GMT delivers profit of $648.9 million before tax

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

Results for announcement to the market
Name of issuer Goodman Property Trust (“GMT”)
Reporting Period 12 months to 31 March 2021
Previous Reporting Period 12 months to 31 March 2020
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing operations $182,000 5.9%
Total Revenue $182,000 5.9%
Net profit/(loss) from continuing operations $631,700 141.2%
Total net profit/(loss) $631,700 141.2%
Dividend
Amount per Quoted Equity Security $0.01325000
Imputed amount per Quoted Equity Security $0.00232906
Record Date 26 May 2021
Dividend Payment Date 10 June 2021
Current period Prior comparable
period
Net tangible assets per Quoted Equity
Security
$2.125 $1.727
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 (021) 305 316
Contact email address andy.eakin@goodman.com
Date of release through MAP

13 May 2021

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
Note
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
Annual Report 2021
GMT Bond
Issuer Limited
Annual Report 2021

This document comprises the Annual Reports of Goodman Property Trust and GMT Bond Issuer Limited for the year
ended 31 March 2021 and contains the information required to be disclosed pursuant to the NZX Listing Rules.
4
Our approach
Own+Develop+Manage 5
22
Our assets
Portfolio weighting 24
Customer weighting 25
Urban logistics 26
30
Sustainability report
Sustainable properties 34
People and culture 38
Corporate performance 42
Goodman Foundation 45
GRI index 50
52
Financial results
Financial summary 53
Goodman
Property Trust
Financial Statements 57
GMT Bond
Issuer Limited
Financial Statements 91
6
Year in review
Financial highlights 6
Chair’s report 8
Management report 14
COVID-19 response 20
103
Other information
Corporate governance 104
Board of Directors 112
and Management team
Investor relations 114
Glossary 116
Business directory 117
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Front cover image:
Ford Building,
Highbrook
Business Park,
East Tāmaki

Advances in technology, changes in
consumer behaviour and the continued
urbanisation of  large cities is driving
demand  for well-located logistics space
all  around the world.
Goodman is at the forefront of these
changes  providing essential infrastructure
for a growing digital  economy.
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Property Trust
Annual Report
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Issuer Limited
Annual Report
2021
Our approach
Ye a r i n
review
Our assets
Sustainability
report
Financial
results
Other
information
Virtual Reality
VR tools can provide
customers with an
accurate visualisation
of their future spaces.

Strategically located warehouse
and logistics facilities with easy
access to large consumer markets
has never been more important.
PORT
TRAIN
2
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021

A rapidly growing online marketplace
is creating  demand for faster and
more  convenient  delivery options.
GMT’s urban logistics’ portfolio
is well  located across Auckland.
These spaces offer a competitive
advantage  for  businesses serving
time  sensitive consumers.
AIRPORT
SH1
AUCKLAND
CBD 
3
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Our approach
Ye a r i n
review
Our assets
Sustainability
report
Financial
results
Other
information
Auckland’s
distribution
network 
The growth in online
retailing is driving
demand for urban
logistics space close
to consumers.

Goodman Property Trust is New  Zealand’s largest
listed property investor. It is a high-quality business
with a substantial portfolio, a wide customer base
and  a proven development capability.
Goodman invests strategically and for the
long-term, delivering sustainable property
solutions that will continue to meet the
needs of its customers well into the future.
An investment strategy focused on the
Auckland industrial market provides these
customers with high-quality properties
close to major transport networks.
Manage assets, capital and
stakeholder relationships
Develop properties in key locations to
meet customers’ business needs
Customers are at the heart
of our business
Develop
Customer
Manage
Own high-quality properties
Own
4
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Highbrook
Business Park
Encompassing
107 hectares,
GMT’s  largest estate
makes up over 50%
of the portfolio.

We invest in warehouse and
logistics property because of
its return profile, the depth of
the market and its essential
role in the supply chain.
Auckland is our preferred location being
the country’s  gateway city and main
logistics hub.
We own high-quality assets, putting
our customers close to consumers in
key urban locations.
Strategic sites and a proven
development capability
provides our customers with
tailored and sustainable
property solutions.
Around 80% of GMT’s $3.8 billion
portfolio has been developed since 2004,
creating a modern industrial portfolio of
unrivalled scale and quality.
With $250.1 million of projects currently
under development, more than 60% of
the  space is already leased.
The foundation of our business
is the 210+ companies that
have chosen Goodman as
their property partner.
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.
DevelopOwnManage
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Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Our approach
Ye a r i n
review
Our assets
Sustainability
report
Financial
results
Other
information

Profit before tax
128.2% increase
$648.9m
Portfolio revaluation
1 7. 3 % increase in value
$560.0m
Loan to value ratio
20% to 30% preferred range
19.2 %
GMT has delivered a record financial result
and finished the year a more sustainable
and  resilient business.
212.5 cpu
Net tangible asset backing
23.0% increase
6
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Highbrook
Business Park
Extensive landscaping,
recreational spaces
and on-site amenity
makes Highbrook
an exceptional work
environment for
the 110+ customers
located there.

1 Year
2 Years
3 Years
4 Years
5 Years
14.9
20.8
23.2
17.9
8.4
5.30 cpu
Cash distributions
82.8% of cash earnings
Total Unitholder Return %
Annualised to 31 March 2021
The importance of building a
business that can withstand
market disruptions and perform
through economic cycles was
reinforced by COVID-19. While
the pandemic has brought
some challenges, it has also
accelerated key structural
trends that are driving GMT’s
operating performance and
investment returns.
$200m
New debt issues
Eight and ten year wholesale bonds
7
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Our approach
Year in
review
Our assets
Sustainability
report
Financial
results
Other
information

8
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Keith Smith
Chair and
Independent Director
Location:
The Crossing
The commercial
heart of Highbrook,
featuring professional
service providers,
food and hospitality
operators, conference
and accommodation
facilities and
24  hour  gym.

GMT has demonstrated its resilience over
the last 12 months, adapting to the operational
challenges of COVID-19 and delivering a
record profit of $648.9 million before tax.
Chair’s report
The past year has reinforced the
important role that warehousing and
logistics has in our national supply chain,
facilitating fast and efficient distribution of
food and other essential items. This critical
business infrastructure supports the rapid
growth of New  Zealand’s digital economy.
While the pandemic has constrained
overall economic activity this year, the
focus and quality of the Trust’s $3.8 billion
portfolio and strength of its customer
relationships have contributed to another
impressive financial result.
Low gearing has allowed the Trust
to remain active and maximise new
opportunities. Strategic acquisitions,
further development progress and new
capital management and governance
initiatives have added to the positive
momentum in the business.
The Board is equally satisfied with
GMT’s corporate performance and
the  progress being made on our
sustainability programme.
We have reduced our carbon footprint
and strengthened our commitment to
mitigating the impacts of climate change.
We are doing more for our people,
increasing our community support and
focusing our reporting on topics that
matter to our stakeholders.
See the sustainability report, pages 30
to 51, for more information.
Financial review
This year’s statutory profit of
$648.9  million before tax was a record
for  the Trust and 128.2% higher than
FY20. $560.0 million of the profit was
attributed to the portfolio revaluation.
The  1 7.3% increase in value reflects
strong  property market fundamentals
and increased investor demand for
high-quality Auckland industrial assets.
Operating earnings before tax were
also higher in FY21, with positive leasing
results, new development completions
and strategic acquisitions contributing
to  an increase from $109.7 million in
FY20  to  $114.9 million.
A performance fee of $13.7 million was
also earned by the Manager this year.
Profit before tax
$m
FY21
FY20
FY19
FY18
FY17
220.5
207.2
334.8
284.4
648.9
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Goodman
Property Trust
Annual Report
2021
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Issuer Limited
Annual Report
2021
Our approach
Year in
review
Our assets
Sustainability
report
Financial
results
Other
information
OfficeMax,
Highbrook
Business Park
The office supply
company has
embraced
e-commerce and is
now an online only
business with its north
island distribution
centre at Highbrook.

Chair’s report (continued)
The fee is excluded from operating
earnings as it is used to subscribe for
new units in the Trust. The Trust Deed
requirement ensures the close alignment
of interests between Goodman, as
Manager and cornerstone investor,
and other Unitholders.
Cash distributions of 5.3 cents per unit,
representing around 83% of GMT’s
cash earnings, were paid. The change
to distribution policy this year, where
we introduced a target payout ratio of
between 80% and 90% of cash earnings,
provides better alignment between
Unitholder distributions and underlying
cashflows from the Trust’s portfolio.
A more stable economic outlook
supported by strong levels of leasing
and development enquiry give the
Board confidence about the coming
year. Guidance for FY22 includes cash
distributions of at least 5.5 cents per unit,
representing a 4% increase from FY21.
See the financial summary section,
pages  53 to 54, for more information.
Towards a sustainable future
A sustainable operating model is
essential for an organisation to
be successful over the long-term.
Having the resilience to respond to
market disruptions while minimising
any negative economic, social and
governance outcomes has never
been more important.
This year we have reviewed the material
factors that determine our success
and have increased our efforts and
commitments in key areas.
Receiving carbonzero certification from
Toitū is a notable achievement that
reflects the priority placed on reducing our
environmental impact. Implementing an
emissions reduction plan and purchasing
New  Zealand  carbon credits means the
business is now proudly carbon neutral,
four years ahead of our 2025 target date.
Our commitment to reducing climate
change impacts has been extended to
the Trust’s development programme
where a five star Green Star rated building
specification is being targeted for all
new developments.
We will also be offsetting embodied
carbon in these new projects. Mitigating
greenhouse gas emissions from
construction activities and from the
manufacture of building materials and
products used in our developments is
industry leading.
A sustainable capital
structure, that includes
substantial reserves,
has allowed GMT to
pursue new investment
and development
opportunities.
10
Goodman
Property Trust
Annual Report
2021
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Issuer Limited
Annual Report
2021
M20
Business Park, 
Wiri
The new 9,000 sqm
warehouse currently
under construction is
one of seven active
developments across
the portfolio.

Chair’s report (continued)
Asset sales and equity issuance in
previous years have significantly
deleveraged the balance sheet, while
new debt issues have diversified the
Trust’s sources of funding. The Board
has continued this prudent approach
by extending the successful bond
programme and reducing its preferred
gearing range for the  Trust, to between
20% and 30%.
These measures,
together with
refinements to the
distribution policy
support the creation
of a high-quality, low
risk property business
focused on sustainable
long-term growth.
The responsibility of looking after our
team and those in our community has
had even greater priority this year. The
global impacts of COVID-19 have been
devastating and Goodman has worked
to ensure the health and safety of all
its people, customers, contractors and
service providers.
A detailed summary of the response to
the  pandemic is included on pages 20
to  21.
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Goodman
Property Trust
Annual Report
2021
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Issuer Limited
Annual Report
2021
Our approach
Year in
review
Our assets
Sustainability
report
Financial
results
Other
information
Metrobox,
Savill Link,
Ōtāhuhu
The strategic
acquisition of
the Metrobox
facility during the
year extends  the
development
potential of
Savill Link.

Chair’s report (continued)
The work of the Goodman Foundation
recognises the wider responsibility we
have to the communities where the
Trust  invests.
To help address the disproportionate
impacts of the pandemic the Goodman
Foundation has increased the level of
support it provides.
Over the last
12 months, more
than $500,000 has
been distributed
to initiatives and
programmes to
help the vulnerable,
particularly
those facing food
insecurity issues.
See the sustainability report, pages 45
to 49, for a complete summary of recent
community initiatives.
Board changes
A highly capable Board, that includes
a majority of independent directors,
has overseen the growth of GMT and
the significant portfolio repositioning
that occurred between 2015 and 2019.
A stable and contemporary governance
structure has given investors and other
stakeholders confidence in our business
model and strategic direction.
While operational performance has
been the focus of the last 12 months,
positive progress has also been made
with our Board renewal programme.
The  governance initiative will ensure the
tenure of independent directors is aligned
with best practice guidelines.
After more than 10 years of valued service,
independent directors Peter Simmonds
and Susan Paterson retired, effective
31  December 2020 and 31  March 2021,
respectively.
Both directors made an outstanding
contribution to the business and on behalf
of the Board and Management I  would like
to acknowledge their support, efforts and
commitment.
Laurissa Cooney and David Gibson,
two highly capable professional
directors have been appointed. The
refreshed Board maintains its majority of
independent directors and will continue
to  provide strong direction to guide the
next phase of GMT’s growth.
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Property Trust
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2021
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Issuer Limited
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2021
To p :
KiwiHarvest and
New Zealand
Food Network
The Goodman
Foundation is a
founding supporter
of both these food
rescue organisations
at Highbrook.
Bottom;
Laurissa Cooney
and David Gibson
Newly appointed
directors of Goodman
(NZ) Limited.

Chair’s report (continued)
Positive outlook
Despite the challenges of the last
12  months, GMT delivered a record
financial result and finished the year a
more sustainable and resilient business.
Business confidence
is returning to most
sectors, and the
continued execution
of an investment
strategy focused on
urban logistics means
the Trust is benefitting
from a growing digital
economy.
It’s a positive trend that is expected
to  be an important driver of GMT’s
future  growth.
On behalf of the Board, I sincerely thank
our customers and investors for their
support and all of the Goodman team
for their contributions to the Trust’s
outstanding result.
Keith Smith
Chair and Independent Director
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Property Trust
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Issuer Limited
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2021
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Year in
review
Our assets
Sustainability
report
Financial
results
Other
information
Alex Mackay,
Asset Manager,
Goodman
One of the dedicated
property services
team looking after
the needs of GMT’s
210+ customers.

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Property Trust
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Issuer Limited
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2021
Left:
John Dakin
Chief Executive Officer
and Executive Director
Right:
Andy Eakin
Chief Financial Officer
Location:
Highbrook
Crossing Units

Management report
Structural trends driven by a growing
digital economy are contributing to
an increase in customer demand for
high-quality industrial space.
E-commerce is emerging as an important
demand driver for well-located distribution
facilities in large consumer markets
around the world. With its urban logistics
portfolio strategically located across
Auckland, GMT continues to benefit from
e-commerce growth.
The Trust’s investment strategy and
the commitment of the Goodman team
have contributed to another impressive
operating result in FY21. The achievement
is particularly notable given the disruptive
impacts of COVID-19 over the last
12 months.
Key highlights include:
„Net property income of $153.0  million
and operating earnings before tax of
$114.9 million
„An average portfolio occupancy rate
of 99% over the year and 98% at
31  March 2021
„$225.1 million of new development
commencements, with $250.1 million
of projects in progress
„Acquisition of properties adjoining
Savill Link and Mt Wellington industrial
estates for $83.0 million
Average occupancy rate
99%
Portfolio leasing
146,587 sqm
Active developments
$250.1m
New acquisitions
$83.0m
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Goodman
Property Trust
Annual Report
2021
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Issuer Limited
Annual Report
2021
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Year in
review
Our assets
Sustainability
report
Financial
results
Other
information
Highbrook
Crossing Units
Completed in
February 2021,
the multi-unit
development provides
over 4,300  sqm
of warehouse and
office space.

FY21
FY20
FY19
FY18
FY17
97.0
164.8
160.5
123.2
132.0
Management report (continued)
Portfolio performance
GMT’s $3.8 billion portfolio includes
around 1.1 million sqm of space leased to
more than 210 customers. High-quality
warehouse and logistics facilities provide
these companies with the physical
infrastructure to manage inventory and
service end consumers.
New space requirements and the
extension of existing customer
relationships have underpinned strong
leasing results and renewed levels of
development activity.
More than 146,500 sqm of space, or
13.4% of the investment portfolio was
secured on new or revised terms over
the last 12  months. These positive
leasing outcomes have helped maintain
the average portfolio occupancy rate
of  99% and weighted average lease term
of more than five years.
Greater levels of enquiry are also driving
GMT’s development programme.
Companies have gained confidence in
the operating environment as the year has
progressed and are now considering their
future space requirements.
Seven design-build and build-to-lease
developments were completed during the
year. The projects, with a combined value
of $125 million, have added 33,918  sqm of
high-quality space to the portfolio.
The Trust also commenced four new
developments, with a total project cost of
$132 million.
Development commencements
Total project cost $m
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Property Trust
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Issuer Limited
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2021
Development
programme
GMT currently
has seven active
developments.
Providing over
68,500 sqm of new
warehouse and
logistics space the
total project cost of
these new facilities
is $250.1 million.

Waterview Tunnel
SH20
to SH1 and Airport 
Management report (continued)
The largest of the
new projects is the
redevelopment of
Roma Road Estate.
The 13.1 hectare brownfield site in
Mt  Roskill is being transformed into a
modern logistics hub that maximises
the property’s inner-city location.
The masterplan includes four new
distribution facilities, with over 42,000 sqm
of high-quality distribution space.
New  Zealand Post will anchor the
redevelopment, committing to a 20-year
lease over the first 17,700 sqm warehouse.
The project is a continuation of a
successful partnership, with the customer
occupying five separate facilities across
the portfolio.
Subsequent projects at Roma Road
will be staged to meet demand with the
property expected to have a value of more
than $200 million once fully developed.
Targeting a five star Green Star rating
the estate will feature highly sustainable
buildings and workspaces complemented
by extensive onsite amenity. The
embodied carbon within the building
materials and construction process will
be reduced where possible with the
remainder offset.
Following the Trust’s 31 March balance
date another new development project
has been confirmed.
Favona Estate in Māngere is to be
extensively redeveloped. The value-add,
seven-hectare property will feature two
new warehouses, totalling 33,205 sqm.
Mainfreight has committed to the larger
22,435 sqm facility with the second
warehouse being developed on a build-
to-lease basis. The redevelopment
has an expected completion date of
February 2023.
The project adds to GMT’s current
development workbook which now
includes $250.1 million of active projects.
Acquiring for tomorrow
With just 6.1 hectares of greenfield
land in the portfolio, new investment
opportunities for future development
continue to  be targeted.
The acquisition of properties neighbouring
the Trust’s Savill Link and Mt Wellington
industrial estates was consistent with this
strategy. With a combined purchase price
of $83  million these properties have a
total site area of 14.5 hectares. Currently
leased, with existing improvements
providing steady holding income, the
new sites offer a range of longer-term
redevelopment options that will contribute
to GMT’s  growth.
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To p:
Roma Road
Estate, Mt Roskill
An aerial of the estate
showing proximity
to Auckland’s
motorway network
and surrounding
consumer catchment.
Bottom:
NZ Post
Artists impression of
the NZ Post facility
being developed
at Roma Road.
It is one of  four
highly sustainable
distribution facilities
planned for the site.

Management report (continued)
Financial flexibility
A well-capitalised balance sheet with
substantial reserves has enabled
GMT to take advantage of these new
opportunities. With a loan to value ratio of
just 19.2% and only partially drawn debt
facilities the Trust retains $339 million of
funding capacity for future  investment.
It’s a strong position
that has been achieved
through careful
financial management
and disciplined
execution of GMT’s
investment strategy.
The issue of $200 million of fixed interest
rate bonds to New  Zealand wholesale
investors in September 2020 was a
continuation of this prudent approach.
The highly successful issue included
two tranches:
1) $150 million of 10-year bonds paying
2.559% per annum, and
2) $50 million of eight-year bonds paying
2.262% per annum.
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2021
Top and bottom:
NCI Packaging,
Savill Link
The 14, 206 sqm
development received
an excellence award
in the industrial
category at the 2020
Property Council of
New  Zealand Awards.

Management report (continued)
The new issues add further tenor and
diversity to the Trust’s debt book which
now includes bank borrowings, listed retail
bonds, wholesale bonds and US Private
Placement debt notes.
GMT’s bank facilities were also refinanced
during the year, with the first bank debt
expiry extended out to November 2022.
At 31 March 2021, the weighted term to
expiry across all the Trust’s drawn debt
was 5.2 years.
Looking ahead
Auckland’s urban logistics market has
continued to be the best performing of all
the commercial property sectors. Despite
the challenging year, the resilience of the
industrial property sector has contributed
to another strong operating result for GMT.
The unique demand drivers created
by a growing online marketplace are
supporting the Trust’s leasing results and
a renewed level of development activity.
While economic risks remain, the quality
and scale of the portfolio, together with
low gearing and focused investment
strategy, make us optimistic about the
future.
Prioritising sustainability this year has
reinforced our commitment to reducing
our environmental impacts. Meeting the
needs of our customers with sustainable
property solutions is positive for all
our stakeholders.
John Dakin
Chief Executive Officer and Executive Director
Andy Eakin
Chief Financial Officer
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Franklins,
Highbrook
Business Park
The bathroomware
supplier occupies
neighbouring
warehouse facilities
at Waiouru Point
overlooking the
Tāmaki  River and
esplanade walkway.

COVID-19 was an unforeseen
event that has disrupted lives and
economies all around the world.
New Zealand has avoided the worst
of these impacts by changing how
we live and work.
Early response
The health and safety of Goodman
staff, customers and contractors has
been the priority of the Board and
Manager. Business continuity plans were
activated following the introduction of  the
Government’s Alert Level system and the
move into lockdown.
An essential business classification for
the Trust recognised the important role
warehousing and logistics plays in the
national supply chain. It has enabled
Goodman to operate almost uninterrupted
throughout the Alert Level restrictions.
Flexible work practices and an agile
workplace have enabled all Goodman
team members to work remotely when
required, with seamless access to
network applications and other resources.
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2021
Natasha Artus,
Project Coordinator,
Goodman
The importance of
contract tracing led
to the development
of unique QR codes
for every New  Zealand
workplace and
business premise.

environment, a small number, typically
retail and hospitality businesses, have
experienced significant hardship as
a result of COVID-19. As a long-term
business partner, the Trust has supported
these more vulnerable customers. This
assistance has included rent abatements,
rent deferrals, rent freezes, lease
restructures and marketing support.
E-commerce
Consumers have responded to the risks of
COVID-19 by embracing the convenience
and safety of online sales and contactless
delivery. During Alert Levels 4 and 3
from late March to mid-May 2020, the
average weekly online spend in the Food,
Groceries and Liquor category grew over
100% compared to 12 months earlier.
Alert Level 3 and 4 restrictions in place for Auckland
March 2020 – March 2021
81 days
Rest of New Zealand: 52 days
Additional health and safety precautions
that included new social distancing and
contact tracing protocols together with
personal protective equipment have
helped keep our team members and
worksites safe.
Development activity was able to continue
with only limited interruption and all active
projects were completed on schedule and
within budget.
Customer impacts
The urban logistics market has continued
to be the best performing of all the
commercial property sectors.
Overall leasing demand has remained
strong and portfolio occupancy has been
maintained at an average of 99%.
While the majority of GMT’s customers
have adapted to the new operating
The trend has been sustained beyond the
initial lockdown period and it highlights a
continuing shift in consumer behaviour
with around $5.8 billion of online sales in
New  Zealand in 2020. The level of online
shopping represents around 11% of total
retail sales in New  Zealand, an increase of
25% from a year earlier.
The rapid growth in e-commerce is also
reflected in greater demand for logistics
and delivery services. It’s another
positive demand driver for well-located
industrial property in the country’s largest
consumer market.
COVID-19 response (continued)
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To p l e f t:
Flexible work
practices
Technology enabled
Goodman team
members to stay
connected and
work collaboratively
throughout the Alert
Level restrictions.
To p r i g h t:
Jamie Parr,
Capital
Transactions
Analyst,
Goodman
Good hygiene
practices helped
ensure workplaces
minimised the
risk of COVID-19
transmission.

GMT’s property portfolio provides its 2 10+ customers
with high-quality logistics and warehouse space, close
to consumers in strategic locations across Auckland.
WIRI
INLAND
PORT
AUCKLAND
AIRPORT
TRAIN
M20
Westney
Favona
Roma
Savill
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GMT owned
estates are
shown highlighted
in green.
The full names and
portfolio weighting are
included on page 24.

These properties are contemporary
and  operationally efficient.
Designed to meet the requirements
of a variety of customers, they
accommodate businesses needing
access to Auckland’s transport
networks and freight infrastructure.
PORTS OF
AUCKLAND
SH1
Highbrook
METRO
PORT
The Gate
Connect
Penrose
Mt Wellington
Tāmaki
AUCKLAND
CBD 
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As at 31 March 2021
Favona Road, Māngere
Connect Industrial Estate,
Penrose
Portfolio
weighting
Highbrook Business Park,
East Tāmaki
52%
Savill Link,
Ōtāhuhu
14%
1
%
1
%
2
%
Mt Wellington
Estate
2
%
Penrose
Industrial
Estate, Penrose
3
%
Roma Road Estate,
Mt Roskill
2
%
Tāmaki Estate,
Panmure
M20 Business Park,

Wiri
10%
Westney Industry Park,
Māngere
6%
The Gate Industry Park,
Penrose
7%
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Portfolio
weighting
GMT’s $3.8 billion
property portfolio
comprises 11 estates
in proven logistics and
distribution locations
across Auckland.
Customer
weighting
The Trust’s 210+
customers represent
a range of industries
including automotive
distributors, building
products, logistics and
freight, warehousing
and retail operators.

As at 31 March 2021
Customer
weighting
CustomerE s t ate/s
Weighting:
rental income
NZ PostHighbrook, M206.8%
DHLHighbrook, Westney3.8%
OfficeMaxHighbrook2.9%
CodaSavill Link, The Gate2.8%
Fletcher BuildingConnect, Highbrook2.7%
T&G G l o b a lFavona, Mt Wellington2.7%
FreightwaysHighbrook2.6%
FliwayM20, Westney2.4%
To l lSavill Link2.3%
CSR Building ProductsHighbrook, The Gate2.2%
MainfreightHighbrook, Savill Link, Westney2.2%
Linfox LogisticsWestney2 .1%
Steel & TubeHighbrook, Savill Link2.0%
FrucorM201.8%
AsaleoThe Gate1.7%
Supercheap AutoSavill Link1.5%
Metro Performance GlassHighbrook1.5%
SCSWestney1.5%
CottonsoftHighbrook1.5%
NCI PackagingSavill Link1.5%
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From top to bottom:
NZ Post
Auckland Mail
Service Centre 
Highbrook
Business Park
DHL
Supply Chain
Highbrook
Business Park
Mainfreight
Savill Link
Steel & Tube
Highbrook
Business Park

Optimising the
supply  chain for
data driven cities
Well-located industrial property and highly
efficient freight networks are essential links
in the supply chain.
Warehouse space provides companies
with the physical infrastructure to manage
inventory while established transport
routes connect these businesses with
suppliers, customers and end consumers.
The continued urbanisation of cities
and the rise of e-commerce are having
a significant impact on demand for
warehouse and logistics space in many
markets around the world. A well-
organised supply chain, that can quickly
distribute goods, is essential for these
cities to function and grow.
An investment strategy focused on urban
logistics space has positioned GMT to
maximise these trends.
Auckland is our preferred investment
market. It is the gateway to the country, its
commercial centre and largest consumer
market. It is also growing at a substantial
rate with its population forecast to reach
two  million by the early 2030s.
The customers within the Trust’s portfolio
represent a wide range of industries with
most involved in the supply chain, either
directly as a logistics service provider
or indirectly, as a business that regularly
utilises these freight networks.
The following examples explain how
different companies are using our
properties and how the strength of these
businesses underpin our own success.
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Big Chill
Distribution,
Highbrook
Business Park
The specialist carrier,
owned by Freightways,
occupies a design-
built coolstore on
Pukekiwiriki Place.

Urban logistics (continued)
NZ Post has an established courier delivery network.
Its facility at Highbrook Business Park includes  a 20,000 sqm distribution
centre with automated  sorting that can process up to 120,000 parcels per hour.
Volumes hit a historic peak last year, as consumers elected to order essential
items online during the COVID-19 Alert level restrictions.
Delivering over
the last mile
The growth of e-commerce is
directly contributing to increased
freight volumes in the business
to consumer segment.
Online transactions, which now make up
11% of all retail spending in New  Zealand,
are growing at five times the rate of
in-store shopping.
The last mile, where parcels are delivered
to consumers, is now the most important
stage of the journey. Consumers want
faster delivery and greater convenience.
Timely fulfilment offers a competitive
advantage for online retailers that can
meet these expectations.
Greg Morris, Group Property and
Procurement Manager for New  Zealand
Post said “e-commerce has created
huge demand for NZ Post’s logistics
and delivery services. New Zealanders
have embraced the convenience and
safety of online shopping, making around
$5.8  billion of online purchases in 2020.”
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Top and bottom:
CourierPost,
Highbrook
Business Park
One of five facilities
occupied by NZ Post,
across the portfolio.

Technology
driven change
Technological advances have streamlined
supply chains over the last 25 years, improving
the speed and accuracy of delivery networks.
Businesses have had to invest in
information technology to stay competitive.
Warehouse management systems and
barcode scanning were early innovations,
reducing administration requirements and
improving operational efficiency.
Modelling and analytical modules have
extended these systems providing
companies with sophisticated tools
to  optimise stock levels and even
forecast demand.
Freight and logistics operators have
also been quick to adopt data driven
innovations. They have embraced GPS
technology to track vehicles and use  traffic
data for route planning. The systems
provide visibility throughout the process
allowing customers to view the status of
their delivery.
The growth of the internet and
development of smart devices has
facilitated online shopping. A direct
impact of this has been the increased
demand for distribution facilities close
to consumers, in central city locations.
Automated solutions will be the next
stage in how businesses manage
inventory storage and distribution.
Warehouse operations are already
being disrupted by the development
of advanced robotic systems such
as unmanned forklifts. While  not yet
widespread it provides a glimpse of
the  future.
Urban logistics (continued)
Mainfreight, one of New Zealand’s largest logistics
and transport service providers, occupies three
facilities within the portfolio.
The customer has adopted new voice activated technology to
improve the accuracy and the speed of its fulfilment functions
within its distribution facility at  Savill Link.
The Honeywell system replaces paper-based processes
allowing team members to work in real time, fulfilling orders in
the warehouse without the need for additional documentation or
data processing. Using audio instructions and voice recognition
software to process verbal responses the sophisticated system
streamlines workflows and creates real efficiencies for Mainfreight.
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Mainfreight,
Savill Link
New warehouse
management systems
are improving the
speed and accuracy
of the customers
distribution operations.

Locational
advantages
A preference for
logistics facilities in
central city locations
is a growing trend in
developed industrial
markets all around
the world.
Companies are critically reviewing their
real estate requirements and positioning
their businesses close to consumers.
It simplifies supply chains and creates
efficiencies that leverage the growth in
online retailing.
GMT’s portfolio is strategically located
across Auckland. It includes estates
in the established industrial suburbs
of East Tāmaki, Māngere, Mt  Roskill,
Mt  Wellington, Ōtāhuhu, Penrose and
Wiri. Each estate provides  customers with
specific benefits  unique to that location,
examples of these include;
„Direct motorway access
„Proximity to the airport or port
„Inland port facilities
„Rail sidings
Urban logistics (continued)
Mt Wellington Estate, located near Sylvia Park
Shopping Centre, is a 5.8 hectare property
acquired in September 2019 on a sale
and  lease-back basis from T&G Global.
The property features functional industrial facilities.
With  access to State Highway 1, via the Mt  Wellington
interchange, it has excellent connectivity with major
freight  and transport infrastructure.
With site coverage of just 31% the property offers a
range of longer-term development options. These options
have been enhanced with the strategic purchase of a
neighbouring 1.2  hectare property in May 2020.
Every one of the Trust’s 11 estates is
central to Auckland’s large population
base. Geo-spatial analysis shows
that the consumer catchment, within
a 20-minute delivery radius of any of
these  estates, has an average $24.5  billion
of annual purchasing power.
With few development sites remaining
in the portfolio and limited greenfield
land opportunities in Auckland, the
investment focus has broadened to
include assets in these in-fill locations.
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T&G G lo bal ,
Mt Wellington
Central to Auckland’s
large consumer
market  Mt Wellington
estate is ideally
located  for the
customers fruit and
vegetable supply
business.

Sustainable
properties
Corporate
performance
People
and culture
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Location:
Business
Parade North,
Highbrook
Business Park

As a leading real estate investment vehicle
our focus is on the built environment
and the delivery of sustainable property
solutions for our customers. We are
committed to minimising the impact of our
commercial activities and protecting the
natural environment to the extent we can.
We understand the world is changing
rapidly and to be part of the future we
must remain agile and open to new
technologies and alternative ways of
working. We’ve set a plan and committed
to clearly defined targets to ensure that
we are providing our people and our
customers with the spaces they need
to succeed. We are equally focused on
our investors, contractors, consultants,
and service providers, capital providers,
industry bodies, regulators and other
community partners, with a sustainable
business model that will deliver positive
results for all stakeholders, today and into
the future.
We are also asking our supply chain
partners to join us on our sustainability
journey. Procurement contracts are
requiring that they prove this commitment
to secure our business.
We’re making real progress as we
work  toward our 2025  objectives.
Notable achievements over the
last 12 months include:
„Carbonzero certification from Toitū
1
„Reduced environmental impact
with  a 39.8% reduction in greenhouse
gas emissions
1
„Climate score of B- from the Carbon
Disclosure Project (CDP)
1
„Integration of the GRI reporting
framework into our sustainability
disclosures
„Completion of a 271kWp photovoltaic
solar system for OfficeMax at
Highbrook Business Park
„Achieving a baseline Green Star
Performance rating of three stars
for  the pilot project at Highbrook
„Over $500,000 contributed to
community initiatives through the
Goodman Foundation
We have also worked throughout the year
to improve the resilience of our workforce
and wider business in response to the
COVID-19 pandemic.
Goodman’s business strategy
recognises that to become
a truly sustainable, resilient,
and low carbon real estate
provider we need long-term
thinking guiding our actions.
Sustainability
1
Certification encompasses Goodman (NZ) Limited,
Goodman Property Services (NZ) Limited and
Goodman Property Trust.
It includes emissions from operational activities and from
the buildings and spaces within the portfolio where the
Manager has operational control.
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Strategic framework
Goodman’s unique
Own+Develop+Manage
operating model
represents its core
commercial functions.
This strategic
approach is supported
by a sustainability
framework that is fully
integrated across all
business activities.
A sustainable real-estate business model,
that minimises adverse environmental,
economic and social impacts, is essential
if the Trust is to be successful over
the long-term. Acknowledging that its
corporate performance is integral to
its reputation and longevity, Goodman
has integrated these core sustainability
principles into its business strategy and
brand values.

As a long-term investor,
we seek to future-proof
our portfolio. We own
and develop high-quality,
energy efficient properties
in strategic locations, close
to consumers and key
transport  infrastructure.
A focus on workplace
amenity ensures Goodman
facilities are also designed
to meet our customers
wider business needs.
We believe that a business
with a safety conscious
and inclusive culture, that
is  positively connected with
its community, will deliver
superior long-term results.
Our people are recruited
and rewarded based on
their commitment to these
values, their professional
expertise and their
long-term strategic and
ethical thinking.
People
and culture
Corporate
performance
Sustainable
properties
We critically assess our
performance and provide
investors, regulators,
customers and community
partners with detailed
information about our business
activities. A  sustainable capital
structure, contemporary
governance policies and
commitment to environmental
and social initiatives give these
stakeholders confidence
in  our  strategy.
Sustainability (continued)
The three pillars of our  sustainability framework
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Material factors
The three pillars of sustainable properties,
people and culture, and corporate
performance incorporate the sustainability
topics that are relevant to our business.
We’ve previously identified 16 factors as
important contributors to our long-term
success. Following recent interviews,
where we asked stakeholders what
drivers of change they considered to  be
the most significant for our business,
we  have refined the list which now
includes 14 material factors.
Facilitated by Proxima, the engagement
process included a workshop with
Goodman team members to review and
consider existing material factors.
Face to face, online and phone
interviews were then conducted with a
representative group of stakeholders.
The group included customers, investors,
analysts and community partners.
Of the 22 targeted, 14 participated.
This consultation has refined our material
factors and helped prioritise our focus.
We’re challenging
ourselves to do better,
and do more for the
benefit of all, across
each of these areas.
The following pages describe these
factors and how they integrate into our
broader business strategy. It includes
reporting on a range of non-financial
metrics, monitoring progress against
future targets and being accountable
for our performance.
Influence on stakeholder assessments and decisions
Significance of environmental, economic and social impacts
Stakeholder
and community
engagement
High
Highest
High
Highest
Sustainable structure,
operations and results
Sustainable design
and management
Customer
attraction
and retention
Flexible and
adaptable properties
Environmental
stewardship
Smart energy
solutions
Climate risk
and resilience
Health, safety
and wellbeing
Responsible
investment
Diversity and
inclusiveness
Social equity
Non-financial
performance
Carbon reduction
strategies
Sustainability (continued)
Material factors
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M20 Business Park
Health and safety
briefing on-site at
70  Plunket Ave.

The material factors that guide
our investment strategy include:
The table below includes the specific targets we have adopted in relation to these key business drivers:
TargetProgressStatus
Carbon neutral
by  2025
„Toitū carbonzero certification achieved in 2021
„Implementation of emissions reduction plan
„19.4% reduction in absolute emissions to 707 tCO₂
by  2025
+++++
100% renewable
energy use by 2025
„100% certified renewable energy by 2025
+++++
Sustainable
development
programme
„All new projects to target a 5-star Green Star rating
„Future developments to reduce and offset
embodied carbon
+++++
Solar Energy „0.4 MW installed to date
„1.0 MW planned within development programme
„Work with customers on retrofit projects
+++++
Maintain portfolio
occupancy
above  95%
„99% average occupancy
+++++
Sustainable properties
„Customer attraction and retention
„Sustainable design and management
„Smart energy solutions
„Climate risk and resilience
„Carbon reduction strategies
„Flexible and adaptable properties
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To p:
Stormwater
management,
Highbrook
Business Park
Functional systems like
the retention ponds are
designed to integrate
with the landscape.
They feature wetland
plants that aid water
filtration.
Bottom:
Rainwater
harvesting,
Highbrook
Business Park
With water security
an ongoing issue for
Auckland, collecting
rainwater for greywater
use, irrigation, building
and vehicle washing
adds resilience to
our facilities.

Sustainable properties (continued)
GMT’s modern property portfolio is
strategically located across Auckland,
close to consumers and key transport
infrastructure. It provides customers with
highly efficient and flexible spaces that
help their businesses succeed.
Maintaining these properties to a high
standard and delivering outstanding
customer service contribute to the
strong relationships that underpin GMT’s
financial results. A target occupancy
rate above 95% (FY21 average 99%)
ensures we are meeting the needs of our
customers and developing only to meet
demand.
The Trust’s successful development
programme is increasingly focused on
the redevelopment of strategic brownfield
sites, within the portfolio. These inner-
city properties provide the greatest
efficiency for logistics customers focused
on last mile delivery, minimising travel
distances and carbon emissions from
transport. Replacing or repurposing
obsolete buildings and remediating
contaminated sites improves the quality
and performance of  existing building
stock without consuming additional land,
a  diminishing resource in  a  growing city.
Goodman’s base-build
specification has been
reviewed to ensure
our new warehouse
and logistics facilities
remain 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
customers and consultants, incorporating
the latest technology to maximise the
operational performance and energy
efficiency of these new buildings.
The redevelopment of Roma Road
Estate is the latest example of this focus.
The  inner-city distribution hub will be
a highly sustainable, carbon neutral
development. The facilities will be 5-Star
Green Star rated and are expected to
feature the latest design innovations,
including automated LED lighting, rooftop
solar-energy systems and EV charging
facilities.
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Ongoing energy and waste monitoring
across the portfolio allow us to benchmark
our existing properties, comparing them
against best-practice industry standards.
Improving the
environmental
performance of these
buildings, which have
an average age of
around 12.5 years,
continues to be a
priority.
Five facilities at Highbrook Business Park
are currently included in a pilot study
using  the Green Star Performance tool.
With a baseline assessment of 3  Star
(good practice), the rating of these
buildings is expected to be improved
to 4 Star (best practice) with building
management system optimisation and
upgrades over the next two years.
The pilot provides valuable insights into
how we can reduce the environmental
impact of the existing portfolio.
Goodman’s base-build
specification for  new
developments includes:
„Energy-efficient design
including automated
LED  lighting
„Electrical sub-metering for
performance monitoring
and measurement
„Charging points for electric
vehicles
„HVAC systems that utilise low
emission refrigerants
„Low-E double glazing to reduce
noise and regulate thermal
comfort
„Low-flow water fittings together
with rainwater harvesting
„Use of low volatile organic
compound materials and
finishes
„Bike racks and end of trip
facilities (size dependent)
New Zealand Green Building Council
nzgbc.org.nz
Sustainable properties (continued)
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NCI Packaging,
Savill Link
All new warehouse
developments
include energy
efficient LED
lighting and
skylights to
maximize
natural light.

Assurance from Toitū confirms our
GHG emissions have been measured in
accordance with ISO 14064-1:2006 and
that we have offset unavoidable emissions
with the purchase of New  Zealand
sourced carbon credits.
The table above details the emissions
profile of the business. The largest
emission sources include refrigerant
losses (HVAC system failures), electricity
consumption, fleet vehicle use, corporate
travel and waste.
A reduction in refrigerant losses, from
453 tCO₂e in FY20 to 158 tCO₂e in FY21,
was the main contributor to the overall
reduction in GHG emissions.
While we expect some volatility year to
year our target objective is to reduce
absolute emissions by 19.4% before 2025
(within five years of the 2020 base year).
This commitment includes improving
the performance of the buildings within
the portfolio, minimising the energy
consumed, the waste produced, and the
emissions generated.
Managing climate risk
Acknowledging the threat of climate
change, our sustainability programme
includes ambitious emission reduction
targets that align with the objectives of
the  Paris Agreement and the limiting of
global warming to less than 2 degrees.
Mitigating the impacts of climate
change by measuring and minimising
greenhouse gas emissions (GHG) has
become an essential business activity
and we have  partnered with Toitū to help
us on this journey. With the completion
of an audited Emissions Inventory and
a detailed Emissions Management and
Reduction Plan we have made substantial
progress, achieving Toitū carbonzero
certification this year.
The certification encompasses Goodman
(NZ) Limited, Goodman Property Services
(NZ) Limited and Goodman Property Trust.
It includes emissions from operational
activities and from the buildings and
spaces within the portfolio where the
Manager has operational control.
GHG Emissions tCO₂eF Y21
FY20 (base year)
% change
Scope 1
270.44596.19(54.6)
Scope 2
202.52173.0517.0
Scope 3 (mandatory)
55.62108.27(48.6)
To t a l
528.58877.50(39.8)
With the construction and building sector
contributing almost 20% of New Zealand’s
emissions the level of embodied carbon
within our developments is also being
critically assessed.
As part of our commitment to being a
sustainable business, new materials
and building techniques will be adopted
to mitigate these emissions. Future
developments will  also have the balance
of the embodied  carbon offset.
Solar energy
pilot
OfficeMax is an existing customer
that has recently committed to
solar energy. The office product
and business consumable reseller
has had an 880-panel solar array
installed on the roof of its warehouse
at Highbrook Business Park. With
an annual generation capacity
of 374,000 kWh the system is
expected to provide more than
20% of the customer’s electricity,
enough to power 57 New Zealand
homes for a year.
Carbon Management | Toitū Envirocare
toitu.co.nz
Sustainable properties (continued)
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Focusing on the following material factors helps
create a safe and inclusive business:
„Health, safety and wellbeing
„Diversity and inclusiveness
„Social equity
People and culture
The table below includes the specific targets we have adopted in relation to these
key  business drivers:
TargetProgressStatus
Safe working
environment
„Zero serious harm injuries across all
workplaces and contractor-controlled
worksites in FY21
„Goodman safety framework with training
and induction programmes operating
„Contractor induction and certification
+++++
Diverse
workplace
„Gender, ethnicity and age representation
targets set for 2023
„Progressive work policies and practices
to  encourage a more diverse business
+++++
Goodman
values
demonstrated
widely and
consistently
„Internal training and communication
programmes to promote corporate
values
„Formal performance assessments
include measurement against
Goodman values
+++++
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To p:
Highbrook Park
The estate is
surrounded by
40 hectares of
parkland and
recreational areas that
are for the benefit of
the whole community.
Bottom:
Diversity
and inclusion
On average, a
Goodman team
member has been
with the business
for 8.1 years and
is approximately
40 years old. It’s a
team that includes
12 different ethnicities,
with speakers of
14 different languages.

The health, safety and wellbeing of our
people, our customers, our contractors,
and the wider community has always
been our priority.
A detailed policy governs our approach
and ensures our obligations under the
Health and Safety at Work Act 2015
are complied with every day. Extensive
staff training and contractor induction
programmes together with comprehensive
safety procedures and work practices
help create a culture where individuals are
empowered to identify, report, and actively
prevent harm from occurring.
We are committed to creating a safe
working environment, free of accidents
and other workplace risks. A management
Health and Safety Committee, that reports
to the Board, oversees our Health and
Safety programme.
There were 38 health and safety incidents
reported in FY21 compared to 41 in FY20.
This includes all operations involving
staff and contractors together with any
reported incidents occurring within the
public areas of our portfolio. This reporting
includes hazard observations, near
misses, injuries requiring first aid, injuries
requiring medical treatment and serious
harm injuries. 100%  of the incidents were
classified as minor with no serious harm
accidents last year, a pleasing result
that  we’re proud to have maintained
since FY18.
Our responsibilities for keeping people
safe and well have been reinforced over
the last year as we have dealt with the
impacts of a global pandemic.
We responded to COVID-19 by extending
our health and safety procedures with
new social distancing and contract tracing
protocols and by providing personal
protective equipment to staff and their
families. These precautionary measures
have helped keep our team and worksites
safe while agile work practices have
allowed us to quickly adapt to the new
working arrangements made necessary
by Alert Level restrictions.
Goodman’s flexible work policy also
ensured that every employee received a
significant financial contribution toward a
home office setup. This has encouraged
a more permanent shift in work practices
with over 98% of staff now working
remotely at least one day a week. It’s a
positive outcome that will help contribute
to a more diverse workforce over time.
Health & Safety ReportingF Y21
F Y20
% change
Reported incidents3841( 7. 3 )
Serious harm injuries00–
People and culture (continued)
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Bottom:
Health and safety
Goodman’s
health and  safety
responsibilities
extend  to the
contractors working
on its development
projects.

Goodman brand values guide how we
interact with each other and ensure we
provide customers and investors with
consistently high-quality service as well
as innovative and sustainable property
and investment solutions.
We celebrate individual
differences and have
a comprehensive
inclusion and diversity
policy that sets
goals across gender,
ethnicity and age.
The principles of this policy:
„promote a culture of inclusion that
values and respects individual
differences and is free of harassment,
victimisation and discrimination;
„ensure our work practices and
workplace facilities provide the
flexibility needed to support an
inclusive and diverse culture;
„provide equal access to all employees
for skills development and career
path progression;
„recruit and reward equitably on the
basis of merit, and
„comply with all regulatory and
compliance obligations in relation to
diversity and inclusion.
Page 105 includes more detail  about
the diversity targets we have set to
broaden representation across our
business.
Flexible employment policies also help
reduce bias and ensure we are an
inclusive and progressive organisation.
To further empower our people, we have
a wellbeing programme focused on
health and happiness. These initiatives
include annual flu vaccines and skin
checks, fun-run events at Highbrook
and guest speakers on topical issues.
Our  workplaces provide high levels  of
amenity in locations that also  offer
staff and customers a wide range of
recreational opportunities.
People and culture (continued)
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To p:
Pink caravan
One of the community
health initiatives
supported at
Highbrook Business
Park during the year.
Right:
Highbrook heroes
Val Ralph-Smith of
Metro Performance
Glass and Russell
Hunter of Stanley
Black and Decker,
the inaugural
Highbrook heroes.
The award recognises
individuals who make
a positive community
contribution.

These measures have all contributed
to a positive work environment which
has been reflected in the results of an all
staff survey in February 2021. The high
level of engagement and satisfaction is a
pleasing outcome that indicates we are
delivering a business strategy that has
the widespread support of our team. The
result also confirms that these individuals
feel connected and included.
Confidential support is also available
through the Employee Assistance
Programme should staff prefer external
help when personal or work issues arise
that affect their wellbeing or impact their
ability to do their job.
Training opportunities are encouraged
as part of an individual’s career path
development and we support wider
People and culture (continued)
participation in our industry with an annual
scholarship for an Auckland University
property student.
We have also extended the support we
provide our community partners through
the Goodman Foundation, contributing
more than $500,000 over the last
12  months to social initiatives that aim
to improve the quality of life, standard
of living and health of people in the
communities where we operate.
KiwiHarvest and the New  Zealand
Food Network, both food rescue and
distribution organisations are the largest
of these sponsorships. See pages 45
to 49 for a profile of all the charities and
groups that benefit from our community
participation.
Goodman values
Goodman’s values shape our behaviour and contribute to a successful and innovative culture.
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Thomas Papesch,
Property Manager
One of Goodman’s
58 team members
Thomas works with
the 110+ customers
at Highbrook
Business Park.
customer+focus
Be closer to our
customers’ world and
their changing needs.
open+fair
Be adaptable and
considerate in our
dealings inside and
outside our business.
team+respect
Recognise the
worth in each other
and collaborate for
better  results.
performance+drive
Do what we say we’ll do
and make things happen.
innovative+dynamic
Be more creative in our
thinking and dynamic in
our actions.

Corporate performance
The material factors critical to the success
of our business include:
The table below includes the specific targets we have adopted in relation to these factors.
TargetProgressStatus
Retain investment
grade credit rating
of BBB
„Continue to meet financial targets while maintaining
gearing within the new 20% to 30% preferred range
„Sustainable distribution policy introduced
„Long-term occupancy of more than 95%
+++++
Governance
and disclosure
„Continued alignment with the NZX Corporate Governance
Code
„Two new independent directors appointed
„GRI reporting framework adopted
„Material factors reviewed
+++++
External certification „Achieved Toitū carbonzero certification in FY21
„Target improved CDP Score in FY22
„Green Star Performance pilot assessment to complete
in FY23
+++++
TCFD compliant
reporting by 2023
„First TCFD report expected to be released in 2022
+++++
„Sustainable structure, operations and results
„Stakeholder and community engagement
„Environmental stewardship
„Responsible investment
„Non-financial performance
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Corporate performance (continued)
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 on a range of
topics and issues including sustainability.
Financial stability is a prerequisite for a
sustainable business. It includes:
„Responsible and ethical investing
„The long-term returns of our assets
„The distributions paid to investors
„Access to capital and debt funding
„Balance sheet resilience
„Consistency of results
We have a disciplined approach to
investment and manage prudently
ensuring we retain a strong balance
sheet with diverse sources of funding.
The Board’s preferred gearing range of
between 20% and 30% is well below the
maximum of 50% allowed under GMT’s
Trust and debt covenants. With only partly
drawn debt facilities and low gearing
the Trust has substantial capacity for
new investment. This financial flexibility
also provides added resilience against
unforeseen market shocks that could
impact property values.
A revised distribution policy that
retains up  to 20% of cash earnings is a
sustainable approach that ensures GMT
can continue to grow.
Maintaining high occupancy and
customer retention levels is a key driver
of our success. The strength of these
businesses underpins our own financial
performance, providing the strong rental
cashflows that drive earnings growth
and returns to investors. The distribution
guidance for FY22 is for a 4% increase
in cash distributions to around 5.5 cents
per unit.
The strength of GMT’s financial position,
its prudent management policies and
proven business strategy are recognised
in the investment grade credit rating of
BBB from S&P Global Ratings. The rating
has remained stable since it was first
assigned in 2009.
The Board has ultimate responsibility
for ensuring risk is managed effectively.
This includes consideration of all strategic,
operational, financial and compliance
risks. Non-financial issues, including
the impacts of climate change are also
included within this risk framework.
The corporate governance section on
page 104 provides further detail and
compares our approach against the
principles and recommendations of the
NZX Corporate Governance Code.
The full suite of governance polices are
available online: https://nz.goodman.com/
who-we-are/corporate-governance.
Participation in
international reporting
initiatives, that follow
credible and proven
frameworks, is a
requirement of any
business focused on
sustainability.
A commitment to reducing its
environmental footprint 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.
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CDP released the results of last year’s
survey in December 2020. The Trust
received a climate score of B- which was
consistent with the previous year. There
were approximately 25 NZX companies
that contributed data (19 publicly disclosed
their ratings) with CDP evaluating more
than 9,600 organisations worldwide. Of
them, 277 achieved an A rating. Both A and
A minus are regarded as “leadership level”.
Scores B and B minus are considered
“management level”, C and C minus are
“awareness level” and D and D minus are
“disclosure level”.
The implementation of emission
management and reduction strategies,
together with the independent audit
assurance provided by Toitū carbonzero
certification are expected to contribute
to an improved CDP climate score in the
next CDP survey.
You can find out more about the Carbon
Disclosure Project and the rating process
at www.CDP.net.
Adopting the GRI framework this year
has aligned our corporate reporting with
the world’s most widely used standards
for sustainability reporting. The index on
page 50 allows stakeholders to access
and review key information around our
sustainability programme, enhancing
transparency and accountability.
The standard is particularly useful for
investors and fund managers who need
consistent reporting when screening
or assessing investment vehicles on
ESG criteria.
As a leading NZX investment entity we
have a responsibility to provide timely,
balanced and readily available information.
We engage with our stakeholder groups
on a regular basis, through a variety
of communication channels, including
formal reporting obligations, regular
market announcements and briefings,
and  more directly through open days,
road shows, presentations, meetings and
volunteering initiatives.
Our memberships and partnerships
include Australasian Investor Relations
Association, Diversity Works, Global
Women, Greater East Tāmaki Business
Association, NZ Green Building Council,
New Zealand Shareholders Association
and Property Council of New  Zealand.
Following the government’s
announcement last year that it intends to
make climate related financial disclosures
mandatory GMT’s future reporting will be
extended to ensure it is consistent with
the recommendations of the Task Force
on Climate related Financial Disclosures
(TCFD). Work is already underway
assessing the risks and likely performance
of the Trust under a variety of climate
scenarios across short, medium and
longer timeframes.
Corporate performance (continued)
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Further together
Supporting the various stakeholder groups
in the communities where we operate is
fundamental for a business focused on
long-term relationships and sustainable
growth. Through our partnerships with
a range of charity organisations, we’re
able to make a real difference, where and
when  it matters most.
The impact of COVID-19 has
intensified demand for the services
of many of these  groups. The
Foundation has responded with an
increased contribution  in the areas of
mental health,  distribution of food and
essential goods, vulnerable people
and domestic violence.
How we help
The Goodman Foundation offers support to
charities within three key areas: Children
and youth, Community and community
health and Food rescue and environment.
Support can take the form of:
„Cash grants — provided to fund identified projects
or  needs  over  one to three years
„Do good — Goodman team volunteering or fundraising
for  charities
„Give back — workplace giving schemes that match staff
contributions dollar for dollar
„In-kind — donating our expertise, warehouse space
or other critical items
Goodman Foundation
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We support charity organisations
that are redistributing food
and other goods that would
otherwise  go to  waste.
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
the initial lockdown.
While food shortages caused real
hardship early in the pandemic, additional
contributions from new and existing
food donors have helped address the
increased levels of food insecurity in
our communities. These contributions
included over 0.66 million kgs of
local pork products being distributed
in conjunction with the Ministry of
Primary Industries.
www.kiwiharvest.org.nz
New  Zealand Food
Network (NZFN)
The Foundation has also been proud to
support the New  Zealand Food Network.
Established during the COVID-19
pandemic the organisation is facilitating
the efficient delivery of large volumes
of surplus food through a national
distribution network.
Supported by the Ministry of Social
Development, the creation of NZFN is
enhancing the work of those community
organisations already focused on
addressing food poverty in New  Zealand.
In the first nine months of operation over
2  million kgs of food has been distributed
to foodbanks, food rescue and community
food services.
The new distribution facility for NZFN
is located at Highbrook Business Park
adjacent to the KiwiHarvest premises
on Underwood Street. The organisation
has taken a three-year lease over the
property with the Goodman Foundation
making a financial contribution toward
racking, warehouse equipment and office
fit out  costs.
Greater supply chain co-ordination is
helping reduce the levels of nutritious
food  going to waste, redirecting it to where
the need is greatest and contributing to
healthier communities – leading to better
social and environmental outcomes.
www.nzfoodnetwork.org.nz
Goodman Foundation (continued)
Food
rescue
and
environment
KiwiHarvest
The Goodman Foundation in New  Zealand
is a founding supporter of KiwiHarvest,
a food rescue organisation that collects
nutritious but perishable food destined
for landfill. The rescued food is then
redistributed to community agencies for
those in need.
Founded by Deborah Manning in 2012,
and now with facilities in Auckland, the
North Shore, Dunedin and Queenstown,
the service collected and redistributed
2.2  million kgs of food over the 12  months
to 31 March 2021. Equivalent to over
6.2  million meals it  included surplus
produce, protein, mislabelled goods
and grocery items approaching expiry,
the volume of food rescued was 83.3%
greater than the year before. It’s an
outstanding achievement only made
possible through the generosity of
sponsors and food donors, and the
tireless efforts of volunteers and  staff.
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Volunteering
Jo Brailsford,
John Dakin,
Kimberley Richards
and James Spence
bagging produce at
KiwiHarvest.
Goodman help out
regularly, with four
volunteers working
for  three hours every
four weeks.

We work with charity
organisations that support
people living with a condition,
illness or disability, or whose
efforts create a more inclusive
and equitable community.
New Zealand Heart Foundation
That’s How We Row was a fund-raising
initiative of Mark Taylor, a  manager
with  Dempsy  Wood Civil Limited that
raised $100,000 for the New  Zealand
Heart Foundation. The aim of the
event held at the Auckland Rowing
Club on 6  November  2020, was to
raise awareness of heart disease while
providing financial support for research
and specialist cardiologist training.
Despite living with physical disabilities
associated with a rare neurological
disorder, Mark set himself the challenge of
completing 100km on a rowing machine
in under eight hours. Others joined Mark
on the epic challenge including friends
and colleagues from the construction
and building industry. Goodman’s
team of rowers worked in relay and
completed the 100km in just 6 hours and
22 minutes. With donations, fundraising
and Goodman Foundation support the
team contributed around $10,000 of
the  $100,000 that was  raised.
www.givealittle.co.nz/fundraiser
/thats-how-we-row
B r a i nTr e e
BrainTree is the name of the centre for
community-based, holistic neurological
care being developed on Langdons
Road in Ōtautahi-Christchurch. It’s a
wellbeing initiative of the Canterbury
Brain Collective.
The new wellness centre will become the
base for Multiple Sclerosis & Parkinson’s
Canterbury and Dementia Canterbury,
as well as other like-minded, local health
organisations. It will provide a space for
people and their whānau to connect
with others who understand, and
encourage engagement with support
services. The  aim is to enable people
with neurological conditions to live well
and to  live independently.
The $6.3 million project has been funded
through charitable donations from
corporate and private donors together
with a public fundraising campaign.
The  Goodman Foundation is proud to
be  one of the first corporate contributors.
www.canterburybraincollective.org
Ongoing support
Through the Foundation’s give back initiative
and other fundraising, financial contributions
were also made to the  following community
and  community health  organisations:
„4U Mentoring
„Diabetes New Zealand
„Middlemore Foundation
„OrangeSky Aotearoa
„Multiple Sclerosis Society
of  New  Zealand
„Ronald McDonald House
„Starship Foundation
Goodman Foundation (continued)
Community
and
community
health
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Highbrook
Fun Run
Goodman is a
principal sponsor
of the annual
Highbrook Fun Run.
Over $23,000
was raised for
local charities like
the Life Education
Trust, Middlemore
Foundation and
Totara Hospice.

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.
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 1994.
Helping break the cycle of ‘booklessness’,
more than 13 million books have been
distributed with 700+ schools and
education centres participating.
The Goodman Foundation currently
sponsors three South Auckland primary
schools, with 1,200 students each
receiving five new books a year.
They include:
„Fairburn School, Ōtāhuhu
„Sir Edmund Hillary Junior School,
Ōtara
„Wiri 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
Goodman Foundation (continued)
Children
and
youth
Goodman is proud to have been a
Duffy supporter for over 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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Sir Edmund Hillary
Junior School
Bruno Warren
and William Main
of Goodman’s
development team
were guests at the
Duffy assembly in
March 2021.

Helping vulnerable families
Everyone has the right to be safe, have
shelter, be fed, be loved, to dream, have
their say and be heard.
Women’s Refuge is supporting families
impacted by domestic violence while the
Grace Foundation is helping marginalised
members of our community to live healthy,
sustainable lives. Each of these charities
received donations from the Goodman
Foundation last year.
www.womensrefuge.org.nz
www.gracefoundation.co.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
Goodman Foundation (continued)
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Tania Dalton
Foundation
Top left and right:
Sharne Pupuke-Robati
completed her three
year scholarship in
2020. Her focus on
basketball taking
her to  Utah State
University, where
she  has played
in the US college
competition, and
onto higher honours
in our own national
basketball league.
Bottom left and right:
Luisa Togotogorua
is the latest recipient
of the scholarship.
The Howick College
student and talented
halfback is already
a member of the
Auckland Storm
Farah Palmer
Cup team and the
Auckland Blues
Super Rugby team.

General disclosures
Disclosure titleGRILocation or reference
Name of the organisation 102 – 1 Goodman Property Trust
Activities, brands, products and services 102 – 2 Page 4, https://nz.goodman.com/who-we-are/about-us
Location of headquarters 102 – 3 Page 117
Location of operations 102 – 4 Page 117
Ownership and legal form 102 – 5 Page 62, NZX Listed Unit Trust
Markets served 102 – 6 Page 4, https://nz.goodman.com/who-we-are/about-us
Scale of the organisation 102 – 7 Page 4, https://nz.goodman.com/who-we-are/about-us
Information on employees and other workers 102 – 8 Page 105
Supply chain 102 – 9 Pages 22–28, 31
Significant changes to the organisation and its supply chain 102 – 10 None
Precautionary principle approach 102 – 11 Goodman’s risk management process uses the
precautionary principle to assess potential impacts
across a range of ESG criteria
External initiatives 102 – 12 Pages 45–49
Membership of associations 102 – 13 Pages 42, 44
Statements from senior decision-maker 102 – 14 Pages 8–13, 14–19
Values, principles, standards, and norms of behaviour 102 – 16 Pages 38–41, https://nz.goodman.com/-/media/files/sites/
new-zealand/about-us/corporate-governance/code-of-
conduct.pdf
Governance and structure 102 – 18 Pages 102–103, 110–111
List of stakeholder groups 102 – 40 Pages 31, 33
Collective bargaining agreements 102 – 41 None
Identifying and selecting stakeholders 102 – 42 Pages 31–33
Approach to stakeholder engagement 102 – 43 Page 33, 42–44
Key topics and concerns raised 102 – 44 Page 33
Entities included in the consolidated financial statements 102 – 45Page 62
Defining content and topic Boundaries 102 – 46 Page 33
List of material topics 102 – 47 Page 33
Restatements of information 102 – 48 None
Changes in reporting 102 – 49 None
Reporting period 102 – 50 12 months ended 31 March 2021
Date of most recent report 102 – 51 Annual Report 2020 (May 2020)
Reporting cycle 102 – 52 Annual
Contact point for questions regarding the report 102 – 53 info-nz@goodman.com
Claims of reporting in accordance with the GRI standards 102 – 54 GRI Standards (Core option)
GRI content index 102 – 55 Pages 50–51
External assurance 102 – 56 None
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GRI
index
Goodman has chosen to prepare its
2021 Annual Report in accordance
with the  Global  Reporting Initiative
(GRI) Standards (core option). The GRI
Standards are the world’s most widely
used sustainability reporting standard.
The GRI index shows where in
this report information can be found
about  the indicators that are relevant
to our business operations.

GRI index (continued)
Topic specific disclosures
Disclosure titleGRILocation or reference
Energy
Disclosure on management approach 103Pages 34–37, Emissions Reduction and Management Plan
Energy intensity 302 – 3 Page 37, FY21 Emissions Inventory
Emissions
Disclosure on management approach 103Pages 34–37, Emissions Reduction and Management Plan
GHG emissions intensity 305 – 4 Page 37, FY21 Emissions Inventory
Occupational health & safety
Disclosure on management approach 103Pages 38–39, 109
Types of injury and rates of injury, occupational diseases, lost days,
and absenteeism, and number of work-related fatalities
403 – 2 Page 39
Diversity and equal opportunity
Disclosure on management approach 103Pages 38, 40, 105
Diversity of governance bodies and employees 405 – 1 Page 105
Sustainable design and management – non GRI
Disclosure on management approach 103Pages 35–36
Customer attraction and retention – non GRI
Disclosure on management approach 103Pages 4, 34–35
Climate risk and resilience – non GRI
Disclosure on management approach 103Page 37, Emissions Reduction and Management Plan
Flexible and adaptable properties – non GRI
Disclosure on management approach 103Pages 23, 36
Social equity – non GRI
Disclosure on management approach 103Pages 45–49
Sustainable structure, operations and results – non GRI
Disclosure on management approach 103Page 43
Non-financial performance – non GRI
Disclosure on management approach 103Pages 43–44
Responsible investment – non GRI
Disclosure on management approach 103Pages 43, 109
Environmental stewardship – non GRI
Disclosure on management approach 103Pages 43–44
Stakeholder and community engagement – non GRI
Disclosure on management approach 103Pages 44–45, 109
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Sustainability
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Financial
results
Other
information

52
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Customer mix
GMT’s broad customer
base is dominated by
the warehousing and
distribution sectors
but it also includes
manufacturing
businesses.

Financial summary
A substantial portfolio revaluation has
contributed to a record $648.9 million
profit before tax.
The 17.3% increase in the value of the
Trust’s property portfolio, to almost
$3.8 billion, contributed $560.0 million
of fair value gains to this year’s statutory
profit. The uplift follows the 5.7% or
$165.8  million increase recorded in  FY20.
The stronger revaluation result is the
main contributor to the 128.2% increase
in profit before tax, from $284.4 million
to $648.9  million. It also underpinned
the 23.0% increase in net tangible asset
backing to 212.5 cents per unit (on a fully
diluted basis).
The significant rise in property values
has been driven by record low interest
rates and positive investor demand
for high-quality warehouse and
logistics space across Auckland. The
attraction of the asset class is reflected
in the strengthening of the portfolio
capitalisation rate which has firmed
70  bps over the last 12 months to 4.7%.
Adjusting for these fair value gains and
other cash and non-cash items provides
the reconciliation between profit and
operating earnings.
Operating performance
Strong property market fundamentals
were reflected in high occupancy
levels, positive leasing results and new
development commitments over the last
12 months. Low gearing and substantial
liquidity have also allowed the Trust to
secure new investment opportunities,
acquiring properties neighbouring its
Savill  Link and Mt Wellington industrial
estates for a total of $83.0 million.
The additional income from new
acquisitions and recently completed
developments, together with rental growth
from the investment portfolio have driven
the 5.3% increase in net rental income this
year, to $153.0 million.
Total expenses of $38.1 million were
7.0% higher than last year. A higher base
management fee, increased net interest
costs and higher administrative expenses
all contributed to the $2.5 million increase.
The revenue and expense items described
above result in operating earnings before
tax of $114.9 million, 4.7%  higher than the
$109.7 million recorded in FY20. On a
weighted average unit basis, operating
earnings before tax were 8.26  cents per
unit and 6.86 cents per unit after tax.
OverviewF Y21F Y20% change
Profit before tax ($m) 648.9284.4128.2
Profit after tax ($m) 631.7261.9141.2
Movement in fair value of investment property ($m) 560.0165.8237.8
Operating earnings before tax ($m)
1
114.9109.74.7
Operating earnings after tax ($m)
2
95.490.55.4
Operating earnings per unit before tax (cpu)
2
8.268.161.2
Operating earnings per unit after tax (cpu)
2
6.866.731.9
Cash earnings per unit (cpu)
3
6.406.222.9
Cash distribution per unit (cpu) 5.306.65(20.3)
Loan to value ratio (%)
4
19.218.91.6
Net tangible assets (cpu) 212.5172.723.0
Management expense ratio (%)0.900.864.7
Management expense ratio (%)
– excluding performance fee0.480.472.1
Non-GA AP financial measures may not be calculated in a manner consistent with other entities.
1
Operating earnings is a non-GA AP financial measure included to provide an assessment of the
performance of GMT’s principal operating activities. The calculation of operating earnings before other
income/(expenses) and tax is set out in GMT’s Profit or Loss statement.
2
Refer to note 3.1 of GMT’s Financial Statements for the calculation.
3
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.
4
Loan to value ratio is a non-GA AP financial measure that assess GMT’s level of gearing. Refer to
note 2.6 of GMT’s Financial Statements for the calculation.
53
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Our approach
Ye a r i n
review
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A performance fee of $13.7 million was
also earned by the Manager this year.
The  fee was earned as a result of the
carry forward amount reflecting GMT’s
very significant outperformance (on
a total return basis) against its listed
peers in  FY20. The fee is excluded from
operating earnings as the Trust Deed
requires it to be reinvested into new units
in GMT, ensuring the interests of the
Manager remain well aligned with the
interests of other investors.
Balance sheet
Earlier asset sales and equity initiatives
have repositioned the Trust and
deleveraged the balance sheet. It has
been a successful strategy that has
provided GMT with the financial flexibility
to fund new investment opportunities.
The issue of $200 million of eight-year
and ten-year fixed interest rate bonds
to New  Zealand wholesale investors in
September 2020 was a continuation
of this prudent approach. Achieved at
competitive margins the highly successful
issue adds further tenor and diversity
to the Trust’s debt book which now
includes bank borrowings, listed retail
bonds, wholesale bonds and US Private
Placement debt notes.
At 31 March 2021, the Trust had a loan to
value ratio of just 19.2% with committed
gearing of 22.5%. It’s a conservative level,
well below the 50% maximum allowed
under the Trust Deed and debt facility
Financial summary (continued)
$ million
F Y21F Y20
Operating earnings before tax114.9109.7
Tax on operating earnings(19.5)(19.2)
Operating earnings after tax
5
95.490.5
Capitalised borrowing costs – land
6
(2.3)(3.7)
Capitalised management fees – land(0.2)(0.3)
Maintenance capex(3.8)(2.9)
Cash earnings89.183.6
Cash earnings (cpu)6.406.22
Distributions per unit (cpu)5.306.65
Distributions % of cash earnings82.8106.9
5
Refer to note 3.1 of GMT’s Financial Statements.
6
Refer to note 2.1 of GMT’s Financial Statements.
GMT Bond Issuer Limited
GMT Bond Issuer Limited received
$20.8 million of interest income (FY20
$19.7 million) and incurred $20.8 million
of  interest expense (FY20 $19.7 million).
The change in the interest income and
interest expense amounts from the
previous year reflects the $200 million
of wholesale bond issues in September
2020 and the maturity of the GMB020
Goodman+Bonds in December 2020.
S&P Global Ratings 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.
covenants. With only partially drawn debt
facilities the Trust retains $339 million of
funding capacity for future  investment.
Taxation
A total tax expense of $17.2 million results
in an after-tax profit of $631.7 million, a
141.2% increase from the $261.9 million
recorded in FY20.
Tax on operating earnings reflects an
effective rate of 17.0%, compared to
17.5% previously.
Along with other commercial property
investors GMT is again able to claim tax
deductions for building depreciation.
Effective from 1 April 2020, the legislative
change has reduced the amount of tax
paid by the Trust.
Cash earnings and distributions
Cash earnings is a non-GAAP measure
that assesses free cash flow, on a per unit
basis, after adjusting for certain items.
The table above shows how the Trust’s
cash earnings are calculated and how this
compares to the distribution it pays.
Cash earnings of 6.40 cents per unit were
2.9% higher than the 6.22 cents achieved
in FY20. The increase is ahead of initial
market guidance of 6.20 cpu, which was
increased to 6.30 cpu in November 2020.
The increase reflects the stronger than
forecast performance of the portfolio with
only minor financial impacts resulting from
the COVID-19 pandemic.
From FY22 the cash earnings calculation
will be amended to remove the straight
line accounting treatment of fixed rental
increases. The change will better align
GMT’s cash earnings measure with
underlying cashflows.
Under the revised methodology GMT’s
FY21 cash earnings are restated at
6.28  cpu. Guidance for FY22 (on the
same basis) is for cash earnings of around
6.54  cpu, a  4% increase.
Cash distributions of 5.30 cents per unit
compare to 6.65 cents per unit previously.
The reduction, signalled at the beginning
of the year, reflects a revised payout
ratio of between 80% and 90% of cash
earnings.
54
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021

Financial summary (continued)
55
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Our approach
Ye a r i n
review
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Sustainability
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Financial
results
Other
information
Five year financial summary
$ millionF Y21F Y20FY19FY18FY17
Profit or loss
Net property income153.0145.3126.8130.1134.2
Share of operating earnings before tax from joint ventures––2.110.38.4
Net interest costs(22.3)(21.9)(16.0)(18.7)(18.0)
Administrative expenses(3.0)(2.6)(2.7)(2.6)(2.9)
Manager’s base fee(12.8)(11.1)–––
Operating earnings before other income / (expenses) and income tax114.9109.7110.2119.1121.7
Movement in fair value of investment property560.0165.8201.983.8114.7
Disposal of investment property–0.3–0.5(4.3)
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)
Movement in fair value of financial instruments(12.3)20.03.2(8.5)(2.5)
Manager’s base fee reinvested in units––(8.6)(8.3)(7.7)
Manager’s performance fee expected to be reinvested in units(13.7)(11.4)(8.6)––
Profit before tax648.9284.4334.8207.2220.5
Current tax(13.7)(15.1)(16.2)(16.5)(17.8)
Deferred tax(3.5)(7.4)0.93.311.1
Profit after tax attributable to unitholders631.7261.9319.5194.0213.8
Operating earnings before tax per unit (cpu)8.268.169.049.259.51
Operating earnings after tax per unit (cpu)6.866.737.687.898.28
Cash earnings per unit (cpu)6.406.226.24––
Cash distribution per unit (cpu)5.306.656.656.656.65
Balance sheet
Investment property3,789.33,074.02,633.42,231.02,249.3
Investment property contracted for sale––43.5238.67.7
Investment in joint venture–––114.370.7
Total assets3,831.53,168.42,720.52,719.52,460.7
Borrowings for LVR calculation716.0569.9519.0571.3681.8
Total liabilities862.3766.3674.3925.8785.8
Total equity2,969.22,402.12,046.21,793.71,674.9
Loan to value ratio (%)19.218.919.725.629.3
NTA per unit (cpu)212.5172.7157.0138.9130.4
Unit price at 31 March (cpu)226.0214.5173.0133.0120.5
Property portfolio
7, 8

Net lettable area
9
(sqm)1,097,6981,059,2631,004,7941,111,244989,300
Weighted average capitalisation rate (%)4.75.45.86.26.5
Investment portfolio occupancy (%)9899989898
Weighted average lease term (years)5.55.55.26 .15.8
Customers213206179264240
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.

Financial summary (continued)
Profit after tax
$ million
FY21
FY20
FY19
FY18
FY17
213.8
194.0
319.5
261.9
631.7
Operating earnings before tax
$ million
FY21
FY20
FY19
FY18
FY17
121.7
119.1
110.2
109.7
114.9
Net property income
$ million
FY21
FY20
FY19
FY18
FY17
134.2
130.1
126.8
145.3
153.0
Total assets
$ million
FY21
FY20
FY19
FY18
FY17
2,460.7
2,719.5
2,720.5
3,168.4
3,831.5
NTA per unit
cpu
FY21
FY20
FY19
FY18
FY17
130.4
138.9
157.0
172.7
212.5
Loan to value ratio
%
FY21
FY20
FY19
FY18
FY17
29.3
25.6
19.7
18.9
19.2
Weighted average capitalisation rate
%
FY21
FY20
FY19
FY18
FY17
6.5
6.2
5.8
5.4
4.7
Equity
$ million
FY21
FY20
FY19
FY18
FY17
1,674.9
1,793.7
2,046.2
2,402.1
2,969.2
Net lettable area
sqm
FY21
FY20
FY19
FY18
FY17
989,300
1,111,244
1,004,794
1,059,263
1,097,698
56
Goodman
Property Trust
Annual Report
2021
GMT Bond
Issuer Limited
Annual Report
2021
Five year financial summary (continued)

For the year ended 31 March 2021
57
Goodman
Property Trust
Annual Report
2021
Financial
Statements
of Goodman
Property Trust
Cottonsoft,
Highbrook
Business Park
The customer is a
tissue converting
company,
manufacturing and
distributing leading
brands of high quality
toilet and tissue
paper products
throughout
New  Zealand.
The Board of Goodman (NZ) Limited, the Manager of Goodman Property
Trust, authorised these financial statements for issue on 12 May 2021.
For and on behalf of the Board:
Keith Smith Laurissa Cooney
Chair Chair, Audit Committee
Contents
Profit or loss 58
Balance sheet 59
Cash flows 60
Changes in equity 61
General information 62
Notes to the financial statements
1. Investment property 63
2. Borrowings 70
3. Earnings per unit and net tangible assets 73
4. Derivative financial instruments 74
5. Administrative expenses 76
6. Debtors and other assets 77
7. Creditors and other liabilities 77
8. Tax 78
9. Related party disclosures 80
10. Commitments and contingencies 83
11. Reconciliation of profit after tax to net cash flows 83
from operating activities
12. Financial risk management 84
13. Operating segments 86
Independent auditor’s report 87

Profit or loss
For the year ended 3 1 March 2021
$ millionNote2021202 0
Property income1.1182.0171.8
Property expenses(29.0)(26.5)
Net property income153.0145.3
Interest cost2.1(22.5)(22.6)
Interest income2.10.20.7
Net interest cost(22.3)(21.9)
Administrative expenses5(3.0)(2.6)
Manager’s base fee9(12.8)(11.1)
Operating earnings before other income / (expenses) and tax114.9109.7
Other income / (expenses)
Movement in fair value of investment property1.5560.0165.8
Disposal of investment property–0.3
Movement in fair value of financial instruments4.1(12.3)20.0
Manager’s performance fee expected to be reinvested in units9(13.7)(11.4)
Profit before tax648.9284.4
Ta x
Current tax on operating earnings8.1(19.5)(19.2)
Current tax on non-operating earnings8.15.84.1
Deferred tax8.1(3.5)(7.4)
Total tax(17.2)(22.5)
Profit after tax attributable to unitholders631.7261.9
There are no items of other comprehensive income, therefore profit after tax attributable to unitholders equals total comprehensive income attributable to unitholders.
CentsNote2021202 0
Basic earnings per unit after tax3.145.4119.48
58
Goodman
Property Trust
Annual Report
2021
Financial
Statements
of Goodman
Property Trust