GMT Distribution Payment

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



nzx release+
GMT Distribution Payment
Date 17 September 2020
Release Immediate
Further to the announcement of 4 August 2020, Goodman (NZ) Limited, the Manager of
Goodman Property Trust, is pleased to advise that the first quarter distribution, for the
period ended 30 June 2020, will be paid to Unitholders today.
The latest edition of the Trust’s electronic newsletter, GoodResults, has also been
released. A copy of the newsletter is attached to this announcement and can be viewed
online at: https://indd.adobe.com/view/3ca4019b-0266-4603-a199-a43792b3b441

For further 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

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.3 bil lion, ranking it
in the top 20 of all listed investment vehicles and is New Zealand’s largest listed property investment vehicle. 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 S&P Global Ratings.

---

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




17 September 2020

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

Dear Unitholder

GOODMAN PROPERTY TRUST (“GMT” and “Trust”)
Goodman (NZ) Limited, the manager of GMT, is pleased to advise Unitholders that the
first quarter distribution, for the year ending 31 March 2021, has now been paid. The
distribution includes a cash component of 1.3250 cents per unit with 0.223479 cents
per unit of imputation credits attached.
The Board has reiterated its full-year guidance for FY21, with ca sh distributions of at
least 5.3 cents per unit expected to be paid. The guidance reflects a target payout ratio
of between 80% and 90% of GMT’s cash earnings and is subject to there being no
material adverse changes in market conditions or other unforeseen events.
If you have any questions about your distribution payment please contact our registrar,
Computershare, by telephone 0800 359 999 (within New Zealand) or +64 9 488 8777
(outside New Zealand).
GoodResults newsletter
The latest edition of the Trust’s electronic newsletter, GoodResults, is now available
online at https://indd.adobe.com/view/3ca4019b-0266-4603-a199-a43792b3b441
.
I encourage you to read the newsletter. It provides an update on GMT’s recent
operating performance, focusing on each of the following topic areas:
+ current demand drivers for industrial property
+ the investment strategy for the Trust
+ portfolio metrics and other key business indicators
+ new sustainability initiatives.
Yours faithfully,

Keith Smith
Chairman

---

Logistics space
for the world’s
greatest ambitions
Nau mai, Haere mai + Welcome
GoodResults+
Goodman Property Trust Newsletter
SEPTEMBER 2020 | ISSUE 1 1
|
M20 Business Park, Wiri

|
CourierPost’s distribution centre at Highbrook Business Park, East Tamaki
|
Last mile is the final stage in the delivery process when,
goods are dispatched to the consumer.
|
Last mile is the final stage in the delivery process when,
goods are dispatched to the consumer.
|
The delivery specialist occupies a 20,000 sqm warehouse
that includes a highly automated parcel sorting system.
|
CourierPost’s distribution centre at Highbrook Business Park, East Tamaki
A high-quality portfolio focused on urban logistics, is proving
to be a successful strategy for today’s changing world.
Successfully Adapting
To The New Normal
COVID-19 and the Alert Level
restrictions have highlighted the
important role a secure and efficient
supply chain plays in the orderly
functioning of a modern economy.
Warehouse and distribution facilities are a key
link in the supply chain providing companies with
the physical infrastructure to manage inventory.
Efficient freight networks link these businesses
with suppliers, customers and end consumers.
Consumers have responded to the risks of
COVID-19 by embracing the convenience and
safety of online sales and contactless delivery.
Reliance on e-commerce has grown accordingly
with a 30%
1
increase in online spending over the
6  months to 30 June 2020, compared to the same
period last year.
During Alert Levels 3 and 4, through late March and
mid-May 2020, the average weekly online spend in
the Food, Groceries and Liquor category was more
than 100%
1
higher than 12 months earlier.
The trend has been sustained beyond the initial
lockdown period and it highlights a continuing
shift in consumer behaviour with online sales now
making up almost 12%
1
of all retail sales in New
Zealand, for the six months ended 30 June 2020.
John Dakin, Chief Executive Officer said “With a
high-quality portfolio focused on urban logistics,
Goodman Property Trust is uniquely placed to
benefit from the growing demand for distribution
facilities close to consumers. The pandemic is
accelerating this trend with businesses responding
to the challenges and opportunities of a growing
online marketplace.”
John Dakin, said, “Maintaining a development
capability is essential if we are to meet the future
supply chain requirements of our customers. We’re
being disciplined with our investment decisions,
concentrating on infill sites and other opportunities
that provide the connectivity with major freight and
transport infrastructure that fulfilment and logistics
businesses demand.”
1
Sourced from New Zealand Post eCommerce Spotlight
Existing customers within the portfolio, such
as NZ  Post, are leasing additional space to
accommodate rapid business growth generated
by e-commerce.
Recent research from CBRE indicates that more
than 60% of logistics and distribution businesses
surveyed are considering expanding their property
requirements within the next two years.
John Dakin said “These structural trends are
positive for GMT, supporting high occupancy levels
and strong leasing results. It is also being reflected
in a renewed level of development enquiry.”
The Trust currently has six development projects
underway across Auckland, with two larger
build-to-lease projects ready to commence.
The eight projects have a combined total project
cost of $134.1 million and include expansions for
OfficeMax at Highbrook Business Park in East
Tamaki and Ingram Micro at M20 Business Park
in Wiri.
John Dakin, said, “Urban logistics is an integral part
of the modern supply chain and our development
pipeline continues to provide customers with
high-quality business premises close to major
transport networks in New Zealand’s largest
consumer market.”
The development programme continued
through Auckland’s Alert Level 3 restrictions in
August 2020. The six projects under construction
remain on schedule, with staggered completion
dates between now and February 2021.
With few greenfield sites remaining in the portfolio,
and limited land opportunities in Auckland, the
investment focus has been extended to include
assets that offer redevelopment potential.
Changing consumer
behaviour is driving
demand for logistics
and warehouse space.
GoodResults+
Goodman Property Trust Newsletter
SEPTEMBER 2020 | ISSUE 1 1 | Page 2

Own
Portfolio ValueOccupancyNew Leasing
Invested exclusively in the Auckland
industrial market, the portfolio
includes 11 properties in the key
industrial precincts of East Tamaki,
Mangere, Mt Roskill, Mt Wellington,
Otahuhu, Penrose and Wiri.
Low vacancy rates and limited new
supply have created a positive market
dynamic that is being reflected in
GMT’s record high occupancy rate.
More than 5% of the portfolio has
been leased on new or revised terms
since 1 April 2020. The new leasing
has helped maintain the weighted
average lease term at more than
five years.
$3 .1 b n99.5%54,586 sqm
Develop
Work in ProgressProject CompletionsDevelopment Pipeline
Includes six expansion and
development projects currently
underway together with two larger
build-to-lease projects that will
commence once a customer
pre-commitment is secured.
Adding almost 35,000 sqm of
rentable area to the portfolio the
11 projects that completed in FY20
achieved a yield on cost of 6.4%
and generated more than $22 million
of revaluation gains.
GMT’s remaining greenfield sites
and value add estates can support
the development of more than
200,000 sqm of new industrial facilities.
$13 4 .1 m$158.6 m
200,000+ sqm
Manage
Individual Properties Customer RelationshipsEquity Investors
GMT’s large estates include more
than 150 individual buildings.
These properties generate around
$145.3 million of annual net rental
income (FY20).
GMT’s 200 customers occupy over
1-million sqm metres of space, in high
quality facilities, across Auckland.
These are predominantly warehouse
and distribution focused businesses.
New Zealand domiciled institutional
and retail investors make up 57.3%
of GMT’s register. Offshore investors
own a further 21.3% while the ASX
listed Goodman Group holds a
21.4% cornerstone.
150+2009,300
GMT at
a Glance
GoodResults+
Goodman Property Trust Newsletter
SEPTEMBER 2020 | ISSUE 1 1 | Page 3

|
Electric forklifts reduce emissions and maximize air quality within warehouse spaces.
|
OfficeMax, Highbrook Business Park, East Tamaki
|
LED lighting and skylights are features of every new warehouse development.
|
Goodman are progressively renewing its vehicle fleet, with electric cars, as part of its climate strategy.
|
Solar energy initiatives allow customers to reduce operating costs.
|
Electric forklifts reduce emissions and maximize air quality within warehouse spaces.
Solar Energy Pilot
OfficeMax is an existing customer at Highbrook that is expanding its premises.
As part of the 7,350 sqm warehouse extension, the office product and business
consumable reseller is incorporating an 880 panel, solar array.
The northern orientation and extensive roof area
make the building ideal for solar technology and it is
expected that that the new system will provide more
than 20% of the customer’s electricity.
With over 400,000 kWh of capacity the system is
expected to generate enough electricity to power
57 New Zealand homes for a year. Using solar
as an energy source will also offset 39 tonnes of
greenhouse gas emissions, annually.
John Dakin said, “Sustainability is an increasing
area of focus for all our stakeholders and there are
various initiatives underway across the business
that will enhance our corporate performance and
reduce our environmental impact.”
Reducing Greenhouse Gas Emissions
Goodman has been a regular
contributor to the Carbon Disclosure
Project since 2009.
The global reporting initiative encourages
companies, cities, and states to monitor
greenhouse gas emissions and implement
strategies to minimise climate change impacts.
With a continued reduction in our carbon
emissions and now with independent audit
assurance, we are expecting to improve on
last year’s rating of B minus.
Goodman’s greenhouse gas emissions for FY20,
measured in tonnes of carbon, are detailed in the
table below.
Emissions summary tCO2e
Scope 1 5 9 6 . 2 5
Scope 2 17 3 . 0 5
Scope 3 1 0 8 . 0 1
Total inventory: 8 7 7. 3 1
The inventory includes the investment and
operational activities of Goodman in New Zealand
relating to Goodman Property Trust. It is a
comprehensive assessment that includes:
+ Refrigerants
+ Electricity
+ Petrol and diesel for vehicles and diesel fuel
for fire pumps
+ Air travel, domestic and international
+ Other travel and freight
+ Solid waste
The emissions inventory forms part of the
Goodman’s commitment to monitoring and
managing its greenhouse gas emissions. To help
mitigate the impact of climate change the following
targets have been adopted:
1. 100% renewable energy use by 2025
2. Carbon neutral operations by 2025.
The emissions inventory and audit assurance
report from Toitu are available online — here:
GoodResults+
Goodman Property Trust Newsletter
SEPTEMBER 2020 | ISSUE 1 1 | Page 4
warehouse extension

|
Donations of fresh produce are distributed to social agencies
to help address the issue of food insecurity.
|
KiwiHarvest is collecting and redistributing perishable food
that would otherwise be consigned to landfill.
|
Goodman team members volunteering
at KiwiHarvest.
Supporting
Our Community
The Goodman Foundation is an
initiative of the Manager that supports
the work of local community groups.
The aim is to help the vulnerable
and improve social outcomes in the
locations where Goodman invests.
KiwiHarvest is the largest of these local
partnerships. The food rescue organisation
operates a distribution facility from Highbrook
Business Park, collecting and redistributing
perishable food that would otherwise be
consigned to landfill.
Last year the organisation rescued and redirected
over 1,250 tonnes of food from businesses across
the country. Equivalent to 3.6 million meals,
it included surplus produce, protein, mislabelled
goods and grocery items approaching expiry.
Demand from social agencies for food parcels has
escalated rapidly as a result of COVID-19 with the volume
of food being collected and distributed by KiwiHarvest
more than doubling during lockdown. To help meet the
growing need and address the waste that occurs in food
production and distribution, the Goodman Foundation
have helped facilitate the establishment of a new national
food rescue network.
With government support, the New Zealand
Food Network is now operating from a new
1,000 sqm facility at Highbrook, next to
KiwiHarvest on Underwood Street. Having
the two organisations side by side, will
create synergies and efficiencies that will
help address the issue of food poverty not
only in Auckland, but across the country.
GoodResults+
Goodman Property Trust Newsletter
SEPTEMBER 2020 | ISSUE 1 1 | Page 5
www.kiwiharvest.org.nz
www.nzfoodnetwork.org.nz

Disclaimer: This document has been prepared by Goodman (NZ) Limited as manager of Goodman Property Trust. The information
in this document is general information only. It is not intended as investment or financial advice and must not be relied upon as such.
You should obtain independent professional advice prior to making any decision relating to your investment or financial needs. This
document is not an offer or invitation for subscription or purchase of securities or other financial products. Past performance is no
indication of future performance. All values are expressed in New Zealand currency unless otherwise stated. September 2020.
17 September 2020 First Quarter Distribution Payment
23 November 2020 FY21 Interim Result Announcement
17 December 2020 Second Quarter Distribution Payment
18 March 2021 Third Quarter Distribution Payment
13 May 2021 FY21 Annual Result Announcement
17 June 2021 Fourth Quarter Distribution Payment
07 July 2021 Annual Meeting of Unitholders
FY21 Key Dates
Dates below are indicative only and remain subject to change.
Virtual Annual Meeting
With the threat of Covid-19 hanging over this year’s annual meeting the decision
was made to host the event online.
The format of the meeting on 22 July 2020 was a live webcast with Unitholders able to ask questions
and vote through the meeting portal. Presentations were delivered by Keith Smith – Chairman, John Dakin –
Chief Executive Officer and Andy Eakin – Chief Financial Officer. In the formal business of the meeting
Susan Paterson was reappointed as an Independent Director.
The meeting address and presentation are available within the investor centre of the website.
GoodResults+
Goodman Property Trust Newsletter
SEPTEMBER 2020 | ISSUE 1 1 | Page 6
Investor
Centre
Investor
Centre
The Trust’s website www.goodman.com/nz enables Unitholders to
view information about their investment, download investor forms,
check current prices and view publications and announcements.
View Goodman’s
Event Calendar online
Click here to view the meeting presentation