GMT Distribution Payment

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



nzx release+
GMT Distribution Payment
Date 22 September 2022
Release Immediate
Further to the announcement of 26 August 2022, Goodman (NZ) Limited, the Manager of
Goodman Property Trust, is pleased to advise that the first quarter distribution for the year
ending 31 March 2023, will be paid to Unitholders today.
The latest edition of the Trust’s electronic newsletter, GoodResults, has also been
released. A copy of the newsletter is attached to this announcement and can be viewed
online at:
https://bit.ly/3t80ciJ
For further information, please contact:
Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(021) 305 316

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.0 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$73.0 billion specialist global manager of warehouse and logistics real estate.

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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


22 September 2022


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


Dear Unitholder

GOODMAN PROPERTY TRUST (“GMT” and “Trust”)
I’m pleased to advise investors that the first quarter distribution, for the period ended
30 June 2022, has now been paid. The distribution includes a cash component of
1.475 cents per unit and imputation credits of 0.364413 cents per unit.
If you have any questions about your distribution payment please contact our registrar,
Computershare, by telephone 0800 359 999 or +64 9 488 8777 (outside New Zealand).
GoodResults newsletter
The latest edition of the Trust’s electronic newsletter, GoodResults, is now available
online at https://bit.ly/3t80ciJ
I encourage you to read the newsletter. It includes further information on:
+ new development commitments
+ portfolio sustainability initiatives
+ senior executive changes
+ key portfolio metrics and other business indicators
+ the work of the Goodman Foundation.
Yours faithfully,

Keith Smith
Chair

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GOODR E S U LT S
SEPT 2022
ISSUE 15
KIA ORA
Goodman Property Trust Newsletter
Urban ngahere planting at Highbrook

Mainfreight development at Savill Link, artist impression
Property
2
GMT announced a package
of new developments in
September 2022 that included
significant pre-commitments
from existing customers
Mainfreight and Cotton On,
together with two smaller
build-to-lease projects.
The four new projects have a combined
net lettable area of almost 50,000 sqm
and a total project cost of $221.4 million.
John Dakin, Chief Executive Officer said,
“Sustained customer demand is being
reflected in high occupancy levels,
accelerating rental growth and
a heightened level of development
activity for the Trust.”
The new package adds to the current
development workbook, with a total
of $635.7 million of projects now
underway, driven by a constrained leasing
market and growing digital economy.
John Dakin said, “The pipeline of new
projects will add almost 150,000 sqm of
warehouse and logistics space to the
portfolio, over the next few years. Around
93% pre-committed, and with an average
lease term of over 13.5 years, these new
facilities are expected to generate
$31.4 million in annual rental income
once complete.”
The largest of the four latest
developments is a 23,300 sqm twin
warehouse facility for Mainfreight at Savill
Link in Otahuhu. It complements a
supersite facility also underway for the
global logistics provider at the Trust’s
Favona Road Estate in Mangere.
Business growth has also led to additional
space requirements for fashion retailer,
Cotton On. The customer is more than
doubling its footprint within the portfolio
with a new 17,300 sqm design-build
solution at Roma Road Estate in
Mt Roskill.
To help meet current and future demand
two build-to-lease warehouses (totaling
8,738 sqm) are also being developed at
Roma Road.
John Dakin said, “Anchored by a parcel
processing facility for NZ Post, these
latest projects will complete the
redevelopment of the Mt Roskill estate.
The regeneration of the brownfield site
into a highly sustainable, distribution-hub
maximises the value of the inner-city
location and its proximity to large
consumer catchments.”
An increasingly active approach to mitigating
climate change impacts and improving
wellbeing is driving customers to seek out
more energy efficient and sustainable
property solutions.
Infill locations, close to consumers and
transport infrastructure, are also being
preferred for the competitive advantage they
offer with faster delivery and the potential for
lower transport emissions
John Dakin said, “To accommodate this
demand, and to minimise our own
environmental impacts, we are targeting
a 5 Green Star Built rating for all new
developments. We are reducing the
embodied carbon within these projects
and offsetting any unavoidable emissions.
The approach complements our
business operations which are Toitū
carbonzero certified.”
DEVELOPMENT
WORKBOOK
EXCEEDS
$600 MILLION
Roma Road estate, artist impression
GOODMAN PROPERTY TRUST NEWSLETTER ffi SEPTEMBER 2022 ffi ISSUE 15

3
A range of building upgrade
programmes are lifting the
environmental performance of
properties within the portfolio.
Tom Slade, Head of Environmental
Sustainability said, “We are investing $25
million over the next three years to improve
the quality and energy efficiency of our
existing properties.”
Technology is moving rapidly and despite
an average building age of just over 10 years
across the core investment portfolio, there
are new systems and upgrades that can be
retrofitted to improve a buildings
environmental performance.
The new investment initiatives complement
the Trust’s development programme, which
is providing customers with highly
sustainable, Green Star rated facilities.
Current building upgrade projects include:
+ Electrical submetering
+ LED lighting upgrades
+ EV charging facilities
+ Rooftop solar installations
+ Rainwater harvesting
+ HVAC system upgrades
Tom Slade said, “With a greater awareness
around climate change and wellbeing, we
are partnering with our customers to deliver
more sustainable property solutions.”
Many of these businesses are sharing utility
data, allowing the operating performance of
their buildings to be critically assessed and
benchmarked against similar properties
within the portfolio.
Electrical submetering and water
consumption data provides valuable
insights into how a building is performing
and where improvements can be made.
Tom Slade said “It is often just small
changes like LED lighting and new water
saving technologies that can have a big
impact on the environmental performance
of a building.
Heavy energy users will almost certainly
benefit from alternatives such as rooftop
solar energy systems.”
Goodman is also adding EV chargers for
customers and replacing R22 refrigerants in
building HVAC systems with low emission
factor alternatives.
Tom Slade said, “Protecting and improving
the natural environment around our estates
is another objective of our sustainability
programme.”
Urban ngahere have been planted at
Highbrook Business Park and Roma Road
Estate recently, with beehive initiatives also
planned to improve the biodiversity and
resilience of the landscapes within the
portfolio.
The aggregation of these small but positive
changes improves the overall quality of our
estates, contributing to better
environmental, social and economic
outcomes for everyone.
INVESTING IN GREEN
“With a greater awareness around climate change and
wellbeing, we are partnering with our customers to deliver
more sustainable property solutions.”
Tom Slade, Head of Environmental Sustainability
Property
GOODMAN PROPERTY TRUST NEWSLETTER ffi SEPTEMBER 2022 ffi ISSUE 15

4
GMT at a glance
Own
Asset value
$4.8 billion
The value of the Trust’s substantial property
portfolio at 31 March 2022. Exclusively invested in
the Auckland industrial market it includes over 165
buildings, located across 16 estates.
Occupancy
99%
Customer demand for well located, urban logistics
space has maintained average portfolio occupancy
at 99% over the first five months of the new
financial year.
New leasing
118,930 sqm
Around 11% of the portfolio has been leased on new or
revised terms since 1 April 2022. The new leasing has
maintained the weighted average lease term at more
than six years.
Develop
Work in progress
$635.7 million
Includes 10 active development projects,
providing 149,709 sqm of new warehouse and
logistics space over the next two years. These
projects are 93% committed.
Project completions
180,000 sqm
36 projects, representing around 17% of the total
portfolio have been completed over the last five years.
With a total project cost of around $513 million they
have provided a yield on cost of more than 6%.
Future pipeline
85 ha land
Acquiring strategic brownfield sites in key
distribution locations has extended GMT’s
development potential, with over 385,000 sqm of
space able to be developed over time.
Manage
Portfolio size
1.1 million sqm
GMT’s 16 large estates provide over one million sqm of
rentable area. Last year the portfolio generated $172.3
million of annual rental income.
Customers
220+
GMT’s 220+ customers are predominantly freight
and distribution focused businesses. The five
largest include DHL, Freightways, Mainfreight,
NZ Post and OfficeMax.
Local ownership
55.1%
GMT is predominantly owned by local retail and
institutional investors. Goodman Group, the Trust’s
Manager, has a 24.9% cornerstone while other offshore
investors hold the remaining 20%.
GOODMAN PROPERTY TRUST NEWSLETTER ffi SEPTEMBER 2022 ffi ISSUE 15

MANAGING OUR
CARBON FOOTPRINT
A detailed Emissions Management and Reduction Plan is helping
Goodman transition to a low carbon, more sustainable future.
Monitoring and minimising greenhouse gas (GHG)
emissions is an essential part of a wider sustainability
strategy that is focused on mitigating the impacts of
climate change.
Carbonzero certification from Toitū provides
independent verification that emissions are being
measured in accordance with international standards
and offset with high quality carbon credits.
The table below summarises the business’ emissions
inventory or carbon footprint. Measured in tCO
2
e
(carbon dioxide equivalent tonnes), the target is to
reduce absolute emissions by 19.4% within five years
(from the 2020 base year).
Scope 1 emissions are predominantly fossil fuel and
refrigerant related, Scope 2 emissions relate to the
generation of electricity consumed, whereas Scope 3
emissions are more indirect and include travel,
deliveries, waste etc.
A 50% reduction in absolute emissions in 2022
is already significantly ahead of the 2025 target.
The strong progress not only reflects positively on the
effectiveness of emissions reduction initiatives but also
the impact of COVID-19 restrictions, reducing energy
consumption and travel requirements.
Scope 3 emissions from construction related activities
and materials have been added to the 2022 inventory,
below the line. A commitment to carbon neutral
development means the embodied carbon within
completed development projects is now being reported
and offset.
5
2022 Annual Meeting
This year’s Annual Meeting of
Unitholders was held at Alexandra
Park in Epsom, on 8 July 2022.
Inclement weather and rising COVID-19
rates impacted attendance at the physical
meeting, with a lower investor turnout than
in previous years.
A hybrid format allowed those unable to
attend in person to participate through a live
webcast. The functionality and convenience
of the online meeting, which includes the
ability to vote and ask questions, is now
attracting a greater proportion of Unitholders.
The formal business of the meeting
included the reappointment of Keith Smith
as an independent director of the Manager.
Keith advised that he intended to retire within
the next 12 months once the transition to a
new Chief Executive Officer was complete,
and a replacement Director appointed.
Voting participation was high with over 64%
of the total units on issue being cast. Keith
was reappointed, with the resolution
receiving almost 87% approval.
Corporate Performance
GHG Emissions tCO
2
e20222020% Change
Scope 1193.9596.2( 6 7. 5 )
Scope 2168.5173 . 0(2.6)
Scope 3 (mandatory)76.5108.3(29.4)
T O TA L438.88 7 7. 5(50.0)
Scope 3 (non mandatory)3,241.0n/an/a
Board members presenting to the Unitholders
GOODMAN PROPERTY TRUST NEWSLETTER ffi SEPTEMBER 2022 ffi ISSUE 15

People & Culture
6
KiwiHarvest Celebrates
10 Years
Addressing the combined issues
of food insecurity and food waste,
KiwiHarvest has been supporting
local communities for 10 years.
A founding partner of KiwiHarvest since it
extended its operations to Auckland in
2015, the Goodman Foundation is proud to
be a long-term supporter of New Zealand’s
leading food rescue organisation.
With its main distribution centre located at
Highbrook Business Park and local
services operating in four other regions,
KiwiHarvest collects nutritious but
perishable food destined for landfill and
redistributes it to those in need through
foodbanks and other community agencies.
In a year when food insecurity was
exacerbated by the impacts of the
pandemic, KiwiHarvest has managed
through the logistical challenges of Alert
Level and Traffic Light restrictions,
redistributing 1.8 million kgs of food over
the last 12 months.
Equivalent to over 5.1 million meals it
included surplus produce, protein,
mislabelled goods and grocery items
approaching expiry.
The sheer volume of food rescued and
redistributed over the last 10 years reflects
the determination and drive of the
KiwiHarvest team and its commitment to
feeding the most vulnerable in our
communities.
By collecting the good food destined for
landfill and redirecting it to those in need
KiwiHarvest is contributing to better social
and environmental outcomes for everyone.
“We’re proud to be
associated with a social
venture that is having
such a positive impact in
our communities.”
John Dakin
CHANGE AT THE TOP
After 18 years leading Goodman in New Zealand, John Dakin is
stepping down as CEO at the end of the year. He continues as a
Goodman executive and remains a Director.
James Spence, Director of Investment Management
for GMT, has been appointed CEO, effective from
1 January 2023.
James has more than 16 years of corporate, property
and funds management experience in Europe and
New Zealand. He has spent the last five years in New
Zealand leading the property services team.
John Dakin said, “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 the
Trust repositioned and delivering strong results, the
time is right for a new leader to oversee the next
growth phase.
James is an excellent choice for the role and it speaks
to the depth of talent we have at Goodman, that we
have appointed from within.”
James Spence said, “The CEO role is a fantastic
opportunity and I’m honoured to be leading such
a capable team. I look forward to continuing our
investment focus, delivering sustainable property
solutions for customers, strong returns for investors,
and community support for our wider group
of stakeholders.”
The Independent Directors have endorsed James’
appointment, confident that he will continue the strong
leadership and vision that has differentiated GMT.
John DakinJames Spence
GOODMAN PROPERTY TRUST NEWSLETTER ffi SEPTEMBER 2022 ffi ISSUE 15

7
FREQUENTLY ASKED
QUESTIONS
WHY DOES GMT PRODUCE TWO DIFFERENT ANNUAL REPORTS?
GMT’s comprehensive 2022 annual report, prepared in accordance with the NZX listing rules, was released
with the Trust’s financial results on 19 May 2022. The report is available online at www.goodmanreport.co.nz
As an externally managed Unit Trust, GMT is also classified as a managed investment scheme under the
Financial Markets Act. The Trust is required to produce a second annual report in a format consistent with that
Act. This 12-page report was released on 25 July 2022 and is available on the investor centre of the website.
ONLINE INFORMATION
The Trust’s website www.goodman.com/nz enables Unitholders to check the current stock price and view
publications and announcements.
Computershare Investor Services is GMT’s registrar. Unitholders should login to Computershare’s Investor
Centre, www.investorcentre.com/nz to manage their investment, download distribution statements or update
personal details.
Disclaimer: This document has been prepared by Goodman (NZ) Limited as manager of Goodman Property Trust. The information in this document is general information only. It is not intended
as investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to making any decision relating to your investment or financial
needs. This document is not an offer or invitation for subscription or purchase of securities or other financial products. Past performance is no indication of future performance. All values are
expressed in New Zealand currency unless otherwise stated. September 2022
KEY DATES
DATES BELOW ARE INDICATIVE ONLY AND REMAIN SUBJECT TO CHANGE.
Investor Centre
September 2022 First Quarter Distribution Payment
November 2022 FY23 Interim Result Announcement
December 2022 Second Quarter Distribution Payment
March 2023 Third Quarter Distribution
May 2023 FY23 Annual Result Announcement
June 2023 Fourth Quarter Distribution
GOODMAN PROPERTY TRUST NEWSLETTER ffi SEPTEMBER 2022 ffi ISSUE 15