
incorporate into each new building project
and extends through to the use of native
plants and grasses in the landscaping.
It continues throughout our estates with
standardised signage and wayfinding.
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Our strategy (continued)
manage
While we pride ourselves on how we manage
both our customer relationships and property
portfolio, equal focus is given to the fiscal
management of the Trust. We take a long-
term investment view and manage prudently
to ensure we maintain a strong balance sheet
that supports sustainable growth well into
the future.
We’ve taken advantage of the strong
investment market to sell larger office
assets, focusing the portfolio in the preferred
Auckland industrial sector. It’s a disciplined
approach that has funded the development
programme over the last five years without
the need for additional capital.
Converting our strategic land holdings in
high-quality, income-producing assets has
progressively transformed the portfolio.
It has also improved the alignment between
the cash earnings we generate and the
distributions we pay.
With a look-through loan to value ratio of
just 25% at 31 March 2018, and less than
20% after adjusting for subsequent sales,
we have the funding capacity to complete
the development programme and pursue
any additional investment opportunities
that may arise.
It’s a conservative level well below the
maximum of 50% permitted under our Trust
Deed and debt facility covenants.
Remaining focused on our current strategy
and managing our customer relationships,
property portfolio and financial position
will ensure this business continues to thrive
and that we remain New Zealand’s leading
industrial space provider.
01
02.
High-quality landscaping
differentiates GMT’s
property portfolio.
Shane Everett, (shown
on the left) is the
Landscaping and Building
Manager responsible
for the presentation of
all GMT’s estates.
01.
Briar Clark is Goodman’s
Building Services
Co-ordinator. Her
responsibilities include
managing the service
desk which provides
customers with a
24/7 helpline for any
building related issue.
02
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Doing right by our people
Inspiring people
We pride ourselves on having a delivery-focused
culture. Our people are how we continue to excel,
consistently delivering projects that make a tangible
difference to businesses in Auckland and beyond.
Diversity
GMT’s results are a powerful endorsement
for the positive outcomes that a talented
and diverse team performing a wide range
of tasks can deliver. We celebrate individual
differences, and have updated our inclusion
and diversity policy this year introducing
targets across gender, ethnicity and age.
On average, our team is 37 years old, tertiary
educated and has been with Goodman
for 5.5 years. We are a team that includes
10 different ethnicities and has speakers of
nine languages.
To ensure we continue to broaden
representation within the business, we have
adopted new recruitment practices, including
blind CVs and panel interviews. We have also
raised our ability to hire diversely through
unconscious bias training.
These new policies help ensure we are
always employing the best person. Career
development, mentoring, and succession
planning then give future leaders of the
business every opportunity to progress.
A long-term incentive plan, flexible working
options and generous parental leave
arrangements are also offered to encourage
people to stay with the business as their
career develops or circumstances change.
We are striving for equal gender
representation across all levels of the
business. Of the 67 employees and directors
included in the table alongside, 41.8% are
female and 58.2% are male. The differing
targets for 2023 reflect the five year
objectives formalised in the Inclusion and
Diversity Policy of Goodman (NZ) Limited,
which can be found on our website.
Board composition
The skill set of our Board members is carefully
balanced with commercial, property, capital
market and financial expertise, all relevant
to the effective and informed governance
of GMT.
Our four Independent Directors have
an average tenure of almost 10 years.
Their depth of experience means they
have a comprehensive understanding of
the business.
Gender diversity
Total
persons
FemaleMale
2018 2023 20182023
Board728.6%>40%71.4%<60%
Executive728.6%>40%71.4%<60%
Managerial1216.7%>35%83.3%<65%
Other staff4153.7%50%46.3%50%
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Doing right by our people (continued)
Health and wellbeing
We recently adopted a new activity-based
working style. It provides greater flexibility for
employees, changing the way individuals can
work. The new approach is also facilitating
a greater focus on health and wellbeing.
A range of initiatives are being undertaken,
some of which are also made available to our
customers, business partners and the public.
They include:
+ Annual flu vaccines and skin checks
+ Men’s and women’s health seminars
+ Touch rugby and boot camp fitness
options at Victoria Park
+ Run & Walk Events at Highbrook Business
Park, including the Lead Up Series to the
ASB Auckland Marathon and the Waipuna
Conference Suites Fun Run
+ Visits from the mobile blood bank and
breast cancer awareness caravan within
the VXV business community
+ Lunch time yoga classes.
Scholarship winner
Goodman invests in emerging talent and has
awarded a scholarship to an outstanding
undergraduate property student since 2006.
This year’s recipient is Taraani Mohammed,
a third year student of the University of
Auckland. Taraani was inspired to pursue a
career in property after participating in the
Shadow a Leader day with John Dakin.
01.
Taraani Mohammed is the
current Goodman scholarship
recipient. She also works part-
time in the business gaining
valuable experience while
she completes her studies.
01
03.
The opening of the new
Goodman office included
a blessing from Nga ̄ ti
W h a ̄ t u a O
̄
r a ̄ k e i M a r a e .
02.
Goodman staff
participated in the
Waipuna Conference
Suites Fun Run-Walk at
Highbrook again this year,
with four top 10 finishers
in the 10km run through
the park reserves.
03
02
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Doing good in the community
Community
Engaging with and supporting various groups in the
communities where we operate is fundamental for
a business focused on long-term relationships and
sustainable growth.
The Goodman Foundation supports social
initiatives that aim to improve the quality of life,
health and education, and standard of living
of the people within our neighbourhoods. It is
funded by the Manager with no direct costs
borne by the Trust.
Through the Foundation and other fundraising,
we have provided almost $400,000 of financial
support over the last 12 months. We have
also contributed to local organisations through
the donation of equipment, volunteering and
in-kind programmes.
Our relationships with KiwiHarvest, Cerebral
Palsy Society of NZ, Duffy Books in Homes,
The Rising Foundation, The Hearing House
and the Second Nature Charitable Trust are
continuing to make a meaningful difference
to our communities.
This year we also added Great Potentials
and the Tania Dalton Foundation to our
list of partnerships.
Further contributions were made to
ADC New Zealand, Cure Kids, Diabetes
New Zealand, Life Centre Trust, Middlemore
Hospital Audiology, Movember, Multiple
Sclerosis Society of New Zealand and
Ronald McDonald House.
Steptember
Steptember is the global fundraising initiative
of Cerebral Palsy Alliance where Goodman
is the exclusive global partner. It’s a month-
long event that gives participants a target
of walking 10,000 steps a day, while raising
money for local Cerebral Palsy charities.
In New Zealand, staff participated and
larger customers were invited to join. In total,
there were 492 individual entries, made up
of 23 teams from Goodman and another
100 from businesses within the portfolio.
The local Goodman team raised over
$25,000 for the charity.
Tania Dalton Foundation
Tania was an inspirational sportswoman
and Goodman is proud to be an inaugural
sponsor of the Foundation set up to continue
her legacy.
The aim of the charity is to deliver financial
and mentoring support to young Kiwi
athletes who face circumstantial hardship.
The programme will help these individuals
achieve their potential, develop as people
and make a difference in their communities.
Goodman is funding a three-year scholarship
for promising basketball player and
secondary school student Sharne Pupuke-
Robati from Auckland.
Movember
Men’s health was the focus in November
with Goodman participating in the
Movember challenge for the first time.
Employees 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.
The team raised over $30,000 – 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 to Goodman for being
the highest fundraiser in the country.
KiwiHarvest
KiwiHarvest is a food rescue organisation
that collects and redistributes perishable
food that would otherwise be consigned
to landfill. The food is delivered to charities
and social organisations for redistribution to
those in need.
For the 2017 calendar year the food
rescue charity collected and redistributed
568,334 kgs of food, the equivalent of
1,623,811 meals, to 192 recipient agencies.
It’s an exceptional effort made possible
through contributions from 180 food donors
and 200 volunteers.
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01.
KiwiHarvest is a food
rescue organisation that
collects surplus food and
redistributes it to social
agencies. The Goodman
Foundation is a key
sponsor of its Auckland
service which is located
at Central Park Corporate
Centre in Greenlane.
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03.
The Life Centre Trust is
behind the Christmas Box
initiative that provides
families in need with
Christmas hampers made
up of donated goods.
This year the charity
used warehousing space
provided by Goodman for
its annual packing day.
01.
John Dakin receiving
an award from Robert
Dunne of the Movember
Foundation. Goodman
staff raised more than
$30,000 in support of
men’s health in 2017,
making us the highest
fundraisers in the country.
03
01
04.
The Rising Foundation
is another charity that
receives our support.
It provides a mentoring
and development
programme for South
Auckland students
that helps individuals
realise their potential.
02.
The Goodman Foundation
is a sponsor of the
Second Nature charity
which runs the Wero
Waterpark in Manukau.
The facility provides
Auckland children with
whitewater sport and
recreational opportunities.
02
04
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08.
The Hearing House is
a charity that provides
services for deaf
children and adults. The
Goodman Foundation
has contributed to
the extension and
redevelopment of the
Stichbury Bidwell Centre
in Epsom, where support
services are offered.
07.
The Goodman
Foundation is the global
sponsor of the Cerebral
Palsy Alliance and its
Steptember fundraising
initiative. New Zealand
staff raised over $25,000
for the charity in 2017.
06.
Duffy Books in Homes
encourages reading by
providing free books to
children in low decile
schools. The Goodman
Foundation sponsors
the initiative at Fairburn
School, Sir Edmund
Hillary Collegiate Junior
School and Wiri Central
School in South Auckland.
06
07
05
05.
Goodman also
sponsors the Tania
Dalton Foundation.
Sharne Pupuke-Robati
is one of the inaugural
scholarship recipients.
She is pictured above
with Tim Fitzsimmons,
Portfolio Manager,
presenting her award.
08
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Sustainability
Creating high-quality estates:
+ Strategic locations close to infrastructure,
consumers and transport
+ Industry-leading design
+ Sustainable features and technology
+ Flexibility of use
+ Low maintenance
+ Superior amenity.
As a long-term investor, we seek to future-
proof our portfolio. We have formalised
this commitment by adopting a base-build
specification for new buildings that targets
a high-quality design rating.
We work collaboratively with our customers
and consultants on new projects,
incorporating the latest technology and
design features to improve the operational
performance of our property portfolio.
We carefully manage the construction
process to reduce the environmental impact
and require our contractors to minimise
waste. Sustainably-sourced building
materials add to the quality of our buildings
while smart management systems maximise
energy efficiency and workplace functionality.
Workplace amenity is another focus. At
Highbrook Business Park we provide
public spaces and recreational opportunities,
enhancing the health and wellbeing of
our customers, employees and the wider
community.
We showcased another aspect of our
development capability this year, completing
a new fitout for our Auckland office. Designed
to achieve a 5 Green Star Interior rating it sets
the benchmark for modern workplaces.
Sustainable Development
Future-proof portfolio
Asset Management
Superior product and service
Functional and efficient business premises:
+ Facilities optimised for
customers’ businesses
+ Ongoing investment
+ Superior customer service
+ Energy efficient fittings
+ Waste management programmes.
Our aim is to deliver superior property
solutions to our customers. Maintaining our
properties to a high standard and ensuring
they are operationally efficient contributes
to the strong customer relationships that
underpins our high occupancy rates.
Our ability to manage our assets over their
lifecycle also improves their long-term
environmental and financial performance.
Ongoing energy monitoring across the
portfolio, through the Smart Power system,
provides detailed energy and carbon reporting
data that enables performance benchmarking
of our assets against industry targets.
The energy consumed in FY18 totalled
11, 479 M W h r
(1)
, 86% of which was electricity
with the balance being natural gas.
Our greenhouse gas emissions for FY18 have
been estimated at 1,577 tCO2, a decrease of
30% from the previous year. That continues
a five-year trend of falling emissions, largely
resulting from the divestment of office assets.
New energy efficiency initiatives together
with HVAC and building management system
upgrades have also contributed.
(1)
The calculations are derived from the property assets directly owned by the Trust and reflect energy consumption and carbon emissions
from the operational management of these assets.
Connecting business
and community
Our approach to corporate responsibility and sustainability is described under each of these four focus areas:
36
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Sustainability (continued)
Establishing positive relationships:
+ Customers
+ Investors
+ Consultants and contractors
+ Suppliers
+ Regulators and other stakeholders.
Recognising that our corporate performance
depends strongly on our choice of partners,
we prefer to work with proven businesses
and trusted groups.
We call the businesses we partner with
customers not tenants. That’s because tenant
implies a transactional relationship, whereas
our approach is to value and respect the
people we work with in long-term mutually
beneficial relationships.
We measure our impact, critically assessing
our performance and provide the investment
community and regulators, our customers
and community partners with balanced
information about our business activities.
Transparent and robust governance structures
give these stakeholders confidence in our
reporting and we engage regularly across a
variety of communication channels.
We are an active and respected industry
participant and work to advance the interests
of all our stakeholders. We are one of just
14 NZX entities participating in the Carbon
Disclosure Project and have contributed
data since 2009, demonstrating our
commitment to improving the environmental
performance of our business. The Trust
achieved a climate score of C in 2017. The
rating is consistent with the average of
participating NZX entities.
You can find out more about the rating
process and the Carbon Disclosure Project
at www.CDP.net.
Corporate Performance
Stakeholder partnerships
People and Community
Thriving culture and neighbourhoods
Developing and nurturing people:
+ Health, safety and wellbeing
+ Equitable and empowering workplace
+ Positive and supportive culture
+ Social initiatives through the
Goodman Foundation
+ Public spaces and recreational facilities.
The health, safety and wellbeing of our
people, our customers, our contractors
and the wider community is fundamental to
our business. Since the introduction of the
Health and Safety at Work Act 2015 we have
worked closely with staff and contractors
to develop a culture of greater safety
awareness. The increase in reported near
misses and incidents without injury reflects
the importance placed on proper processes,
vigilance and personal responsibility.
We support and develop our team, helping
them reach their potential, and contribute to
the creation of thriving communities through
our social initiatives.
Creating a flexible and diverse workplace
with a culture that inspires and challenges our
employees is equally important. We introduced
new health and wellbeing programmes this
year, reflecting a more holistic approach to
how we work. At the same time, we’ve moved
to a more activity based style of working
and revised our core employment practices.
We’ve also updated our diversity strategy
with specific targets to ensure we foster an
inclusive and transparent work environment
where all employees contribute.
We continue to support our communities
through the Goodman Foundation. See
pages 32 to 35 for a profile of the charities
and groups that benefit from our community
participation.
We understand that resources are scarce and need to be used efficiently.
We also acknowledge that business and community are interconnected.
Balancing these obligations improves our environmental, social and
financial performance and supports sustainable business growth.
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Reporting more
broadly
Business today is about striking the
right balance in everything we do.
In keeping with the NZX’s updated Corporate
Governance Code, we have extended
the commentary in this year’s Annual
Report to include more discussion of our
sustainability practices. To support this
focus, we commissioned an independent
assessment of the material factors influencing
our success.
Our approach to determining materiality
The assessment of GMT’s material
Environmental Social and Governance
(ESG) factors was carried out in line with a
Global Reporting Initiative (GRI) Standards
approach. Although we have not followed
the GRI Standards for this report, we felt it
was important to base what we have done
on an internationally acknowledged and
respected benchmark.
We identified 16 factors as material to our
business and these were mapped against
the four strategic pillars.
This assessment was then canvassed
with senior staff and selected stakeholders
including investors, customers, suppliers
and industry representatives. From there,
we developed a materiality matrix based on
the extent to which each factor influences
stakeholders’ decision-making and the
significance of those factors to our success.
The matrix to the right should be read in
conjunction with the legend alongside.
Sustainability (continued)
Importance to Goodmanhigh
high
highest
highest
Importance to other stakeholders
Material factors
8
9
14
1
12
11
5
15
3
13
7
16
10
2
4
6
38
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Sustainability (continued)
Mapping our materiality matrix back
against our business model
All 16 factors are important contributors to
the long-term performance of our business.
In terms of ranking, the most significant
factors for us were positioned in the upper
right quadrant. These factors had the
greatest influence on how our stakeholders
assessed us, and were also those we judged
most important for GMT economically,
environmentally and socially.
The high ranking of customer attraction and
retention is particularly satisfying. It convinces
us that we are making strong progress in our
bid to be the leader in quality business space
and that our integrated own+develop+manage
business model is keeping our stakeholder
expectations front of mind. The attractiveness
of our portfolio to customers directly aligns
with our vision to have valued stakeholder
partnerships and to contribute to thriving
cultures and communities.
Chart legend
Sustainable Development
1 Sustainable design
2 Building resilience and adaption
3 Building materials and supply chain
4 Biodiversity and habitat
Asset Management
5 Energy consumption
6 Carbon emissions and climate change
7 Water consumption
8 Waste management
Corporate Performance
9 Customer attraction and retention
10 Capital structure and financial results
11 Risk management
12 Corporate governance
People and Community
13 Diversity and workplace
14 Health and safety
15 Stakeholder engagement
16 Community and investment
01.
Goodman’s new office
space is expected
to achieve a 5 Green
Star Design rating.
The presence of sustainable design and
building resilience and adaptation in that
top quadrant reflects our commitment to
a future-proof portfolio. Securing the best
land at prices that make future growth and
development viable and sustainable, has
underpinned our business model and our
success for many years. By carefully choosing
where we develop and then insisting on
masterplanned industrial and office spaces
that are highly functional, well designed and
that meet high environmental standards, we
are developing assets that will work to all our
stakeholders’ advantage. Future-proofing
those designs by incorporating minimum
sustainability standards then maintaining
and managing our buildings ensures that our
assets remain valuable, desirable and relevant
to our customers.
Our ratings for health and safety confirm
our approach to people and community,
which is to always value and respect those
we work with, establishing long-term mutually
beneficial relationships. Mitigating risk is an
important part of doing that.
Finally, it’s good to see that other
stakeholders are as focused as we are on
strong financial performance. We see the
inclusion of capital structure and financial
results in the top quadrant as an assurance
for customers, suppliers and investors
that they are working with a business that
understands that financial sustainability
underpins all the other attributes.
01
39
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Property portfolio
Individually important,
collectively outstanding
01.
NZ Post’s mail sorting
facility at Highbrook
Business Park, one of
five NZ Post businesses
located at the estate.
40
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

01.
Turners Auctions has
anchored the Penrose
Industrial Estate for
more than 10 years.
02.
SuperCheap Auto is one
of the larger customers
at Savill Link in Otahuhu.
03.
Westney Industry Park
provides high-quality
warehouse space for
customers that require
an airport location,
such as DHL.
04.
The Crossing at
Highbrook is a town
centre style development
that provides amenity
and business services to
the companies located
within the business park.
00.
This is positional copy
only and is not meant to
be read as true from this
point onwards.
01
02
03
04
Property portfolio as at 31 March 2018
PropertyLocation
Portfolio
weightingKey customers
Highbrook Business ParkEast Tamaki46.5%DHL, NZ Post, Cottonsoft, Ford, Officemax
Savill LinkOtahuhu10.3%Coda, Toll, Steel & Tube, Mainstream
VXV PortfolioViaduct9.4%Conditionally sold post 31 March 2018
M20 Business ParkWiri8.2%Frucor, Bridgestone, Ingram Micro, Orora, ACC
Central Park Corporate CentreGreenlane7.1%Conditionally sold
The Gate Industry ParkPenrose6.4%Asaleo Care, Iron Mountain, Winstone Wallboards
Westney Industry ParkMangere4.2%Linfox, Fliway, Hellman Logistics
Penrose Industrial EstatePenrose2.2%Turners, George Weston Foods, Vehicle Safety Systems
The ConcourseHenderson1.7%Selwood Coating, Jay Cee Welding
Tamaki EstatePanmure1.3%The Tile Depot, Sue-E, Habitat for Humanity
Connect Industrial EstatePenrose1.1%Fletcher Steel, Tasman Insulation, Fletcher Concrete
Glassworks Industry ParkChristchurch1.0%Conditionally sold
Show Place Office ParkChristchurch0.6%Westpac, Southern Response, IAG
614 Great South RoadGreenlane0.2%Orthotic Centre
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

42
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Key features include:
+ Direct access to SH1 via its own
motorway interchange
+ 18 km to the Auckland CBD and Port
and 21 km to Auckland Airport
+ Adjoins 40 hectares of parks and
esplanade reserves, with walking and
running tracks
+ High-quality and technically advanced
facilities sharing a consistent design
theme
+ 85 leading businesses employing over
5,000 people.
Highbrook is a world-class business park
on Auckland’s Waiouru Peninsula. With
a value of more than $1.2 billion, it is a
substantial estate that makes up around
50% of GMT’s investment portfolio.
Masterplanned to make the most of its
strategic location and outstanding natural
attributes, the 108 ha estate includes,
warehousing and distribution facilities,
commercial offices, cool stores, light
manufacturing businesses, showroom
warehouses, short stay accommodation,
hospitality options and convenience
retail stores. Around 80% complete,
with approximately 400,000 sqm of
space developed since 2006, it sets the
standard for modern business space and
work place amenity.
Highbrook
Business Park
43
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

03.
Kmart is one of GMT’s
larger customers at M20
Business Park in Wiri.
The retailer occupiers a
13,411 sqm warehouse
and distribution facility.
04.
The new warehouse
facility at M20 Business
Park in Wiri, leased to
Orora is typical of GMT’s
industrial assets.
02.
Rail siding within the
canopy space of Coda,
a specialist logistics
operator at Savill
Link in Otahuhu.
01.
New warehouse
development leased
to Potters, a specialist
building materials
and product supplier,
at The Gate Industry
Park in Penrose.
01
02
0304
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

$256m
2018 Valuation
With 11 customers and a current value of
$256 million, Savill Link is one of GMT’s
larger estates. It makes up around 10%
of the portfolio.
Located on the former railway workshop
site in Otahuhu, Savill Link accommodates
both medium and heavy industrial
uses. The estate currently provides over
105,000 sqm of modern warehouse
facilities, predominantly leased to large
logistics operators. Dedicated rail sidings
provide access to KiwiRail freight services
along the main truck line for logistics
specialists Mainstream and Coda.
Rail at
Savill Link
45
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Board of Directors
For full profiles of the directors
and management team see
goodmanreport.co.nz
Keith Smith
Chairman and Independent Director
John Dakin
Chief Executive Officer and Executive Director
Susan Paterson
Independent Director
Peter Simmonds
Independent Director
Gregory Goodman
Non-Executive Director
Phillip Pryke
Non-Executive Director
Leonie Freeman
Independent Director
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Management team
John Dakin
Chief Executive Officer and Executive Director
Andy Eakin
Chief Financial Officer
Anton Shead
General Counsel and Company Secretary
James Spence
Director – Investment Management
Jonathan Simpson
Head of Corporate Affairs
Kimberley Richards
Director – Investment Management
and Capital Transactions
Michael Gimblett
General Manager – Development
Mandy Waldin
Marketing Director
47
Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Shown here presenting to other team
members. Part of Goodman’s point of
difference is its full service business
model. Support functions such as
finance and building supervision are
kept in house ensuring all facets of our
business are managed to a consistently
high standard.
Tanya Currie
Fund Accounting Manager
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018
48

Financial summary
Financial
performance
A substantial portfolio revaluation
has been a significant contributor
to this year’s $207.2  million profit
before tax.
Fair value gains attributable to the Trust’s
property portfolio contributed $106.3 million,
on a look-through basis, to this year’s profit.
The gain reflects the quality of the assets,
rising market rentals and buoyant investment
market conditions.
The current strength in investor demand
is reflected in the firming of the portfolio
capitalisation rate over the last 12 months,
from 6.5% to 6.2%.
The 4.0% uplift in the value of the Trust’s
property portfolio follows the 5.4% or
$114.7 million, increase achieved last year.
Although still substantial the lower portfolio
revaluation is one of the main variances with
last year’s profit before tax of $220.5 million.
Adjusting for these fair value gains and
other cash and non-cash items provides the
reconciliation between statutory profit and
operating earnings.
Operating performance
Sustained customer demand, driven by low
vacancy rates and continued economic
growth, is being reflected in positive leasing
results and new development commitments.
Ongoing asset sales are providing the funding
capacity to progress this development activity.
The disposal of the Millennium Centre office
assets in 2017 is the main contributor to
the 3.1% reduction in net property income
this year, to $130.1 million. The lost income
from the sale was greater than the positive
contribution from completed developments
over the last 12 months.
When GMT’s proportionate share of the
Wynyard Precinct joint venture is included
however, net property income increased from
$147.2 million to $148.5 million. The full year
contribution of the Datacom building and the
acquisition of Bayleys House added revenue.
While revenue was largely unchanged on
a look-through basis, and administrative
expenses were consistent with the previous
year, net interest costs have increased in
both GMT and its Wynyard Precinct joint
venture. A lower level of capitalised borrowing
costs in GMT and the recent acquisitions
within the joint venture contributed to the
higher cost.
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Financial summary (continued)
As a result, operating earnings before tax
have reduced 2.1% to $119.1 million.
On a weighted average unit basis, this
equates to 9.25 cents per unit. Full year
cash distributions paid to Unitholders
have been maintained at 6.65 cents per
unit, which represents 95.1% of GMT’s
cash earnings.
Balance sheet
Focusing the Trust’s investment strategy in
the Auckland industrial sector has refined the
business and positioned it for sustainable
long-term growth. The progression of the
development programme and further asset
sales have continued to improve the quality
of the portfolio while strengthening GMT’s
balance sheet position.
Seven development projects were announced
during the year, requiring $118.5 million of
additional investment. Asset disposals,
including the conditional sale of Central Park
Corporate Centre, totalled $243.9 million.
Asset sales yet to complete are classified as
investment property contracted for sale in the
financial statements.
Adjusting for all contracted sales at 31 March
2018, the Trust had a loan to value ratio (LVR)
of just 25.6%. Including the Trust’s 51%
interest in the Wynyard Precinct joint venture,
look-through gearing is 25.0%.
The sale of the Wynyard Precinct joint
venture, contracted after the year end,
reduces GMT’s proforma 31 March 2018
gearing to less than 20%. The proforma
LVR represents around one third of the total
borrowings permitted under the Trust’s
debt covenants. The strong balance sheet
position provides substantial funding capacity
for future development and investment
opportunities while also providing significant
headroom should asset values fall.
While the fair value movements from GMT’s
portfolio revaluation are excluded from
operating earnings, they are the main drivers
of the 6.5% increase in net tangible asset
backing to 138.9 cents per unit (on a fully
diluted basis).
Cash earnings
Cash earnings is a non-GAAP measure that assesses free cash flow, on a per unit basis,
after adjusting for certain items.
The table below shows how the Trust’s cash earnings are calculated and how this compares
to the distributions it pays. It is a sustainable level with distributions representing 95.1% of
underlying cash earnings in 2018.
$ million 31 March 2018 31 March 2017
Operating earnings before tax119.1121.7
Tax on operating earnings (17.5) (15.7)
Operating earnings after tax
(1)
101.6106.0
Capitalised borrowing costs – land
(2)
(8.2) (11.4)
Maintenance capex

(3.3) (3.9)
Cash earnings 90.090.7
Cash earnings after tax (cpu)6.997.08
Distributions per unit (cpu)6.65 6.65
Distributions % of cash earnings95.193.9
(1)
Refer to note 4.2 of the Financial Statements
(2)
Refer to note 1.8 of the Financial Statements
The Manager currently uses the base management fee it earns to subscribe for new units in the
Trust. It is required to do so for a period of five years, ending 31 March 2019. Adding back the
base management fee in 2018 would reduce cash earnings by $8.3 million or around 0.6 cents
per unit.
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Financial summary (continued)
Taxation
A total tax expense of $13.2 million results
in an after-tax profit of $194.0 million, a
reduction of 9.3% from the $213.8 million
recorded in 2017.
The low tax expense of $6.7 million last
year was the result of a deferred tax release
following a reduction in the provision relating
to tax depreciation.
After tax operating earnings, which removes
the impact of deferred tax, reflects an
effective tax rate of 14.7%.
Overview
20182017% change
Profit before tax ($m) 207.2220.5(6.0)
Profit after tax ($m) 194.0213.8(9.3)
Operating earnings before tax ($m) 119.1121.7(2.1)
Operating earnings after tax ($m) 101.6106.0(4.2)
Look-through movement in fair value of investment
property ($m) 106.3114.7(7.3)
Operating earnings per unit before tax (cpu) 9.259.51(2.7)
Operating earnings per unit after tax (cpu) 7.898.28(4.7)
Cash earnings per unit (cpu) 6.997.08(1.3)
Cash distribution per unit (cpu) 6.656.65–
Assets for loan to value calculation ($m)
(1)
2,231.02,326.4(4.1)
Borrowings for loan to value calculation ($m)
(1)
571.3681.8(16.2)
Net tangible assets (cpu) 138.9130.46.5
Loan to value ratio (%) 25.629.3(12.6)
Look-through loan to value ratio (%) 25.030.6(18.3)
Management expense ratio (%) 0.460.444.5
(1)
Refer to note 3.5 of the Financial Statements for further information.
GMT Bond Issuer Limited
There were two further issues of
Goodman+Bonds during the year, each
of $100 million.
+ GMB040 were 7 year bonds issued in
May 2017 with an interest rate of 4.54%
+ GMB050 were 5.5 year bonds issued in
March 2018 with an interest rate of 4.0%.
The proceeds replaced existing bank
borrowings, extending the tenor and diversity
of the Trust’s debt facilities. The Trust now
has 68% of its debt drawn from non-bank
sources and these facilities had a weighted
average term of 4.5 years at 31 March 2018.
During the year, GMT Bond Issuer Limited
received $15.3 million of interest income and
incurred $15.3 million of interest expense.
The 36.6% increase on the previous year
reflects the impact of the GMB040 and
GMB050 bond issues during the year.
Standard & Poor’s has maintained the credit
rating of all Goodman+Bonds at BBB+.
This is one notch higher than the Trust’s
investment grade issuer rating of BBB.
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

$ million 20182017201620152014
Profit or loss
Net property income 130.1134.2133.8134.7127.8
Share of operating earnings before tax from joint ventures 10.38.46.34.44.0
Net interest costs (18.7)(18.0)(20.5)(24.1)(21.1)
Administrative expenses (2.6)(2.9)(2.6)(2.7)(9.6)
Operating earnings before other income / (expenses) and income tax 119.1121.7117.0112.3101.1
Movement in fair value of investment property 83.8114.7145.875.323.8
(Loss) / gain on disposal of investment property 0.5(4.3)(1.1)4.52.3
Share of other (expenses) / income and tax from joint ventures 20.6(1.4)(2.2)1.71.9
Movement in fair value of financial instruments (8.5)(2.5)(5.3)(15.3)19.1
Manager’s base fee expected to be reinvested in units (8.3)(7.7)(6.3)(6.4)–
Other items –––(1.2)(1.4)
Profit before tax 207.2220.5247.9170.9146.8
Current tax (16.5)(17.8)(17.8)(15.4)(7.8)
Deferred tax 3.311.13.024.2(4.9)
Profit after tax attributable to unitholders 194.0213.8233.1179.7134.1
Operating earnings before tax per unit (cpu) 9.259.519.419.168.36
Operating earnings after tax per unit (cpu) 7.898.287.887.997.68
Cash earnings per unit (cpu) 6.997.086.116.045.14
Cash distribution per unit (cpu) 6.656.656.656.456.25
Balance sheet
Investment property 2,231.02,249.32,275.32,095.72,039.8
Investment property contracted for sale238.67.743.8––
Investment in joint venture 114.370.763.259.154.5
Total assets 2,719.52,460.72,475.52,177.62,118.3
Borrowings for LVR calculation 571.3681.8753.2694.2734.2
Total liabilities 925.8785.8939.3800.9852.7
Unitholder funds 1,793.71,674.91,536.21,376.71,265.6
Loan to value ratio (%) 25.629.332.833.136.0
Look-through loan to value ratio (%) 25.030.633.934.235.9
NTA per unit (cpu) 138.9130.4120.4108.4100.4
Unit price at 31 March (cpu) 133.0120.5132.0119.596.0
Property portfolio
(1)
Net lettable area
(2)
(sqm) 1,111,244989,3001,040,991983,1821,034,996
Weighted average capitalisation rate (%) 6.26.56.957.57.9
Investment portfolio occupancy (%) 9898979697
Weighted average lease term (years) 6.15.85.75.15.5
Customers 264240281251254
Five year financial summary
(1)
Property portfolio metrics
includes GMT’s joint venture
interests. At 31 March 2018
it includes properties
contracted for sale.
(2)
Net of canopies and yard.
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Goodman Property Trust Annual Report 2018 GMT Bond Issuer Limited Annual Report 2018

Profit after tax
$ million
FY18
FY17
FY16
FY15
FY14
194.0
213.8
233.1
179.7
134.1
Operating earnings before tax
$ million
FY18
FY17
FY16
FY15
FY14
119.1
121.7
117.0
112.3
101.1
Cash earnings
cpu
FY18
FY17
FY16
FY15
FY14
6.99
7.08
6.11
6.04
5.14
Total assets
$ million
FY18
FY17
FY16
FY15
FY14
2,719.5
2,460.7
2,475.5
2,177.6
2,118.3
NTA per unit
cpu
FY18
FY17
FY16
FY15
FY14
138.9
130.4
120.4
108.4
100.4
Loan to value ratio (Look-through)
%
FY18
FY17
FY16
FY15
FY14
25.0
30.6
33.9
34.2
35.9
Equity
$ million
FY18
FY17
FY16
FY15
FY14
1,793.7
1,674.9
1,536.2
1,376.7
1,265.6
Development commitments (TPC)
$ million
FY18
FY17
FY16
FY15
FY14
164.8
97.0
148.7
108.8
98.2
Disposals
$ million
FY18
FY17
FY16
FY15
FY14
243.9
278.8
124.2
148.7
37.2
Five year financial summary (continued)
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William and Bruno (standing left to
right) are responsible for securing
new development commitments from
customers. Together with the Project
Managers they also oversee the delivery
of these projects. With over $230 million
of work in progress it is the highest
volume of activity under way since 2009.
William Main
Development Director
Bruno Warren
Development Manager
William and Bruno (standing left to
right) are responsible for securing
new development commitments from
customers. Together with the Project
Managers they also oversee the delivery
of these projects. With over $230 million
of work in progress it is the highest
volume of activity under way since 2009.
54
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54

Profit or loss 56
Balance sheet 57
Cash flows 58
Changes in equity 59
General information 60
Notes to the Financial Statements:
1. Investment property 62
2. Investment in joint venture 72
3. Borrowings 76
4. Units, earnings per unit and distributions 80
5. Derivative financial instruments 82
6. Administrative expenses 83
7. Debtors and other assets 84
8. Creditors and other liabilities 84
9. Tax 85
10. Related party disclosures 87
11. Commitments and contingencies 90
12. Other investments 91
13. Reconciliation of profit after tax to net cash flows 92
from operating activities
14. Financial risk management 93
15. Operating segments 95
Independent auditor’s report 96
Goodman Property Trust
Financial Statements
For the year ended 31 March 2018
The Board of Goodman (NZ) Limited, the Manager of Goodman Property
Trust, authorised these financial statements for issue on 28 May 2018.
For and on behalf of the Board:
Keith Smith
Chairman
Peter Simmonds
Chairman, Audit Committee
55
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

$ millionNote20182017
Property income1.1159.5165.6
Property expenses(29.4)(31.4)
Net property income130.1134.2
Share of operating earnings before tax from joint venture2.110.38.4
Interest
Interest income3.17.25.7
Interest cost3.1(25.9)(23.7)
Net interest cost(18.7)(18.0)
Administrative expenses6.1(2.6)(2.9)
Operating earnings before other income / (expenses) and tax119.1121.7
Other income / (expenses)
Movement in fair value of investment property1.583.8114.7
Disposal of investment property0.5(4.3)
Share of other income / (expenses) and tax from joint venture2.120.6(1.4)
Movement in fair value of financial instruments5.1(8.5)(2.5)
Manager’s base fee expected to be reinvested in units6.3(8.3)(7.7)
Profit before tax207.2220.5
Ta x
Current tax on operating earnings9.1(16.9)(15.2)
Current tax on non-operating earnings9.10.4(2.6)
Deferred tax9.13.311.1
Total tax(13.2)(6.7)
Profit after tax attributable to unitholders194.0213.8
There are no items of other comprehensive income, therefore profit after tax attributable to unitholders equals total comprehensive income attributable to unitholders.
CentsNote20182017
Basic earnings per unit after tax4.215.0616.70
Profit or loss
For the year ended 31 March 2018
56
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

$ millionNote20182017
Non-current assets
Stabilised properties1.62,043.52,025.7
Developments1.767.548.9
Land1.8120.0174.7
Investment in joint venture2.2114.370.7
Derivative financial instruments5.28.918.9
Other investments12–12.0
Deferred tax assets9.25.23.7
Total non-current assets2,359.42,354.6
Current assets
Investment property contracted for sale1.9238.67.7
Construction loan receivable1.10–65.1
Advances to joint venture10.2107.518.4
Debtors and other assets79.313.4
Cash4.70.9
Derivative financial instruments5.2–0.6
Total current assets360.1106.1
Total assets2,719.52,460.7
Non-current liabilities
Borrowings3.2823.6659.8
Derivative financial instruments5.218.718.2
Deferred tax liabilities9.230.632.4
Total non-current liabilities872.9710.4
Current liabilities
Borrowings3.2–45.0
Creditors and other liabilities849.227.6
Current tax payable3.72.8
Total current liabilities52.975.4
Total liabilities925.8785.8
Net assets1,793.71,674.9
Equity
Units4.11,408.71,398.7
Unit based payments reserve5.35.0
Retained earnings379.7271.2
Total equity1,793.71,674.9
Balance sheet
As at 31 March 2018
57
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

$ millionNote20182017
Cash flows from operating activities
Property income received160.9169.9
Property expenses paid(35.2)(33.2)
Interest income received13.61.0
Interest costs paid(23.9)(22.8)
Administrative expenses paid(2.6)(2.9)
Manager’s base fee paid(8.0)(7.0)
Net GST received0.5–
Tax paid(15.6)(19.5)
Net cash flows from operating activities1389.785.5
Cash flows from investing activities
Acquisition of investment properties(19.3)(7.6)
Proceeds from the sale of investment properties14.5309.5
Capital expenditure payments for investment properties(88.7)(119.4)
Holding costs capitalised to investment properties(13.3)(19.7)
Construction loan receivable repayment / (advances)65.1(43.6)
Investment in joint venture–(5.1)
(Advances to) / repayments from joint venture(102.4)5.1
Dividends received from joint venture0.54.6
Disposal / (acquisition) of other investments12.0(12.0)
Net cash flows from investing activities(131.6)111.8
Cash flows from financing activities
Proceeds from borrowings573.0300.5
Repayments of borrowings(449.0)(409.0)
Proceeds from the issue of units10.09.2
Distributions paid to unitholders(85.5)(85.0)
Settlement of derivative financial instruments(2.8)(13.2)
Net cash flows from financing activities45.7(197.5)
Net movement in cash3.8(0.2)
Cash at the beginning of the year0.91.1
Cash at the end of the year4.70.9
Cash flows
For the year ended 31 March 2018
58
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

$ millionUnits
Unit based
payments
reserve
Retained
earningsTotal
As at 1 April 20161,389.54.3142.41,536.2
Profit after tax––213.8213.8
Distributions paid to unitholders––(85.0)(85.0)
Manager’s base fee–9.9–9.9
Issue of units9.2(9.2)––
As at 31 March 20171,398.75.0271.21,674.9
Profit after tax––194.0194.0
Distributions paid to unitholders––(85.5)(85.5)
Manager’s base fee–10.3–10.3
Issue of units10.0(10.0)––
As at 31 March 20181,408.75.3379.71,793.7

There are no items of other comprehensive income to include within changes in equity, therefore profit after tax equals total comprehensive income.
Changes in equity
For the year ended 31 March 2018
59
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Reporting entity
Goodman Property Trust (“GMT” or the “Trust”) is a unit trust established on 23 April 1999 under the Unit Trusts Act 1960. GMT is domiciled in New Zealand. The Manager of the Trust is Goodman
(NZ) Limited (“GNZ”) and the address of its registered office is Level 2, 18 Viaduct Harbour Avenue, Auckland.
The financial statements presented are consolidated financial statements for Goodman Property Trust and its subsidiaries (the “Group”). GMT’s investment in Wynyard Precinct Holdings Limited is
accounted for as a joint venture using the equity method of accounting.
GMT is listed on the New Zealand Stock Exchange (“NZX”) and is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013 and the Financial Reporting Act 2013.
The Group’s principal activity is to invest in real estate in New Zealand.
Basis of preparation and measurement
The financial statements of the Group have been prepared in accordance with the requirements of Part 7 of the Financial Markets Conduct Act 2013 and the NZX Main Board Listing Rules.
The financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”), comply with New Zealand equivalents to International Financial
Reporting Standards (“NZ IFRS”), other New Zealand accounting standards and authoritative notices that are applicable to entities that apply NZ IFRS. The Group is a for-profit entity for the
purposes of complying with NZ GAAP. The financial statements also comply with International Financial Reporting Standards (“IFRS”).
The financial statements have been prepared on the historical cost basis except for assets and liabilities stated at fair value as disclosed.
The financial statements are in New Zealand dollars, the Group’s functional currency, unless otherwise stated.
Basis of consolidation
The financial statements have eliminated in full all intercompany transactions, intercompany balances and gains or losses on transactions between controlled entities.
Significant estimates and judgements
Management is required to make judgements, estimates, and apply assumptions that affect the amounts reported in the financial statements. These have been based on historical experience and
other factors management believes to be reasonable. Actual results may differ from these estimates and the difference may be material. Estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in the future periods affected.
The significant judgements made in the preparation of these financial statements are detailed in the following notes:
+ Investment property (note 1.5)
+ Derivative financial instruments (note 5.1)
+ Deferred tax (note 9.2)
Significant accounting policies
Significant accounting policies are disclosed in the relevant notes.
Changes in accounting policy
There have been no changes in accounting policies made during the financial year.
General information
For the year ended 31 March 2018
60
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

New accounting standards not yet effective
The following new standards have not been early adopted in these financial statements:
NZ IFRS 9
Financial Instruments
This standard will replace NZ IAS 39 Financial Instruments - Recognition and Measurement. It addresses the classification, measurement and recognition of
financial assets and financial liabilities, through a simplified mixed measurement model. It is required to be adopted by GMT in the financial statements for the year
ending 31 March 2019.
GMT has assessed the impact of this standard and no significant changes are expected to the recognition, classification and measurement of financial instruments
compared to existing accounting policies.
NZ IFRS 15
Revenue from Contracts
with Customers
This standard addresses the recognition of revenue from contracts with customers. It specifies the revenue recognition criteria governing the transfer of promised
goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. It is
required to be adopted by GMT in the financial statements for the year ending 31 March 2019.
GMT has assessed the impact of this standard and no significant changes are expected to the recognition and measurement of revenue compared to existing
accounting policies.
NZ IFRS 16
Leases
This standard will replace the current guidance in NZ IAS 17 Leases and will be adopted by GMT in the financial statements for the year ending 31 March 2020.
GMT is both a lessor and lessee of investment property.
As a lessor
GMT is a lessor of investment property leased to customers. For lessors, the accounting for leases under NZ IFRS 16 is similar to NZ IAS 17, with no significant
changes to the recognition and measurement of leases expected compared to existing accounting policies.
As a lessee
GMT’s exposure as a lessee is in respect of occupational ground leases at Westney Industry Park, and within GMT’s WPH joint venture. WPH was contracted for
sale after balance date, with settlement expected before 31 March 2019. As a lessee, NZ IFRS 16 requires the recognition of a ‘right-of-use asset’ representing the
fair value of the occupational ground leases and a lease liability reflecting the present value of future lease payments for the occupational ground leases.
GMT is currently assessing the financial impact of this change. There will be no change to cash flows recognised as a result of adoption of the new standard. Other
financial impacts are not expected to be material.
General information (continued)
For the year ended 31 March 2018
61
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements
For the year ended 31 March 2018
1. Investment property
Property income is earned from investment property leased to customers.
1.1 Property income
$ million20182017
Gross lease receipts145.9153.5
Service charge income19.820.5
Straight line rental adjustments1.41.1
Amortisation of capitalised lease incentives(7.6)(9.5)
Property income159.5165.6
Accounting policies
Property income from investment property leased to customers under operating leases is recognised on a straight-line basis over the term of the lease to the extent that future rental increases
are known with certainty. Accordingly, fixed rental adjustments are accounted for to achieve straight-line income recognition. Where lease incentives are provided to customers, the cost of
incentives is recognised over the lease term on a straight-line basis as a reduction to rental income.
Customers’ share of property operating expenses which are recoverable is recognised as service charge income.
1.2 Future contracted gross lease receipts
Gross lease receipts that the Trust has contracted to receive in future years are set out below. These leases cannot be cancelled by the customer.
$ million20182017
Year 1130.3133.6
Year 2126.1118.9
Year 3111.1108.2
Year 494.092.9
Year 576.576.0
Year 6 and later250.4257.6
Total future contracted gross lease receipts788.4787.2
1.3 Weighted average lease term
The weighted average lease term (“WALT”) represents the average lease term for leases existing at balance date which are weighted by the value of the gross lease receipts.
Years20182017
Weighted average lease term (years)6.15.8
62
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
1. Investment property (continued)
1.4 Total investment property
This table details the total investment property value.
20182017
$ million
Stabilised
propertiesDevelopmentsLandTotal
Stabilised
propertiesDevelopmentsLandTotal
Industrial
Highbrook Business Park, East Tamaki1,091.350.7101.01,243.0957.129.8132.01,118.9
Savill Link, Otahuhu237.86.511.9256.2216.04.713.4234.1
M20 Business Park, Wiri233.6–6.6240.2218.3–6.3224.6
The Gate Industry Park, Penrose189.5–0.5190.0164.28.30.4172.9
Westney Industry Park, Mangere119.8––119.8114.9––114.9
Penrose Industrial Estate, Penrose65.0––65.059.7––59.7
The Tamaki Estate, Panmure37.0––37.034.9––34.9
Connect Industrial Estate, Penrose31.8––31.830.9––30.9
Concourse Industry Park, Henderson14.810.3–25.1––––
Glassworks Industry Park, Christchurch–––––6.12.68.7
Office
Greenlane Office, Auckland
& Show Place, Christchurch22.9––22.9229.7–20.0249.7
Total investment property2,043.567.5120.02,231.02,025.748.9174.72,249.3
Significant transactions
In July 2017, GMT settled the acquisition of two adjoining industrial properties in Henderson, Auckland for $18.9 million.
In October 2017, GMT unconditionally contracted the sale of a property at Glassworks Industry Park for $20.4 million. Settlement occurred in April 2018.
In November 2017, Central Park, Greenlane was contracted for sale for $209.0 million. The disposal remains conditional on Overseas Investment Office consent.
In January 2018, 7 Show Place was sold for $14.5 million.
During the year ended 31 March 2018 nine developments were completed and were independently valued at a total of $130.6 million.
63
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
1. Investment property (continued)
1.5 Movement in fair value of investment property
Movement in fair value of investment property for the period is summarised below.
$ millionNote20182017
Stabilised properties1.689.1107.2
Developments1.721.020.5
Land1.8(5.6)(26.3)
Investment property contracted for sale1.9(20.7)13.3
Total movement in fair value of investment property83.8114.7
The movement in fair value of investment property contracted for sale represents the difference between contracted sale price and expected book value at the date of settlement.
Key judgement
The carrying value of stabilised properties, substantially completed developments and land is the fair value of the property as determined by an expert independent valuer. The carrying value of
investment property contracted for sale reflects the contracted sale price.
Fair value reflects the Board’s assessment of highest and best use of each property at the end of the reporting period. If the Board’s view of highest and best use has changed any impact on
value will be assessed by independent valuations. Management review the valuations performed by the independent valuers for financial reporting purposes. Discussions of valuation processes
and results are held between the Board, the Chief Executive Officer, the Chief Financial Officer, the Management Valuation Committee, and the independent valuers at least twice every year in
line with the Group’s reporting dates. Full independent valuations are completed for stabilised properties, developments held at fair value and land at least annually. Developments where fair
value is not able to be reliably determined are carried at cost less any impairment. Additionally, at each financial year end all major inputs to the independent valuation reports are verified and an
assessment undertaken of all property valuation movements by management.
The fair values presented are based on market values, being the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing
seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. If this information is not available, alternative
valuation methods are used, such as; recent prices on less active markets; the capitalisation method, which determines fair value by capitalising a property’s sustainable net income at a market
derived capitalisation rate with capital adjustments made where appropriate; or discounted cash flow projections (“DCF”), which discount estimates of future cashflows by an appropriate
discount rate to derive the fair value. The key assumptions used in the valuations are derived from recent comparable transactions to the greatest extent possible; however, all three of the
valuation methods rely upon unobservable inputs in determining fair value for all investment property.
Valuations reflect the following unobservable inputs, where appropriate: the quality of customers in occupation or responsible for meeting lease commitments or likely to be in occupation after
letting vacant accommodation, and the market’s general perception of their creditworthiness; the allocation of maintenance and insurance responsibilities between the Group and the customer;
and the remaining economic life of the property. When rent reviews or lease renewals are pending with anticipated reversionary increases, it is assumed that all notices and where appropriate
counter-notices have been served validly and within the appropriate time. All investment property is categorised as level 3 in the fair value hierarchy. Refer to note 14.6 for details of the hierarchy
and the Group’s transfer policy. During the year, there were no transfers of properties between levels of the fair value hierarchy.
64
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
1. Investment property (continued)
1.5 Movement in fair value of investment property (continued)
The key inputs used to measure fair value of stabilised properties and substantially completed developments are disclosed below:
Significant inputDescription
Fair value measurement
sensitivity to
increase in input
Fair value measurement
sensitivity to decrease
in inputValuation method
Market capitalisation rateThe capitalisation rate applied to the market rental to assess a property’s value.
Derived from similar transactional evidence taking into account location, weighted
average lease term, customer covenant, size and quality of the property.
DecreaseIncreaseCapitalisation
Market rentalThe valuer’s assessment of the net market income attributable to the property;
includes both leased and vacant areas.
IncreaseDecreaseCapitalisation & DCF
Discount rateThe rate applied to future cashflows; it reflects transactional evidence from similar
types of property assets.
DecreaseIncreaseDCF
Rental growth rateThe rate applied to the market rental over the 10 year cashflow projection.IncreaseDecreaseDCF
Terminal capitalisation rateThe rate used to assess the terminal value of the property.DecreaseIncreaseDCF
The following table discloses the weighted average quantitative information by asset class for stabilised properties and developments held at fair value (excludes investment property contracted
for sale):
2018
Market
capitalisation
rate %
Market rental
$ per sqm
Discount
rate %
Rental growth
rate %
Terminal
capitalisation
rate %
Industrial 6.11307.92.76.4
Office 8.82599.91.58.8
2017
Market
capitalisation
rate %
Market rental
$ per sqm
Discount
rate %
Rental growth
rate %
Terminal
capitalisation
rate %
Industrial 6.3 1158.82.76.4
Office 7.53198.52.27.8
Land is valued based on recent comparable transactions which had land values ranging between $230 per square metre (“psm”) and $650 psm for industrial land (2017: between $220 psm and
$650 psm) and between $850 psm and $1,500 psm for office land (2017: between $750 psm and $1,400 psm).
65
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
1. Investment property (continued)
1.6 Stabilised properties
$ million
Weighted
market
cap rate
%2018
Valuation
2017
Acquisitions
/ transfers
in
Net
expenditure
Disposals
/ transfers
out
Fair value
movement
Valuation
2018Valuer
Net lettable
area sqm
Occupancy
%
W A LT
years
Industrial
Highbrook Business Park, East Tamaki957.177.32.0–54.91,091.3Colliers, Savill390,4815.81005.8
Savill Link, Otahuhu216.016.81.3–3.7237.8CBRE106,5936.11007.6
M20 Business Park, Wiri218.3–2.0–13.3233.6JLL108,4196.4995.0
The Gate Industry Park, Penrose164.213.51.5–10.3189.5CBRE82,6766.31004.3
Westney Industry Park, Mangere114.92.61.1–1.2119.8CBRE105,7778.11007.1
Penrose Industrial Estate, Penrose59.7–0.7–4.665.0Colliers30,7366.5903.1
The Tamaki Estate, Panmure34.9–0.2–1.937.0Colliers19,4485.01002.1
Connect Industrial Estate, Penrose30.9–0.4–0.531.8CBRE21,9426.51001.6
Concourse Industry Park, Henderson–11.51.6–1.714.8Colliers9,2027.51003.4
Glassworks, Christchurch–20.4–(20.4)––
Office
Greenlane Office, Auckland
& Show Place, Christchurch229.7–16.7(220.5)(3.0)22.9Colliers, CBRE8,9968.8941.3
Total stabilised properties2,025.7142.127.5(240.9)89.12,043.5884,270
Acquisitionsreflect the purchase price and any associated transaction costs.
Transfers inrepresent the net book value transferred in to a category during the year.
Net expenditurecomprises capital expenditure, holding costs, straight line rental adjustments, leasing incentives and leasing costs paid, less any amortisation of leasing incentives
and leasing costs.
Fair value movementreflects the difference between the 31 March independent valuation and the net book value immediately prior to the valuation.
Disposalscomprise the net book value at the date of disposal for properties sold in the year.
Transfers outrepresent the net book value transferred out of a category during the year.

66
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
1. Investment property (continued)
1.6 Stabilised properties (continued)
$ million
Weighted
market
cap rate
%2017
Valuation
2016
Acquisitions
/ transfers
in
Net
expenditure
Disposals
/ transfers
out
Fair value
movement
Valuation
2017Valuer
Net lettable
area sqm
Occupancy
%
W A LT
years
Industrial
Highbrook Business Park, East Tamaki789.388.52.8–76.5957.1Colliers, Savill361,1245.9995.7
Savill Link, Otahuhu171.426.83.0–14.8216.0CBRE102,8846.41008.5
M20 Business Park, Wiri174.929.52.1–11.8218.3JLL105,7756.6995.6
The Gate Industry Park, Penrose153.0–1.1–10.1164.2CBRE77,1846.71003.7
Westney Industry Park, Mangere118.4–1.7–(5.2)114.9CBRE103,7358.01006.7
Penrose Industrial Estate, Penrose53.4–––6.359.7JLL30,7366.81003.5
The Tamaki Estate, Panmure31.1–1.3–2.534.9Colliers19,4485.31002.5
Connect Industrial Estate, Penrose27.8–1.3–1.830.9CBRE21,9426.81002.6
Glassworks & Southpark, Christchurch33.4–2.3(35.7)––
Office
Greenlane Office, Auckland
& Show Place, Christchurch
445.5–20.5(224.9)(11.4)229.7Colliers, CBRE55,7307.7883.5
Total stabilised properties1,998.2144.836.1(260.6)107.22,025.7878,558
Accounting policies
Stabilised properties are investment properties which are held to earn rental income. They are recorded initially at cost, including related transaction costs. After initial recognition, stabilised
properties are carried at fair value. A panel of expert independent valuers value the portfolio at least once each year, generally at 31 March. Fair values are based on estimated market values.
If this information is not available, alternative valuation methods such as recent prices in less active markets, the capitalisation method, or discounted cash flow projections are used.
Stabilised property that is being redeveloped is carried at fair value and holding costs are capitalised to the property during redevelopment. Expenditure is capitalised to a property when it is
probable that it will provide future economic benefits to the Group. All other repairs and maintenance costs are charged to Profit or Loss.
Any gain or loss arising from a change in fair value is recognised in Profit or Loss.
When sold, the net gain or loss on disposal of stabilised property is included in Profit or Loss in the period in which the sale occurred. The gain or loss on disposal is calculated as the difference
between the carrying amount of the stabilised property on the Balance Sheet and the proceeds from sale net of any costs associated with the sale.
67
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
1. Investment property (continued)
1.7 Developments
$ million
Market
cap rate
%
Committed
Occupancy
%2018
Valuation /
cost 2017
Transfers
in
Net
expenditure
Fair value
movement
Transfers
out
Valuation /
cost 2018Valuer
Lettable
area sqm
W A LT
years
At fair value
Highbrook Business Park, East Tamaki13.0–3.82.6(19.4)––––––
The Gate Industry Park, Penrose8.3–2.82.4(13.5)––––––
At cost
Highbrook Business Park, East Tamaki16.834.247.410.2(57.9)50.7At cost37,750–318.8
Concourse Industry Park, Henderson–8.61.7––10.3At cost11,098–––
Savill Link, Otahuhu4.74.510.63.5(16.8)6.5At cost8,500–––
Glassworks, Christchurch6.1–12.02.3(20.4)––––––
Westney Industry Park, Mangere––2.6–(2.6)––––––
Total developments48.947.380.921.0(130.6)67.557,348
68
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
1. Investment property (continued)
1.7 Developments (continued)
$ million
Market
cap rate
%
Committed
Occupancy
%2017
Valuation /
cost 2016
Transfers
in
Net
expenditure
Fair value
movement
Transfers
out
Valuation /
cost 2017Valuer
Lettable
area sqm
W A LT
years
At fair value
Highbrook Business Park, East Tamaki–4.36.52.2–13.0Savills7,5005.750–
The Gate Industry Park, Penrose–1.35.91.1–8.3CBRE4,9305.900–
M20 Business Park, Wiri21.0–0.8–(21.8)––––––
At cost
Highbrook Business Park, East Tamaki29.612.651.014.2(90.6)16.8At cost15,052–574.9
Savill Link, Otahuhu7.53.018.92.1(26.8)4.7At cost7,410–10015.0
Glassworks, Christchurch–4.31.8––6.1At cost9,600–10015.0
M20 Business Park, Wiri4.4–2.40.9(7.7)––––––
The Gate Industry Park, Penrose1.3–––(1.3)––––––
Total developments63.825.587.320.5(148.2)48.944,492
Accounting policies
Developments are properties that are being constructed for future use as stabilised property. They are classified as developments and initially recorded at cost of acquisition, construction or
development. All costs directly associated with the purchase and construction of developments and all subsequent capital expenditure for developments are capitalised.
Holding costs are capitalised if they are directly attributable to the acquisition or development of a property. The most significant component of holding costs is borrowing costs. Capitalisation
of borrowing costs commences when the activities to prepare the property for its intended use are in progress and expenditures and borrowing costs are being incurred. The amount capitalised
is determined by applying the weighted average cost of debt to borrowings attributed to the development. Capitalisation of borrowing costs will continue until the development of the property
is completed.
If the fair value of a development can be reliably determined during the course of its construction, then the development will be recorded at fair value in the same manner as stabilised properties.
69
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
1. Investment property (continued)
1.8 Land
$ million
2018
Valuation
2017Acquisitions
Net
expenditure
Disposals
/ transfers
out
Fair value
movement
Valuation
2018Valuer
Net land
area sqm
Highbrook Business Park, East Tamaki132.0–8.6(34.2)(5.4)101.0Colliers188,763
Savill Link, Otahuhu13.42.30.8(4.5)(0.1)11.9CBRE37,391
M20 Business Park, Wiri6.3–0.4–(0.1)6.6JLL18,770
The Gate Industry Park, Penrose0.4–0.1––0.5CBRE2,592
Glassworks, Christchurch2.6–0.5(3.1)––––
Greenlane Office, Auckland 20.0–0.8(20.8)––––
Selwood, Henderson–8.6–(8.6)––––
Total land174.710.911.2(71.2)(5.6)120.0247,516
Included within net expenditure is $8.2 million of capitalised borrowing costs (2017: $11.4 million).
$ million
2017
Valuation
2016Acquisitions
Net
expenditure
Disposals
/ transfers
out
Fair value
movement
Valuation
2017Valuer
Net land
area sqm
Highbrook Business Park, East Tamaki158.1–10.2(14.8)(21.5)132.0Colliers291,314
Savill Link, Otahuhu15.11.51.0(3.0)(1.2)13.4CBRE44,806
M20 Business Park, Wiri6.1–0.8–(0.6)6.3JLL18,770
The Gate Industry Park, Penrose0.5–0.2–(0.3)0.4CBRE2,592
Glassworks, Christchurch8.1–1.3(5.6)(1.2)2.6CBRE13,660
Greenlane Office, Auckland
& Show Place, Christchurch25.4–2.1(6.0)(1.5)20.0Colliers16,841
Total land213.31.515.6(29.4)(26.3)174.7387,983
Accounting policies
Land is recorded initially at cost, including related transaction costs. After initial recording, land is carried at fair value. Land is independently valued at least annually, with any changes in
valuation recognised in Profit or Loss.
70
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
1. Investment property (continued)
1.9 Investment property contracted for sale
$ million
2018
Carrying
value 2017
Transfers
in
Net
expenditure
Fair value
movementSettlements
Carrying
value 2018
Greenlane Office, Auckland –228.1–(20.3)–207.8
Glassworks, Christchurch7.723.5–(0.4)–30.8
Total investment property
contracted for sale7.7251.6–(20.7)–238.6
$ million
2017
Carrying
value 2016
Transfers
in
Net
expenditure
Fair value
movementSettlements
Carrying
value 2017
Glassworks, Christchurch–8.5–(0.8)–7.7
Connect Office, Penrose40.9–––(40.9)–
Connect Industrial Estate, Penrose2.9–––(2.9)–
Millennium Centre, Greenlane–195.9–14.1(210.0)–
Total investment property
contracted for sale43.8204.4–13.3(253.8)7.7
Accounting policies
Investment property contracted for sale is recorded at the contracted sale price, with this being the best indicator of fair value.
1.10 Construction loan
A construction loan was provided by GMT to The Fletcher Construction Company (Fanshawe Street) Limited, whose ultimate parent is Fletcher Building Limited. The advances made were used to
fund the development of the Datacom building acquired by a subsidiary of the Trust’s joint venture, Wynyard Precinct Holdings Limited. Acquisition occurred on completion of the building in May
2017, at which time the loan was repaid. The loan incurred a market rate of interest for a loan of its type and was guaranteed by Fletcher Building Limited.
Significant transactions
On 12 May 2017 the construction loan was repaid by The Fletcher Construction Company (Fanshawe Street) Limited.
71
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
2. Investment in joint venture
GMT owns 51% of Wynyard Precinct Holdings Limited (“WPHL” or the “joint venture”), with the remaining 49% owned by GIC, Singapore’s sovereign wealth fund. The shareholders’ agreement
of WPHL ensures that joint control is maintained via equal board representation, with GMT unable to unilaterally direct the joint venture. Properties owned by WPHL are managed by Goodman
Property Services (NZ) Limited (“GPSNZ”) on a similar basis to how GPSNZ manages GMT’s wholly owned properties.
Subsequent event
In May 2018, the shareholders of Wynyard Precinct Holdings Limited, the joint venture between GMT and GIC, agreed to the sale of all of the shares of WPHL to Blackstone for a purchase
price of $289.3 million, with the price based on a property portfolio value of $635.0 million. The transaction includes full repayment of shareholder loans advanced to the joint venture and is
expected to result in a gain of approximately $31.4 million on disposal of GMT’s equity accounted investment in WPHL. This gain is based on property valuations as at 31 March 2018. The sale
is conditional upon Overseas Investment Office approval and freehold land owner approval, and is expected to settle late in the 2019 financial year.
2.1 WPHL Profit or Loss
WPHLGMT share at 51%
$ million2018201720182017
Net property income36.025.4
Net interest costs(15.7)(8.8)
Administrative expenses(0.2)(0.2)
Operating earnings before other income / (expenses) and tax20.116.410.38.4
Other income / (expenses) and tax
Movement in fair value of investment properties44.2–
Movement in fair value of derivative financial instruments(0.6)1.1
Manager’s base fee(1.6)(1.1)
Income tax on operating earnings(1.3)(1.1)
Deferred tax(0.3)(1.7)
Other income / (expenses) and tax40.4(2.8)20.6(1.4)
Profit after tax 60.513.630.97.0
Accounting policies
The joint venture is accounted for using the equity method. Accounting policies of the joint venture are aligned with policies of GMT.
72
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
2. Investment in joint venture (continued)
2.2 WPHL Balance Sheet
WPHLGMT share at 51%
$ million2018201720182017
Non-current assets
Stabilised properties543.5324.1
Other assets0.42.7
Current assets2.52.0
Total assets546.4328.8
Non-current liabilities
Borrowings111.9111.8
Other liabilities6.75.5
Current liabilities
Borrowings–45.0
Advances from shareholders210.936.0
Other liabilities6.45.5
Total liabilities335.9203.8
Net assets210.5125.0
Share capital60.734.7
Retained earnings149.890.3
Total equity210.5125.0107.463.8
Goodwill6.96.9
Investment in joint venture114.370.7
73
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
2. Investment in joint venture (continued)
2.3 WPHL Stabilised properties
$ million
Market
cap rate
%
Occupancy
%
Office park
VXV Precinct Office Park, Auckland
Opening
valuationAcquisitions
Net
expenditure
Fair value
movementDisposals
Closing
valuationValuer
Net lettable
area sqmWALT years
Year ended 31 March 2018324.1151.024.244.2–543.5CBRE, Colliers88,2226.69910.0
Year ended 31 March 2017317.1–7.0––324.1CBRE, Colliers62,3667.31008.9
Significant transactions
During the year WPHL settled the acquisitions of the Datacom building for $88.3 million and Bayleys House for $62.3 million (excluding acquisition costs).
2.4 WPHL Borrowings
20182017
$ millionFacilityExpiryDrawnUndrawnFacilityExpiryDrawnUndrawn
Total bank facilities112.0September 2019112.0–157.0April 2017 – September 2019157.0–
WPHL’s bank facility is provided by Westpac New Zealand Limited (“Westpac”). At 31 March 2018 it had a weighted average term to expiry of 1.5 years (2017: 1.8 years). This facility is secured
over the assets and undertakings of the WPHL joint venture and is non-recourse to WPHL’s shareholders. The WPHL joint venture has given a negative pledge which provides that it will not
create or permit any security interest over its assets. The principal financial ratios which must be met are the ratio of earnings before interest and tax to interest expense, and the ratio of financial
indebtedness to the value of the property portfolio.
Significant transactions
During the year WPHL’s shareholders provided advances to the company of $45.0 million to enable it to repay $45.0 million of maturing bank borrowings to Westpac.
WPHL’s shareholders also advanced $155.9 million during the year to enable the company to purchase the Datacom building, purchase Bayleys House and fund other capital expenditure.
74
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
2. Investment in joint venture (continued)
2.5 WPHL Cash flows
WPHL
$ million20182017
Cash flows from operating activities
Property income received44.735.8
Property expenses paid(18.0)(15.0)
Net interest costs paid(15.7)(7.9)
Other operating cash flows(3.0)(3.2)
Net cash flows from operating activities8.09.7
Cash flows from investing activities
Acquisition of investment properties(150.0)–
Capital expenditure payments for investment properties(11.2)(1.6)
Net cash flows from investing activities(161.2)(1.6)
Cash flows from financing activities
Investments by shareholders–10.0
Proceeds from borrowings–4.0
Repayment of borrowings(45.0)(3.5)
Advances from shareholders200.9–
Repayments to shareholders–(10.0)
Distributions paid to shareholders(1.0)(9.0)
Net cash flows from financing activities154.9(8.5)
Net movement in cash 1.7(0.4)
Cash at the beginning of the year0.40.8
Cash at the end of the year2.10.4
75
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
3. Borrowings
3.1 Interest
$ million20182017
Interest income
Interest income7.25.7
Total interest income7.25.7
Interest costs
Interest expense(34.1)(37.5)
Amortisation of borrowing costs(4.1)(4.2)
Borrowing costs capitalised
(1)
12.318.0
Total interest cost(25.9)(23.7)
Net interest cost(18.7)(18.0)
(1)
Borrowing costs of $8.2 million were capitalised to land (2017: $11.4 million).
Accounting policies
Interest costs charged on borrowings are recognised as incurred. Costs associated with the establishment of borrowings are amortised over the term of the relevant borrowings.
76
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
3. Borrowings (continued)
3.2 Borrowings
$ million20182017
Current
Wholesale bonds–45.0
Total current borrowings–45.0
Non-current
Syndicated bank facility262.0293.0
Retail bonds400.0200.0
US Private Placement notes – New Zealand dollar amount on inception
(1)
156.8156.8
Total non-current818.8649.8
US Private Placement notes – foreign exchange translation impact
(1)
9.014.4
Unamortised borrowings establishment costs(4.2)(4.4)
Total non-current borrowings823.6659.8
Total borrowings823.6704.8
(1)
US Private Placement notes comprise $156.8 million for funds received at the borrowing date and $9.0 million for the foreign exchange translation impact (2017: $14.4 million). These borrowings are fully hedged and GMT takes no
currency risk on interest and principal payments.
Accounting policies
Borrowings are recorded initially at fair value, net of transaction costs. Subsequent to initial recognition, borrowings are carried at amortised cost using the effective interest method.
77
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
3. Borrowings (continued)
3.3 Composition of borrowings
Weighted
average
remaining
term (years)
Interest rate
%
$ million
2018Date issuedExpiry
Facility
drawn /
Amount
Undrawn
facility
Syndicated bank facilities–October 2019 – October 20212.5Floating262.0188.0
Retail bonds – GMB020December 2013December 20202.76.20100.0–
Retail bonds – GMB030June 2015June 20224.25.00100.0–
Retail bonds – GMB040May 2017May 20246.24.54100.0–
Retail bonds – GMB050March 2018September 20235.44.00100.0–
US Private Placement notesJune 2015June 20257.23.46US$40.0–
US Private Placement notesJune 2015June 20279.23.56US$40.0–
US Private Placement notesJune 2015June 203012.23.71US$40.0–
Weighted
average
remaining
term (years)
Interest rate
%
$ million
2017Date issuedExpiry
Facility
drawn /
Amount
Undrawn
facility
Syndicated bank facilities–October 2018 – October 20213.0Floating293.0307.0
Retail bonds – GMB020December 2013December 20203.76.20100.0–
Retail bonds – GMB030June 2015June 20225.25.00100.0–
Wholesale bondsSeptember 2010September 20170.47.5845.0–
US Private Placement notesJune 2015June 20258.23.46US$40.0–
US Private Placement notesJune 2015June 202710.23.56US$40.0–
US Private Placement notesJune 2015June 203013.23.71US$40.0–
As at 31 March 2018 a $450.0 million (31 March 2017: $600.0 million) syndicated bank facility was provided to the Trust by ANZ Bank New Zealand Limited, Bank of New Zealand, Commonwealth
Bank of Australia, Westpac New Zealand Limited (each providing $101.25 million; 31 March 2017: each providing $135.0 million) and The Hongkong and Shanghai Banking Corporation Limited
(providing $45.0 million; 31 March 2017: providing $60.0 million).
As at 31 March 2018, GMT’s borrowing facilities had a weighted average remaining term of 4.5 years (2017: 4.4 years), with 68% being drawn from non-bank sources (2017: 58%).
Significant transactions
In May 2017, GMT issued a new $100.0 million retail bond with a 7 year term expiring May 2024, paying an interest rate of 4.54%.
In September 2017, GMT repaid $45.0 million of wholesale bonds.
In March 2018, GMT issued a new $100.0 million retail bond with a 5.5 year term expiring September 2023, paying an interest rate of 4.00%.
78
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
3. Borrowings (continued)
3.4 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the assets of the wholly-owned subsidiaries of Goodman Property Trust. A loan to value ratio covenant restricts total borrowings
incurred by the Group to 50% of the value of the secured property portfolio.
The Group has given a negative pledge to not create or permit any security interest over its assets. The principal financial ratios which must be met are the ratio of earnings before interest, tax,
depreciation and amortisation to interest expense, and the ratio of financial indebtedness to the value of the property portfolio. Further negative and positive undertakings have been given as to the
nature of the Group’s business.
3.5 Loan to value ratio calculation
The loan to value ratio (“LVR”) is a non-GAAP metric used to measure the strength of GMT’s Balance Sheet. The LVR calculation is set out in the table below. The GMT look-through LVR
incorporates GMT’s 51% share of WPHL and is the measure utilised by management when considering the Trust’s LVR.
20182017
$ millionGMT
WPHL
@ 51%
GMT
look-throughGMT
WPHL
@ 51%
GMT
look-through
Total borrowings823.657.1880.7704.880.0784.8
US Private Placement notes – foreign exchange translation impact(9.0)–(9.0)(14.4)–(14.4)
Cash(4.7)(1.1)(5.8)(0.9)(0.2)(1.1)
Investment property contracted for sale – settlement proceeds due(238.6)–(238.6)(7.7)–(7.7)
Borrowings for LVR calculation571.356.0627.3681.879.8761.6
Investment property2,231.0277.22,508.22,249.3165.32,414.6
Other investments–––12.0–12.0
Construction loan receivable–––65.1–65.1
Assets for LVR calculation2,231.0277.22,508.22,326.4165.32,491.7
Loan to value ratio %25.620.225.029.348.330.6
3.6 Weighted average cost of borrowings
The weighted average cost of borrowings is a non-GAAP measure that represents the weighted average interest rate paid on borrowings after all costs, taking account of the effect of interest rate
hedging.
20182017
Weighted average cost of borrowings %5.05.0
79
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
4. Units, earnings per unit and distributions
Issued units represent capital contributed to GMT by unitholders. Distributions are paid to GMT unit holders when approved by the Board of the Manager.
4.1 Issued units
Issued units
(million)
Value
($ million)
2018201720182017
Balance at the beginning of the year1,280.21,273.11,398.71,389.5
Manager’s base fee reinvested7.67.110.09.2
Balance at the end of the year1,287.81,280.21,408.71,398.7
Accounting policies
Units are classified as equity. If new units are issued in the year, any external costs, net of tax, directly attributable to the issue are deducted from the proceeds received.
GMT receives fund management services from GNZ and pays GNZ a management fee (the “base fee”). Other than in limited circumstances as set out in the Trust Deed, GNZ is required to use
its base fee to invest in newly issued units in GMT. The fee arrangements are considered a share based payment. GMT recognises fees for management services at the time those services are
provided. Fees are paid six monthly in arrears, and the proceeds immediately reinvested. The fee not yet paid and reinvested is reflected within the unit based payments reserve until such time
as it has been settled.
4.2 Earnings per unit
Earnings per unit is calculated as profit after tax divided by the weighted number of issued units for the year. Operating earnings is a non-GAAP financial measure included to provide an
assessment of the performance of GMT’s principal operating activities. The calculation of operating earnings before other income / (expenses) and tax is set out in Profit or Loss, with a
reconciliation of operating earnings after tax as follows:
$ million20182017
Operating earnings before other income / (expenses) and tax119.1121.7
Income tax on operating earnings(16.9)(15.2)
Income tax on operating earnings of joint venture(0.6)(0.5)
Operating earnings after tax101.6106.0
Weighted units for the Manager’s base fee reinvested are included as the services are rendered. There are no other weighted units.
Weighted units
million20182017
Issued units at the beginning of the year1,280.21,273.1
Manager’s base fee7.67.2
Weighted units1,287.81,280.3
80
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
4. Units, earnings per unit and distributions (continued)
4.2 Earnings per unit (continued)
cents per unit20182017
Operating earnings per unit before tax9.259.51
Operating earnings per unit after tax7.898.28
Basic and diluted earnings per unit after tax15.0616.70
4.3 Net tangible assets
Diluted units, comprising issued units plus deferred units not yet issued, are used to calculate net tangible assets per unit
Diluted units
million20182017
Issued units1,287.81,280.2
Deferred units for Manager’s base fee expected to be reinvested4.04.1
Diluted units1,291.81,284.3
20182017
Net tangible assets ($ million)1,793.71,674.9
Net tangible assets per unit (cents)138.9130.4
4.4 Distributions
2018 2017
Distributions relating to the period (cents per unit)6.656.65
Distributions paid in the period (cents per unit)6.656.65
Distributions relating to the period ($ million)85.585.0
Distributions paid in the period ($ million)85.585.0
Accounting policies
Distributions are recognised in equity in the period in which they are paid.
Subsequent event
On 28 May 2018 a cash distribution of 1.6625 cents per unit with 0.3180 cents per unit of imputation credits attached was declared. The record date for the distribution is 12 June 2018 and
payment will be made on 21 June 2018.
81
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
5. Derivative financial instruments
Derivative financial instruments are used to manage exposure to interest rate risks and foreign exchange risks arising from GMT’s borrowings.
5.1 Movement in fair value of financial instruments
$ million20182017
Interest rate derivatives(3.0)6.3
Cross currency interest rate derivatives relating to US Private Placement notes(10.9)(11.2)
Total movement in fair value of derivative financial instruments(13.9)(4.9)
Foreign exchange rate movement on US Private Placement notes5.42.4
Total movement in fair value of financial instruments(8.5)(2.5)
Accounting policies
Derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently measured at fair value at each reporting date. Derivative
financial instruments are classified as current or non-current based on their date of maturity.
Movements in the fair value of derivative financial instruments are recognised through Profit or Loss. GMT does not apply hedge accounting.
Key judgement
The fair values of derivative financial instruments are determined from valuations using Level 2 valuation techniques (2017: Level 2). These are based on the present value of estimated future
cash flows, taking account of the terms and maturity of each contract and the current market interest rates at reporting date. Fair values also reflect the creditworthiness of the derivative
counterparty and GMT at balance date. The valuations were based on market rates at 31 March 2018 of between 1.93% (2017: 1.99%) for the 90 day BKBM and 3.06% (2017: 3.46%) for the
10 year swap rate. There were no changes to these valuation techniques during the period.
5.2 Derivative financial instruments
$ million20182017
Cross currency interest rate derivatives
Non-current assets–9.7
Non-current liabilities(1.2)–
Interest rate derivatives
Current assets–0.6
Non-current assets8.99.2
Non-current liabilities(17.5)(18.2)
Net derivative financial instruments(9.8)1.3
82
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
5. Derivative financial instruments (continued)
5.3 Additional derivative information
20182017
Cross currency interest rate derivatives
Notional contract value as receiver ($ million)156.8156.8
Percentage of US Private Placement notes borrowings converted to floating rate NZD payments (%)100100
Weighted average term to maturity (years)9.510.5
Interest rate derivatives
Notional contract value as payer ($ million)495.0520.0
Notional contract value as receiver ($ million)200.0195.0
Percentage of borrowings fixed (%)6074
Interest rate range (%)2.7 – 5.02.7 – 5.0
Weighted average term to maturity (years)4.55.0
6. Administrative expenses
Administrative expenses are incurred to manage the operational activity of GMT. Excluded from administrative expenses categorised within operating earnings is the Manager’s base fee, which is
expected to be used to reinvest in GMT units when payment of the fee occurs.
6.1 Administrative expenses included within operating earnings
$ million20182017
Valuation fees(0.6)(0.6)
Auditor’s fees(0.2)(0.2)
Trustee fees(0.3)(0.3)
Other costs(1.5)(1.8)
Total administrative expenses included within operating earnings(2.6)(2.9)
6.2 Auditor’s fees
Auditor’s fees detailed below are in whole dollars.
$ million20182017
Audit and review of financial statements(0.2)(0.2)
Other assurance related services––
Total auditor’s fees(0.2)(0.2)
Other assurance related
services
Fees for other assurance related services of $7,000 (2017: $15,000) comprise work performed on the financial covenants of the bank facilities and the performance
fee calculation.
83
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
6. Administrative expenses (continued)
6.3 Administrative expenses incurred but not included within operating earnings
These expenses, while excluded from GMT’s non-GAAP operating earnings measure, are included in other income / (expenses) within Profit or Loss.
$ million20182017
Manager’s base fee expected to be reinvested in units(8.3)(7.7)
Total administrative expenses incurred but not included within operating earnings(8.3)(7.7)
7. Debtors and other assets
$ million20182017
Current
Debtors0.30.7
Prepayments0.21.3
Interest receivable2.38.0
Other assets6.53.4
Total debtors and other assets9.313.4
Accounting policies
Debtors and other assets are initially recognised at fair value and subsequently measured at amortised cost. They are adjusted for expected impairment losses. Discounting is not applied to
receivables where collection is expected to occur within the next twelve months.
A provision for impairment is recognised when there is objective evidence that GMT will be unable to collect amounts due. The amount provided is the difference between the carrying amount
and expected recoverable amount. There were no provisions for impairment in the year (2017: none).
8. Creditors and other liabilities
$ million20182017
Current
Creditors0.30.5
Interest payable7.15.3
Related party payables0.52.1
Accrued capital expenditure27.015.4
Other liabilities14.34.3
Total creditors and other liabilities49.227.6
Accounting policies
Creditors and other liabilities are initially recognised at fair value and subsequently measured at amortised cost. All payments are expected to be made within the next twelve months.
84
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
9. Ta x
9.1 Tax expense
$ million20182017
Profit before tax207.2220.5
Tax at 28%(58.0)(61.7)
Depreciation of investment property5.75.2
Movement in fair value of investment property23.532.1
Disposal of investment property0.61.3
Deductible net expenditure for investment property5.26.7
Share of joint venture net profit less dividends received8.62.0
Derivative financial instruments(2.4)(1.5)
Other(0.1)0.7
Current tax on operating earnings(16.9)(15.2)
Depreciation recovery income for property sold and settled(0.4)(6.3)
Settlement of derivative financial instruments0.83.7
Current tax on non-operating earnings0.4(2.6)
Current tax(16.5)(17.8)
Depreciation of investment property(0.4)(1.0)
Reduction of liability in respect of depreciation recovery income3.711.5
Deferred expenses(1.6)2.0
Derivative financial instruments1.5(1.5)
Borrowing issue costs0.10.1
Deferred tax3.311.1
Total tax(13.2)(6.7)
Current tax on operating earnings is a non-GAAP measure included to provide an assessment of current tax for GMT’s principal operating activities.
85
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
9. Tax (continued)
9.1 Tax expense (continued)
Accounting policies
Tax expense for the year comprises current and deferred tax recognised in Profit or Loss.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at balance date, and includes any adjustment to tax payable in
respect of previous years.
Deferred tax is provided in full using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their
tax bases. Deferred tax is not accounted for if it arises from the initial recognition of assets or liabilities in a transaction, other than a business combination, that affects neither accounting nor
taxable profit or loss and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future.
9.2 Deferred tax
$ million20182017
Deferred tax assets
Derivative financial instruments5.23.7
Total deferred tax assets5.23.7
Deferred tax liabilities
Investment properties – depreciation recoverable(21.5)(24.8)
Investment properties – deferred expenses(8.7)(7.1)
Borrowings issue costs(0.4)(0.5)
Total deferred tax liabilities(30.6)(32.4)
Net deferred tax(25.4)(28.7)
Key judgement
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively
enacted at the balance date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the
extent that it is no longer probable that the related tax benefit will be realised.
For deferred tax liabilities potentially arising on investment property measured at fair value there is a rebuttable presumption that the carrying amount of the investment property asset will be
recovered through sale. In estimating this deferred tax liability, the Group has made reference to the Manager’s experience of tax depreciation recovered when properties of a similar nature have
been sold.
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Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
10. Related party disclosures
As a Unit Trust, GMT does not have any employees. Consequently services that the Group requires are provided for under arrangements governed by GMT’s Trust Deed, or by contractual
arrangements. The Trust has related party relationships with the following parties.
EntityNature of relationship
Goodman (NZ) LimitedGNZManager of the Trust
Goodman Property Services (NZ) LimitedGPSNZProvider of property management, development management and related services to the Trust and to its joint venture
Goodman Investment Holdings (NZ) LimitedGIHUnitholder in GMT
Goodman LimitedGLParent entity of GNZ, GPSNZ, GIH & GWP
Goodman Industrial TrustGITProperty co-owner with GMT
Wynyard Precinct Holdings LimitedWPHLJoint venture between GMT and GIC, Singapore’s sovereign wealth fund
Goodman (Wynyard Precinct) LimitedGWPDeveloper of Bayleys House acquired by the WPHL joint venture
10.1 Transactions with related parties other than WPHL
Related
party
RecordedCapitalisedOutstanding
$ million201820172018201720182017
Manager’s base feeGNZ(9.4)(9.4)1.11.7(5.3)(5.0)
Manager’s performance feeGNZ––––––
Property management fees
(1)
GPSNZ(3.5)(3.4)–––(0.3)
Leasing feesGPSNZ(2.0)(1.3)––(0.4)(0.1)
Acquisition and disposal feesGPSNZ(0.3)(2.0)–––(1.2)
Minor project feesGPSNZ(0.7)(1.1)0.71.1––
Development management feesGPSNZ(4.9)(6.3)4.96.3–(0.4)
Total fees(20.8)(23.5)6.79.1(5.7)(7.0)
Reimbursement of expenses for services providedGPSNZ(1.5)(1.7)0.10.1(0.1)(0.1)
Total reimbursements(1.5)(1.7)0.10.1(0.1)(0.1)
Land acquisition – Savill LinkGIT(2.3)(1.5)2.31.5––
Total capital transactions(2.3)(1.5)2.31.5––
Issue of units for Manager’s base fee reinvestedGIH9.99.2––––
Total issue of units for Manager’s base fee reinvested9.99.2––––
Distributions paidGIH(18.0)(17.5)––––
Total distributions paid(18.0)(17.5)––––
(1)
Of the property management fees charged by GPSNZ, $3.1 million was paid by customers and was not a cost borne by GMT (2017: $3.3 million).
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Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
10. Related party disclosures (continued)
10.2 Transactions with WPHL
$ million
Related
party
RecordedCapitalisedOutstanding
201820172018201720182017
Investment in joint ventureWPHL(13.3)(5.1)––––
(Advances to) / repayments from joint ventureWPHL(89.1)5.1––(107.5)(18.4)
Interest income received from joint ventureWPHL5.81.5–––0.3
Funding fee received from joint ventureWPHL0.11.3–––1.9
Dividends received from joint ventureWPHL0.54.6––––
Advances to WPHL are unsecured and subordinated to WPHL’s bank debt. They are repayable on demand and incur a market rate of interest for advances of this type.
Significant transactions
Advances to the joint venture were provided in the period to enable WPHL to repay $45.0 million of maturing bank borrowings, settle the acquisition of the Datacom building for $88.3 million,
settle the acquisition of Bayleys House for $62.3 million and fund other capital expenditure. Bayleys House was acquired by a subsidiary of WPHL from Goodman (Wynyard Precinct) Limited.
10.3 Other related party transactions
Capital transactions
Capital transactions that occur with related parties can only be approved by the independent directors of GNZ, with non-independent directors excluded from the approval process.
No properties were acquired pursuant to the Co-ownership Agreement between GMT and Goodman Industrial Trust (2017: none). This agreement was approved by unitholders at a general meeting
held on 23 March 2004.
GMT purchased land at Savill Link for $2.3 million (2017: $1.5 million) that was co-owned via the Co-ownership Agreement between GMT and Goodman Industrial Trust.
In March 2015, GMT agreed to provide construction funding to facilitate the construction of the Datacom building acquired by the Trust’s joint venture. This funding was repaid in May 2017. Refer
to section 1.10 for further details.
Key management personnel
Key management personnel are those people with the responsibility and authority for planning, directing and controlling the activities of an entity. As the Trust does not have any employees or
Directors, key management personnel is considered to be the Manager. All compensation paid to the Manager is disclosed within this note.
At 31 March 2018, Goodman Group, GNZ’s ultimate parent, through its subsidiary Goodman Investment Holdings (NZ) Limited, held 273,248,744 units in GMT out of a total 1,287,781,937 units on
issue (31 March 2017: 268,169,407 units out of a total 1,280,222,885 units).
88
Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust

Notes to the Financials Statements (continued)
For the year ended 31 March 2018
10. Related party disclosures (continued)
10.4 Explanation of related party transactions
Manager’s base fee
The Manager’s base fee is calculated as 0.50% per annum of the book value of GMT’s assets (other than cash, debtors and development land) up to $500 million, plus 0.40% per annum of the
book value of GMT’s assets (other than cash, debtors and development land) greater than $500 million.
With effect from 1 April 2014, for a period of five years, the Manager has agreed to use its base management fee to reinvest in GMT units, provided that the Independent Directors of GNZ consider
it in the best interests of GMT unitholders for the Manager to do so. The terms of the issue of such units were approved by Unitholders on 5 August 2014. The terms of issue are included in GMT’s
Trust Deed.
Manager’s performance fee
The Manager is entitled to be paid a performance fee equal to 10% of GMT’s performance above a target return (which is calculated annually on 31 March) and is capped at 5% of annual out
performance (except in a period in which GNZ ceases to hold office, or GMT terminates). The target return is equal to the annual return of a gross accumulation index created from NZX listed
property entities having a principal focus on investment in real property, excluding GMT, with the index being compiled by a suitably qualified and experienced person (currently Standard & Poor’s).
Any performance below the target return is carried forward indefinitely to future periods. GMT will not earn a performance fee on any performance in excess of the target return plus 5% per annum.
Any performance over that cap will be carried forward indefinitely to future periods (except in a period in which GNZ ceases to hold office, or GMT terminates). No performance fee is payable for
any year where GMT’s performance is less than 0%, however, any under or over performance is carried forward indefinitely to future periods.
The Manager is required to use performance fee proceeds to reinvest in GMT units in accordance with the terms of the Trust Deed. The issue price for these units is equal to the higher of market
price and the net asset value per unit.
At 31 March 2018 a performance fee deficit of $1.1 million (2017: deficit of $16.0 million) was carried forward to include in the calculation to determine whether a performance fee is payable in
future periods.
Property management fees
Property management fees are paid to GPSNZ for day to day management of properties.
Leasing fees
Leasing fees are paid to GPSNZ for executing leasing transactions.
Acquisition and disposal fees
Acquisition and disposal fees are paid to GPSNZ for executing sale and purchase agreements.
Minor project fees
Minor project fees are paid for services provided to manage capital expenditure projects for stabilised properties.
Development management fees
Development management fees are paid for services provided to manage capital expenditure projects for developments.
Reimbursement of expenses for services provided
Certain services are provided by GPSNZ in lieu of using external providers, with these amounts reimbursed on a cost recovery basis.
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Goodman Property Trust Annual Report 2018 Financial Statements of Goodman Property Trust