GMT Distribution Payment

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




23 March 2023

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

Dear Unitholder

GOODMAN PROPERTY TRUST (“GMT” and “Trust”)
I’m pleased to advise investors that the third quarter distribution, for the period ended
31 December 2022, has now been paid. The distribution includes a cash component of
1.475 cents per unit with 0.216409 cents per unit of imputation credits attached.
If you have any questions about your distribution payment please contact our registrar,
Computershare, by telephone 0800 359 999 or +64 9 488 8777 (outside New
Zealand).
GoodResults newsletter
The latest edition of the Trust’s electronic newsletter, GoodResults, is now available
online at https://bit.ly/3t80ciJ
I encourage you to read the newsletter. It includes further information on:
+ development milestones at Highbrook Business Park
+ the resilience of the portfolio through recent extreme weather
+ the work of the Goodman Foundation, supporting our communities
+ key portfolio metrics and other business indicators
Yours faithfully,

Keith Smith
Chair

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



nzx release+
GMT Distribution Payment
Date 23 March 2023
Release Immediate
Further to the announcement of 9 February 2023, Goodman (NZ) Limited, the Manager of
Goodman Property Trust, is pleased to advise that the third quarter distribution for the year
ending 31 March 2023, will be paid to Unitholders today.
The latest edition of the Trust’s electronic newsletter, GoodResults, has also been
released. A copy of the newsletter is attached to this announcement and can be viewed
online at:
https://bit.ly/3t80ciJ
For further information, please contact:
Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(021) 305 316

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $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 an estimated value of $4.8 billion at 31 March 2023. 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$79.5 billion specialist global manager of warehouse and logistics real estate.

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GOODR E S U LT S
MAR 2023
ISSUE 16
KIA ORA
Goodman Property Trust Newsletter

Property
2
amenity retail and commercial services. With an average age
of around eight years, all Highbrook buildings share a
consistent design theme that incorporates sustainable design
elements – providing modern, efficient, and flexible
workplaces.
Green Star ratings are being targeted for the latest
development projects, with the just completed 3,317 sqm
facility for the New Zealand Blood Service achieving a
6 Green Star Design Rating
1
. The multi-warehouse Tāwharau
Lane development has also achieved the design benchmark.
Green Star is an independent rating system that assesses
the sustainability features and resource efficiency of
non-residential buildings.
James Spence said, “With a collection of industry awards
already to its name, Highbrook continues to lead the local
market with innovative and sustainable property solutions.
A 6 Green Star Design Rating represents world leadership,
and we’re extremely proud that these new projects are the
first New Zealand industrial developments to achieve
the standard.”
Completion of the remaining two active projects over the
next six months will mark the end of the planned development
programme at the estate.
James Spence said, “Making up over 50% of the portfolio and
with a current value of around $2.4 billion, Highbrook Business
Park is a major driver of the Trust’s operating performance.
With facilities that attract premium market rents and deliver
superior capital returns it has been an exceptional investment
for our Unitholders.”
The integrated design of the masterplan has helped foster
a close-knit business community and activated the
surrounding reserves and public spaces for recreational use.
James Spence said, “Highbrook Business Park is an
important asset for all of Auckland, providing warehouse and
distribution infrastructure that allows supply chains to operate
efficiently. The development of the estate has also improved
transport links to the east of the city and created amenity
benefits that the whole community can share.”
The rapid progress of the last three
development projects at Highbrook signals the
approaching completion of the award-winning
estate in Auckland’s East Tāmaki.
Partnering with the Fisher family in the initial stages,
Goodman have overseen the development of the
109-hectare property since 2004.
James Spence, Goodman NZ CEO said, “The scale of
the site and its location overlooking the Tāmaki River has
provided a unique opportunity to shape Auckland’s built
environment, with the creation of a world-class business
park.”
Offering extensive water and city views and surrounded by
40 hectares of parkland and esplanade reserves, the natural
features of the former Ra Ora horse stud have supported the
realisation of this vision.
Major infrastructure projects including a road bridge, a new
motorway interchange and a four-lane arterial road have
facilitated the development, linking the peninsula with
Auckland’s motorway system and freight transport networks.
James Spence said, “Around 500,000 sqm of high-quality
space has been developed at Highbrook. Accommodating
more than 130 customers, it is New Zealand’s largest
business park. These companies employ more than 5,500
people making the estate a significant area of employment
for East Tāmaki.”
The master-planned estate features over 90 prime
warehouse and logistics facilities. These facilities are
complemented by a town centre precinct, that provides
NEW ZEALAND BLOOD SERVICES
HIGHBROOK MILESTONES
1
Green Star – Design & As Built NZv1.0 Certified Design Review Rating
1-4 TĀWHARAU LANE
W A LT
6.0 YRS
Customers
130+
Occupancy
99.6%
Estate Area
109 HA
GOODMAN PROPERTY TRUST NEWSLETTER | MARCH 2023 | ISSUE 161 of 3

3
Located in Auckland’s East
Tāmaki, Highbrook Business
Park is New Zealand’s premier
industrial estate.
+ Encompassing over 100 hectares of land
and with around 490,000 sqm of net lettable
area its quality and scale are unmatched in
New Zealand.
+ Master-planned to a world class standard and
developed over the last 15+ years, Highbrook
is home to more than 130 businesses.
+ These leading companies employ more
than 5,500 people who share a unique work
environment, surrounded by 40 hectares
of parklands and recreational areas.
+ Highbrook’s facilities are modern,
operationally efficient and benefit from
direct links to Auckland’s motorway
network and close proximity to the city’s
transport infrastructure.
+ The estate has a current value of
approximately NZ$2.4 billion.
As at 30 September 2022
Property
HIGHBROOK
GOODMAN PROPERTY TRUST NEWSLETTER ffi MARCH 2023 ffi ISSUE 162 of 3

Storm water retention integrated into estate landscaping
Rainwater harvesting Rooftop solar energy system
GOODMAN PROPERTY TRUST NEWSLETTER ffi MARCH 2023 ffi ISSUE 16
Property
4
Climate changes due to global warming
are contributing to the increased
frequency and severity of extreme
weather events.
The devastating floods associated with the storm
and ex-tropical cyclones of January and February
2023 have highlighted the costly impacts of more
damaging weather patterns.
James Spence said, “The floods have reinforced
the need for collective action on climate change.
As a business we are committed to reducing our
environmental impact. We adopted emission
reduction targets in 2021 and are developing
more sustainably, with new Green Star rated
facilities for our customers.”
With an investment strategy focused on the long
term, Goodman invests in Auckland warehouse
and logistics facilities that are highly sustainable.
An assessment by insurance engineers has also
confirmed these properties are more climate
resilient, being in areas of low risk from flooding.
James Spence said, “The portfolio has continued
to function throughout the recent high wind and
rainfall events, with only minor impacts on the
business operations of a few customers.”
The ability to withstand extreme weather events
and other climate change impacts is an increasingly
important performance criteria in customers
leasing decisions.
“Our largest estates are designed with flood
paths, retention ponds and other storm water
infrastructure that reduces the risk from extreme
weather. We also maintain these systems to
ensure they are operating as intended,” said
James Spence.
To build resilience and help future proof its
properties Goodman is also investing in new
building technologies that improve operational
efficiency. Rooftop solar energy systems, LED
lighting upgrades and rainwater harvesting are
reducing reliance on Auckland’s ageing
infrastructure and lowering occupancy costs
for customers.
More than 30 solar energy systems, with 2.2 MW
of generation capacity, are expected to be
completed by 2025. These systems will provide
customers with enough renewable energy
equivalent to that needed to power around 360
homes for a year.
These capital investment initiatives are being
applied to both new developments and as building
upgrades to existing properties. While they add
resilience to the portfolio the unpredictable nature
of extreme weather makes it impossible and cost
prohibitive to mitigate every climate related risk.
James Spence said, “We’re managing and
mitigating climate risks to the extent we can.
Comprehensive insurance provides additional
security, with cover against building damage and
business interruption should the unexpected occur.”
BUILDING A
RESILIENT BUSINESS
3 of 3

5
GMT at a glance
Own
Leasing
203,593 sqm
Around 18% of the investment portfolio has been
leased on new or revised terms over the last 11
months. The new leasing has maintained average
portfolio occupancy at 99% and the weighted
average lease term at more than six years. .
Warehouse rents
$228 sqm
New rental benchmarks set on prime warehouse and
logistics space within the portfolio, following recent
market rent reviews and development leasing.
Asset value
$4.8 billion
The estimated value of the Trust’s portfolio at
31 March 2023. Rising interest rates have impacted
property values with the portfolio capitalisation rate
softening 100bps to 5.2%, since 31 March 2022.
Develop
Project completions
20,638 sqm
With a total project cost of $83.2 million, the
recently completed developments at Highbrook
Business Park will generate over $4.2 million of
annum rental income.
New projects
50,265 sqm
Mainfreight and Cotton On have committed to an
additional 41,530 sqm of space, preleasing three of the
five new warehouse projects commencing in FY23.
Work in progress
$552.5 million
Includes seven active developments, providing
129,442 sqm of new warehouse and logistics space
over the next 18 months. These projects are
91% committed.
Manage
Portfolio
1.1 million sqm
GMT’s substantial warehouse and logistics portfolio
accommodates over 220 customers.
These businesses are predominantly freight and
distribution focused.
Dedicated team
65+
An inhouse team of 65 FTE professionals provide
a comprehensive range of property, finance, and
other corporate services to support GMT’s
business functions.
Market capitalisation
1
$2.9 billion
GMT has over 7,900 investors on its unitholder register.
Local retail and institutional investors are the largest
group, holding over 55% of the units on issue.
1
As at 22 March 2023
GOODMAN PROPERTY TRUST NEWSLETTER ffi MARCH 2023 ffi ISSUE 16

ENVIRONMENTAL PERFORMANCE
Improvements in the environmental performance of the business
have been reflected in the annual climate ratings assigned by CDP.
The environmental reporting initiative encourages participants to monitor greenhouse gas emissions, reduce
carbon pollution and minimise climate change impacts. Goodman have been contributing data to CDP’s annual
survey since 2006, with the results from the last three years presented in the table below.
The implementation of emission management and reduction strategies in 2020 has contributed to a record of
improving results. The 2022 climate score of A- is the highest rating achieved by a New Zealand organisation,
with the top honour being shared with three other local companies.
CDP evaluated over 18,700 organisations worldwide, with 30 New Zealand organisations contributing to this
year’s survey. To learn more cdp. net /en
6
Prudent capital management
The creation of two new Green
Loan facilities and other treasury
initiatives have added diversity and
flexibility to the Trust’s debt book.
With an additional $300 million of funding
capacity the new Green Loans will support
the delivery of sustainable property
solutions for customers.
Chief Financial Officer, Andy Eakin, said,
“With strong customer demand being
reflected in a high occupancy rate and a
heightened level of development activity,
we’ve increased GMT’s debt facilities to
support continued business growth.”
Existing bank facilities have been renewed
and extended, with two new lending partners
also added. ANZ and ICBC join BNZ, CBA,
HSBC and Westpac in the syndicate
of trading banks lending to the Trust.
Andy Eakin, said, “This package of treasury
initiatives adds diversity to the debt book
and provides additional flexibility to manage
short-term bond expiries.”
With committed gearing of just 28%
(at 30 September 2022) the Trust maintains
a strong balance sheet with substantial
liquidity across its debt facilities.
The low level of gearing also provides
significant headroom against its borrowing
covenants, should property values fall.
Corporate Performance
CDP202020212022
Climate scoreB-BA-
GOODMAN PROPERTY TRUST NEWSLETTER | MARCH 2023 | ISSUE 16

People & Culture
7
After a COVID related
postponement earlier in the year
the annual Highbrook Fun Run
was held on 2nd November 2022.
Organised by the Highbrook Rotary Club
and sponsored by Goodman and other
local companies, the family fundraising
event attracted around 350 entries.
Participants elected to either run or walk
the 1km/5km/10km course through the
park and reserve areas that surround the
estate. The group included individuals and
teams from within the Highbrook business
community, with many of these companies
taking advantage of the opportunity to
host BBQs.
Goodman entered a team of 25, with
analyst Max Zorn winning the 10km run in
an impressive 38 minutes.
The nearly $16,000 raised by Rotary will
be distributed to the Middlemore
Foundation and other local community
initiatives including:
+ Totara Hospice
+ BBM Motivation health, fitness
and well-being activities
+ RYLA (Rotary Young-Person
Leadership Awards)
Supporting our
communities
The Goodman Foundation has been supporting
New Zealand communities for well over 10 years. During
this time the charitable organisation has provided more
that $2 million of financial assistance to its community
partners. These organisations share the same values
and are delivering initiatives that improve the wellbeing
and social outcomes of those living in the
neighbourhoods where Goodman invests.
Acknowledging the devastating impacts of the extreme
weather across the North Island during January and
February 2023 the Goodman Foundation has extended
its community support. An additional $100,000 in
funding has been provided to KiwiHarvest, OrangeSky
and the Red Cross in response to the hardship and
displacement caused by Cyclone Gabrielle and the
Auckland flooding.
The financial support will allow these organisations to
extend their services, helping with the immediate need
and ongoing recovery of these communities.
Goodman team members are also contributing directly
with individual donations being matched by the
Goodman Foundation.
HIGHBROOK FUN RUN
GOODMAN PROPERTY TRUST NEWSLETTER ffi MARCH 2023 ffi ISSUE 16

8
FREQUENTLY ASKED
QUESTIONS
How do I redeem my investment in Goodman Property Trust?
Goodman Property Trust is a unit trust listed on the NZX, under the ticker code of GMT.
Like any shares, GMT units can be bought and sold through a stockbroker, financial adviser
or online trading platform.
To execute a trade, an investor requires a Common Shareholder Number (CSN) and Faster Identification Number
(FIN). These unique identifiers are the same for all the NZX stocks an investor may hold.
For situations where an investor may have inherited or been gifted GMT units and doesn’t have a trading account
with a broker, Computershare Investor Services (the Registrar for GMT) offers a service called Investor Trade.
Investor Trade allows individual, New Zealand resident investors to sell their investment in GMT if it is below
$30,000 in value.
ONLINE INFORMATION
The Trust’s website www.goodman.com/nz enables Unitholders to check the current stock price and view
publications and announcements.
Computershare Investor Services is GMT’s registrar. Unitholders should login to Computershare’s Investor
Centre, www.investorcentre.com/nz to manage their investment, download distribution statements or update
personal details.
Disclaimer: This document has been prepared by Goodman (NZ) Limited as manager of Goodman Property Trust. The information in this document is general information only. It is not intended as
investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to making any decision relating to your investment or financial needs.
This document is not an offer or invitation for subscription or purchase of securities or other financial products. Past performance is no indication of future performance. All values are expressed in
New Zealand currency unless otherwise stated. March 2023
KEY DATES
DATES BELOW ARE INDICATIVE ONLY AND REMAIN SUBJECT TO CHANGE.
Investor Centre
18 May 2023 FY23 Annual Result Announcement
June 2023 Fourth Quarter Distribution
June 2023 Annual Meeting of Unitholders
September 2023 First Quarter Distribution Payment
November 2023 FY24 Interim Result Announcement
December 2023 Second Quarter Distribution Payment
GOODMAN PROPERTY TRUST NEWSLETTER ffi MARCH 2023 ffi ISSUE 16