GMT Annual Meeting of Unitholders

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Annual
Meeting
Goodman Property Trust
2021

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Goodman Property Trust Annual Meeting of Unitholders 2021
Meeting agenda
+Review the operating performance of the Trust, new
sustainability commitments and the strategy for future growth
+Consider and vote on three ordinary resolutions
-re-appointment of Laurissa Cooney, David Gibson and
Leonie Freeman as Independent Directors

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Goodman Property Trust Annual Meeting of Unitholders 2021
Online voting
To cast a vote
Click on the bar graph icon
on the far right of the page
Click on either “For, Against or
Abstain” and it will change
colour to orange to show
your vote has been received
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Goodman Property Trust Annual Meeting of Unitholders 2021
Online questions
To ask a question
Click on the speech bubble icon
on the top centre of the page
Type your question in the text
box and click the send arrow
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Goodman Property Trust Annual Meeting of Unitholders 2021
Board and executives
Laurissa Cooney
Independent Director
Greg Goodman
Non-executive Director
Keith Smith
Chair & Independent Director
Leonie Freeman
Independent Director
Phil Pryke
Non-executive Director
John Dakin
Executive Director and CEO
Andy Eakin
Chief Financial Officer
David Gibson
Independent Director

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Goodman Property Trust Annual Meeting of Unitholders 2021
Meeting formalities
+Nominated Chair of meeting
+Notice formally given
+Quorum confirmed

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Goodman Property Trust Annual Meeting 2021
Year in review
$648.9m
Profit before tax
6.40cpu
Cash earnings
5.50cpu
FY22 distribution
guidance

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Carbonzero
certified operations
Gateway warehouses – HighbrookBusiness Park
Sustainable business
Sustainable
development
Financial
stability
20% to30%
Target gearing range

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Goodman Property Trust Annual Meeting of Unitholders 2021
COVID-19 response
+Health and wellbeing of staff,
customers and contractors
always the priority
+Essential business
classification and agile work
practices limited disruption
+Vulnerable customers
supported, only minor
financial impact for GMT

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19.2%
Loan-to-value ratio
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212.5cpu
Net tangible assets
$560m
Portfolio revaluation
$631.7m
Profit after tax
$200m
Wholesale bond issue
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LVR is a non-GAAP financial measure used to assess the strength of GMT’s balance sheet, refer to note 2.6of GMT’s financial statements for its calculation
$153m
Net rental income
HighbrookBusiness Park
Financial highlights
Financial highlights
Financial highlights

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Goodman Property Trust Annual Meeting of Unitholders 2021
+These facilities have a weighted
term to expiry of five years
+Over $300 million of undrawn bank
debt provides operational flexibility
+GMT credit rating of BBB, debt
rated one notch higher at BBB+
Treasury
GMT has a variety of funding sources
Funding sources shown on a drawn basis as at 31 March 2021
Bank debt
8%
Retail bonds
42%
USPP notes
22%
Wholesale
bonds
28%

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Urban logistics
Well-located industrial property and highly
efficient freight networks are essential links
in the supply chain.

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GMT portfolio
Efficient and desirable
distribution locations
$3.8bn
Portfolio value
1.1m
Net lettable area (sqm)

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Goodman Property Trust Annual Meeting of Unitholders 2021
E- commerce
+National online retail spend
grew 25% to $5.8 billion in 2020
+E- commerce now makes up
11% of total retail sales
+Digital economy is a growing
demand driver for urban
logistics space
+Auckland is NZ’s largest
consumer market
NZ Post, HighbrookBusiness Park

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33,900sqm
Completed projects
Programme
Development
$250.1m
Work in progress

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Goodman Property Trust Annual Meeting of Unitholders 2021
Completed developments
Waiouru Point, HighbrookBusiness Park
68 WestneyRoad, WestneyIndustry Park
OfficeMax expansion, HighbrookBusiness Park
Savill Drive Units, Savill Link

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Goodman Property Trust Annual Meeting of Unitholders 2021
Completed developments
Timberly Road, WestneyIndustry Park
Ingram Micro Expansion, M20 Business ParkHighbrook Crossing Units, Highbrook Business Park

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FavonaEstate
7ha
Land area

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Roma Road
$200m
Completion value
42,000sqm
Net lettable area
NZ Post – Artist’s impression

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Goodman Property Trust Annual Meeting of Unitholders 2021
Sustainable development
+Targeting a five-star Green Star
rating for all our new projects
+Reuse of demolition waste on site
+Carbon neutral developments
+Maximising solar and rainwater
collection on site
OfficeMax, Highbrook Busines Park: 880-panel solar array
NZ Post, Highbrook Busines Park: rainwater harvesting

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Savill Link extension
13.3ha
Land area
Savill Link
Acquisition properties

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Mt Wellington extension
1.2ha
Land area
Mt Wellington Estate
Acquisition properties

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$500,000
Community support
Foundation
Goodman
rescued food
2.1m kgs
KiwiHarvest
KiwiHarvest and New Zealand Food Network, Highbrook Business Park

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Goodman Property Trust Annual Meeting of Unitholders 2021
Looking ahead
+GMT’s strong operating performance and record financial results
have shown that it is a resilient business
+The structural trends that are driving demand for warehouse and
logistics facilities close to consumers have accelerated
+GMT is uniquely placed to benefit from the growing digital economy
+Positive market fundamentals are supporting an increased level of
development activity
+New sustainability initiatives are enhancing our business and
reducing our environmental impact

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Goodman Property Trust Annual Result 2021
OfficeMax – HighbrookBusiness Park
Questions

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Goodman Property Trust Annual Meeting of Unitholders 2021
As an ordinary resolution, that, Unitholders approve the re-appointment of
Laurissa Cooney as an Independent Director of the Manager.
Resolution 1
As an ordinary resolution, that, Unitholders approve the re-appointment of
David Gibson as an Independent Director of the Manager
Resolution 2
As an ordinary resolution, that, Unitholders approve the re-appointment of
Leonie Freeman as an Independent Director of the Manager
Resolution 3
Formal business

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Goodman Property Trust Annual Meeting of Unitholders 2021
Voting and close
We will now proceed to a poll and conclude the meeting
Can all webcast participants please submit your votes now
The result will be announced to the NZX

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Thank
you
Disclaimer: The information and opinions in this presentation were
prepared by Goodman (NZ) Limited on behalf of Goodman Property
Trust and its subsidiaries (Goodman).Goodman makes no
representation or warranty as to the accuracy or completeness of the
information in this presentation.Opinions including estimates and
projections in this presentation constitute the current judgment of
Goodman as at the date of this presentation. They are subject to
change without notice. Such opinions are not guarantees or
predictions of future performance, and involve known and unknown
risks, uncertainties and other factors, many of which are beyond
Goodman’s control, and which may cause actual results to differ
materially from those expressed in this presentation. Goodman
undertakes no obligation to update any information or opinions
whether as a result of new information, future events or otherwise.
This presentation is provided for information purposes only.
No contract or other legal obligations shall arise between Goodman
and any recipient of this presentation.Neither Goodman, nor any of
its Board members, officers, employees, advisers or other
representatives will be liable (in contract or tort, including negligence,
or otherwise) for any direct or indirect damage, loss or cost (including
legal costs) incurred or suffered by any recipient of this presentation
or other person in connection with this presentation.
M20 Business Park

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




nzx release+
GMT Annual Meeting of Unitholders
Date 7 July 2021
Release Immediate

WELCOME
Good afternoon ladies and gentlemen and welcome to this annual meeting of
Unitholders. I’m Keith Smith, Independent Director and Chair of Goodman (NZ)
Limited, the Manager of Goodman Property Trust.
It’ s pleasing to be hosting a physical meeting again after the disruption to public
gatherings last year. Adopting a hybrid format for this event allows us to engage with
all our investors, either in person or via a live webcast. The technology also allows our
two Australian-based directors to participate in the Meeting while trans-Tasman travel
is restricted.
Today’s presentations will focus on the strong operating performance of the Trust, new
sustainability commitments and our strategy for future growth. The meeting will also
consider three ordinary resolutions relating to the re-appointment of Independent
Directors.
Before we proceed, I would like to cover off some health and safety matters relating to
the use of this venue.
In the unlikely event of an emergency you will be required to evacuate and assemble
outside in a designated safe area. Should this occur please exit the room through the
rear doors and follow the directions of Eden Park staff.
The bathrooms are also located through these rear doors, in the foyer of this meeting
room.

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

A key difference between a virtual meeting and a physical one is in the way voting is
conducted and how questions are dealt with.
INSTRUCTIONS FOR WEBCAST PARTICIPANTS
For Unitholders participating through the live webcast, polling on the three resolutions
has now opened. Votes can be cast by selecting the polling icon on the instruction
screen and following the prompts. Votes can be amended up until the time the poll
closes, which is at the conclusion of the meeting.
Now the meeting has started, questions can also be submitted through the webcast
portal. We have allocated time at the end of the presentations to answer these, but
they can be submitted at any stage.
If you experience any technical issues casting your vote or submitting questions,
please refer to the instructions provided in the Virtual Annual Meeting Guide that
accompanied the Notice of Meeting.
ATTENDANCE AND BOARD COMPOSITION
I would now like to introduce the members of the Board and executives of the Manager
who are in attendance today. In addition to myself we have David Gibson, Laurissa
Cooney, Andy Eakin and John Dakin.
Leonie Freeman, Greg Goodman and Phil Pryke join us online.
We have progressed our Board renewal programme since the last meeting and I’m
pleased to welcome Laurissa and David as new Independent Directors. Their
appointments follow the retirement of Peter Simmonds and Susan Paterson, after
more than 10 years of valued service.
Laurissa and David are both experienced and capable Directors who will continue the
strong governance and oversight that has characterised the growth of GMT. They will
speak later in the meeting, outlining their professional achievements and areas of
interest and expertise.

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

REPRESENTATIVES OF TRUSTEE AND ADVISORS
In addition to the directors and executives present today, we also have representatives
of the Trustee and other advisors present. These representatives will be available to
answer any questions if required.
MEETING FORMALITIES
I’d now like to work through some of the formalities of an annual meeting.
I’d like it noted that, in accordance with the Trust Deed, I have been nominated by the
Trustee to act as Chair of this meeting and I have now tabled this nomination.
I also confirm that the meeting has been properly convened and notice has been
formally given to Unitholders.

And finally, I can confirm that we have satisfied the requirements for a quorum.
Now the formalities have been addressed we can proceed.

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

YEAR IN REVIEW
It has been a challenging 12 months since we last met, with the rapid spread of COVID-
19 disrupting lives and economies all around the world. I’m pleased to note that New
Zealand has avoided the worst of these impacts and that GMT has continued to deliver
strong results for investors and other stakeholders.
The Board has been extremely pleased with the performance of the Trust and this
year’s statutory profit of almost $650 million before tax is a record for GMT.
While the pandemic has brought some challenges, it has also accelerated structural
changes that are positive for our business. Advances in technology and changes in
consumer behaviour are contributing to a growing digital economy.
An investment strategy focused on the urban logistics segment of the Auckland
industrial market has positioned GMT to benefit from these trends. The continued
growth of the city and the rapid expansion of online retailing is adding to the strong
demand for well-located distribution space close to consumers.
These positive market dynamics are reflected in the Trust’s operating results.
Unitholders familiar with our reporting will know that cash earnings are our preferred
measure of underlying operating performance. The Trust recorded a 2.9% increase
in cash earnings this year to 6.4 cents per unit, and paid cash distributions of 5.3
cents per unit. The lower level of distribution is consistent with a revised distribution
policy that now includes a target payout ratio of between 80% and 90% of cash
earnings.
With the risks of COVID-19 in New Zealand being contained, the operating outlook
has improved markedly from this time last year. Our guidance for FY22 reflects the
improvement in business confidence, with a forecast increase in cash distributions to
at least 5.5 cents per unit.

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

INVESTMENT RETURNS
The forecast distribution equates to a cash yield of 2.3% at the current trading price of
around $2.40 per unit. The metric is the strongest in the sector, reflecting the appeal
of our investment strategy to investors. It’s a broad group that includes a growing
proportion of offshore funds. Collectively these investors now own around 20% of the
Trust, up from 13% two years ago.
The relative strength of GMT’s stock price through the period of market volatility
associated with the early stages of the pandemic partly reflects the greater diversity
and liquidity within the register.
The Trust has significantly outperformed the listed property sector on a total return
basis over the past two years. The quantum of the outperformance in FY20 created a
carry forward amount that resulted in Goodman, as Manager of the Trust, earning a
performance fee this year of $13.7 million.
The relative performance measure means a performance fee is only earned when
GMT out-performs its listed property peer-group and provides positive total returns to
investors.
The Trust Deed requires that this fee is used to subscribe for new units in GMT. Given
Goodman’s substantial cornerstone investment in the Trust, the requirement reinforces
an already strong alignment of interests between Goodman and other Unitholders.
SUSTAINABLE GROWTH
The Trust’s sustainability programme is an area in which we have made significant
progress over the last 12 months. A sustainable investment strategy leads to positive
economic, environmental, and social outcomes for our business, our stakeholders and
the world more broadly.
Addressing the impacts of climate change is a key focus and we have achieved a
significant milestone this year, becoming a Toitū carboNZero certified business.
Independent assurance from Toitū Envirocare confirms our greenhouse gas emissions
have been measured in accordance with international standards and that we have

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

offset unavoidable emissions with the purchase of certified New Zealand carbon
credits.
Implementing an emissions reduction plan and becoming Toitū certified means our
operations are now proudly carbon neutral, four years ahead of our 2025 target date.
We have also widened the scope of the sustainability programme to include the Trust’s
development activity. This commitment includes the targeting of a five-star, Green Star
certification for all new development projects. Green Star is the New Zealand
benchmark for sustainable industrial buildings and achieving this standard will ensure
all new buildings developed by the Trust will be industry leading.
We will also be offsetting the embodied carbon within new projects. The impacts of
steel, concrete and other materials in the construction process are some of the largest
contributors to greenhouse gas emissions. John will talk later in the presentation about
how we are reducing the carbon footprint of our new developments in a case study of
Roma Road.
Financial stability is a prerequisite for a sustainable business and GMT has always
been managed prudently to ensure it has a strong balance sheet with diverse sources
of funding. Asset sales and equity issuance in previous years have provided the
substantial reserves that have allowed the Trust to progress its development
programme and secure new investment opportunities.
The Board has continued its disciplined 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, have continued
to support the creation of a high-quality, low risk property business focused on
sustainable long-term growth.
I’d now like to pass over to Andy Eakin, who will give a more detailed overview of the
Trust’s recent financial results.

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

ANDY EAKIN’S ADDRESS
Thank you, Keith, and good afternoon to everyone.
It’s been another successful year for GMT, despite the ongoing disruption of a global
pandemic.
COVID-19 RESPONSE
We have responded to the various challenges of COVID-19 while continuing to
prioritis e the health and wellbeing of our staff, customers, and contractors. New
safety protocols and the provision of personal protective equipment have kept our
people and worksites safe while agile work practices have enabled our team to work
remotely when required.
Our flexible work policy has provided every employee with a significant financial
contribution toward a home office setup. This has enabled a more permanent shift
with all our staff now working remotely at least one day a week. Greater flexibility in
our work practices is expected to help us achieve a more diverse workforce in time.
An essential business classification has enabled the Trust to operate almost
uninterrupted throughout the various Alert Level restrictions, supporting the continued
operation of critical supply chains. While most of our customers have adapted to the
new operating environment, a small number, typically retail and hospitality
businesses, have experienced significant hardship.
As a long-term business partner, the Trust has supported these more vulnerable
customers with assistance including rent abatements, rent deferrals, rent freezes,
lease restructures and marketing support. While the cost of this support to the Trust
is perhaps not material in the context of its total rental income of $168 million, its
value to these businesses has been hugely significant.
FY21 FINANCIAL HIGHLIGHTS
Auckland’s urban logistics market has continued to be the best performing of all the
commercial property sectors. The unique demand drivers in our preferred property

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

class are being reflected in high occupancy levels, positive leasing results and a
greater level of development activity for the Trust.
These factors, together with new acquisitions have contributed to an increase in net
rental income this year to $153 million. The additional revenue has driven a
corresponding increase in operating earnings, which have grown 4.7% to almost
$115 million before tax, reducing to $95.4 million after-tax.
A lower effective tax rate of 17% reflects the reinstatement of building depreciation
deductions for commercial property investors. The Trust’s PIE status mean these
deductions are passed through to Unitholders, the majority of whom have no further
tax to pay on the distributions they receive. It’s a positive feature of the PIE regime
that means investors are effectively getting the same deductions as if they were
investing directly in industrial property themselves.
A substantial portfolio revaluation is the main reconciling item between the Trust’s
operating result and its statutory profit of $631.7 million after tax. The 17.3% increase
in the value of the portfolio, to almost $3.8 billion, contributed $560 million of fair
value gains to this year’s record profit. It also underpinned the 23% increase in net
tangible asset backing to $2.12 per unit at 31 March 2021. With a current stock price
of around $2.40 per unit, GMT is currently trading at an 12.9% premium to its asset
backing.
The significant rise in property values has occurred as the New Zealand economy
rapidly recovered from the initial COVID-19 lockdowns, driven by record low interest
rates and positive investor and customer demand for high-quality warehouse and
logistics space across Auckland. The attraction of the Trust’s assets is reflected in
the strengthening of the portfolio capitalisation rate which has firmed 70 bps over the
last 12 months to an average of 4.7%.
Recent sales data suggests values have continued to increase after the portfolio
valuation was completed in March.

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

FINANCIAL FLEXIBILITY
A well-capitalised balance sheet has enabled GMT to progress its development
programme and take advantage of new acquisition opportunities during the year.
With a loan to value ratio of just 19.2% and only partially drawn debt facilities at 31
March 2021, the Trust retains over $300 million of funding capacity for future
investment.
It’ s a strong position that has been maintained through careful financial management
and disciplined execution of the Trust’s investment strategy.
Having a diverse capital structure that includes a variety of funding sources has added
to GMT’s financial resilience. The issue of $200 million of fixed rate bonds to New
Zealand wholesale investors in September 2020 contributed to this prudent approach.
The new bonds improve both the tenor and diversity of the Trust’s debt book which
now includes bank borrowings, listed retail bonds, wholesale bonds and US Private
Placement notes.
Managing the expiry profile of the facilities with the Trust’s debt book is a function of
our treasury programme. With an average term to expiry of around five years, the first
maturity occurs in June 2022.
While we have the capacity to repay the $100 million GMB030 bonds from bank debt,
further non-bank debt is the preferred refinancing option at this stage. It will help retain
liquidity within our bank facilities, providing the Trust with continued strong operational
flexibility.
Any new debt is expected to share the same security as the Trust’s existing debt which
is rated BBB+, one notch higher than the investment grade credit rating of BBB
assigned to the Trust by S&P Global Ratings.
Both ratings have remained unchanged since first assigned in 2009, reinforcing the
strong and stable nature of our businesses.

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

While COVID-19 has tested the resilience of many companies over the last year, the
consistent operating performance of Trust has demonstrated its ability to withstand
market disruptions.
By continuing to act prudently and directing new investment to the most compelling
opportunities it will remain a well-capitalised and robust business.
I’ll now hand over to John who will continue with the operational review.

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

JOHN DAKIN’S ADDRESS
Thanks Andy, and good afternoon to everyone here at Eden Park and to those of you
participating through the live webcast.
This afternoon I want to explain a bit more about our investment strategy and how a
growing online marketplace is positive for our business. I’ll also review our
development programme, profiling the exciting new projects we are commencing at
our Favona and Roma Road estates.
URBAN LOGISTICS
Investing in the urban logistics segment of the Auckland industrial market has
continued to be a successful strategy for the Trust. As New Zealand’s largest city,
Auckland is the gateway to the country, its commercial centre and its largest consumer
market. It is also growing at a rapid rate with its population forecast to reach two million
within the next 10 to 12 years.
The strength of the regional economy and a growing online marketplace are adding to
the demand for well-located warehouse and logistics space. This is exactly the type of
property we are investing in. It fulfils a vital role in the supply chain, ensuring goods
are stored efficiently and can be easily distributed to meet demand.
The next slide shows an aerial image of Auckland. The density of the metropolitan area
and its geographic constraints are clear. Overlaid on the map are our 11 estates. You’ll
note the location of these properties relative to key freight and transport infrastructure.
Each estate provides customers with specific locational advantages including direct
motorway access, proximity to air transport and port facilities and even dedicated rail
sidings.
At 31 March 2021, the portfolio had a value of $3.8 billion, with more than one million
square metres of rentable area leased to over 210 customers. These companies
provide the strong rental cashflows that underpin the Trust’s operating results.

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

Proximity to consumers is an increasingly important factor in the property decisions of
our customers. It simplifies distribution and creates efficiencies that leverage the
growth in e-commerce.
Every one of the Trust’s estates is central to Auckland’s large population.
New Zealand consumers have embraced the convenience and safety of online
shopping, making around $5.8 billion of purchases last year. It represents around 11%
of the country’s total retail sales, an increase of 25% from a year earlier. The increasing
penetration of e-commerce follows trends in markets such as the UK, US and China
where online shopping can make up more than 20% of all retail sales.
The emerging nature of e-commerce in New Zealand, relative to these offshore
markets, means we expect online retailing to continue being an important demand
driver for urban logistics space.
DEVELOPMENT PROGRESS
The strength of current customer demand is reflected in the historically low vacancy
rate for prime industrial space across Auckland. At just 1.2%, it’s well below the long-
term average. Space within our own portfolio is similarly constrained, with an average
occupancy rate of 99% during the year.
It’s positive for our development workbook, where we’ve continued to make
outstanding progress.
We completed seven projects during the year. Images of these customer expansions
and new build-to-lease facilities are shown on screen now. With a combined area of
over 33,900 sqm the new facilities are 86% leased and have a weighted average lease
term of almost eight years. Developments also contributed $23.5 million of fair value
gains to this year’s profit result.
The development workbook includes a further $250 million of work in progress. It’s a
heightened level of activity that reflects the structural changes that are specific to the
warehousing and logistics sector. COVID-19 has accelerated these trends and enquiry

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

levels show that companies are once again making decisions about their future space
requirements.
The most significant of our new projects are the redevelopments of Favona Road and
Roma Road Estates. These strategically located properties were acquired in recent
years for their development potential.
The rapid growth in demand for urban logistics space has brought forward our
redevelopment plans. The two projects are commencing with significant customer pre-
commitments from Mainfreight and New Zealand Post. Both these leading companies
are existing customers, occupying multiple facilities within the portfolio.
Favona Road Estate in Mangere has a site area of seven hectares. The former market
garden and coolstore is to be redeveloped into two logistics facilities totalling around
33,000 sqm. Mainfreight has committed to the larger 22,435 sqm facility with the
second warehouse being developed on a build-to lease basis.
Roma Road Estate is a larger property with a site area of 13-hectares. The location at
the northern end of SH20 alongside the Waterview Tunnel in Mt Roskill offers direct
access to Auckland’s motorway network. Close to the CBD, port and airport the site is
being transformed into an inner-city logistics hub for Auckland.
The masterplan includes four facilities providing over 42,000 sqm of high-quality
distribution space. These facilities will be complemented by extensive onsite amenity
that links with the neighbouring cycle path and Stoddard Road commercial precinct.
Construction will be staged to meet demand with the estate expected to have a value
of more than $200 million once fully developed.
New Zealand Post will anchor the redevelopment, committing to a 20-year lease over
a new 17,700 sqm property solution. The new facility is part of a wider business
strategy for NZ Post to accommodate the rapid growth in its delivery services. Last
year alone, the organisation delivered over 85 million parcels. Expectations are that
these volumes will continue to grow in line with online shopping trends.

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

Meeting the needs of our customers with sustainable property solutions is positive for
all our stakeholders and we’re working collaboratively with NZ Post to maximise the
operational performance and energy efficiency of its new design-build facility.
It will be developed using sustainably-sourced building materials, with the construction
process carefully managed to reduce waste and other environmental impacts.
Rainwater harvesting and solar energy initiatives are also planned to take advantage
of the extensive roof area.
As Keith noted earlier, we are targeting a five-star Green Star rating for all our new
developments. Green Star is an environmental rating system for buildings that uses a
broad set of criteria to assess quality. A five-star rating reflects New Zealand
excellence, a standard that we are targeting for every new project.
It’s a market leading commitment that is matched by an undertaking to offset the
embodied carbon within all our new projects. Mitigating these emissions means we are
minimising the impact of our commercial activities and protecting the natural
environment to the extent we can.
FUTURE GROWTH
With around 80% of the portfolio built since 2004, GMT’s development capability has
been a major factor in the success of the business. Maintaining a development pipeline
is essential if the Trust is to meet the growing property requirements of customers like
Mainfreight and NZ Post.
The acquisition of properties neighbouring the Trust’s Savill Link and Mt Wellington
industrial estates during the year will add to the current pipeline. With a combined
purchase price of $83 million, these properties have a total site area of 14.5 hectares.
You’ll see the strategic importance of these sites and the additional value they add to
our existing estates in the following aerial images.
Fully leased, with existing improvements providing holding income, the new sites offer
a range of longer-term redevelopment options that will contribute to GMT’s future
growth.

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

GOODMAN FOUNDATION
While it’s pleasing to be reviewing such a strong operating performance from the
Trust, we have also been mindful of those who have had a more difficult year.
The Goodman Foundation is a charitable initiative of the Manager that recognises the
responsibility we share with the communities where we invest. To help address the
disproportionate impacts of the pandemic, the Goodman Foundation has increased
its support this year, with more than $500,000 being distributed to help the
vulnerable, particularly those facing food insecurity issues.
Some of you may be familiar with the work of KiwiHarvest and the New Zealand
Food Network. These two organisations are focused on food rescue, collecting, and
redistributing surplus or perishable food destined for landfill.
With its main facility at the Trust’s Highbrook Business Park, KiwiHarvest rescued 2.1
million kilograms of food last year. Equivalent to over six million meals, it included
surplus produce, mislabelled goods and grocery items approaching expiry.
With demand for food parcels from social agencies greater than ever, the Foundation
also supported the establishment of the New Zealand Food Network, in conjunction
with the Ministry of Social Development. Located alongside KiwiHarvest at Highbrook
this organisation is facilitating the efficient delivery of large volumes of surplus food
through a national distribution network. In the first nine months of operation, over two
million kilograms of food has been distributed to foodbanks, food rescue and
community food services.
Our recent annual report includes more detail on the work of the Goodman
Foundation if you’d like to learn more.
LOOKING AHEAD
Before I hand back to Keith for questions, I’d just like to reiterate some of the key
points from today’s presentations.
GMT’s strong operating performance and record financial results have shown that it
is a resilient business that can withstand market disruptions.

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

While the pandemic has brought some challenges, it has also accelerated structural
trends that are driving demand for distribution facilities close to consumers. A high-
quality portfolio focused on urban logistics means that GMT is benefitting from the
continued growth of Auckland and the rapid expansion of online retailing. These factors
are being reflected in positive leasing results and a renewed level of development
activity.
New sustainability initiatives are also enhancing our business and reducing our
environmental impact. Delivering sustainable returns to investors and high-quality,
carbon neutral property solutions to customers is positive for all our stakeholders. We
are doing more for our local communities too, through the social initiatives of the
Goodman Foundation.
While economic risks remain, the quality and scale of the portfolio, together with low
gearing and focused investment strategy, give us confidence about the year ahead.
Thank you everyone.

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

GENERAL BUSINESS
KEITH SMITH
Thanks John.
On behalf of the Board, I want to thank our customers and investors for their
continued support. I would also like to acknowledge the contribution of the entire
Goodman team to this year’s outstanding result. Thank you all for your efforts.
That concludes the presentations ladies and gentlemen, we’ll now move on to the
formal business of the meeting.
QUESTIONS FROM UNITHOLDERS
For those of you participating through the live webcast, I encourage you to submit
any questions you’d like addressed now. As I mentioned earlier, these need to be
entered through the webcast portal. To do so, please click on the speech bubble icon
at the top of the instruction screen and follow the prompts.
I’ll now move onto questions, starting with those in the room.
[Keith to address any questions in the room]
We’ll now move onto questions from our webcast participants.
[Keith to address any online questions]
Ladies and gentlemen, as there are no further questions I will now proceed to the
formal business of the meeting.
RESOLUTIONS AND POLL
The composition of the Board is carefully managed to ensure it includes a diverse
group of Directors with the required range of skills, knowledge and experience to
effectively manage GMT. As I mentioned in 2019, we are working through a deliberate
Board renewal programme that will continue over the next few years. Future changes
will be timed to ensure that a balanced Board, with the appropriate mix of skills and
experience, is always maintained.
The Trust has a contemporary structure and Unitholders have the right to nominate
and vote on the Independent Directors of the Manager.

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

Laurissa Cooney, David Gibson and Leonie Freeman are retiring in accordance with
the constitution of the Manager and the NZX Listing Rules, and being eligible, have
offered themselves for re-election. All three are capable and valued members of the
Board, and the other Directors and I unanimously recommend that Unitholders vote in
favour of their re-appointment.
Following the call for nominations, none were received and therefore they stand
unopposed.
Before we conduct the poll, I will invite each Director to address the meeting.
[Laurissa to briefly address the Meeting]
[David to briefly address the Meeting]
[Leonie to briefly address the Meeting]
Thank you, Leonie.
As I mentioned earlier Laurissa and David are recent appointments to the Board,
selected for the complementary skills and oversight they bring as Independent
Directors.
We’ll now move on to the poll.
The three Resolutions are set out in the Notice of Meeting and on the voting form you
will have received. As they have been notified, there is no requirement for a seconder.
A majority of not less than half of persons entitled to vote, and voting, is required to
carry each resolution.
Are there any questions on the three resolutions?
[Keith to address any questions on the resolutions either from the audience or
online]
As there are no further questions, we will undertake the poll and formally conclude this
meeting.
For those participating through the live webcast that have not already voted, please
submit your vote now. The poll will be closing in just a few minutes.

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

For those of you in the room that have not already voted, please complete your
voting and proxy form and place it in the boxes at the rear of the room. There are
pens available and Computershare staff will be on hand should you require
replacement forms or have any questions.
Ladies and gentlemen, thank you very much for your participation this afternoon. The
result of the poll will be announced to the NZX in due course and a copy of the
announcement will also be available on our website.
I now declare this meeting closed.
For further information please contact:
John Dakin
Chief Executive Officer and Executive Director
(021) 321 541

Andy Eakin
Chief Financial Officer
(021) 305 316

Keith Smith
Chair
(021) 920 659

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.4 billion,
ranking it in the top 20 of all listed investment vehicles. The Trust is New Zealand’s leading warehouse and logistics
space provider. It has a substantial property portfolio, which had a value of $3.8 billion at 31 March 2021. The Trust
holds an investment grade credit rating of BBB from S&P Global Ratings.

The Manager of the Trust is Goodman (NZ) Limited, a subsidiary of the ASX listed Goodman Group. Goodman
Group is a $55 billion specialist global manager of warehouse and logistics real estate.