GMT’s delivers statutory profit of $284.4 million before ta

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’s delivers statutory profit of $284.4 million before tax
Date 28 May 2020
Release Immediate

Goodman (NZ) Limited, the manager of Goodman Property Trust (“GMT” or “Trust”)
has released the Trust’s financial results for the year ended 31 March 2020.
The continued execution of an investment strategy focused on the supply-constrained
Auckland industrial market has contributed to another strong operating result from GMT.
Keith Smith, Chairman of Goodman (NZ) Limited said, “While the economic outlook has
deteriorated rapidly over the last three months as a result of COVID-19, the quality of the
Trust’s $3.1 billion portfolio, its focus on the industrial sector and low level of gearing will
enable it to respond to future challenges and opportunities.”
FY20 result overview
GMT’s investment strategy has been refined in recent years to meet the increased demand
for warehouse and distribution space across Auckland. Driven by economic growth and
other structural drivers, the city’s industrial property market has to date, been New
Zealand’s best performing commercial real estate sector.
Key operational and financial results of FY20 include:
+ A statutory profit of $284.4 million before tax (including investment property valuation
gains of $165.8 million), compared to $334.8 million before tax (including investment
property valuation gains of $201.9 million) previously.
+ A 10% increase in net tangible assets to 172.7 cents per unit, from 157.0 cents per unit at
31 March 2019.
+ Adjusted operating earnings
1
of $109.7 million before tax or 8.16 cents per unit.
+ Cash distributions of 6.65 cents per unit, representing around 107% of GMT’s cash
earnings
2
of 6.22 cents per unit.
+ Successful capital management initiatives with $175 million of new equity raised in
September and October 2019, through a $150 million placement and a $25 million Retail
Unit Offer.
+ Substantial balance sheet capacity with reported gearing of just 18.9% and almost
$400 million of available liquidity, at 31 March 2020.
+ Further development progress with $158.6 million of projects completed during the year
and $101 million
3
of projects in progress.
+ The acquisition of the T&G Global facility in Mt Wellington for $65.0 million in September
2019 and, post balance date, the neighbouring property at 7-8 Monahan Road for
$13.0 million.
+ Strong portfolio metrics with occupancy of 99.4% and a weighted average lease term of
5.5 years, at 31 March 2020.

1
Adjusted operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of
GMT’s principal operating activities. Refer to note 3.1 of GMT’s financial statements for further information.

2
Cash earnings is a non-GAAP financial measure that assesses underlying cashflows, on a per unit basis. The calculation is
set out on page 29 of the Annual Report.
3
Total project cost of projects under active development, at 31 March 2020.

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

Further financial information is provided in the Trust’s 2020 Annual Report which was
released today. A copy of the report has been provided to the NZX and will be available on
the website, www.goodman.com/nz
, later this morning.
COVID-19 impacts and responses
Chief Executive Officer, John Dakin said, “Alongside many of our customers in the logistics
and warehousing sectors we have continued to operate through the Alert Level restrictions,
providing the critical business infrastructure that is supporting essential supply chains, while
maintaining the health and safety of our people, customers and stakeholders.”
John Dakin said, “A secure and efficient supply chain, that includes warehouse and logistics
facilities close to consumers, has proven to be essential for a modern city to function and
grow.
Despite the uncertain operating environment, customer demand in the online, logistics,
food, consumer goods and digital economy, continues to support our portfolio fundamentals
and targeted development activity.”
John Dakin said, “The business is responding to the disruption caused by COVID-19 and
we’re adapting our approach to ensure GMT’s stable cashflows and strong financial position
are maintained.”
These initiatives have included:
+ Assisting vulnerable customers with rental support, balancing the needs of these
businesses with our obligations to investors
+ Managing the development workbook by pausing certain development projects until a
customer commitment is secured. While customer demand is likely to be lower, a
significant number of new projects is still anticipated this year
+ Continuing to act prudently by raising the hurdles for new investment spending.
Outlook - FY21 guidance and changes to distribution policy
Commenting on the outlook for FY21, John Dakin said, “If the portfolio continues to perform
in line with our expectations, we forecast cash earnings to be materially consistent with last
year, at around 6.2 cents per unit.”
To ensure the business can continue to grow sustainably the Board has amended its
distribution policy for the Trust. Adopting a target payout ratio of between 80% and 90% of
cash earnings, better aligns distributions with the underlying cashflows from the Trust’s
stabilised portfolio.
Keith Smith said, “The amendment to the distribution policy is another step in the evolution
of a high-quality, low risk property business focused on sustainable long-term growth.”
Under the new policy cash distributions of at least 5.3 cents per unit are expected to be paid
in FY21.
The guidance is subject to there being no further material adverse changes in market
conditions or the occurrence of other unforeseen events.
Summary
GMT delivered a strong operating performance over the last 12 months. With an investment
strategy focused on urban logistics it remains well positioned for the challenges that will
arise as a result of COVID-19 and beyond.
John Dakin said, “Along with others in the business community, our strategy has been
stress-tested throughout these last few months. Investing in the supply-constrained
Auckland industrial market has delivered strong returns for Unitholders and demonstrated
the Trust is uniquely placed to benefit from the rapid growth in e-commerce and the critical
role the city’s industrial sector plays in the national supply chain.”

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

For additional information please contact:
John Dakin Andy Eakin
Chief Executive Officer Chief Financial Officer
Goodman (NZ) Limited Goodman (NZ) Limited
(021) 321 541 (021) 305 316

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

Attachments provided to NZX:
1. Goodman Property Trust and GMT Bond Issuer Limited Annual Report 2020
2. GMT Annual Result Presentation
3. NZX Result Announcement

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.2 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 $3.1 billion. The
Trust holds an investment grade credit rating of BBB from Standard & Poor’s.

---

1
Annual
Result
Goodman Property Trust
2020

2
Goodman Property Trust Annual Result 2020
Contents
03Overview
06Financial result
13Capital management
17Investment portfolio
28Development programme
31FY21 Outlook & guidance
34Appendix
Presented by:
John Dakin Chief Executive Officer + James Spence Director - Investment Management + Andy Eakin Chief Financial Officer
M20 Business Park, WiriUnless otherwise indicated, all numerical data provided in this presentation is stated as at 31 March 2020. All dollar valuesare NZD unless otherwise stated. All figures are rounded. Non-GAAP financial measures may not be consistent with their calculationby other similar entities.

3
Overview
Gateway warehouses, Highbrook Business Park
Goodman Property Trust Annual Result 2020

4
Goodman Property Trust Annual Result 2020
Changing landscape
We acknowledge the unprecedented times we’re experiencing and the impact COVID-19 is having on people’s lives and
livelihoods
Today’s operating outlook is more uncertain with the social and economic impacts of the COVID-19 pandemic likely to be far
reaching
New Zealand’s industrial sector is an important part of the economy, delivering essential business infrastructure and enabling
distribution of critical supplies
Despite the challenging macro environment, offshore and local markets show an acceleration in consumer take-up of online
retail. The trend continues to be a positive demand driver for logistics property, supporting underlying fundamentals:
+Increased focus on timely and cost-effective distribution as consumer demands intensify
+Increased use of technology & automation as distributors seek to maximise productivity from within existing assets
+Greater occupier sophistication, differentiating between locations and building quality

5
Goodman Property Trust Annual Result 2020
Strategic overview
Industrial
Auckland industrial market at capacity (1.2% vacancy
1
)
Prime locations, close to consumers, expected to deliver
best returns
Low capital outlay over life cycle
Strongest investment performance of all property sectors
Auckland
Geographically constrained with limited well-located
industrial land supply
NZ’s urban centre, with scale supporting innovation
and e
-commerce trends
Congested distribution networks driving selectiveness
for locations
Targeted investment in the Auckland industrial and
urban logistics market
Focus on long-term total return, through continued value
creation within underlying portfolio
Development programme producing quality long-t
erm assets,
monetising GMT’s land bank
Substantial balance sheet capacity, providing resilience and
c
apacity for further investment
Updated distribution policy which provides for a long-term
sustainable distribution, better aligned with the underlying
cash flows from GMT’s stabilised portfolio
1
CBRE Research, Q4 2019

6
Financial
result
NCI Packaging, SavillLink
Goodman Property Trust Annual Result 2020

7
Goodman Property Trust Annual Result 2020
Financial highlights
Goodman Property Trust Annual Result 2020
NCI Packaging, Savill Link
18.9%
Loan-to-value ratio
1
172.7cpu
Net tangible asset backing
$165.8m
Portfolio revaluation
$284.4m
Profit before tax
4.0years
Weighted average debt term
4
6.65cpu
FY20 distribution
6.22cpu
Cash earnings
3
1
LVR is a non-GAAP financial measure used to assess the strength of GMT’s balance sheet
2
GMT’s stock market performance calculated on an accumulation basis, aligned with performance fee calculation
3
Cash earnings is a non-GAAP financial measure that assesses underlying cash flows, on a per unit basis, after adjusting for borrowing costs and Manager’s base fee capitalised to land and expenditure related to building maintenance
4
Calculated on drawn debt assuming bank debt is drawn from the longest term facility
28.1%
Total Unitholder Return
2
12 months to 31 March 2020

8
Goodman Property Trust Annual Result 2020
126.8
14.3
+4.9
+11.5
+3.6
+3.0
-4.2
-0.2
-14.3
141.1
145.3
100
105
110
115
120
125
130
135
140
145
150
FY19DisposalsAcquisitionsDevelopmentsUnderlying
portfolio -
Auckland
Additional
income
IFRS 16
adjustment
(ground
leases)
FY20
GMTWPHGMTWPH
Net property income
Net property income bridge
($m)
Income from acquisitions and developments in
addition to like-for-like rental growth has offset the
impact of asset disposals and deleveraging
Underlying like-for-like rental growth of ~4% for
the period
1
Ground lease rental payments now accounted for
in accordance with IFRS16
1
Net rental income on underlying portfolio, adjusted to remove straightliningand fitout rents

9
Goodman Property Trust Annual Result 2020
Cash earnings
FY20 cash earnings per unit materially consistent
with restated FY19
Distribution of 6.65 cents per unit equates to 106.9%
of cash earnings for the period
Capitalised borrowing costs on land have fallen to
$3.7 million with a land weighting of 1.5% at balance
date
$12.5 million of capex spent on stabilised portfolio, of
which $2.9 million is considered to be maintenance
FY21 benefits from ~$4 million of tax savings from
reinstatement of building depreciation, effective tax
rate expected to be around 15% for the year
FY20FY19
Adjusted operating earnings before tax
1
109.7117.0
Tax on adjusted operating earnings(19.2)(17.5)
Adjusted operating earnings after tax90.599.5
Base management fee – paid in units-(9.3)
Capitalised borrowing costs – land(3.7)(6.0)
Capitalised management fees –land(0.3)(0.5)
Maintenance capex(2.9)(3.1)
Cash earnings
2
83.680.6
Cash earnings per unit (cpu)6.226.24
Distribution per unit (cpu)6.656.65
Distribution % of cash earnings106.9%106.6%
Cash earnings’ summary ($m)
1
Adjusted operating earnings is a non-GAAP financial measure that includes the Trust’s share of Wynyard Precinct Holdings Limited joint venture’s operating earnings in FY19. Refer to note 3.1of GMT’s financial statements for further information.
2
Cash earnings is a non-GAAP financial measure that assesses underlying operating cashflows, after adjusting for borrowing costs and Manager’s base fee capitalised to land and expenditure related to building maintenance. Cash earnings for the prior year have been restated for consistency
with FY20, treating the management fee as if it had been paid in cash.

10
Goodman Property Trust Annual Result 2020
172.7
+2.6
+0.4
+10.7
+1.3
+1.4
+0.7
-1.5
157.0
140.0
145.0
150.0
155.0
160.0
165.0
170.0
175.0
180.0
31-Mar-19Equity
placement
Retail offerRevaluation -
stabilised
Revaluation -
developments
and land
Movement in
fair value of
financial
instruments
FY20
Performance
fee
Other31-Mar-20
NTA increased 15.7 cents per unit (10.0%) for the
year to 172.7 cents per unit
5.7% increase in portfolio value main contributor
$175 million of new equity raised mid-y
ear at $2.10
per unit, a 23% premium to NTA
$22.5 million revaluation gains on developments
r
eflects an average margin of 16.2%
1
GMT’s strong relative performance in FY20 resulted
in a performance fee of $11.4 million being payable
Capital growth
Net tangible assets
(cents per unit)
1
Margin reflects completed developments only

11
Goodman Property Trust Annual Result 2020
Investment property
Investment property
($m)
Total investment property increased
by $440.6 million to $3.1 billion
Acquisitions and developments
adding $221.4 million
Interests in leasehold land valued at
$63.3 million under IFRS16
(corresponding lease liability of
$60.1 million)
Capital
transactions
DevelopmentsOther
2,478.6
2,951.8
85.2
74.9
69.6
47.3
-12.5
-4.8
+106.3
+75.3
+30.5
+3.7
+5.6
+148.1
+25.0
+63.3
2,633.4
3,074.0
2,000
2,200
2,400
2,600
2,800
3,000
3,200
31-Mar-19DisposalsAcquisitionsHighbrookSavillM20WestneyStabilised
revaluation
Land
revaluation
Capitalised
costs
IFRS 16
adjustment
31-Mar-20
StabilisedDevelopmentLand
1
Capitalised costs include capital expenditure, capitalised holding costs and deferred costs on stabilised and land
1

12
Goodman Property Trust Annual Result 2020
Gearing
Loan to value ratio
GMT continues to be conservatively
l
everaged
LVR of 18.9% at 31 March 2020 with
fully committed LVR at 20.6%
Medium-term range remains 25% -
35%
LVR covenant limit of 50% under
Trust Deed and all financing
arrangements
Balance sheet position provides
significant resilience and capacity for
both acquisitions and investment in
development pipeline
18.9%
20.6%
+3.1%
+2.6%
+0.9%
+0.3%
+1.3%
-0.3%
-1.2%
-5.8%
19.7%
10%
12%
14%
16%
18%
20%
22%
24%
26%
28%
31-Mar-19AcquisitionsDevelopments
incl.
revaluation
DisposalsStabilised
revaluation
Equity raiseOther31-Mar-20Committed
acquisitions
Committed
developments
Committed
LVR
1
1
Excludes pauseddevelopments previously announced
LVR is a non-GAAP financial measure used to assess the strength of GMT’s balance sheet. Calculation of LVR is set out in note 2.6 of GMT’s financial statements

13
Capital
management
HighbrookBusiness Park
Goodman Property Trust Annual Result 2020

14
Goodman Property Trust Annual Result 2020
135135
130
100
100
100
100
525252
0
50
100
150
200
250
FY21FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31
Retail bondsBank facilityUSPP notesBank debt drawn
Managing funding risk
Maturity profile
($m)
Refinancing of GMT’s bank facility was completed
in November 2019
Increased facility size by $100m to $400m, with
funding from BNZ, CBA, HSBC and Westpac
Maintained Standard & Poor’s corporate rating of
BBB (stable), BBB+ debt issue rating
31-Mar-2031-Mar-19
Non-bank funding (drawn)96%98%
Headroom (bank facility)$375m$288m
Weighted average debt term (drawn)
1
4.0y5.0y
Gearing covenant (<50%)
2
20.3%22.4%
1
Calculated on drawn debt assuming bank debt is drawn from the longest term facility
2
Asset pool for LVR covenant excludes development spend on projects in progress, cash, and certain properties. LVR is a non-GAAP metric used to measure the strength of GMT’s balance sheet.

15
Goodman Property Trust Annual Result 2020
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Y1Y2Y3Y4Y5
Managing interest rate risk
Hedging profile
Hedging levels provide over 30% exposure to
l
ow floating rates
Interest rate swaps net ITM $16.5 million
Cross currency swaps fully hedge USPP notes
(ITM $44.6 million)
FY21 WACD expected to be around 3.7%
31-Mar-2031-Mar-19
12 month forward hedging level68%76%
Weighted average debt cost5.0%4.9%
ICR covenant (>2.0x)3.9x3.6x

16
Goodman Property Trust Annual Result 2020
Distribution policy
Updated distribution policy which better aligns distributions with the underlying cash flows from GMT’s stabilised portfolio:
+Remains linked to cash earnings
1
; GMT’s preferred measure for analysing underlying financial performance
+Provides for distributions to be cash covered as opposed to partially funded by debt, and retains earnings towards capex
on GMT’s stabilised portfolio
From FY21, future distributions are expected to range between 80% and 90% of cash earnings
1
1
Cash earnings is a non-GAAP financial measure that assesses underlying operating cashflows, after adjusting for borrowing costs and Manager’s base fee capitalised to land and expenditure related to building maintenance. Refer also to slide 9.

17
Investment
portfolio
Big Chill Distribution, HighbrookBusiness Park
Goodman Property Trust Annual Result 2020

18
Goodman Property Trust Annual Result 2020
201.9
179.0
115.9
196.6
282.5
211.1
148.7
124.2
278.8
243.9
370.5
13.1
500.0
400.0
300.0
200.0
100.0
0.0
100.0
200.0
300.0
400.0
FY15FY16FY17FY18FY19FY20
DevelopmentsAcquisitionsDisposals
Portfolio repositioned
Investment activity
2
($m)
3
Over the last 6 years, $1.2 billion of asset sales and
$1.0 billion
1
of investment into acquisitions and
development commencements has transformed and
significantly improved GMT’s portfolio quality:
+Around 80% of portfolio built since 2004
+100% Auckland industrial weighting
+Land weighting reduced from 10.8% to 1.5%
Gearing reduced from 36.0% to 18.9%
1
Acquisitions and development commencements – total project cost excluding land, includes paused developments previously announced
2
Transactions contracted in the period
3
Development commencements –total project cost including land. Includes paused developments previously announced

19
Goodman Property Trust Annual Result 2020
GMT’s property portfolio
Goodman Property Trust Annual Result 2020
Efficient and desirable distribution locations.
$3.1bn
Property portfolio
1.1m sqm
Net lettable area
11
Estates

20
Goodman Property Trust Annual Result 2020
Portfolio metrics
Goodman Property Trust Annual Result 2020
99.4%
Occupancy
100%
Auckland industrial weighting
1.5%
Land weighting
$158.6m
Development completions
1
5.5years
Weighted average lease term
Gateway warehouses, HighbrookBusiness Park
1
Valuation upon completion

21
Goodman Property Trust Annual Result 2020
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
VacantFY21FY22FY23FY24FY25FY26FY27FY28FY29>FY29
Value AddCoreLeased since March 2019
Portfolio leasing
Leasing for the year across stabilised portfolio
totalled 140,269 sqm (12.6% of portfolio)
Occupancy of 99.4% with FY21 expiries reducing
from 15.0% to 7.7% over the last 12 months
Average lease up period on vacancies of 2
months
Development leasing a strong mixture of
expansion for GMT’s existing customer base
(20,856 sqm) and 10 new customers (18,244
sqm)
Portfolio review profile
(% of portfolio income)
Occupancy (% of portfolio income)
95%
96%
97%
98%
99%
100%
FY16FY17FY18FY19FY20
1
Value-add estates include: Tamaki Estate, Roma Road, Penrose Industrial, Favona, Mt Wellington, Connect Industrial
1

22
Goodman Property Trust Annual Result 2020
FY21 Portfolio review profile
(% of portfolio income)
FY20 saw 72% of portfolio income subject to review by way
of fixed, indexed or market review
1
during the year for an
average increase of 3.7%
2
+Average fixed and indexed increases of 2.5%
+Average increase on market events of 6.3%
3
55% of portfolio subject to fixed or indexed review during
FY21with fixed reviews having an average increase of 2.6%
per annum
Expiries and market reviews due in FY21 considered to be
7-8% under rented
4
when assessed in November 2019
Portfolio reviews
1
Reviews include renewals and new leasing following expiries
2
Face rental increases
3
Market events are market reviews, renewals and new leases
4
Assessed by Management on a face rent basis

23
Goodman Property Trust Annual Result 2020
Customer base
Top 10 customers accounting for 31% of portfolio income, generally
focussed on storage, logistics and distribution
1.2% of GMT’s portfolio weighted towards retail (cafes, restaurants,
gyms etc)
Top ten customers
(% of portfolio income, including subsidiary companies)
Industry exposure (% of income)
1
1
Leased to Big Chill Distribution Limited, a subsidiary of Freightways
0%1%2%3%4%5%6%
NZ Post
DHL
OfficeMax
Fletcher Building
Coda
T&G Global
Foodstuffs
Freightways
Fliway Transport
Toll

24
Goodman Property Trust Annual Result 2020
COVID-19 impact
COVID-19 has had a significant impact on the businesses of many customers, particularly those not classed as essential services
during Alert Level 4
+Approximately 40% of GMT’s customers, representing around 70% of the Trust’s total annual rental income, were utilising their
premises to some degree through the Alert Level 4 lock down restrictions
+> 90%
1
of customers were open to some extent from Alert Level 3
A number of distribution customers have had to find space for expansion to cater for changing demand, with two of GMT’s warehouse
vacancies leased since the onset of COVID-19
A number of GMT’s customers have sought rent relief as they manage the combined impacts of trading restrictions and a sharp
economic correction
+GMT’s standard form of lease does not allow for rental relief in circumstances of “no access for emergency”. Fair abatement for
no access applies in a handful of leases (<5%), generally where inherited through acquisitions
1
Measured by income

25
Goodman Property Trust Annual Result 2020
COVID-19 response
GMT has received ~90% of rental due for April and May 2020
GMT’s response to requests for rental relief have been made on a case by case basis, and have included:
+Targeted support by way of abatement for the most vulnerable businesses; generally those closed during both Alert Levels 4 and 3and
with limited financial resources
+Mutually beneficial leasing outcomes, with30,585sqm of leasing deals completed since 1 April 2020
+Limited rental deferrals to support businesses with short-term cash flow
Other responses to COVID-19 have included:
+Pausing certain development projects until a customer commitment is secured
+Providing marketing support for retail and amenity customers
+Assisting our suppliers with cash flow support by:
-Paying construction partners twice monthly for completed work
-Paying other suppliers on invoice approval, not waiting for 20
th
of month normal payment terms

26
Goodman Property Trust Annual Result 2020
Strategic infill investments with holding income.
New investments
Goodman Property Trust Annual Result 2020
$116.9m
Purchase price
14.7ha
Land area
4.7%
Passing yield
New investments include FY20 settlements of acquisitions of properties at FavonaRoad, 2-6 Monahan Road (Mt Wellington), 7-8 Monahan Road (Mt Wellington)(post balance date) and Pilkington Road (part of Tamaki Estate),

27
Goodman Property Trust Annual Result 2020
Portfolio valuation
Portfolio summary as at 31 March 2020
Valuation $mCap rateInitial YieldWALE yearsOccupancyNet lettable area sqm
Highbrook Business Park
1,443.3
5.3%5.0%6.3100%432,640
Savill Link
361.9
5.1%5.1%6.7100%129,466
M20 Business Park
279.1
5.6%5.8%4.9100%108,391
The Gate Industry Park
1
244.1
5.4%5.2%2.997%85,439
Westney Industry Park
1
193.9
7.1%8.2%5.7100%105,763
Value-add estates
345.2
5.5%5.3%2.9100%176,824
Underlying stabilised portfolio2,867.55.4%5.3%5.5100%1,038,523
Completed developments (2H)83.95.4%4.7%7.093%20,740
Total stabilised properties2,951.85.4%5.3%5.599%1,059,263
Partially completed developments34.84.8%5.1%11.6100%12,833
Developments held at cost40.1--2.630%43,007
Land47.3-----
Total investment portfolio3,074.05.4%5.3%5.599%1,115,103
1
Includes right of use assets in respect of ground leases of $63.3m
Portfolio revaluation $m
1H FY202H FY20Total
Stabilised159.9(11.8)148.1
Development12.410.122.5
Land0.1(4.9)(4.8)
Total investment portfolio172.4(6.6)165.8

28
Development
programme
Active Healthcare, HighbrookBusiness Park
Goodman Property Trust Annual Result 2020

29
Goodman Property Trust Annual Result 2020
Completed developments
Leasing outcomes
11 developments completed across 34,977 sqm of NLA
22,075 sqm developed on a pre-committed basis for
customers Quest, NCI, Big Chill and Panasonic
12,901 sqm developed on a build-to -lease basis and are
100% leased
1
with an average let up period of less than
1 month
Completed development metrics
FY20
% leased100%
1
Average WALE10.4 years
Yield on cost6.4%
Yield on additional cost8.4%
Cap rate on completion5.3%
1
Excludes the Crossing Carpark which is 99% leased. Underwood 1,000 was leased post balance date

30
Goodman Property Trust Annual Result 2020
Current development programme
Work-in -progress summary
Current development programmec
onsists of 33,790
sqm across 7 projects at Highbrook, Savill Link,
Westney and M20 business parks
Two previously announced build-to -lease (speculative)
developments have been paused prior to construction
commencement with minimal spend
＋Allows GMT to manage exposure to build-to -lease
(speculative) development, which equates to just
0.8% of total portfolio
Work in progress costs relating to COVID-19 have
been agreed and are within project contingencies
Estate
Total project cost
$m
Lettable area
sqm
Expected
completion date
1
Leased
Highbrook53.716,029Feb-2169%
Savill Link18.05,480May-20100%
Westney16.48,329Nov-2046%
M2012.83,952Nov-20100%
Subtotal101.133,79073%
Paused developments58.322,050TBC-
Total 159.455,84046%
1
Last completion date of current work in progress
Developments (excluding paused)sqm
Currently under construction33,790
Uncommitted9,230
Total GMT portfolio1,115,103
Exposure0.8%
Leasing exposure

31
FY21
outlook& g uidance
NCI Packaging, SavillLink
Goodman Property Trust Annual Result 2020

32
Goodman Property Trust Annual Result 2020
While the operating environment has deteriorated and the immediate outlook is uncertain, we will continue to pursue an
investment strategy focused on the urban logistics’ market:
The important role industrial property plays in the supply chain, providing the physical infrastructure that allows goods and
m
aterials to be stored and distributed quickly and efficiently has been clearly demonstrated in the consumer response to
COVID-19
Prudent capital management has provided GMT with substantial financial flexibility and liquidity, providing resilience and the
abi
lity to take advantage of acquisitions and/or development opportunities in line with strategy
FY21 guidance
Based on the current economic outlook and our expectations of its portfolio impact, cash earnings are expected to be
m
aterially consistent with FY20 at around 6.2 cents per unit
1
Distributions for FY21 to be not less than 5.3 cents per unit, the midpoint of the 80-90% FY21 cash earnings’ guidance
The guidance is subject to there being no further material adverse changes in market conditions or the occurrence of other
unf
oreseen events
Outlook and guidance
1
Operating earnings adjusted for interest capitalised on land, maintenance capex and capitalised management fees on land

33
Thank
you
Goodman Property Trust Annual Result 2020
Disclaimer: The information and opinions in this presentation were prepared by Goodman (NZ) Limited on behalf of Goodman Property Trust and its subsidiaries (Goodman).
Goodman makes no representation or warranty as to the accuracy or completeness of the information in this presentation.
Opinions including estimates and projections in this presentation constitute the current judgment of Goodman as at the date of this presentation. They are subject to change without notice. Such opinions are not guarantees or predictions of future performance, and involve known and
unknown risks, uncertainties and other factors, many of which are beyond Goodman’s control, and which may cause actual results to differ materially from those expressed in this presentation.
Goodman undertakes no obligation to update any information or opinions whether as a result of new information, future events or otherwise.
This presentation is provided for information purposes only.
No contract or other legal obligations shall arise between Goodman and any recipient of this presentation.
Neither Goodman, nor any of its Board members, officers, employees, advisers or other representatives will be liable (in contract or tort, including negligence, or otherwise) for any direct or indirect damage, loss or cost (including legal costs) incurred or suffered by any recipient of this
presentation or other person in connection with this presentation.

34
Appendix
WestneyIndustry Park
Goodman Property Trust Annual Result 2020

35
Goodman Property Trust Annual Result 2020
DevelopmentEstate
Total project cost
$m
Lettable area
sqm
Completion dateLeased
Savill Drive UnitsSavill Link18.05,480May-20100%
OfficeMax ExpansionHighbrook Business Park20.37,353Sep-20100%
68 Westney RoadWestney Industry Park9.84,970Nov-20100%
Waiouru PointHighbrook Business Park15.14,416Nov-20100%
Westney 4,500Westney Industry Park9.84,970Nov-200%
Ingram Micro ExpansionM20 Business Park12.83,952Nov-20100%
Island UnitsHighbrook Business Park18.34,260Feb-210%
Total existing projects101.133,79073%
M20 9,000M20 Business Park25.09,6300%
El Kobar 10,000Highbrook Business Park26.110,4000%
Savill ExpansionSavill Link7.22,0200%
Total paused projects58.322,0500%
Total work-in-progress159.455,84046%
Work-in-progress

36
Goodman Property Trust Annual Result 2020
Completed developments
Westney hardstand
Estate
Westney Industry Park
Completion
August 2019
Area
3,279sqm
NCI
Estate
Savill Link
Completion
July 2019
NLA
14,206 sqm

37
Goodman Property Trust Annual Result 2020
Panasonic expansion
Estate
Highbrook Business Park
Completion
February 2020
NLA
2,666 sqm
Completed developments
Big Chill expansion
Estate
Highbrook Business Park
Completion
February 2020
NLA
5,203 sqm

38
Goodman Property Trust Annual Result 2020
Paramount
Estate
Highbrook Business Park
Completion
December 2019
NLA
2,999 sqm
Completed developments
Hellmann
Estate
Highbrook Business Park
Completion
December 2019
NLA
3,548 sqm

39
Goodman Property Trust Annual Result 2020
Completed developments
Crossing carpark
Estate
Highbrook Business Park
Completion
December 2019
NLA
343 carparks
Quest expansion
Estate
Highbrook Business Park
Completion
April 2019
NLA
59 rooms

40
Goodman Property Trust Annual Result 2020
Completed developments
Waiouru yard
Estate
Highbrook Business Park
Completion
June 2019
Area
7,020 sqm
Underwood 1,000
Estate
Highbrook Business Park
Completion
October 2019
NLA
1,024 sqm

41
Goodman Property Trust Annual Result 2020
Completed developments
El Kobar units
Estate
Highbrook Business Park
Completion
March 2020
NLA
5,330 sqm

42
Goodman Property Trust Annual Result 2020
Profit or loss

43
Goodman Property Trust Annual Result 2020
Balance sheet

44
Goodman Property Trust Annual Result 2020
Cash flows

---

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 Result Announcement

Results for announcement to the market
Name of issuer Goodman Property Trust (“GMT”)
Reporting Period 12 months to 31 March 2020
Previous Reporting Period 12 months to 31 March 2019
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing operations $171,800 10.7%
Total Revenue $171,800 10.7%
Net profit/(loss) from continuing operations $261,900 -18.0%
Total net profit/(loss) $261,900 -18.0%
Final Dividend
Amount per Quoted Equity Security $0.01662500
Imputed amount per Quoted Equity Security $0.00217521
Record Date 11 June 2020
Dividend Payment Date 18 June 2020
Current period Prior comparable
period
Net tangible assets per Quoted Equity
Security
$1.727 $1.570
A brief explanation of any of the figures
above necessary to enable the figures to be
understood
-
Authority for this announcement
Name of person

authorised to make this
announcement
Andy Eakin
Contact person for this announcement Andy Eakin
Contact phone number (09) 375 6077
Contact email address andy.eakin@goodman.com
Date of release through MAP

28 May 2020

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
Notes
1. This announcement is extracted from the annual financial statements of Goodman Property
Trust. A copy of the annual financial statements together with the independent auditor’s report
on the annual financial statements is attached to this announcement.

---

Goodman Property Trust
GMT Bond Issuer Limited

This is Goodman
Own+Develop+Manage 2
Corporate responsibility
and sustainability
Strategic framework 16
Property 18
Corporate performance 20
People and culture 22
The Goodman
Foundation 24
Financial results
Financial summary 28
Goodman
Property Trust
Financial Statements 31
GMT Bond
Issuer Limited
Financial Statements 71
Other information
Corporate governance 84
Board and Management
team profiles 92
Investor relations 94
Glossary 96
Business directory 97
Year in review
Chairman’s report 4
Management report 8
Property portfolio
Our assets 12
This document comprises the Annual Reports
of  Goodman Property Trust and  GMT  Bond
Issuer Limited for the year ended 3 1 March 2020
and contains the information required to be
disclosed pursuant to the NZX Listing Rules.
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
Front cover image:
Gateway
warehouses
at Highbrook Business
Park, East Tamaki.

An investment strategy focused on the Auckland
industrial market provides customers with high-quality
business premises, close to major transport networks
in New Zealand’s largest consumer market.
1
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
M20 Business
Park, Wiri
Located alongside
SH20 the 1 08,391 
sqm estate has
Kmart and Frucor
as key customers.

Goodman Property Trust is New  Zealand’s largest
listed property investor. It is a high-quality business
built around a substantial portfolio, a wide customer
base and a proven development capability.
2
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
Westney Industry
Park, Mangere
GMT’s property
portfolio provides
customers with highly
efficient, warehouse
and logistics space.

We invest in industrial property
because of its return profile, the
depth of the market and its essential
role in the modern supply chain.
Auckland is our preferred investment
market; it is the country’s gateway city
and main logistics hub.
We own the very best assets, putting
our customers close to consumers in
key urban locations.
Strategic land holdings and a
proven development capability
provide customers with tailored
property solutions.
Around 80% of GMT’s $3.1 billion portfolio
has been developed since 2004, creating
a modern industrial portfolio of unrivalled
scale and quality.
There are around $100 million of projects
currently under development, with more
than 70% of the space already leased.
The foundation of our business
is the 200+ companies that
have chosen Goodman as their
property provider.
We manage all aspects of our business
directly and pride ourselves on the
strength of our customer relationships.
We invest for the long-term and manage
prudently to ensure we maintain a strong
balance sheet that supports sustainable
growth well into the future.
DevelopManageOwn
Own high-quality industrial property,
in key locations close to consumers
Manage assets, capital and stakeholder
relationships expertly and prudently
Develop tailored property solutions
to meet demand
Our business has the customer
as its central focus
DEVELOP
MANAGE
OWN
CUSTOMER
We think strategically and
invest for the long-term,
delivering property solutions
that will continue to meet
the  needs of our customers
well into the future.
We know it’s not just what we do that’s important,
but how we achieve it too. That’s why the customer
is at the centre of our business.
3
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
This is
Goodman
Ye a r i n
review
Property
portfolio
Corporate
responsibility
and
sustainability
Financial
results
Other
information

Keith Smith
Chairman and
Independent Director
In contrast to 2019, today’s operating
environment is significantly more
challenging, with the social and
economic impacts of the COVID-19
pandemic likely to be far reaching.
Goodman Property Trust is a business that
has been positioned to perform across a
variety of economic conditions.
While the immediate outlook is uncertain,
the quality of the Trust’s substantial
property portfolio, its wide customer base,
low level of gearing and focused investment
strategy, gives the Board confidence that
GMT will continue to deliver sustainable
long-term growth.
The importance of building
a robust business that can
withstand market disruptions
and perform through
economic cycles has never
been more apparent.
4
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020

Chairman’s report (continued)
Highbrook is
GMT’s largest
estate
Encompassing
107 hectares, this
award-winning
business park
features  around
90 high-quality
buildings with a
work force of  more
than 5,000.
Year in review
The Trust achieved a strong financial
result for the year ended 3 1 March 2020,
recording a statutory profit of $284.4  million
before tax. A portfolio revaluation of
5.7% contributed $1 65.8 million to the
profit, compared with $201 .9 million the
previous year.
From an operational perspective it was
another pleasing 1 2 months, with positive
leasing results, further development
progress and strategic acquisitions
all contributing to GMT’s financial
performance.
Adjusted operating earnings were
$1 09.7  million before tax and full year cash
distributions totalling 6.65 cents per unit
have been confirmed.
The Trust has also delivered another
outstanding investment performance,
recording a Total Unitholder Return of
28.1% over the year. The execution of
an investment strategy focused on the
Auckland industrial market has continued
to attract investor support and GMT has
outperformed its listed peers over the last
one, three and five-year periods.
The strong return is reflected in the
payment of a performance fee to the
Manager this year.
With a relative return 39.4% above its
benchmark, a fee of $1 1 .4 million was
earned. In accordance with the Trust Deed
the fee is used to subscribe for new units
in the Trust. The requirement ensures
the close alignment of interests between
Goodman, as Manager and cornerstone
investor, and other Unitholders.
To address an inconsistency in the
performance fee calculation methodology,
GMT’s Trust Deed has been amended.
The amendments have been approved by
the Trustee and Supervisor of GMT on the
basis that the changes are not prejudicial
to Unitholders.
See the financial summary section, pages
28 to 29, for comprehensive commentary
on GMT’s financial performance.
5
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
This is
Goodman
Ye a r i n
review
Property
portfolio
Corporate
responsibility
and
sustainability
Financial
results
Other
information

Strategic focus
GMT’s investment strategy has been
refined in recent years to meet the growing
demand for warehouse and distribution
space across Auckland. Driven by a strong
regional economy and other structural
changes, the city’s industrial property
market has been New Zealand’s best
performing commercial real estate sector.
The COVID-1 9 pandemic doesn’t change
this wider investment strategy and we
remain confident that the Auckland
industrial market will continue to be the best
performing property sector, even as the
economy enters a recession.
Being agile and quickly adapting to a
more uncertain operating environment
is important to ensure GMT’s stable
cashflows and strong financial position
are maintained.
Recent initiatives have included:
ƒWorking with customers that require
rental support
ƒ Pausing certain development projects
until a customer commitment is secured
ƒ Limiting new investment spending to
the most compelling opportunities.
As a business partner, we are supporting
customers to the extent we can. Rent
abatements, rent deferrals and lease
restructures have offered some relief
through the Alert Level restrictions, the
period when revenues were most
impacted.
With historically low gearing and only
partially drawn debt facilities, the Trust
has a very strong balance sheet. Actively
managing the portfolio and selectively
allocating capital to new developments and
acquisitions will help preserve this position.
Chairman’s report (continued)
FY21 guidance and distribution
The strength of GMT’s rental cashflows is
underpinned by the 200+ customers that
occupy the portfolio.
While the economic outlook has
deteriorated over the last three months,
the quality of the assets, the focus on the
industrial sector and low level of gearing
gives the Board confidence that GMT will
continue to deliver strong operating results.
If the portfolio continues to perform in line
with our expectations, cash earnings will
be materially consistent with last year at
around 6.2 cents per unit.
GMT has been repositioned over the
last five years as an industrial property
specialist. The repositioning has also
included initiatives to enhance its capital
structure. Asset sales and equity issuance
have significantly deleveraged the
balance sheet, while new debt issues have
diversified the Trust’s sources of funding
and extended the term of its debt.
To ensure the business can continue to
grow sustainably the Board has amended
its distribution policy for the Trust. Adopting
a target payout ratio of between 80%
and 90% of cash earnings, on average
over time, better aligns distributions with
the underlying cashflows from the Trust’s
stabilised portfolio.
It’s another step in the creation of a high-
quality, low risk property business focused
on sustainable long-term growth.
Under the new policy cash distributions of
at least 5.3 cents per unit are expected to
be paid in FY21.
This guidance is subject to there being no
further material adverse changes in market
conditions or the occurrence of other
unforeseen events.
6
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
Linfox, Westney
Industry Park
The logistics operator
uses this facility
as a distribution
centre for  a  large
supermarket chain.

Corporate governance
While the immediate focus is on the
operational performance of the Trust,
the Board will continue to progress its
corporate governance programme.
Included on the agenda is a plan for
Director renewal. To maintain continuity,
and ensure an orderly transition, the Board
refresh will be managed over a two to three-
year period. The timing of retirements and
new appointments will be addressed once
the economic challenges of COVID-1 9
have  passed.
A clearer understanding of the impacts of
the pandemic will be gained as we progress
through the year. The Annual Meeting of
Unitholders, scheduled for 22 July 2020,
will be the next opportunity to update the
market on GMT’s operating performance
and business outlook.
We are also working to address the
legislative anomaly that became apparent
in last year’s equity raising. A successful
outcome will ensure Unitholders aren’t
burdened by additional levels of compliance,
compared to ordinary shareholders, as a
result of GMT’s unit trust structure.
The Trust’s corporate reporting continues to
be extended and improved with this year’s
annual report including new sustainability
targets. Setting objectives to mitigate the
impacts of climate change builds on existing
Chairman’s report (continued)
Keith Smith
Chairman and Independent Director
carbon reporting initiatives. It also aligns
GMT’s sustainability programme more
closely with that of the wider Goodman
Group. See pages 1 6 to 23 for further detail.
Summary and outlook
GMT has delivered a strong operating
performance over the last 1 2 months
and is well positioned for the commercial
challenges that will arise as a result of
COVID -1 9.
While the economic environment has
deteriorated, GMT’s investment strategy
remains focused on the Auckland industrial
market. An efficient supply chain, that
includes well-located warehouse and
logistics facilities, is essential for a modern
city to function and grow.
Unitholders can be confident that the Trust
will continue to be managed prudently and
that the Board will adapt its strategy to deal
with a disrupted economy.
A high-quality property portfolio, strong
capital base and proven management
capability ensures that GMT is a resilient
business with the flexibility to adapt to a
changing operating environment.
7
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
This is
Goodman
Ye a r i n
review
Property
portfolio
Corporate
responsibility
and
sustainability
Financial
results
Other
information
CourierPost,
Highbrook
Business Park
The national
delivery service
provider occupies
a 20,000  sqm
warehouse that
includes a highly
automated parcel
sorting system.

GMT’s financial year ended on
3 1 March 2020, shortly after the
COVID -1 9 pandemic began to severely
disrupt the New Zealand economy.
The Alert Level restrictions have highlighted
the important role a secure and efficient
supply chain plays in the orderly functioning
of a modern urban economy. Well-located
industrial property is a key component of these
distribution networks, providing the physical
infrastructure that allows businesses to store,
and then deliver, goods and materials.
It is also the focus of GMT’s $3.1 billion property
portfolio. Investing in the supply-constrained
Auckland industrial market has delivered
strong returns for Unitholders and positioned
the Trust to benefit  from the continued
growth of the city and the rapid expansion
of e-commerce.
John Dakin
Chief Executive Officer
Andy Eakin
Chief Financial Officer
With demographic changes
and consumer behaviour
driving the growth in online
retail, we believe that the
Auckland industrial market
will continue to be the best
performing property sector.
8
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020

To p :
DHL , Westney
Industry Park
This international
logistics operator
occupies three
facilities within
the portfolio.
Bottom:
The growth in
online retailing is
driving demand
for urban logistics
space close
to  consumers.
Industrial property forms an important
link in the supply chain, providing the
physical infrastructure that allows
businesses to store, and then quickly
distribute, goods and materials.
FY20 operational performance
The focus on urban logistics has been a
successful strategy for GMT. Customer
demand for well-located facilities, close
to consumers, exceeds supply in many
locations across Auckland. These positive
market dynamics continued last year and
were reflected in the Trust’s operating results.
Highlights include:
ƒ Successful leasing with 140,269 sqm
of space, approximately 1 2.6% of the
portfolio, secured on new and revised
terms
ƒAn average occupancy rate of  99.3%
over the year and 99.4% as at
3 1  March  2020
ƒMaintaining a weighted average lease
term of more than five years
ƒFurther development progress with
$1 58.6 million of completed projects
and $1 0 1 .1 million of work in  progress
ƒThe acquisition of the T&G Global
facility in Mt Wellington for $65.0 million
in September 201 9 and, after balance
date, the neighbouring property at
7- 8  Monahan Road for $1 3.0 million
ƒIndependent valuations confirming
5 .7% growth in asset values over the
year contributing $1 65.8 million of fair
value gains to GMT’s financial result.
High occupancy levels and sustained rental
growth, together with additional revenue
from completed developments and new
acquisitions, have largely offset the impact
of earlier asset sales and balance sheet
deleveraging.
As a result, cash earnings were
$83.6 million, or 6.22 cents per unit,
for  the  year.
GMT’s future financial performance will be
determined by the continued success of
its customers. These companies provide
the strong rental cashflows that underpin
the Trust’s operating earnings. It is a
diverse group of businesses, representing
the automotive, building products, freight
and logistics, retail, warehousing and
distribution sectors.
COVID-19 impacts
The health and safety of Goodman staff,
customers and contractors has been the
priority of the Board and Manager since
COVID -19 spread to New  Zealand in
March 2020.
Business continuity plans were
implemented, with development sites
and management offices closed in
accordance with the Government’s Alert
Level restrictions. An agile workplace
enabled all 60 team members to work
remotely with seamless access to network
applications and other resources.
Management report (continued)
9
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
This is
Goodman
Ye a r i n
review
Property
portfolio
Corporate
responsibility
and
sustainability
Financial
results
Other
information

Around 40% of GMT’s customers,
representing around 70% of the Trust’s
total annual rental income, were open to
some extent through the Alert Level 4
restrictions. This increased to 90% with
the transition to Alert Level 3 and almost all
were back operating under Alert Level 2
from 1 4  May  2020.
The New  Zealand economy is expected to
contract by up to 10% this year as a result of
COVID -19. A number of GMT’s customers
have sought rent relief as they manage the
combined impacts of trading restrictions
and a sharp recession.
With requests from small retailers, charities,
SMEs and even some of New  Zealand’s
largest businesses, we’ve had to make
some difficult decisions about which
customers to support, balancing the
needs of customers with our obligations
to  investors.
This support has typically been directed
at the most vulnerable businesses, those
in genuine distress with limited financial
capacity.
Management report (continued)
The type of support has included:
ƒRent abatement
ƒRent deferrals
ƒRent freezes
ƒLease restructures
ƒMarketing support
We have continued to purchase goods
and services from our suppliers and have
extended our support by accelerating
invoice payments. We have also increased
the frequency of progress payments to our
construction partners.
We are also extending our support to those
in our communities that are struggling.
Through the Goodman Foundation, we
sponsor KiwiHarvest and provide the food
rescue organisation with a distribution facility
at Highbrook Business Park in East Tamaki.
Demand from social agencies for food
parcels has escalated rapidly as a result
of  COVID -19 and the volume of food being
collected and distributed by KiwiHarvest
more than doubled.
To help meet the growing need and
address the waste that occurs in food
production and distribution, we have also
helped facilitate the establishment of a
National Food Network.
Development programme
With around 80% of the portfolio built since
2004, GMT’s development capability has
been a critical factor in the growth of the
business.
The development programme has been
accelerated over the last five years to take
advantage of strong economic growth,
robust property market fundamentals and
sustained customer demand. It has been
a successful approach, rapidly converting
GMT’s strategic land holdings into high-
quality, income-producing industrial assets.
Nine new projects, with a total project cost
of $123. 2 million, were announced last year.
It’s a substantial level of construction activity
that includes both design-build and build-
to-lease projects.
To reduce vacancy risk two previously
announced projects will be paused until
a pre-commitment is secured, or market
conditions improve. A customer expansion
project has also been cancelled following a
reassessment of the space requirements of
its business.
While customer demand is likely to be
lower, a significant number of new projects
is still anticipated this year. Pre-committed
design-build projects are preferred,
but build-to-lease projects will also be
considered if there is sufficient demand
and investment returns are commensurate
with risk.
Maintaining a development pipeline is
essential if GMT is to meet the future
property requirements of its customers.
With just 8.4 hectares of greenfield
land remaining in the portfolio, new
investment opportunities that provide
future redevelopment potential are
being targeted.
10
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
Big Chill
Distribution,
Highbrook
Business Park
The specialist
carrier, owned by
Freightways, is one of
the many customers
that have expanded
to accommodate
business growth.

The acquisition of neighbouring
Mt  Wellington properties, in separate
transactions, is an example of this strategy.
Central to Auckland’s large population
base, the two properties complement
the portfolio and are ideally located for
fulfilment and logistics businesses. The
existing facilities, acquired on a sale and
lease back basis, provide steady holding
income while future amalgamation of the
two sites offers considerable opportunity.
Strong liquidity and low gearing
Successful capital management initiatives
undertaken during the year were prudent
and have proven to be timely, given the
rapid change in the operating environment.
The combination of an underwritten
placement and Retail Unit Offer, in
September and October 2019, raised
$175 million of new equity at the fixed
issue price of $2.10 per unit. Strong capital
markets, supportive investors and a clear
investment strategy meant both offers were
significantly oversubscribed.
The new equity has reduced committed
gearing to just 20.6%, at 3 1 March 2020.
It’s a  conservative level that provides
substantial headroom against GMT’s Trust
Deed and debt facility covenants. These
covenants include a maximum loan to value
ratio of  50%.
The refinancing and extension of the Trust’s
bank facility during the year also provides
GMT with greater financial flexibility.
Renewed on competitive terms, the size of
the facility was increased by $100 million
to $400 million, and the tenor extended
with the three tranches having a weighted
average term to expiry of three years at
commencement.
With low gearing and only partially drawn
debt facilities, the Trust has a very strong
balance sheet. The capacity it provides
ensures GMT can continue to take
advantage of new development and
investment opportunities as they arise.
The strength of GMT’s business is also
reflected in the investment grade rating
from Standard & Poor’s. The agency re-
affirmed its BBB rating for GMT and BBB+
rating for its secured debt in July 2019. The
assessment has remained stable since it
was first assigned in 2009.
The next 12 months
The benefits of earlier investment decisions
and prudent capital management mean
that GMT is a resilient business able to
withstand economic shocks and market
disruptions.
While the operating environment has
deteriorated and the immediate outlook
is uncertain, we will continue to pursue an
investment strategy focused on the urban
logistics market.
The important role industrial property
plays in the supply chain, providing the
physical infrastructure that allows goods
and materials to be stored and distributed
quickly and efficiently, has been clearly
demonstrated in the consumer response
to  COVID -1 9.
Management report (continued)
With demographic changes and consumer
behaviour driving the growth in online retail,
we believe that the Auckland industrial
market will continue to be the best
performing property sector.
The disciplined execution of this investment
strategy and the active management of
the portfolio will ensure the Trust is well
positioned to meet any further challenges
as the economy recovers.
John Dakin
Chief Executive Officer and Executive Director

Andy Eakin
Chief Financial Officer
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NCI Packaging,
Savill Link,
Otahuhu
The specialist
packaging supplier
utilises automated
technology
throughout its
manufacturing
and distribution
process.

Ports of Auckland
CBD
Auckland Airport
Wiri Inland Port
MetroPort
Tamaki
Mt Wellington
Penrose
Favona
Savill
M20
Roma
Westney
Highbrook
The Gate
Connect
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GMT properties are
shown highlighted
in green
The full names of the
estates and portfolio
weighting are shown
on page 14.

Ports of Auckland
CBD
Auckland Airport
Wiri Inland Port
MetroPort
Tamaki
Mt Wellington
Penrose
Favona
Savill
M20
Roma
Westney
Highbrook
The Gate
Connect
GMT’s substantial property
portfolio provides its 200+
customers with high-quality
logistics and warehouse
space  in  strategic locations
across Auckland.
These properties are modern, highly specified and operationally
efficient. They are designed to meet the requirements of a variety
of end users and can accommodate  businesses that need access
to air, port, rail and road freight networks.
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as at 31 March 2020
Properties and key customers Portfolio weighting
Highbrook Business Park, East Tamaki
Big Chill, DHL, NZ Post, OfficeMax, Viridian53%
Savill Link, Otahuhu
Coda, Mainstream, Steel & Tube, SuperCheap, Toll12%
M20 Business Park, Wiri
Kmart, Fliway, Frucor, Ingram Micro, Opal9%
The Gate Industry Park, Penrose
Asaleo Care, Coda, Iron Mountain, Winstone Wallboards8%
Westney Industry Park, Mangere
Cotton On, DHL, Fliway, Linfox, Winstone Wallboards6%
Roma Road, Mt Roskill
Foodstuffs3%
Penrose Industrial Estate, Penrose
Bridgestone, George Weston, Turners3%
Mt Wellington Estate, Mt Wellington
T&G Global2%
Tamaki Estate, Panmure
ContainerCo, Camelspace, Earthwise, Jellicoe, Habitat for Humanity2%
Connect Industrial Estate, Penrose
Fletcher Steel, Mosscar Services1%
Favona Road, Mangere
T&G Global1%
Our assets (continued)
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Our assets (continued)
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We work closely with our team, customers, investors and foundation
partners to ensure GMT is a sustainable business that contributes
positively to society, for the benefit of all our stakeholders.
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Esplanade reserve,
Highbrook
Business Park
Neighbouring
the Tamaki River,
Highbrook features
40ha of parklands
in a master planned
business park.

We need to have a sustainable
business strategy that provides
our customers with the spaces
they need to succeed, today and
into the future.
By aligning our corporate responsibility
and sustainability vision with our
purpose, we believe we can make space
for greatness for all our stakeholders.
The three pillars of our sustainability
framework include:
Strategy
Sustainability is about long-term thinking
and leading by example. A business
strategy that delivers positive economic,
environmental and social outcomes for
all its stakeholders is our aspiration.
Goodman’s own+develop+manage
business model represents its core
commercial functions. It is supported
by the  three pillars of a sustainability
framework that guide our actions.
The three pillars of Property, Corporate
performance and People and culture
are linked to our material factors. We’ve
previously identified 16 factors as important
contributors to the long-term performance
of our business.
We’re challenging ourselves to do better,
and do more for the benefit of all, across
each of these areas. The following pages
describe this approach. It includes reporting
on a range of non-financial metrics,
monitoring progress against future targets
and being accountable for our performance.
UN Sustainable
Development Goals
New  Zealand is a signatory to the United
Nations Sustainable Development Goals
established in 2015. The 17 goals relate
to some of the world’s most significant
challenges including clean water and
sanitation, climate change, equality,
hunger, and poverty.
We have identified nine that are applicable
to our business. Having these as
overarching objectives ensures we are
part  of the collective effort working toward
a  sustainable future.
Click here to learn more:
www.sustainabledevelopment.un.org
We understand the world is constantly
changing and to be part of the future
we must remain agile and open to
new  technologies and alternative
ways of working.
Property
Corporate performance
People and culture
The nine
goals relevant
to GMT
include:
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Energy efficiency
All new warehouse
developments
include energy
efficient LED
lighting skylights
to  maximise
natural light.

As a long-term investor,
we seek to future-proof
our portfolio. We develop
high-quality facilities in
strategic locations, close
to consumers and key
transport infrastructure.
The material factors that guide
our investment strategy include:
ƒSustainable design
ƒBuilding resilience and adaption
ƒBuilding materials and supply chain
ƒBiodiversity and habitat
ƒCarbon emissions and climate
change
ƒEnergy consumption
ƒWater consumption
ƒWaste management
Our base-build specification ensures our
new facilities are designed to be  industry-
leading. They are constructed from
sustainably-sourced building materials
and we manage the development process
to reduce waste and other environmental
impacts.
We work collaboratively with our customers
and consultants, incorporating the latest
technology to maximise the operational
performance and energy efficiency of these
new buildings. We also focus on workplace
amenity, ensuring our customers have
functional and flexible facilities that meet
their wider needs.
Maintaining our properties to a high
standard and our focus on customer
service contribute to the strong
relationships that underpin our financial
results. A target occupancy rate above
95% ensures we are meeting the needs
of our customers and developing only to
meet demand.
Our ability to manage our assets over their
lifecycle also improves their long-term
environmental and financial performance
Ongoing energy and waste monitoring
across the portfolio allow us to benchmark
our assets against best-practice industry
standards.
The energy consumed in FY20 totalled
2,988 MWh, all of which was electricity. Our
greenhouse gas emissions (scope 1 & 2)
have been estimated at 953 tCO₂.
It represents a 74% reduction from
FY1 5 and continues a five-year trend of
falling emissions, largely resulting from
the divestment of office assets. New
energy efficiency initiatives together with
HVAC and  building management system
upgrades have also contributed to the
reduction.
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GMT’s modern
property portfolio is
strategically located
across Auckland,
close to consumers
and key transport
infrastructure.

TargetTimeframeProgress
100% renewable
energy use
2025 ƒ90% of energy is currently from
renewable sources
Solar PV 2025
ƒPartnering with select customers on
solar projects
ƒOutcome will determine speed and
extent  of future initiatives
Carbon neutral
operations
2025
ƒScope 1 & 2 emissions total around
9 5 3 tCO₂ per annum
ƒReduction strategies and alternative
technologies to reduce emissions
Property (continued)
Addressing climate risk
We are committed to reducing the impacts of climate change and have adopted
the following targets to align our focus with the objectives of the Paris Agreement.
Achieving  these goals will reduce our carbon emissions and help limit global warming
to less then 2 degrees.
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To p:
Award winning
The Gateway
development at
the entrance to
Highbrook won an
Excellence Award
in the industrial
category  at the
2019 Property
Council Awards.
Below:
Electric vehicles
New electric
charging technology
is being incorporated
into many new
developments.

Recognising that our corporate
performance depends strongly
on the quality of our partnerships,
we seek to establish long-term,
mutually beneficial relationships
with all our stakeholders.
The material factors critical to the success of our
business include:
ƒCustomer attraction and retention
ƒCapital structure and financial results
ƒRisk management
ƒCorporate governance
We critically assess our performance and provide investors,
regulators, customers and community partners with detailed
information about our business activities. Transparent and robust
governance structures give these stakeholders confidence
in our reporting and we engage regularly across a variety of
communication channels.
Financial stability is a prerequisite for a sustainable business.
Maintaining high occupancy and customer retention levels is an
ongoing focus. The strength of these businesses underpins our
own financial performance, providing the strong rental cashflows
that drive our earnings.
We have a disciplined approach to investment and manage
prudently ensuring we retain a strong balance sheet. The strength
of our financial position is reflected in the investment grade credit
rating of BBB from Standard & Poor’s. The rating has remained
stable since it was first assigned in 2009.
Ensuring risk is managed effectively is the responsibility of the
Board. This includes consideration of all strategic, operational,
financial and compliance risk. Pandemics and climate change are
included within the risk framework of the business.
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2019 Annual
Meeting
Around 120
Unitholders and guests
took the opportunity
to meet the Board and
Goodman staff at last
year’s meeting, held at
Eden Park.

TargetProgress
Retain BBB investment grade
credit rating
ƒContinue to meet financial targets while maintaining gearing within the 25% to 35% target range
ƒTarget occupancy of more than 95%
Governance and reporting ƒMaintain alignment with the NZX Corporate Governance Code
ƒBoard renewal to occur over the medium-term
ƒMaterial factors to be reviewed and GRI reporting framework to be adopted from 2021
External certification
ƒFuture CDP submissions to include independent audit assurance
ƒGreen Star Performance pilot assessment to complete in FY21
Corporate performance (continued)
A commitment to improving our
environmental performance led Goodman
to first participate in the Carbon Disclosure
Project (CDP) in 2009. The global initiative
encourages companies, cities, states
and regions to monitor greenhouse gas
emissions and implement strategies to
reduce carbon pollution and minimise
climate change impacts.
CDP released the results of its 2019 global
survey in January 2020. There were
approximately 15 NZX companies that
contributed data and CDP evaluated more
than 8,400 organisations worldwide. The
Trust received a rating of B- which was
consistent with the previous year and better
than the average rating of C.
You can find out more about the Carbon
Disclosure Project and the rating process
at www.CDP.net.
We are an active and respected industry
participant and work to advance the
interests of all our stakeholders. The
governance framework we have adopted
provides transparency and helps ensure
we achieve these objectives.
The corporate governance section on
page  84 provides further detail and
compares our approach against the
principles and recommendations of the
NZX Corporate Governance Code.
Established and transparent reporting
structures, that follow credible and proven
frameworks, create the foundations of a
sustainable long-term business.
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Green Star
Performance
A pilot study is
underway at
Highbrook. The
rating tool provides
an independent
assessment
of a building’s
environmental
performance.

Focusing on the following material
factors helps create a safe and
inclusive business:
ƒHealth and safety
ƒDiversity and workplace
ƒStakeholder engagement
ƒCommunity and investment
The health, safety and wellbeing of our
people, our customers, our contractors
and the wider community, is fundamental
to our business. We work to ensure our
obligations under the Health and Safety
at Work Act 201 5 are complied with every
day. Extensive training and induction
programmes together with comprehensive
safety procedures and work practices,
help us with the aim of no serious harm
accidents across all our workplaces.
It’s a goal that we’re proud to have achieved
over the last two years.
Goodman's values guide how we think
and act, upholding high standards of
professional behaviour and ensuring
we work in the best interests of all our
stakeholders.
We celebrate individual differences and
have a comprehensive inclusion and
diversity policy that sets goals across
gender, ethnicity and age. Flexible work
practices and employment policies that
encourage diversity, help reduce bias and
ensure we are an inclusive and progressive
organisation.
To further empower our people we have
a wellbeing programme focused on their
health and happiness. These initiatives
include annual flu vaccines and skin
checks, run & walk events at Highbrook
Business Park, Steptember fundraising
and touch rugby at Victoria Park. Through
the Employee Assistance Programme staff
also have access to confidential workplace
support any time they need it.
We provide training and development
opportunities for our team members and
encourage participation in our industry
with an annual scholarship for an Auckland
University property student.
Regular communication with all our
community stakeholders, using both formal
and informal channels, helps support our
social initiatives. The Goodman Foundation
aims to improve the quality of life, standard
of living and health of people in the
communities where we operate.
See pages 25 to 26 for a profile of the
charities and groups that benefit from our
community participation.
We believe that a business
with a safe and inclusive
culture, that is positively
connected with its
community, will deliver
superior long-term results.
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2020 Highbrook
Fun Run
Over 600 participants
chose to either run or
walk the picturesque
course around the
estate, raising money
for local charities.

People and culture (continued)
TargetProgress
Safe workplaces
ƒTarget of zero serious harm injuries across all Goodman
workplaces and contractor-controlled worksites
ƒGoodman safety framework with training and induction
programmes
ƒContractor induction and certification
Diverse workplace
ƒGender, ethnicity and age representation targets set
for  2023
ƒUpdated work policies and practices encourage a more
diverse business
ƒPartnering with Champions for Change and Diversity Works
Goodman values
demonstrated widely
and consistently
ƒInternal training and communication programmes to
promote corporate values
ƒFormal performance assessments include measurement
against Goodman values
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Top left:
Steptember 2019
The Goodman team
after a morning
collecting rubbish
around Highbrook’s
esplanade reserve.
To p r i g h t :
Jason Gillard
Is a young man
who has overcome
learning difficulties to
become Goodman’s
architectural model
m a ke r.
Left:
Goodman
superheroes
Team members
hosted  a fun day
for the pupils of
Auckland Central
Specialist School in
September 2019.

The Goodman Foundation is committed to doing good in
local communities all around the world, partnering with
dedicated organisations to improve social outcomes.
Supporting the various stakeholder
groups in the communities where
we operate is fundamental for a
business focused on long-term
relationships and sustainable growth.
We support our community partners
in  four  ways:
1. Cash grants
Provided to fund a project or
programme or meet an immediate need,
these donations include both annual
and multi-year funding commitments.
2. Do good
Do good is a staff engagement
programme where the Goodman
team are encouraged to volunteer
their time or participate in fundraising
opportunities in support of a cause
close to their heart.
3. Giving back
This programme is a workplace
giving scheme where regular staff
contributions are matched dollar for
dollar by the Goodman Foundation.
4. In-kind support
Our facilities, expertise and surplus
equipment are donated to meet a
specific need. Temporary warehouse
space for a community organisation or
computer equipment for a local school
are examples.
We partner with
charities who, like
us are striving to do
good in the world,
in  three key areas.
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The Goodman Foundation (continued)
Cerebral Palsy
The Goodman Foundation has been the
global sponsor of Steptember for the
last five years. It’s an annual event that
encourages participants to get active and
walk 1 0,000 steps a day, while raising
money for local Cerebral Palsy charities.
In New  Zealand, Goodman entered
1 6  teams of four in the month-long event.
The teams raised $27,648 through
donations, sponsorships and various
fundraising events.
Goodman also sponsored and hosted
a special event at the Central Auckland
Specialist School during the month. The
Steptember fun day was a great success
with games, entertainment, superheroes
and  an ice mountain keeping the
1 50 students engaged.
www.cerebralpalsy.org.nz
KiwiHarvest
The largest of our community partnerships
in New Zealand is with KiwiHarvest, a food
rescue organisation that collects perishable
food that would otherwise be consigned
to landfill. The food is supplied to over
280 community agencies for redistribution
to  those in need.
Founded by Deborah Manning in Dunedin
in 201 2, and now with facilities in Auckland,
Hawke’s Bay and Queenstown, the service
has collected and redistributed 4.1  million kgs
of food over the last eight years.
The volume of food is equivalent to
1 0.5  million meals. It’s an exceptional
achievement only made possible through
the food contributions of over 250 donors
and the  collective efforts of more than
300  volunteers and staff.
The Goodman Foundation was an early
supporter, facilitating KiwiHarvest’s
Ongoing support
Through payroll giving and other
fundraising, financial contributions
were also made to the following
community and community health
organisations:
ƒ4U Mentoring
ƒDiabetes New  Zealand
ƒMiddlemore Foundation
ƒ Multiple Sclerosis Society of
New  Zealand
ƒRonald McDonald House
ƒStarship Foundation
The Goodman Foundation works with
charity  organisations who reduce waste and
support those in need by redistributing fresh
food  or useful  items.
The Foundation  works with charities that
support people living with a condition, illness
or disability, or  whose focus is on creating a
more inclusive and equitable community.
Food
rescue
and
environment
Community
and
community
health
expansion into Auckland in 2017 and
its recent move to larger premises at
Highbrook  Business Park in 2019.
www.kiwiharvest.org.nz
New Zealand Food Network
The Foundation is also proud to be
supporting the establishment of a
national food distribution network. It is
a  new initiative of Deborah Manning
that  is also addressing the issues of
food poverty and food waste.
With unemployment increasing as a
result of  COVID -1 9 , the number of
families impacted by food poverty is
escalating rapidly. The establishment
of a countrywide network, supported
by the government, will allow a
much greater volume of food to be
redistributed to areas that need it
the most.
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Left:
KiwiHarvest
The food rescue
organisation has its
Auckland head office
and distribution centre
located at Highbrook
Business Park.
Right:
Cerebral Palsy
Goodman extended
its partnership with
Cerebral Palsy last year
hosting an event for
the children at Central
Auckland Specialist
School.

The Goodman Foundation (continued)
Great Potentials
Foundation
HIPPY (Home Interaction Programme
for Parents and Youngsters) is an
early childhood education initiative of
the Great  Potentials Foundation. It is
a home-based learning system with
weekly workbooks and activities that
help children become competent
learners before they start school.
The programme is designed
specifically for those parents who
may not feel comfortable in their own
abilities to support their children’s
education.
www.greatpotentials.org.nz
Safer families
Everyone has the right to be safe,
have shelter, be fed, be loved, to
dream, have their say and be heard.
The Aunties and Women’s Refuge are
two organisations supporting families
impacted by domestic violence. Both
charities received donations from the
Goodman Foundation last year.
www.aunties.co.nz
www.womensrefuge.org.nz
Duffy Books in Homes
Recognising that children who can’t read
often become adults who can’t write, led
author Alan Duff to establish this nationwide
reading initiative in 1 994. Helping break
the cycle of ‘booklessness’, more than
1 2  million books have been distributed
with 700+ schools and education
centres participating.
The Goodman Foundation currently
sponsors three South Auckland primary
schools, with 1,500 students each
receiving  five new books a year.
They include:
ƒFairburn School, Otahuhu
ƒSir Edmund Hillary Junior School,
Otara
ƒWiri Central School, Wiri
Strong relationships have been
established with these schools and
additional donations of surplus IT
equipment have also been made in
recent years.
www.booksinhomes.org.nz
Scholarships
Through its sponsorship of the Tania
Dalton Foundation and Keystone Trust,
the Goodman Foundation is supporting
annual scholarships for young athletes and
students who face circumstantial hardship
that restricts their opportunities.
Both organisations include mentoring and
extensive pastoral care to help recipients
achieve their potential, develop as people
and make a difference in their communities.
www.taniadaltonfoundation.org.nz
www.keystonetrust.org.nz
Children
and
youth
The benefits of early intervention, quality
education and ongoing assistance underpins
the Goodman Foundation’s work with
charitable organisations that help to protect,
nurture and support children and young people.
The Goodman Foundation has been
a Duffy supporter for more than
10  years. Providing Kiwi kids with books
that inspire a lifelong love of reading
stimulates learning and helps them
achieve their potential.
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Duffy Books
A Duffy Kid enjoying
one of the five free
books every child
on the programme
receives, each year.

Customer mix
GMT’s broad
customer base is
dominated by the
warehousing and
distribution sectors
but it also includes
manufacturing
businesses.
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Financial
summary
A substantial portfolio revaluation has
been a significant contributor to GMT’s
$284.4 million profit before tax.
OverviewFY20FY19% change
Profit before tax ($m)284.4334.8(15.1)
Profit after tax ($m)261.9319.5(18.0)
Movement in fair value of investment property ($m)165.8201.9(17.9)
Adjusted operating earnings before tax ($m) 109.7117.0(6.2)
Adjusted operating earnings after tax ($m)
1
90.599.5(9.0)
Adjusted operating earnings per unit before tax (cpu)
1
8.169.04(9.7)
Adjusted operating earnings per unit after tax (cpu)
1
6.737.68(12.4)
Cash earnings per unit (cpu)
2
6.226.24(0.3)
Cash distribution per unit (cpu)6.656.65–
Loan to value ratio (%)
3
18.919.7(4.1)
Net tangible assets (cpu)172.7157.010.0
Management expense ratio0.860.798.9
Management expense ratio (%)
– excluding performance fee0.470.462.2
Non-GA AP financial measures may not be calculated in a manner consistent with other entities.
(1)
Adjusted operating earnings is a non-GA AP financial measure that includes the Trust’s share
of Wynyard  Precinct Holdings Limited  joint venture in FY19. Refer to note 3.1 of GMT’s financial
statements for further information.
(2)
Cash earnings is a non-GA AP financial measure that assesses underlying operating cashflows, on a per
unit basis, after adjusting for borrowing costs and Manager’s base fee capitalised to land and expenditure
related to building maintenance. Cash earnings for the prior period have been restated for consistency
with FY20, treating the management fee as if it had been paid in cash.
(3)
Refer to note 2.6 of GMT’s Financial Statements.
(4)
Operating earnings is a non-GA AP financial measure included to provide an assessment of the
performance of GMT’s principal operating activities. Calculation of operating earnings is as set out
in  GMT’s  Profit or Loss statement.
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The revaluation of the Trust’s property
portfolio contributed $1 65.8 million of fair
value gains to this year’s profit. The 5.7%
rise in asset values reflects the quality of the
portfolio, higher market rentals and positive
investor sentiment toward Auckland
industrial property.
These factors are reflected in the portfolio’s
average capitalisation rate which has
strengthened 40 bps over the last
1 2  months to 5.4% , while market rents have
increased by 5. 2% on a like-for-like basis.
The uplift in the value of the Trust’s property
portfolio follows the 8.2% or $201.9 million
increase recorded last year. Although still
substantial, the lower portfolio revaluation
is one of the main variances with last year’s
profit before tax of $334.8 million. The prior
year also benefitted from the $35.1  million
profit on disposal achieved with the sale of
GMT’s 5 1 % interest in the Wynyard Precinct
Holdings Limited joint venture.
Adjusting for these and other cash and
non-cash items provides the reconciliation
between profit and operating earnings.
4

Operating performance
Sustained customer demand, driven
by low vacancy rates and continued
economic growth, was reflected in strong
leasing results and new development
commitments during the year. Earlier asset
sales have provided the balance sheet
capacity to fund these new projects. It has
also allowed the Trust to make strategic
acquisitions, acquiring the T&G Global
facility in Mt Wellington.
The additional rental income from these
new developments and acquisitions
has offset the reduction in income from
asset sales, with net rental income of
$1 45.3  million being a record for GMT.
The largest of the expense variances is the
base management fee of $1 1 .1 million. This
expense has previously been excluded
from operating earnings with the Manager
required to use this fee to subscribe
for new units in the Trust. The five-year
requirement, implemented by the Manager
to support the Trust while the portfolio was
repositioned, expired in FY1 9.
In contrast to the base management
fee, any performance fee earned by the
Manager is required to be reinvested into
new units and is excluded from operating
earnings. This Trust Deed requirement
ensures the interests of the Manager are
well aligned with the interests of other
investors. The investment performance
of the Trust was one of the strongest
of any NZX50 entity during FY20. The
performance fee of $1 1 .4 million reflects
GMT’s relative performance against
its listed peers, delivering Unitholders
a total return of 28.1% compared to the
benchmark return of (1 1 .3)%.

Financial summary (continued)
29
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
This is
Goodman
Ye a r i n
review
Property
portfolio
Corporate
responsibility
and
sustainability
Financial
results
Other
information
Net interest costs of $21 .9 million are
comparable to the prior year on a look
through basis that includes GMT’s share
in the Wynyard Precinct Holdings Limited
joint venture. This entity was contracted
for sale in May 201 8 and disposed of in
December 201 8.
Administrative expenses have reduced
slightly to $2.6 million.
The revenue and expense items described
above result in adjusted operating earnings
before tax of $1 09.7 million for FY20. This
compares with adjusted operating earnings
before tax of $1 1 7.0 million for FY1 9 or
$1 07.7 million when normalised to include
the base management fee paid in units.
On a weighted average unit basis, operating
earnings before tax were 8.1 6 cents per unit
and 6.73 cents per unit after tax. Full year
cash distributions paid to Unitholders total
6.65 cents per unit.
Balance sheet
The extensive sales programme that has
repositioned the Trust and deleveraged the
balance sheet was completed during the
year with the last of the contracted sales
settling. GMT’s investment strategy is now
focused on the Auckland industrial sector.
It has been a successful strategy that has
funded new development projects and
strategic acquisitions.
New equity initiatives raising $1 75 million at
$2.1 0 per unit have further reduced gearing
and provided GMT with even greater
financial flexibility.
At 31 March 2020, the Trust had a loan
to value ratio (LVR) of just 1 8.9% with
committed gearing of 20.6% . It’s a
conservative level, well below the 50%
maximum allowed under the Trust Deed
and debt facility covenants.
While the fair value movements from
GMT’s portfolio revaluation are excluded
from operating earnings, they are the main
drivers of the 1 0% increase in net tangible
asset backing to 1 72.7 cents per unit (on a
fully diluted basis).
Taxation
A total tax expense of $22.5 million results
in an after-tax profit of $261 .9 million, an
1 8% decrease from the $31 9.5 million
recorded in FY1 9.
Tax on adjusted operating earnings reflects
an effective rate of 1 7.5% , compared to
1 5.0% previously.
Along with other commercial property
investors GMT will benefit from the
reinstatement of tax deductions for building
depreciation. Effective from 1 April 2020,
the legislative change is expected to reduce
the amount of tax paid by GMT in FY21 by
around $4 million.
Cash earnings
Cash earnings is a non-GAAP measure
that assesses free cash flow, on a per unit
basis, after adjusting for certain items.
The table below shows how the Trust’s
cash earnings are calculated and how
this compares to the distribution it pays.
The base management fee, that was
paid  in units, has been included in FY1 9
to compare cash earnings on a like-for-
like basis.
Despite the balance sheet deleveraging
that has occurred during the year, cash
earnings are materially consistent with the
previous year at 6. 22 cents per unit.

GMT Bond Issuer Limited
GMT Bond Issuer Limited received
$1 9.7 million of interest income and
incurred $1 9.7 million of interest expense.
The interest income and interest expense
amounts are unchanged from the
previous year.
Standard & Poor’s has maintained the credit
rating of all Goodman+Bonds at BBB+.
This is one notch higher than the Trust’s
investment grade issuer rating of BBB as
a result of the mortgage security held over
GMT’s property portfolio.
$ million
FY20
FY1 9
Adjusted operating earnings before tax109.7117.0
Tax on adjusted operating earnings(19.2)(17.5)
Adjusted operating earnings after tax
5

90.599.5
Base management fee – paid in units–(9.3)
Capitalised borrowing costs – land
6
(3.7)(6.0)
Capitalised management fees – land(0.3)(0.5)
Maintenance capex(2.9)(3.1)
Cash earnings83.680.6
Cash earnings (cpu)6.226.24
Distributions per unit (cpu)6.656.65
Distributions % of cash earnings106.9106.6
(5)
Refer to note 3.1 of GMT’s Financial Statements.
(6)
Refer to note 2.1 of GMT’s Financial Statements.

Financial summary (continued)
30
Goodman
Property Trust
Annual Report
2020
GMT Bond
Issuer Limited
Annual Report
2020
Five year financial summary
$ millionFY20FY19FY18FY17FY16
Profit or loss
Net property income145.3126.8130.1134.2133.8
Share of operating earnings before tax from joint ventures–2.110.38.46.3
Net interest costs(21.9)(16.0)(18.7)(18.0)(20.5)
Administrative expenses(2.6)(2.7)(2.6)(2.9)(2.6)
Manager’s base fee(11.1)––––
Operating earnings before other income / (expenses) and income tax109.7110.2119.1121.7117.0
Movement in fair value of investment property165.8201.983.8114.7145.8
Disposal of investment property0.3–0.5(4.3)(1.1)
Profit on disposal of joint venture–35.1–––
Dividend income from joint venture–2.1–––
Share of other (expenses) / income and tax from joint ventures–(0.5)20.6(1.4)(2.2)
Movement in fair value of financial instruments20.03.2(8.5)(2.5)(5.3)
Manager’s base fee expected to be reinvested in units–(8.6)(8.3)(7.7)(6.3)
Manager’s performance fee expected to be reinvested in units(11.4)(8.6)–––
Profit before tax284.4334.8207.2220.5247.9
Current tax(15.1)(16.2)(16.5)(17.8)(17.8)
Deferred tax(7.4)0.93.311.13.0
Profit after tax attributable to unitholders261.9319.5194.0213.8233.1
Adjusted operating earnings before tax per unit (cpu)8.169.049.259.519.41
Adjusted operating earnings after tax per unit (cpu)6.737.687.898.287.88
Cash earnings per unit (cpu)6.226.24–––
Cash distribution per unit (cpu)6.656.656.656.656.65
Balance sheet
Investment property3,074.02,633.42,231.02,249.32,275.3
Investment property contracted for sale–43.5238.67.743.8
Investment in joint venture––114.370.763.2
Total assets3,168.42,720.52,719.52,460.72,475.5
Borrowings for LVR calculation569.9519.0571.3681.8753.2
Total liabilities766.3674.3925.8785.8939.3
Total equity2,402.12,046.21,793.71,674.91,536.2
Loan to value ratio (%)18.919.725.629.332.8
NTA per unit (cpu)172.7157.0138.9130.4120.4
Unit price at 31 March (cpu)214.5173.0133.0120.5132.0
Property portfolio
7, 8

Net lettable area (sqm)
9
1,059,2631,004,7941,111,244989,3001,040,991
Weighted average capitalisation rate (%)5.45.86.26.56.95
Investment portfolio occupancy (%)9998989897
Weighted average lease term (years)5.55.26.15.85.7
Customers (number)206179264240281
(7)
Property portfolio metrics includes GMT’s joint venture interests where applicable.
(8)
After all contracted sales, including post balance date transactions.
(9)
Net of canopies and yard.

For the year ended 31 March 2020
31
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust
ACCO,
Highbrook
Business Park
This customer
is a supplier and
distributor of
stationery and
art-related
consumer products.
The Board of Goodman (NZ) Limited, the Manager of Goodman Property
Trust, authorised these financial statements for issue on 27 May 2020.
For  and on behalf of the Board:
Keith Smith Peter Simmonds
Chairman Chairman, Audit Committee
Contents
Profit or loss 32
Balance sheet 33
Cash flows 34
Changes in equity 35
General information 36
Notes to the financial statements
1. Investment property 38
2. Borrowings 48
3. Earnings per unit and net tangible assets 52
4. Derivative financial instruments 53
5. Administrative expenses 54
6. Debtors and other assets 55
7. Creditors and other liabilities 55
8. Tax 56
9. Related party disclosures 58
10. Commitments and contingencies 61
11. Reconciliation of profit after tax to net cash flows
from operating activities 62
12. Financial risk management 63
13. Operating segments 65
14. Other subsequent events 65
Independent auditor’s report 66

Profit or loss
For the year ended 3 1 March 2020
$ millionNote20202019
Property income1 .1171.8155.2
Property expenses(26.5)(28.4)
Net property income145.3126.8
Share of operating earnings before tax from joint venture–2.1
Interest cost2.1(22.6)(20.9)
Interest income2.10.74.9
Net interest cost(21.9)(16.0)
Administrative expenses5.1(2.6)(2.7)
Manager’s base fee9(11.1)–
Operating earnings before other income / (expenses) and tax109.7110.2
Other income / (expenses)
Movement in fair value of investment property1.4165.8201.9
Disposal of investment property0.3–
Profit on disposal of joint venture–35.1
Dividend income from joint venture–2.1
Share of other expenses and tax from joint venture–(0.5)
Movement in fair value of financial instruments4.120.03.2
Manager’s base fee expected to be reinvested in units9–(8.6)
Manager’s performance fee expected to be reinvested in units9(11.4)(8.6)
Profit before tax284.4334.8
Ta x
Current tax on operating earnings8.1(19.2)(16.7)
Current tax on non-operating earnings8.14.10.5
Deferred tax8.1(7.4)0.9
Total tax(22.5)(15.3)
Profit after tax attributable to unitholders261.9319.5
There are no items of other comprehensive income, therefore profit after tax attributable to unitholders equals total comprehensive income attributable to unitholders.
CentsNote20202019
Basic earnings per unit after tax3.119.4824.68
32
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

Balance sheet
As at 3 1 March 2020
$ millionNote20202019
Non-current assets
Investment property1.33,074.02,633.4
Other assets0.7–
Derivative financial instruments4.275.125.0
Deferred tax assets8.2–1.9
Total non-current assets3,149.82,660.3
Current assets
Investment property contracted for sale1.8–43.5
Debtors and other assets68.013.6
Derivative financial instruments4.21.6–
Cash9.03.1
Total current assets18.660.2
Total assets3,168.42,720.5
Non-current liabilities
Borrowings2.2523.5585.1
Lease liabilities2.560.1–
Derivative financial instruments4.215.612.1
Deferred tax liabilities8.231.926.4
Total non-current liabilities631.1623.6
Current liabilities
Borrowings100.0–
Creditors and other liabilities729.647.6
Lease liabilities2.53.2–
Current tax payable2.43.1
Total current liabilities135.250.7
Total liabilities766.3674.3
Net assets2,402.12,046.2
Total equity2,402.12,046.2
33
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

$ millionNote
2020
2019
Cash flows from operating activities
Property income received178.0153.1
Property expenses paid(37.8)(29.3)
Interest income received0.24.9
Borrowings interest costs paid(19.5)(20.6)
Lease liabilities interest costs paid(3.1)–
Administrative expenses paid(2.6)(2.7)
Manager’s base fee paid(15.4)(8.6)
Manager’s performance fee paid(8.6)–
Net GST received / (paid)0.2(0.8)
Ta x p a i d(15.8)(16.8)
Net cash flows from operating activities
11
75.679.2
Cash flows from investing activities
Payments for the acquisition of investment properties(107.0)(98.8)
Proceeds from the sale of investment properties56.1233.0
Capital expenditure payments for investment properties(115.3)(130.7)
Holding costs capitalised to investment properties(9.9)(13.5)
Proceeds from the sale of joint venture–154.2
Repayments from joint venture–107.5
Dividends received from joint venture–2.1
Net cash flows from investing activities(176.1)253.8
Cash flows from financing activities
Proceeds from borrowings162.0256.0
Repayments of borrowings(149.0)(506.0)
Proceeds from the issue of units185.910.4
Distributions paid to unitholders(89.4)(86.0)
Settlement of derivative financial instruments(3.1)(9.0)
Net cash flows from financing activities106.4(334.6)
Net movement in cash5.9(1.6)
Cash at the beginning of the year3.14.7
Cash at the end of the year9.03.1
Cash flows
For the year ended 3 1 March 2020
34
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

Note
Distribution
per unit
(cents)
Number
of units
(million)
Units
($ million)
Unit based
payments
reserve
($ million)
Retained
earnings
($ million)
Total
($ million)
As at 1 April 20181,287.81,408.75.3379.71,793.7
Profit after tax––319.5319.5
Distributions paid to unitholders6.65––(86.0)(86.0)
Manager’s base fee – earned9–10.4–10.4
Manager’s performance fee – earned9–8.6–8.6
Issue of units
Manager’s base fee – settled97.110.4(10.4)––
As at 31 March 20191,294.91,419.113.9613.22,046.2
Profit after tax––261.9261.9
Distributions paid to unitholders6.65––(89.4)(89.4)
Manager’s performance fee – earned9–11.4–11.4
Issue of units
Manager’s base fee – settled92.95.3(5.3)––
Manager’s performance fee – settled94.78.6(8.6)––
Placement – September 201971.4150.0––150.0
Retail Unit Offer – October 201911.925.0––25.0
Issue costs incurred–(3.0)––(3.0)
As at 31 March 20201,385.81,605.011.4785.72,402.1
There are no items of other comprehensive income to include within changes in equity, therefore profit after tax equals total comprehensive income.
Significant transactions
In September 201 9, GMT raised $1 50.0 million of new equity through an underwritten placement (“Placement”). The price of the Placement units was fixed at $2.1 0 per unit. The new units were
allotted on 24 September 201 9 and rank equally with existing units.
In October 201 9, GMT raised $25.0 million of new equity through a retail unit offer (“Retail Unit Offer”). The price of the Retail Unit Offer units was fixed at $2.1 0 per unit. The new units were allotted on
25 October 201 9 and rank equally with existing units.
Subsequent event
On 27 May 2020 a cash distribution of 1 .6625 cents per unit with 0.217521 cents per unit of imputation credits attached was declared. The record date for the distribution is 1 1 June 2020 and
payment will be made on 1 8 June 2020.
Changes in equity
For the year ended 3 1 March 2020
35
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

Reporting entity
Goodman Property Trust (“GMT” or the “Trust”) is a unit trust established on
23 April 1999 under the Unit Trusts Act 1960. GMT is domiciled in New Zealand.
The Manager of the Trust is Goodman (NZ) Limited (“GNZ”) and the address of its
registered office is Level 2, 18 Viaduct Harbour Avenue, Auckland.
The financial statements presented are consolidated financial statements for
Goodman Property Trust and its subsidiaries (the “Group”).
GMT is listed on the New Zealand Stock Exchange (“NZX”), is an FMC reporting
entity for the purposes of the Financial Markets Conduct Act 2013 (“FMCA”) and
the Financial Reporting Act 2013 and is an Equity Security for the purposes of the
NZX Main Board Listing Rules.
The Group’s principal activity is to invest in real estate in New Zealand.
Basis of preparation and measurement
The financial statements of the Group have been prepared in accordance with the
requirements of Part 7 of the FMCA and the NZX Main Board Listing Rules. The
financial statements have been prepared in accordance with New Zealand Generally
Accepted Accounting Practice (“NZ GAAP”), comply with New Zealand Equivalents
to International Financial Reporting Standards (“NZ IFRS”), other New Zealand
accounting standards and authoritative notices that are applicable to entities
that apply NZ IFRS. The Group is a for-profit entity for the purposes of complying
with NZ GAAP. The financial statements also comply with International Financial
Reporting Standards (“IFRS”).
The financial statements have been prepared on the historical cost basis except for
assets and liabilities stated at fair value as disclosed.
The financial statements are in New Zealand dollars, the Group’s functional currency,
unless otherwise stated.
Basis of consolidation
The financial statements have eliminated in full all intercompany transactions,
intercompany balances and gains or losses on transactions between controlled
entities.
Significant estimates and judgements
Management is required to make judgements, estimates, and apply assumptions that
affect the amounts reported in the financial statements. These have been based
on historical experience and other factors management believes to be reasonable.
Actual results may differ from these estimates and the difference may be material.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions
to accounting estimates are recognised in the period in which the estimate is revised
and in the future periods affected.
The significant judgements made in the preparation of these financial statements are
detailed in the following notes:
ƒInvestment property (note 1.4)
ƒDerivative financial instruments (note 4.1)
ƒDeferred tax (note 8.2)
Significant accounting policies
Units are classified as equity. If new units are issued in the year, any external costs
directly attributable to the issue are deducted from the proceeds received.
Distributions are recognised in equity in the period in which they are paid.
Other significant accounting policies are disclosed in the relevant notes.
Changes in accounting policy
The accounting policies and methods of computation used in the preparation of
these financial statements are consistent with those used in the financial statements
for the year ended 31 March 2019, other than following the adoption of NZ IFRS 16
‘Leases’ as detailed in notes 1.5 and 2.5. Where necessary, comparative figures have
been adjusted to conform with changes in presentation in the financial statements.
New accounting standards now adopted
On 1 April 2019 the Group adopted NZ IFRS 16, which has replaced the previous
guidance in NZ IAS 17 ‘Leases’.
Under NZ IFRS 16 a contract is, or contains, a lease if the contract conveys the
right to control the use of an identified asset for a period of time in exchange for
consideration. Under NZ IAS 17, a lessee was required to make a distinction between
a finance lease (on balance sheet) and an operating lease (off balance sheet).
NZ IFRS 16 requires the recognition of ‘right-of-use assets’ representing the fair
value of the occupational ground leases and ‘lease liabilities’ reflecting the present
value of future lease payments for the occupational ground leases.
As a lessor of investment property leased to customers, the new standard has
resulted in no changes to the recognition and measurement of leases when
compared to existing accounting policies.
As a lessee, GMT’s exposure is in respect of occupational ground leases at Westney
Industry Park and The Gate Industry Park.
The Group adopted NZ IFRS 16 using the modified retrospective method of adoption
with the date of initial application of 1 April 2019. Under this method, the standard is
applied retrospectively with the cumulative effect of initially applying the standard
recognised at the date of initial application. No adjustment is made to comparative
disclosures.
General information
For the year ended 3 1 March 2020
36
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

General information—continued
NZ IFRS 16 has amended the scope of NZ IAS 40 ‘Investment Property’ by defining
investment property to include both owned investment property and investment
property held by a lessee as a right-of-use asset. This results in lessees using either
the cost model and disclosing fair value, or using the fair value model, depending on
whether the lessee accounts for the remainder of its investment property under the
cost model or the fair value model. GMT uses the fair value model.
On the 1 April 2019 adoption date, a lease liability of $61.7 million has been recorded
with the value of the right-of-use asset embedded in the fair value of the underlying
investment property. Stabilised investment property increased by $61.7 million to
adjust for cash flows relating to lease liabilities already recognised separately on the
balance sheet and also reflected in the investment property valuations. This results
in no change to net assets and no impact to profit. There are no changes to net cash
flows recognised as a result of adoption of the new standard.
The effect of adopting NZ IFRS 16 as at 1 April 2019, in respect of occupational
ground leases is as follows:
$ million
NZ IAS 17
recognition at
31 Mar 19
Adoption
impact
NZ IFRS 16
recognition at
1 Apr 19
Investment property2,633.461.72,695.1
Lease liabilities–(61.7)(61.7)
2,633.4–2,633.4
Upon adoption of NZ IFRS 16, the Group applied a single recognition and
measurement approach for all leases. The standard provides specific transition
requirements and practical expedients which have been applied by the Group.
The Group also applied the available practical expedients wherein it used a single
discount rate to a portfolio of leases with reasonably similar characteristics and used
judgements in determining the lease term where the contract contains options to
extend or terminate the lease.
A reconciliation of the minimum lease payments for ground leases that the Trust had
contracted to pay in future years at 31 March 2019 versus the lease liabilities balance
on adoption is as follows:
$ million31 Mar 201 9
Minimum lease payments to next lease renewal date25.5
Perpetual lease payments not committed192.2
Impact of discounting(156.0)
Total lease liabilities61.7

COVID-19 global pandemic
With effect from 26 March 2020, New Zealand was subject to Alert Level 4 restrictions
to counter the immediate impact of the global COVID-1 9 pandemic (https://covid1 9.
govt.nz/alert-system/alert-level-4/). The most immediate impact to the Group was to
the value of its investment property as at 3 1 March 2020, details of which are disclosed
in note 1 .4 on page 42.
The Group remains mindful of the ongoing impact of COVID-1 9 to the New Zealand
economy and continues to monitor them closely. In particular, the Group’s operations
are being managed conservatively and prudently in relation to potential impacts on
GMT resulting from COVID-1 9. Details of impacts on the Group subsequent to balance
date are disclosed in note 1 4 on page 65.
37
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

1. Investment property
Property income is earned from investment property leased to customers.
1 .1 Property income
$ million
2020
2019
Gross lease receipts156.2143.0
Service charge income20.218.4
Straight line rental adjustments1.71.0
Amortisation of capitalised lease incentives(6.3)(7.2)
Property income171.8155.2
Accounting policies
Property income from investment property leased to customers under operating leases is recognised on a straight-line basis over the term of the lease to the extent that future rental increases
are known with certainty. Fixed rental adjustments are accounted for to achieve straight-line income recognition. Where lease incentives are provided to customers, the cost of incentives is
recognised over the lease term on a straight-line basis as a reduction to rental income.
Service charge income is recognised for the recoverable portion of customer’s property operating expenses incurred in the accounting period.
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.
$ million
2020
2019
Yea r 1160.8140.1
Yea r 2147.3131.3
Yea r 3126.6111.9
Yea r 4106.693.3
Yea r 590.671.0
Year 6 and later357.6245.7
Total future contracted gross lease receipts989.5793.3
Notes to the financial statements
For the year ended 3 1 March 2020
38
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

Notes to the financial statements (continued)
For the year ended 31 March 2020
1. Investment property (continued)
1.3 Total investment property
This table details the total investment property value.
20202019
$ million
Stabilised
propertiesDevelopmentsLandTot a l
Stabilised
propertiesDevelopmentsLandTot a l
Core
Highbrook Business Park, East Tamaki1,527.643.445.81,616.81,322.853.460.31,436.5
Savill Link, Otahuhu361.918.41.5381.8292.531.12.3325.9
M20 Business Park, Wiri279.110.9–290.0247.2–7.0254.2
The Gate Industry Park, Penrose244.1––244.1232.5––232.5
Westney Industry Park, Mangere193.92.2–196.1122.70.7–123.4
Tot a l c o r e2,606.674.947.32,728.82,217.785.269.62,372.5
Value-add345.2––345.2260.9––260.9
Total investment property2,951.874.947.33,074.02,478.685.269.62,633.4
Included within stabilised properties is a gross-up equivalent to lease liabilities of $63.3 million (31 March 2019: $nil).
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.
Significant transactions
In May 201 9, GMT completed the acquisition of a property at Pilkington Road, Panmure (part of the value-add Tamaki Estate) for $9.9 million.
In July 201 9, GMT completed the disposal of the remaining properties at Show Place, Christchurch, a value-add estate, for $1 3.1 million. This sale resulted in a gain of $0.3 million over the
previous carrying value.
In September 201 9, GMT completed the acquisition of value-add estates at 2-6 Monahan Road, Mt Wellington and Favona Road, Mangere for $65.0 million and $29.0 million respectively.
During the year ended 3 1 March 2020 eleven developments were completed and were independently valued at a total of $1 56.1 million.
Subsequent event
In April 2020, GMT completed the acquisition of a value-add property at 7-8 Monahan Road, Mt Wellington, Auckland for $1 3.0 million.
39
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

Notes to the financial statements (continued)
For the year ended 31 March 2020
1. Investment property (continued)
1.4 Movement in fair value of investment property
Movement in fair value of investment property for the period is summarised below.
$ millionNote
2020
2019
Stabilised properties1.5148.1165.2
Developments1.622.526.2
Land1.7(4.8)–
Investment property contracted for sale1.8–10.5
Total movement in fair value of investment property165.8201.9
The movement in fair value of investment property contracted for sale represents the difference between contracted sale price and book value.
Key judgement
The carrying value of stabilised properties, substantially completed developments and land is the fair value of the property as determined by an expert independent valuer. The carrying value of
investment property contracted for sale reflects the contracted sale price.
Fair value reflects the Board’s assessment of highest and best use of each property at the end of the reporting period. If the Board’s view of highest and best use has changed any impact
on value will be assessed by independent valuations. Management review the valuations performed by the independent valuers for financial reporting purposes. Discussions of valuation
processes and results are held between the Board, the Chief Executive Officer, the Chief Financial Officer, the Management Valuation Committee, and the independent valuers at least twice
every year in line with the Group’s reporting dates. Full independent valuations are completed for stabilised properties, developments held at fair value and land at least annually. Developments
where fair value is not able to be reliably determined are carried at cost less any impairment. Additionally, at each financial year end all major inputs to the independent valuation reports are
verified and an assessment undertaken of all property valuation movements by management.
The fair values presented are based on market values, being the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing
seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. If this information is not available, alternative
valuation methods are used, such as; recent prices on less active markets; the capitalisation method, which determines fair value by capitalising a property’s sustainable net income at a market
derived capitalisation rate with capital adjustments made where appropriate; or discounted cash flow projections (“DCF”), which discount estimates of future cashflows by an appropriate
discount rate to derive the fair value. The key assumptions used in the valuations are derived from recent comparable transactions to the greatest extent possible; however, all three of the
valuation methods rely upon unobservable inputs in determining fair value for all investment property.
Valuations also reflect the following unobservable inputs, where appropriate: the quality of customers in occupation or responsible for meeting lease commitments or likely to be in occupation
after letting vacant accommodation, and the market’s general perception of their creditworthiness; the allocation of maintenance and insurance responsibilities between the Group and the
customer; and the remaining economic life of the property. When rent reviews or lease renewals are pending with anticipated reversionary increases, it is assumed that all notices and where
appropriate counter-notices have been served validly and within the appropriate time. All investment property is categorised as level 3 in the fair value hierarchy. Refer to note 1 2.6 for details of
the hierarchy and the Group’s transfer policy. During the year, there were no transfers of properties between levels of the fair value hierarchy.
40
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

Notes to the financial statements (continued)
For the year ended 31 March 2020
1. Investment property (continued)
1.4 Movement in fair value of investment property (continued)
The key inputs used to measure fair value of stabilised properties and developments held at fair value are disclosed below, along with the weighted average value for each input:
Valuation input valueMeasurement sensitivity
Key valuation inputDescription20202019
Increase in
the input
Decrease in
the input
Market capitalisation rateThe capitalisation rate applied to the market rental to assess a property’s
value. Derived from similar transactional evidence considering location,
weighted average lease term, customer covenant, size and quality of the
property. Used in the capitalisation method.
5.4%5.8%DecreaseIncrease
Market rentalThe valuer’s assessment of the annual net market income per square metre
(“psm”) attributable to the property; includes both leased and vacant areas.
Used in both the capitalisation method and the DCF method.
$137 psm$134 psmIncreaseDecrease
Discount rateThe rate applied to future cashflows; it reflects transactional evidence from
similar types of property assets. Used in the DCF method.
7.1%7.5%DecreaseIncrease
Rental growth rateThe rate applied to the market rental over the 10-year cashflow projection.
Used in the DCF method.
2.2% p.a.2.7% p.a.IncreaseDecrease
Terminal capitalisation rateThe rate used to assess the terminal value of the property. Used in the
DCF method.
5.5%6.0%DecreaseIncrease
The market capitalisation rate is the main determinant of value in the valuation of investment property. The impact of a 0.25% increase in the market capitalisation rate from
5.4% to 5.65% would be equivalent to a decrease of $132.2 million / 4.4% in the fair value of investment property.
Land is valued based on recent comparable transactions, resulting in land values ranging between $298 psm and $1,000 psm for industrial land (2019: between $246 psm
and $675 psm) and $1,000 psm for office land (2019: $1,485 psm).
41
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

Notes to the financial statements (continued)
For the year ended 31 March 2020
1. Investment property (continued)
1.4 Movement in fair value of investment property (continued)
Impact of COVID-19 global pandemic to the fair value assessment of investment property
COVID-19 was declared a ‘Global Pandemic’ by the World Health Organisation on 1 2 March 2020. Alert Level 4 restrictions were imposed across New  Zealand from 26 March 2020 (remaining in
place at 3 1 March 2020) with market activity being impacted and the real estate market being effectively frozen during this period and subsequently until Alert Level 2 was reached on 1 4 May 2020.
The fair value of an investment property represents the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s
length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. Due to the restrictions imposed, these elements did not exist
as at 31 March 2020. These are an unprecedented set of circumstances on which to determine fair market value. The registered valuers have indicated that less weight can be given to previous
market evidence for comparison purposes, to inform opinions of value at 31 March 2020. Therefore the valuations prepared have been reported on the basis of material valuation uncertainty. Less
certainty and a higher degree of caution should be attached to the valuations than would normally be the case. Given the unknown future impact that COVID-19 may have on the real estate market,
the registered valuers have recommended that the valuation of each property is kept under periodic review.
The original draft fair market value assessments as at 31 March 2020 were revised by the independent valuers to take into consideration the changes in the market and economic outlook created
by COVID-19, which resulted in a lower assessment of fair value than had been determined in the original draft valuations. Valuers changed key assumptions in their valuation assessments including
a reduction of market rental assumptions, consideration for rental abatements to support customers impacted by COVID-19, a decrease in rental growth rates and an increase in the market
capitalisation rate applied. All of these items contributed to a lower fair market valuation than originally assessed.
Changes in these key valuation inputs impact valuations as detailed on the preceding page, which also includes a sensitivity for changes to market capitalisation rates, the main determinant of
value in the valuation of investment property.
The following table details the movement in fair value of investment property during the financial year split between the first half (six months to 30 September 201 9) and the second half
(1  October  2019 to 31 March 2020). This shows that the fair value increase for the financial year occurred in the first half, with a slight devaluation recorded in the second half which includes
downward revisions for the impact of the COVID-19 pandemic.
1 H FY20 movements2H FY20 movements
$ million
Fair value at
31 Mar 201 9
Fair value
movement
Other
movements
Fair value at
30 Sep 201 9
Fair value
movement
Other
movements
Fair value at
31 Mar 2020
Stabilised properties2,478.6159.9239.02,877.5(11.8)86.12,951.8
Developments85.212.4(0.6)97.010.1(32.2)74.9
Land69.60.1(21.1)48.6(4.9)3.647.3
Total investment property2,633.4172.4217.33,023.1(6.6)57.53,074.0
Other movements comprise Acquisitions, Transfers In, Net Expenditure, Disposals, Transfers Out and the impact of NZ IFRS 16 adoption. See note 1.5 for an explanation of each item.
42
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

Notes to the financial statements (continued)
For the year ended 31 March 2020
1. Investment property (continued)
1.5 Stabilised properties
$ million
2020
Valuation
2019
Impact of NZ
IFRS 16
Acquisitions
/ transfers in
Net
expenditure
Disposals /
transfers out
Fair value
movement
Valuation
2020Valuer
Net lettable
area sqm
Weighted
market
cap rateOccupancy
WA LT
years
Core
Highbrook Business Park, East Tamaki1,322.8–105.95.5–93.41,527.6Colliers,
Savill,
CBRE
453,3805.3%99%6.3
Savill Link, Otahuhu292.5–46.01.2–22.2361.9Bayleys129,4665.1%100%6.7
M20 Business Park, Wiri247.2––0.5–31.4279.1JLL108,3915.6%100%4.9
The Gate Industry Park, Penrose232.50.3–2.7–8.6244.1CBRE85,4395.4%97%2.9
Westney Industry Park, Mangere122.763.04.20.6–3.4193.9Savills 105,7637.1%100%5.7
Tot a l c o r e2,217.763.3156.110.5
–
159.02,606.6
882,439
Value-add260.9–105.42.3(12.5)(10.9)345.2Colliers,
Savill,
CBRE,
JLL
176,8245.5%100%2.9
Total stabilised properties2,478.663.3261.512.8(12.5)148.12,951.81,059,2635.4%99%5.5
Impact of NZ IFRS 16reflects a gross-up equivalent to the lease liabilities.
Acquisitionsreflect the purchase price and any associated transaction costs.
Transfers inrepresent the net book value transferred into a category during the year.
Net expenditurecomprises capital expenditure, holding costs, straight line rental adjustments, leasing incentives and leasing costs paid, less any amortisation of
leasing incentives and leasing costs.
Fair value movementreflects the difference between the independent valuation and the net book value immediately prior to the valuation.
Disposalscomprise the net book value at the date of disposal for properties sold in the year.
Transfers outrepresent the net book value transferred out of a category during the year.
43
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust

Notes to the financial statements (continued)
For the year ended 31 March 2020
1. Investment property (continued)
1.5 Stabilised properties (continued)
$ million
2019
Valuation
2018
Acquisitions
/ transfers in
Net
expenditure
Disposals /
transfers out
Fair value
movement
Valuation
2019Valuer
Net lettable
area sqm
Weighted
market
cap rateOccupancy
WA LT
years
Core
Highbrook Business Park, East Tamaki1,091.3160.66.4–64.51,322.8Colliers,
Savill
432,6835.5%97%5.1
Savill Link, Otahuhu237.823.4––31.3292.5CBRE115,0755.8%100%6.6
M20 Business Park, Wiri233.6–––13.6247.2JLL108,4626.1%99%4.3
The Gate Industry Park, Penrose189.50.60.1–42.3232.5CBRE85,3615.5%98%3.3
Westney Industry Park, Mangere119.8–3.5–(0.6)122.7CBRE105,7777.9%98%6.2
Tot a l c o r e1,872.0184.610.0–151.12,217.7847,358
Value-add171.594.15.9(24.7)14.1260.9Colliers,
CBRE
114,3265.9%93%3.5
Total stabilised properties2,043.5278.715.9(24.7)165.22,478.6961,6845.8%98%5.2
Accounting policies
Stabilised properties are investment properties which are held to earn rental income. They are recorded initially at cost, including related transaction costs. After initial recognition, stabilised
properties are carried at fair value. A panel of expert independent valuers value the portfolio at least once each year, generally at 3 1 March. Fair values are based on estimated market values.
If  this information is not available, alternative valuation methods such as recent prices in less active markets, the capitalisation method, or discounted cash flow projections are used.
Stabilised property that is being redeveloped is carried at fair value and holding costs are capitalised to the property during redevelopment. Expenditure is capitalised to a property when it is
probable that it will provide future economic benefits to the Group. All other repairs and maintenance costs are charged to Profit or Loss.
Any gain or loss arising from a change in fair value is recognised in Profit or Loss.
When sold, the net gain or loss on disposal of stabilised property is included in Profit or Loss in the period in which the sale occurred. The gain or loss on disposal is calculated as the difference
between the carrying amount of the stabilised property on the Balance Sheet and the proceeds from sale net of any costs associated with the sale.
New accounting policies
For leases where the Group is a lessee, the Group recognises a right-of-use asset at the commencement date of the lease, being the date the underlying asset is available for use. Investment
property is defined to include both owned investment property and investment property held by a lessee as a right-of-use asset. The Group therefore measures all investment property using
the same measurement basis, being the fair value model. The value of the right-of-use assets represents the fair value of a freehold interest in the land subject to ground lease interests held by
GMT. Investment property is adjusted for cash flows relating to lease liabilities already recognised separately on the balance sheet and also reflected in the investment property valuations.
44
Goodman
Property Trust
Annual Report
2020
Financial
Statements
of Goodman
Property Trust