GMT Distribution Payment

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



nzx release+
GMT Distribution Payment
Date
20 September 2018
Release
Immediate

Further to the announcement of 2 August 2018, Goodman (NZ) Limited, the Manager of
Goodman Property Trust, is pleased to advise the first quarter distribution, for the year
ending 31 March 2019, will be paid to Unitholders today.
For further information please contact:
Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $2.0 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 $2.3 billion after recently contracted sales. The Trust holds an investment grade credit rating of BBB from Standard &
Poor’s.

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



20 September 2018

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

Dear Unitholder
GOODMAN PROPERTY TRUST (“GMT” and “Trust”)
Goodman (NZ) Limited, the manager of GMT, is pleased to advise Unitholders that
the first quarter distribution, for the year ending 31 March 2019, has now been paid.
The distribution includes a cash component of 1.6625 cents per unit with an
additional 0.3106 cents per unit in imputation credits.

If you have any questions about your distribution payment please contact our
registrar, Computershare Investor Services. The telephone number is 0800 359 999
for calls originating within New Zealand or +64 9 488 8777 for international enquiries.

Goodresults newsletter
Enclosed with this distribution notice is the latest Unitholder newsletter. It includes
information on Auckland’s growth and our industrial focused investment strategy,
recent leasing success and the results of an energy efficiency project in the VXV
Precinct. I encourage you to take the time to read the brochure and stay up to date
with the activities of the Trust.

Yours faithfully,

Keith Smith
Chairman

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GoodResults+
Goodman Property Trust Newsletter
SEPTEMBER 2018 | ISSUE 8
Auckland’s growing demand
for industrial space
Urbanisation, technology and e-commerce trends are influencing the way cities
develop, contributing to the growing demand for well-located and operationally
efficient logistics space.
It is estimated that around NZ$3.8 trillion of
global retail sales are now online, representing
approximately 12% of all retail transactions. More
than twice the level of five years ago, online sales
are growing rapidly and are expected to increase
to around 17.5% of total retail sales by 2021.
John Dakin said, “These global trends are evident
in New Zealand with successful businesses
driving supply chain requirements for efficient
warehouse space, close to consumers.”
With 8.1% of all retail spend in New Zealand
occurring through online shopping, around
1.5 million Kiwis purchased something online
last year. The average annual spend per shopper
was $2,362, with nearly half of these purchases
made offshore. The most popular categories
included appliances and electronics, books,
fashion and footwear, food and beverage, health
and beauty, and sporting goods.
Auckland alone accounted for around 37% of
all online transactions in New Zealand.
John Dakin said, “An investment strategy that
looks out beyond 10 years has always driven
our decision making for GMT. We have focused
the portfolio in Auckland and fast-tracked the
development programme to take advantage of
the growing demand for industrial space.”
Consumer expectations around choice, price and
convenience are rising. The ability of retailers to
deliver goods faster than competitors provides
them with a real advantage.
“ We have positioned our
business to capitalise on
the growth of Auckland and
the continued expansion of
e-commerce. As a specialist
industrial property provider, we
expect these market dynamics
to be significant drivers of our
future performance.”
John Dakin — Chief Executive Officer
NZ Post has the logistics and parcel delivery
capability to service these businesses. It is
also GMT’s largest customer occupying almost
60,000 sqm within the portfolio. Between 2014
and 2017 the annual parcel volume sent through
its CourierPost facility at Highbrook increased
by 21%.
John Dakin said, “With fulfilment companies
looking for supply chain efficiencies, proximity to
consumers has become a key factor in reducing
delivery time and cost. It reinforces the importance
of owning estates in strategic locations.”
Almost 35% of GMT’s $2.3 billion, predominantly
Auckland, portfolio is leased to logistics and
transport specialists. The consumer catchment
within a 20-minute truck drive of any of these
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, Highbrook Business Park

Positive portfolio results
Completion of significant asset sales
and the commencement of new
development projects are refining
GMT’s high-quality property portfolio.
Strong market dynamics are being reflected
in the Trust’s portfolio metrics; occupancy is
almost 100%, rental growth is accelerating, and
development demand remains elevated with over
$250 million of work in progress.
John Dakin said, “The progression of the
development programme and the sale of
less growth oriented assets is concentrating
investment in the rapidly growing and supply-
constrained Auckland industrial market.”
Two new development projects have been
committed already this financial year. With a total
cost of $54.1 million they 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.
John Dakin said, “It continues the strong
momentum of the last 18-24 months and further
progresses the rapid build-out of the Trust’s
strategic land holdings.”
Following completion of all current developments
and the sale of GMT’s interests in the VXV
Portfolio, GMT’s portfolio will have a value of
$2.3 billion and will be 99% invested in the
Auckland industrial sector.
With almost full occupancy and very few lease
expiries there has only been a limited number
of new leasing transactions so far this year. The
largest of these were:
+ Fletcher Steel renewing its lease over
18,464 sqm of warehouse and office space
at Connect Industrial Estate in Penrose for
a further 12 years.
+ A new three-year lease to Bridgestone
over 3,171 sqm warehouse at Penrose
Industrial Estate.
John Dakin said, “Just nine new leases, totalling
25,550 sqm, demonstrates the positive leasing
profile of the investment portfolio. With very few
expiries and limited vacancy the Trust is also
recording strong rental growth on leases with
market reviews.”
1
As at 30/8/18 and adjusted for contracted sales.
Key portfolio
metrics
1
$2.3 billion
Property Portfolio
99
%

Auckland Industrial Weighting
99
%

Property Occupancy
5.5
years

Weighted Lease Term
$253 million
Development Projects
|
Artist impression, Gateway development, Highbrook Business Park
GoodResults+
Goodman Property Trust Newsletter
SEPTEMBER 2018 | ISSUE 8 | Page 2

7,530,000kWh
reduction in energy
consumption
775 tonnes reduction
in carbon emissions
$1.1 million saving
in operating costs
Energy initiatives reduce operating costs
A commitment to environmental
sustainability was the catalyst for a
large-scale project to improve the
energy performance of Goodman’s
office portfolio in the VXV Precinct.
Initiated in 2014 the project has grown to
encompass all seven buildings in the commercial
precinct located between the Viaduct and
Wynyard Quarters of Auckland City. Collectively
these offices provide over 88,000 sqm of space
and accommodate a daily workforce of around
7,000 people.
Goodman’s Engineering and Building Services
Manager, Craig Stephens, said “The aim of
the project was to benchmark and improve the
energy efficiency of these assets, lowering the
operating costs for the customers.”
The project has also been selected as a finalist in
the 2018 ECCA Business Awards.
The NABERSNZ rating tool was used to assess
the performance of the buildings and provided
the benchmark to measure the effectiveness of
system optimisation and upgrade initiatives.
Craig Stephens, said “Monitoring has shown a
7,530,000kWh reduction in energy consumption
against baseline levels since 2014. This is
equivalent to a reduction in carbon emissions
of 775 tonnes and is estimated to have saved
customers more than $1.1 million in operating
costs.”
Initially focusing on mechanical services, the
scope was extended to encompass all aspects
of building performance. Innovative solutions
have addressed any issues with the new glazed
screen façade for the KPMG Building a good
example. The project will address the high loads
on the air-conditioning resulting from sunlight
penetration and thermal gains along the northern
side of the building.
The external screen solution avoids the cost
and disruption of replacing the existing glass
curtain wall which was developed in 2006. No
longer reflecting a high-performance standard
the single glazed laminate will be supplemented
with the low-e glass screen. Modelling shows
energy savings of 17% pa of the air-conditioning
load from the current baseline, saving money for
the customers and improving the quality of the
internal workspaces.
With additional projects underway the VXV
portfolio is expected to secure the targeted
NABERSNZ energy rating of 4.5 stars once the
upgrades are completed.
John Dakin, said “The capability of our team
has optimised the performance of these assets
creating more efficient workspaces for our
customers. It has added to the quality of the
VXV Portfolio and helped facilitate the conditional
sale to Blackstone.”
|
Bayleys and Fonterra Buildings, VXV Precinct
GoodResults+
Goodman Property Trust Newsletter
SEPTEMBER 2018 | ISSUE 8 | Page 3
|
Measuring and monitoring energy

Disclaimer: This document has been prepared by Goodman (NZ) Limited as manager of Goodman Property Trust.
The information in this document is general information only. It is not intended as investment or financial advice and must
not be relied upon as such. You should obtain independent professional advice prior to making any decision relating to
your investment or financial needs. This document is not an offer or invitation for subscription or purchase of securities or
other financial products. Past performance is no indication of future performance. All values are expressed in New Zealand
currency unless otherwise stated. September 2018.
The Trust’s website www.goodman.com/nz
enables Unitholders and Bondholders to view information
about their investment, download investor forms, check
current prices and view publications and announcements.
Investor engagement
Encouraging people to be active
GMT’s retail investors have had two opportunities in the last six months
to learn more about their investment.
The Highbrook Open Day in February attracted
more than 100 Unitholders and their guests.
Bus tours of the estate allowed investors to see
first-hand the progress being made in the Trust’s
development programme. With approximately
400,000 sqm of space developed since 2006
and a further seven projects currently under way,
this substantial business park is now more than
80% developed.
An operational update was also provided at
the Annual Meeting in July, five weeks after
the release of the annual report. Hosted at
Eden Park, the meeting was also webcast
live for investors who wanted to participate
remotely. The presentations from Keith Smith,
John Dakin and Andy Eakin reviewed the financial
performance of the Trust and outlined the current
investment strategy.
The key messages included:
+ A positive growth profile, driven by
demographic trends and the expansion
of e-commerce, made Auckland
industrial property the Trust’s preferred
investment market.
+ The focus on development led growth and
the sale of the Trust’s office assets has
substantially repositioned GMT.
The meeting also voted on the re-appointment of
Leonie Freeman as an Independent Director of
the Manager. It was an overwhelming result with
99.8% of the poll in favour.
The Goodman Foundation is the global sponsor of this fundraising
and wellbeing initiative of the Cerebral Palsy Alliance.
In New Zealand Goodman is encouraging its staff,
customers and investors to all get active while
raising money for the Cerebral Palsy Society.
Participants are encouraged to get active, using
the complimentary pedometer to complete the
equivalent of 10,000 steps a day, throughout the
month of September.
It is the fourth year Goodman has supported the
initiative and this year the month-long programme
was launched with a walk through the VXV
Precinct and along the Westhaven promenade on
4 September 2018. A lunchtime yoga class was
offered as an alternative to walking event.
To learn more about Steptember or if you’d
like to contribute to the fundraising visit
the website at www.steptember.org.nz
|
Bus tour during Highbrook Open Day
|
Lunchtime yoga class
GoodResults+
Goodman Property Trust Newsletter
SEPTEMBER 2018 | ISSUE 8 | Page 4