GMT delivers interim profit before tax of $570 million

nzx release+
GMT d elivers interim profit before tax of $570 million
Date 11 November 2021
Release Immediate
Goodman (NZ) Limited, the manager of Goodman Property Trust (GMT or
Trust) is pleased to announce the Trust’s results for the six months to 30
September 2021.
Highlights include:
+ Statutory profit of $570.0 million before tax (including investment property
valuation gains of $504.7 million), compared to $186.4 million before tax
(including investment property valuation gains of $140.2 million) previously
+ 17.5% increase in net tangible assets, from 212.5 cents per unit at 31 March
2021, to 249.6 cents per unit at 30 September 2021
+ Operating earnings before tax
1
of $60.2 million, a 7.5% increase from the
previous corresponding period
+ An 8.2% increase in cash earnings
2
to 3.29 cents per unit, and cash distributions
of 2.75 cents per unit
+ Substantial balance sheet capacity, with a loan to value ratio
3
of 17.5% and
$310 million of available liquidity at 30 September 2021
+ Greater level of development activity with over $350 million of work in progress
(total project cost) at 11 November 2021
+ Extension to the Trust’s development programme with the conditional acquisition
of 34 hectares of light industrial zoned land in Māngere for $75 million
+ Around 134,000 sqm of new leasing (13.2% of the stabilised portfolio),
occupancy of 99.5% and a weighted average lease term of more than five years
Result overview
The first six months of FY22 have been positive for GMT, with strong customer
demand continuing despite the reintroduction of COVID-19 Alert Level restrictions.
Keith Smith, Chair of Goodman (NZ) Limited, said “While the Trust has recorded a
substantial increase in profit, it has been the resilience of the business and the
strength of the underlying operating result that have been the most pleasing
aspects of the year to date.”
Significant new leasing, high occupancy levels, sustained rental growth, further
development progress and strategic acquisitions have all contributed to the 7.5%
increase in operating earnings before tax, to $60.2 million.
Chief Executive Officer John Dakin said “With its $4.3 billion industrial property
portfolio exclusively invested in Auckland’s urban logistics market, GMT is

1
Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GMT’s
principal operating activities. Calculation of operating earnings is as set out in GMT’s Profit or Loss statement.

2
Cash earnings is a non-GAAP financial measure that assesses underlying cashflows, on a per unit basis, after adjusting
for certain items. The calculation is se t out in GMT’s 2022 Interim Results Presentation.

3
Loan to value ratio is a non-GAAP financial measure used to assess the strength of GMT’s balance sheet. The calculation
is set out in note 2.6 of GMT’s financial statements.

benefitting from a heightened level of customer demand for well-located
warehouse and logistics facilities.”
Supported by a rapidly growing digital economy and other structural changes,
demand for distribution space close to consumers is exceeding supply in many
locations across the city.
These positive market dynamics are expected to continue, and the Board has
reaffirmed its full year guidance. Cash earnings of at least 6.5 cents per unit are
forecast and cash distributions totalling 5.5 cents per unit are expected to be paid.
Further information is provided in the GMT and GMT Bond Issuer Limited Interim
Report 2022. A copy of the report, which was released today, has been provided to
the NZX and is available on the Trust’s website at: www.goodman.com/nz.
Sustained customer demand
The growth in e-commerce has accelerated with COVID-19, as consumers
increasingly choose the safety and convenience of online shopping and
contactless delivery.
John Dakin said “Businesses are adapting to a growing online marketplace, with
many incorporating e-commerce fulfilment functions into existing warehouse
operations. Disruption in global supply chains is also forcing local businesses to
maintain higher inventory levels, creating additional demand for warehouse space.”
GMT’s recent leasing results reflect these trends, with 133,897 sqm of existing
space (13.2% of the stabilised portfolio) secured on new or revised terms since 31
March 2021. The increased demand is also contributing to significant growth in
rental income, with 5.1% average annual growth on a like-for-like basis.
At 30 September 2021, the portfolio had an occupancy rate of almost 100% and a
weighted average lease term of more than five years.
Sustainable development-led growth
The strong leasing market has also been positive for the Trust’s development
programme. GMT has over $350 million of development work underway across 10
projects. Encompassing over 87,000 sqm, the new facilities are expected to
generate around $19.4 million of annual rental income once completed.
John Dakin said “With the development workbook almost 80% committed and with
good levels of new enquiry, the strength in demand from warehouse and logistics
customers indicates their confidence about the future.”
GMT’s development capability has been an important contributor to its growth, with
around 90% of the core portfolio developed since 2004. These new facilities have
provided high-quality property solutions for customers and generated strong
investment returns.
The Trust’s development pipeline has been extended with the conditional
acquisition of 34 hectares of light industrial zoned development land in Māngere.
Adjoining the Villa Maria winery, and close to the airport and other freight and
transport infrastructure, the $75 million acquisition is expected to support the
development of up to 120,000 sqm of new warehouse and logistics space over
time.
Following settlement of the new acquisition, the development potential within the
Trust's one million sqm portfolio is estimated to exceed a further 400,000 sqm of
net lettable area.

A commitment to carbonzero operations and sustainable development means all
current and future projects will be carbon neutral, with all associated embodied
carbon being offset. To ensure its facilities are industry leading, the Trust is also
targeting a 5 Star Green Star rating for all new developments.
Looking ahead
GMT has adapted to the ongoing challenges of COVID-19 and delivered another
strong operating result.
While the economic outlook is still uncertain, the Trust remains well positioned for
sustainable long-term growth. A high-quality portfolio focused on urban logistics will
continue to benefit from the structural trends that are driving demand for
distribution facilities close to consumers.
With a low loan to value ratio of 17.5% and only partially drawn debt facilities, at 30
September 2021 the Trust retains over $300 million of available liquidity for future
investment.
For additional information please contact:
John Dakin Keith Smith
Chief Executive Officer Chair
Goodman (NZ) Limited Goodman (NZ) Limited
(021) 321 541 (021) 920 659

Andy Eakin James Spence
Chief Financial Officer Director Investment Management
Goodman (NZ) Limited Goodman (NZ) Limited
(021) 305 316 (021) 538 934
Attachments provided to NZX:
1. Goodman Property Trust and GMT Bond Issuer Limited Interim Report 2022
2. GMT’s 2022 Interim Result Presentation
3. NZX Result Announcement
About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.4 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, with a value of $4.3 billion at 30 September 2021. The Trust also 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
A$62 billion specialist global manager of warehouse and logistics real estate.

---

Goodman
Property Trust
Interim Report 2022
GMT Bond
Issuer Limited
Interim Report 2022

Goodman Property Trust is New Zealand’s largest listed
property investor. It is a high-quality and sustainable business,
with a substantial portfolio, a wide customer base and a proven
development capability.
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022
Highbrook
Business Park,
East Tāmaki
Encompassing
107 hectares,
GMT’s  largest estate
makes up over 50%
of the portfolio.
Results highlights 2
Key performance indicators 3
Chair’s and
Chief Executive Officer’s
report 4 – 9
COVID-19 response 10
Goodman Property Trust
Financial Statements 11 – 33
GMT Bond Issuer Limited
Financial Statements 34 – 41
Other information
Investor relations 43
Glossary 44
Business directory 45
This document comprises the Interim  Reports of Goodman Property Trust and
GMT Bond Issuer  Limited for the six months ended 30  September 2021.

Goodman is at the forefront of these
changes, providing essential infrastructure
for a growing digital economy.
1
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022
Highbrook
Business Park,
East Tāmaki
Extensive
landscaping,
recreational spaces
and on-site amenities
make Highbrook an
exceptional work
environment for
the 110+ customers
located there.
Urban logistics is enabling
a data driven economy
Advances in technology, changes in consumer behaviour and
the  continued urbanisation of large cities is driving demand for
well-located warehouse and logistics space all around the world.

Profit before tax
$570.0 million
Operating earnings before tax
$60.2 million
Property portfolio
$4.3 billion
Loan to value ratio
17.5%
Projects under development
$354.2 million
Portfolio occupancy
99.5%
2
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022
Highbrook Drive,
Highbrook
Business Park
Approximately
30,000 vehicles
a day utilise the
link with SH1.

Operating earnings
Operating earnings is a non-GA AP financial measure included to provide an assessment of the performance of GMT’s
principal operating activities. Calculation of operating earnings are as set out in GMT’s Profit or Loss statement.
Cash earnings
Cash earnings is a non-GAAP financial measure that assesses underlying cashflows, on a per unit basis, after adjusting
for certain items. The  calculation is set out in GMT’s 2022 Interim  Results Presentation, released on 11  November 2021.
Loan to value ratio
Loan to value ratio is a non-GA AP financial measure used to assess the strength of GMT’s balance sheet. The calculation
is set out in note  2.6 of GMT’s financial statements.
Greenhouse gas emissions
The emissions inventory 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.
(1)
Refer to GMT’s Profit or Loss statement for further information.
(2)
Refer to note 3.1 of GMT’s financial statements for further information.
(3)
Cash earnings in previous period restated to 3.04 cent per unit (from 3.11 cents per unit) under amended calculation methodology
which removes straight line rent adjustments.
(4)
Refer to note 2.6 of GMT’s financial statements for further information.
(5)
Scope 1, 2 and mandatory Scope 3 emissions measured in accordance with the Toitū carbonzero programme requirements.
30 September
2021
30 September
2020
%
change
Profit before tax ($m) 570.0186.4205.8
Profit after tax ($m)555.5176.3215.1
Movement in fair value of investment property ($m) 504.7140.2260.0
Operating earnings before tax ($m)
(1)
60.256.07.5
Operating earnings after tax ($m)
(2)
49.246.46.0
Cash earnings per unit (cpu)
(3)
3.293.048.2
Cash distribution per unit (cpu)2.752.653.8
Net tangible assets (cpu)249.6 182.436.8
Loan to value ratio (%)
(4)
17.5 21.5 (18.6)
GMT – S&P Global Ratings credit ratingBBBBBB–
Goodman+Bonds – S&P Global Ratings credit rating BBB+BBB+–
Greenhouse gas emissions (tCO2e)
(5)
191.8229.9(16.6)
3
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022

Keith Smith
Chair and
Independent
Director
John Dakin
Chief Executive
Officer and
Executive Director
Location:
The Crossing
The commercial
heart of Highbrook
Business Park.
4
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022

Chair’s and Chief Executive Officer’s report
Highbrook
Business Park,
East Tāmaki
The estate is
surrounded by
40 hectares of
parkland and
recreational areas
that  benefit the
whole community.
An investment strategy for
a growing digital economy
GMT has continued
to demonstrate its
resilience, adapting to
the ongoing challenges
of COVID-19 and
delivering a 7.5%
increase in operating
earnings before tax.
The first six months of FY22 have been positive
for GMT, with strong customer demand continuing
despite the reintroduction of COVID-19 Alert
Level restrictions. Significant new leasing, high
occupancy levels, sustained rental growth, further
development progress and strategic acquisitions
have all contributed to the Trust’s strong operating
performance.
With its $4.3 billion industrial property portfolio
exclusively invested in Auckland’s urban logistics
market, GMT is continuing to benefit from the
increasing demand for distribution facilities close
to consumers.
Supported by a rapidly growing digital economy
and other structural changes, customer demand for
warehouse and logistics space is now exceeding
supply in many locations across the city.
We are meeting the positive demand dynamic
by increasing development activity, with more
than $350 million of projects currently under
construction.
While the emergence of the COVID-19 delta
variant in  our communities in August 2021 is likely
to constrain economic activity over the short to
medium term, the focus and quality of the portfolio
is expected to support continued strong operating
results in the second half of the year.
5
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022

Chair’s and Chief Executive Officer’s report (continued)
The Board has reaffirmed its guidance for the full
year, with cash earnings of at least 6.5 cents per unit
expected. Under the Trust’s distribution policy, cash
distributions totalling 5.5 cents per unit will be paid,
consistent with the target payout ratio of between
80% and 90% of cash earnings.
Financial performance
The fair value gain of $504.7 million, resulting from
a comprehensive portfolio revaluation, was the
main contributor to the 205.8% increase in the
Trust’s interim profit to $570.0 million before tax
($186.4  million at 30 September 2020).
The significant interim revaluation gain reflects
strong property fundamentals and current investor
demand for prime warehouse and logistics assets.
These factors are reflected in the portfolio’s average
capitalisation rate which has strengthened 50 bps
over the last six months to 4.2%.
Revaluations were also the main driver of the 17.5%
increase in GMT’s net tangible asset backing to
249.6  cents per unit, at 30 September 2021.
While the Trust has
recorded a substantial
increase in profit, it has
been the strength of its
underlying operating
performance that has been
the most pleasing aspect
of the last six months.
Operating earnings increased 7.5% to $60.2 million
before tax, with the additional revenue from new
leasing, completed developments and earlier
acquisitions offsetting two value-add properties
being taken off-line for redevelopment.
The strong growth in operating earnings has been
matched with an 8.2% increase in cash earnings,
to 3.29 cents per unit. Cash distributions totalling
2.75  cents per unit have been declared for the first
six months of this financial year.
Sustained customer demand
The growth in e-commerce has accelerated
with the pandemic. Consumers are increasingly
opting for the safety and convenience of online
shopping and contactless delivery. This trend is
expected to continue with Euromonitor forecasting
e-commerce sales growth for New  Zealand of
84%  between 2020 and 2025.
Businesses are adapting to the growing online
marketplace, with many incorporating e-commerce
fulfilment functions into existing warehouse
operations.
Disruption in global supply chains is also forcing
local businesses to maintain higher inventory levels,
creating additional demand for warehouse space.
GMT’s own leasing results reflect these market
dynamics, with 133,897 sqm of existing space
(13.2% of the stabilised portfolio) secured on new or
revised terms since 31 March 2021. Over 15,000 sqm
of these new lease  commitments have been
negotiated during  recent Alert Level restrictions.
The increased demand is also contributing to
significant growth in rental income, with 5.1%
average annual growth on a like-for-like basis.
6
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Property Trust
Interim Report
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Issuer Limited
Interim Report
2022
M20
Business Park, 
Manukau
The new 9,000 sqm
warehouse currently
under construction
is one of 10 active
development projects.

The table below summarises the key metrics of the portfolio at 30 September 2021.
Value
($ million)
Rentable area
(sqm)
Occupancy
(%)
Weighted
average
lease term
(years)
Core portfolio3,676.4916,16299.55.5
Value-add estates419.0101,87899.03.0
Total stabilised portfolio4,095.41,018,04099.55.3
Total investment portfolio
(including land and active developments)
4,327.81,089,70699.55.8
Sustainable development-led growth
The strong leasing market has also been positive
for the Trust’s development programme. Two
new design-build commitments, totalling over
12,000  sqm of space, have been secured at
Highbrook Business Park this year. In addition
to these projects, a new build-to-lease office
(3,900  sqm) and adjoining carpark facility have
also  been confirmed for the estate’s town centre.
GMT now has over $350 million of development
work underway across 10 projects. Encompassing
over 87,000 sqm, these new facilities are expected
to generate around $19.4  million of annual rental
income once completed. Almost 80% committed,
and with strong leasing enquiry, current demand
indicates that warehouse and logistics customers
remain confident about the  future.
A commitment to carbonzero operations and
sustainable development means all current and
future projects will  be carbon neutral. The use of
lower carbon materials and building systems is
reducing emissions in the development process
with  the residual embodied carbon being offset
through the  purchase of carbon credits.
7
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Property Trust
Interim Report
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Issuer Limited
Interim Report
2022
To p :
Mainfreight,
Favona Estate,
Ōtāhuhu
Artists impression of
the two new facilities
(35,860 sqm) under
construction for
Mainfreight, one
of New Zealand’s
largest logistics and
transport service
providers.
Bottom:
New Zealand Blood
and Organ Service,
Highbrook Business
Park, East Tāmaki
Occupying a
prominent site on
Highbrook Drive the
3, 290 sqm office and
warehouse facility
has been leased
for 20  years from
completion, expected
to be in July 2022.
Artists impression
shown.

To ensure its facilities are industry leading, the
Trust is also targeting a 5 Star Green Star rating
for all new developments. The Green Star rating
system provides independent certification from the
New Zealand Green Building Council, based on an
assessment of the sustainability attributes of new
developments. It is widely regarded as the quality
benchmark for commercial buildings.
These commitments complement other corporate
sustainability initiatives that include the full
electrification of Goodman fleet vehicles and
Chair’s and Chief Executive Officer’s report (continued)
the installation of 150kW public fast chargers
(in conjunction with EECA) at Highbrook Business
Park in East Tāmaki and M20 Business Park in
Manukau.
GMT’s strong development capability has been an
important contributor to its growth, with around 90%
of the core portfolio developed since 2004. These
new facilities have provided high-quality property
solutions for customers and generated strong
investment returns.
The Trust has extended its development capacity
with the conditional acquisition of 34 hectares of
light industrial zoned land in Māngere. Adjoining
the Villa Maria winery, and close to the airport
and other freight and transport infrastructure,
the $75 million acquisition is expected to support
the development of up to 120,000 sqm of new
warehouse and logistics space over time.
8
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022
Development
sites, Māngere
Strategic acquisition
that adds to GMT’s
development pipeline.

Following settlement of
the new acquisition, the
development potential
within the Trust’s
one million sqm portfolio
is estimated to exceed
a further 400,000 sqm
of net lettable area.
With a loan to value ratio of just 17.5% and only
partially drawn debt facilities, at 30 September  2021
the Trust retains over $300 million of available
liquidity for future investment. This strong position
has been achieved through prudent financial
management and the disciplined execution of
GMT’s development-led growth strategy.
Looking ahead
GMT has continued to demonstrate that it is a
resilient property business, operating through
the COVID-19 Alert Level restrictions with
minimal disruption.
John Dakin Keith Smith
Chief Executive Officer Chair and
and Executive Director Independent Director
By supporting its people, its customers, suppliers,
and other stakeholders the business has responded
to these challenges and delivered another strong
operating result.
While the economic outlook is still uncertain, the
Trust remains well positioned for sustainable long-
term growth. A high-quality portfolio focused on
urban logistics should ensure the Trust continues
to benefit from the structural trends that are driving
demand for distribution facilities close to consumers.
9
Goodman
Property Trust
Interim Report
2022
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Issuer Limited
Interim Report
2022
Highbrook
Business Park,
East Tāmaki
Artists impression of
the new 9,000 sqm
facility currently
under construction
for Stanley Black
and Decker.

COVID-19 continues
to impact the lives
and livelihoods of
all New Zealanders.
Goodman has adapted
its work practices to
minimise disruption and
has continued to operate
throughout current Alert
Level restrictions.
Adapting and
thriving in the
new normal
While the longer-term economic impacts are
uncertain, the performance of the warehousing and
logistics segment continues to be the strongest of
all the commercial property sectors. The relative
outperformance reflects the essential role this type of
property plays in the country’s freight and distribution
networks.
The majority of GMT’s customers have adapted  to
the new operating environment under Alert Level
restrictions, maintaining the Trust’s strong  rental
cashflows. A number of businesses within the
portfolio have been more adversely impacted, and
the Trust has worked constructively with these
customers, typically retail and hospitality operators,
on a case-by-case basis to support the most
vulnerable.
In response to the economic impacts of COVID-19
on certain business sectors, the Government has
enacted new lease legislation. The amendment to
the Property Law Act, effective from 18 August 2021,
requires all commercial landlords to abate rent for any
customer adversely impacted by these restrictions.
Customers who can prove financial loss will be
required to pay only “a fair proportion” of rent while
building access is limited.
The urban logistics focus of the Trust’s portfolio
and the essential business classification of many
of its customers make it unlikely the new legislation
will have a material impact on GMT’s financial
performance this year.
With the ongoing health and safety of its team,
customers and other stakeholders its first priority,
Goodman has continued to support important
social and community initiatives. The recent focus
has included assisting the national vaccine rollout
by encouraging staff to get immunised, promoting
the media-led 90% Project and providing iwi
community organisations with a substantial financial
contribution toward the Super Saturday Vaxathon in
October  2021.
Achieving high vaccination rates will facilitate the
transition to a more stable operating environment
and  further sustained growth for GMT.
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Property Trust
Interim Report
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Issuer Limited
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2022
Flexible work
practices
Technology has
enabled Goodman
team members to
stay connected and
work collaboratively
throughout the Alert
Level restrictions.

For the six months ended 30 September 2021
11
Goodman
Property Trust
Interim Report
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Interim Financial
Statements
of Goodman
Property Trust
NCI Packaging,
Savill Link
The 14, 206 sqm
facility received an
excellence award
in the industrial
category at the 2020
Property Council of
New  Zealand Awards.
The Board of Goodman (NZ) Limited, the Manager
of  Goodman Property Trust, authorised these
financial  statements for issue on 10 November 2021.
For  and on behalf of the Board:

Keith Smith Laurissa Cooney
Chair Chair, Audit Committee
Contents
Profit or loss 12
Balance sheet 13
Cash flows 14
Changes in equity 15
General information 16
Notes to the Financial Statements
1. Investment property 18
2. Borrowings 22
3. Earnings per unit and net tangible assets 26
4. Derivative financial instruments 28
5. Tax 29
6. Related party disclosures 30
7. Commitments and contingencies 32
8. Financial risk management 32
9. Operating segments 32
Independent auditor’s review report 33

Profit or loss
For the six months ended 30 September 2021
$ millionNote
6 months
30 Sep 21
6 months
30 Sep 20
Property income1 .194.187.3
Property expenses(15.6)(13.0)
Net property income78.574.3
Interest cost2 .1(9.4)(11.0)
Interest income2 .10.1–
Net interest cost(9.3)(11.0)
Administrative expenses(1.6)(1.3)
Manager’s base fee6 .1(7.4)(6.0)
Operating earnings before other income / (expenses) and tax60.256.0
Other income / (expenses)
Movement in fair value of investment property1.3504.7140.2
Movement in fair value of financial instruments4 .15.1(9.8)
Profit before tax570.0186.4
Ta x
Current tax on operating earnings5 .1(11.0)(9.6)
Current tax on non-operating earnings5 .1–2.0
Deferred tax5 .1(3.5)(2.5)
Total tax(14.5)(10.1)
Profit after tax attributable to unitholders555.5176.3
There are no items of other comprehensive income, therefore profit after tax attributable to unitholders equals total comprehensive income
attributable to unitholders.
CentsNote
6 months
30 Sep 21
6 months
30 Sep 20
Basic earnings per unit after tax3 .139.7612.67
12
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Property Trust
Interim Report
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Interim Financial
Statements
of Goodman
Property Trust

Balance sheet
As at 30 September 2021
$ millionNote
30 Sep 21
31 Mar 21
Non-current assets
Investment property1.44,327.83,789.3
Other assets7.5–
Derivative financial instruments4.233.430.3
Total non-current assets4,368.73,819.6
Current assets
Debtors and other assets3.98.9
Derivative financial instruments4.22.1–
Cash4.23.0
Total current assets10.211.9
Total assets4,378.93,831.5
Non-current liabilities
Borrowings2.2661.5730.1
Lease liabilities2.562.762.3
Derivative financial instruments4.21.83.9
Deferred tax liabilities38.935.4
Total non-current liabilities764.9831.7
Current liabilities
Borrowings2.2100.0–
Creditors and other liabilities18.525.4
Lease liabilities2.53.23.2
Current tax payable5.22.0
Total current liabilities126.930.6
Total liabilities891.8862.3
Net assets3,487.12,969.2
Total equity3,487.12,969.2
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Property Trust
Interim Report
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Interim Financial
Statements
of Goodman
Property Trust

$ million
6 months
30 Sep 21
6 months
30 Sep 20
Cash flows from operating activities
Property income received97.091.6
Property expenses paid(22.0)(22.3)
Interest income received0.1–
Interest costs paid on borrowings(7.6)(9.5)
Interest costs paid on lease liabilities(1.6)(1.6)
Administrative expenses paid(1.5)(1.2)
Manager’s base fee paid(7.3)(6.0)
Manager’s performance fee paid(13.7)(11.4)
Net GST paid (0.1)(0.2)
Tax paid(7.8)(8.7)
Net cash flows from operating activities35.530.7
Cash flows from investing activities
Payments for the acquisition of investment properties(11.2)(82.6)
Proceeds from the sale of investment properties4.6–
Capital expenditure payments for investment properties(28.8)(38.6)
Holding costs capitalised to investment properties(4.0)(3.5)
Net cash flows from investing activities(39.4)(124.7)
Cash flows from financing activities
Proceeds from borrowings148.0256.0
Repayments of borrowings(119.0)(81.0)
Proceeds from the issue of units13.711.4
Distributions paid to unitholders(37.6)(41.5)
Settlement of derivative financial instruments–(7.2)
Net cash flows from financing activities5.1137.7
Net movement in cash1.243.7
Cash at the beginning of the period3.09.0
Cash at the end of the period4.252.7
Cash flows
For the six months ended 30 September 2021
14
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Property Trust

Note
Distribution
per unit
(cents)
Number
of units
(million)
Units
($ million)
Unit based
payments
reserve
($ million)
Retained
earnings
($ million)
To t a l
($ million)
As at 1 April 20201,385.81,605.011.4785.72,402.1
Profit after tax––631.7631.7
Distributions paid to unitholders5.64––(78.3)(78.3)
Manager’s performance fee – earned6–13.7–13.7
Issue of units
Manager’s performance fee – settled5.411.4(11.4)––
As at 31 March 20211,391.21,616.413.71,339.12,969.2
Profit after tax––555.5555.5
Distributions paid to unitholders2.70––(37.6)(37.6)
Issue of units
Manager’s performance fee – settled66.113.7(13.7)––
As at 30 September 20211,397.31,630.1–1,857.03,487.1
There are no items of other comprehensive income to include within changes in equity, therefore profit after tax equals total comprehensive income.
Subsequent event
On 10 November 2021 a cash distribution of 1.375 cents per unit with 0.302686 cents per unit of imputation credits attached was declared. The record date for the
distribution is 2 December 2021 and payment will be made on 16 December 2021.
Changes in equity
For the six months ended 30 September 2021
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Property Trust

Reporting entity
Goodman Property Trust (“GMT” or the “Trust”) is a unit trust
established on 23 April 1999 under the Unit Trusts Act 1960. GMT is
domiciled in New Zealand. The Manager of the Trust is Goodman (NZ)
Limited (“GNZ”) and the address of its registered office is Level 2,
18 Viaduct Harbour Avenue, Auckland.
The interim financial statements presented are consolidated
financial statements for Goodman Property Trust and its subsidiaries
(the “Group”).
GMT is listed on the New Zealand Stock Exchange (“NZX”), is an FMC
reporting entity for the purposes of the Financial Markets Conduct
Act 2013 (“FMCA”) and the Financial Reporting Act 2013 and is an
Equity Security for the purposes of the NZX Main Board Listing Rules.
The Group’s principal activity is to invest in real estate in New Zealand.
Covenant Trustee Services Limited are the Trustee and Supervisor
for GMT.
The interim financial statements for the six months ended
30 September 2021 are unaudited. Comparative balances for
30 September 2020 are unaudited, whilst comparative balances
as at 31 March 2021 are audited.
Basis of preparation and measurement
The interim financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting Practice
(“NZ GAAP”) and comply with International Accounting Standard
34 ‘Interim Financial Reporting’ and New Zealand Equivalent to
International Accounting Standard 34 ‘Interim Financial Reporting’.
The interim financial statements of the Group have been prepared
in accordance with the requirements of the NZX Main Board
Listing Rules.

The interim financial statements do not include all of the notes
included in the annual financial statements. Accordingly, these notes
should be read in conjunction with the annual financial statements
for the year ended 31 March 2021, prepared in accordance with
New Zealand Equivalents to International Financial Reporting
Standards (“NZ IFRS”) and International Financial Reporting
Standards (“IFRS”).
The accounting policies and methods of computation used in the
preparation of these interim financial statements are consistent
with those used in the financial statements for the year ended
31 March 2021.
The interim financial statements have been prepared on the historical
cost basis except for assets and liabilities stated at fair value as
disclosed.
The interim financial statements are in New Zealand dollars, the
Group’s functional currency, unless otherwise stated.
Basis of consolidation
The financial statements have eliminated in full all intercompany
transactions, intercompany balances and gains or losses on
transactions between controlled entities.
New accounting standards now adopted
There have been no new accounting standards that are applicable
to these financial statements.
General information
For the six months ended 30 September 2021
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Property Trust

COVID-19 global pandemic
During the six months ended 30 September 2021, New Zealand has been subject to various restriction periods associated with the COVID-19 global
pandemic, with Auckland being subject to greater restrictions than the balance of the country (https://covid19.govt.nz/covid-19/alert-system/).
Support has been provided to customers impacted by COVID-19 in a range of manners including rent abatements, rent deferrals and lease restructures.
Subsequent to GMT’s 30 September 2021 balance date, New Zealand’s parliament passed the COVID-19 Response (Management Measures)
Legislation Act.
The Act introduces an implied clause into all leases, for rental periods from 18 August 2021 until such time as the Government determines the relevant
epidemic response is no longer required.
The clause states, that where there is an epidemic and the lessee is unable to gain access to all or any part of the leased premises to fully conduct their
business, because of reasons of health or safety related to the epidemic, then a fair proportion of the rent will cease to be payable. The implied clause
does  not apply if there is a pre-commencement agreement in place (being any agreement relating to the payment of rent for the affected period).
In determining the fair proportion, the matters that the lessor and lessee must consider, include any loss of income experienced by the lessee in respect
of that rental period because, for all or any of that rental period, (a) there is an epidemic; and (b) the lessee is unable to gain access to all or any part of the
leased premises to conduct fully their operations in all or any part of the leased premises, because of reasons of health or safety related to the epidemic.
The Group continues to monitor closely the ongoing impacts of COVID-19 to its customers and to the New Zealand economy. The Group’s operations are
being managed conservatively and prudently in relation to potential impacts on GMT resulting from COVID-19.
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Property Trust

1. Investment property
Property income is earned from investment property leased to customers.
1 .1 Property income
$ million
6 months
30 Sep 21
6 months
30 Sep 20
Gross lease receipts85.679.9
Service charge income11.610.7
Straight line rental adjustments0.30.9
Amortisation of capitalised lease incentives(3.4)(4.2)
Property income94.187.3
1.2 Future contracted gross lease receipts
Gross lease receipts that the Trust has contracted to receive in future years are set out below. These leases cannot be cancelled by
the customer.
$ million30 Sep 2131 Mar 21
Year 1164.0160.5
Year 2152.2142.5
Year 3133.0121.8
Year 4116.8101.1
Year 597.385.5
Year 6 and later465.8400.1
Total future contracted gross lease receipts1,129.11,011.5
Notes to the Financial Statements
For the six months ended 30 September 2021
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
1. Investment property (continued)
1.3 Movement in fair value of investment property
The movement in fair value of investment property for the period is summarised below.
$ million
6 months
30 Sep 21
6 months
30 Sep 20
Stabilised properties489.8129.9
Investment property under development14.910.3
Total movement in fair value of investment property504.7140.2
Independent valuers used to assess fair market values at 30 September 2021 are consistent with those used at 31 March 2021.
1.4 Total investment property
This table details the total investment property value.
30 Sep 2131 Mar 21
$ million
Stabilised
properties
Investment
property under
developmentTo t a l
Stabilised
properties
Investment
property under
developmentTo t a l
Core
Highbrook Business Park, East Tāmaki2,175.261.92,237.11,917.057.41,974.4
Savill Link, Ōtāhuhu550.94.4555.3457.04.1461.1
M20 Business Park, Manukau393.733.7427.4351.211.8363.0
The Gate Industry Park, Penrose338.3–338.3284.0–284.0
Westney Industry Park, Māngere218.3–218.3221.8–221.8
Total core3,676.4100.03,776.43,231.073.33,304.3
Value-add419.0132.4551.4485.0–485.0
Total investment property4,095.4232.44,327.83,716.073.33,789.3
Included within stabilised properties is a gross-up equivalent to lease liabilities of $65.9 million (31 March 2021: $65.5 million).
Included within investment property under development is $42.1 million of land held at fair value (31 March 2021: $35.5 million), $156.6 million of
commenced developments held at the land transfer value plus subsequent capital expenditure (31 March 2021: $37.8 million) and $33.7 million
of developments under construction held at fair value (31 March 2021: $nil).
GMT’s estates are classified as either “core” or “value-add” estates.
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
1. Investment property (continued)
1.4 Total investment property (continued)
Core
Those estates within the portfolio which largely consist of modern, high-quality logistics and industrial properties.
Value-add
Those estates which generally consist of older properties that are likely to have redevelopment potential. Redevelopment of the properties
to realise their maximum future value may require a change in use.
Significant transactions
In August 2021, GMT contracted the acquisition of land at Māngere, Auckland for $75.0 million. The contract remains subject to satisfaction of certain
conditions.
1.5 Valuation of investment property
Key judgement
The carrying value of stabilised properties is the fair value of the property as determined by expert independent valuers. The fair values presented are based
on market values, being the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing seller in
an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. If this information
is not available, alternative valuation methods are used, such as; recent prices on less active markets; the capitalisation method, which determines fair value
by capitalising a property’s sustainable net income at a market derived capitalisation rate with capital adjustments made where appropriate; or discounted
cash flow projections (“DCF”), which discount estimates of future cashflows by an appropriate discount rate to derive the fair value. The key assumptions
used in the valuations are derived from recent comparable transactions to the greatest extent possible; however, all three of the valuation methods rely upon
unobservable inputs in determining fair value for all investment property.
Developments completed in the period, or adequately progressed to allow fair value to be reliably determined, have been independently valued. All other
developments are held at cost and tested for impairment.
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
1. Investment property (continued)
1.5 Valuation investment property (continued)
The key valuation inputs used to measure fair value of investment property and investment property under development held at fair value are
disclosed below, along with the weighted average value for each input:
Valuation input value
Measurement sensitivity
Key valuation inputDescription30 Sep 2131 Mar 21
Increase in
the input
Decrease in
the input
Market capitalisation rateThe capitalisation rate applied to the market
rental to assess a property’s value. Derived from
similar transactional evidence considering location,
weighted  average lease term, customer covenant,
size and quality of the property. Used in the
capitalisation method.4.2%4.7%DecreaseIncrease
Market rentalThe valuer’s assessment of the annual net market
income per square metre (“psm”) attributable to the
property; includes both leased and vacant areas.
Used in both the capitalisation method and the
DCF  method.$144 psm$139 psmIncreaseDecrease
Discount rateThe rate applied to future cashflows; it reflects
transactional evidence from similar types of
property  assets. Used in the DCF method.5.9%6.2%DecreaseIncrease
Rental growth rateThe rate applied to the market rental over the
10-year cashflow projection. Used in the
DCF  method.2.5% p.a.2.3% p.a.IncreaseDecrease
Terminal capitalisation rateThe rate used to assess the terminal value of
the  property. Used in the DCF method.4.3%4.8%DecreaseIncrease
The market capitalisation rate is the main determinant of value in the valuation of investment property. The impact of a 1.00% increase in the
market capitalisation rate from 4.2% to 5.2% would be equivalent to a decrease of $794.0 million / 18.3% in the fair value of investment property.
Land is valued based on recent comparable transactions, resulting in land values ranging between $211 psm and $903 psm for industrial land
(31 March 2021: between $232 psm and $1,150 psm) and $1,297 psm for office land (31 March 2021: $1,150 psm).
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
2. Borrowings
2 .1 Interest
$ million
6 months
30 Sep 21
6 months
30 Sep 20
Interest expense on borrowings(9.9)(11.0)
Interest expense on lease liabilities(1.6)(1.6)
Amortisation of borrowing costs(1.5)(1.6)
Borrowing costs capitalised
(1)
3.63.2
Total interest cost(9.4)(11.0)
Interest income0.1–
Net interest cost(9.3)(11.0)

(1)
Borrowing costs are capitalised at the weighted average cost of borrowing of 3.2% (30 September 2020: 4.0%). Borrowing costs of $0.8 million were capitalised to  land
(30 September 2020: $1.2 million).
Accounting policies
Interest costs charged on borrowings are recognised as incurred. Costs associated with the establishment of borrowings are amortised over the term of the
relevant borrowings.
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
2. Borrowings (continued)
2.2 Borrowings
$ million30 Sep 2131 Mar 21
Current
Retail bonds100.0–
Total current borrowings100.0–
Non-current
Syndicated bank facilities90.061.0
Retail bonds200.0300.0
Wholesale bonds200.0200.0
US Private Placement notes174.0171.8
Total non-current664.0732.8
Unamortised borrowings establishment costs(2.5)(2.7)
Total non-current borrowings661.5730.1
Total borrowings761.5730.1
Significant transactions
In August 2021, the syndicated bank facility was amended to extend the tranche maturities and alter the participation by bank. The total facility remains at
$400.0 million, comprising three facilities expiring in June 2023 ($140.0 million), June 2024 ($130.0 million) and June 2025 ($130.0 million). The facility is
provided by Bank of New  Zealand ($160.0 million), Commonwealth Bank of Australia, Westpac New  Zealand Limited and The Hongkong and Shanghai
Banking Corporation Limited (each providing $80.0 million).
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
2. Borrowings (continued)
2.3 Composition of borrowings
$ million
30 Sep 2021Date issuedExpiry
Weighted average
remaining
term (years) Interest rate
Facility
drawn /
Amount
Undrawn
facility
Syndicated bank facilities–Jun 23 – Jun 252.7Floating90.0310.0
Retail bonds – GMB030Jun 15Jun 220.75.000%100.0–
Retail bonds – GMB040May 17May 242.74.540%100.0–
Retail bonds – GMB050Mar 18Sep 231.94.000%100.0–
Wholesale bonds – 8 yearsSep 20Sep 286.92.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 308.92.559%150.0–
US Private Placement notesJun 15Jun 253.73.460%US$40.0–
US Private Placement notesJun 15Jun 275.73.560%US$40.0–
US Private Placement notesJun 15Jun 308.73.710%US$40.0–
$ million
31 Mar 21Date issuedExpiry
Weighted average
remaining
term (years) Interest rate
Facility
drawn /
Amount
Undrawn
facility
Syndicated bank facilities–Nov 22 – Nov 242.6Floating61.0339.0
Retail bonds – GMB030Jun 15Jun 221.25.000%100.0–
Retail bonds – GMB040May 17May 243.24.540%100.0–
Retail bonds – GMB050Mar 18Sep 232.44.000%100.0–
Wholesale bonds – 8 yearsSep 20Sep 287.42.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 309.42.559%150.0–
US Private Placement notesJun 15Jun 254.23.460%US$40.0–
US Private Placement notesJun 15Jun 276.23.560%US$40.0–
US Private Placement notesJun 15Jun 309.23.710%US$40.0–
As at 30 September 2021 $400.0 million of syndicated bank facilities was provided to the Trust by Bank of New Zealand ($160.0 million),
Commonwealth Bank of Australia, Westpac New Zealand Limited and The Hongkong and Shanghai Banking Corporation Limited (each
providing $80.0 million).
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
2. Borrowings (continued)
2.3 Composition of borrowings (continued)
As at 31 March 2021 $400.0 million of syndicated bank facilities was provided to the Trust by Commonwealth Bank of Australia ($115.0 million),
Westpac New Zealand Limited ($115.0 million), Bank of New Zealand ($90.0 million) and The Hongkong and Shanghai Banking Corporation
Limited ($80.0 million).
As at 30 September 2021, GMT’s drawn borrowings had a weighted average remaining term of 4.7 years (31 March 2021: 5.2 years), with 88%
being drawn from non-bank sources (31 March 2021: 92%). Calculation of the weighted average remaining term assumes bank debt utilises the
longest dated facilities.
2.4 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the assets of the wholly owned subsidiaries of Goodman Property Trust.
A loan to value ratio covenant restricts total borrowings incurred by the Group to 50% of the value of the secured property portfolio.
The Group has given a negative pledge to not create or permit any security interest over its assets. The principal financial ratios which must be
met are the ratio of earnings before interest, tax, depreciation and amortisation to interest expense, and the ratio of financial indebtedness to
the value of the property portfolio. Further negative and positive undertakings have been given as to the nature of the Group’s business.
2.5 Lease liabilities
$ million30 Sep 2131 Mar 21
Opening balance65.563.3
Increase in liability as a result of ground rent reviews0.42.3
Lease liability interest expense1.63.2
Ground rent paid(1.7)(3.5)
Amortisation of incentives received0.10.2
Total lease liabilities65.965.5
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
2. Borrowings (continued)
2.6 Loan to value ratio calculation
The loan to value ratio (“LVR”) is a non-GAAP metric used to measure the strength of GMT’s Balance Sheet. This non-GAAP financial measure
may not be consistent with its calculation by other similar entities. The LVR calculation is set out in the table below.
$ million30 Sep 2131 Mar 21
Total borrowings761.5730.1
US Private Placement notes – foreign exchange translation impact(13.3)(11.1)
Cash(4.2)(3.0)
Borrowings for LVR calculation744.0716.0
Investment property4,327.83,789.3
Lease liabilities(65.9)(65.5)
Assets for LVR calculation4,261.93,723.8
Loan to value ratio %17.5%19.2%
3. Earnings per unit and net tangible assets
3 .1 Earnings per unit
Earnings per unit measures are calculated as profit or operating earnings after tax divided by the weighted number of issued units for the
period. Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GMT’s principal
operating activities. This non-GAAP financial measure may not be consistent with its calculation by other similar entities.
The calculation of operating earnings before other income / (expenses) and tax is set out in Profit or Loss.
$ million
6 months
30 Sep 21
6 months
30 Sep 20
Operating earnings before other income / (expenses) and tax60.256.0
Income tax on operating earnings(11.0)(9.6)
Operating earnings after tax49.246.4
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
3. Earnings per unit and net tangible assets (continued)
3.1 Earnings per unit (continued)
Weighted units
Million30 Sep 2130 Sep 20
Weighted units1,397.31,391.2
cents per unit
6 months
30 Sep 21
6 months
30 Sep 20
Operating earnings per unit before tax4.314.03
Operating earnings per unit after tax3.523.34
Basic and diluted earnings per unit after tax39.7612.67
3.2 Net tangible assets
Diluted units, comprising issued units plus deferred units not yet issued, are used to calculate net tangible assets per unit.
Diluted units
Million30 Sep 2131 Mar 21
Issued units1,397.31,391.2
Deferred units for Manager’s performance fee expected to be reinvested–6.0
Diluted units1,397.31,397.2
30 Sep 2131 Mar 21
Net tangible assets ($ million)3,487.12,969.2
Net tangible assets per unit (cents)249.6212.5
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
4. Derivative financial instruments
Derivative financial instruments are used to manage exposure to interest rate risks and foreign exchange risks arising from GMT’s borrowings.
4 .1 Movement in fair value of financial instruments
$ million
6 months
30 Sep 21
6 months
30 Sep 20
Interest rate derivatives4.1(6.8)
Cross currency interest rate derivatives relating to US Private Placement notes3.2(23.0)
Total movement in fair value of derivative financial instruments7.3(29.8)
Foreign exchange rate movement on US Private Placement notes(2.2)20.0
Total movement in fair value of financial instruments5.1(9.8)
Key judgement
The fair values of derivative financial instruments are determined from valuations using Level 2 valuation techniques. These are based on the present value
of estimated future cash flows, taking account of the terms and maturity of each contract and the current market interest rates at reporting date. Fair values
also reflect the creditworthiness of the derivative counterparty and GMT at balance date. The valuations were based on market rates at 30  September 2021
of between 0.65% for the 90-day BKBM and 2.25% for the 10-year swap rate (31 March 2021: 0.35% for the 90-day BKBM and 1.96% 10-year swap rate).
There  were no changes to these valuation techniques during the period.
4.2 Derivative financial instruments
$ million30 Sep 2131 Mar 21
Cross currency interest rate derivatives
Non-current assets23.220.0
Interest rate derivatives
Non-current assets10.210.3
Current assets2.1–
Non-current liabilities(1.8)(3.9)
Net derivative financial instruments33.726.4
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
5. Ta x
5 .1 Tax expense
$ million
6 months
30 Sep 21
6 months
30 Sep 20
Profit before tax570.0186.4
Tax at 28%(159.6)(52.2)
Depreciation of investment property4.44.6
Movement in fair value of investment property141.339.3
Deductible net expenditure for investment property1.41.4
Derivative financial instruments1.5(2.7)
Current tax on operating earnings(11.0)(9.6)
Settlement of derivative financial instruments–2.0
Current tax on non-operating earnings–2.0
Current tax(11.0)(7.6)
Depreciation of investment property(4.4)(4.6)
Reduction of liability in respect of depreciation recovery income2.62.8
Deferred expenses(0.3)(0.4)
Derivative financial instruments(1.4)(0.3)
Deferred tax(3.5)(2.5)
Total tax(14.5)(10.1)
Current tax on operating earnings is a non-GAAP measure included to provide an assessment of current tax for GMT’s principal operating
activities. This non-GAAP financial measure may not be consistent with its calculation by other similar entities.
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
6. Related party disclosures
As a Unit Trust, GMT does not have any employees. Consequently, services that the Group requires are provided under arrangements
governed by GMT’s Trust Deed or by contractual arrangements. The Trust has related party relationships with the following parties.
EntityNature of relationship
Goodman (NZ) LimitedGNZManager of the Trust
Goodman Property Services (NZ) LimitedGPSNZProvider of property management, development management
and related services to the Trust
Goodman Investment Holdings (NZ) LimitedGIHUnitholder in GMT
Goodman LimitedGLParent entity of GNZ, GPSNZ & GIH
Goodman Industrial TrustGITProperty co-owner with GMT
6 .1 Transactions with related parties
Recorded Capitalised Outstanding
$ million
Related
party
6 months
30 Sep 21
6 months
30 Sep 20
6 months
30 Sep 21
6 months
30 Sep 2030 Sep 2130 Sep 20
Manager’s base feeGNZ(7.9)(6.3)0.50.3(1.5)(1.1)
Property management fees
(1)
GPSNZ(1.8)(1.5)–––(0.3)
Leasing feesGPSNZ(1.6)(0.8)
––(0.2)
–
Acquisition and disposal feesGPSNZ–(0.8)–0.8–(0.7)
Minor project fees
GPSNZ(0.3)(0.1)0.30.1(0.2)–
Development management feesGPSNZ(2.4)(1.1)2.41.1–(0.4)
Total fees(14.0)(10.6)3.22.3(1.9)(2.5)
Reimbursement of expenses for services providedGPSNZ(1.2)(0.6)0.1–(0.1)(0.1)
Gross lease receiptsGPSNZ0.60.6––––
Issue of units for Manager’s performance fee reinvestedGIH13.711.4––––
Distributions paidGIH(8.7)(8.8)––––
(1)
Of the property management fees charged by GPSNZ, $1.4 million was paid by customers and was not a cost borne by GMT (30 September 2020: $1.2 million).
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
6. Related party disclosures (continued)
6.2 Other related party transactions
Capital transactions
Capital transactions that occur with related parties can only be approved by the independent directors of GNZ, with non-independent
directors excluded from the approval process.
No properties were acquired pursuant to the Co-ownership Agreement between GMT and Goodman Industrial Trust (30 September 2020:
none). This agreement was approved by unitholders at a general meeting held on 23 March 2004.
Key management personnel
Key management personnel are those people with the responsibility and authority for planning, directing and controlling the activities of an
entity. As the Trust does not have any employees or Directors, key management personnel is considered to be the Manager. All compensation
paid to the Manager is disclosed within this note.
Related party investment in GMT
At 30 September 2021, Goodman Group, GNZ’s ultimate parent, through its subsidiary Goodman Investment Holdings (NZ) Limited, held
345,971,371 units in GMT out of a total 1,397,303,338 units on issue (31 March 2021: 297,975,387 units out of a total 1,391,227,995 units).
6.3 Related party capital commitments
$ millionRelated party30 Sep 2131 Mar 21
Development management fees for developments in progressGPSNZ10.35.2
Total related party capital commitments10.35.2
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Property Trust

Notes to the Financial Statements
For the six months ended 30 September 2021
7. Commitments and contingencies
7.1 Non-related party capital commitments
These commitments are amounts payable for contractually agreed services for capital expenditure. For related party capital commitments
refer to note 6.3.
$ million30 Sep 2131 Mar 21
Completion of developments205.584.9
Acquisitions67.5–
Total non-related party capital commitments273.084.9
7. 2 Contingent liabilities
GMT has no material contingent liabilities (31 March 2021: none).
8. Financial risk management
In addition to business risk associated with the Group’s principal activity of investing in real estate in New Zealand, the Group is also exposed
to financial risk for the financial instruments that it holds. Financial risk can be classified in the following categories; interest rate risk, credit
risk, liquidity risk and capital management risk.
8 .1 Fair value of financial instruments
Except for the retail bonds, wholesale bonds and US Private Placement notes; the carrying values of all balance sheet financial instruments
approximate their estimated fair value. The fair values of retail bonds, wholesale bonds and US Private Placement notes are as follows:
$ millionFair value hierarchy30 Sep 2131 Mar 21
Retail bondsLevel 1312.8320.1
Wholesale bondsLevel 2177.6179.8
US Private Placement NotesLevel 2US$122.4US$120.5
9. Operating segments
The Trust’s activities are reported to the Board as a single operating segment; therefore, these financial statements are presented in a
consistent manner to that reporting.
32
Goodman
Property Trust
Interim Report
2022
Interim Financial
Statements
of Goodman
Property Trust

Our conclusion
We have reviewed the interim financial statements of Goodman Property
Trust (the Trust) and its controlled entities (together, the Group), which
comprise the balance sheet as at 30 September 2021, and the statement
of profit or loss, the statement of changes in equity and the statement of
cash flows for the six month period ended on that date, and significant
accounting policies and other explanatory information.
Based on our review, nothing has come to our attention that causes us
to believe that the accompanying interim financial statements of the
Group do not present fairly, in all material respects, the financial position
of the Group as at 30 September 2021, and its financial performance
and cash flows for the six month period then ended, in accordance with
International Accounting Standard 34 Interim Financial Reporting (IAS
34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard
on Review Engagements 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (NZ SRE 2410
(Revised)). Our responsibility is further described in the Auditor’s
responsibility for the review of the financial statements section of our report.
We are independent of the Group in accordance with the relevant ethical
requirements in New Zealand relating to the audit of the annual financial
statements, and we have fulfilled our other ethical responsibilities in
accordance with these ethical requirements. In addition to our role as
auditor, our firm carries out other services for the Group in the areas of
assurance services relating to the performance fee calculation, agreed
upon procedures relating to financial covenants of the bank facilities and
reporting to the supervisor of GMT Bond Issuer Limited. The provision of
these other services has not impaired our independence.
Responsibility of the directors of the Manager for the
financial statements
The directors of the Manager (Goodman (NZ) Limited) are responsible,
on behalf of the Trust, for the preparation and fair presentation of these
interim financial statements in accordance with IAS 34 and NZ IAS 34 and
for such internal control as the Manager determine is necessary to enable
the preparation and fair presentation of interim financial statements that are
free from material misstatement, whether due to fraud or error.
Auditor’s responsibility for the review
of the financial statements
Our responsibility is to express a conclusion on the interim financial
statements based on our review. NZ SRE 2410 (Revised) requires us to
conclude whether anything has come to our attention that causes us
to believe that the interim financial statements, taken as a whole, are
not prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34. A review of interim financial statements in accordance with
NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical
and other review procedures.
The procedures performed in a review are substantially less than those
performed in an audit conducted in accordance with International
Standards on Auditing and International Standards on Auditing
(New Zealand) and consequently does not enable us to obtain
assurance that we might identify in an audit. Accordingly, we do not
express an audit opinion on these interim financial statements.
Who we report to
This report is made solely to the Trust’s unitholders, as a body. Our review
work has been undertaken so that we might state to the Trust’s unitholders
those matters which we are required to state to them in our review report
and for no other purpose. To the fullest extent permitted by law, we do
not accept or assume responsibility to anyone other than the Trust’s
unitholders, as a body, for our review procedures, for this report, or for
the conclusion we have formed.
The engagement partner on the review resulting in this independent
auditor’s review report is Richard Day.
For and on behalf of:
Chartered Accountants
10 November 2021 Auckland
Independent auditor’s review report
To the unitholders of Goodman Property Trust
Report on the interim financial statements
33
Goodman
Property Trust
Interim Report
2022
Interim Financial
Statements
of Goodman
Property Trust

For the six months ended 30 September 2021
34
GMT Bond
Issuer Limited
Interim Report
2022
Interim Financial
Statements
of GMT Bond
Issuer Limited
Gateway
Warehouse,
Highbrook
Business Park
Overlooking
Highbrook Drive,
these facilities offer
extensive views over
the Tāmaki River to
Auckland’s volcanic
cones and the CBD.
Contents
Profit or loss 35
Balance sheet 36
Cash flows 37
Changes in equity 38
General information 39
Notes to the Financial Statements 40
1. Borrowings 40
2. Advances to related parties 40
3. Commitments and contingencies 40
4. Financial risk management 40
5. Equity 40
Independent auditor’s review report 41
The Board of GMT Bond Issuer Limited, authorised these
financial statements for issue on 10 November 2021.
For and on behalf of the Board:
Keith Smith Laurissa Cooney
Chair Chair, Audit Committee

Profit or loss
For the six months ended 30 September 2021
$ million
6 months
30 Sep 21
6 months
30 Sep 20
Interest income9.310.2
Interest cost(9.3)(10.2)
Profit before tax––
Ta x––
Profit after tax attributable to shareholder––
There are no items of other comprehensive income, therefore profit after tax attributable to shareholder equals total comprehensive income
attributable to shareholder.
35
GMT Bond
Issuer Limited
Interim Report
2022
Interim Financial
Statements
of GMT Bond
Issuer Limited

Balance sheet
As at 30 September 2021
$ millionNote
30 Sep 21
31 Mar 21
Non-current assets
Advances to related parties 2400.0500.0
Current assets
Advances to related parties2100.0–
Interest receivable from related parties3.53.5
Cash0.10.1
Total assets503.6503.6
Non-current liabilities
Borrowings1400.0500.0
Current liabilities
Borrowings1100.0–
Interest payable3.63.6
Total liabilities503.6503.6
Net assets––
Equity
Contributed equity5––
Retained earnings ––
Total equity––
36
GMT Bond
Issuer Limited
Interim Report
2022
Interim Financial
Statements
of GMT Bond
Issuer Limited

Cash flows
For the six months ended 30 September 2021
$ million
6 months
30 Sep 21
6 months
30 Sep 20
Cash flows from operating activities
Interest income received9.39.9
Interest costs paid(9.3)(10.0)
Net cash flows from operating activities–(0.1)
Cash flows from investing activities
Repayment of related party advances––
Related party advances made–(200.0)
Net cash flows from investing activities–(200.0)
Cash flows from financing activities
Proceeds received from issue of wholesale bonds–(200.0)
Repayment of retail bonds––
Net cash flows from financing activities–(200.0)
Net movement in cash–(0.1)
Cash at the beginning of the year0.10.2
Cash at the end of the year0.10.1
37
GMT Bond
Issuer Limited
Interim Report
2022
Interim Financial
Statements
of GMT Bond
Issuer Limited

Changes in equity
For the six months ended 30 September 2021
$ millionContributed equityRetained earningsTo t a l
As at 1 April 2020–––
Profit after tax–––
As at 31 March 2021–––
Profit after tax–––
As at 30 September 2021–––
There are no items of other comprehensive income to include within changes in equity, therefore profit after tax equals total comprehensive income.
38
GMT Bond
Issuer Limited
Interim Report
2022
Interim Financial
Statements
of GMT Bond
Issuer Limited

General information
For the six months ended 30 September 2021
Reporting entity
GMT Bond Issuer Limited (“the Company”) was incorporated on
5 November 2009. The address of its registered office is Level 2,
18 Viaduct Harbour Avenue, Auckland.
GMT Bond Issuer Limited is an issuer for the purposes of the
Financial Reporting Act 2013 as its issued retail bonds are listed on
the New Zealand Debt Exchange (“NZDX”). GMT Bond Issuer Limited
is a registered company under the Companies Act 1993.
GMT Bond Issuer Limited is a profit-oriented company incorporated
and domiciled in New Zealand. The Company was incorporated to
undertake issues of debt securities with the purpose of on lending
the proceeds to Goodman Property Trust (“GMT”) by way of interest
bearing advances.
The interim financial statements for the six months ended
30 September 2021 are unaudited. Comparative balances for
30 September 2020 are unaudited, whilst the comparative balances
as at 31 March 2021 are audited.
Basis of preparation and measurement
The interim financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting Practice
(“NZ GAAP”) and comply with International Accounting Standard
34 ‘Interim Financial Reporting’ and New Zealand Equivalent to
International Accounting Standard 34 ‘Interim Financial Reporting’.
The interim financial statements do not include all notes included in
the annual financial statements. Accordingly, these notes should be
read in conjunction with the annual financial statements for the year
ended 31 March 2021, prepared in accordance with New Zealand
Equivalents to International Financial Reporting Standards (“NZ IFRS”)
and International Financial Reporting Standards (“IFRS”).
The accounting policies and methods of computation used in the
preparation of these interim financial statements are consistent
with those used in the financial statements for the year ended
31 March 2021.
The interim financial statements have been prepared on the historical
cost basis.
The interim financial statements are in New Zealand dollars, the
Company’s functional currency.
39
GMT Bond
Issuer Limited
Interim Report
2022
Interim Financial
Statements
of GMT Bond
Issuer Limited

1. Borrowings
1 .1 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the assets of the wholly-owned subsidiaries of the Company’s parent entity,
Goodman Property Trust. A loan to value covenant restricts total borrowings incurred by the Goodman Property Trust Group to 50% of the
value of the secured property portfolio.
The Goodman Property Trust Group has given a negative pledge which provides that it will not create or permit any security interest
over its assets. The principal financial ratio which must be met is the ratio of financial indebtedness to the value of the property portfolio.
Further negative and positive undertakings have been given as to the nature of the Goodman Property Trust Group’s business.
2. Advances to related parties
All advances and interest receivable are with Goodman Property Trust.
Covenant Trustee Services Limited (as Trustee for Goodman Property Trust) has entered into a guarantee under which Goodman Property
Trust unconditionally and irrevocably guarantees all the obligations of GMT Bond Issuer Limited under its Bond Trust Documents.
3. Commitments and contingencies
GMT Bond Issuer Limited has no capital commitments and no material contingent liabilities.
4. Financial risk management
4 .1 Fair value of financial instruments
The fair value of financial instruments has been estimated as follows:
$ millionFair value hierarchy30 Sep 202131 Mar 2021
Related party receivablesLevel 2490.4499.9
Retail bondsLevel 1(312.8)(320.1)
Wholesale bondsLevel 2(177.6)(179.8)
For related party receivables, the Company uses the fair value of the retail bonds and the wholesale bonds as a proxy.
5. Equity
As at 30 September 2021, 100 ordinary shares had been issued for nil consideration (31 March 2021: 100 ordinary shares for nil consideration).
All shares rank equally with one vote attached to each share.
The Company has tangible assets of $0.1 million, and its net assets are nil. Consequently, the net tangible assets per bond at 30 September 2021
are nil (31 March 2021: nil).
Notes to the Financial Statements
For the six months ended 30 September 2021
40
GMT Bond
Issuer Limited
Interim Report
2022
Interim Financial
Statements
of GMT Bond
Issuer Limited

Our conclusion
We have reviewed the interim financial statements of GMT Bond Issuer
Limited (the Company), which comprise the balance sheet as at 30
September 2021, and the statement of profit or loss, the statement of
changes in equity and the statement of cash flows for the six month
period ended on that date, and significant accounting policies and other
explanatory information.
Based on our review, nothing has come to our attention that causes
us to believe that these accompanying interim financial statements of
the Company do not present fairly, in all material respects, the financial
position of the Company as at 30 September 2021, and its financial
performance and cash flows for the six month period then ended, in
accordance with International Accounting Standard 34 Interim Financial
Reporting (IAS 34) and New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard
on Review Engagements 2410 (Revised) Review of Financial Statements
Performed by the Independent Auditor of the Entity (NZ SRE 2410
(Revised)). Our responsibility is further described in the Auditor’s
responsibility for the review of the financial statements section of
our report.
We are independent of the Company in accordance with the relevant
ethical requirements in New Zealand relating to the audit of the annual
financial statements, and we have fulfilled our other ethical responsibilities
in accordance with these ethical requirements. In addition to our role as
auditor, our firm carries out other services for the Company in the area of
reporting to the supervisor. The provision of these other services has not
impaired our independence.
Director’s responsibility for the interim financial statements
The Directors of the Company are responsible on behalf of the Company
for the preparation and fair presentation of these interim financial
statements in accordance with IAS 34 and NZ IAS 34 and for such internal
control as the Directors determine is necessary to enable the preparation
and fair presentation of interim financial statements that are free from
material misstatement, whether due to fraud or error.
Auditor’s responsibility for the review
of the financial statements
Our responsibility is to express a conclusion on the interim financial
statements based on our review. NZ SRE 2410 (Revised) requires us to
conclude whether anything has come to our attention that causes us
to believe that the interim financial statements, taken as a whole, are
not prepared in all material respects, in accordance with IAS 34 and
NZ IAS 34. A review of interim financial statements in accordance with
NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, primarily consisting of making enquiries, primarily of persons
responsible for financial and accounting matters, and applying analytical
and other review procedures.
The procedures performed in a review are substantially less than those
performed in an audit conducted in accordance with International
Standards on Auditing (New Zealand) and International Standards on
Auditing and consequently does not enable us to obtain assurance that we
might identify in an audit. Accordingly, we do not express an audit opinion
on these interim financial statements.
Who we report to
This report is made solely to the Company’s Shareholder. Our review work
has been undertaken so that we might state to the Company’s Shareholder
those matters which we are required to state to them in our review report
and for no other purpose. To the fullest extent permitted by law, we do not
accept or assume responsibility to anyone other than the Shareholder,
for our review procedures, for this report, or for the conclusion we have
formed.
The engagement partner on the review resulting in this independent
auditor’s review report is Richard Day.
For and on behalf of:
Chartered Accountants
10 November 2021 Auckland
Independent auditor’s review report
To the shareholders of GMT Bond Issuer Limited
Report on the interim financial statements
41
GMT Bond
Issuer Limited
Interim Report
2022
Interim Financial
Statements
of GMT Bond
Issuer Limited

42
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022
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.
Contents
Investor relations 43
Glossary 44
Corporate directory 45

Introduction
Ensuring Unitholders and Bondholders are well informed and easily able
to manage their investment is a key priority of the Manager’s investor
relations team. Regular meetings and communications, its website and
a dedicated toll-free contact number provide investors with the means
to make informed decisions.
Annual meeting
GMT’s Trust Deed requires at least one meeting of Unitholders
each financial year. The most recent Annual Meeting was held on
7 July 2021. The address and presentation from the hybrid meeting
are available on GMT’s website.
Publications
For Unitholders and Bondholders who elect to receive a printed copy,
the Annual Report is typically mailed in June of each year. GMT’s Interim
Report and GoodResults newsletters are provided electronically.
Investor centre
The website, www.goodman.com/nz, enables Unitholders and
Bondholders to view information about their investment, download
investor forms, check current prices and view publications and
announcements.
Registrar
Computershare Investor Services Limited is the registrar with
responsibility for administering and maintaining the Trust’s Unit and
Bond Registers. If you have a question about the administration of
your investment, Computershare can be contacted directly:
ƒby email, to enquiry@computershare.co.nz
ƒby phone, on their toll-free number
0800 359 999 (+64 9 488 8777 from outside New  Zealand)
ƒby mail, to Computershare Investor Services Limited,
Private Bag 92119, Auckland 1142.
Unitholder distributions
The Trust typically pays its distributions quarterly in the third month that
follows each quarter. For example, the distribution for the June 2021
quarter was paid in September 2021. The table below shows the
composition and timing of distributions per unit that have been paid,
or declared, since the beginning of this financial period.
Distribution for
quarter ended
Cash
distribution
Imputation
credits
To t a l
distribution
Payment
date
31-Mar-21$0.013250$0.002329$0.01557910-Jun-21
30-Jun-21$0.013750$0.003110$0.01686016-Sep-21
30-Sep-21$0.013750$0.003027$0.01677716-Dec-21*
* Distribution announced but not yet paid at the date of this report.
Bondholder interest payments
Interest is paid semi-annually, each year, until redemption. No dividends
or distributions have been paid by GMT Bond Issuer Limited.
Helpline
The Manager has a dedicated toll-free number, 0800 000 656
(+64 9 375 6073 from outside New Zealand), which will connect
Unitholders and Bondholders directly with the investor relations team
who will assist with any queries.
Complaints procedure
As a financial service provider registered under the Financial Service
Providers (Registration and Dispute Resolution) Act 2008, the Manager
is a member of an approved dispute resolution scheme (registration
number FSP36542).
Complaints may be made to the Manager or through the financial dispute
resolution scheme. The contact details of both are included in the
business directory at the end of this report.
Investor relations
43
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022

Glossary
$ and cents
New  Zealand currency.
Board
the Board of Directors of the Manager
and GMT Bond Issuer Limited.
Bondholder
a person whose name is recorded
in the register as a holder of a
Goodman+Bond.
Cash earnings
Cash earnings is a non-GAAP
measure that assesses free cash flow,
on a per unit basis, after adjusting
for certain items. The calculation
is set out in GMT’s 2022 Interim
Results Presentation, released on
11  November  2021.
CEO
the Chief Executive Officer of the
Manager.
Chair
the Chair of the Board of the Manager.
Co-ownership Agreement
the agreement of that name between
the Manager, Goodman Property
Aggregated Limited, the Trustee,
Goodman Funds Management Limited
as responsible entity of GIT, Tallina
Pty Limited as trustee of Penrose
Trust, and Trust Company Limited
as custodian of Tallina Pty Limited,
dated 1 April 2004 as amended by the
Restructuring Agreement between
the same parties dated 7 March 2005,
relating to the buying, selling and
holding of property by the Trust and
Goodman Group in 50/50 shares.
CPU or cpu
cents per unit.
Director
a director of the Manager and GMT
Bond Issuer Limited.
GIT
Goodman Industrial Trust and its
controlled entities, as the context
requires.
GL
Goodman Limited and its controlled
entities, as the context requires.
GMB
GMT Bond Issuer Limited, a wholly
owned subsidiary of Goodman
Property Trust.
Goodman
means Goodman (NZ) Limited as the
Manager of  the Trust.
Goodman Group or GMG
means GL, GIT and Goodman Logistics
(HK) Limited, operating together as a
stapled group. Where either GL, GIT or
and Goodman Logistics (HK) Limited
is party to a contract or agreement or
responsible for an obligation or liability,
without the other, all references to
Goodman Group as concerns that
contract, agreement or responsibility
shall be to that party alone.
Goodman+Bond or Bond
a bond issued by GMB.
GPSNZ
Goodman Property Services (NZ)
Limited.
Independent Director
has the meaning given to that term
in the Listing Rules which, for the
Manager are those persons listed on
the following page.
Interim Balance Date
30 September 2021
Listing Rules
the Listing Rules of NZX from time to
time and ‘LR’ is a reference to any of
those rules.
Loan to value ratio or LVR
Loan to value ratio is a non-GAAP
financial measure used to assess the
strength of GMT’s balance sheet. The
calculation is set out in note 2.6 of
GMT’s financial statements.
Manager or GNZ
the manager of the Trust, Goodman
(NZ) Limited.
N TA
net tangible assets.
NZ IFRS
New  Zealand equivalents to
International Financial Reporting
Standards.
NZDX
the New  Zealand debt market operated
by NZX.
NZX
means NZX Limited.
Operating earnings
Operating earnings are a non-GAAP
financial measure included to provide
an assessment of the performance of
GMT’s principal operating activities.
Calculation of operating earnings
are as set out in GMT’s Profit or Loss
statement.
Registrar
the unit registrar for GMT and
Goodman+Bond registrar for GMB
which, at the date of this Annual
Report, is Computershare Investor
Services Limited.
sqm
square metres.
Trust Deed
the GMT trust deed dated 23 April
1999, as amended from time to time.
Trust or GMT
Goodman Property Trust and its
controlled entities, including GMB, as
the context requires.
Trustee
the trustee of the Trust, Covenant
Trustee Services Limited.
Unitholder or unitholder
any holder of a Unit whose name is
recorded in the register.
Unit or unit
a unit in GMT.
44
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022

Manager of Goodman
Property Trust
Goodman (NZ) Limited
Level 2, 18 Viaduct Harbour Avenue
Auckland 1010
PO Box 90940
Victoria Street West
Auckland 1142
Toll free: 0800 000 656
(within New  Zealand)
Telephone: +64 9 375 6060
(outside New  Zealand)
Email: info-nz@goodman.com
Website: www.goodman.com/nz
Issuer of Goodman+Bonds
GMT Bond Issuer Limited
Level 2, 18 Viaduct Harbour Avenue
Auckland 1010
PO Box 90940
Victoria Street West
Auckland 1142
Toll free: 0800 000 656 (within
New  Zealand)
Telephone: +64 9 375 6060
(outside New  Zealand)
Email: info-nz@goodman.com
Website: www.goodman.com/nz
Complaint procedure
Financial Dispute
Resolution Service
Freepost 231075
PO Box 2272
Wellington 6140
Toll free: 0508 337 337
(within New  Zealand)
Telephone: +64 4 910 9952
(outside New  Zealand)
Email: enquiries@fdr.org.nz
Auditor
PricewaterhouseCoopers
PwC Tower
15 Customs Street West
Auckland 1010
Private Bag 92162
Auckland
Telephone: +64 9 355 8000
Facsimile: +64 9 355 8001
Registrar
Computershare Investor
Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Private Bag 92119
Victoria Street West
Auckland 1142
Toll free: 0800 359 999
(within New  Zealand)
Telephone: +64 9 488 8777
(outside New  Zealand)
Facsimile: +64 9 488 8787
Email: enquiry@computershare.co.nz
Legal Advisors
Russell McVeagh
Level 30, Vero Centre
48 Shortland Street
PO Box 8
Auckland 1140
Telephone: +64 9 367 8000
Facsimile: +64 9 367 8163
Trustee and Supervisor for
Goodman Property Trust
Covenant Trustee Services
Limited
Level 6, Crombie Lockwood Building
191 Queen Street
PO Box 4243
Auckland 1140
Telephone: +64 9 302 0638
B o n d Tr u s t e e
P u b l i c Tr u s t
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
Auckland 1140
Toll free: 0800 371 471
(within New Zealand)
Telephone: +64 9 985 5300
(outside New  Zealand)
Directors of Goodman
(NZ)  Limited and GMT Bond
Issuer Limited
Chair and Independent Director
Keith Smith
Independent Directors
Laurissa Cooney
Leonie Freeman
David Gibson
Executive Director
John Dakin
Non-executive Directors
Gregory Goodman
Phillip Pryke
Management Team of
Goodman (NZ) Limited and
GMT Bond Issuer Limited
Chief Executive Officer
John Dakin
Chief Financial Officer
Andy Eakin
General Counsel
and Company Secretary
Anton Shead
Director Investment Management
James Spence
General Manager Development
Michael Gimblett
Director Investment Management
and Capital Transactions
Kimberley Richards
Head of Corporate Affairs
Jonathan Simpson
Marketing Director
Mandy Waldin
Human Resources Business Partner
Sophie Bowden
Business directory
45
Goodman
Property Trust
Interim Report
2022
GMT Bond
Issuer Limited
Interim Report
2022

goodman.com/nz

---

1
Interim
Result
Goodman Property Trust
2022

2
Goodman Property Trust Interim Result 2022
Contents
Overview
03
Investment
portfolio
06
Sustainability
17
Financial result
21
Presented by:
◼John Dakin Chief Executive Officer ◼James Spence Director -Investment Management ◼Andy Eakin Chief Financial Officer
Unless otherwise indicated, all numerical data provided in this presentation is stated as at 30 September 2021. All dollar values are NZD unless otherwise stated. All figures are rounded. Non-GAAP financial measures may not be consistent with their calculation by other similar entities.
Capital management
26
Summary &
outlook
30
Appendix
34

3
Overview
Goodman Property Trust Interim Result 2022

4
Goodman Property Trust Interim Result 2022
Growth of e-commerce and the digital economy:
◼The growth in e-commerce has accelerated with the pandemic. Consumers are
increasingly opting for the safety and convenience of online shopping and contactless
delivery
◼NZ customer expectations are rapidly changing, with 58%
1
choosing to buy from one
retailer over another because they offered same day delivery
◼Businesses are having to adapt to the growing online marketplace, with many
incorporating e-commerce fulfillment functions into existing warehouse operations
Well-located Industrial real estate is recognised as essential infrastructure for the
digital economy, making it a highly sought after asset class:
◼Disruption in global supply chains is also forcing local businesses to maintain higher
inventory levels, creating requirements for additional warehouse space
◼Increased customer demand has resulted in an acceleration of development,
particularly in infill locations
◼Customer demand for warehouse and logistics space is now exceeding supply in
Auckland, with Grade A vacancy falling below 1%
2
as at June 2021
Structural trends
6%
11%
16%
201520202025
E-commerce % of total retail sales
New Zealand
E-commerce sales
growth 2020-2025
84
%
All stats from Euromonitor unless otherwise disclosed
1
NZ Post Q2 update released 30 July 2021
2
CBRE Auckland industrial half year vacancy update (released 10 Aug 2021)

5
Goodman Property Trust Interim Result 2022
An investment strategy focused on urban logistics has positioned GMT to benefit from the growing digital economy, structural
changes and significant customer demand.
Portfolio
◼Portfolio occupancy of 99.5%, WALE of 5.8 years
1
, following 169,122 sqm of leasing in the first half
◼Underlying like-for-like net rental growth of 5.1% for the period
◼$354.2 million of development work in progress
2
with average yield on cost of 5.5%
◼Acquisition of 34 ha industrial land adjoining Villa Maria Winery in Māngere
3
, further adding to GMT’s development pipeline
Capital management
◼Gearing of 17.5%, with committed gearing of 22.6%
◼$310million in available liquidity, providing significant investment capacity
FY22 interim result
◼$504.7 million interim revaluation and profit before tax of $570.0million
◼37.1 cent per unit increase in NTA from 212.5 cents per unit to 249.6 cents per unit
◼Cash earnings of $46.0million, or 3.29 cents per unit, up 8.2% from 3.04 cents per unit
4
◼Distributions of 2.75 cpu, reflecting a payoutratio of 83.6%
Results overview
1
Includes leased developments
2
As at 11 November 2021
3
Acquisition remains conditional
4
1H21 cash earnings of 3.11 cents per unit restated to 3.04 cents per unit under amended cash earnings calculation method which removes straight line rent adjustments as disclosed in 2021 Annual Result presentation on 13 May 2021

6
Investment
Goodman Property Trust Interim Result 2022
Gateway warehouses –HighbrookBusiness Park
portfolio

7
Land acquisition
Goodman Property Trust Interim Result 2022
Acquisition properties
34ha
Land area
$75m
Purchase price
Acquisition remains conditional

8
New developments
$97.3m
Total Project Cost
16,373sqm
Lettable area
Goodman Property Trust Interim Result 2022
5.1%
Yield on total cost
NZ Blood –Highbrook Business Park Artist’s impression
Stanley Black & Decker –Highbrook Business Park Artist’s impression

9
Work in progress
Goodman Property Trust Interim Result 2022
As at 11 November 2021, including newly announced developments.
$354.2m
Total project cost
87,803sqm
Total lettable area
10
Projects underway
Mainfreight –Favona Artist’s impression

10
Goodman Property Trust Interim Result 2022
Work-in-progress summary
1
◼Current development programme of 87,803 sqm has a total project
cost of $354.2 million, a yield on cost of 5.5%, and is currently 79%
leased
◼Significant development activity at Highbrook:
＋9,174 sqm design build for Stanley Black & Decker enables the
recommencement of the previously paused El Kobarfacility
＋3,290 sqm design build for New Zealand Blood and Organ
Service for a 20-year term
＋Completion of the Highbrook Town Centre with the
commencement of a 3,909 sqm build-to-lease office building
and carpark building
◼FavonaEstate is now 100% leased with Mainfreight committing to
the remaining 10,710 sqm warehouse
◼M20 9,000 sqm build-to-lease development is now 100% leased to
an IT distribution company on a 10 year term
◼GMT continuously manages exposure to build-to-lease
development, which equates to just 0.4% of total portfolio
Work-in-progress
1
Work in progress as at 11 November 2021
2
Last completion date of current work-in-progress
3
Signed Heads of Agreement
4
Build-to-lease developments that do not have terms agreed with a customer
Estate
Lettable area
sqm
Expected
completion date
2
M20 Business Park9,773Feb-22
Roma Road Estate17,700Mar-23
Favona Estate35,860Apr-23
Highbrook Business Park24,470Aug-23
Subtotal87,803
Development leasing exposure
Lettable area
sqm
% of total portfolio
Leased77,5118.1%
Terms agreed
3
6,3830.6%
Remaining build-to-lease
4
3,9090.4%
Total work-in-progress87,8038.1%
Total GMT portfolio1,089,706

11
Development pipeline
Goodman Property Trust Interim Result 2022
400,000sqm
approximate development potential within existing portfolio
Lettable area
70%
of development pipeline is brownfield redevelopment
Redevelopment focus
Roma Road Artist’s impression
87 ha
Development land
across greenfield and brownfield redevelopment sites
Regeneration of existing brownfield sites is
providing more sustainable development
opportunities, closer to consumers.
We expect this activity to continue to be a
major source of development into the future.

12
GMT’s property portfolio
Efficient and desirable distribution locations
$4.3bn
Property portfolio
1.1m sqm
Net lettable area
Goodman Property Trust Interim Result 2022
99.5
%
Occupancy
5.8years
WALE
1
1
Includes leased developments
Portfolio metrics do not include the acquisition of land adjoining Villa Maria Winery, which remains conditional

13
9.7%
Passing rental growth
3months
Average lease up period
3.1%
Average incentive
HighbrookBusiness Park
Leasing
Goodman Property Trust Interim Result 2022
on stabilised leasing deals
from vacancy or PC date to lease
commencement date
169,122sqm
15.5% of portfolio
Leased in FY22
6.3years
Average lease term
$136psm
Core portfolio average
warehouse rate
Includes all leasing across stabilised portfolio and developments for the 6 months to 30 September 2021
on stabilised and development
leasing deals
on stabilised and development
leasing deals
on stabilised and development
leasing deals

14
Goodman Property Trust Interim Result 2022
Portfolio valuation
Portfolio summary as at30 September 2021
Value
$m
Cap rateInitial yieldWALE
years
OccupancyNet lettable area
sqm
Capital value
psm
HighbrookBusiness Park
2,175.3
4.1%3.9%6.1100%469,5884,632
Savill Link
550.9
4.0%3.9%
6.6
100%135,1124,077
M20 Business Park
393.7
4.4%4.3%3.698%112,3923,503
The Gate Industry Park
1
338.3
4.3%4.1%3.2100%85,4393,956
Westney Industry Park
1
218.3
4.7%8.7%5.499%113,6311,342
Value-add estates
419.0
4.7%3.9%3.099%101,8783,205
Total stabilised properties4,095.44.2%4.1%5.399.5%1,018,0403,868
Developments fair valued33.73.9%0.1%0.34%9,7384,241
Developments at cost156.6--13.078%61,928-
Land42.1------
Total investment portfolio4,327.84.2%4.1%5.899.5%1,089,706
1
Includes right of use assets in respect of ground leases of $65.9 million in total.
Portfolio revaluation $m
Total
Stabilised489.8
Investment property under development14.9
Total investment portfolio504.7

15
Goodman Property Trust Interim Result 2022
◼Underlying like-for-like rental growth for 1H22 of 5.1%
◼Portfolio assessed to be ~9% under-rented($16.3m)
1
◼20% of portfolio is subject to market review or expiry prior to the end
of FY23
Rental profile
Portfolio review profile% of portfolio income
10-year lease expiry profile
21%
48%
40%
8%
11%
14%
1%
3%
5%
4%
11%
12%
0%
10%
20%
30%
40%
50%
60%
70%
80%
FY22FY23FY24
FixedCPIMarketExpiry
0%
5%
10%
15%
20%
25%
30%
VacantFY22FY23FY24FY25FY26FY27FY28FY29FY30>FY30
Value AddCoreLeased since March 21
1
Assessed by management on a face rent basis, passing rent to market rent
2
For the 6 months remaining to 31 March 2022
2

16
Goodman Property Trust Interim Result 2022
0%2%4%6%8%10%
NZ Post
Mainfreight
Fliway
DHL
OfficeMax
Coda
Fletcher Building
Freightways
Toll
T&G Global
◼Top 10 customers accounting for 35% of portfolio income, generally
focused on storage, logistics and distribution
◼2% of GMT’s portfolio weighted towards retail (cafes, restaurants,
gyms, etc)
◼GMT continues to focus COVID-19 rent relief on vulnerable
customers within the portfolio
Customer base
1
Leased to Big Chill Limited, a subsidiary of Freightways
Top ten customers
% of portfolio income, including subsidiary companies
Industry exposure % of portfolio income
1

17
Sustainability
Goodman Property Trust Interim Result 2022
Native revegetation, PukekiwirikiCrater, Highbrook

18
Goodman Property Trust Interim Result 2022
◼Targeting 5 star Green Star design-build rating on all new developments
◼Committed to reducing and offsetting embodied carbon in all new developments
◼Increased development on existing infill locations, with over 70% of future pipeline expected to be on brownfield sites
Core sustainability initiatives
Typical Green Star Features

19
Goodman Property Trust Interim Result 2022
◼Solar PV arrays totalling 1.1MWp either complete or in progress, expected to
produce 1,450MWh per annum and offset around 160 t-CO2-e per annum
◼400,000 litres of rainwater harvesting for non-potable use in toilets, building
washes and irrigation
◼90% of core portfolio to have LED lighting by 2025 (currently 58%)
-upgrades expected to save customers around 4,200MWh per annum
◼Accelerated replacement of R22 refrigerant HVAC systems across core
portfolio
◼Undertaking native revegetation across estates, improving biodiversity
◼1H22 operational GHG emissions 56% lower than 2020 base year
1
◼Partnering with EECA to install public 150kW DC fast chargers at Highbrook
and M20
◼Goodman
2
vehicle fleet 100% EV by December 2021
Environmental sustainability
1
Operational emissions are those for both GMT and its Manager’s operations
2
Goodman vehicles are operated by the Manager, not GMT
LED lighting, Riverside Warehouses Artist’s impression
Solar panels, Riverside Warehouses Artist’s impression

20
Goodman Property Trust Interim Result 2022
Measuring sustainable performance
◼Electrical sub-metering at all new developments to
measure energy intensity
◼Ongoing Green Star Performance pilot for five
industrial properties at Highbrook
◼Undertaking NABERSNZ assessment for office
properties at the Highbrook Crossing
◼Targeting 5 star Green Star fitout for new shared
workspace at Highbrook Crossing town centre
◼Reducing, measuring and offsetting the
development programme’s embodied carbon

21
Financial
result
Goodman Property Trust Interim Result 2022
Metrobox–SavillLink

22
17.5%
Loan-to-value ratio
2
249.6cpu
Net tangible asset backing
$60.2m
Operating earnings before tax
1
$570.0m
Profit before tax
4.7years
Weighted average debt term
5
2.75cpu
1H22 distribution
3.29cpu
Cash earnings
4
1
Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GMT’s principal operating activities. The calculation is set out in GMT’s Profit or Loss statement
2
LVR is a non-GAAP financial measure used to assess the strength of GMT’s balance sheet, refer to note 2.6 of GMT’s financial statements for its calculation
3
1H22 total net property income compared to 1H21 total net property income
4
Cash earnings is a non-GAAP financial measure that assesses underlying cash flows, on a per unit basis, after adjusting for borrowing costs and Manager’s base fee capitalised to land and expenditure related to building maintenance. Refer to slide 24 for its calculation
5
Weighted average debt term is calculated on drawn debt assuming bank debt is drawn from the longest dated facility available
5.7%
Net property income growth
3
HighbrookBusiness Park
Financial highlights
Financial highlights
Financial highlights
Goodman Property Trust Interim Result 2022

23
Goodman Property Trust Interim Result 2022
74.3
78.5
+1.0
+2.7
+2.6
-2.0
-0.1
70.0
71.0
72.0
73.0
74.0
75.0
76.0
77.0
78.0
79.0
80.0
1H21RedevelopmentsAcquisitionsDevelopmentsUnderlying
portfolio
Other1H22
Net property income bridge$m
◼Net property income has increased by
$4.2 million (5.7%) for the period
◼Underlying rental growth and income
from acquisitions and completed
developments have more than offset the
impact of value-add assets being taken
off-line for redevelopment
◼Underlying like-for-like rental growth of
5.1%for the period
2
Net property income
1
Includes vacancy, additional income, COVID-19 impact, straight line rents and fitout rents
2
Net rental income on underlying portfolio, adjusted to remove straight line rent adjustments and fitout rents
1

24
Goodman Property Trust Interim Result 2022
Cash earnings calculation$m
◼1H22 cash earnings of 3.29 cents per unit, a 8.2%
increase on 1H21
◼Distributions of 2.75 cents per unit for the period
represent 83.6% of cash earnings
◼$7.0 million of total capex spent on stabilised
portfolio in 1H22, of which $2.1 million is
maintenance capex
◼Cash earnings covers distributions paid and all
stabilised capex, leaving a $3.5 million cash surplus
◼FY22 cash earnings expected to be at least 6.5
cents per unit with distributions of 5.5 cents per unit
Cash earnings
1H221H21% change
Operating earnings before tax
1
60.256.07.5%
Tax on operating earnings(11.0)(9.6)14.6%
Operating earnings after tax49.246.46.0%
Straight line rent adjustments(0.2)(0.9)(77.8%)
Capitalised borrowing costs –land(0.8)(1.2)(33.3%)
Capitalised management fees –land(0.1)(0.1)-
Maintenance capex(2.1)(1.9)10.5%
Cash earnings
2,3
46.042.38.7%
Cash earnings per unit
2,3
3.29 cpu3.04 cpu8.2%
Distribution % of cash earnings83.6%87.2%
1
Operating earnings isa non-GAAP financial measure included to provide an assessment of the performance of GMT’s principal operating activities. Calculationof operating earnings areset out in GMT’s Profit or Loss statement
2
Cash earnings in previous period restated to 3.04 cents per unit (from 3.11) under amended calculation methodology which removes straight line rent adjustments
3
Cash earnings is a non-GAAP financial measure that assesses underlying cashflows after adjusting for certain items

25
Goodman Property Trust Interim Result 2022
249.6
+35.1
+1.1
+0.9
212.5
150.0
170.0
190.0
210.0
230.0
250.0
270.0
31-Mar-21Revaluation - stabilisedRevaluation -
investment property
under development
Other30-Sep-21
◼NTA increased 37.1 cents per unit (17.5%)
to 249.6 cents per unit
◼13.2% increase in portfolio value main
contributor
◼$14.9 million revaluation gain for investment
property under development
Net tangible assets cents per unit
Capital growth

26
Capital
management
Goodman Property Trust Interim Result 2022
NCI –SavillLink

27
Goodman Property Trust Interim Result 2022
17.5%
22.6%
+0.4%
+0.1%
+1.3%
+3.8%
-2.2%
19.2%
10%
12%
14%
16%
18%
20%
22%
24%
31-Mar-21Developments
incl. revaluation
Stabilised
revaluation
Other30-Sep-21Committed
acquisitions
Committed
developments
Committed LVR
◼GMT continues to be conservatively leveraged
within preferred range of 20%-30%
◼LVR of 17.5% at 30 September 2021 with fully
committed LVR of 22.6%
◼Committed developments complete over
periods to FY24
Loan to value ratio
Gearing
Loan to value ratio (LVR) is a non-GAAP metric used to measure the strength of GMT’s Balance Sheet. Refer to note 2.6 of GMT’s financial statements for further information regarding the LVR calculation

28
Goodman Property Trust Interim Result 2022
140
130
130
100
100
100
56
52 52
50
150
50
100
150
200
250
300
FY22FY23FY24FY25FY26FY27FY28FY29FY30FY31
Bank facilityRetail bondsUSPP notesWholesale bondsBank drawn
◼$310 million of available liquidity
◼First maturity, GMB030 in June 2022
◼Balance sheet strength and available liquidity
provides:
＋Capacity for acquisitions
＋Capacity for investment in development pipeline,
and
＋Resilience in the event of a decline in asset
values
Managing funding risk
30-Sep-2131-Mar-21
Non-bank funding (drawn)88%92%
Available liquidity $310m$339m
Weighted average debt term (drawn)
1
4.7yrs5.2 yrs
LVR covenant (<50%)
2
18.4%20.1%
Maturity profile$m
1
Calculated on drawn debt assuming bank debt is drawn from the longest term facility
2
Asset pool for LVR covenant excludes development spend on projects in progress, cash, and certain properties. LVR is a non-GAAP metric used to measure the strength of GMT’s BalanceSheet

29
Goodman Property Trust Interim Result 2022
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Y1Y2Y3Y4Y5
◼High level of hedging provides protection in a rising
interest rate environment
◼Weighted average debt cost reduced to 3.2%
◼Normalised interest cover ratio (ICR), excluding
one-off cash cost of swap close-outs in prior period,
increased to 5.6x from 5.3x at 31 March 2021.
Managing interest rate risk
30-Sep-2131-Mar-21
12 month forward hedging level81%85%
Weighted average debt cost3.2%3.7%
ICR covenant (>2.0x)5.6x4.1x
1
Hedging profile
1
ICR for year to 31 March 2021 includes swap close out costs

30
Summary
& outlook
Goodman Property Trust Interim Result 2022
NCI -SavillLink

31
Goodman Property Trust Interim Result 2022
Summary & outlook
Looking ahead
◼The results of the deliberate repositioning of GMT’s portfolio are now being realised. Customer demand for high-quality space close
to consumers continues to be strong
◼Significant new leasing, high occupancy levels, sustained rental growth, further development progress and strategic acquisitions
have all contributed to the Trust’s strong operating performance
◼Warehouse and logistics real estate is increasingly being viewed as essential infrastructure
◼By supporting its people, its customers, suppliers, and other stakeholders the business has responded to the challenging
environment and has continued to deliver strong operating results
◼While the economic outlook is still uncertain, the Trust remains well positioned for sustainable long-term growth. A high-quality
portfolio focused on urban logistics should ensure the Trust continues to benefit from the structural trends that are drivingdemand in
our sector
FY22 guidance
◼FY22 cash earnings expected to be at least6.5 cpu
1
, up 4% on FY21
◼Distributions of 5.5 cpu, a 4% increase on FY21, providing for a payoutratio of 84%
1
Under amended cash earnings calculation method which removes straight line rent adjustments as disclosed in 2021 Annual Result presentation on 13 May 2021

32
Questions
Goodman Property Trust Interim Result 2022
HighbrookBusiness Park

33
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.
Goodman Property Trust Interim Result 2022
M20 Business Park

34
Appendix
Goodman Property Trust Interim Result 2022
Cottonsoft–HighbrookBusiness Park

35
Goodman Property Trust Interim Result 2022
Work-in-progress
DevelopmentEstateLettable area sqmCompletion dateLeased
Existing developments
M20 9,000
M20 Business Park
9,665Nov-21100%
MetroglassYard Expansion
Highbrook Business Park
2,120Dec-21100%
M20 Café
M20 Business Park
108Feb-22100%
Riverside Warehouses
Highbrook Business Park
8,097Nov-2223%
NZ Post
Roma Road Estate
17,700Mar-23100%
Mainfreight
Favona Estate
35,860Apr-23100%
New developments
NZ Blood
Highbrook Business Park
3,290Jul-22100%
Stanley Black & Decker
Highbrook Business Park
9,174Oct-22100%
Crossing Carpark Stage 2
Highbrook Business Park
372 carparksApr-230%
Building 7
Highbrook Business Park
3,909Aug-230%
Total work-in-progress87,80379%
Work-in-progress summary as at 11 November 2021

36
Goodman Property Trust Interim Result 2022
For the six months ended 30 September 2021
Profit or loss

37
Goodman Property Trust Interim Result 2022
Balance sheet
As at 30 September 2021

38
Goodman Property Trust Interim Result 2022
For the six months ended 30 September 2021
Cash flows

---

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

Results for announcement to the market
Name of issuer Goodman Property Trust (“GMT”)
Reporting Period 6 months to 30 September 2021
Previous Reporting Period 6 months to 30 September 2020
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing operations $94,100 7.8%
Total Revenue $94,100 7.8%
Net profit/(loss) from continuing operations $555,500 215.1%
Total net profit/(loss) $555,500 215.1%
Dividend
Amount per Quoted Equity Security $0.01375000
Imputed amount per Quoted Equity Security $0.00302686
Record Date 2 December 2021
Dividend Payment Date 16 December 2021
Current period Prior comparable
period
Net tangible assets per Quoted Equity
Security
$2.496 $1.824
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

11 November 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 interim financial statements of Goodman Property
Trust. A copy of the interim financial statements together with the independent review report on
the interim financial statements is attached to this announcement.