GMT interim profit up 47% to $66.4 million before tax

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 interim profit up 47% to $66.4 million before tax

Date
7 November 2018

Release
Immediate
Goodman (NZ) Limited, the manager of Goodman Property Trust (“GMT” or
“Trust”) is pleased to announce the Trust’s interim result for the six months
ended 30 September 2018.
Major property transactions and the rapid progression of the Trust’s development
programme, supported by strong customer demand, is concentrating the portfolio and
focusing investment in the Auckland industrial market.
Financial and operational highlights include:
+ Statutory profit of $66.4 million before tax, 46.6% higher than the $45.3 million
recorded in the previous corresponding period. Fair value gains of $16.8 million
on certain investment properties was the main variance.
+ Adjusted operating earnings
1
of $51.7 million after tax or 4.0 cents per unit on a
weighted average unit basis, compared to $51.4 million and 4.0 cents per unit
previously.
+ Cash distributions of 3.325 cents per unit, relating to the first six months,
representing around 92% of cash earnings
2
.
+ Strong operating results with portfolio occupancy of 98.4% and a weighted
average lease term of 5.5 years.
+ $209.6 million of development work in progress, with a further $75 million - $100
million of new projects expected to commence this financial year.
+ The conditional sale of GMT’s 51% share in the joint venture that owns the VXV
Portfolio for a gross sale price of $323.9 million.
+ Substantial balance sheet capacity with a loan to value ratio of 17.5% at 30
September 2018, after contracted sales, and committed gearing of just 25.8%.
Strategic focus
Keith Smith, Chairman of Goodman (NZ) Limited said, “The year to date has seen asset
sales, new development projects, positive leasing results and a strategic acquisition add
to the positive momentum of the last three years.”
With more than 99% of the Trust’s $2.3 billion property portfolio located in the country’s
largest city, GMT’s investment strategy is now almost exclusively focused on the
Auckland industrial market.

1
Adjusted operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GMT’s
principal operating activities. Calculation of adjusted operating earnings is as set out in note 4.2 of GMT’s financial statements.

2
Cash earnings is a non-GAAP financial measure that assesses free cash flow, on a per unit basis, after adjusting for borrowing
costs capitalised to land and expenditure related to building maintenance. The calculation is set out on slide 7 in the accompanying
presentation.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
Keith Smith said, “The focus on Auckland industrial property is contributing to strong
financial results and positioning the Trust for sustainable growth over the long-term.”
Detailed information is provided in GMT’s interim report. The report was released today
and is available on the Trust’s website at: www.goodman.com/nz.
Portfolio refinement
John Dakin, Chief Executive Officer of Goodman (NZ) said, “Underlying economic
drivers remain strong and customer demand for high-quality industrial property continues
to exceed supply.”
GMT’s development programme is well advanced with almost $210 million of
development projects scheduled for completion over the next eight months.
John Dakin continued, “It’s a substantial level of activity and recent leasing success
means these development projects are more than 50% committed. This will increase to
around 70% committed as deals that are well progressed are successfully concluded.”
“To ensure GMT can meet future customer requirements we expect to commence
another $75 million - $100 million of new development projects this financial year.”
The positive market dynamics that are supporting the intensification of the Trust’s
development programme are also being reflected in its portfolio metrics.
At 30 September 2018, the investment portfolio was 98.4% occupied and had a
weighted average lease term of 5.5 years. Sustained customer demand and low vacancy
were factors also driving strong rental increases on leases subject to market reviews.
Balance sheet capacity
The balance sheet capacity to fund the Trust’s development programme has come
through asset disposals.
The conditional sale of the VXV Portfolio in May 2018 largely completes a five-year
disposal programme that will have realised over $1.2 billion of capital when it settles.
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, “The scale of the VXV transaction makes it one of the largest real
estate sales in New Zealand. It signals the end of a portfolio rebalancing process that
has consolidated the Trust and reinforced its position as New Zealand’s leading provider
of high-quality industrial space.”
The Trust has also announced the disposal of 614-616 Great South Road, Greenlane
for $11.6 million. The unconditional sale is due to settle later this month.
Taking account of the proceeds from all contracted sales, the Trust’s loan to value ratio
as at 30 September 2018 would reduce to just 17.5% of total assets.
John Dakin, said, “Reducing gearing to an historically low level provides the Trust with
greater financial flexibility. The priority is to reinvest in the portfolio, completing the
development of GMT’s remaining land holdings.”
With just 22 hectares of land remaining, the Trust is also looking to replenish its
development pipeline with acquisitions that offer longer-term opportunity through
intensification of use or redevelopment.
The purchase of the Foodstuffs Distribution Centre at Roma Road in Mt Roskill is a
recent example of this strategic focus. Acquired after the interim balance date for $93
million, the property is leased to the grocery distributor until 2021. The under-utilised site,
with older style facilities, offers considerable future potential.
Located at the northern end of SH20 close to the Waterview Tunnel, the property
provides quick access to the motorway systems north, south and west.

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
John Dakin said, “The population within a 20-minute delivery truck radius is estimated to
be almost 700,000 people. With warehouse space already supply constrained, the
surrounding consumer catchment makes this an ideal location for fulfilment and logistics
companies.”
GMT’s committed gearing, including all developments and acquisitions, is 25.8%. It
represents around half the level of borrowings permitted under the Trust’s debt
covenants.
Guidance and outlook
With a strongly performing portfolio and a stable business outlook, the Trust is expected
to deliver a full year result consistent with earlier guidance.
Cash earnings of around 7.0 cents per unit are forecast for the year, with cash
distributions of 6.65 cents per unit expected to be paid.
John Dakin said, “We have positioned our business to capitalise on the growth of
Auckland, the expansion of e-commerce and rising consumerism. Taking advantage of
the positive operating environment and intensifying the development programme with an
appropriate mix of design-build and build-to-lease projects remains a key objective.”
“It’s the continuation of a successful strategy that has refined and extended the portfolio
since 2014.”
For further information please contact:
John Dakin Andy Eakin
Chief Executive Officer Chief Financial Officer
Goodman (NZ) Limited Goodman (NZ) Limited
(09) 375 6063 (09) 375 6077
(021) 321 541 (021) 305 316

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

Attachments provided to NZX:
1. Investor Presentation
2. GMT and GMT Bond Issuer Limited Interim Report 2019
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 $1.9 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 space provider. It has a substantial property portfolio, with a value of $2.3 billion
at 30 September 2018 after adjusting for contracted sales. The Trust holds an investment grade credit rating of BBB from
Standard & Poor’s.

---

Goodman Property Trust Interim Report 2019
GMT Bond Issuer Limited Interim Report 2019

Operational highlights 2
Results overview 3
Chairman’s and Chief Executive Officer’s report 4 – 8
Goodman Property Trust Financial Statements 9 – 33
GMT Bond Issuer Limited Financial Statements 35 – 41
Other information
Other statutory and listing rule disclosures 42
Investor relations 43
Glossary 44
Corporate directory 45
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 Interim Report 2019
GMT Bond Issuer Limited Interim Report 2019
This document comprises the interim reports of Goodman Property
Trust and GMT Bond Issuer Limited for the six-month period ended
30 September 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.

“ We have positioned our business
to capitalise on the growth
of Auckland, the expansion
of e-commerce and rising
consumerism. As New  Zealand’s
leading industrial property
provider, we  expect these market
dynamics to be significant drivers
of our future performance.”
John Dakin — Chief Executive Officer
1Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

Operational highlights
$66.4 million
Profit before tax
$2 09.6 million
Projects under development
$323.9 million
Sale price of the VXV Portfolio (GMT share)
$2.3 billion
Property portfolio
22 hectares
Remaining development land
99
Auckland industrial weighting
%
2Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

Results overview
Adjusted operating earnings
Adjusted operating earnings is a non-GAAP financial
measure included to provide an assessment of the
performance of GMT’s principal operating activities.
Calculation of adjusted operating earnings is as set
out in note 4.2 of GMT’s financial statements.
Cash earnings
Cash earnings is a non-GAAP financial measure that
assesses free cash flow, on a per unit basis, after
adjusting for borrowing costs capitalised to land
and expenditure related to building maintenance.
30 September
2018
30 September
2017% change
Profit before tax ($m)66.445.346.6
Profit after tax ($m) 59.339.550.1
Adjusted operating earnings before tax ($m)
(1)
60.159.80.5
Adjusted operating earnings after tax ($m)
(1)
51.751.40.6
Movement in fair value of investment property ($m) 16.8(8.4)300.0
Cash earnings per unit (cpu) 3.613.532.3
Cash distribution per unit (cpu) 3.3253.325–
Assets for loan to value calculation ($m)
(2)
2,311.92,575.0(10.2)
Borrowings for loan to value calculation ($m)
(2)
405.7835.5(51.4)
Loan to value ratio (%)
(2)
17.532.4(46.0)
GMT – Standard & Poor’s credit ratingBBBBBB–
Goodman+Bonds – Standard & Poor’s credit ratingBBB+BBB+–
(1)
Refer to note 4.2 of GMT’s financial statements for further information.
(2)
Refer to note 3.5 of GMT’s financial statements for further information.
Highbrook Business Park,
East Tamaki
Highbrook is a world-class business
park on Auckland’s Waiouru
Peninsula. With a value of more
than $1.3 billion, it is a substantial
estate that makes up over 50%
of GMT’s property portfolio.
3Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

Chairman’s and Chief Executive Officer’s report
Industrial focus
Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 20194
John Dakin
Chief Executive Officer
and Executive Director
Keith Smith
Chairman and
Independent Director

Major property transactions and the rapid progression of the Trust’s
development programme, supported by strong customer demand, is
concentrating the portfolio and focusing investment in the Auckland
industrial market. It’s the continuation of  a longer-term strategy that has
transformed GMT into New  Zealand’s leading industrial property provider.
The year to date has seen asset sales, new
development projects, positive leasing results and a
strategic acquisition add to the positive momentum
of the last three years.
With a strong balance sheet and a portfolio focused
on the best-performing property sector, the Board
and Management Team are extremely pleased with
the progress being achieved. The Directors also
believe that GMT is well positioned for sustainable
long-term growth.
GMT’s financial performance
The Trust recorded a profit before tax of $66.4 million
for the six months to 30 September 2018, a 46.6%
increase from the previous corresponding period.
Fair value gains of $16.8 million on certain
investment properties was the main variance.
Of these fair value gains, $11.7 million related to
development projects that were sufficiently far
progressed to be independently valued. The balance
of $5.1 million related to the sale of 614-616 Great
South Road, which became unconditional following
the Trust’s interim balance date. The gains attributed
to these properties contributed to an increase in
net tangible asset backing, from 138.9 cents per
unit at 31 March 2018, to 140.2 cents per unit at
30 September 2018.
With the additional revenue from new acquisitions
and developments offsetting asset sales, adjusted
operating earnings before tax of $60.1 million were
0.5% higher than the previous period.
On a weighted average unit basis, adjusted operating
earnings were 4.65 cents per unit before tax and
4.00 cents per unit after tax.
Cash earnings of 3.61 cents per unit for the six
months to 30 September 2018 is consistent with
the full year guidance of around 7.0 cents per unit.
The Board has reiterated that quarterly distributions
totalling 6.65 cents per unit are expected to be paid
in relation to this financial year.
Strategic direction
With more than 99% of the Trust’s $2.3 billion
investment property portfolio located in the
country’s largest city, GMT’s investment strategy
is now almost exclusively focused on the Auckland
industrial market.
A strong regional economy, supported by immigration
flows and demographic trends, is contributing to the
growing demand for well-located and operationally
efficient logistics property. The expansion of online
retailing is also driving supply chain requirements
for warehouse and distribution space close to
consumers.
These positive market dynamics are supporting the
Trust’s development programme and contributing to
high occupancy rates and accelerating rental growth
across the portfolio.
Chairman’s and Chief Executive Officer’s report (continued)
5Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

With the development programme well advanced,
and GMT’s land weighting below 5% of portfolio
value, the Trust’s Statement of Investment Policies
and Objectives is being amended to add flexibility.
The revision, which will come into effect on
10 December 2018, will allow an increase in the
proportion of uncommitted development projects
being undertaken.
It’s a positive change that recognises the success of
the build-to-lease programme and the smaller sized
facilities required to complete the development of
GMT’s remaining land holdings.
Asset disposals have provided the balance sheet
capacity to fund the Trust’s development programme.
The sale of the VXV Portfolio in May 2018
(1)
was
timed to take advantage of the buoyant investment
market. With a gross sale price of $635 million, the
Trust’s 51% interest in the joint venture reflected a
sale price of $323.85 million. The realised gain will
add around 2.5 cents per unit to net tangible asset
backing when it settles, expected to be later this
financial year.
It is a defining transaction for GMT.
The scale makes it one of the largest real estate
sales in New Zealand and it completes a portfolio
rebalancing process that has consolidated the Trust
and reinforced its position as New Zealand’s leading
provider of high-quality industrial space.
Reducing GMT’s loan to value ratio from an already
low 25% at 31 March 2018 to just 17.5% of total
assets, the sale also provides the Trust with greater
financial flexibility.
(1)
The sale to Blackstone, an international investor and fund manager,
remains conditional on Overseas Investment Office approval.
Chairman’s and Chief Executive Officer’s report (continued)
Foodstuffs Distribution Centre, Mt Roskill
Acquired after the interim balance date, the 13.1-hectare property features 36,650 sqm of warehouse and office space
together with associated yard and parking areas.
6Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

Chairman’s and Chief Executive Officer’s report (continued)
GMT has maintained its strong balance sheet
position by only investing in new opportunities
that are complementary to the existing portfolio.
These have included properties that offer longer-
term opportunity through intensification of use or
redevelopment.
The purchase of the Foodstuffs Distribution Centre at
Roma Road in Mt Roskill is a recent example of this
strategic focus. Acquired after the interim balance
date for $93 million, the property is leased to the
grocery distributor until 2021. The under-utilised
site, with older style facilities, offers considerable
future potential. With limited greenfield sites available
across Auckland, it is a value-add asset similar
to the Tamaki Estate and Concourse properties,
acquired in 2016 and 2017 respectively.
Investors are positive about the current business
strategy and this is being reflected in GMT’s
investment performance. The combination of stock
price appreciation and quarterly distributions has
resulted in a total return of 26.9% over the 12 months
to 30 September 2018. It is almost double the listed
property benchmark and continues GMT’s recent
strong performance, outperforming the benchmark
over the last five years.
Portfolio refinement
New Zealand’s underlying economic drivers remain
positive and in Auckland customer demand for
high-quality industrial space continues to exceed
supply. GMT’s portfolio metrics reflect this demand;
occupancy is 98.4%, rental growth is strengthening
and the Trust has almost $210 million of development
projects under way.
It’s a substantial level of development activity that
includes a combination of design-build and build-
to-lease facilities. Recent leasing success means
the projects under construction are already over
50% committed. This will increase to around 70%
committed as deals that are well progressed are
successfully concluded.
To alleviate current supply constraints and to ensure
the Trust has the facilities to meet future demand it is
expected that a further $75 million – $100 million of
new industrial projects will commence this financial
year. The new facilities are in addition to the two pre-
committed warehouse developments, total project
cost of $54.1 million, announced in May 2018.
The following table details the composition of
the investment portfolio at 30 September 2018,
adjusted for contracted sales.
Following completion of all current developments,
the acquisition of the Foodstuffs Distribution Centre
and including remaining development land, the
portfolio will be 99% industrial with a value of more
than $2.5 billion.
GMT has set the benchmark for industrial property
and the Management Team is continually working to
ensure it maintains a superior quality portfolio. An
upgrade programme is underway across the Trust’s
larger estates with signage, landscaping and access
improvements being undertaken. The new investment
will lift the presentation of these properties to a
consistently high standard.
The portfolio is also regularly assessed to ensure
buildings are operating as efficiently as possible.
A commitment to improving the performance of
the commercial offices within the VXV Portfolio
culminated in the Trust winning the Energy and
Emissions Reduction Project Award at the 2018
EECA Business Awards in September.
The four-year project to improve the energy efficiency
of these buildings has enhanced the quality of the
workspaces they provide and is estimated to have
saved more than 7.5 million kWh of electricity.
Customers have benefitted directly, saving more
than $1.1 million in operating costs.
The project was also highly commended in the Large
Energy User of the Year Award category.
Reinvesting into the portfolio and ensuring building
performance is optimised contributes to the quality
and longevity of GMT’s assets. This focus also
supports high customer retention and satisfaction
levels, important factors in the investment
performance of the Trust.
Value
($ million)
Rentable
area
(sqm)
Average age
(years)
Occupancy
(%)
Weighted
average
lease term
(years)
Core portfolio1,878.9863,0229.899.05.7
Value-add estates167.898,38136.392.83.5
Total investment portfolio 2,046.7961,40312.598.45.5
7Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

Business outlook
The focus on Auckland industrial property is
contributing to strong financial results and
positioning GMT for long-term, sustainable growth.
Taking advantage of the positive operating
environment and intensifying the development
programme with an appropriate mix of design-
build and build-to-lease projects remains a key
priority. With just 22 hectares of land remaining it’s
the continuation of a successful strategy that has
refined and extended the portfolio since 2014.
The disposal of the VXV Portfolio largely completes
the sales programme. With $1.2 billion of assets
sold over the last five years, GMT has substantial
balance sheet capacity and greater financial flexibility.
This capital will be deployed, over time, into new
development activity. Complementary acquisitions,
such as the Foodstuffs Distribution Centre, and new
investment opportunities that replenish the landbank
are also areas of focus.
With a strongly performing portfolio and a stable
business outlook, the Trust is expected to deliver
a full year result consistent with earlier guidance.
Cash earnings of around 7.0 cents per unit are
forecast for the year, with cash distributions of
6.65 cents per unit expected to be paid.
John Dakin
Chief Executive Officer and Executive Director
Keith Smith
Chairman and Independent Director
Chairman’s and Chief Executive Officer’s report (continued)
Highbrook Business Park
has the greatest volume
of development activity
with seven construction
projects underway.
01.
Parade Units
A multi-unit development
along Business
Parade South.
02.
Plytech
The new design-build
facility for Plytech, an
existing Highbrook
customer.
01
02
8Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

9
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Profit or loss 10
Balance sheet 11
Cash flows 12
Changes in equity 13
General information 14
Notes to the Financial Statements
1. Investment property 15
2. Investment in joint venture 18
3. Borrowings 22
4. Units, earnings per unit and distributions 25
5. Derivative financial instruments 27
6. Administrative expenses 28
7. Tax 29
8. Related party disclosures 30
9. Commitments and contingencies 32
10. Financial risk management 32
11. Operating segments 32
Independent review report 33
Goodman Property Trust
Interim Financial Statements
For the six months ended 30 September 2018
The Board of Goodman (NZ) Limited, the Manager of Goodman
Property Trust, authorised these financial statements for issue
on 6 November 2018. For and on behalf of the Board:
Keith Smith Peter Simmonds
Chairman Chairman, Audit Committee

10
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
$ millionNote
6 months
30 Sep 18
6 months
30 Sep 17
Property income1.178.579.7
Property expenses(14.5)(14.8)
Net property income64.064.9
Share of operating earnings before tax from joint venture2.12.14.8
Interest
Interest income3.13.33.6
Interest cost3.1(12.2)(12.2)
Net interest cost(8.9)(8.6)
Administrative expenses6.1(1.3)(1.3)
Operating earnings before other income / (expenses) and tax55.959.8
Other income / (expenses)
Movement in fair value of investment property1.516.8(8.4)
Dividend income from joint venture contracted for sale2.22.1–
Share of other income / (expenses) and tax from joint venture2.1(0.5)(1.0)
Movement in fair value of financial instruments5.1(3.7)(1.2)
Manager’s base fee expected to be reinvested in units6.2(4.2)(3.9)
Profit before tax66.445.3
Ta x
Current tax on operating earnings7.1(7.8)(8.5)
Current tax on non-operating earnings7.1(1.1)–
Deferred tax7.11.82.7
Total tax(7.1)(5.8)
Profit after tax attributable to unitholders59.339.5
There are no items of other comprehensive income, therefore profit after tax attributable to unitholders equals total comprehensive income attributable to unitholders.
CentsNote
6 months
30 Sep 18
6 months
30 Sep 17
Basic earnings per unit after tax4.24.593.07
Profit or loss
For the six months ended 30 September 2018

11
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Balance sheet
As at 30 September 2018
$ millionNote30 Sep 1831 Mar 18
Non-current assets
Stabilised properties1.42,046.72,043.5
Developments1.4152.567.5
Land1.4112.7120.0
Investment in joint venture2.2–114.3
Derivative financial instruments5.219.48.9
Deferred tax assets3.85.2
Total non-current assets2,335.12,359.4
Current assets
Investment in joint venture contracted for sale2.2115.9–
Advances to joint venture8.2106.8107.5
Investment property contracted for sale1.619.9238.6
Debtors and other assets37.39.3
Cash4.64.7
Total current assets284.5360.1
Total assets2,619.62,719.5
Non-current liabilities
Borrowings3.2709.6823.6
Derivative financial instruments5.28.518.7
Deferred tax liabilities27.430.6
Total non-current liabilities745.5872.9
Current liabilities
Creditors and other liabilities56.349.2
Current tax payable2.53.7
Total current liabilities58.852.9
Total liabilities804.3925.8
Net assets1,815.31,793.7
Equity
Units4.11,413.91,408.7
Unit based payments reserve5.35.3
Retained earnings396.1379.7
Total equity1,815.31,793.7

12
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
$ million
6 months
30 Sep 18
6 months
30 Sep 17
Cash flows from operating activities
Property income received77.077.9
Property expenses paid(17.0)(19.9)
Interest income received2.99.2
Interest costs paid(11.9)(9.2)
Administrative expenses paid(1.3)(1.6)
Manager’s base fee paid(4.2)(3.9)
Net GST (paid) / received(1.3)0.3
Tax paid(10.1)(9.0)
Net cash flows from operating activities34.143.8
Cash flows from investing activities
Acquisition of investment properties(14.0)(17.0)
Proceeds from the sale of investment properties223.9–
Capital expenditure payments for investment properties(64.0)(44.6)
Holding costs capitalised to investment properties(6.3)(7.2)
Construction loan receivable repayment–65.1
Repayments from / (advances to) joint venture0.7(101.8)
Dividends received from joint venture contracted for sale2.1–
Net cash flows from investing activities142.4(105.5)
Cash flows from financing activities
Proceeds from borrowings111.0328.0
Repayments of borrowings(241.0)(226.0)
Proceeds from the issue of units5.25.0
Distributions paid to unitholders(42.9)(42.7)
Settlement of derivative financial instruments(8.9)–
Net cash flows from financing activities(176.6)64.3
Net movement in cash(0.1)2.6
Cash at the beginning of the period4.70.9
Cash at the end of the period4.63.5
Cash flows
For the six months ended 30 September 2018

13
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
$ millionUnits
Unit based
payments
reserve
Retained
earningsTotal
As at 31 March 20171,398.75.0271.21,674.9
Profit after tax––39.539.5
Distributions paid to unitholders––(42.7)(42.7)
Manager’s base fee–5.0–5.0
Issue of units5.0(5.0)––
As at 30 September 20171,403.75.0268.01,676.7
As at 31 March 20181,408.75.3379.71,793.7
Profit after tax––59.359.3
Distributions paid to unitholders––(42.9)(42.9)
Manager’s base fee–5.2–5.2
Issue of units5.2(5.2)––
As at 30 September 20181,413.95.3396.11,815.3
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 six months ended 30 September 2018

14
Goodman Property Trust Interim Report 2019 Interim 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 interim 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 until the date that it was contracted for sale, after which it
is accounted for as a held for sale asset.
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.
The interim financial statements for the six months ended 30 September 2018 are unaudited. Comparative balances for 30 September 2017 are unaudited, whilst
comparative balances as at 31 March 2018 are audited.
Basis of preparation and measurement
The interim financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”) and comply with
International Accounting Standard 34 ‘Interim Financial Reporting’ and New Zealand equivalent to International Accounting Standard 34 ‘Interim Financial Reporting’.
The interim financial statements of the Group have been prepared in accordance with the requirements of the NZX Main Board Listing Rules.
The interim financial statements do not include all notes included in the annual financial statements. Accordingly, these notes should be read in conjunction with the
annual financial statements for the year ended 31 March 2018, prepared in accordance with New Zealand equivalents to International Financial Reporting Standards
(“NZ IFRS”) and International Financial Reporting Standards (“IFRS”).
The accounting policies and methods of computation used in the preparation of these interim financial statements are consistent with those used in the financial
statements for the year ended 31 March 2018.
From 1 April 2018 the Group has adopted NZ IFRS 9 Financial Instruments and NZ IFRS 15 Revenue from Contracts with Customers. These new standards have not
resulted in any changes to the accounting policies.
The interim financial statements have been prepared on the historical cost basis except for assets and liabilities stated at fair value as disclosed.
The interim financial statements are in New Zealand dollars, the Group’s functional currency, unless otherwise stated.
General information
For the six months ended 30 September 2018

15
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
1. Investment property
Property income is earned from investment property leased to customers.
1.1 Property income
$ million
6 months
30 Sep 18
6 months
30 Sep 17
Gross lease receipts72.372.2
Service charge income9.310.5
Straight line rental adjustments0.50.7
Amortisation of capitalised lease incentives(3.6)(3.7)
Property income78.579.7
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.
$ million30 Sep 1831 Mar 18
Year 1134.2130.3
Year 2129.1
126.1
Year 3108.9111.1
Year 493.294.0
Year 573.276.5
Year 6 and later251.7250.4
Total future contracted gross lease receipts790.3788.4
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.
Years30 Sep 1831 Mar 18
Weighted average lease term6.16.1
Notes to the Financial Statements
For the six months ended 30 September 2018

16
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
1. Investment property (continued)
1.4 Total investment property
This table details the total investment property value.
$ million
30 Sep 1831 Mar 18
Stabilised
propertiesDevelopmentsLandTotal
Stabilised
propertiesDevelopmentsLandTotal
Core
Highbrook Business Park, East Tamaki1,096.1114.097.71,307.81,091.350.7101.01,243.0
Savill Link, Otahuhu237.827.87.5273.1237.86.511.9256.2
M20 Business Park, Wiri233.6–6.9240.5233.6–6.6240.2
The Gate Industry Park, Penrose189.7–0.6190.3189.5–0.5190.0
Westney Industry Park, Mangere121.7––121.7119.8––119.8
Total core1,878.9141.8112.72,133.41,872.057.2120.02,049.2
Value-add167.810.7–178.5171.510.3–181.8
Total investment property2,046.7152.5112.72,311.92,043.567.5120.02,231.0
GMT’s estates are classified as either “core” or “value-add” estates.
Core
Those estates within the portfolio which consist largely of modern, high-quality industrial and logistics properties.
Value-add
Those estates which generally consist of older properties that are likely to have redevelopment potential over the medium to long-term. Redevelopment of the properties
to realise their maximum future value may require a change in use.
Subsequent event
In September 2018, GMT conditionally contracted the sale of 614-616 Great South Road, a value-add property, for $11.6 million. This contract became unconditional
in October 2018 resulting in a gain on sale of $5.1 million over the previous carrying value. This gain has been reflected as a fair value movement in the interim financial
statements. Settlement is expected to occur in November 2018.
In October 2018, GMT settled the acquisition of an industrial property at Roma Road, Mount Roskill for $93.0 million.

17
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 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.
$ million
6 months
30 Sep 18
6 months
30 Sep 17
Stabilised properties–(5.4)
Developments11.710.1
Land–(12.7)
Investment property contracted for sale5.1(0.4)
Total movement in fair value of investment property16.8(8.4)
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
Stabilised properties are recorded at the 31 March 2018 independent valuation, adjusted for movements in the book value since this date.
Developments completed in the period, or adequately progressed to allow fair value to be reliably determined, have been independently valued at 30 September 2018.
All other developments are held at cost and tested for impairment.
Land is recorded at the 31 March 2018 independent valuation, adjusted for movements in the book value since this date.
1.6 Investment property contracted for sale
$ million30 Sep 1831 Mar 18
Greenlane Office, Auckland8.3207.8
614-616 Great South Road, Auckland11.6–
Glassworks Industry Park, Christchurch–30.8
Total investment property contracted for sale19.9238.6
Significant transactions
Settlement of the sale of Central Park office buildings occurred in June 2018.
Settlement of the sale of separate properties at Glassworks Industry Park occurred in June 2018 and July 2018.

18
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 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.
Significant transactions
In May 2018, the shareholders of Wynyard Precinct Holdings Limited, the joint venture between GMT and GIC, agreed to sell all the shares in WPHL to Blackstone for
a 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. The sale is conditional
upon Overseas Investment Office approval, with settlement expected late in this financial year.
Accounting policies
The joint venture is accounted for using the equity method until the date it was contracted for sale, after which it is classified as a held for sale asset and carried at
the lower of its carrying amount immediately prior to change in classification and fair value less costs of sale. Accounting policies of the joint venture are aligned with
policies of GMT.

19
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
2. Investment in joint venture (continued)
2.1 WPHL Profit or Loss
$ million
WPHLGMT share at 51%
6 months
30 Sep 18
6 months
30 Sep 17
6 months
30 Sep 18
6 months
30 Sep 17
Net property income19.916.6
Net interest costs(7.4)(7.1)
Administrative expenses(0.1)(0.1)
Operating earnings before other income / (expenses) and tax12.49.46.34.8
Other income / (expenses) and tax
Movement in fair value of derivative financial instruments(0.2)(0.6)
Manager’s base fee(1.0)(0.7)
Income tax on operating earnings(1.2)0.2
Deferred tax(0.6)(0.8)
Other income / (expenses) and tax(3.0)(1.9)(1.5)(1.0)
Profit after tax 9.47.54.83.8
The following analysis is provided to show GMT’s share of WPHL’s earnings for the period pre-contracted for sale and post-contracted for
sale. GMT’s 51% share of pre-contracted for sale earnings are equity accounted, which is consistent with prior periods. GMT’s share of
post-contracted for sale earnings are not equity accounted, therefore an adjustment has been made to the non-GAAP measure of adjusted
operating earnings in note 4.2 to allow for comparability to the prior period and to reflect GMT’s continuing economic interest in WPHL
until settlement, expected late this financial year.
Operating earnings – pre-contracted for sale (included in profit or loss)2.14.8
Operating earnings – post-contracted for sale (included in adjusted operating earnings)4.2–
Operating earnings before other income / (expenses) and tax6.34.8
Profit after tax – pre-contracted for sale (included in profit or loss)1.63.8
Profit after tax – post-contracted for sale 3.2–
Profit after tax4.83.8

20
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
2. Investment in joint venture (continued)
2.2 WPHL Balance Sheet
$ million
WPHLGMT share at 51%
30 Sep 1831 Mar 1830 Sep 1831 Mar 18
Non-current assets
Stabilised properties545.8543.5
Other assets0.50.4
Current assets2.72.5
Total assets549.0546.4
Non-current liabilities
Borrowings111.9111.9
Other liabilities7.66.7
Current liabilities
Advances from shareholders209.4210.9
Other liabilities4.26.4
Total liabilities333.1335.9
Net assets215.9210.5
Share capital60.760.7
Retained earnings155.2149.8
Total equity215.9210.5110.1107.4
Goodwill6.96.9
Less: Share of profit after tax – post contracted for sale(3.2)–
Plus: Dividends paid – post contracted for sale2.1–
Investment in joint venture contracted for sale / Investment in joint venture115.9114.3

21
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
2. Investment in joint venture (continued)
2.3 WPHL Cash flows
$ million
WPHL
6 months
30 Sep 18
6 months
30 Sep 17
Cash flows from operating activities
Property income received27.022.0
Property expenses paid(8.4)(8.4)
Net interest costs paid(7.5)(4.3)
Other operating cash flows(1.2)(1.2)
Net cash flows from operating activities9.98.1
Cash flows from investing activities
Acquisition of investment properties–(148.3)
Capital expenditure payments for investment properties(3.7)(9.2)
Net cash flows from investing activities(3.7)(157.5)
Cash flows from financing activities
Repayment of borrowings–(45.0)
(Repayments to) / advances from shareholders(1.5)194.4
Dividends paid to shareholders(4.1)–
Net cash flows from financing activities(5.6)149.4
Net movement in cash 0.6–
Cash at the beginning of the period2.10.4
Cash at the end of the period2.70.4

22
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
3. Borrowings
3.1 Interest
$ million
6 months
30 Sep 18
6 months
30 Sep 17
Interest income
Interest income3.33.6
Total interest income3.33.6
Interest costs
Interest expense(16.3)(16.7)
Amortisation of borrowing costs(1.6)(2.1)
Borrowing costs capitalised
(1)
5.76.6
Total interest cost(12.2)(12.2)
Net interest cost(8.9)(8.6)
(1)
Borrowing costs of $3.4 million were capitalised to land (30 September 2017: $4.7 million).
3.2 Borrowings
$ million30 Sep 1831 Mar 18
Non-current
Syndicated bank facilities132.0262.0
Retail bonds400.0400.0
US Private Placement notes – New Zealand dollar amount on inception
(1)
156.8156.8
Total non-current688.8818.8
US Private Placement notes – foreign exchange translation impact
(1)
24.59.0
Unamortised borrowings establishment costs(3.7)(4.2)
Total non-current borrowings709.6823.6
Total borrowings709.6823.6
(1)
US Private Placement notes comprise $156.8 million for funds received at the borrowing date and $24.5 million for the foreign exchange translation impact (31 March 2018: $9.0 million). These borrowings are fully
hedged and GMT takes no currency risk on interest and principal payments.

23
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
3. Borrowings (continued)
3.3 Composition of borrowings
30 Sep 18Date issuedExpiry
Weighted
average
remaining
term (years)
Interest
rate
$ million
Facility
drawn /
amount
Undrawn
facility
Syndicated bank facilities–Oct 19 – Oct 212.0Floating132.0318.0
Retail bonds – GMB020Dec 13Dec 202.26.20%100.0–
Retail bonds – GMB030Jun 15Jun 223.75.00%100.0–
Retail bonds – GMB040May 17May 245.74.54%100.0–
Retail bonds – GMB050Mar 18Sep 234.94.00%100.0–
US Private Placement notesJun 15Jun 256.73.46%US$40.0–
US Private Placement notesJun 15Jun 278.73.56%US$40.0–
US Private Placement notesJun 15Jun 3011.73.71%US$40.0–
31 Mar 18Date issuedExpiry
Weighted
average
remaining
term (years)
Interest
rate
$ million
Facility
drawn /
amount
Undrawn
facility
Syndicated bank facilities–Oct 19 – Oct 212.5Floating262.0188.0
Retail bonds – GMB020
Dec 13Dec 202.7
6.20%100.0–
Retail bonds – GMB030Jun 15Jun 224.25.00%100.0–
Retail bonds – GMB040May 17May 246.24.54%100.0–
Retail bonds – GMB050Mar 18Sep 235.44.00%100.0–
US Private Placement notesJun 15Jun 257.23.46%US$40.0–
US Private Placement notesJun 15Jun 279.23.56%US$40.0–
US Private Placement notesJun 15Jun 3012.23.71%US$40.0–
As at 30 September 2018 and 31 March 2018 a $450.0 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) and The Hongkong and Shanghai Banking Corporation
Limited (providing $45.0 million).
As at 30 September 2018, GMT’s drawn borrowings had a weighted average remaining term of 5.0 years (31 March 2018: 4.5 years), with 81% being drawn from
non-bank sources (31 March 2018: 68%). Calculation of the weighted average remaining term assumes bank debt utilises the longest dated facilities.

24
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 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
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 as at 31 March 2018 incorporates GMT’s 51% share of WPHL. Due to the agreed sale of WPHL, the GMT look through LVR no longer incorporates
GMT’s 51% share of WPHL and now aligns with the standalone LVR for GMT.
$ million
30 Sep 1831 Mar 18
GMTGMT
WPHL
@ 51%
GMT look
through
Total borrowings709.6823.657.1880.7
US Private Placement notes – foreign exchange translation impact(24.5)
(9.0)–(9.0)
Cash(4.6)(4.7)(1.1)(5.8)
Investment in joint venture contracted for sale – settlement proceeds due(254.9)–––
Investment property contracted for sale – settlement proceeds due(19.9)(238.6)–(238.6)
Borrowings for LVR calculation405.7571.356.0627.3
Investment property2,311.92,231.0277.22,508.2
Assets for LVR calculation2,311.92,231.0277.22,508.2
Loan to value ratio %17.5%25.6%20.2%25.0%
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.
6 months
30 Sep 18
12 months
31 Mar 18
Weighted average cost of borrowings4.9%5.0%

25
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
4. Units, earnings per unit and distributions
Issued units represent capital contributed to GMT by Unitholders. Distributions are paid to GMT Unitholders following approval by the Board of the Manager.
4.1 Issued units
Issued units
(million)
Value
($ million)
30 Sep 1831 Mar 1830 Sep 1831 Mar 18
Balance at the beginning of the period1,287.81,280.21,408.71,398.7
Manager’s base fee reinvested3.67.65.210.0
Balance at the end of the period1,291.41,287.81,413.91,408.7
4.2 Earnings per unit
Earnings per unit measures are calculated as profit or adjusted operating earnings 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. Adjusted operating earnings after tax, as set out below, incorporates GMT’s share of
operating earnings of the WPHL joint venture between the date it was contracted for sale and 30 September 2018, reflecting GMT’s continuing economic interest in the
joint venture.
$ millionNote
6 months
30 Sep 18
6 months
30 Sep 17
Operating earnings before other income / (expenses) and tax55.959.8
Share of operating earnings from joint venture – post-contracted for sale2.14.2–
Adjusted operating earnings before tax60.159.8
Income tax on operating earnings(7.8)(8.5)
Share of income tax on operating earnings from joint venture 2.1(0.6)0.1
Adjusted operating earnings after tax51.751.4
Weighted units for the Manager’s base fee reinvested are included as the services are rendered. There are no other weighted units.
million
Weighted units
30 Sep 1830 Sep 17
Issued units at the beginning of the period1,287.81,280.2
Manager’s base fee5.35.9
Weighted units1,293.11,286.1

26
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
4. Units, earnings per unit and distributions (continued)
4.2 Earnings per unit (continued)
cents per unit
6 months
30 Sep 18
6 months
30 Sep 17
Adjusted operating earnings per unit before tax4.654.65
Adjusted operating earnings per unit after tax4.004.00
Basic and diluted earnings per unit after tax4.593.07
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.
million
Diluted units
30 Sep 1831 Mar 18
Issued units1,291.41,287.8
Deferred units for Manager’s base fee expected to be reinvested3.44.0
Diluted units1,294.81,291.8
30 Sep 1831 Mar 18
Net tangible assets ($ million)1,815.31,793.7
Net tangible assets per unit (cents)140.2138.9
Subsequent event
On 6 November 2018 a cash distribution of 1.6625 cents per unit with 0.4174 cents per unit of imputation credits attached was declared. The record date for the
distribution is 29 November 2018 and payment will be made on 13 December 2018.

27
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 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
$ million
6 months
30 Sep 18
6 months
30 Sep 17
Interest rate derivatives0.5(2.3)
Cross currency interest rate derivatives relating to US Private Placement notes11.3(3.6)
Total movement in fair value of derivative financial instruments11.8(5.9)
Foreign exchange rate movement on US Private Placement notes(15.5)4.7
Total movement in fair value of financial instruments(3.7)(1.2)
5.2 Derivative financial instruments
$ million30 Sep 1831 Mar 18
Cross currency interest rate derivatives
Non-current assets10.1–
Non-current liabilities–(1.2)
Interest rate derivatives
Non-current assets9.38.9
Non-current liabilities(8.5)(17.5)
Net derivative financial instruments10.9(9.8)

28
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
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
$ million
6 months
30 Sep 18
6 months
30 Sep 17
Valuation fees(0.3)(0.3)
Auditor’s fees(0.1)(0.1)
Trustee fees(0.2)(0.2)
Other costs(0.7)(0.7)
Total administrative expenses included within operating earnings(1.3)(1.3)
6.2 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.
$ million
6 months
30 Sep 18
6 months
30 Sep 17
Manager’s base fee expected to be reinvested in units(4.2)(3.9)
Total administrative expenses incurred but not included within operating earnings(4.2)(3.9)

29
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
7. Ta x
7.1 Tax expense
$ million
6 months
30 Sep 18
6 months
30 Sep 17
Profit before tax61.345.3
Tax at 28%(17.1)(12.7)
Depreciation of investment property2.42.7
Movement in fair value of investment property3.3(2.4)
Disposal of investment property0.8–
Deductible net expenditure for investment property3.03.1
Share of joint venture net profit less dividends received1.01.1
Derivative financial instruments(1.1)(0.3)
Other(0.1)–
Current tax on operating earnings(7.8)(8.5)
Depreciation recovery income for property sold and settled(3.6)–
Settlement of derivative financial instruments2.5–
Current tax on non-operating earnings(1.1)–
Current tax(8.9)(8.5)
Depreciation of investment property(0.1)(0.3)
Reduction of liability in respect of depreciation recovery income3.73.3
Disposal of investment property(0.9)–
Deferred expenses(1.1)(0.7)
Derivative financial instruments0.10.3
Borrowing issue costs0.10.1
Deferred tax1.82.7
Total tax(7.1)(5.8)
Current tax on operating earnings is a non-GAAP measure included to provide an assessment of current tax for GMT’s principal operating activities.

30
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
8. 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
8.1 Transactions with related parties other than WPHL
$ millionRelated party
Recorded Capitalised Outstanding
6 months
30 Sep 18
6 months
30 Sep 17
6 months
30 Sep 18
6 months
30 Sep 1730 Sep 1830 Sep 17
Manager’s base feeGNZ(4.8)(4.5)0.50.6(5.3)(5.0)
Manager’s performance feeGNZ–
–––
––
Property management fees
(1)
GPSNZ(1.7)(1.7)––(0.1)(0.3)
Leasing feesGPSNZ(1.6)(1.1)––(0.1)–
Acquisition and disposal feesGPSNZ(1.5)(0.3)––––
Minor project feesGPSNZ(0.3)(0.7)0.30.7––
Development management feesGPSNZ(1.8)(1.8)1.81.8––
Total fees(11.7)(10.1)2.63.1(5.5)(5.3)
Reimbursement of expenses for services providedGPSNZ(0.6)(0.7)––(0.1)–
Total reimbursements(0.6)(0.7)––(0.1)–
Land acquisition – Savill LinkGIT(4.7)(2.3)4.72.3–(2.3)
Total capital transactions(4.7)(2.3)4.72.3–(2.3)
Issue of units for Manager’s base fee reinvestedGIH5.25.0––––
Total issue of units for Manager’s base fee reinvested5.25.0––––
Distributions paidGIH(9.1)(9.0)––––
Total distributions paid(9.1)(9.0)––––
(1)
Of the property management fees charged by GPSNZ, $1.5 million was paid by customers and was not a cost borne by GMT (30 September 2017: $1.6 million).

31
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
8. Related party disclosures (continued)
8.2 Transactions with WPHL
$ millionRelated party
RecordedCapitalised Outstanding
6 months
30 Sep 18
6 months
30 Sep 17
6 months
30 Sep 18
6 months
30 Sep 1730 Sep 1830 Sep 17
Repayments from / (advances to) joint ventureWPHL0.7(101.8)––(106.8)(120.2)
Interest income received from joint ventureWPHL2.72.5––––
Funding fee received from joint ventureWPHL–0.1––––
Dividends received from joint ventureWPHL2.1–––––
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.
8.3 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 (30 September 2017: none). This agreement was
approved by unitholders at a general meeting held on 23 March 2004.
GMT purchased land at Savill Link for $4.7 million (30 September 2017: $2.3 million) that was co-owned via the Co-ownership Agreement between GMT and Goodman
Industrial Trust.
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 30 September 2018, Goodman Group, GNZ’s ultimate parent, through its subsidiary Goodman Investment Holdings (NZ) Limited, held 273,773,114 units in GMT out
of a total 1,291,423,388 units on issue (31 March 2018: 273,248,744 units out of a total 1,287,781,937 units).
8.4 Other related party capital commitments
$ millionRelated party30 Sep 1831 Mar 18
Development management fees for developments in progressGPSNZ5.12.4
Total other related party capital commitments5.12.4

32
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
9. Commitments and contingencies
9.1 Non-related party capital commitments
These commitments are amounts payable for contractually agreed services for capital expenditure. For related party capital commitments refer to note 8.4.
$ million30 Sep 1831 Mar 18
Completion of developments89.672.1
Total non-related party capital commitments89.672.1
9.2 Contingent liabilities
GMT has no material contingent liabilities.
10. Financial risk management
10.1 Fair value of financial instruments
Except for the retail and wholesale bonds and US Private Placement notes; the carrying values of all balance sheet financial instruments approximate their estimated fair
value. The fair values of retail bonds, wholesale bonds and US Private Placement notes are as follows:
$ millionFair value hierarchy30 Sep 1831 Mar 18
Retail bondsLevel 1418.3416.2
US Private Placement NotesLevel 2US$113.9US$113.7
11. Operating segments
The Trust’s activities are reported to the Board as a single operating segment. Therefore these financial statements are presented in a consistent manner to that
reporting.

33
Goodman Property Trust Interim Report 2019 Interim Financial Statements of Goodman Property Trust
Independent review report
to the unitholders of Goodman Property Trust
Report on the interim financial statements
We have reviewed the accompanying financial statements of Goodman Property
Trust (the Trust) and its controlled entities (together, the Group) on pages 9 to 32,
which comprise the balance sheet as at 30 September 2018, and the statement of
profit or loss, the statement of changes in equity and the statement of cash flows
for the period ended on that date, and selected explanatory notes.
Manager’s responsibility for the financial statements
The directors of Goodman (NZ) Limited (the Manager) are responsible on behalf
of the Trust for the preparation and presentation of these financial statements in
accordance with New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34
Interim Financial Reporting (IAS 34) and for such internal control as the Manager
determines is necessary to enable the preparation of financial statements that are
free from material misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying financial
statements based on our review. We conducted our review in accordance with
the New Zealand Standard on Review Engagements 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410).
NZ SRE 2410 requires us to conclude whether anything has come to our
attention that causes us to believe that the financial statements, taken as a whole,
are not prepared in all material respects, in accordance with NZ IAS 34 and
IAS 34. As the auditor of the Trust, NZ SRE 2410 requires that we comply with
the ethical requirements relevant to the audit of the annual financial statements.
A review of financial statements in accordance with NZ SRE 2410 is a limited
assurance engagement. The auditor performs procedures, primarily consisting of
making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. The procedures
performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand)
and International Standards on Auditing. Accordingly, we do not express an audit
opinion on these financial statements.
We are independent of the Group. Other than in our capacity as the auditor
and provider of other related assurance services, we have no relationship with,
or interests in, the Group.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that these financial statements of the Group are not prepared, in all material
respects, in accordance with NZ IAS 34 and IAS 34.
Who we report to
This report is made solely to the Trust’s unitholders, as a body. Our review work
has been undertaken so that we might state to the Trust’s unitholders those
matters which we are required to state to them in our review report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Trust’s unitholders, as a body, for our
review procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants Auckland
6 November 2018

Savill Link
Otahuhu
Construction of the new 8,000 sqm
build-to-lease warehouse is close to
finishing. On completion of all current
projects the estate will be around 90%
developed, providing over 125,000 sqm
of high quality industrial space.
Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 201934

35
GMT Bond Issuer Limited Interim Report 2019 Interim Financial Statements of GMT Bond Issuer Limited
Profit or loss 36
Balance sheet 36
Cash flows 37
Changes in equity 37
General information 38
Notes to the Financial Statements
1. Borrowings 39
2. Related parties 39
3. Commitments and contingencies 39
4. Financial risk management 39
5. Equity 40
Independent review report 41
GMT Bond Issuer Limited
Interim Financial Statements
For the six months ended 30 September 2018
The Board of GMT Bond Issuer Limited, authorised these
interim financial statements for issue on 6 November 2018.
For and on behalf of the Board:
Keith Smith Peter Simmonds
Chairman Chairman, Audit Committee

$ million
6 months
30 Sep 18
6 months
30 Sep 17
Interest income9.97.1
Interest cost(9.9)(7.1)
Profit before tax––
Ta x––
Profit after tax attributable to shareholder––
There are no items of other comprehensive income, therefore profit after tax attributable to shareholder equals total comprehensive income attributable to shareholder.
Balance sheet
As at 30 September 2018
$ millionNote30 Sep 1831 Mar 18
Non-current assets
Advances to related parties 2400.0400.0
Current assets
Cash0.2–
Interest receivable from related parties25.05.0
Total assets405.2405.0
Non-current liabilities
Borrowings1400.0400.0
Current liabilities
Interest payable on retail bonds5.25.0
Total liabilities405.2405.0
Net assets––
Equity
Contributed equity5––
Retained earnings ––
Total equity––
36
GMT Bond Issuer Limited Interim Report 2019 Interim Financial Statements of GMT Bond Issuer Limited
Profit or loss
For the six months ended 30 September 2018

$ million
6 months
30 Sep 18
6 months
30 Sep 17
Cash flows from operating activities
Interest income received9.95.6
Interest costs paid(9.7)(5.6)
Net cash flows from operating activities0.2–
Cash flows from investing activities
Repayment of related party advance––
Related party advance made–(100.0)
Net cash flows from investing activities–(100.0)
Cash flows from financing activities
Proceeds received from retail bonds–100.0
Repayment of retail bonds––
Net cash flows from financing activities–100.0
Net movement in cash0.2–
Cash at the beginning of the period––
Cash at the end of the period0.2–
Changes in equity
For the six months ended 30 September 2018
$ million
Contributed
equity
Retained
earningsTotal
As at 31 March 2017–––
Profit after tax–––
As at 30 September 2017–––
As at 31 March 2018–––
Profit after tax–––
As at 30 September 2018–––
There are no items of other comprehensive income to include within changes in equity, therefore profit after tax equals total comprehensive income.
37
GMT Bond Issuer Limited Interim Report 2019 Interim Financial Statements of GMT Bond Issuer Limited
Cash flows
For the six months ended 30 September 2018

Reporting entity
GMT Bond Issuer Limited (“the Company”) was incorporated on 5 November 2009. The address of its registered office is Level 2, 18 Viaduct Harbour Avenue, Auckland.
GMT Bond Issuer Limited is an issuer for the purposes of the Financial Reporting Act 2013 as its issued debt securities are listed on the New Zealand Debt Exchange
(“NZDX”). GMT Bond Issuer Limited is a registered company under the Companies Act 1993.
GMT Bond Issuer Limited is a profit-oriented company incorporated and domiciled in New Zealand. The Company was incorporated to undertake issues of debt
securities with the purpose of on lending the proceeds to Goodman Property Trust (“GMT”) by way of interest bearing advances.
The interim financial statements were authorised for issue by the Board of Directors on 6 November 2018. The Board does not have the power to amend these interim
financial statements once issued.
The interim financial statements for the six months ended 30 September 2018 are unaudited. Comparative balances for 30 September 2017 are unaudited, whilst the
comparative balances as at 31 March 2018 are audited.
Basis of preparation and measurement
The interim financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”) and comply with
International Accounting Standard 34 ‘Interim Financial Reporting’ and New Zealand equivalent to International Accounting Standard 34 ‘Interim Financial Reporting’.
The interim financial statements do not include all notes included in the annual financial statements. Accordingly these notes should be read in conjunction with the
annual financial statements for the year ended 31 March 2018, prepared in accordance with New Zealand equivalents to International Financial Reporting Standards
(“NZ IFRS”) and International Financial Reporting Standards (“IFRS”).
The accounting policies and methods of computation used in the preparation of these interim financial statements are consistent with those used in the financial
statements for the year ended 31 March 2018.
From 1 April 2018 the Company has adopted NZ IFRS 9 Financial Instruments. This new standard has not resulted in any changes to the accounting policies.
The interim financial statements have been prepared on the historical cost basis.
The interim financial statements are in New Zealand dollars, the Company’s functional currency.
38
GMT Bond Issuer Limited Interim Report 2019 Interim Financial Statements of GMT Bond Issuer Limited
General information
For the six months ended 30 September 2018

1. Borrowings
1.1 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the assets of the Goodman Property Trust Group. A loan to value covenant restricts total borrowings
incurred by the Goodman Property Trust Group to 50% of the value of the secured property portfolio.
The Goodman Property Trust Group has given a negative pledge which provides that it will not create or permit any security interest over its assets. The principal
financial ratio which must be met is the ratio of financial indebtedness to the value of the secured property portfolio. Further negative and positive undertakings have
been given as to the nature of the Goodman Property Trust Group’s business.
2. Related parties
All advances and interest receivable are with Goodman Property Trust. GMT Bond Issuer Limited is a wholly-owned subsidiary of Goodman Property Trust. All members
of the Goodman Property Trust Group are considered to be related parties of the Company.
Covenant Trustee Services Limited (as Trustee for Goodman Property Trust) has entered into a guarantee under which Goodman Property Trust unconditionally and
irrevocably guarantees all of the obligations of GMT Bond Issuer Limited under the Bond Trust Documents.
3. Commitments and contingencies
3.1 Capital commitments payable
GMT Bond Issuer Limited has no capital commitments.
3.2 Contingent liabilities
GMT Bond Issuer Limited has no material contingent liabilities.
4. Financial risk management
4.1 Fair value of financial instruments
The fair value of financial instruments has been estimated as follows:
$ millionFair value hierarchy30 Sep 1831 Mar 18
Related party advancesLevel 2418.3416.2
Retail bondsLevel 1(418.3)(416.2)
For related party advances, the company uses the fair value of the retail bonds as a proxy.
39
GMT Bond Issuer Limited Interim Report 2019 Interim Financial Statements of GMT Bond Issuer Limited
Notes to the Financial Statements
For the six months ended 30 September 2018

5. Equity
As at 30 September 2018, 100 ordinary shares had been issued for nil consideration (31 March 2018: 100 ordinary shares for nil consideration). All shares rank
equally with one vote attached to each share.
The Company has tangible assets of $0.2 million, and its net assets are nil. Consequently, the net tangible assets per bond at 30 September 2018 are nil
(31 March 2018: nil).
Notes to the Financial Statements (continued)
For the six months ended 30 September 2018
40
GMT Bond Issuer Limited Interim Report 2019 Interim Financial Statements of GMT Bond Issuer Limited

Independent review report
to the shareholder of GMT Bond Issuer Limited
Report on the interim financial statements
We have reviewed the accompanying financial statements of GMT Bond Issuer
Limited (the Company) on pages 35 to 40, which comprise the balance sheet
as at 30 September 2018, and the statement of profit or loss, the statement of
changes in equity and the statement of cash flows for the period ended on that
date, and selected explanatory notes.
Directors’ responsibility for the financial statements
The directors are responsible on behalf of the Company for the preparation and
presentation of these financial statements in accordance with New Zealand
Equivalent to International Accounting Standard 34 Interim Financial Reporting
(NZ IAS 34) and International Accounting Standard 34 Interim Financial Reporting
(IAS 34) and for such internal control as the directors determine is necessary
to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
Our responsibility
Our responsibility is to express a conclusion on the accompanying financial
statements based on our review. We conducted our review in accordance with
the New Zealand Standard on Review Engagements 2410 Review of Financial
Statements Performed by the Independent Auditor of the Entity (NZ SRE 2410).
NZ SRE 2410 requires us to conclude whether anything has come to our attention
that causes us to believe that the financial statements, taken as a whole, are not
prepared in all material respects, in accordance with NZ IAS 34 and IAS 34. As the
auditor of the Company, NZ SRE 2410 requires that we comply with the ethical
requirements relevant to the audit of the annual financial statements.
A review of financial statements in accordance with NZ SRE 2410 is a limited
assurance engagement. The auditor performs procedures, primarily consisting of
making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. The procedures
performed in a review are substantially less than those performed in an audit
conducted in accordance with International Standards on Auditing (New Zealand)
and International Standards on Auditing. Accordingly, we do not express an audit
opinion on these financial statements.
We are independent of the Company. Other than in our capacity as the auditor,
we have no relationship with, or interests in, the Company.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe
that these financial statements of the Company are not prepared, in all material
respects, in accordance with NZ IAS 34 and IAS 34.
Who we report to
This report is made solely to the Company’s shareholder. Our review work has
been undertaken so that we might state to the Company’s shareholder those
matters which we are required to state to them in our review report and for no
other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company’s shareholder, for our review
procedures, for this report, or for the conclusion we have formed.
For and on behalf of:
Chartered Accountants Auckland
6 November 2018
41
GMT Bond Issuer Limited Interim Report 2019 Interim Financial Statements of GMT Bond Issuer Limited

Other statutory and listing rule disclosures
NZX waivers
NZX has granted waivers to GMT and GMT Bond
Issuer at various times, some of which have been
relied upon by GMT during the six months ended
30 September 2018.
A complete copy of the waivers provided by NZX
can be found at www.nzx.com under the GMT code.
Fees
Under paragraph 39(d) of the waivers that were
granted to GMT by NZX on 12 November 2012,
GMT is required to disclose in its interim financial
statements the fees that were paid to GPSNZ
under the property management and development
management agreements between HDL and GPSNZ,
and between HBPL and GPSNZ during the period
they were in force.
Included within property management fees and
development management fees paid is $0.6 million
paid pursuant to the property management
and development management agreements
between HBPL and GPSNZ for the six months
to 30 September 2018.
Included within property management fees and
development management fees paid is $1.8 million
paid pursuant to the property management and
development management agreements between
HDL and GPSNZ for the six months ended
30 September 2018.
Base fee units
As described in the Notice of Meeting provided to
Unitholders and the NZX on 15 July 2014, and as
approved by Unitholders on 5 August 2014, certain
amendments were made to the Trust Deed to require
GNZ (or its nominee), as manager of GMT, to use its
base management fee to subscribe for new Units for
a five-year period from 1 April 2014.
Under paragraph 11(b) of the waivers that were
granted to GMT by NZX on 15 July 2014, GMT
is required to disclose in its interim financial
statements the number and price of the base
management fee units that were issued to GNZ
during the relevant period.
During the six months to 30 September 2018 GNZ
was issued 3,641,451 units at 142.84 cents per unit.
Summary of recent Trust Deed amendments
There were no amendments to the Trust Deed
between 1 April 2018 and 30 September 2018.
A copy of the Trust Deed is available on the
Corporate Governance section of the Goodman
Property Trust Website at www.goodman.com/nz.
Other information
42Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

Investor relations
Introduction
Ensuring Unitholders and Bondholders are well
informed and easily able to manage their investment
is a key priority of the Manager’s investor relations
team. Regular meetings and communications, its
website and a dedicated toll free contact number
provide investors with the means to make informed
decisions.
Annual meeting
GMT’s Trust Deed requires at least one meeting
of Unitholders each financial year. The most recent
Annual Meeting was held on 4 July 2018. The address
and presentation are available on GMT’s website.
Publications
For Unitholders and Bondholders who elect to
receive printed copies, the Annual and Interim
Reports are typically mailed around June and
December of each year respectively. GoodResults
newsletters detailing the operational activities of
the Trust over the intervening periods are mailed
to Unitholders in September and March.
Investor centre
The 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.
Helpline
The Manager has a dedicated toll-free number,
0800 000 656 (+64 9 375 6073 from outside
New Zealand), which will connect Unitholders and
Bondholders directly with the investor relations team
who will assist with any queries.
Unitholder distributions
The Trust typically pays its distributions quarterly
in the third month that follows each quarter. For
example, the distribution for the June 2018 quarter
was paid in September 2018. The table below shows
the composition and timing of distributions per unit
that have been paid, or declared, since the beginning
of this financial period.
Other information (continued)
Distribution for quarter endedCash distributionImputation creditsTotal distribution Payment date
31 March 2018$0.016625$0.003180$0.01980521 June 2018
30 June 2018$0.016625$0.003106$0.01973120 September 2018
30 September 2018$0.016625$0.004174$0.02079913 December 2018*
* Distribution announced but not yet paid at the date of this report.
Bondholder interest payments
Interest is paid semi-annually, each year, until
redemption. No dividends or distributions have
been paid by GMT Bond Issuer Limited.
Registrar
Computershare Investor Services Limited is the
registrar with responsibility for administering and
maintaining the Trust’s Unit and Bond Registers.
If you have a question about the administration of
your investment, Computershare can be contacted
directly:
+ by phone, on their toll-free number 0800 359 999
(+64 9 488 8777 from outside New Zealand);
+ by email, to enquiry@computershare.co.nz; or
+ by mail, to Computershare Investor Services
Limited, Private Bag 92119, Auckland 1142.
Complaints procedure
As a financial service provider registered under
the Financial Service Providers (Registration and
Dispute Resolution) Act 2008, the Manager is a
member of an approved dispute resolution scheme
(registration number FSP36542). Complaints may be
made to the Manager or through the financial dispute
resolution scheme.
Financial Dispute Resolution Service
Freepost 231075
PO Box 2272
Wellington 6140
Toll free: 0508 337 337 (within New Zealand)
Telephone: +64 4 910 9952 (outside New Zealand)
Email: enquiries@fdr.org.nz
43Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

Glossary
$ and cents New Zealand currency.
Adjusted Operating Earnings is a non-GAAP
financial measure included to provide an assessment
of the performance of GMT’s principal operating
activities. Calculation of adjusted operating earnings
are as set out in note 4.2 of GMT’s Financial
Statements.
Board the Board of Directors of the Manager and
GMT Bond Issuer Limited.
Bondholder a person whose name is recorded in the
register as a holder of a Goodman+Bond.
Cash Earnings is a non-GAAP financial measure that
assesses free cash flow, on a per unit basis, after
adjusting for borrowing costs capitalised to land and
expenditure related to building maintenance.
Chairman the Chairman of the Board of the Manager.
Co-ownership Agreement the agreement of that
name between the Manager, Goodman Property
Aggregated Limited, the Trustee, Goodman Funds
Management Limited as responsible entity of GIT,
Tallina Pty Limited as trustee of Penrose Trust, and
Trust Company Limited as custodian of Tallina Pty
Limited, dated 1 April 2004 as amended by the
Restructuring Agreement between the same parties
dated 7 March 2005, relating to the buying, selling
and holding of property by the Trust and Goodman
Group in 50/50 shares.
CPU or cpu cents per unit.
Director a director of the Manager and GMT Bond
Issuer Limited.
GIC the sovereign wealth fund of Singapore.
GIT Goodman Industrial Trust and its controlled
entities, as the context requires.
GL Goodman Limited and its controlled entities,
as the context requires.
GMB GMT Bond Issuer Limited, a wholly owned
subsidiary of Goodman Property Trust.
Goodman means Goodman (NZ) Limited as the
Manager of the Trust.
Goodman Group or GMG means GL, GIT and
Goodman Logistics (HK) Limited, operating together
as a stapled group. Where either GL, GIT or Goodman
Logistics (HK) Limited is party to a contract or
agreement or responsible for an obligation or liability,
without the other, all references to Goodman Group
as concerns that contract, agreement or responsibility
shall be to that party alone.
Goodman+Bond or Bond a bond issued by GMB.
GPSNZ Goodman Property Services (NZ) Limited.
HDL Highbrook Development Limited
HBPL Highbrook Business Park Limited
Independent Director has the meaning given to that
term in the Listing Rules which, for the Manager are
those persons listed on the following page.
Interim Balance Date 30 September 2018.
Listing Rules the Listing Rules of NZX from time to
time and ‘LR’ is a reference to any of those rules.
Management Team the senior executives of the
Manager as listed on the next page.
Manager or GNZ the manager of the Trust,
Goodman (NZ) Limited.
NTA net tangible assets.
NZ IFRS New Zealand equivalents to International
Financial Reporting Standards.
NZDX the New Zealand debt market operated by
NZX.
NZX means NZX Limited.
Registrar the unit registrar for GMT and
Goodman+Bond registrar for GMB which, at the date
of this Annual Report, is Computershare Investor
Services Limited.
sqm square metres.
Trust Deed the GMT trust deed dated 23 April 1999,
as amended from time to time.
Trust or GMT Goodman Property Trust and its
controlled entities, including GMB, as the context
requires.
Trustee the trustee of the Trust, Covenant Trustee
Services Limited.
Unitholder or unitholder any holder of a Unit whose
name is recorded in the register.
Unit or unit a unit in GMT.
VXV Portfolio the seven office assets owned by
WPH.
WPH or Wynyard Precinct Wynyard Precinct
Holdings Limited, the joint venture between GMT
and GIC, the sovereign wealth fund of Singapore.
Other information (continued)
44Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

Corporate directory
Manager of Goodman Property Trust
Goodman (NZ) Limited
Level 2, 18 Viaduct Harbour Avenue
Auckland 1010
PO Box 90940
Victoria Street West
Auckland 1142
Toll free: 0800 000 656 (within New Zealand)
Telephone: +64 9 375 6060 (outside New Zealand)
Email: info-nz@goodman.com
Website: www.goodman.com/nz
Issuer of Goodman+Bonds
GMT Bond Issuer Limited
Level 2, 18 Viaduct Harbour Avenue
Auckland 1010
PO Box 90940
Victoria Street West
Auckland 1142
Toll free: 0800 000 656 (within New Zealand)
Telephone: +64 9 375 6060 (outside New Zealand)
Email: info-nz@goodman.com
Website: www.goodman.com/nz
Directors of Goodman (NZ) Limited
and GMT Bond Issuer Limited
Chairman and Independent Director
Keith Smith
Independent Directors
Leonie Freeman
Susan Paterson ONZM
Peter Simmonds
Executive Director
John Dakin
Non-executive Directors
Gregory Goodman
Phillip Pryke
Management Team of Goodman (NZ) Limited
and GMT Bond Issuer Limited
Chief Executive Officer
John Dakin
Chief Financial Officer
Andy Eakin
General Counsel and Company Secretary
Anton Shead
General Manager Development
Michael Gimblett
Director Investment Management
James Spence
Director Investment Management
and Capital Transactions
Kimberley Richards
Head of Corporate Affairs
Jonathan Simpson
Marketing Director
Mandy Waldin
Auditor
PricewaterhouseCoopers
PwC Tower
188 Quay Street
Private Bag 92162
Auckland 1142
Telephone: +64 9 355 8000
Facsimile: +64 9 355 8001
Registrar
Computershare Investor Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Private Bag 92119
Auckland 1142
Toll free: 0800 359 999 (within New Zealand)
Telephone: +64 9 488 8777 (outside New Zealand)
Facsimile: +64 9 488 8787
Email: enquiry@computershare.co.nz
Legal Advisors
Russell McVeagh
Level 30, Vero Centre
48 Shortland Street
PO Box 8
Auckland 1140
Telephone: +64 9 367 8000
Facsimile: +64 9 367 8163
Trustee and Supervisor for Goodman Property Trust
Covenant Trustee Services Limited
Level 6, Crombie Lockwood Building
191 Queen Street
PO Box 4243
Auckland 1140
Telephone: +64 9 302 0638
Bond Trustee
Public Trust
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
Auckland 1140
Toll free: 0800 371 471 (within New Zealand)
Telephone: +64 9 985 5300 (outside New Zealand)
Facsimile: 0800 371 001
Other information (continued)
This Interim Report for the six month period ended 30 September 2018 has been prepared by Goodman (NZ) Limited as the Manager of GMT and by GMT Bond Issuer Limited. The information in this Interim
Report 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 Interim Report 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. November 2018.
45Goodman Property Trust Interim Report 2019 GMT Bond Issuer Limited Interim Report 2019

www.goodman.com/nz

---

Goodman Property Trust

Unaudited interim results for announcement to the market

Reporting period 6 months to 30 September 2018
Previous reporting period 6 months to 30 September 2017

Amount Percentage Change
Revenue from ordinary activities $78.5 million (1.5%)
Profit from ordinary activities after tax attributable to
unit holders $59.3 million 50.1%
Net profit attributable to unit holders
$59.3 million 50.1%

Interim distribution Amount per unit Imputed amount
per unit
Interim $0.016625 $0.004174
Record date - 29 November 2018
Payment date - 13 December 2018

Other financial information 30 September 2018
cents per unit
30 September 2017
cents per unit
Net tangible assets per unit 140.2 130.2
Basic earnings per unit 4.59 3.07
Adjusted operating earnings before tax per unit
2
4.65 4.65
Adjusted operating earnings after tax per unit
2
4.00 4.00

Notes

1. This announcement is extracted from the unaudited interim financial statements of Goodman
Property Trust. A copy of the interim financial statements together with the independent review
report on the interim financial statements is attached to this announcement.
2. Adjusted operating earnings incorporates GMT’s share of operating earnings of the WPHL joint
venture between the date it was contracted for sale and 30 September 2018, reflecting GMT’s
continuing economic interest in the joint venture. See note 4.2 in the interim financial statements
for further details.
3. All amounts are in New Zealand dollars.

---

2019
Goodman Property Trust
Interim Result

Contents
Overview3
Financial Summary5
Portfolio Update11
Summary & Outlook20
Appendix23
Unless otherwise indicated, all numerical data provided in this presentation is stated as at 30 September 2018.
All financial information is NZD unless otherwise stated. All figures are rounded.
Presented by:
John Dakin
Chief Executive Officer
Andy Eakin
Chief Financial Officer
James Spence
Director –Investment Management
2

Overview
3

Results
overview
Continuation of development-led growth improving quality of portfolio and earnings
＋Cash earnings for period of 3.61 cpu, up 2.3% on 1H18 with developments and underlying
portfolio offsetting impact of sales
＋$209.6 million of development underway across 63,313 sqm. Programme over 50%
1
committed (~70% terms agreed
1
):
▪further $86.4 million
2
of developments announced following strong leasing results
＋Acquisition of Roma Road in line with strategy to focus on well-located infill industrial sites
Quality industrial portfolio producing strong results
＋Occupancy maintained at 98.4% with WALE of 5.5years
＋Rental growth continuing with strong reversion taking place across all estates
＋Less capital intensive nature of asset class will continue to benefit GMT over the long-term
Capacity for further investment
＋Major portfolio repositioning complete
＋Committed gearing of 25.8%
3
provides significant capacity
4
1
Projects under construction
2
Total project cost including land
3
After all post balance date acquisitions, announced developments and expected settlements

Financial
Summary
5

$16.8m
Movement in fair value
of investment property
$66.4m
Profit before tax
140.2cpu
Net tangible asset backing
17.5
%
Pro-forma
loan-to-value ratio
3.61cpu
Cash earnings
3.325cpu
Cash distribution
6
Financial
highlights

1H191H18
Adjusted operating earnings after tax
2
51.751.4
Capitalised borrowing costs –land(3.4)(4.7)
Maintenance capex(1.6)(1.3)
Cash earnings46.745.4
Cash earnings after tax (cpu)3.613.53
Distributions (cpu)3.3253.325
Distributions as % of cash earnings92.1%94.2%
Cash earnings + Manager’s base fee paid in cash (cpu)3.213.16
Distributions as % of adjusted cash earnings103.7%105.4%
Cash
earnings
7
＋Cash earnings guidance of around 7.0 cpu
1
reaffirmed for the full year
＋First half distributions of 3.325 cpuequate to around 92% of cash earnings
＋Cash earnings benefiting from development completions and rental growth, offset by
disposals and deleveraging
Cash earnings
($million)
1
Cash earnings guidance assumes WPH sale settles on 31 January 2019
2
GMT is required to cease equity accounting of WPH from the date of contracted sale, however it retains a 51% economic interest until settlement. Adjusted operating earnings
incorporates GMT’s share of WPH’s operating earnings for the period after contracting its sale. Refer to note 4.2 of GMT’s Interim Financial Statements

-0.3
+0.4
+0.9
+0.3
+2.4
138.9
140.2
142.6
FY18 NTA614-616 Great
South Road
Complete +
substantially
complete
developments
Derivative fair
value
movement
Other1H19 NTAExpected gain
on sale of
WPH
Pro-forma
NTA
Net tangible assets
(cents per unit)
Capital
growth
8
＋Active management of portfolio through capital transactions and developments
continues to grow GMT’s NTA
＋Pro-forma NTA of 142.6 cpu(including expected gain on sale of WPH)
＋Industrial property continues to perform strongly worldwide with investor demand at
record levels

-7.8%
-0.8%
+3.7%
+2.9%
+1.7%
25.0%
26.1%
17.5%
25.8%
FY18 LVR1H19 LVRSale of WPHSale of Great
South Road
properties
Pro-forma LVRCommitted
developments
Roma Rd
acquisition
Development
package
announced
Committed
LVR
Balance
sheet
strength
9
＋Conservative gearing level:
▪pro-forma LVR of 17.5% and committed LVR of 25.8%
▪Trust Deed and debt covenants require LVR to be below 50%
＋Significant capacity for development pipeline and other opportunities
＋Interest cover ratio of 3.6 times
1
Loan-to-value ratio
(Look-through basis, as at 30 September 2018)
1
For financial covenant purposes, ICR is 2.7 times, including the cash cost of derivative terminations over the last 12 months.

1
Calculated on drawn debt, assuming bank debt utilises longest term facility available
2
Excludes GMT’s 51% share of the WPH debt facility
150150150
100
100100100
525252
FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31
USPP notes
Domestic bonds
Bank facility
Bank debt drawn
Debt
facilities
10
＋Proven capital management programme with continued focus on long-dated core
debt
＋Reduced reliance on bank funding with non-bank debt providing both tenor and,
currently, pricing benefits
＋Refinancing risk managed through appropriate sized tranches
＋Credit cost risk reduced by utilising multiple sources
＋Bank facility provides significant operational flexibility
＋Weighted average debt term to expiry of 5 years
1
Debt maturity profile
2
(NZ$ million, 30 September 2018)

Portfolio
Update
11

$209.6m
Projects under development
$2.3bn
Property portfolio
98.4
%
Occupancy
99
%
Auckland industrial weighting
22hectares
Remaining development land
5.5years
Weighted average lease term
12
Portfolio
highlights
Statistics as at 30 September 2018, prior to new development package announcement

Portfolio
returns &
strategy
Re-positioned portfolio producing strong results
＋39,055 sqmof leasing completed over period (4.1% of portfolio)
＋Limited expiry profile going forward with only 7% of portfolio due to expire prior to end of FY20
＋Demand for additional space driven by expansion requirements from new and existing customers
＋Upwards rental pressure continuing:
▪rental increases on reversion events
1
(which accounted for 6% of portfolio income) produced
annualised increases of 6.3%
▪portfolio estimated to be around 5% to 6% under-rented
Actively managing portfolio to extract value and position for long-term growth
＋Continuing to monitor potential for higher and better uses across existing sites:
▪614-616 Great South Road re-zoned and sold for $11.6 million
2
or $3,000 per sqm of land
＋Additions to portfolio likely to be focused on well-located infill sites with future development,
redevelopment or intensification opportunities (e.g. Roma Road)
Balance leasing risk across both stabilised and development
＋Strong portfolio dynamics assisting in continuation of development programme which is largely on a
build-to-lease (speculative) basis
13
1
Leases subject to a leasing event where rental has been reverted to market by way of a new lease, renewal or market review
2
$5.1 million gain over book value recorded as a fair value movement in this period

Roma Road
＋Strategic acquisition complementary to existing portfolio
＋Very strong distribution location:
▪direct frontage to SH20 with easy access to CBD and Airport
▪purchasingpower of $21.3 billion
1
rivals Penrose as strongest location for delivery to
consumer homes
＋Area identified for intensification and significant government investment
＋Addition increases property portfolio to $2.4 billion and occupancy to 98.5%
14
Portfolio
addition
Roma Road, Mount Roskill
$93m
Purchase price
$710
Per sqm of land
area
27
%
Site coverage
1
Annual estimated purchasing power of population that can be reached within a 20 minute truck drive time

15
Highbrook
work in progress
TOTAL PROJECT COST
$153.4m
NET LETTABLE AREA
40,763 sqm
COMPLETION
Nov 2018 –July 2019
TERMS AGREED
74.3%
1
Plytech
Parade
units
MOVE
expansion
Crossing
carpark
Quest
expansion
Building 6
Gateway warehouses
1
Where terms agreed via Agreement to Lease, Lease or Heads of Agreement

16
SavillLink
work in progress
TOTAL PROJECT COST
$54.3m
NET LETTABLE AREA
22,550 sqm
COMPLETION
Nov 2018 –June 2019
COMMITTED
62.3%
NCI development
SavillLink warehouse

96%
97%
98%
98.2%
98.4%
FY15FY16FY17FY181H19
1
Where terms not agreed on a development via Agreement to Lease, Lease or Heads of Agreement
Leasing
management
17
＋Stabilised portfolio performing strongly with occupancy of 98.4% and limited expiries
over next 24 months
＋Current uncommitted
1
development exposure equates to 2.1% of GMT portfolio
＋Strong market, strength of portfolio and leasing of developments allows for
continuation of programme, accelerating increase in portfolio quality and earnings
growth
sqm
Currently under construction63,313
Uncommitted
1
19,915
GMT portfolio961,403
Exposure2.1%
Leasing exposure
Portfolio Occupancy

＋Six new projects across Highbrookand SavillLink totalling 28,000 sqm of industrial
space
＋Caters to variety of demand with smallest being 1,000 sqm and largest 10,000 sqm
＋Exposure to speculative development remains low, equivalent to approximately
4%-5% of portfolio
＋Upon completion, Highbrookwill be 86% complete and Savill93% complete
＋Site works to commence in January 2019 with package subject to acceptable
construction pricing
18
New
projects
$86m
Forecast total
project cost
8
%
-8.5
%
Forecast yieldon
additional spend
28,000sqm
Net lettable area
18

0%
2%
4%
6%
8%
10%
12%
FY14FY15FY16FY17FY181H19
Remaining
land
19
＋Remaining land supply 17 ha post announcement of further developments
＋Supports 86,792 sqmof industrial and commercial development
＋Yield on additional spend expected to range between 8% to 9%
＋Highbrook represents 79% of remaining land supply
＋Land weighting continues to fall, sitting < 4% following new developments
Land weighting
1
1
Post announced development package

Summary
& Outlook
20

Summary
GMT well-positioned to capture upside from global trends impacting industrial real estate
＋Supply chain pressures with faster and cheaper deliveries required, highlights the importance
of locations close to the consumer
＋GMT’s customer base performing strongly providing a number of opportunities for growth
＋GMT’s portfolio located in prime locations that are fast becoming scarce and near impossible
to replicate
＋Acquisition of Roma Road during the period fits with strategy to concentrate investment in
areas identified for intensification
Outlook
＋Portfolio quality and strong property market fundamentals support continuation of
development programme
＋Re-iterating expected cash earnings of around 7.0 cpuin FY19, consistent with FY18
＋Distributions expected to be maintained at 6.65 cpufor the full year
21

Thank you
22

23
Appendix

24
Appendix
Profit
or loss

25
Appendix
Balance
sheet

26
Appendix
Cash
flows

27
Appendix
Adjusted
operating
earnings

28
Appendix
Portfolio
metrics
Market
Review
26%
Fixed
53%
CPI
21%
0%2%4%6%8%
New Zealand Post Group
DHL
Coda
Fletcher Building Limited
Fliway Transport Ltd
Toll Group New Zealand
CSR Building Products
Officemax Limited
Cottonsoft
Linfox Logistics (NZ) Ltd
Rent reviews by next review type
Top ten customers split by subsidiary companies
(% of portfolio income)

DevelopmentEstate
Total project cost
($m)
Net lettable area
(sqm)
Completion date
Building 6 HighbrookBusiness Park16.03,006 Nov-18
Parade unitsHighbrookBusiness Park16.85,770 Dec-18
PlytechwarehouseHighbrookBusiness Park16.15,100 Nov-18
SavillLink warehouse SavillLink16.18,500 Nov-18
Quest expansionHighbrookBusiness Park12.160
1
Mar-19
Gateway warehousesHighbrookBusiness Park61.121,470 Dec-18
MOVE Logistics expansionHighbrookBusiness Park15.95,417 Mar-19
The Crossing carpark HighbrookBusiness Park10.7324
2
Jul-19
NCI warehouseSavill Link38.214,050Jun-19
WaiouruyardHighbrookBusiness Park4.7-May-19
Lot 26 yardWestneyIndustry Park2.1-May-19
Total209.663,313
3
Selwood unitsThe Concourse30.210,933Under review
29
Appendix
Projects
underway
1
Number of rooms
2
Number of car park spaces
3
Excludes car park spaces and rooms