Customer demand supports strong first-half operating result

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 2022
Previous Reporting Period 6 months to 30 September 2021
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing operations $104,600 11.2%
Total Revenue $104,600 11.2%
Net profit/(loss) from continuing operations $41.100 -92.6%
Total net profit/(loss) $41.100 -92.6%
Dividend
Amount per Quoted Equity Security $0.01475000
Imputed amount per Quoted Equity Security $0.00317851
Record Date 1 December 2022
Dividend Payment Date 15 December 2022
Current period Prior comparable
period
Net tangible assets per Quoted Equity
Security
$2.607 $2.496
A brief explanation of any of the figures
above necessary to enable the figures to be
understood
With no movement in the fair value of its
property assets, GMT’s profit after tax
was $41.1 million, compared to $555.5
million at 30 September 2021. A
substantial $504.7 million portfolio
revaluation in the previous period being
the principal variance.
Authority for this announcement
Name of person

authorised to make this
announcement
Andy Eakin
Contact person for this announcement Andy Eakin

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

Contact phone number (021) 305 316
Contact email address andy.eakin@goodman.com
Date of release through MAP

10 November 2022

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.

---

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
ESSENTIAL
INFRASTRUCTURE
GOODMAN PROPERTY TRUST | INTERIM RESULT 2023

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
OVERVIEW
03
PRESENTED BY:
JOHN DAKIN Chief Executive Officer
JAMES SPENCE Director – Investment Management
ANDY EAKIN Chief Financial Officer
CONTENTS
06
SUSTAINABILITY
16
INVESTMENT
PORTFOLIO
18
CAPITAL
MANAGEMENT
22
SUMMARY
& OUTLOOK
26
Unless otherwise indicated, all numerical data provided in this presentation is stated as at 30 September 2022. 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.
FINANCIAL
RESULT

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
OVERVIEW
3
Dicker Data, M20 Business Park

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
INDUSTRIAL SECTOR REMAINS RESILIENT
AMIDST UNCERTAIN ECONOMIC ENVIRONMENT
Strong first half operating performance consistent with expectations
+Full year guidance firmed, with forecast cash earnings of at least 6.9 cents per unit, up 4% on FY22
GMT is continuing to benefit from a growing digital economy and sustained demand for well-located warehouse and
logistics space
+The Auckland industrial market has historically low vacancy and the Trust’s urban logistics portfolio is at capacity
+The positive leasing dynamic is contributing to strong income growth, with new rental benchmarks being achieved
+The highly constrained market means customers are securing space early and many are committing to longer lease terms
+It is also supporting a record level of development activity for the Trust, with around 150,000 sqm of warehouse and logistics space
under development
A sustainable and prudent capital management strategy is supporting GMT’s development led growth
+Asset values stable at 30 September 2022, balance sheet strength provides substantial headroom
+Conservatively low gearing and significant liquidity provide the financial flexibility to fund current development commitments and
selective acquisition opportunities
+Creation of Sustainable Finance Framework and inaugural $150 million Green Bond funding new sustainable developments
targeting 5 Green Star Built ratings
4

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
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
Cash earnings is a non-GAAP financial measure that assesses underlying operating cashflows, on a per unit basis, as set out on slide 21 of this presentation
3
30 September 2022 passing rent compared to independent valuers assessed market rents
INVESTMENT PORTFOLIO
+Portfolio occupancy of 99.6%, WALE of 6.4 years, following 143,384 sqm of stabilised
leasing during the period
+Underlying like-for-like net property income growth of 5.6% for the period
+Stable property values, supported by desktop valuation advice
−Cap rate expansion of around 40 basis points (to approximately 4.6%) offset by market
rental growth and leasing outcomes
+$635.7 million of development work in progress, including 35,452 sqm for NZ Post and
59,160 sqm for Mainfreight
5
FY23 INTERIM RESULT
Compared to the prior comparative period:
+11.0% increase in operating earnings after tax to $54.6 million
1
+Cash earnings of 3.52 cents per unit
2
, a 7.0% increase
+Distributions of 2.95 cents per unit, a 7.3% increase
CAPITAL MANAGEMENT
+$446 million in available liquidity, providing significant investment capacity
+Gearing of 23.2%, with committed gearing of 27.7%, well below covenant maximum
portfolio
under-renting
3
increase in cash
earnings per unit
2
loan-to-value
ratio
occupancy
like-for-like net property
income growth

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
NZ Post, Highbrook Business Park
INVESTMENT PORTFOLIO
6

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
Auckland warehouse rents $psm
Auckland industrial vacancy%
MARKET UPDATE
AUCKLAND INDUSTRIAL AND WAREHOUSE SECTOR
+ Customer demand for space continues to be supported by structural drivers,
including e-commerce growth
+ Businesses continue to look to increase productivity through supply chain
optimisation, focused on ways to offset higher costs and the need to maintain
higher inventory levels
+ Increased demand from 3PL businesses as many customers look for increased
logistics expertise in a difficult supply chain environment
+ Industrial net absorption has exceeded new supply by an average of 12.9% over
the last 5 years. In 2021, total net absorption exceeded new supply by 47.5%
1
+ Minimal industrial stock available, with prime vacancy at 0.1% and secondary
vacancy at 0.7%
1
+ Auckland industrial rents have recorded strong growth over the past year, with
prime rents up 20.3% and secondary rents up 15.6%
2
+ Industrial rental growth has been a key theme in gateway cities globally, with other
examples being annual increases in Los Angeles >40.0%, Sydney >30.0%, and
London >20.0%
3
Source: CBRE July 2022
Source: CBRE September 2022
$60
$80
$100
$120
$140
$160
PrimeSecondary
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
PrimeSecondary
1
CBRE July 2022
2
CBRE September 2022
3
Colliers September and October 2022
7

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
NEW DEVELOPMENTS
49,968sqm
NET LETTABLE AREA
Alongside the previously announced parcel processing facility for NZ Post, a 17,930 sqm facility for existing
customer, Cotton On, and two build-to-lease warehouses will complete Roma Road Estate (artist’s impression)
23,300 sqm twin warehouse facility for Mainfreight at Savill Link, Otahuhu (artist’s impression)
8
5 Green Star Built rating
TARGETING

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
WORK IN PROGRESS
9
$635.7m
TOTAL PROJECT COST
84%
PROPORTION WITH
EXISTING CUSTOMERS
13.7 years
WALE
149,709 sqm
NET LETTABLE AREA
5.0%
YIELD ON COST
81%
BROWNFIELD
REDEVELOPMENT PROJECTS
North Point Warehouses – HighbrookBusiness Park (artist’s impression)
YIELDON ADDITIONAL COST
1
8.1%
NZ Post Albany – Bush Road (artist’s impression)
LEASED
93%
1
Total project cost excluding land

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
Estate
Lettable area
(sqm)
Expected
completion date
Leased
Highbrook Business Park28,429Jun-23100%
Favona Road Estate35,860Jun-23100%
Roma Road Estate44,368Mar-2480%
NZ Post Albany17,752Jun-24100%
Savill Link23,300Aug-24100%
Total work in progress149,70993%
CURRENT DEVELOPMENT PROGRAMME
10
WORK IN PROGRESS SUMMARY
+Current development programme consists of
149,709 sqm with a total project cost of $635.7
million and yield on cost of 5.0%
CONSTRUCTION ENVIRONMENT
+The industrial construction sector continues to
see very strong demand
+Lack of labour resource remains challenging and
is contributing to wage inflation
+Construction material cost inflation showing signs
of moderating
+Expectation for construction costs to remain
elevated through 2023
+Lead times remain challenging
+GMT well positioned with our experienced in-
house development team continually assessing
and managing construction environment risks
Lettable area
(sqm)
Current work in progress149,709
Uncommitted build-to-lease8,738
GMT portfolio1,059,879
Exposure0.8%
LEASING EXPOSURE

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
1
Total stabilised office and warehouse area
2
Includes leased developments
PROPERTY PORTFOLIO
$4.9bn
PROPERTY PORTFOLIO
1.1m sqm
NET LETTABLE AREA
1
99.6%
OCCUPANCY
6.4 years
WALE
2
11

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
GOODMAN PROPERTY TRUST | INTERIMRESULT 2023
1
On vacant space
2
Total like-for-like rental uplift on deals completed in 1H23
3
Proportion of FY23 expiring income retained (excluding leases on redevelopment sites)
4
Weighted average warehouse rate of leases completed in 1H23. 2H22 comparable rate $139 psm
STABILISED PORTFOLIO LEASING
143,384 sqm
LEASED IN 1H23
1.9months
AVERAGE LEASE UP PERIOD
1
23.3%
RENTAL REVERSION
2
83%
RETENTION
3
$156 psm
CORE PORTFOLIO AVERAGE WAREHOUSE RATE
4
2 .7%
AVERAGE INCENTIVE
5.2years
AVERAGE NEW LEASE TERM
12
Highbrook Business Park

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
1
Net rental income growth on underlying portfolio between 1H21 – 1H22, adjusted to remove vacancy, straight line rent adjustments and fitout rents.
2
Rental uplifts yet to occur in FY23 and FY24 on new leases and renewals agreed in prior periods (pre-agreed rental uplift).
3
Includes future development income.
4
Excludes future development income. Percentage values reflect proportion of stabilised income associated with each review type and not the average increase.
RENTAL PROFILE
13
STABILISED PORTFOLIO REVIEW PROFILE
% of portfolio income
4
10-YEAR LEASE EXPIRY PROFILE
Fixed - 25%
Fixed - 54%
CPI - 7%
CPI - 16%
Expiry - 3%
Expiry - 13%
Market - 6%
Pre-agreed rental uplift - 7%
Pre-agreed rental uplift - 2%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
FY23FY24
% of portfolio income
3
+ Underlying like-for-like net property incomegrowth of 5.6%
1
+ Average rental increase of 24% (FY23) and 17% (FY24) on new leases and
renewals yet to commence
2
+ Approximately 22% of the stabilisedportfolio is subject to market review or
expiry prior to March 2024
0%
5%
10%
15%
20%
25%
FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY32+
Value-addCoreVacant

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
1
Includes leased developments and stabilised properties due to be surrendered at practical completion
CUSTOMER BASE
TOP 10 CUSTOMERS
1
+ 237 customers across 169 buildings, with ~75% focused
on warehousing or distribution
+ Top 10 customers accounting for 38%of portfolio income
14
INDUSTRY EXPOSURE
% of portfolio income
% of portfolio, including subsidiary companies
- 50,000 100,000 150,000
Freightways
Coda
Officemax
Supply Chain Solutions
Cotton On Clothing
Toll
Fletcher Building
DHL
Mainfreight
New Zealand Post
Stabilised NLA (sqm)Development NLA (sqm)
%of
income
12%
8%
3%
2%
2%
2%
2%
2%
2%
2%

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
GOODMAN PROPERTY TRUST | INTERIMRESULT 2023
1
Advice provided by GMT’s panel of independent valuers
2
Basedon 30 September 2022 passing rent to independent valuers assessed market rents
3
Increase in valuer assessed market rents between 31 March 2022 and 30 September 2022
PORTFOLIO VALUATIONS
$4.9bn
PORTFOLIO VALUE
4.6%
STABILISED CAP RATE
4.2%
STABILISED INITIAL YIELD
10%
MARKET RENTAL GROWTH
3
260.7cpu
NET TANGIBLE ASSET BACKING
18%
PORTFOLIO UNDER-RENTING
2
15
Desktop valuation advice
supports the carrying value of
the Trust’s property assets at
30 September 2022
1
. Cap rate
expansion has been offset by
the value of new leasing and
increases in market rents.
+40bps since 31 March 2022+10bps since 31 March 2022
Highbrook Business Park

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
SUSTAINABILITY
16
M20 Business Park –including one of the two DC fast chargers installed within the portfolio in 2022

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
Solar at PMA, Highbrook Business Park
Roma Road Estate– Demolition waste diversion
DEVELOPING SUSTAINABLY
+Brownfield redevelopments account for 81% of current work in progress
+90% of Roma Road demolition material diverted from landfill
MEASURING PORTFOLIO EMISSIONS
+ GMT customers have been asked to participate in an energy efficiency
benchmarkingexercise, in association with NZ Green Building Council
+ Strong participation from customers
PORTFOLIO 2025 TARGETS & PROGRESS
+ 100% of core portfolio to feature LED lighting – advanced stages of procurement
+ All R22 refrigerants in core portfolio to be replaced with lower emission alternatives
+ 2.0MW solar arrays to be installed – 645kW installed with a further 1.7MW inprogress
BIODIVERSITY
+Biodiversity enhanced through urban ngahereat Highbrook Business Park and Roma Road
Estate with over 10,000 native specimens planted in June 2022
BUILDING A SUSTAINABLE PORTFOLIO
17

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
FINANCIAL RESULT
18
Mainfreight, Savill Link

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
$446 million
AVAILABLE LIQUIDITY
2.95 cpu
DISTRIBUTIONS
7.0% increase
3.52 cpu
CASH EARNINGS
2
GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
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
Cash earnings is a non-GAAP financial measure that assesses underlying operating cashflows, on a per unit basis, after adjustingfor borrowing costs and Manager’s base fee capitalised to land, expenditure related to building maintenance and to reverse straight line rental adjustments.
3
LVR is a non-GAAP financial measure that assesses GMT’s level of gearing. Refer to note2.6 of GMT’s Financial Statements for thecalculation.
FINANCIAL HIGHLIGHTS
$54.6million
OPERATING EARNINGS AFTER TAX
1
$48.8 million
PROFIT BEFORE TAX
1 2 .4%
NET PROPERTY INCOME GROWTH
3.6%
WEIGHTED AVERAGE DEBT COST
23.2%
LOAN TO VALUE RATIO
3
Highbrook Business Park
19
11.0% increase
7.3% increase
For the six months ended 30 September 2022

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
1
Other includes vacancy, COVID-19 impact, additional income, straight line rents and fitout rent
2
Net rental income on stabilised portfolio, adjusted to remove vacancy, straight line rent adjustments and fitout rents
88.2
+0.0
+3.7
+1.1
+2.6
+2.8
-0.5
-0.0
78.5
60
65
70
75
80
85
90
1H22RedevelopmentsAcquisitionsDevelopmentsStabilised portfolioOther1H23
$m
NET PROPERTY INCOME BRIDGE
NET PROPERTY INCOME
+ Underlying like-for-like net
property income growth of 5.6%
2
+ Income from acquisitions and
developments, in addition to like-
for-like rental growth, has offset
the impact of value-add assets
being taken off-line for
redevelopment
20
1

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
1H231H22% change
Operating earnings before tax
1
64.360.2
Tax on operating earnings(9.7)(11.0)
Operating earnings after tax54.649.2
11.0%
Straight line rent adjustments(1.0)(0.2)
Capitalised borrowing costs – land(1.8)(0.8)
Capitalised management fees – land(0.2)(0.1)
Maintenance capex(2.2)(2.1)
Cash earnings
2
49.446.0
7.4%
Cash earnings per unit
2
3.52 cpu3.29 cpu
7.0%
Distribution per unit2.95 cpu2.75 cpu
7.3%
Distribution % cash earnings83.8%83.6%
CASH EARNINGS
21
CASH EARNINGS CALCULATION
+ Cash earnings for the six months to 30 September 2022 of
3.52 cents per unit
2
, a 7.0% increase on 1H22
+ Distributions of 2.95 cents per unit, a 7.3% increase on 1H22
−representing 83.8% of cash earnings, within distribution
policy of 80% to 90% of cash earnings
+ $12.4 million of total capex spent on stabilised portfolio in the
six months to 30 September 2022, of which $2.2 million was
maintenance capex
FULL YEAR GUIDANCE
+ FY23 cash earnings guidance of at least 6.9 cents per unit, a
4% increase on FY22
+ FY23 distributions of 5.9 cents per unit forecast, representing a
payoutratio of 85% and 7% growth from FY22
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
Cash earnings is a non-GAAP financial measure that assesses underlying operating cashflows, on a per unit basis, after adjustingfor borrowing costs and Manager’s base fee capitalised to land, expenditure related to building maintenance and to reverse straight line rental adjustments.
$m

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
CAPITAL MANAGEMENT
22
Gateway warehouses, Highbrook Business Park

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
LVR is a non-GAAP financial measure that assesses GMT’s level of gearing. Refer to note2.6 of GMT’s Financial Statements for thecalculation.
23.2%
27.7%
-0.1%
+0.8%
+1.2%
+4.4%
+0.1%
21.3%
0%
10%
20%
30%
40%
50%
31-Mar-22AcquisitionsDevelopmentsOther30-Sep-22Committed
developments
Committed
acquisitions
30-Sep-22
Committed LVR
GEARING
%
LOAN TO VALUE RATIO
+ Gearing within preferred range of 20-30%
and significantly below covenant
maximum of 50%
+ LVR of 23.2% at 30 September 2022 with
fully committed LVR of 27.7%
+ $635.7 million development work in
progress has a remaining cost to
complete of $295.3 million and completes
over periods to FY25
+ Balance sheet strength provides:
−Capacity for acquisitions
−Capacity for investment in
development pipeline, and
−Resilience in the event of a decline in
asset values
23
Covenant maximum
Preferred range

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
$m
MATURITY PROFILE
MANAGING FUNDING RISK
+ Liquidity and diversity of funding extended through
capital management initiatives
+ Inaugural Green Bond issued in April 2022 securing
$150 million of new debt funding to finance eligible
development projects:
−five-year term paying a fixed interest rate of 4.74%
+ $446 million of available liquidity at 30 September 2022
24
30-Sep-2231-Mar-22
Non-bank funding (drawn)80%85%
Available liquidity$446 million$523 million
Weighted average debt term (drawn)4.4 years4.6 years
LVR covenant (<50%)25.2%22.3%
FUNDING METRICS
260
130 130
150
100
100
200
50
150
56
52
52
150
FY23FY24FY25FY26FY27FY28FY29FY30FY31FY32
Bank facilitiesRetail bondsWholesale bondsUSPP notesGreen bonds

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
%
HEDGING PROFILE
MANAGING INTEREST RATE RISK
+ High level of hedging provides protection in a rising
interest rate environment
+ Weighted average debt cost of 3.6%
25
30-Sep-2231-Mar-22
12 month forward hedging level67%70%
Weighted average debt cost3.6%3.2%
ICR covenant (>2.0x)4.3x5.3x
BORROWING METRICS
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Y1Y2Y3Y4Y5

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
SUMMARY & OUTLOOK
26
M20 Business Park

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
SUMMARY & OUTLOOK
+We remain cautious and patient given market volatility, geopolitical risks and a slowing global economy. We are in a strong
position to withstand the impact of these risks with our low leverage and capital position
+The strength and consistency of GMT’s underlying operating performance demonstrates the resilience of the business and the
benefits of an investment strategy focused on urban logistics property
+Demand is underpinning high occupancy, continued positive rental growth and development activity as we provide well-located
sustainable properties to improve productivity for our customers
+By continuing to be disciplined with investment decisions and closely managing the delivery of its development programme, the
Trust will continue to benefit from the structural trends that are driving demand for sustainable warehouse and logistics space,
close to consumers
Full year guidance firmed
+Forecast cash earnings of at least 6.9 cents per unit, up 4% on FY22
27

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
QUESTIONS
28
Highbrook Business Park

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
THANK
YOU
29
DISCLAIMER
The information and opinions in this presentation were prepared by Goodman (NZ) Limited on behalf of Goodman Property Trust or one of its subsidiaries (GMT).
GMT 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
GMT as at the date of this presentation and are subject to change without notice.
Such opinions are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties andother factors, many of which are beyond GMT’s control, and which may cause actual
results to differ materially from those expressed in this presentation. GMT 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 GMT and any recipient of this presentation. Neither GMT, nor any of the Goodman (NZ) Limited
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 2023
APPENDIX
30
Highbrook Business Park

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
DevelopmentEstate
Lettable area
sqm
Completion dateLeased
Riverside WarehousesHighbrook Business Park8,100Nov-22100%
NZ BloodHighbrook Business Park3,290Dec-22100%
Stanley Black & DeckerHighbrook Business Park9,174Jan-23100%
NZ PostRoma Road Estate17,700Mar-23100%
MainfreightFavona Road Estate35,860Jun-23100%
North Point WarehousesHighbrook Business Park7,865Jun-23100%
Cotton OnRoma Road Estate17,930Mar-24100%
60 & 61 Roma RoadRoma Road Estate8,738Mar-240%
NZ Post AlbanyBush Road17,752Jun-24100%
Mainfreight Savill Link SouthSavill Link23,300Aug-24100%
Total work in progress149,70993%
WORK IN PROGRESS
31
WORK IN PROGRESS

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
PROFIT OR LOSS
32

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
BALANCE SHEET
33

GOODMAN PROPERTY TRUST | INTERIM RESULT 2023
CASH FLOWS
34

---

GOODMAN PROPERTY TRUST INTERIM REPORT 2023GMT BOND ISSUER LIMITED INTERIM REPORT 2023
ESSENTIAL
INFRASTRUCTURE

CONTENTS
RESULT HIGHLIGHTS 3
KEY PERFORMANCE INDICATORS 4
ADAPTING TO
A CHANGING MARKET 6
GOODMAN PROPERTY TRUST
FINANCIAL STATEMENTS 10
GMT BOND ISSUER LIMITED
FINANCIAL STATEMENTS 30
OTHER INFORMATION 37
Investor Relations 38
Glossary 39
Business Directory 40
GOODMAN PROPERTY
TRUST INTERIM
REPORT 2023
GMT BOND ISSUER
LIMITED INTERIM
REPORT 2023
Mainfreight, Savill Link, Ōtāhuhu2GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 2023

A rapidly growing digital economy is one of the key structural trends driving
customer demand for well-located warehouse and logistics space.
R E S U LT
HIGHLIGHTS
LOAN TO VALUE RATIO
23.2%
PROPERTY PORTFOLIO
$4.9bn
PROFIT BEFORE TAX
$48.8m
PORTFOLIO OCCUPANCY
99.6%
PROJECTS UNDER DEVELOPMENT
$635.7m
OPERATING EARNINGS BEFORE TAX
$64.3m
3GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 2023

OPERATING EARNINGS
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 on page 11 of this report.
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 2023 Interim Results
Presentation, released on 10 November 2022.
LOAN TO VALUE RATIO
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 on page 22 of this report.
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)
Refer to note 2.6 of GMT’s financial statements for further information.
(4)
Scope 1, 2 and mandatory Scope 3 emissions measured in accordance with the Toitū carbonzero programme requirements.
30 September
2022
30 September
2021
%
change
Profit before tax ($m) 48.8570.0(91.4)
Profit after tax ($m)41.1555.5(92.6)
Movement in fair value of investment property ($m) 0.05 0 4 .7(10 0.0)
Operating earnings before tax ($m)
(1)
64.360.26.8
Operating earnings after tax ($m)
(2)
54.64 9.211.0
Cash earnings per unit (cpu) 3.523.297. 0
Cash distribution per unit (cpu)2.952 .7 57. 3
Net tangible assets (cpu)2 6 0 .724 9.64.4
Loan to value ratio (%)
(3)
23.217. 532.6
GMT – S&P Global Ratings credit ratingBBBBBB–
Bonds – S&P Global Ratings credit ratingBBB+BBB+–
Greenhouse gas emissions (tCO
2
e)
(4)
203.9194.64.8
KEY PERFORMANCE
INDICATORS
GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 20234

Highbrook Business Park, East Tāmaki
GMT’s urban logistics
portfolio provides
essential supply chain
infrastructure that links
producers with business,
and business with
consumers.
5GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 2023

GMT is continuing to benefit
from the growth in e-commerce
and sustained demand for
well-located warehouse and
logistics space, despite a more
volatile macro environment.
GMT’s first half operating results saw a 7.4%
increase in cash earnings to $49.4 million,
demonstrating the strength of an investment
strategy exclusively focused on the Auckland
industrial market.
With occupancy of 99.6% the Trust’s
$4.9 billion portfolio is effectively at capacity.
High levels of customer demand are being
reflected in significant new leasing activity,
accelerating rental growth and further
development commitments.
A growing digital economy and new space
requirements from customers to accommodate
business growth and higher inventory levels, are
contributing to the positive demand dynamic.
Leasing and development enquiry remains
strong, with the portfolio expected to deliver
a similar operating performance over the
second half of the year.
The Board has firmed its full year guidance, with
forecast cash earnings of at least 6.9 cents per
unit. Cash distributions totalling 5.9 cents per
unit are expected to be paid, consistent with
the Trust’s policy to pay-out between 80% and
90% of cash earnings.
Recognising that today’s world is uncertain,
and that a slowing global economy makes the
business outlook more challenging, the guidance
is subject to there being no adverse events or
unforeseen changes in market conditions.
FINANCIAL OVERVIEW
GMT’s operating performance has
demonstrated the resilience of the Auckland
industrial sector, with new rental benchmarks
being achieved for its prime warehouse and
logistics space.
Additional revenue from development
completions, complementary acquisitions
and new leasing have been the main drivers
of the 12.4% increase in net property
income, to $88.2 million.
Operating earnings after tax reflect a
corresponding increase, up 11.0% from
the previous period to $54.6 million
(3.89 cents per unit).
CHAIR’S AND CHIEF EXECUTIVE OFFICER’S REPORT
Keith Smith — Chair and Independent Director (left) / John Dakin — Chief Executive Officer and Executive Director (right)
ADAPTING TO
A CHANGING MARKET
GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 20236

Cash earnings of 3.52 cents per unit are in
line with expectations and cash distributions
of 2.95 cents per unit have been declared for
the six months.
The value of the Trust’s property portfolio has
remained stable despite rising interest rates.
Desktop valuation advice from independent
valuers supports the carrying value of the
Trust’s property assets at 30 September 2022.
A 40bps softening in the weighted average
capitalisation rate across the portfolio to 4.6%,
has been offset by the value of new leasing
and increases in market rents.
GMT’s profit before tax was $48.8 million,
compared to $570.0 million at 30 September
2021. The principal variance being a
$504.7 million portfolio revaluation in the
previous corresponding period.
Net tangible asset backing of 260.7 cents
per unit was largely unchanged from
31 March 2022.
PORTFOLIO PERFORMANCE
Historically low vacancy levels are contributing
to a highly constrained market, with very
few options for customers with new space
requirements.
The unprecedented level of demand is reflected
in the Trust’s leasing results, with 143,384 sqm
of existing space (13.6% of the stabilised
portfolio) secured on new or revised terms
since 31 March 2022.
Over 100,000 sqm of the new lease
commitments were renewals, highlighting the
strategic value of GMT’s investment locations
and strength of its long-term customer
relationships.
Industrial space is experiencing strong rental
growth as customers seek to improve supply
chain resilience and recognise the productivity
benefits of well-located and operationally
efficient facilities.
GMT’s recent leasing transactions reflect this
growth, with a 5.6% increase in net property
income (on a like-for-like basis).
The level of under-renting within the core
portfolio (being the difference between contract
and market rentals), is also growing. The
portfolio is assessed by valuers as 18% under-
rented at 30 September 2022. The benefits
of this reversion will be realised over time, as
contract rents are reviewed to market and
new leases are secured.
The table below summarises the key portfolio metrics at 30 September 2022.
Value
($ million)
Rentable area
(sqm)
Occupancy
(%)
Weighted
average
lease term
(years)
Core portfolio3,9 4 4.1936,54999.65.4
Value-add estates531.8123,33110 0.03 .7
Total stabilised portfolio 4,475.91,059,87999.65.2
Total investment portfolio
(including land and active developments)
4,912.61,209,96899.66.4
New Zealand Food Network, Highbrook Business Park
Industrial space is
experiencing strong
rental growth as
customers seek
to improve supply
chain resilience
and recognise the
productivity benefits
of well-located and
operationally efficient
facilities.
GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 20237

SUSTAINABLE, DEVELOPMENT-
LED GROWTH
The strength of current leasing demand has also
underpinned new design build commitments
from existing customers, Mainfreight and
Cotton On. The respective projects are being
developed at the Trust’s Savill Link and Roma
Road Estates in Ōtāhuhu and Mt Roskill.
To help meet future demand, two smaller
build-to-lease warehouses are now being
developed at Roma Road.
These four new projects add to the existing
development programme which now totals
$635.7 million.
The current workbook is around 93%
pre-committed, with an average lease term of
13.7 years. It will add almost 150,000 sqm
high-quality warehouse and logistics space to
the portfolio over the next few years.
A business-wide commitment to reducing its
environmental impact extends to the Trust’s
development programme, where a 5 Green Star
Built rating is being targeted for new projects.
The certification from the New Zealand Green
Building Council, assesses the sustainability
attributes of the development and the quality
of the workspaces it provides.
Achieving a 5 Green Star Built rating will
confirm that new GMT facilities can help reduce
a customers’ carbon footprint. A more resource
efficient building provides lower operating
costs for these businesses with healthy and
productive workspaces addressing wellbeing.
A more sustainable approach to development
includes the use of lower carbon materials and
building systems that aim to reduce emissions
in the construction phase.
This approach complements the Trust’s
business operations which are Toitū carbonzero
certified.
A business-wide
commitment to reducing
its environmental
impact extends to the
Trust’s development
programme, where
a 5 Green Star Built
rating is being targeted
for new projects.
To help meet future demand, two smaller
build-to-lease warehouses are now being
developed at Roma Road.
Artist’s impression of the twin warehouse facility for Mainfreight at Savill Link, Ōtāhuhu.
Artist’s impression of the new NZ Post, Cotton On and build-to-lease facilities at Roma Road Estate, Mt Roskill.
GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 20238

CONSERVATIVE DEBT SETTINGS
The focus on sustainable development has also
supported GMT’s first Green Bond. The capital
management initiative undertaken in April 2022
secured $150 million of new debt to finance
eligible development projects, all targeting a
5 Green Star Built rating.
The establishment of a Sustainable Finance
Framework facilitated the inaugural green bond
and provides a platform for future debt issues
that support GMT’s sustainability goals.
With a loan to value ratio of 23.2% and
committed gearing of 27.7% at 30 September
2022, GMT’s borrowings remain well below the
50% maximum permitted under its Trust Deed
and debt facility covenants.
Low gearing and only partly drawn bank
facilities provide the financial flexibility to take
advantage of acquisition opportunities that offer
real strategic value. It also provides substantial
balance sheet headroom against any negative
market events that could impact property values.
DISCIPLINED INVESTMENT STRATEGY
The acquisition of the Sleepyhead
manufacturing facility at 41-71 Great South
Road in Ōtāhuhu is consistent with GMT’s
targeted investment strategy. Purchased
for $49.4 million, the four-hectare property
complements the existing portfolio and offers
future redevelopment opportunity.
Close to consumers and transport
infrastructure, infill locations are highly
sought after by urban logistics customers.
They offer a competitive advantage with
faster delivery times and the potential for
lower transport emissions and costs.
With a combination of greenfield and brownfield
development sites in the portfolio, GMT has a
potential pipeline of almost 400,000 sqm of
warehouse and logistics space. Realising the
value of these sites will contribute to GMT’s
long-term growth, with development timing
contingent on customer demand.
MODERATING BUSINESS OUTLOOK
The strength of GMT’s underlying operating
performance demonstrates the resilience of
the business and the benefits of an investment
strategy focused on urban logistics property.
Sustained customer demand is contributing
to high occupancy levels and strong rental
growth, with the Trust expected to deliver a
full year operating result consistent with cash
earnings guidance of at least 6.9 cents per unit.
The longer-term operating outlook is more
uncertain with rising interest rates, high inflation
and geo-political risks creating a more volatile
and challenging business environment.
By continuing to be disciplined with
investment decisions and closely managing
the delivery of its development programme,
the Trust remains well positioned to benefit
from the structural trends that are driving
demand for sustainable warehouse and
logistics space, close to consumers.
John Dakin Keith Smith
Chief Executive Officer Chair and
and Executive Director Independent Director
The strength of GMT’s underlying operating
performance demonstrates the resilience of
the business and the benefits of an investment
strategy focused on urban logistics property.
GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 20239

Move Logistics, Highbrook Business Park
FINANCIAL
S TAT E M E N T S
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST
10
CONTENTS
PROFIT OR LOSS 11
BALANCE SHEET 12
CASH FLOWS 13
CHANGES IN EQUITY 14
GENERAL INFORMATION 15
NOTES TO THE FINANCIAL STATEMENTS
1. Investment property 16
2. Borrowings 18
3. Earnings per unit
and net tangible assets 22
4. Derivative financial instruments 24
5. Tax 25
6. Related party disclosures 26
7. Commitments and contingencies 27
8. Financial risk management 28
9. Operating segments 28
INDEPENDENT AUDITOR’S
REVIEW REPORT 29
The Board of Goodman (NZ) Limited, the Manager of Goodman Property
Trust, authorised these financial statements for issue on 9 November 2022.
For and on behalf of the Board:

Keith Smith Laurissa Cooney
Chair Chair, Audit Committee

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
$ millionNote
6 months
30 Sep 22
6 months
30 Sep 21
Property income1.110 4.69 4.1
Property expenses(16.4)(15.6)
Net property income88.278.5
Interest cost2.1(13.4)(9.4)
Interest income2.10.10.1
Net interest cost(13.3)(9.3)
Administrative expenses( 1 .7 )(1.6)
Manager’s base fee6.1(8.9)( 7. 4 )
Operating earnings before other income / (expenses) and tax64.360.2
Other income / (expenses)
Movement in fair value of investment property1.3–5 0 4 .7
Movement in fair value of financial instruments4.1(15.5)5.1
Profit before tax48.8570.0
Ta x
Current tax on operating earnings5.1( 9 .7 )(11.0)
Deferred tax5.12.0(3.5)
Total tax( 7.7 )(14.5)
Profit after tax attributable to unitholders41.1555.5
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 22
6 months
30 Sep 21
Basic and diluted earnings per unit after tax3.12.933 9 .76
PROFIT OR LOSS
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202311

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
$ millionNote30 Sep 2231 Mar 22
Non-current assets
Investment property1.44,912.64 ,7 73. 2
Deposits paid for investment property1.11.1
Derivative financial instruments4.26 3 .730.4
Deferred tax assets0.4–
Total non-current assets4 , 9 7 7. 84,804.7
Current assets
Debtors and other assets7.75.5
Derivative financial instruments4.2–0.5
Cash8.53.6
Total current assets16.29.6
Total assets4,994.04,814.3
Non-current liabilities
Borrowings2.21,085.09 17. 1
Lease liabilities2.56 2 .76 2 .7
Derivative financial instruments4.28.52.5
Deferred tax liabilities34.436.0
Total non-current liabilities1,190.61,018.3
Current liabilities
Borrowings2.210 0.010 0.0
Creditors and other liabilities36.632.8
Lease liabilities2.53.33.3
Derivative financial instruments0.8–
Current tax payable4.12.5
Total current liabilities144.8138.6
Total liabilities1,335.41,156.9
Net assets3,658.63 , 6 5 7. 4
Total equity3,658.63 , 6 5 7. 4
BALANCE SHEET
As at 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202312

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
$ million
6 months
30 Sep 22
6 months
30 Sep 21
Cash flows from operating activities
Property income received108.99 7. 0
Property expenses paid(23.8)(22.0)
Interest income received0.10.1
Interest costs paid on borrowings(10.2)( 7. 6 )
Interest costs paid on lease liabilities( 1 .7 )(1.6)
Administrative expenses paid(1.6)(1.5)
Manager’s base fee paid(8.9)( 7. 3 )
Manager’s performance fee paid( 1 5 .7 )(13.7)
Net GST paid (0.6)(0.1)
Tax paid(8.1)( 7. 8 )
Net cash flows from operating activities38.435.5
Cash flows from investing activities
Payments for the acquisition of investment properties(50.1)(11.2)
Proceeds from the sale of investment properties–4.6
Capital expenditure payments for investment properties( 7 7. 9 )(28.8)
Holding costs capitalised to investment properties(8.3)(4.0)
Net cash flows from investing activities(136.3)(39.4)
Cash flows from financing activities
Proceeds from borrowings4 4 9.014 8.0
Repayments of borrowings(322.0)(119.0)
Proceeds from the issue of units1 5 .71 3 .7
Distributions paid to unitholders(39.9)( 3 7. 6 )
Net cash flows from financing activities102.85.1
Net movement in cash4.91.2
Cash at the beginning of the period3.63.0
Cash at the end of the period8.54.2
CASH FLOWS
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202313

FINANCIAL STATEMENTS OF GOODMAN 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 20211,391.21,616.41 3 .71,339.12,969.2
Profit after tax––74 8 .674 8 .6
Distributions paid to unitholders5.45––( 76.1)( 76.1)
Manager’s performance fee – earned6–1 5 .7–1 5 .7
Issue of units
Manager’s performance fee – settled6.11 3 .7(13.7)––
As at 31 March 20221 , 3 9 7. 31,630.115.72,011.63 , 6 5 7. 4
Profit after tax––41.141.1
Distributions paid to unitholders2.85––(39.9)(39.9)
Issue of units
Manager’s performance fee – settled66.01 5 .7( 1 5 .7 )––
As at 30 September 20221,403.31,645.8–2,012.83,658.6
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 2022 a cash distribution of 1.475 cents per unit with 0.317851 cents per unit of imputation credits attached was declared. The record date for the distribution is
1 December 2022 and payment will be made on 15 December 2022.
CHANGES IN EQUITY
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202314

FINANCIAL STATEMENTS OF GOODMAN 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 is the Trustee and Supervisor for GMT.
The interim financial statements for the six months ended 30 September 2022 are
unaudited. Comparative balances for 30 September 2021 are unaudited, whilst
comparative balances as at 31 March 2022 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 2022, 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 2022.
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.
NEW ZEALAND CLIMATE-RELATED DISCLOSURE FRAMEWORK
The Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021
(the Act) has established a climate-related disclosure framework for New Zealand and makes
climate-related disclosures mandatory for climate reporting entities, which includes the Trust.
The Act provides a mandate for the External Reporting Board (XRB) to issue a climate-related
disclosure framework.
The XRB intends to issue final climate standards and guidance documents in December 2022.
If this deadline is met, it is anticipated that the Trust will be required to make climate-related
disclosures in its annual report for the accounting period commencing 1 April 2023.
The Trust has commenced a preliminary assessment of the impact of plausible climate change
scenarios and will refine the outcomes of this when the climate standards are published in final
form.
GENERAL INFORMATION
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202315

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
1. Investment property
Property income is earned from investment property leased to customers.
1.1. Property income
$ million
6 months
30 Sep 22
6 months
30 Sep 21
Gross lease receipts95.285.6
Service charge income12.611.6
Straight line rental adjustments1.00.3
Amortisation of capitalised lease incentives(4.2)(3.4)
Property income104.694.1
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 2231 Mar 22
Year 1202.8181.1
Year 21 9 8 .717 5 .1
Year 3182.5154.3
Year 4156.1134.2
Year 5135.1113.3
Year 6 and later650.9608.9
Total future contracted gross lease receipts1,526.11,366.9
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202316

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
1. Investment property (continued)
1.3. Movement in fair value of investment property
Movement in fair value of investment property for the period is summarised below.
$ million
6 months
30 Sep 22
6 months
30 Sep 21
Stabilised properties–4 89.8
Investment property under development–14.9
Total movement in fair value of investment property–5 0 4 .7
1.4. Total investment property
This table details the total investment property value.
$ million30 Sep 2231 Mar 22
Core
Highbrook Business Park, East Tāmaki2,289.02,283.3
Savill Link, Ōtāhuhu5 6 7. 0566.4
M20 Business Park, Manukau4 60.64 60.6
The Gate Industry Park, Penrose414 .741 3 .7
Westney Industry Park, Māngere212.8210.4
Total core3,944.13,934.4
Value-add531.8556.2
Total stabilised investment property4,475.94,490.6
Investment property under development4 3 6 .7282.6
Total investment property4,912.64 ,7 73 . 2
Included within stabilised properties is a gross-up equivalent to lease liabilities of $66.0 million (31 March 2022: $66.0 million).
Included within investment property under development is $84.3 million of land (31 March 2022: $81.8 million) and $352.4 million of developments (31 March 2022: $200.8 million).
GMT’s estates are classified as either “core” or “value-add” estates.
Core
Those estates within the portfolio which largely consist of modern, high-quality logistics and industrial properties.
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202317

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
1. Investment property (continued)
1.4. Total investment property (continued)
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 May 2022, GMT completed the acquisition of a value-add property in Ōtāhuhu, Auckland for $49.4 million.
KEY JUDGEMENTS
At 30 September 2022, to ensure that stabilised properties and land are held at fair value the Board determined that a desktop review be performed. The desktop review on each
property was completed by the same independent valuer who completed full independent valuations at 31 March 2022. The desktop reviews resulted in no change to the fair value
recorded for stabilised properties and land. At 30 September 2021, the fair value of stabilised properties and land were determined by full independent valuations.
At 30 September 2022, all developments are held at cost and tested for impairment. At 30 September 2021, developments adequately progressed to allow fair value to be reliably
determined were independently valued. All other developments were held at cost and tested for impairment.
2. Borrowings
2 .1. Interest
$ million
6 months
30 Sep 22
6 months
30 Sep 21
Interest expense on borrowings( 17. 3 )(9.9)
Interest expense on lease liabilities( 1 .7 )(1.6)
Amortisation of borrowing costs(1.8)(1.5)
Borrowing costs capitalised
(1)
7. 43.6
Total interest cost(13.4)(9.4)
Interest income0.10.1
Net interest cost(13.3)(9.3)
(1)
Borrowing costs are capitalised at the weighted average cost of borrowing of 3.6% (30 September 2021: 3.2%). Borrowing costs of $1.8 million were capitalised to land (30 September 2021: $0.8 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.
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202318

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
2. Borrowings (continued)
2.2. Borrowings
$ million30 Sep 2231 Mar 22
Current
Retail bonds10 0.010 0.0
Total current borrowings100.0100.0
Non-current
Syndicated bank facilities224.01 4 7. 0
Green retail bonds150.0–
Retail bonds10 0.0200.0
Wholesale bonds4 00.04 00.0
US Private Placement notes214.5173 . 0
Total non-current1,088.5920.0
Unamortised borrowings establishment costs(3.5)(2.9)
Total non-current borrowings1,085.09 17. 1
Total borrowings1,185.01 , 0 17. 1
As at 30 September 2022, GMT has undrawn bank facilities of $446.0 million from which it expects to repay the $100.0 million retail bond expiring in September 2023.
SIGNIFICANT TRANSACTIONS
In April 2022, GMT issued $150.0 million of green bonds, with a 5 year term expiring in April 2027, paying a fixed interest rate of 4.740%.
In June 2022, the BNZ $100.0 million bank facility was amended to extend the expiry to December 2023.
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202319

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
2. Borrowings (continued)
2.3. Composition of borrowings
Weighted
average
remaining
term (years)
$ million
30 Sep 22Date issuedExpiry
Interest
rate
Facility drawn
/ Amount
Undrawn
facility
Syndicated bank facilities–Jun 23 – Jun 262.2Floating16 0.0410.0
BNZ bank facility–Dec 231.2Floating64.036.0
Retail bonds – GMB040May 17May 241 .74.54 0%10 0.0–
Retail bonds – GMB050Mar 18Sep 230.94.000%10 0.0–
Green retail bonds – GMB060Apr 22Apr 274.54 .74 0 %150.0–
Wholesale bonds – 6 yearsDec 21Dec 275.23.656%200.0–
Wholesale bonds – 8 yearsSep 20Sep 285.92.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 307. 92.559%150.0–
US Private Placement notesJun 15Jun 252 .73.460%US$40.0–
US Private Placement notesJun 15Jun 274 .73.560%US$40.0–
US Private Placement notesJun 15Jun 307.73 .71 0 %US$40.0–
Weighted average
remaining
term (years)
$ million
31 Mar 2022Date issuedExpiry
Interest
rate
Facility drawn
/ Amount
Undrawn
facility
Syndicated bank facilities–Jun 23 – Jun 262 .7Floating1 4 7. 0423.0
BNZ bank facility–Dec 220 .7Floating–10 0.0
Retail bonds – GMB030Jun 15Jun 220.25.000%10 0.0–
Retail bonds – GMB040May 17May 242.24.54 0%10 0.0–
Retail bonds – GMB050Mar 18Sep 231.44.000%10 0.0–
Wholesale bonds – 6 yearsDec 21Dec 275 .73.656%200.0–
Wholesale bonds – 8 yearsSep 20Sep 286.42.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 308.42.559%150.0–
US Private Placement notesJun 15Jun 253.23.460%US$40.0–
US Private Placement notesJun 15Jun 275.23.560%US$40.0–
US Private Placement notesJun 15Jun 308.23 .71 0 %US$40.0–
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202320

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
2. Borrowings (continued)
2.3. Composition of borrowings (continued)
As at 30 September 2022 and 31 March 2022, $570.0 million of syndicated bank facilities was provided to the Trust by Bank of New Zealand ($185.0 million), Commonwealth Bank of
Australia ($150.0 million), The Hongkong and Shanghai Banking Corporation Limited ($130.0 million) and Westpac New Zealand Limited ($105.0 million). An additional $100.0 million facility
was provided to the Trust by Bank of New Zealand.
As at 30 September 2022, GMT’s drawn borrowings had a weighted average remaining term of 4.4 years (31 March 2022: 4.6 years), with 80% being drawn from non-bank sources
(31 March 2022: 85%). 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 2231 Mar 22
Opening balance66.065.5
Increase in liability as a result of ground rent reviews–0.5
Lease liability interest expense1 .73.3
Ground rent paid(1.9)(3.5)
Amortisation of incentives received0.20.2
Total lease liabilities66.066.0
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202321

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
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 2231 Mar 22
Total borrowings1,185.01 , 0 17. 1
US Private Placement notes – foreign exchange translation impact(53.8)(12.3)
Cash(8.5)(3.6)
Borrowings for LVR calculation1 , 1 2 2 .71,001.2
Investment property4,912.64 ,7 73. 2
Lease liabilities(66.0)(66.0)
Assets for LVR calculation4,846.64 ,7 0 7. 2
Loan to value ratio %23.2%21.3%
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 22
6 months
30 Sep 21
Operating earnings before other income / (expenses) and tax64.360.2
Income tax on operating earnings( 9 .7 )(11.0)
Operating earnings after tax54.649.2
Weighted units
Million30 Sep 2230 Sep 21
Weighted units1,4 03.31 , 3 9 7. 3
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202322

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
3. Earnings per unit and net tangible assets (continued)
3.1. Earnings per unit (continued)
cents per unit
6 months
30 Sep 22
6 months
30 Sep 21
Operating earnings per unit before tax4.584.31
Operating earnings per unit after tax3.893.52
Basic and diluted earnings per unit after tax2.933 9 .76
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 2231 Mar 22
Issued units1,4 03.31 , 3 9 7. 3
Deferred units for Manager’s performance fee expected to be reinvested–6.0
Diluted units1,403.31,403.3
30 Sep 2231 Mar 22
Net tangible assets ($ million)3,658.63 , 6 5 7. 4
Net tangible assets per unit (cents)2 6 0 .7260.6
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202323

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
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 22
6 months
30 Sep 21
Interest rate derivatives(0.5)4.1
Cross currency interest rate derivatives relating to US Private Placement notes26.53.2
Total movement in fair value of derivative financial instruments26.07. 3
Foreign exchange rate movement on US Private Placement notes(41.5)(2.2)
Total movement in fair value of financial instruments(15.5)5.1
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 the reporting date. Fair values also reflect the creditworthiness of the
derivative counterparty and GMT at the reporting date. The valuations were based on market rates at 30 September 2022 of between 3.85% for the 90-day BKBM and 4.51%
for the 10-year swap rate (31 March 2022: 1.61% for the 90-day BKBM and 3.38% 10-year swap rate). There were no changes to these valuation techniques during the period.
4.2. Derivative financial instruments
$ million30 Sep 2231 Mar 22
Cross currency interest rate derivatives
Non-current assets36.510.0
Interest rate derivatives
Non-current assets2 7. 220.4
Current assets–0.5
Non-current liabilities(8.5)(2.5)
Current liabilities(0.8)–
Net derivative financial instruments54.428.4
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202324

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
5. Ta x
5.1. Tax expense
$ million
6 months
30 Sep 22
6 months
30 Sep 21
Profit before tax48.8570.0
Tax at 28%(13.7)(159.6)
Depreciation of investment property4.54.4
Movement in fair value of investment property–141.3
Deductible net expenditure for investment property3 .71.4
Derivative financial instruments(4.2)1.5
Current tax on operating earnings(9.7 )(11.0)
Depreciation of investment property(4.5)(4.4)
Reduction of liability in respect of depreciation recovery income3.02.6
Deferred expenses( 0 .7 )(0.3)
Derivative financial instruments4.2(1.4)
Deferred tax2.0(3.5)
Total tax( 7.7 )(14.5)
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.
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202325

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
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 and unitholder in GMT
6.1. Transactions with related parties
RecordedCapitalisedOutstanding
$ millionRelated party
6 months
30 Sep 22
6 months
30 Sep 21
6 months
30 Sep 22
6 months
30 Sep 21
6 months
30 Sep 22
6 months
30 Sep 21
Manager’s base feeGNZ(9.8)( 7. 9 )0.90.5(1.6)(1.5)
Property management fees
(1)
GPSNZ(2.0)(1.8)––(0.3)–
Leasing feesGPSNZ( 1 .7 )(1.6)––(0.1)(0.2)
Acquisition and disposal feesGPSNZ(0.9)–0.9–––
Minor project feesGPSNZ(0.5)(0.3)0.50.3–(0.2)
Development management feesGPSNZ(0.3)(2.4)0.32.4(0.1)–
Total fees(15.2)(14.0)2.63.2(2.1)(1.9)
Reimbursement of expenses for services providedGPSNZ( 0 .7 )(1.2)0.10.1(0.1)(0.1)
Gross lease receipts receivedGPSNZ0.10.1––––
Issue of units for Manager’s performance fee reinvestedGIH1 5 .71 3 .7––––
Distributions paidGIH(8.9)(8.7)––––
Distributions paidGIT(1.1)–––––
(1)
Of the property management fees charged by GPSNZ, $1.6 million was paid by customers and was not a cost borne by GMT (30 September 2021: $1.4 million).
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202326

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
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 (31 March 2022: 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 2022, Goodman Group, GNZ’s ultimate parent, through its subsidiary Goodman Investment Holdings (NZ) Limited, held 278,063,312 units in GMT out of a total
1,403,254,516 units on issue (31 March 2022: 345,971,371 units in GMT out of a total 1,397,303,338 units).
At 30 September 2022, Goodman Group, GNZ’s ultimate parent, through Goodman Industrial Trust, held 71,857,377 units in GMT out of a total 1,403,254,516 units on issue
(31 March 2022: nil units).
6.3. Related party capital commitments
$ millionRelated party30 Sep 2231 Mar 22
Development management fees for developments in progressGPSNZ18.810.6
Total related party capital commitments18.810.6
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 2231 Mar 22
Completion of developments276.5215.8
Acquisitions9.058.4
Total non-related party capital commitments285.52 74 . 2
7. 2 . Contingent liabilities
GMT has no material contingent liabilities (31 March 2022: none).
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202327

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
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 2231 Mar 22
Retail bondsLevel 1198.0302.4
Green retail bondsLevel 114 4.1–
Wholesale bondsLevel 2335.3354.2
US Private Placement notesLevel 2U S $106.4U S $114.8
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.
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GOODMAN PROPERTY TRUST INTERIM REPORT 202328

FINANCIAL STATEMENTS OF GOODMAN PROPERTY TRUST
REPORT ON THE INTERIM FINANCIAL STATEMENTS
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 2022, and the statement of profit or loss, the statement of changes in equity
and the statement of cash flows for the six months ended 30 September 2022, 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 2022, 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 responsibilities are further described in the Auditor’s
responsibilities for the review of the interim 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.
Responsibilities of the directors of Goodman (NZ) Limited for the interim financial statements
The Board 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 Board of the Manager determine is necessary
to enable the preparation and fair presentation of the interim financial statements that are free
from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim 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 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
Lisa Crooke.
For and on behalf of:
Chartered Accountants Auckland
9 November 2022
INDEPENDENT AUDITOR’S REVIEW REPORT
To the unitholders of Goodman Property Trust
GOODMAN PROPERTY TRUST INTERIM REPORT 202329

FINANCIAL
S TAT E M E N T S
For the six months ended 30 September 2022
GMT BOND ISSUER LIMITED
The Board of GMT Bond Issuer Limited, authorised these financial statements
for issue on 9 November 2022. For and on behalf of the Board:


Keith Smith Laurissa Cooney
Chair Chair, Audit Committee
CONTENTS
PROFIT OR LOSS 31
BALANCE SHEET 31
CASH FLOWS 32
CHANGES IN EQUITY 32
GENERAL INFORMATION 33
NOTES TO THE FINANCIAL STATEMENTS
1. Borrowings 34
2. Advances to related parties 34
3. Commitments and contingencies 34
4. Financial risk management 35
5. Equity 35
INDEPENDENT AUDITOR’S
REVIEW REPORT 36

FINANCIAL STATEMENTS OF GMT BOND ISSUER LIMITED
$ million
6 months
30 Sep 22
6 months
30 Sep 21
Interest income14.9 9.3
Interest cost(14.9)(9.3)
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.
$ millionNote30 Sep 2231 Mar 22
Non-current assets
Advances to related parties 2650.0600.0
Current assets
Advances to related parties210 0.010 0.0
Interest receivable from related parties7. 55.6
Cash0.10.1
Total assets7 5 7. 670 5.7
Non-current liabilities
Borrowings1650.0600.0
Current liabilities
Borrowings110 0.010 0.0
Interest payable7. 65 .7
Total liabilities7 5 7. 670 5.7
Net assets––
Equity
Contributed equity5––
Retained earnings ––
Total equity––
PROFIT OR LOSS
For the six months ended 30 September 2022
BALANCE SHEET
As at 30 September 2022
GMT BOND ISSUER LIMITED INTERIM REPORT 202331

FINANCIAL STATEMENTS OF GMT BOND ISSUER LIMITED
CASH FLOWS
For the six months ended 30 September 2022
CHANGES IN EQUITY
For the six months ended 30 September 2022
$ million
6 months
30 Sep 22
6 months
30 Sep 21
Cash flows from operating activities
Interest income received13.09.3
Interest costs paid(13.0)(9.3)
Net cash flows from operating activities––
Cash flows from investing activities
Repayment of related party advances10 0.0–
Related party advances made(150.0)–
Net cash flows from investing activities(50.0)–
Cash flows from financing activities
Proceeds received from issue of green bonds150.0–
Repayment of retail bonds(10 0.0)–
Net cash flows from financing activities50.0–
Net movement in cash––
Cash at the beginning of the period0.10.1
Cash at the end of the period0.10.1
$ million
Contributed
equity
Retained
earningsTo t a l
As at 1 April 2021–––
Profit after tax–––
As at 31 March 2022–––
Profit after tax–––
As at 30 September 2022–––
There are no items of other comprehensive income to include within changes in equity, therefore profit after tax equals total comprehensive income.
GMT BOND ISSUER LIMITED INTERIM REPORT 202332

FINANCIAL STATEMENTS OF GMT BOND ISSUER LIMITED
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 2022 are
unaudited. Comparative balances for 30 September 2021 are unaudited, whilst the
comparative balances as at 31 March 2022 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 2022, 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 2022.
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.
GENERAL INFORMATION
For the six months ended 30 September 2022
GMT BOND ISSUER LIMITED INTERIM REPORT 202333

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.
SIGNIFICANT TRANSACTIONS
In April 2022, the Company issued $150.0 million of green bonds, with a 5 year term expiring in April 2027, paying a fixed interest rate of 4.740%.
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.
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 30 September 2022
GMT BOND ISSUER LIMITED INTERIM REPORT 202334

FINANCIAL STATEMENTS OF GMT BOND ISSUER LIMITED
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 202231 Mar 2022
Related party receivablesLevel 2677.4656.6
Green bondsLevel 1(14 4.1)–
Retail bondsLevel 1(198.0)(302.4)
Wholesale bondsLevel 2(335.3)(354.2)
Total borrowings(677.4)(656.6)
5. Equity
As at 30 September 2022, 100 ordinary shares had been issued for nil consideration (31 March 2022: 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 2022 are nil (31 March 2022: nil).
NOTES TO THE FINANCIAL STATEMENTS — CONTINUED
For the six months ended 30 September 2022
GMT BOND ISSUER LIMITED INTERIM REPORT 202335

FINANCIAL STATEMENTS OF GMT BOND ISSUER LIMITED
INDEPENDENT AUDITOR’S REVIEW REPORT
To the shareholder of GMT Bond Issuer Limited
REPORT ON THE INTERIM FINANCIAL STATEMENTS
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 2022, 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 2022, 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 responsibilities are further described in the Auditor’s responsibilities
for the review of the interim 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.
Responsibilities of the Board of GMT Bond Issuer Limited for the interim financial statements
The Board 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 Board determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether
due to fraud or error.
Auditor’s responsibilities for the review of the interim 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 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
Lisa Crooke.
For and on behalf of:
Chartered Accountants Auckland
9 November 2022
GMT BOND ISSUER LIMITED INTERIM REPORT 202336

OTHER
INFORMATION
37GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 2023

INVESTOR
RELATIONS
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
8 July 2022. The address and presentation
are available on GMT’s website,
www.goodman.com/nz.
INVESTOR CENTRE
The website enables Unitholders and
Bondholders to view information about their
investment, check current prices and view
publications and announcements.
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
distributed electronically.
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:
+ by email,
to enquiry@computershare.co.nz
+ by phone, on their toll-free number
0800 359 999 (+64 9 488 8777
from outside New Zealand)
+ by mail, to Computershare Investor
Services Limited, Private Bag 92119,
A u c k l a n d 1142 .
UNITHOLDER DISTRIBUTIONS
The Trust typically pays its distributions in the third month that follows each quarter. For example,
the distribution for the June 2022 quarter was paid in September 2022. 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 endedCash distributionImputation creditsTotal distributionPayment date
31- M a r-22$0.013750$0.0 01822$0.0155729-Jun-22
30-Jun-22$0.014750$0.00364 4$0.01839422- S e p -22
30 - S e p -22$0.014750$0.003179$0.01792915-Dec-22*
* 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.
GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 202338

GLOSSARY
GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED INTERIM REPORT 202339
$ 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 or Green 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 2023 Interim Results Presentation,
released on 10 November 2022.
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, Green 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 2022
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 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.
Registrar
the unit registrar for GMT and Bond registrar
for GMB which, at the date of this Interim 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.

BUSINESS DIRECTORY
40GOODMAN PROPERTY TRUST INTERIM REPORT 2023 | GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
MANAGER OF GOODMAN
PROPERTY TRUST
Goodman (NZ) Limited
Level 2, 18 Viaduct Harbour Avenue
Au c k l a n d 1010
PO Box 90940
Victoria Street West
A u c k l a n d 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
Au c k l a n d 1010
PO Box 90940
Victoria Street West
A u c k l a n d 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
P w C To w e r
15 Customs Street West
Au c k l a n d 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
A u c k l a n d 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
A u c k l a n d 114 0
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
A u c k l a n d 114 0
Telephone: +64 9 302 0638
BOND TRUSTEE
Public Trust
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
A u c k l a n d 114 0
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

goodmanproperty.co.nz

---

1


nzx release+
Customer demand supports strong first-half operating result
Date 10 November 2022
Release Immediate
Goodman (NZ) Limited, the manager of Goodman Property Trust (GMT or
Trust) is pleased to announce the Trust’s financial results for the six months to
30 September 2022.
The strength of GMT’s underlying operating performance demonstrates the resilience of the
business and the benefits of an investment strategy focused on urban logistics property.
Key highlights include:
+ A 6.8% increase in operating earnings
1
, to $64.3 million before tax
+ Cash earnings
2
of 3.52 cents per unit, and distributions of 2.95 cents per unit
+ Statutory interim profit of $48.8 million before tax, compared to $570.0 million at
30 September 2021

+ Accelerating rental growth supporting stable investment property values, with net tangible
assets of 260.7 cents per unit
+ Strong balance sheet, with a loan to value ratio
3
of 23.2% and $446 million of liquidity
+ Inaugural green bond issue in April 2022, securing $150 million of new debt
+ Sustained customer demand with 143,384 sqm of new leasing (13.6% of the stabilised
portfolio), average occupancy of 99.6% and a weighted average lease term of more than
six years
+ A record level of development activity with $635.7 million
4
of work in progress
+ Acquisition of a 4-hectare redevelopment site in Ōtāhuhu for $49.35 million.
RESULT OVERVIEW
A stable portfolio valuation at 30 September 2022 contrasts with a substantial $504.7 million
revaluation in the previous corresponding period and is the principal driver of GMT’s lower
interim profit.
Keith Smith, Chair of Goodman (NZ) Limited said, “The most pleasing aspect of this interim
result has been GMT’s underlying operating performance. A 7.4% increase in cash earnings
to $49.4 million demonstrating the strength of our investment strategy and quality of our
customer relationships.”
GMT is continuing to benefit from the growth in e-commerce and sustained demand for well-
located warehouse and logistics space, close to consumers. With occupancy of 99.6% the
Trust’s $4.9 billion portfolio is effectively at capacity.

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 set out in GMT’s 2023 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.
4
Total project cost including land allocation, all construction and consultant costs, financing and leasing expenses and all fees
and levies.

2

Chief Executive Officer, John Dakin said, “A heightened level of customer demand is being
reflected in significant new leasing activity, accelerating rental growth and further development
commitments.”
A growing digital economy and new space requirements from customers to accommodate
business growth and higher inventory levels, are contributing to the positive demand dynamic.
The portfolio is expected to deliver a similar operating performance over the second half of the
year.
Keith Smith said, “The Board has firmed its full year guidance, with forecast cash earnings of
at least 6.9 cents per unit. Cash distributions totalling 5.9 cents per unit are expected to be
paid, consistent with the Trust's policy to pay-out between 80% and 90% of cash earnings.”
5

Further information is provided in the GMT and GMT Bond Issuer Limited Interim Report
2023. 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.
HEIGHTENED LEVELS OF CUSTOMER DEMAND
Historically low vacancy levels are contributing to a highly constrained market, with very few
options for customers with new space requirements.
John Dakin said, “GMT’s leasing results have demonstrated the strength of the Auckland
industrial sector, with new rental benchmarks being achieved for our prime warehouse and
logistics properties.”
New leasing and growth in market rents have also helped maintain GMT’s property values
over the last six months, offsetting a softening in the portfolio capitalisation rate.
John Dakin said, “Leasing and development enquiry levels remain strong as customers
seek to improve supply chain resilience and recognise the productivity benefits of well-
located and operationally efficient facilities.”
SUSTAINABLE, DEVELOPMENT-LED GROWTH
The strength of current leasing demand has also underpinned two new design build
commitments at the Trust’s Savill Link and Roma Road Estates in Ōtāhuhu and Mt Roskill.
To help meet future demand, two smaller build-to-lease warehouses are also being
developed at Roma Road.
John Dakin said, “These four new projects will see our development programme grow to
over $635 million.”
The current workbook is around 93% pre-committed, with an average lease term of
13.7 years. It will add almost 150,000 sqm high-quality warehouse and logistics space
to the portfolio over the next few years.
John Dakin said, “ A business-wide commitment to reducing our environmental impact
extends to the Trust’s development programme, where a 5 Green Star Built rating is being
targeted for new projects.”
CONSERVATIVE DEBT SETTINGS
The focus on sustainable development has supported GMT’s first Green Bond issue. The
establishment of a Sustainable Finance Framework facilitated the inaugural green bond and
provides a platform for future debt issues that support GMT’s sustainability goals.
With committed gearing of 27.7%, GMT’s borrowings remain well below the 50% maximum
permitted under its Trust Deed and debt facility covenants.
Low gearing and only partly drawn bank facilities provide the financial flexibility to take
advantage of acquisition opportunities that offer real, strategic value. It also provides

5
The guidance is subject to there being no adverse events or unforeseen changes in market conditions.

3

substantial balance sheet headroom against any negative market events that could impact
property values.
MODERATING BUSINESS OUTLOOK
Sustained customer demand is contributing to high occupancy levels and strong rental
growth, with the Trust expected to deliver a full year operating result consistent with cash
earnings guidance of at least 6.9 cents per unit.
The longer-term operating outlook is uncertain with rising interest rates, high inflation and
geo-political risks creating a more volatile and challenging business environment.
By continuing to be disciplined with investment decisions and closely managing the delivery
of its development programme, the Trust remains well positioned to benefit from the
structural trends that are driving demand for sustainable warehouse and logistics space,
close to consumers.
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 2023
2. GMT’s 2023 Interim Result Presentation
3. NZX Interim Result Announcement

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 $4.9 billion at 30 September 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$77.8 billion specialist global manager of warehouse and logistics real estate.