GMT Annual Meeting of Unitholders

ESSENTIAL
INFRASTRUCTURE
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

MEETING AGENDA
2
Dicker Data, M20 Business Park
1.Review the Trust’s recent operating results and
the strategy for sustainable, long-term growth
2.Consider and vote on the re-appointment of
Keith Smith as an Independent Director
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

3
ONLINE VOTING
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
To cast a vote
Click on either “For, Against
or abstain” – a tick indicates
your vote has been cast
1
Click on the vote tab
2

4
ONLINE QUESTIONS
To ask a question
1
2
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
Click on the Q&A tab
Type your question in the
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BOARD AND EXECUTIVES
5
Laurissa Cooney
Independent Director
Greg Goodman
Non-executive Director
Keith Smith
Chair & Independent Director
Leonie Freeman
Independent Director
John Dakin
Executive Director and CEO
Andy Eakin
Chief Financial Officer
David Gibson
Independent Director
Phil Pryke
Non-executive Director
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

6
James Spence
to succeed John Dakin
as CEO from 1 January
2023
John DakinJames Spence
LEADERSHIP
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

MEETING FORMALITIES
+Nominated Chair of meeting
+Notice formally given
+Quorum confirmed
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
7

SUMMARY
HighbrookBusiness Park
8
$763.8m
PROFIT BEFORE TAX
17.1% INCREASE
$93.1m
CASH EARNINGS
6.5% INCREASE
5.9cpu
FY23 DISTRIBUTION
7% FORECAST INCREASE
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

OPERATING ENVIRONMENT
+Work practices continue to reflect
COVID-19 appropriate health and safety
precautions
+The pandemic has accelerated demand
f
or warehouse and logistics space close
to consumers
+New leasing and development enquiries
r
emain steady, with GMT’s portfolio at
capacity
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
9

SUSTAINABLE BUSINESS
10
Rated B
CDP CLIMATE
SCORE
ESTABLISHED
SUSTAINABLE FINANCE
FRAMEWORK
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

1
Operating earnings before tax 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 that assesses GMT’s level of gearing. Refer to note2.6 of GMT’s Financial Statements for the calculation.
FY22 HIGHLIGHTS
$157.1m
NET PROPERTY INCOME
$118.3m
OPERATING EARNINGS
1
$2.61pu
NET TANGIBLE ASSET BACKING
21.3%
LOAN TO VALUE RATIO
2
$660.4m
PORTFOLIO REVALUATION
9 9.4%
PORTFOLIO OCCUPANCY
HighbrookBusiness Park
11
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

GREEN BONDS
+Sustainable Finance Framework aligns
new debt funding with green property
investment
+Inaugural issue of $150 million of five-y
ear,
green bonds was made in April 2022
+The margin was just 110 bps, with the
an
nual interest rate set at 4.74%
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
12

1
Map includes post balance date acquisition of Sleepyhead
2
Total stabilised office and warehouse area
■EXISTING ESTATES ■ACQUISITIONS
1
PROPERTY PORTFOLIO
220+
CUSTOMERS
1.1m sqm
NET LETTABLE AREA
2
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
13

TOP 8 CUSTOMERS
14
Big Chill (Freightways)
NZ PostMainfreightDHLOfficeMax
To l lT&GLinfox
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

DEVELOPMENT PROGRAMME
+$426 million of projects under
development
+Almost 100,000 sqm of net
lettable area
+100% pre-committed
+$21 million of annual rental once
complete
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
15

NZ POST DEVELOPMENTS
ROMA ROAD, MT ROSKILLBUSH ROAD, ALBANY
16
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
NZ POST ROMA ROAD
Artists impression

GREEN STAR FEATURES
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
17

3,600 NATIVES PLANTED
HighbrookBusiness Park
18
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

MAINFREIGHT SUPERSITE
19
MAINFREIGHT
SUPERSITE
+To feature 35,860 sqm,
twin -warehouse facility
+90% of demolition waste,
recycled
+70% of all current projects
are redevelopments
www.goodmanfavona.co.nz
Artists impression
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

FUTURE PIPELINE
20
$75m
VIILLA MARIA SITE
PURCHASE PRICE
34ha
VIILLA MARIA SITE
LAND AREA
$300m
COMPLEMENTARY
ACQUISITIONS
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

GOODMAN FOUNDATION
+KiwiHarvest largest
community partnership
+Focused on food rescue,
l
ocated at Highbrook
+Redistributed a record
1
.8m kgs of food in FY22
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
21

CEOSUCCESSION
22
+John Dakin continuing as
a Director and Goodman
Executive
+James Spence new CEO
from 1 January 2023
+James has 16+ years
experience in senior roles
with Goodman, in NZ and
Europe
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022
HighbrookBusiness Park

HIGHBROOKBUSINESS PARK
23
HighbrookBusiness Park
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

OUTLOOK
24
+GMT’s strong operating performance and record financial results
have shown again, that it is a resilient and robust business
+The Trust is benefitting from the growth of e-commerce and the
structural trends that are driving demand for warehouse and
logistics space close to consumers
+While a more challenging operating environment is expected, the
quality and scale of the portfolio, low gearing and focused
investment strategy, give the Board confidence for the year ahead
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

QUESTIONS
25
Highbrook Business Park
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

RESOLUTION
26
+As an ordinary resolution, that, Unitholders approve the
re-appointment of Keith Smith as an Independent Director
of the Manager
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

VOTING AND CLOSE
27
+We will now proceed to a poll and conclude the meeting
+Webcast participants please submit your votes now
+The result will be announced to the NZX
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

THANKYOU
28
DISCLAIMER
Theinformationand opinionsin thispresentationwere preparedbyGoodman(NZ)Limitedonbehalf ofGoodmanProperty Trustor one ofitssubsidiaries(GMT).GMTmakes no representation orwarrantyasto theaccuracyor completeness oftheinformationin thispresentation.Opinions including
estimates and projectionsin thispresentationconstitutethecurrentjudgment ofGMTas atthedate ofthispresentationand are subjectto changewithoutnotice. Such opinions are not guarantees or predictions offutureperformance, and involveknownand unknownrisks,uncertainties and other factors,
many ofwhichare beyondGMT’scontrol,andwhichmay cause actualresultsto differ materiallyfromthose expressedin thispresentation. GMTundertakes noobligation to updateanyinformation oropinionswhether asa resultof new information,future eventsor otherwise.Thispresentationis provided
forinformationpurposes only. No contractor other legal obligations shallarisebetweenGMTand any recipient ofthispresentation. NeitherGMT,nor any oftheGoodman(NZ)Limited Board members,officers, employees, advisersor otherrepresentativeswillbeliable(in contractortort,including
negligence, orotherwise)foranydirect or indirect damage, loss orcost(includinglegalcosts) incurredor sufferedbyanyrecipient ofthispresentation or other personin connection withthispresentation.
GOODMAN PROPERTY TRUST | ANNUAL MEETING OF UNITHOLDERS 2022

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




nzx release+
GMT Annual Meeting of Unitholders
Date 8 July 2022
Release Immediate

WELCOME
Good afternoon everyone and welcome to this annual meeting of Unitholders. I’m Keith
Smith, Independent Director and Chair of Goodman (NZ) Limited, the Manager of
Goodman Property Trust.
Alexandra Park is a new venue for us and it’s a pleasure to be here today.
The meeting has a hybrid format, with investors either attending in person or
participating through a live webcast. For those in the room, please be aware there are
cameras and audio equipment streaming proceedings.
Today’s presentations will focus on our investment strategy for the Trust and how we
deliver sustainable long-term growth for the benefit of all our stakeholders. We will also
address our Board renewal programme and CEO succession plan.
As such, the meeting will consider one ordinary resolution relating to my re-
appointment as an Independent Director. I have advised the Board that this will be my
final term, and that I intend to retire once the transition to a new Chief Executive Officer
is complete, and a replacement Director has been appointed.
Before we proceed, I would like to cover off certain health and safety practices relating
to the use of this venue.
In the unlikely event of an emergency, you will be required to evacuate to a designated
safe zone. Should this occur please exit the room through the doors to my left or those
to the rear of this room, following the directions of the venue staff to the outside
assembly area.

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

INSTRUCTIONS FOR WEBCAST PARTICIPANTS
A key difference between the physical meeting and the live webcast is in the way
questions and voting are dealt with.
For Unitholders participating through the live webcast, polling has now opened. Votes
can be cast by selecting the polling icon on the instruction screen and following the
prompts. Votes can be amended up until the time the poll closes, which is at the
conclusion of the meeting.
Now the meeting has started, questions can also be submitted through the webcast
portal. We have allocated time at the end of the presentations to answer these, but
they can be submitted at any stage.
If you experience any technical issues casting your vote or submitting questions,
please refer to the online help or the instructions provided in the Virtual Meeting Guide
that accompanied the Notice of Meeting.
ATTENDANCE AND BOARD COMPOSITION
I would now like to introduce the members of the Board and executives of the Manager
who are in attendance today.
Joining me we have David Gibson, Laurissa Cooney, Andy Eakin, Leonie Freeman
and John Dakin. Greg Goodman and Phil Pryke join us online.
On behalf of the Board I’d also like to acknowledge and congratulate James Spence,
who will replace John as CEO from 2023.
After more than 18 years in the role, John is stepping down at the end of the year. He
is not retiring however and will continue as a Director of the Manager.
James is a highly capable leader who has extensive property and corporate
experience, having worked in both Europe and New Zealand in investment
management roles with Goodman. He has worked closely with John and the Board
over the last five years, leading the property services team and implementing the wider
business strategy for GMT.

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

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

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

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

YEAR IN REVIEW
The strength of GMT’s recent operating results has reinforced the value of an
investment strategy focused on urban logistics in Auckland. The continued execution
of this strategy has been supported by a rapidly growing digital economy and sustained
customer demand for warehouse and logistics space.
The Board is extremely satisfied with the performance of the Trust. High occupancy
levels, positive leasing results, new development completions and strategic
acquisitions have all contributed to the 3% increase in operating earnings before tax.
A substantial portfolio revaluation gain has also underpinned a record statutory profit.
With GMT outperforming its benchmark of listed peers by around 8% on a total return
basis, a performance fee of $15.7 million was earned by the Manager this year.
The fee is excluded from operating earnings as the Trust Deed requires it to be
reinvested in new GMT units. With a cornerstone unitholding of around 25% the
requirement reinforces the already strong alignment of interests between the
Manager, Goodman Group and other Unitholders.
EARNINGS AND DISTRIBUTIONS
Cash earnings, a non-GAAP financial measure, is our preferred measure of
underlying operating performance of the business.
The Trust recorded a 6.5% increase in cash earnings this year to $93.1 million, and
paid cash distributions of 5.5 cents per unit. The level of distribution representing
around 83% of GMT’s cash earnings.
Guidance for FY23 reflects a 7% increase is cash distributions, to around 5.9 cents
per unit, approximately 85% of forecast cash earnings.
At yesterday’s closing price of around $2.05 per unit, this represents a 2.9% cash
yield to investors. As a listed PIE, GMT’s distributions are tax paid for individual, New
Zealand resident investors.

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

Recognising that today’s economic outlook is more uncertain and that capital
markets are volatile, our guidance for FY23 is subject to there being no material
change in operating conditions or other adverse events.
A NEW OPERATING ENVIRONMENT
Strategies to deal with the disruption of COVID-19 evolved over the last 12 months as
the public health response to the virus changed.
New technologies and agile work practices enabled our people to work through the
various Alert Level and Traffic Light restrictions. New health and safety measures were
applied to our worksites and governed our interactions with customers, contractors,
and other stakeholders. These precautions protected everyone’s wellbeing.
While the pandemic has brought challenges, it has also accelerated the key structural
trends that are contributing to GMT’s strong results. The expansion of e-commerce is
a positive trend for the Trust with our customers adapting their operations to
incorporate the rapid growth in online retail.
GMT’s $4.8 billion property portfolio provides essential logistics infrastructure for these
companies, facilitating the storage and distribution of goods and materials.
The majority of the Trust’s customers have adapted to the more challenging operating
environment. New leasing and development enquiries remain steady and, with the
portfolio at capacity, GMT’s substantial rental cashflows are contracted well into the
future.
SUSTAINABLE BUSINESS
Adhering to our business strategy also means we’ve continued to make progress
toward our 2025 sustainability objectives. These goals extend across the business,
encompassing our corporate operations, development and investment activity, our
people and our community initiatives.
Prioritising carbon reduction and management projects has been reflected in lower
emissions and an improved climate score from CDP, a global disclosure system for
environmental reporting.

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

The CDP rating of B and the assurance provided by Toitū carbonzero certification for
our business operations show we are making positive and credible progress toward
our emission reduction targets.
Our reporting has also been extended to include voluntary disclosures on embodied
carbon within our development projects. It’s an area of real opportunity with lower
carbon materials and building systems being developed to reduce the high level of
emissions generated by construction activity.
While we are focused on carbon measurement and reduction, the purchase of New
Zealand and internationally sourced carbon credits to offset both operational and
development related emissions reinforces our carbon neutral commitment.
A sustainable capital structure, which features low gearing and a diverse range of
funding sources, provides GMT with the financial resilience to withstand a more
challenging operating environment.
The strong liquidity position has enabled the team to secure new investment
opportunities and commit to development projects that are expected to drive GMT’s
future growth.
The Board continued its disciplined capital management approach with a new
wholesale bond in December 2021, the launch of a Sustainable Finance Framework
in March 2022 and subsequent Green Bond issue in April 2022.
I’d now like to pass over to Andy Eakin, who will continue the financial overview and
provide more commentary on our sustainable finance initiatives.

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

ANDY EAKIN’S ADDRESS
Thank you, Keith, and good afternoon everyone.
GMT has continued to demonstrate that it is a robust and resilient property business,
delivering an outstanding operating performance despite further disruption from
COVID.
We have continued to be successful by remaining agile, embracing opportunities and
making positive changes to our business.
FY22 FINANCIAL HIGHLIGHTS
Focusing our investment strategy exclusively on the Auckland industrial sector more
than five years ago recognised the emerging trends and unique structural drivers that
have made this New Zealand’s strongest performing commercial real estate market.
Demographic changes, regional growth, and the rapid expansion of online retailing
have all contributed to the unprecedented level of demand for well-located and
operationally efficient urban logistics space across the city.
The unique demand drivers in our preferred property class are being reflected in high
occupancy levels, sustained rental growth and an increased level of development
activity for the Trust.
These factors, together with the additional revenue from recent acquisitions, have
offset the impact of redevelopment projects and contributed to the 2.7% increase in
net rental income, to over $157 million.
The additional income has driven a corresponding increase in operating earnings, to
$118.3 million before tax and $99.3 million after-tax.
A higher level of new leasing and development activity this year has provided
additional tax deductions for GMT, contributing to a lower effective tax rate of just
16.1%. A positive feature of the PIE regime means that, in effect, these deductions
are passed through to our Unitholders, the majority of whom have no further tax to
pay on the distributions they receive.

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

A substantial portfolio revaluation is the main reconciling item between the Trust’s
operating result and its after tax statutory profit of $748.6 million.
The increase in the value of the portfolio, contributed $660.4 million of fair value
gains to this year’s record profit.
The revaluation reflects a combination of strong property market fundamentals and
increased investor demand for high-quality Auckland industrial assets, particularly in
the first six months of the financial year.
The portfolio capitalisation rate strengthened 50 bps, to an average 4.2% at our
interim balance date and was unchanged at year end. New leasing and market rental
growth were the main drivers of the further lift in property values over the second half
of the year.
The revaluation also underpinned the 23% increase in net tangible asset backing, to
around $2.60 per unit at 31 March 2022.
FINANCIAL STABILITY
Maintaining high occupancy and customer retention levels is a key driver of our
success. The strength of our customers’ businesses underpins our own financial
performance, providing the strong rental cashflows that drive growth in both earnings
and distributions.
An occupancy rate of over 99% and weighted average lease term of more than six
years means that these secure rental streams are contracted well into the future.
The Trust has always been managed prudently with a well-capitalised balance sheet
providing added resilience against the economic shocks and market disruptions that
can impact property values.
At 31 March 2022, the Trust had a loan to value ratio of 21.3%. The level of gearing is
at the lower end of the Board's 20% to 30% preferred medium-term range, and well
below the 50% maximum allowed under the Trust Deed and debt facility covenants.

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

GMT’s financial strength is also reflected in its BBB investment grade credit rating from
S&P Global Ratings. The assessment has remained stable since it was first assigned
in 2009.
The Trust’s debt is rated one notch higher at BBB+, benefitting from the security
granted over the property assets.
CAPITAL MANAGEMENT
New capital management initiatives have provided additional liquidity and further
extended the range of funding sources available to the Trust.
The successful issue of $200 million of fixed rate, six-year bonds to wholesale
investors in December 2021 was the largest of these initiatives. The bonds pay an
annual interest rate of around 3.7%.
The establishment of a Sustainable Finance Framework in March 2022 provided a
pathway to further diversify our capital structure. The new Framework sets out how
GMT intends to issue or enter into bonds and loans to fund new sustainable assets
and achieve our broader sustainability commitments.
The inaugural issue of $150 million of fixed rate, five-year, green bonds was made on
14 April 2022, following the Trust's financial year end. The proceeds from the issue are
allocated to the development of new properties targeting a 5 Green Star Built rating
from the New Zealand Green Building Council.
With increasing numbers of investors now prioritising sustainable investments, in time
green bonds are expected to attract a pricing premium over ordinary debt issues,
contributing to lower interest costs for the Trust.
The margin on the new bonds was just 110 bps above the corresponding swap rate,
with the annual interest rate set at 4.74%.
In addition to the new bond issues, we have also refinanced and extended the Trust’s
syndicated bank facility. Renewed on competitive terms, the size of the facility was
increased from $400 million to $570 million and in addition, a new $100 million facility
has been established with BNZ. The extra liquidity these facilities provide enables GMT

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

to continue to take advantage of new development and investment opportunities as
they arise.
While the impacts of COVID have tested many companies over recent years, the
consistent operating performance of the Trust has demonstrated the robustness of our
business.
A more challenging operating outlook doesn’t change our approach. We will continue
to act prudently and remain focused on the delivery of sustainable, long-term results.
I’ll now hand over to John who will continue with the operational review.

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

JOHN DAKIN’S ADDRESS
Thanks Andy, and good afternoon, everyone.
At recent meetings I’ve spoken about our investment strategy and how the focus on
urban logistics is positive for our business and for our customers. This year I want to
turn the spotlight on our customers and the value of the long-term relationships we
have fostered and will continue to build with these companies.
As Andy noted earlier, it is the strength of our customers’ businesses and their growing
demand for space that underpins our own success.
In my presentation today I’ll also explain how we are making our development
programme more sustainable, with Green Star rated, carbon neutral projects.
SUBSTANTIAL PORTFOLIO
GMT has a substantial portfolio, totalling almost 1.1 million sqm of warehouse and
logistics space. The scale of the portfolio and our development capability means we
have a warehousing property solution for most businesses.
The current slide includes a satellite image of Auckland. The map highlights the density
of the metropolitan area and the city’s geographic constraints.
Overlaid on the map are our estates. There are 15 in all, an increase from last year
with complementary acquisitions in Albany, Mangere, Mt Wellington and Penrose
since then.
You’ll note the location of our properties relative to key transport infrastructure such as
the airport, port, motorway network and rail corridor. With a rapidly growing digital
economy, easy access and proximity to consumers are important factors in the
property decisions of many of our customers. It simplifies distribution and creates
efficiencies that leverage the growth in e-commerce.
DIVERSE CUSTOMER BASE
There are over 220 customers that lease our properties, and we estimate that
combined, they employ around 10,000 Aucklanders. These businesses represent a
range of industries but are predominantly focused on warehousing and logistics.

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

Our largest 20 customers provide almost half of GMT’s net annual income. The top
eight are shown on screen now and you’ll note that the list includes many leading
national and international businesses.
The largest of these is NZ Post.
Our relationship with NZ Post stretches back to 2007, when the Trust delivered its first
facility for the customer at Highbrook Business Park in East Tamaki. Since then, we
have developed additional facilities, establishing a business partnership that now
encompasses almost 110,000 sqm of warehouse space.
The relationship continues to grow with two large, parcel processing facilities to be
developed for NZ Post at our sites in Mt Roskill and Albany. The Mt Roskill
development is already under way, while the second project in Albany has a longer
lead time and will commence once existing leases have expired in 2023.
DEVELOPMENT AND NZ POST
Both the NZ Post commitments are reflected in our development workbook which
includes $426 million (total project cost) of work in progress. Now 100% pre-
committed, these seven developments will add almost 100,000 sqm of net lettable area
to the portfolio. Representing about 9% of the current portfolio, the additional space
will generate over $21 million in annual rental income when completed.
It’s an increased level of development activity, with the new facilities for NZ Post two
of the largest projects.
NZ Post is a business that has adapted to the new digital age and the huge demand
for its logistics and fulfillment services created by the rapid growth in e-commerce.
More than 80 million parcels were delivered in 2020 and the trend is expected to
continue, with the customer investing substantially in its network infrastructure over the
next ten years.
Bringing forward our redevelopment plans for Roma Road in Mt Roskill, and acquiring
the Bush Road property in Albany has facilitated the latest development agreements
with NZ Post.

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

The location of these brownfield sites close to consumers provides competitive
advantages for NZ Post, minimising travel distances and transport-related emissions
while improving the delivery times of its fulfilment services.
A commitment to sustainable business ensures that both these projects, like all our
new developments, will be carbon neutral. This means using lower emission building
materials and systems in the construction process, minimising waste, and offsetting
the residual carbon embodied in the building structure.
To ensure our facilities are industry leading, we are also targeting a minimum 5 Green
Star Built rating for all new projects.
The certification, from the New Zealand Green Building Council, assesses the
sustainability attributes of the project, and the quality of the workspaces it provides. A
5 Green Star Built rating reflects New Zealand excellence.
The current slide highlights the typical features of a green star rated industrial building.
Similar in size at around 17,700 sqm, both NZ Post developments will incorporate
many of these design features. The new parcel processing facilities will be highly
sustainable and energy efficient, with high quality workspaces designed around the
wellbeing of the occupants.
To align with its own sustainability commitments NZ Post is adding roof top solar
energy systems and including charging infrastructure for a growing fleet of electric
trucks and vans.
NZ Post will also be investing in new automated sorting equipment in its warehouses,
to extend the efficiency of its distribution network. The smart technology is easily
scalable and will allow them to accommodate the expected growth in parcel volumes
over the next 20 years.
Customers investing in automation and sophisticated warehouse management
systems is a growing trend across our portfolio and globally. It’s a feature of the highly
constrained leasing market and reflects inflationary pressures, as businesses mitigate
the impact of rising costs through better space utilisation.

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

Construction is now well advanced on the NZ Post facility at Roma Road, the first of
four warehouses planned at the Mt Roskill estate. Located alongside SH20 many of
you will have driven past and seen the transformation firsthand.
An urban ngahere (forest) will improve the biodiversity and resilience of the natural
landscape, replacing the ageing exotic pines that used to line the urban boundary of
the property.
Native planting is a feature of our larger estates, and we are currently in the process
of planting 3,600 shrubs on undevelopable land at our Highbrook estate.
MAINFREIGHT

Mainfreight is another substantial business that we have extended our relationship with
over the last 18 months. To support its growth, the global logistics operator has
committed to a long-term lease over a new twin-warehouse facility to be built at Favona
Road in South Auckland.
Formerly a commercial glasshouse and market garden, the 6.1-hectare property is
being redeveloped into a 36,000 sqm, supersite for the supply chain service provider.
It will be Mainfreight’s largest New Zealand facility, with the company expected to
become GMT’s second largest customer when the project completes in mid-2023.
With the development programme increasingly focused on the regeneration of our non-
core assets, over 70% of the current workbook is being constructed on brownfield sites
like this.
The redevelopment of these properties into modern and sustainable distribution
facilities, makes use of existing infrastructure and improves the efficiency of Auckland’s
industrial building stock. Through intensification of use it also helps limit urban sprawl,
while the recycling of demolition materials minimises landfill waste.
The deconstruction of the 40,000 sqm glasshouse structure included the sorting and
transport of the metal framing, glass panels and concrete to resource recovery
operators. In total there were more than 260 truckloads, over 2,500 tonnes of material,
recovered from the site.

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

Around 90% of the demolition material at Favona Road, was recycled. Diverting this
volume of waste from landfill was an impressive result that illustrates our absolute
commitment to sustainable development.
FUTURE PIPELINE
The NZ Post and Mainfreight examples demonstrate the importance of GMT’s
development capability in extending our customer relationships. With the remaining
land at Highbrook Business Park now fully allocated, we’re increasing our investment
in strategic locations to accommodate the rapid growth in demand for urban logistics
space.
We’ve made six acquisitions since 31 March 2021. With a combined acquisition cost
of $300 million, these properties were acquired for their future development potential
and the value-add opportunity they provide.
The largest of the transactions was the acquisition of 34 hectares of light industrial
zoned land, adjoining the Villa Maria winery in Māngere. The $75 million purchase will
replenish the Trust’s landbank and is expected to support the development of up to
120,000 sqm of new warehouse and logistics space over time.
The balance of the acquisitions are 94% leased, with existing improvements providing
steady holding income. These new properties have a combined site area of 15.1
hectares and offer a range of intermediate and longer-term redevelopment options that
will contribute to GMT’s future growth.
GOODMAN FOUNDATION
The Goodman Foundation, has always been a unique point of difference with other
listed property entities. An initiative of the Manager, it’s an area of our business that
provides a sense of pride for our team and is especially rewarding for those involved.
Many of you will have heard me talk previously about KiwiHarvest.
It is the largest of our community partnerships, with the rent and operating costs of its
distribution centre at Highbrook paid by the Goodman Foundation.

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

With its focus on food rescue, KiwiHarvest is an organisation that is having a real
impact in our communities. By collecting the large volumes of good food destined for
land fill and redirecting it to those in need, it is contributing directly to better social
and environmental outcomes.
In a year when food insecurity was exacerbated by the impacts of the pandemic and
rising inflation, KiwiHarvest redistributed a record 1.8 million kgs of food to foodbanks
and other social agencies. Equivalent to over 5.1 million meals it included surplus
produce, protein, mislabelled goods and grocery items approaching expiry.
Our support of KiwiHarvest as a founding partner is one of the many social initiatives
that are making a tangible and sustainable difference to people’s lives in the locations
where we invest.
If you’d like to learn more, our recent annual report includes further detail on the work
of the Goodman Foundation and the goals of our wider sustainability programme.
The report can be found online, and hard copies are available at the registration
desk.
NEW LEADERSHIP
As many of you will know, it was announced in early June that I’ll be stepping down as
CEO at the end of the year but continuing as an executive Director. I will also be
continuing in my role as a Goodman Executive, contributing to the global group with
new responsibilities.
It has been a privilege to have led this business over the last 18 years and I’m proud
of the growth and success of GMT over this time.
With GMT repositioned and delivering strong results, the time is right for a new leader
to oversee the next growth phase.
James Spence has been an outstanding performer for Goodman and is an extremely
capable replacement. I’m especially proud that my successor is a home-grown Kiwi
talent from within Goodman.

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

James takes on the new role with my full support and the expectation that he will
continue to work in the best interest of all our stakeholders.
Before we move on to questions, I’d like to invite James to briefly address the
meeting.
[James Spence to briefly address the meeting]

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

GENERAL BUSINESS
KEITH SMITH
Thank you, James. The Board looks forward to your leadership and working with you
over the coming years.
And thank you John and Andy for your presentations.
GMT’s strong operating performance and record financial results have shown again,
that it is a resilient and robust business.
The Trust has been positioned to benefit from the growth of e-commerce and the
structural trends that are driving demand for warehouse and logistics space close to
consumers.
While a more challenging operating environment is expected, the quality and scale of
the portfolio, low gearing and focused investment strategy, give the Board confidence
for the year ahead.
We’ll now move onto questions.
QUESTIONS FROM UNITHOLDERS
For those of you participating through the live webcast, I encourage you to submit
any questions you’d like addressed now. As I mentioned earlier, these need to be
entered through the webcast portal. To do so, please click on the Q&A tab at the top
of the instruction screen and follow the prompts.
I’ll now move onto questions, starting with those in the room.
[Keith to address any questions in the room]
We’ll now move onto questions from our webcast participants.
[Keith to address any online questions]
Ladies and gentlemen, as there are no further questions, I will now invite Leonie
Freeman to chair the formal business of the meeting.

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

RESOLUTION AND POLL
LEONIE FREEMAN
Thank you, Keith.
The formal business of today’s meeting relates to the election of one Independent
Director.
Keith Smith is retiring by rotation and being eligible, has offered himself for re-election.
Following the call for nominations, none were received, and Keith stands unopposed.
Before we conduct the poll, I will invite Keith to address the meeting.
[Keith to speak briefly]
Keith is an experienced and highly effective member of the Board. The other Directors
and I unanimously recommend that Unitholders vote in favour of his re-appointment.
The Resolution is set out in the Notice of Meeting and on the voting form you will have
received. As it has been notified, there is no requirement for a seconder.
A majority of not less than half of persons entitled to vote, and voting, is required to
carry the resolution.
Are there any questions on the resolution?
[Leonie to address any questions on the resolution either from the audience or
online]
As there are no further questions, I will now hand back to Keith to conclude the
meeting.
KEITH SMITH
Thank you, Leonie.
We’ll now conduct the poll. For those participating through the live webcast that have
not already voted, please submit your vote now. The poll will be closing in a few
minutes.
For those of you in the room that have not already voted, please complete your
voting and proxy form and place it in the boxes.

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

The result of the poll will be announced to the NZX in due course, and a copy of the
announcement will also be available on our website.
On behalf of the Board, I’d like to thank you all for your participation this afternoon
and your continued support of the Trust. I’d also like to thank the Goodman team for
their outstanding efforts and contribution over the last 12 months.
I now declare this meeting closed, please join us for afternoon tea.
For further information please contact:
John Dakin
Chief Executive Officer
(021) 321 541

Andy Eakin
Chief Financial Officer
(021) 305 316

Keith Smith
Chair
(021) 920 659

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $2.9 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 $4.8 billion at 31 March 2022. 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$68.7 billion specialist global manager of warehouse and logistics real estate.