GMT Customer demand drives growth in operating earnings

1


nzx release+
Customer demand drives growth in operating earnings
Date 18 May 2023
Release Immediate
Goodman (NZ) Limited, the manager of Goodman Property Trust (GMT or Trust) is
pleased to announce the Trust’s financial and operational results for the year ended
31 March 2023.
Customer demand for well-located warehouse and logistics space has ensured earnings
targets were achieved, while new investment and capital management initiatives have made
GMT a more sustainable and resilient business.
Highlights include:
+ Sustained customer demand contributing to a 6.9% increase in operating earnings
0F
1
, to
$126.5 million before tax
+ A $237.7 million reduction in the fair value of its property assets has contributed to a
statutory loss of $135.4 million after tax compared to a profit of $748.6 million in FY22
(including fair value gains of $660.4 million from property valuations)
+ Net tangible assets of 245.2 cents per unit
+ Substantial balance sheet capacity, with a loan to value ratio
2
of 25.9% and $739 million
of available liquidity at 31 March 2023
+ A 6.6% increase in cash earnings
1F
3
to 7.1 cents per unit and a 7.3% increase in cash
distributions, to 5.9 cents per unit
+ Guidance for FY24 includes a further 4% increase in cash earnings to around 7.4 cents
per unit with a 5% increase in cash distributions to approximately 6.2 cents per unit
+ A $4.8 billion property portfolio providing over one million square metres of warehouse
and logistics space, with occupancy of 99.5% and a weighted average lease term of
more than six years
+ Positive progress in the sustainability programme with an improved climate score of A-
from CDP and New Zealand’s first industrial 6 Green Star Design
2F
4
rating, awarded to two
development projects at Highbrook Business Park
+ Further development activity with $209.7 million of new project commencements at Roma
Road Estate in Mt Roskill and Savill Link in Ōtāhuhu, with $461.1 million of work in
progress (total project cost)
+ New capital management initiatives including $450 million of green bonds and loans to
support sustainable development.
YEAR IN REVIEW
A 4.7% reduction in the fair value of its property portfolio, as a result of independent
valuations at 31 March 2023, is the principal driver of GMT’s statutory loss.
Keith Smith, Chair of Goodman (NZ) Limited said, “While rising interest rates have impacted
investment yields, GMT’s underlying portfolio fundamentals remain strong and it continues to
deliver robust operating results.”

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
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.


3
Cash earnings is a non-GAAP financial measure that assesses underlying cashflows, on a per unit basis, after adjusting for
ce rtain items. The calculation is set out in GMT’s 2023 Annual Results Presentation.
4
NZGBC Design & As Built NZv1.0 Certified Design Review Rating.

2

High occupancy levels, sustained rental growth, new development completions and strategic
acquisitions have all contributed to a 6.9% increase in operating earnings, to $126.5 million
before tax.
Chief Executive Officer, James Spence said, “GMT’s operating performance demonstrates
the resilience of the business and the benefits of an investment strategy exclusively focused
on the Auckland industrial market.
Cash earnings of 7.1 cents per unit was 6.6% ahead of last year and almost 3% higher than
our original guidance.”
With limited new supply and high barriers to entry, the key structural trends that are driving
customer demand for more productive and sustainable warehouse and logistics facilities are
expected to support another strong operating result in FY24.

Keith Smith said, “Guidance for FY24 includes a 4% increase in cash earnings to around 7.4
cents per unit with a 5% increase in cash distributions to approximately 6.2 cents per unit.”
Further information is provided in the GMT and GMT Bond Issuer Limited Annual Report
2023. A copy of the report, which was released today, has been provided to the NZX and is
available at: https://www.goodmanreport.co.nz/
.
ATTRACTING PREMIUM RENTALS
James Spence said, “The Auckland industrial market is highly constrained, with almost zero
vacancy for prime space. It is a real estate sector that has recorded double-digit rental
growth over the last 12 months, with demand for space exceeding supply in many locations
across the city.”
Demographic changes, regional growth, customer sustainability targets, and the
requirements of e-commerce have all driven the increase in demand for well-located and
operationally efficient warehouse and logistics property.
Customers are also seeking to improve supply chain resilience by driving greater productivity
and value from their facilities.
James Spence said, “The positive demand dynamic is reflected in our own leasing results,
with high occupancy levels being maintained and new rental benchmarks being achieved for
prime warehouse space within the portfolio.”
The level of under-renting (the difference between contract and market rentals) is also
growing. The potential reversion to market is assessed by valuers as 25%, at 31 March
2023.
James Spence said, “The benefits of this under-renting will be realised over time, as contract
rents are reviewed to market and new leases are secured at the higher rates.”
WORLD CLASS DEVELOPMENT
The strength of new leasing demand is also reflected in the volume of development work in
progress, with $461.6 million of active projects.
The current workbook is around 95% pre-committed, with an average lease term of more
than 12 years. It will add over 110,000 sqm high-quality urban logistics space to the portfolio
over the next 18 months.
James Spence said, “Over 90% of the current projects are being constructed on brownfield
sites and we are targeting an industry leading 5 Green Star Built rating for these
developments. The redevelopment and intensification of these properties is fully aligned
with our sustainability and circularity commitments.”
The use of lower carbon building materials is reducing the intensity of development
emissions
5
by an average of 13.8% on current projects and most demolition and
construction waste is being either recycled or repurposed.

5
Independent assessment of building only, upfront embodied carbon (A1-A5) compared to a similar sized reference building.

3

The focus on sustainable development supported GMT’s first Green Bond issue ($150
million) and the establishment of Green Loan facilities totalling $300 million during the year.
At 31 March 2023, GMT had a loan to value ratio of 25.9% and committed gearing of
29.1%. Low gearing and only partly drawn bank facilities provide over $700 million of
available liquidity.
Keith Smith said, “Prudent financial management has enabled GMT to grow sustainably. A
well-capitalised balance sheet adds resilience to the business and provides the funding
capacity to take advantage of new investment and development opportunities that may
arise.”
SUSTAINABILITY PROGRAMME
Progressing new sustainability initiatives that improve the environmental performance of the
business have continued to be a priority.
James Spence said, “Toitū carbonzero certification for our business operations and an
improved CDP climate score of A- demonstrate further progress toward our sustainability
commitments. Acknowledging that there is more work to do, we have reviewed our 2025
targets and added new objectives for 2030.”
These operational emission reduction targets are consistent with the objectives of the Paris
Agreement and the limiting of global warming to less than 1.5 degrees.
James Spence said, “To meet the growing demand for sustainable warehouse and logistics
facilities we have also continued to invest in energy efficiency, water conservation and
biodiversity projects that improve the operational and environmental performance of the
stabilised portfolio.”
FUTURE FOCUSED
GMT has delivered a robust operating performance over the last 12 months, with sustained
customer demand contributing to significant revenue and earnings growth. The same
business drivers are expected to support further strong operating results in FY24, with
forecast cash earnings of 7.4 cents per unit and cash distributions of around 6.2 cents per
unit.
The longer-term outlook is more uncertain with a variety of downside risks likely to constrain
economic activity.
By remaining agile and adapting to the changing operating environment, the Trust will
continue to benefit from the structural trends that are driving customer demand for
sustainable warehouse and logistics space.
For additional information please contact:
James Spence Keith Smith Andy Eakin
Chief Executive Officer Chair Chief Financial Officer
Goodman (NZ) Limited Goodman (NZ) Limited Goodman (NZ) Limited
(021) 538 934 (021) 920 659 (021) 305 316

Attachments provided to NZX:
1. Goodman Property Trust and GMT Bond Issuer Limited Annual Report 2023
2. GMT’s 2023 Annual Result Presentation
3. NZX Annual Result Announcement

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.0 billion, ranking it in
the top 20 of all listed investment vehicles. The Trust is New Zealand’s leading warehouse and logistics space provider. It has
a substantial property portfolio, with a value of $4.8 billion at 31 March 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$80.7 billion specialist global manager of warehouse and logistics real estate.

---

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
Reporting Period 12 months to 31 March 2023
Previous Reporting Period 12 months to 31 March 2022
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing operations 213,800 13.8%
Total revenue 213,800 13.8%
Net profit/(loss) from continuing operations ($135,400) (118.1%)
Total net profit/(loss) ($135,400) (118.1%)
Dividend
Amount per Quoted Equity Security $0.01475000
Imputed amount per Quoted Equity Security $0.00206422
Record Date 25 May 2023
Dividend Payment Date 6 June 2023
Current period Prior comparable
period
Net tangible assets per Quoted Equity
Security
$2.452 $2.606
A brief explanation of any of the figures
above necessary to enable the figures to be
understood
-
Authority for this announcement
Name of person

authorised to make this
announcement
Andy Eakin
Contact person for this announcement Andy Eakin
Contact phone number (021) 305 316
Contact email address andy.eakin@goodman.com
Date of release through MAP

18 May 2023

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
Note
This announcement is extracted from the annual financial statements of Goodman Property
Trust. A copy of the annual financial statements together with the independent auditor’s report
on the annual financial statements is attached to this announcement.

---

GOODMAN PROPERTY TRUST ANNUAL REPORT 2023
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
EVERY
STEP
COUNTS

GMT is New Zealand’s largest listed real estate entity.
Proudly managed by Goodman, it is a high-quality
business with a substantial portfolio, a wide customer
base and a proven development capability.

CUSTOMER
OWN
DEVELOP
MANAGE
Sustainability. It’s not just good for
New Zealand, it’s good for business.
OUR BUSINESS.
By owning, developing and managing high-quality properties in key locations,
we provide customers with sustainable space solutions that help them succeed.
Our business strategy includes ambitious sustainability targets that require more
than grand gestures. It demands unwavering dedication to every step we take.
In a year where extreme weather events have adversely impacted our
communities, every step really does count.
We’re taking action by reducing carbon emissions, using renewable energy,
developing greener buildings, regenerating brownfield sites, and partnering
with groups that are improving social outcomes.
OPPOSITE: Bruno Warren, Development Director and Natasha Artus, Assistant Project Manager on site at Favona Road Estate in Māngere.
COVER: Highbrook Business Park, East Tāmaki.

This document comprises the Annual Reports of Goodman Property Trust
and GMT Bond Issuer Limited for the year ended 31 March 2023 and contains
the information required to be disclosed pursuant to the NZX Listing Rules.
The report includes non-GAAP financial measures that may not be calculated
in a manner consistent with other entities. Please see the Financial Results
section of this report for more information on how these are calculated.
CONTENTS
4
YEAR IN REVIEW
Financial highlights 4
Another step forward
– Chair’s report 6
Building new benchmarks
– Management report 11
16
OUR ASSETS
Top 20 customers 16
Industry weighting 16
Key locations 17
Development insight
– Regenerating Favona 18
Highbrook Business Park adjoins the Tāmaki River.

22
SUSTAINABILITY REPORT
Highlights 22
Our framework 24
Sustainable properties 26
People and culture 30
Corporate performance 34
Goodman Foundation 38
GRI index 44
47
FINANCIAL RESULTS
FY23 summary 47
Five year results 50
Goodman Property Trust
Financial Statements 53
GMT Bond Issuer Limited
Financial Statements 93
111
OTHER INFORMATION
Corporate governance 111
Board of Directors 12 1
Investor relations 122
Glossary 124
Business directory 125
3
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
3

NET PROPERTY INCOME
12.7% increase in rental revenue
$ 1 7 7. 0 m
CASH EARNINGS
6.6% growth in underlying earnings
7. 1 cpu
LOSS AFTER TAX
Including a (4.7%) valuation movement
($135.4m)
OPERATING EARNINGS AFTER TAX
Corresponding 11.9% increase
$111.1m
CASH DISTRIBUTIONS
7.3% increase in distributions declared
5.9 cpu
NET TANGIBLE ASSET BACKING
At 31 March 2023
245.2 cpu
Customer demand for well-located
warehouse and logistics space has
contributed to significant revenue
and earnings growth over the last
12 months, while new investment
and capital management initiatives
have made GMT a more sustainable
and resilient business.
YEAR IN
REVIEW
GREEN FINANCING
Green Bond issue and Green Loan facilities
$450m
LOAN TO VALUE RATIO
20% to 30% preferred through cycle range
25.9%
GREENHOUSE GAS EMISSIONS
Reduction from 2020 base year
1

38.3%
CDP CLIMATE SCORE
Leadership status achieved in 2022
A-
ā
Includes mandatory Category 1-4 emissions.
OPPOSITE: Mainfreight facility under construction, Favona Road Estate.
4
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
4

GMT’s $4.8 billion urban logistics portfolio provides
essential supply chain infrastructure, facilitating the
efficient storage and distribution of goods and materials.

The strength of GMT’s FY23 operating results
demonstrates the resilience of the business and
the benefits of an investment strategy exclusively
focused on the Auckland industrial market.
We have remained disciplined in the
execution of this strategy, adapting to
the moderating economic environment
while continuing to build a responsible
and sustainable business.
Strong leasing demand for well-
located, warehouse and logistics space
has ensured earnings targets were
achieved, while new sustainability and
capital management initiatives have
strengthened the Trust and reaffirmed
our commitment to a low carbon future.
Goodman continues to invest in its
people, and has provided additional
support to its community partners to help
address the impacts of recent extreme
weather events.
Year in review
GMT’s property portfolio has continued
to deliver strong revenue growth. High
occupancy levels, growing rental rates,
new development completions and
strategic acquisitions have all contributed
to the 6.9% increase in operating earnings
before tax, to $126.5 million.
There has been a corresponding 6.6%
increase in cash earnings to $99.6 million
or 7.1 cents per unit. Cash earnings is our
preferred measure of underlying operating
performance, and the increase is almost
3% higher than our original guidance for
the year. A further 4% increase to around
7.4 cents per unit is expected for FY24.
Cash distributions relating to FY23 have
increased 7.3% to 5.9 cents per unit.
A further 5% increase to around 6.2 cents
per unit is forecast for FY24.
Another step
forward
Chair's report
Keith Smith, Chair and Independent Director
GOODMAN PROPERTY TRUST

ANNUAL REPORT ā3ā1
GMT BOND ISSUER LIMITED ANNUAL REPORT ā3ā1
OUR ASSETSSUSTAINABILITY REPORTFINANCIAL RESULTSOTHER INFORMATION
6
YEAR IN REVIEW
Chair's Report

Valuation impacts
While the operating performance of the
Trust has been extremely pleasing, a
$237.7 million or 4.7% reduction in the
fair value of its property assets (following
independent valuations) has resulted in a
statutory loss of $135.4 million after tax.
The valuation movement is also the main
contributor to the 5.9% reduction in net
tangible assets, to 245.2 cents per unit.
After a long period of sustained value
growth, rising interest rates have negatively
impacted real estate investment yields.
The quality of the Trust’s property assets
and the continued strong rental growth
being achieved, has significantly reduced
the valuation impacts of increased
capitalisation rates.
Strong leasing demand for well-located
warehouse and logistics space has ensured
earnings targets were achieved while new
sustainability and capital management initiatives
have strengthened the Trust and reaffirmed
our commitment to a low carbon future.
Highbrook Business Park – with the completed Tāwharau Lane multi-warehouse development in the centre foreground.
Highbrook Business Park – development projects
providing over 20,500 sqm of space were
completed at the estate in FY23.
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
7

Building resilience
A sustainable operating model is essential
for an organisation to be successful over
the long-term and we have continued to
prioritise initiatives that mitigate impacts
for the environment and communities
where we operate, as well as positioning
ourselves for future opportunity.
Toitū carbonzero certification for our
business operations and a CDP climate
score of A- demonstrate further progress
toward our sustainability commitments.
The leadership rating from CDP is the
equal highest score of a local organisation
and represents the second consecutive
year of improved results for our business.
Acknowledging that there is more work to
do, we have reviewed our current Emissions
Reduction and Management Plan and set
longer dated objectives for 2030. These
operational emission reduction targets
are consistent with the objectives of the
Paris Agreement and the limiting of global
warming to less than 1.5 degrees.
We are also measuring and reporting
non-mandatory Category 4 emissions
associated with our development
programme, to better understand the
wider impact of our business activities.
We are collaborating with consultants,
contractors, and suppliers on these
projects to deliver lower emission, more
resource efficient and resilient buildings.
The completion of New Zealand’s first
6 Green Star Design
1
rated industrial
facilities at Highbrook Business Park
is consistent with these sustainable
development goals.
The achievement has been complemented
by treasury initiatives that add diversity
and capacity to the Trust’s debt book.
The issue of $150 million of Green Bonds
and establishment of Green Loan facilities
totalling $300 million supports further
investment and development activity,
aligning new funding with sustainable
property solutions for our customers.
1
Design & As Built NZv1.0 Certified Design Review Rating.
Toitū carbonzero certification
for our business operations
and a CDP climate score of A-
demonstrate further progress
toward our sustainability
commitments.
Solar energy initiatives are underway across the portfolio with 2.4 MWp of generating capacity expected to be installed by 2025.
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
OUR ASSETSSUSTAINABILITY REPORTFINANCIAL RESULTSOTHER INFORMATION
8
YEAR IN REVIEW
Chair's Report

Independent Director and this is likely to
be my last annual report as Chair.
It has been a privilege to have led the
Board over the last 13 years and I’m
extremely proud of everything that
has been achieved. GMT has been
successfully repositioned as an urban
logistics specialist and is now well
established as New Zealand’s leading
property investment entity.
Stepping ahead
A high-quality property portfolio, robust
capital structure and a sustainable growth
strategy provide the stability and resilience
needed for a more challenging operating
environment.
By remaining disciplined with our
investment decisions and staying focused
on our customer relationships, the
Trust should continue to benefit from
the positive demand dynamic that is
supporting high occupancy levels and
sustained rental growth.
Progressing new sustainability initiatives
and reducing the carbon emissions of our
business activities will also continue to be
a key focus. Achieving these milestones
is expected to contribute to long term
value creation for all our stakeholders.
Working together
Together, the Board and Management
Team have welcomed James Spence as
the new Chief Executive Officer.
After almost 20 years leading our highly
successful business, John Dakin stepped
down as Chief Executive Officer on
31 December 2022. We are delighted
that he is continuing as a director of the
Manager, and as a senior executive within
the wider Goodman Group.
The Board endorsed James’s appointment
and believe his experience within
Goodman’s global fund management
business and as Director of Investment
Management for GMT over the last five
years, provides continuity of leadership
that is of real benefit to our stakeholders.
As CEO, James leads a dedicated team
of 69. They are all capable individuals
who are committed to the delivery of our
business strategy. Results from a recent
internal survey shows that it is an inclusive
and diverse workplace, with highly
engaged people.
Strategies to broaden representation
across the business have delivered
positive results, although with a stable
team it has been a graduated change.
Recent updates to the existing Inclusion
and Diversity policy have reaffirmed these
commitments with new targets for 2030.
As announced at last year’s annual
meeting this will be my final term as an
Keith Smith
Chair and Independent Director
Public spaces within the urban ngahere at Highbrook Business Park.
GOODMAN PROPERTY TRUST

ANNUAL REPORT ā3ā1
GMT BOND ISSUER LIMITED ANNUAL REPORT ā3ā1
9

While a slowing economy has created headwinds,
the key structural trends that are driving customer
demand for space have continued to support
GMT’s strong operating results.

The creation of a high quality, low risk property business
focused on sustainable long-term growth is the strategic
objective that guides our investment decision making.
With a $4.8 billion warehouse and
logistics portfolio exclusively invested in
Auckland’s urban logistics market, GMT
provides essential business infrastructure
for customers requiring sustainable
distribution facilities close to consumers.
It is a real estate sector that has recorded
double-digit growth in market rentals
over the last 12 months, with demand for
space exceeding supply in many locations
across the city. The positive demand
dynamic is mirrored in our leasing results.
It is also reflected in a heightened level
of development activity, with projects
totalling over 110,000 sqm currently
under construction.
While a slowing economy has created
headwinds, the key structural trends that
are driving customer demand for space
have continued to support GMT’s strong
operating results.
Highlights of the last 12 months include:
+ 12.7% increase in net property
income to $177.0 million
+ 212,486 sqm of space leased
on new or revised terms
+ $209.7 million of new development
commencements
+ Completion of four development
projects, totalling 38,000 sqm
1

+ Acquisition of a 4-hectare
redevelopment site in Ōtāhuhu
for $49.35 million
+ 23% rental growth, on new leases
and lease renewals completed in
the last 12 months
1
Includes the NZ Post project at Roma Road
Estate, Mt Roskill which completed post
balance date, on 19 April 2023.
Building new
benchmarks
Management report
Mainfreight supersite facility under construction at Favona Road Estate. The development is part
of the $461.6m of active projects currently in progress.
OPPOSITE: James Spence, Chief Executive Officer with Natasha Artus, Assistant Project Manager.
GOODMAN PROPERTY TRUST

ANNUAL REPORT ā3ā1
GMT BOND ISSUER LIMITED ANNUAL REPORT ā3ā1
11
YEAR IN REVIEW
Management report
OUR ASSETSSUSTAINABILITY REPORTFINANCIAL RESULTSOTHER INFORMATION

Attracting premium rents
The Auckland industrial market is highly
constrained, with almost zero vacancy
for prime space. Demographic changes,
regional growth, customer sustainability
targets, and the unique requirements of
e-commerce have all driven the increase in
demand for well-located and operationally
efficient urban logistics property.
Customers are also seeking to improve
supply chain resilience by driving
greater productivity and value from their
warehouse and logistics facilities.
The benefits of the Trust’s urban
logistics portfolio and the strength of our
customer relationships is reflected in the
212,486 sqm of leasing transactions
completed since 31 March 2022.
Representing almost 20% of the stabilised
portfolio, new leasing has contributed to
like-for-like net property income growth
1
of
5.3% over the year. It has also established
new rental benchmarks within the portfolio.
The level of under-renting (the difference
between contract and market rentals) is
also growing. The potential reversion to
market is assessed by valuers as 25%,
at 31 March 2023. The benefits of this
reversion will be realised over time, as
contract rents are reviewed to market and
new leases are secured at the higher rates.
Customers are also seeking to improve supply chain
resilience by driving greater productivity and value
from their warehouse and logistics facilities.
Hazchem safety solution provider pH7, is a new customer at Highbrook Business Park.
1
Net rental income on underlying portfolio,
adjusted to remove vacancy, incentives and
leasing costs, straight line rent adjustments,
operating expenses and fitout rent.
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
OUR ASSETSSUSTAINABILITY REPORTFINANCIAL RESULTSOTHER INFORMATION
12
YEAR IN REVIEW
Management report

DEVELOPMENT COMMENCEMENTS
Total project cost $m
FY9
FY20
FY2
FY22
FY23
209.7
300.2
132.0
123.2
134.4
NET PROPERTY INCOME
$ million
FY9
FY20
FY2
FY22
FY23
177.0
1 5 7.1
153.0
145.3
126.8
AVERAGE PORTFOLIO OCCUPANCY
99.5%
MARKET RENTAL GROWTH
19% per annum
POTENTIAL RENT REVERSION TO MARKET
2
25%
DEVELOPMENT COMMENCEMENTS
$209.7m
DEVELOPMENT WORK IN PROGRESS
$461.6m
NEW WAREHOUSE RENTAL BENCHMARK
1
$240 sqm
Gateway warehouses, Highbrook Business Park.
GMT continues to benefit
from strong property market
fundamentals and sustained
customer demand for well-
located, and operationally
efficient, warehouse and
logistics space.
1
Highest warehouse rental rate achieved in new leasing.
2
Difference between valuer assessed market rents and current
passing rents, divided by current passing rent.
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
13

World class development
Three new development projects totalling
$209.7 million were announced during
FY23. The current workbook now includes
$461.6 million of work in progress.
The quality of the development
programme is reflected in the 6 Green
Star Design Rating achieved by the
NZ Blood Service and Tāwharau Lane
projects at Highbrook Business Park
in East Tāmaki. Representing world
leadership, the rating from the NZGBC
provides independent confirmation that
we are designing the very best industrial
facilities in the country.
With the development of Highbrook
Business Park largely complete, the focus
is now on the regeneration of brownfield
opportunities within the portfolio.
The quality of the development programme
is reflected in the 6 Green Star Design
Rating achieved by the NZ Blood Service
and Tāwharau Lane projects at Highbrook
Business Park in East Tāmaki.
Stanley Black and Decker, one of the three development projects to complete at Highbrook Business Park in FY23.
NZ Blood Service, Highbrook Business Park.
GOODMAN PROPERTY TRUST

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14
YEAR IN REVIEW
Management report

The redevelopment and intensification
of these sites is fully aligned with our
sustainability and circularity commitments.
The recovery of valuable resources in
the deconstruction phase and the use
of alternative building materials and
construction systems, contribute to lower
emissions in the development process.
Residual embodied carbon is also
independently verified and offset with
carbon credits following completion of
new projects.
Green funding
Prudent financial management has
enabled GMT to grow sustainably.
A well-capitalised balance sheet and
available liquidity have provided the
funding to progress the development
programme and take advantage of new
investment opportunities.
New treasury initiatives in FY23 have
added diversity and flexibility to the
Trust’s debt book. The inaugural
$150 million Green Bond issue and
establishment of $300 million of Green
Loan facilities were the most significant
of these initiatives, aligning new funding
with sustainable development.
At 31 March 2023, GMT had a loan to
value ratio of 25.9% and committed
gearing of 29.1%. Debt facilities were
62.5% drawn, had a weighted average
term to expiry of 3.6 years, and were
83.7% hedged for the next 12 months.
Our preferred through cycle gearing range
of between 20% and 30%, is well below
the 50% maximum permitted under the
Trust's debt covenants. It is a conservative
setting that provides operational flexibility
and substantial balance sheet resilience
should investment markets deteriorate.
Future focused
GMT has delivered a robust operating
performance over the last 12 months,
with sustained customer demand
contributing to significant revenue and
earnings growth. The same business
drivers are expected to support further
strong operating results in FY24, with
forecast cash earnings of 7.4 cents per
unit and distributions of 6.2 cents per unit.
The longer-term outlook is more uncertain
with a variety of downside risks likely to
constrain economic activity.
Having the resilience to perform through
more challenging market conditions has
always guided our investment strategy.
By remaining agile and adapting to the
changing operating environment, the Trust
will continue to benefit from the structural
trends that are driving demand for our
sustainable warehouse and logistics
space solutions.
James Spence, Chief Executive Officer, with Andy Eakin, Chief Financial Officer
James Spence
Chief Executive Officer
Andy Eakin
Chief Financial Officer
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15

OUR ASSETS
CUSTOMER
WEIGHTING
RENTAL
INCOME
1
FAVONAHIGHBROOKM20MT WELLINGTONROSEDALEROMA SAVILL LINKTHE GATEWESTNEYCONNECT
New Zealand Post12%
Mainfreight8%
DHL3%
Freightways3%
Officemax2%
Coda2%
Fletcher Building2%
Cotton On Clothing2%
Linfox2%
Supply Chain Solutions2%
To l l2%
Steel & Tube2%
Turners & Growers2%
Frucor Suntory1%
Asaleo Care1%
Viridian Glass1%
Metroglass1%
NCI Packaging1%
Cottonsoft1%
Ingram Micro1%
1
Includes new development commitments.
Industry weighting
Consumer goods warehousing
1 5%
Manufacturing
1 1%
Retail
2%
Commodities warehousing
4%
Building products warehousing
9%
Third party logistics / parcel
46%
Other warehousing
3%
Top 20 customers
Other
1 0%
FINANCIAL RESULTSOTHER INFORMATION
16
OUR ASSETSSUSTAINABILITY REPORTYEAR IN REVIEW
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Key locations
An investment strategy focused on the
Auckland urban logistics market provides
customers with high-quality business
premises, close to transport infrastructure
in New Zealand’s largest consumer market.
ROSEDALE
WAITOMOKIA
WESTNEY
ROMA
FAVO N A
SAVILL LINK
THE GATE
CONNECT
PENROSE
TĀMAKI
LEONARD
MT WELLINGTON
HIGHBROOK
ŌTĀHUHU
M20
1717

Goodman’s focus on circularity
and commitment to sustainable
development includes the recycling
and repurposing of demolition materials
across all its brownfield projects.
Developing sustainably
Over 90% of the Trust’s current development
projects are being constructed on brownfield sites.
Situated in prime locations, the redevelopment of these
older style properties into modern, efficient, sustainable
distribution facilities improves the efficiency of
Auckland’s industrial building stock. The intensification
of use helps limit urban sprawl and minimises travel
distances and transport-related emissions for
customers focused on last mile delivery.
All new projects are targeting an industry leading
5 Green Star Built rating. The certification,
from the New Zealand Green Building Council,
assesses the sustainability attributes of the project
and the quality of the workspaces it provides.
Regenerating
Favona
Development insight
The first stage in the creation of a logistics supersite
for Mainfreight, at the Trust's Favona Road Estate
in Māngere, saw 80% of demolition material,
over 2,500 tonnes, recycled.
The initial eight-month deconstruction phase of
this brownfield project included the sorting and
transport of all aluminium and steel framing, glass
panels, concrete and other building materials to
appropriate resource recovery operators.
Late 2018
The purchase
Three adjoining brownfield sites on Favona
Road, Māngere, were conditionally acquired
in December 2018 for $29 million. The
7 hectare property included 40,000 sqm
of older-style commercial glasshouses.
Mid 2021
Deconstruction
Site preparation begins following expiry
of the existing lease to T&G. Specialist
contractor, Phoenix Metal Recyclers begin
the deconstruction of the former tomato
growing facility.
Demolition materials recovered
and diverted from landfill
270 truckloads
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OUR ASSETS
Development insight
YEAR IN REVIEW

The new Mainfreight facility is designed
to be highly sustainable and resource
efficient with the development process
carefully managed to reduce waste
and other environmental impacts.
The twin-warehouse facility is constructed from lower carbon and
sustainably sourced building materials wherever possible. Embodied
carbon and greenhouse gasses emitted during the construction phase
are also measured and will be offset upon completion.
Late 2021
Phase one complete
With 80% of building material recycled,
the deconstruction phase results in
reduced demolition waste. All Scope
1 and 3 emissions associated with the
project were offset by the contractor.
2021-2022
Customer commitment
Global logistics provider Mainfreight extends its
relationship with Goodman, committing to a long-
term lease over a new twin-warehouse facility on the
Favona Road site. Detailed design work commences
and G Mundy Construction undertakes earthworks.
2022
Construction
Aspec Construction commence building
the new 36,000 sqm facility. Targeting
a 5 Green Star rating the new supersite
will be Mainfreight’s largest New Zealand
warehouse, once complete.
Glass
13%
Other
1%
Waste
20%
Concrete
42%
Metal
24%
% OF WEIGHT OF TOTAL DECONSTRUCTED MATERIALS
1919
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2023
Project delivery
Construction milestones, including the
pouring of a lower carbon concrete slab,
are achieved with the building expected
to complete in June 2023.
The building specification includes features
and technologies that add resilience and
improve operational efficiency.
Solar energy system
158 kWp
with sub-metering for energy monitoring
Automated LED-lighting
up to 90%
energy savings over traditional lighting
Electric vehicles
8 charging points
across five pedestals
Low-E double glazing
to reduce noise and regulate
thermal comfort
Rainwater harvesting
150,000 litres
storage capacity
Lower carbon development
1
15.8%
estimated reduction in embodied carbon
for completed project
A rooftop solar energy system, automated LED lighting, low flow
water fittings and rainwater harvesting reduce reliance on Auckland’s
infrastructure and lower occupancy costs for Mainfreight.
1
Independent assessment of building only, upfront embodied carbon (A1-A5) compared to a similar sized reference building.
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OUR ASSETS
Development insight
YEAR IN REVIEW

At the forefront of the growth in demand for
logistics and supply chain services, Mainfreight’s
new 35,860 sqm logistics facility is expected to
achieve a 5 Green Star Built rating once complete.
2121

Sustainability is embedded in our
corporate values and reflected
across all parts of our business
strategy. Our investment decisions
are based on long-term thinking,
and we operate with ESG priorities
front of mind.
Acknowledging our wider responsibilities,
we are taking steps toward a more sustainable
future with ambitious targets to decarbonise, build
resilience, and mitigate climate change impacts.
HIGHLIGHTS
of the last 12 months
SUSTAINABILITY
REPORT
Around 10,700 natives were planted in urban ngahere at Highbrook Business Park and Roma Road Estate
during the year.
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SUSTAINABILITY REPORTOUR ASSETSYEAR IN REVIEWFINANCIAL RESULTSOTHER INFORMATION
Highlights
Our framework
Goodman Foundation
GRI index

Our focus is on the built environment and the delivery of sustainable property
solutions that help our customers thrive. By reducing emissions and investing
in greener buildings we’re lifting our environmental performance and
improving the quality of our properties, and the workspaces they provide.
CDP climate score
1,2

A- rating
for 2022
Toitū certified operations
2

carbonzero
since 2021
Greenhouse gas emissions
2

38.3% reduction
from FY20 base year
Lower carbon development
3

12.0%
estimated reduction in embodied carbon
for completed projects
Engaged team
88%
engagement score
Boosting biodiversity
10,700 natives
planted in urban ngahere
World leadership rating
6 Green Star Design
for two Highbrook development projects
Solar energy systems
1 MWp installed
across 14 rooftops
1
Formerly the Carbon Disclosure Project.
2
Certification 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.
3
Independent assessment of building only, upfront embodied carbon (A1-A5) compared to a similar sized reference building.
Sustainable Finance Framework
$450 million
of green bonds and loans
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Goodman’s strategic focus as an owner, developer
and manager of warehouse and logistics space
includes the aim of becoming a lower carbon
and more resilient property business.
A sustainability framework that includes the following three pillars
directs our actions towards these goals.
Sustainable properties
Goodman invests in properties that
are adaptable, resource efficient
and resilient to the impacts of
climate change. Located close to
key transport infrastructure and
large consumer catchments, these
facilities help improve our customers’
operational efficiency. High-quality
workspaces and a range of amenity
features contribute to staff wellbeing
for these businesses.
People and culture
We believe that a business that is
positively connected with its people
and wider community will deliver
superior long-term results. Goodman’s
flexible and progressive work practices
help create a diverse, inclusive and
safety conscious culture. Team
members are recruited and rewarded
based on their commitment to our
values, long-term strategic thinking,
expertise and performance.
Corporate performance
A sustainable capital structure,
contemporary governance policies
and business wide commitment to
ESG principles give our investors,
regulators, customers, and community
partners confidence in our strategy.
We measure our performance against
leading benchmarks and provide the
market with regular updates on our
operating performance and wider
business activities.
We’re challenging
ourselves to do
better and do more
for the benefit of all
our stakeholders.
Paving the way
Our framework
Concrete with lower Global Warming Potential (GWP) is specified for all new developments. It has up to
25% less embodied carbon than standard practice concrete.
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SUSTAINABILITY REPORT
Our framework
YEAR IN REVIEW

Influence on stakeholder assessments and decisions
Significance of environmental, economic and social impacts
HIGHEST
HIGH
Sustainable structure,
operations and results
Sustainable design
and management
Customer
attraction
and retention
Flexible and
adaptable
properties
Health, safety
and wellbeing
ESG reporting and
stakeholder engagement
Responsible and
environmentally
sensitive investment
Diversity and
inclusiveness
Emission reduction
and energy efficiency
Social equity
MATERIAL FACTORS
Our sustainability framework
incorporates the material factors
that drive our success.
The 14 factors identified as being
significant to our business were
extensively reviewed in 2021.
The next stakeholder consultation
will be undertaken in FY24
as part of a three-year cycle.
We’ve made three updates to
the matrix this year, following a
comprehensive internal review.
These changes include:
1. Increased priority being
assigned to sustainability
and resilience related factors
2. The number of factors has
been reduced to 10, with similar
priorities being amalgamated
3. New wellbeing and diversity
initiatives throughout our
business have been reflected
in the relative rankings
of these factors
It includes reporting on a range of non-
financial metrics, monitoring progress
against future targets and being
accountable for our performance.
The following pages describe how
these factors are integrated into
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SUSTAINABLE

PROPERTIES
KEY TARGETSACTIVITYS TAT U S
Carbon neutral
operations
Toitū carbonzero certified since FY21
FY23 emissions
1
represent a 38.3% reduction from FY20 base year
21.5% and 43.0% emission reduction targets adopted for 2025
and 2030 respectively
PROGRESS ON TARGET
Sustainable
development
Targeting 5 Green Star Built rating from NZGBC for all new developments
Estimated 13.8% reduction in the intensity of carbon emissions (per square metre)
compared to a reference building, for current projects
Estimated 17,183 tCO
2
e of embodied carbon in recently completed
projects, to be offset
Energy efficiency 100% of core portfolio to feature LED lighting by 2025, around 74% installed
to date
NABERSNZ ratings for all eligible office buildings at Highbrook by 2025
Over 50% of customers committing to providing energy consumption
data for comparative benchmarking
Renewable energyCertified Renewable Electricity supplied by Meridian Energy
2.4 MWp of solar energy systems installed or planned, ahead of the
2.0 MWp target set for 2025
Maintain portfolio
occupancy above 95%
Portfolio effectively at capacity with average occupancy of 99.5%
1
Mandatory Category 1-4 emissions as reported.
The material factors that guide our investment activity include:
+Customer attraction and retention
+Sustainable design and management
+Flexible, adaptable and resilient properties
+Emission reduction and energy efficiency strategies
These factors are reflected in the specific targets we have adopted in the following table
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SUSTAINABILITY REPORT
Our framework
YEAR IN REVIEW

GMT’s urban logistics portfolio provides customers
with high-quality properties in key locations across
Auckland. Close to major transport infrastructure and
large consumer catchments, the productivity benefits
of our facilities are reflected in high occupancy levels
and strong customer retention rates.
Future proof portfolio
The average age of the core portfolio
is around 11 years. A long-term
investment strategy ensures these
properties are maintained to a
superior standard. Upgrade projects
that improve the operational and
environmental performance of the
portfolio are also underway.
These energy efficiency and water
conservation initiatives include the
installation of electricity submetering,
solar energy systems, EV chargers,
LED lighting and water saving
technologies. The replacement of
R22 refrigerants within building HVAC
systems with low emission factor
alternatives has also commenced.
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Sustainable development
solutions
A successful development programme
has driven the growth of GMT, with over
90% of the core portfolio developed
since 2004.
Our commitment to sustainable
development includes the targeting of
a 5 Green Star Built rating on all new
projects. Adopting the Green Star
standard as our base-build specification
ensures all new warehouse and
logistics facilities are highly sustainable
and operationally efficient.
Recently completed projects at
Highbrook Business Park have
received a 6 Green Star Design rating.
Representing world leadership standard,
the NZ Blood Service and Tāwharau
Lane projects are the first industrial
buildings in New Zealand to achieve
this rating.
The use of lower carbon and sustainably
sourced building materials in the
construction phase is reducing the
intensity of our development emissions.
Life cycle assessments, measuring the
upfront embodied carbon of all current
projects, recorded an average 13.8%
reduction in emissions intensity compared
to similar sized reference buildings. On
a square metre basis, this equates to a
reduction from around 462 kg CO
2
e sqm
to 398 kg CO
2
e sqm of net lettable area.
Once complete and independently
verified, the residual embodied carbon in
these development projects will be offset.
We’ve also integrated circularity principles
into the development process, with
careful recycling and repurposing of
most demolition and construction waste
where possible.
Extensive landscaping, urban ngahere
(urban forests), beehives and other
biodiversity initiatives are incorporated
into our larger estates, enhancing, and
protecting the natural environment.
Over 10,700 native shrubs and trees were
planted at Highbrook Business Park and
Roma Road Estate during the year.
Esplanade reserves and storm water management system, Highbrook Business Park.
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SUSTAINABILITY REPORT
Our framework
YEAR IN REVIEW

GHG EMISSIONS tCO
2
e
Category
(new standard)
Scope
(previous standard)FY23
FY20
(base year)
1
% change
Category 1Scope 1233.9596.0(60.8)
Category 2 Scope 2234.8199.217. 9
Category 3 (mandatory)Scope 3 (mandatory)17. 46 7. 9( 74 .3 )
Category 4 (mandatory)Scope 3 (mandatory)71.14 0.675.2
Total gross emissions5 5 7. 29 0 3 .7(38.3)
Category 4 (non-mandatory)
2
Scope 3 (non-mandatory)
2
17, 1 8 3 . 4n/an/a
1
Base year restated after emission factor revision from the Ministry for the Environment.
2
Upfront embodied carbon emissions from completed developments.
Design Life Cycle Assessment, subject to finalisation and peer review.
Climate risk and
emissions reporting
With extreme weather events already
affecting our communities, the need
for collective action on climate change
is urgent.
As a business we are committed to
minimising our greenhouse gas emissions
and have implemented a sustainability
programme that includes ambitious
carbon reduction targets. Our Emissions
Reduction and Management Plan details
the operational initiatives that will help
in the transition to a low carbon, more
sustainable business.
The plan has been updated this year,
with 2030 targets added to the original
2025 objectives. The pathway is aligned
with the Paris Agreement and the aim
of limiting global warming to less than
1.5 degrees.
Carbonzero certification from Toitū
confirms our carbon emissions have been
measured in accordance with the new
ISO 14064-1:2018 standard and that we
have offset mandatory emissions with locally
sourced carbon credits (Category 1-4), and
Certified Renewable Energy certificates
(Category 2) from Meridian.
The certification 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.
The table below summarises the
combined emissions of these
businesses, with the detailed inventory
available online. The objective is to
reduce absolute emissions (from our
2020 base year) by 21.5% before
2025, and 43.0% by 2030.
Our FY23 result, with a 38.3%
reduction in emissions, is consistent
with these ambitions. The strong
progress reflects positively on our
carbon reduction initiatives which
are summarised on page 26.
The embodied carbon from our
development activity is reported
on a below the line basis, as non-
mandatory Category 4 emissions.
We estimate that these emissions
will be around 17,183 tCO
2
e, for the
38,000 sqm of projects that have
completed since 31 March 2022.
New Zealand Green Building Council
nzgbc.org.nz
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PEOPLE AND

CULTURE
KEY TARGETSACTIVITYS TAT U S
Safety at workNo serious harm injuries across all workplaces and worksites in FY23
Contractor induction and certification on all worksites
PROGRESS ON TARGET
Diverse and
inclusive workplace
Our team of 69 includes 11 different ethnicities, with speakers of
11 languages
An inclusive culture score of 90% and an engagement score of 88%
achieved in recent workplace survey
Improved gender representation with 42% of the managerial team female
Gender, ethnicity, and age representation targets set for 2030 in refreshed
inclusion and diversity policy
Social procurement
and supply chain ethics
Social procurement obligations are being progressively incorporated into
new construction contracts and supplier agreements
Contractors and suppliers have been surveyed to assess the potential
risks in our supply chain in relation to modern slavery
Investing in
our people
Formal reviews occur every six months with personal development
objectives set annually
100% of employees were assessed as demonstrating Goodman values
during the year
Almost 3.9 million GMT units issued to team members as part of
Goodman’s long term incentive scheme
Focusing on the following material factors helps create a safe and inclusive business:
+Health, safety and wellbeing +Diversity and inclusiveness +Social equity
These factors are reflected in the specific targets we have adopted in the following table.
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SUSTAINABILITY REPORT
Our framework
YEAR IN REVIEW

LIVING
OUR VALUES
Goodman’s values are integral to the success
of the business. They shape our culture and
focus our people on delivering high-quality
service, and innovative property and investment
solutions over the long term.
Prioritising health and safety
We are committed to creating a safe
working environment that is free of
accidents and other workplace risks.
A detailed Health and Safety policy
governs our work practices and ensures
our obligations under the Health and Safety
at Work Act 2015 are complied with.
There were 67 health and safety incidents
reported in FY23 compared to 52 in FY22.
All incidents were classified as minor
with no serious harm injuries, a pleasing
result that has continued since FY18.
The data includes any incidents involving
our people or contractors together with
any reported incidents occurring within
the public areas of the portfolio. It includes
hazard observations, near misses, injuries
requiring first aid, injuries requiring medical
treatment and serious harm injuries.
We are also taking steps to understand
whether there are any potential risks in
our supply chain in relation to modern
slavery. We have undertaken a survey of
our preferred suppliers for the purpose
of managing this risk.
Strength through diversity
We know that a diverse and inclusive team
creates a vibrant work culture with a rich
mix of views and ideas. Diversity brings
unique perspectives and experiences
to problem solving, ultimately leading to
better business outcomes.
We celebrate individual differences
and want our people to feel included
and supported. An inclusive culture score
of 90% in our recent survey indicates we
are delivering on these objectives.
Our refreshed Inclusion and Diversity
policy, which sets goals across gender,
ethnicity and age, guides our behaviour
and helps ensure we are a representative
and inclusive workplace.
Page 113 of this report includes more
detail of our workforce demographics
and our targets for 2030.
Flexible and progressive employment
policies are one of the ways we help
reduce bias. These policies have
encouraged a more permanent shift in
work practices over the last few years,
with 49% of our people working flexible
hours and 88% choosing to work
remotely at least one day a week.
Approximately 7% of our people have
also been supported with formal part-
time working arrangements.
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Workplace wellbeing
Goodman's brand values guide how we
interact with each other, represent our
business, and engage with stakeholders.
An employee retention rate of 94% over
the last year, and an engagement score
of 88% in an internal survey in March
2023 show we have created a positive
and supportive work environment for
our people.
We take a holistic approach to wellbeing
with a range of initiatives focused on
health and happiness.
Our partnership with Groov has
continued to support the mental health
of our people over the last 12 months.
Dr Fiona Crichton has delivered
foundation sessions, to build knowledge
and help identify the small actions
that individuals and teams can take to
improve their wellbeing.
Annual flu vaccinations, COVID-19 testing
kits and skin cancer checks are other
health services offered to our people.
We also hosted and promoted social and
cultural events, sporting and recreational
opportunities, and a financial wellbeing
session from Benestar (our EAP provider)
over the last 12 months.
Developing our people
It is important to Goodman that we
recruit, engage, develop and retain the
best people. This focus starts with a brief
to agency partners that ensures they
are representing Goodman’s values and
supporting us to attract diverse talent.
We look for people who will challenge
our thinking, drive change and develop
new ideas that contribute to sustainable
business outcomes.
We empower our managers and provide
the tools and processes to help our
people reach their potential. Formal
induction programmes, regular reviews,
career development plans and training
objectives provide the pathways that
enable our people to thrive.
Training can be online or through more
structured learning, with study grants
and leave available for technical or
tertiary courses.
A unique long-term incentive plan helps
retain talent. It gives all our people a
material stake in the business, aligning their
interests with those of our stakeholders.
To encourage wider participation in our
industry we provide an annual scholarship
for a University of Auckland property
student and support the Keystone Trust
through the Goodman Foundation.
1. Goodman team members volunteering at KiwiHarvest, India Glen, Office Manager,
Chloe Kearns, Project Administrator, Neeral Raniga, Assistant Property Accountant
and Teigan Sutton, Digital Marketing Co-ordinator.
2. Duncan Johnston, Development Analyst, celebrating Chinese New Year with
Goodman colleagues.
3. Events celebrating our LGBTTQIA+ community and educating our people on the
meaning and history of Pride Month were hosted in February.
4. The Goodman touch team were runners up at the fundraising tournament for
Keystone Trust.
1
2
3
4
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SUSTAINABILITY REPORT
Our framework
YEAR IN REVIEW

Executives
3
Mandy Waldin
Marketing Director
7
Anton Shead
General Counsel and Company Secretary
5
Andy Eakin
Chief Financial Officer
1
Michael Gimblett
General Manager – Development
6
James Spence
Chief Executive Officer
2
Evan Sanders
General Manager – Property Services
4
Kimberley Richards
Director – Investment Management
and Capital Transactions
8
Sophie Bowden
Human Resources Business Partner
9
Jonathan Simpson
Head of Corporate Affairs
FROM LEFT TO RIGHT:
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CORPORATE
PERFORMANCE
KEY TARGETSACTIVITYS TAT U S
Retain investment grade
credit rating of BBB
Portfolio occupancy of 99.5%
Sustainable financial metrics with gearing of 25.9%
Distribution reflecting a prudent payout ratio of 83.1% of cash earnings
PROGRESS ON TARGET
External certificationAn improved CDP climate score of A-
Toitū carbonzero certified
1
since FY21
Sustainable Finance Framework facilitating the $150 million Green Bond
issue and establishment of new $300 million Green Loan facilities
Governance and
disclosure
Corporate Social Responsibility committee, reporting regularly to the Board
Continued alignment with the NZX Corporate Governance Code
GRI reporting framework
Climate related
disclosures
Contributed to the development of property sector climate change scenarios
for use by GMT and other Climate Reporting Entities
Comprehensive assessment of climate related risks being completed by
external consultant
GMT’s first disclosures under the new Aotearoa New Zealand Climate
Standards to be completed in FY24
Community supportAlmost $0.5 million distributed through the Goodman Foundation
Additional financial support provided to community partners to assist
with disaster relief
Over 300 volunteering hours completed
1
Certification 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.
The material factors critical to the success of our business include:
+Sustainable structure,
operations, and results
+ESG reporting and
stakeholder engagement
+Responsible and environmentally
sensitive investment
These factors are reflected in the specific targets we have adopted in the following table.
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SUSTAINABILITY REPORT
Our framework
YEAR IN REVIEW

Environmental, social
and governance
Engagement with our stakeholders on
environmental, social and governance
matters is a priority for our business.
Transparent and robust governance
structures provide stakeholders
with confidence in our reporting,
and the regularity and variety of our
communications ensures our performance
on these matters is accessible.
The Board of Goodman (NZ) Limited is
committed to delivering GMT’s business
strategy sustainably. It includes a risk
management framework that considers
non-financial issues, such as the impact
of climate change, alongside financial,
strategic, operational and compliance
risks.
A dedicated Corporate Social
Responsibility Committee oversees
the implementation of our sustainability
programme. Regular Board reporting
includes performance updates against our
short and medium-term targets.
The corporate governance section on
page 111 compares our governance
practices against the principles and
recommendations of the NZX Corporate
Governance Code. The full suite of
governance documents is available
online: https://nz.goodman.com/about-
goodman/corporate-governance.
Johnson Corner, a serviced office provider at Highbrook Business Park.
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Financial stability
Financial stability is foundational to
any sustainable business.
Maintaining high occupancy and customer
retention levels is key to achieving
resilience within our portfolio. The strength
of our customers underwrites GMT’s
financial performance, providing the
strong rental cashflows that underpin
earnings growth and returns to investors.
Low gearing and significant liquidity
bolster the resilience of our business,
while creating the capacity to invest in
new opportunities as and when they arise.
GMT’s Sustainable Finance Framework
enables the business to issue new bonds
and establish loans to support the
delivery of sustainable property solutions
for our customers.
Benchmarking
As a business we are focused on
continuous improvement and best
practice, and as a part of this we
undertake regular benchmarking against
respected international standards.
As part of our commitment to reducing our
carbon footprint, GMT has participated in
the annual CDP survey since 2006. The
global initiative encourages participants to
measure their greenhouse gas emissions,
manage their climate change impacts and
reduce carbon pollution.
Investment grade
credit rating
Our financial strength is
reflected in our credit rating.
GMT’s approach to gearing,
capital management,
operations and investments
contribute to S&P Global
Ratings maintaining their credit
rating of BBB for the business.
As a result of the mortgage
security held over GMT’s
property portfolio, the Trust’s
debt issuances are rated one
notch higher at BBB+.
Both ratings have remained
stable since first assigned
in 2009.
The implementation of emission
management and reduction strategies as
part of our Toitū carbonzero certification
has contributed to an improved CDP
result in 2022 with a climate score of
A-, compared to B in 2021 and B- in
2020. This was the equal highest rating
achieved by a New Zealand organisation
in 2022. We also maintained our supplier
engagement score of A-.
There were 30 local businesses that
submitted data, with CDP evaluating over
18,700 organisations worldwide. Further
information about the rating process can
be found at www.CDP.net.
S&P Global Ratings
BBB
Trusts’ debt
issuances rating
BBB+
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36
SUSTAINABILITY REPORT
Our framework
YEAR IN REVIEW

Reporting
As a leading NZX investment entity, we
have the responsibility to provide timely,
balanced and readily available information.
We engage with the investment community
on a regular basis, through various
communication channels, including formal
reporting, market announcements and
briefings, newsletters and more directly
through open days, presentations, and
meetings.
For our sustainability reporting we have
adopted the GRI framework. The index
on page 44 allows stakeholders to readily
access and review key information
regarding our sustainability programme,
ensuring both transparency and
accountability.
We are active industry participants and
have worked collectively with others
during the year to agree three climate
change scenarios for the New Zealand
construction and property sector.
An external consultant has also been
engaged to undertake an assessment of
the Trust’s assets under each of these
scenarios. From FY24, these impacts will
be disclosed in accordance with Aotearoa
New Zealand Climate Standard 1
(NZ C S1).
Our corporate memberships and
partnerships include Australasian
Investor Relations Association,
Diversity Works, Global Women,
Greater East Tāmaki Business
Association, NZ Green Building
Council, New Zealand Shareholders’
Association and Property Council
of New Zealand.
Community spirited
Engagement with our communities
and broader stakeholders is integral to
the fabric of GMT. Building meaningful
connections and fostering positive
relationships with the community
gives us the social licence to operate.
One of the most important
stakeholder relationships we have is
with tangata whenua. We continue
to work alongside local iwi in our
investment and social initiatives to
ensure we acknowledge and honour
our heritage while striving for an
equitable future.
We support other stakeholders
through the Goodman Foundation,
which invests in programmes that
aim to improve the standard of living,
health and the quality of life of the
most vulnerable in our communities.
One of the most important stakeholder relationships
we have is with tangata whenua. We continue to
work alongside local iwi in our investment and social
initiatives to ensure we acknowledge and honour our
heritage while striving for an equitable future.
Blessing ceremony, North Point development, Highbrook Business Park.
Te Ākitai Waiohua and Ngāti Tamaoho iwi led representatives from Goodman and Fackelmann
(customer) along the esplanade reserve to the centre of the site for karakia and waiata.
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Goodman
Foundation
The Goodman Foundation is an initiative of the Manager
that brings people and resources together to address
disadvantage in our communities. By partnering with
like-minded organisations and funding projects with
clearly defined timelines and outcomes, we’re making
a tangible and sustainable difference to people’s lives.
How we help
We focus on providing support where
it’s needed most in the areas of children
and youth, community and community
health, food rescue and the environment.
Responding to the immediate needs
of our communities through the recent
extreme weather events made disaster
relief another significant part of our
programme this year.
Our support is offered in four different ways:
+ Cash grants
Funding for projects with defined
outcomes (usually over one to three
years) that enable our partners
to achieve scale, making a more
tangible impact.
+ Give back
Workplace giving schemes that
match payroll contributions and other
donations from Goodman people.
It includes a select group of charities
with close connections to our team.
+ Do good
Goodman people fundraising or
volunteering for charities. Around
$5,000 was raised over the last
12 months with over 300 volunteering
hours also completed.
+ In-kind
Donations of our expertise, space,
office furniture, computers and other
critical items that provide our partners
with the tools they need to succeed.
Community fun run at Highbrook Park, organised and hosted by the local Rotary Club.
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SUSTAINABILITY REPORT
Goodman Foundation
YEAR IN REVIEW

The Goodman Foundation
has been supporting
New Zealand communities
for well over 10 years.
During this time the charitable
organisation has provided over $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
the Auckland Anniversary floods and
Cyclone Gabrielle.
The financial support will allow these
organisations to extend their services,
helping with the immediate need and
ongoing recovery of the affected
communities.
Goodman team members are also
contributing directly with individual
donations being matched by the
Goodman Foundation.
The Red Cross were recipients of additional Goodman Foundation funding to assist with disaster relief
following extreme weather events in early 2023.
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KiwiHarvest
As New Zealand’s leading food rescue
organisation, KiwiHarvest is on track to
double the volume of food it collects and
redistributes by 2025.
With local services operating in Auckland,
Dunedin, Queenstown and Invercargill,
KiwiHarvest collects nutritious but
perishable food destined for landfill and
redistributes it to those in need through
foodbanks and other community agencies.
In a year when fruit and vegetables prices
increased 23%, making them unattainable
to our most vulnerable, KiwiHarvest
redistributed a record 2.0 million kgs of
food. Around 12% more than previous
year and equivalent to over 5.74 million
meals, it included surplus produce, protein,
mislabelled goods, cleaning products and
grocery items approaching expiry.
Responding to the acute need in
our communities in early 2023, the
organisation acted quickly, with essential
deliveries of food, hygiene, and cleaning
supplies to the storm damaged and
isolated areas of Northland, West
Auckland, and Hawke’s Bay.
A founding partner, the Goodman
Foundation has been a supporter of
KiwiHarvest since 2015. This support
includes regular volunteering, with
Goodman people encouraged to help
in the warehouse, processing and
packing produce and other food items
for distribution.
https://www.kiwiharvest.org.nz/
Jason Gillard, Architectural Modelmaker for Goodman and regular volunteer for KiwiHarvest,
working as a driver’s assistant on a weekly basis, standing alongside Rebecca Hyde-Hills.
Charity organisations in the food
rescue and environment space reduce
waste and support those in need by
redistributing fresh food or useful
items that would otherwise go to landfill.
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SUSTAINABILITY REPORT
Goodman Foundation
YEAR IN REVIEW

For people who often feel disconnected
from their community, the service offers
a chance to refresh, while also making a
human connection with the volunteers
that support the initiative.
The Goodman Foundation has sponsored
Orange Sky since 2021 and has
increased its contribution this year to
help meet the additional demands on the
organisation’s recovery support role in
the aftermath of the Auckland Anniversary
floods and Cyclone Gabrielle.
https://orangesky.org.nz/
Orange Sky
Orange Sky offers a unique service that
supports those in our community dealing
with homelessness. The charity provides
mobile laundry and shower services in a
safe and positive environment for some
of the 41,000 Kiwis struggling without a
permanent home.
With five custom vehicles, Orange Sky
provides services in Auckland, Hamilton,
Wellington and Christchurch.
Orange Sky operate five mobile laundry and shower vehicles throughout the country.
Ongoing support
Through the Foundation’s give
back initiative, other fundraising
and discretionary grants, financial
support was provided to the following
organisations and events over the last
12 months:
+ 4U Mentoring
+ Ronald McDonald House
+ Starship Foundation
+ Womens Refuge
+ IDFNZ The Kids Foundation
+ The Key to Life Charitable Trust
+ Circus Quirkus
+ Special Children’s Christmas Party
+ Maranga – Rise Up
We work with charity organisations
that support efforts to create a more
inclusive and equitable society.
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ABOVE: Luisa Togotogorua recipient of Goodman's Tania Dalton scholarship. (Image source: fijisun.com.fj)
Duffy Books in Homes
Duffy Books in Homes is a literacy
programme aimed at breaking the cycle
of booklessness in our communities.
The nationwide reading initiative was
established in 1994 by author Alan Duff.
Duff recognised that children who can’t
read face a lifetime of disadvantage and
created a programme to encourage
reading at home by gifting books.
Over 100,000 Kiwi kids now benefit from
five free books every year, with more than
14 million books being distributed since the
programme began almost 30 years ago.
There are 700 schools and early
childhood centres participating, with the
Goodman Foundation a Duffy sponsor of
three South Auckland primary schools.
The three schools have a combined roll of
around 1,300 students, they include:
+ Fairburn School, Ōtāhuhu
+ Sir Edmund Hillary Junior School,
Ōtara
+ Wiri Central School, Wiri
www.booksinhomes.org.nz
Kotahi Rau Pukapuka Trust
Established in October 2019, Kotahi Rau
Pukapuka Trust is promoting the use of
te reo Māori through the publication of a
series of original stories and translations
of other great books.
The goal is to produce one hundred books
in te reo Māori, growing a love for the
language.
The Kotahi Rau Pukapuka kaupapa is
founded on the belief that quality literature
in te reo Māori is a critical support for
whānau and communities engaged in
language revitalisation. The initiative is also
expected to feed the literary appetites
of Māori language speakers and help to
nurture generations of future Māori writers.
www.kotahiraupukapuka.org.nz
Tania Dalton Foundation
The Tania Dalton Foundation (TDF) helps
gifted young New Zealanders unlock
their sporting talent and become their
best selves. TDF awards 12 scholarships
a year and provides mentoring support
and personal development opportunities
to the recipients over the course of the
three-year programme.
A wider goal of the TDF is to engage with
thousands of young people across the
country through a range of initiatives,
all aimed at making a positive and
measurable impact on their lives.
The Goodman Foundation is a scholarship
partner, providing financial support that
helps a talented young person pursue
their sporting ambitions.
Luisa Togotogorua is the current
Goodman Foundation funded scholarship
recipient. In the final year of the
scholarship programme the former
Howick College student continues to
pursue her professional rugby ambitions
while working full time.
www.taniadaltonfoundation.org.nz
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SUSTAINABILITY REPORT
Goodman Foundation
YEAR IN REVIEW

43
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
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43
Keystone Trust
The Keystone Trust is focused on
promoting opportunities and lifting
the participation of young people in
the New Zealand property industry.
A Keystone Trust scholarship recipient,
Alex graduated from Unitec Institute
of Technology three years ago with
a Bachelor of Construction degree.
She was an outstanding scholar, being
awarded the top overall student in
her final year of study and nominated
to represent her university at the
ArchEngBuild Challenge in 2020.
There were 12 Keystone Trust
scholarships awarded in 2022
(first year students), lifting the
current number of students on
the programme to over 50.
www.keystonetrust.org.nz
Alex Matthews, Project Manager
Alex joined the Goodman team as a
Project Manager in 2022. Her role
includes the management and oversight
of a wide range of building projects,
working with consultants, contractors,
and customers to deliver high-quality
property solutions.

General disclosures
Disclosure titleGRILocation or reference
Organisational details2-1Pages 58, 125
Entities included in the organisation’s sustainability reporting2-2Page 29
Reporting period, frequency and contact point2-31 April 2022 to 31 March 2023 (published 18 May 2023)
Annual
info-nz@goodman.com
Restatements of information 2-4None
External assurance2-5None
Activities, value chain and other business relationships2-6https://nz.goodman.com/who-we-are/about-us
Pages 16 – 20, 80 – 82
Employees2-7Pages 31, 113
Workers who are not employees2-8All staff are employees on individual contracts
Governance structure and composition2-9Pages 33, 111 – 114, 121
Nomination and selection of the highest governance body2-10P a g e 114
Trust Deed, Pages 91 – 93: https://nz.goodman.com/-/media/files/sites/
new-zealand/about-us/corporate-governance/corporate-governance-
may-2020/trust-deed-including-supplemental-trust-deed.pdf
Chair of the highest governance body2-11Pa ge 121
Role of the highest governance body in overseeing the management of impacts2-12Page 22 - 37
Delegation of responsibility for managing impacts2-13A dedicated Corporate Social Responsibility Committee oversees
the implementation of our sustainability programme
Role of the highest governance body in sustainability reporting2-14Pages 25, 35
Conflicts of interest 2-15 Pages 112, 115, 120
Communication of critical concerns2-16Regular Board reporting from the Corporate Social Responsibility,
and Health and Safety committees
Collective knowledge of the highest governance body2 -17Pages 26 – 29
Evaluation of the performance of the highest governance body2-18Pages 26, 30, 34, 112, 114
Renumeration policies2-19Pages 114 – 117
Process to determine remuneration2-20Pages 114 – 117
Annual total compensation ratio2-21P a g e 117
Statement on sustainable development strategy2-22Page 8
Policy commitments2-23Pages 34 – 37, 112, 115
Goodman’s risk management process uses the precautionary principle
to assess potential impacts across a range of ESG criteria
Embedding policy commitments2-24Pages 30 – 32
Processes to remediate negative impacts2-25Pages 26 – 29
Mechanisms for seeking advice and raising concerns2-26Ethical Concerns (Whistleblower) Policy: https://prod.goodman.
com/-/media/files/sites/global/who-we-are/corporate-governance/
policies-2022/september-2022/ethical-concerns.pdf
Compliance with laws and regulations2-27No non-compliance
Membership associations2-28Pa ge 37
Approach to stakeholder engagement2-29Pages 25, 34 – 37
Collective bargaining agreements 2-30No collective agreements, individual employment contracts
GRI
INDEX
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OUR ASSETSOTHER INFORMATION
44
SUSTAINABILITY REPORT
GRI Index
FINANCIAL RESULTSYEAR IN REVIEW
Goodman has chosen to
prepare its 2023 Annual
Report in accordance
with the Global Reporting
Initiative (GRI) Universal
Standards.
The GRI Standards are the world’s
most widely used sustainability
reporting standard.
The GRI INDEX shows where in this
report information can be found about
the indicators that are relevant to our
business operations.

Topic specific disclosures
Disclosure titleGRILocation or reference
Material Topics
Process to determine material topics3 -1Pa ge 25
List of material topics3-2Pa ge 25
Energy
Disclosure on management approach3-3Pages 26 – 29, 2023 Greenhouse Gas Emissions Inventory and Management Report
Energy intensity302-3Page 29, FY23 2023 Greenhouse Gas Emissions Inventory and Management Report
Emissions
Disclosure on management approach3-3Pages 26 – 29, 2023 Greenhouse Gas Emissions Inventory and Management Report
GHG emissions intensity305-4Page 29, FY23 2023 Greenhouse Gas Emissions Inventory and Management Report
Occupational health & safety
Disclosure on management approach3-3Pages 30 – 31, 117 – 118
Work related injuries403-9Pa g e 31
Diversity and equal opportunity
Disclosure on management approach3-3Pages 30 – 32, 113
Diversity of governance bodies and employees4 0 5 -1Pa g e 113
Sustainable design and management – non GRI
Disclosure on management approach3-3Pages 8 – 9, 26 – 29
Customer attraction and retention – non GRI
Disclosure on management approach3-3Pages 1, 18 – 20, 26 – 27
Flexible and adaptable properties – non GRI
Disclosure on management approach3-3Pages 17, 26
Social equity – non GRI
Disclosure on management approach3-3Pages 30, 38 – 43
Sustainable structure, operations and results – non GRI
Disclosure on management approach3-3Pages 34 – 37
Responsible and environmentally sensitive investment – non GRI
Disclosure on management approach3-3Pages 34 – 37, 117 – 118
ESG reporting and stakeholder engagement – non GRI
Disclosure on management approach3-3Pages 36 – 38, 118
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High occupancy levels and sustained customer
demand have contributed to strong operating results
and new development commitments for the Trust.

FINANCIAL
R E S U LT S
OverviewFY23FY22% change
(Loss)/profit before tax ($m) (126.0) 76 3.8(116.5)
(Loss)/profit after tax ($m)(135.4)74 8 .6(118.1)
Movement in fair value of investment property ($m)(237.7)660.4(136.0)
Operating earnings before tax ($m)
1
126.5118.36.9
Operating earnings after tax ($m)
2
111.199.311.9
Operating earnings per unit before tax (cpu)
2
9.018.476.4
Operating earnings per unit after tax (cpu)
2
7. 9 27. 1 111.4
Cash earnings per unit (cpu)
3
7. 1 06.666.6
Cash distribution per unit (cpu)5.905.507. 3
Loan to value ratio (%)
4
25.921.325.6
Net tangible assets (cpu) 245.2260.6 (5.9)
Management expense ratio (%) 0.430.84(48.8)
Management expense ratio
– excluding performance fee (%) 0.430.46(6.5)
Non-GAAP financial measures may not be calculated in a manner consistent with other entities.
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 of operating earnings before other income/(expenses)
and tax is set out in GMT’s Profit or Loss statement.
2
Refer to note 3.1 of GMT’s Financial Statements for the calculation.
3
Cash earnings is a non-GAAP financial measure that assesses underlying operating cashflows, on a per unit
basis, after adjusting for borrowing costs and Manager’s base fee capitalised to land, expenditure related to
building maintenance, and to reverse straight line rental adjustments.
4
Loan to value ratio is a non-GAAP financial measure that assess GMT’s level of gearing. Refer to note 2.6
of GMT’s Financial Statements for the calculation.
While the operating
performance of the Trust
has been extremely
pleasing, a 4.7% reduction
in the fair value of its
property assets has
contributed to a statutory
loss of $135.4 million
after tax.
Financial overview
After more than five years of sustained
growth in property values, rising
interest rates have impacted real estate
investment yields. The valuation effect of
a 100-bps softening in GMT’s average
portfolio capitalisation rate (to 5.2%) has
been significantly reduced by positive
leasing results and strong rental growth
over the last 12 months.
Independent valuations at 31 March 2023
resulted in $237.7 million of fair value
losses, compared to $660.4 million of
fair value gains in FY22. The fair value
losses contribute to a 5.9% reduction in
net tangible asset backing, to 245.2 cents
per unit (on a fully diluted basis).
Adjusting for these fair value movements
and other cash and non-cash items
provides the reconciliation with operating
earnings.
Operating performance
High occupancy levels and sustained
customer demand have contributed
to strong operating results and new
development commitments for the Trust.
Net property income was up 12.7% for the
year to $177.0 million, supported by new
leasing, continued strong rental growth
and the completion of four development
projects. The purchase of the Sleepyhead
manufacturing facility in Ōtāhuhu during
the year ($49.4 million) also contributed to
the revenue growth.
Total expenses of $50.5 million were
30.2% higher than last year, driven
primarily by an increase in net interest
costs. Rising interest rates were reflected
in a weighted average cost of debt of
4.0%, 80-bps higher than the 3.2%
recorded in FY22. A 44.9% increase in
GMT’s average debt balance on the prior
year, as a result of new investment and
development initiatives, also contributed
to the increase in net interest costs.
Additional deductions associated with
new leasing and the redevelopment of
brownfield sites lowered GMT’s effective
tax rate to 12.2% (16.1% FY22). As a
result, the 11.9% increase in operating
earnings after tax (to $111.1 million) was
greater than the pre-tax increase of 6.9%.
On a weighted average unit basis, operating
earnings were 9.01 cents per unit before
tax and 7.92 cents per unit after tax.
FY23 summary
OPPOSITE: NZ Post, Highbrook Business Park.
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YEAR IN REVIEWOUR ASSETSSUSTAINABILITY REPORTFINANCIAL RESULTS
FY23 summary
OTHER INFORMATION

$ millionFY23FY22F Y21
Operating earnings before tax126.5118.3114.9
Income tax on operating earnings(15.4)(19.0)(19.5)
Operating earnings after tax
5
111.199.395.4
Straight line rent adjustments(2.8)(0.3)( 1 .7 )
Capitalised borrowing costs – land
6
(4.1)(1.6)(2.3)
Capitalised management fees – land(0.4)(0.2)(0.2)
Maintenance capex(4.2)(4.1)(3.8)
Cash earnings99.693.18 7. 4
Cash earnings (cpu)7. 1 06.666.28
Distributions per unit (cpu)5.905.505.30
Distributions % of cash earnings83.182.684.4
5
Refer to note 3.1 of GMT’s Financial Statements.
6
Refer to note 2.1 of GMT’s Financial Statements.
Cash earnings and distributions
Cash earnings is our preferred measure
of underlying operating performance.
It is a non-GAAP measure that assesses
free cash flow, on a per unit basis, after
adjusting for certain items.
The table alongside presents the Trust’s
cash earnings calculation for the last
three years. It demonstrates a track
record of consistently strong growth.
Cash earnings of 7.1 cpu was 0.2 cpu
higher than market guidance (6.9 cpu)
and 6.6% higher than the 6.66 cpu
achieved in FY22. Cash distributions of
5.9 cpu reflect a payout ratio of 83.1%
and represent a 7.3% increase on the
5.5 cpu paid previously.
Guidance for FY24 is for a further 4%
increase in cash earnings to around
7.4 cpu, with a 5% increase in cash
distributions to approximately 6.2 cpu.
The Tāwharau Lane development at Highbrook Business Park included three standalone facilities leased to pH7, Garmin and Chemist Warehouse.
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FINANCIAL RESULTS
FY23 summary
YEAR IN REVIEW

Balance sheet
Prudent capital management has always
supported GMT’s investment strategy.
A well-capitalised balance sheet has
enabled the Trust to grow sustainably,
taking advantage of new acquisition and
development opportunities as they arise.
New treasury initiatives in FY23 have
added diversity and flexibility to the
Trust’s debt book.
The inaugural $150 million Green Bond
issue and establishment of $300 million
of Green Loan facilities were the most
significant of these initiatives, aligning new
funding with sustainable development.
With $739 million of available liquidity
at 31 March 2023, GMT’s debt facilities
now include bank borrowings, listed retail
bonds, listed green bonds, wholesale
bonds and US Private Placement debt
notes.
A loan to value ratio of 25.9% and
committed gearing of 29.1% is well
below the 50% maximum allowed under
GMT’s Trust Deed and debt facility
covenants. It is a conservative setting
that provides operational flexibility and
substantial balance sheet resilience
should investment markets deteriorate.
GMT Bond Issuer Limited
GMT Bond Issuer Limited received
$28.8 million of interest income (FY22
$20.6 million) and incurred $28.8 million
of interest expense (FY22 $20.6 million).
The increase on the previous year reflects
the full year impact of the $200 million
Wholesale Bond issue in December 2021
and GMT’s inaugural $150 million Green
Bond issue in April 2022. The five-year
Green Bonds (GMB060) were issued
under the Trust’s Sustainable Finance
Framework. The coupon rate of 4.74%,
represented a competitive interest
margin of 1.10% per annum over the
corresponding base rate.
The GMB030 bonds matured on 23 June
2022.
S&P Global Ratings has maintained the
credit rating of all bonds issued by GMT
Bond Issuer Limited at BBB+. This is one
notch higher than the Trust’s investment
grade issuer rating of BBB due to the
mortgage security held over GMT’s
property portfolio.
No dividends or distributions have been
paid by GMT Bond Issuer Limited.
GMT's $4.8 billion portfolio provides over 1 million sqm of warehouse and logistics space.
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
49

GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
OUR ASSETSSUSTAINABILITY REPORTOTHER INFORMATION
50
FINANCIAL RESULTS
Five year results
YEAR IN REVIEW
Five year results
$ millionFY23FY22F Y21FY20F Y19
Net property income17 7. 01 5 7. 1153.014 5.3126.8
Share of operating earnings before tax from joint ventures––––2.1
Net interest costs(29.5)(19.7)(22.3)(21.9)(16.0)
Administrative expenses(3.4)(3.2)(3.0)(2.6)( 2 .7 )
Manager’s base fee( 17. 6 )(15.9)(12.8)(11.1)–
Operating earnings before other income/(expenses) and income tax126.5118.3114.910 9.7110.2
Movement in fair value of investment property( 2 3 7.7 )660.4560.0165.8201.9
Disposal of investment property–––0.3–
Profit on disposal of joint venture––––35.1
Dividend income from joint venture––––2.1
Share of other (expenses)/income and tax from joint ventures––––(0.5)
Movement in fair value of financial instruments(14.8)0.8 (12.3)20.03.2
Manager’s base fee reinvested in units––––(8.6)
Manager’s performance fee expected to be reinvested in units–( 1 5 .7 )(13.7)(11.4)(8.6)
(Loss)/profit before tax(126.0)763.8648.9284.4334.8
Current tax(15.4)(14.6)(13.7)(15.1)(16.2)
Deferred tax6.0(0.6)(3.5)( 7. 4 )0.9
(Loss)/profit after tax attributable to unitholders(135.4)74 8 .66 31 .7261.9319.5
Operating earnings before tax per unit (cpu)9.018.478.268.169.0 4
Operating earnings after tax per unit (cpu)7. 9 27. 1 16.866 .7 37. 6 8
Cash earnings per unit (cpu)7. 1 06.666.286.226.24
Cash distribution per unit (cpu)5.90
5.505.306.656.65
Balance sheet
Investment property4 ,7 91. 2 4 ,7 73. 23 ,78 9. 33,0 74 .02,633.4
Total assets4,853.94,814.33,831.53,168.42 ,72 0 .5
Borrowings for LVR calculation1,221.51,0 01.2716.0569.9519.0
Total liabilities1,413.21,156.9862.376 6.36 74 .3
Total equity3 , 4 4 0 .73 , 6 5 7. 42,969.22,402.12,046.2
Loan to value ratio (%)25.921.319.218.91 9 .7
NTA per unit (cpu)245.2260.6212.517 2 .71 5 7. 0
Unit price at 31 March (cpu)214.0236.0226.0214.5173 . 0
Property portfolio
7, 8
Net lettable area
9
(sqm)1 , 0 7 7, 4 7 31,071,0 0 41 , 0 9 7, 6 9 81,059,2631, 0 0 4 ,7 9 4
Weighted average capitalisation rate (%)5.24.24 .75.45.8
Investment portfolio occupancy (%)9999989998
Weighted average lease term (years)
10
6.46.35.55.55.2
Customers23522621320617 9
7
Property portfolio metrics
includes GMT’s joint venture
interests where applicable.
8
After all contracted sales,
including post balance date
transactions.
9
Net of canopies and yard.
10
Includes leased developments.

GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
GMT BOND ISSUER LIMITED ANNUAL REPORT 2023
51
FY9
FY20
FY2
FY22
FY23
(LOSS)/PROFIT AFTER TAX
$ million
(135.4)
74 8 . 6
63.7
26.9
39.5
FY9
FY20
FY2
FY22
FY23
OPERATING EARNINGS BEFORE TAX
$ million
26.5
8.3
4.9
09.7
0.2
FY9
FY20
FY2
FY22
FY23
NET PROPERTY INCOME
$ million
77.0
5 7.
53.0
45.3
26.8
FY9
FY20
FY2
FY22
FY23
TOTAL ASSETS
$ million
4,853.9
4,84.3
3,83.5
3,68.4
2,720.5
FY9
FY20
FY2
FY22
FY23
LOAN TO VALUE RATIO
%
25.9
2.3
9.2
8.9
9.7
FY9
FY20
FY2
FY22
FY23
EQUITY
$ million
3,440.7
3,657.4
2,969.2
2,402.
2,046.2
FY9
FY20
FY2
FY22
FY23
CASH EARNINGS
cents per unit (cpu)
7.0
6.66
6.28
6.22
6.24
FY9
FY20
FY2
FY22
FY23
NET TANGIBLE ASSETS
cents per unit (cpu)
245.2
260.6
22.5
72.7
5 7. 0
Five year results (continued)

Esplanade reserves adjoining Highbrook Business Park.
GOODMAN PROPERTY TRUST

ANNUAL REPORT ā3ā1
OUR ASSETSSUSTAINABILITY REPORTOTHER INFORMATION
52
FINANCIAL RESULTSYEAR IN REVIEW

Goodman Property Trust
FINANCIAL
STATEMENTS
For the year ended 31 March 2023
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
53
CONTENTS
Profit or loss 54
Balance sheet 55
Cash flows 56
Changes in equity 57
General information 58
Notes to the financial statements
1. Investment property 60
2. Borrowings 67
3. Earnings per unit and
net tangible assets 72
4. Derivative financial instruments 74
5. Administrative expenses 76
6. Debtors and other assets 77
7. Creditors and other liabilities 77
8. Tax 78
9. Related party disclosures 80
10. Commitments and contingencies 83
1 1. Reconciliation of (loss)/profit
after tax to net cash flows
from operating activities 83
12. Financial risk management 84
13. Operating segments 86
Independent auditor’s report 87
The Board of Goodman (NZ) Limited, the Manager of Goodman Property Trust,
authorised these financial statements for issue on 17 May 2023. For and on
behalf of the Board:

Keith Smith Laurissa Cooney
Chair Chair, Audit Committee

$ millionNote20232022
Property income1.1213.81 8 7. 8
Property expenses(36.8)( 3 0 .7 )
Net property income17 7. 01 5 7. 1
Interest cost2.1(29.8)(20.0)
Interest income2.10.30.3
Net interest cost(29.5)(19.7)
Administrative expenses5(3.4)(3.2)
Manager’s base fee9( 17. 6 )(15.9)
Operating earnings before other income/(expenses) and tax126.5118.3
Other income/(expenses)
Movement in fair value of investment property1.5( 2 3 7.7 )660.4
Movement in fair value of financial instruments4.1(14.8)0.8
Manager’s performance fee expected to be reinvested in units9–( 1 5 .7 )
(Loss)/profit before tax(126.0)763.8
Ta x
Current tax on operating earnings8.1(15.4)(19.0)
Current tax on non-operating earnings8.1–4.4
Deferred tax8.16.0(0.6)
Total tax(9.4)(15.2)
(Loss)/profit after tax attributable to unitholders(135.4)74 8 .6
There are no items of other comprehensive income, therefore (loss)/profit after tax attributable to unitholders equals total comprehensive (loss)/income attributable to unitholders.
CentsNote2023202 2
Basic and diluted earnings per unit after tax3.1(9.65)53.57
Profit or loss
For the year ended 31 March 2023
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
54

$ millionNote20232022
Non-current assets
Investment property1.34 ,7 91. 24 ,7 73. 2
Other assets2.81.1
Derivative financial instruments4.242.930.4
Total non-current assets4,836.94,804.7
Current assets
Debtors and other assets610.45.5
Derivative financial instruments4.2–0.5
Cash6.63.6
Total current assets17. 09.6
Total assets4,853.94,814.3
Non-current liabilities
Borrowings2.21,159.19 17. 1
Lease liabilities2.562.66 2 .7
Derivative financial instruments4.210.12.5
Deferred tax liabilities8.230.036.0
Total non-current liabilities1,261.81,018.3
Current liabilities
Borrowings2.210 0.010 0.0
Creditors and other liabilities74 5.132.8
Lease liabilities2.53.33.3
Derivative financial instruments4.20.5–
Current tax payable2.52.5
Total current liabilities151.4138.6
Total liabilities1,413.21,156.9
Net assets3 , 4 4 0 .73 , 6 5 7. 4
Total equity3 , 4 4 0 .73 , 6 5 7. 4
Balance sheet
As at 31 March 2023
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
55

$ millionNote20232022
Cash flows from operating activities
Property income received212.4194.5
Property expenses paid( 4 0 .7 )( 3 7. 4 )
Interest income received0.30.3
Interest costs paid on borrowings(24.2)(15.6)
Interest costs paid on lease liabilities(3.3)(3.3)
Administrative expenses paid(3.3)(3.1)
Manager’s base fee paid( 17. 6 )(15.8)
Manager’s performance fee paid( 1 5 .7 )(13.7)
Net GST paid(1.2)(1.0)
Tax paid(15.5)(14.1)
Net cash flows from operating activities1191.290.8
Cash flows from investing activities
Payments for the acquisition of investment properties(59.1)(245.4)
Proceeds from the sale of investment properties–4.6
Capital expenditure payments for investment properties( 1 6 7. 4 )(64.2)
Holding costs capitalised to investment properties(20.1)(8.8)
Net cash flows from investing activities(246.6)(313.8)
Cash flows from financing activities
Proceeds from borrowings1,114.0632.0
Repayments of borrowings(890.0)(346.0)
Proceeds from the issue of units1 5 .71 3 .7
Distributions paid to unitholders(81.3)( 76.1)
Net cash flows from financing activities158.4223.6
Net movement in cash3.00.6
Cash at the beginning of the year3.63.0
Cash at the end of the year6.63.6
Cash flows
For the year ended 31 March 2023
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
56

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 – earned9–1 5 .7–1 5 .7
Issue of units
Manager’s performance fee – settled96.11 3 .7(13.7)––
As at 31 March 20221 , 3 9 7. 31,630.115.72,011.63 , 6 5 7. 4
Loss after tax––(135.4)(135.4)
Distributions paid to unitholders5.80––(81.3)(81.3)
Issue of units
Manager’s performance fee – settled96.01 5 .7( 1 5 .7 )––
As at 31 March 20231,403.31,645.8–1,794.93 , 4 4 0 .7
There are no items of other comprehensive income to include within changes in equity, therefore (loss)/profit after tax equals total comprehensive (loss)/income.
Subsequent event
On 17 May 2023, a cash distribution of 1.475 cents per unit with 0.206422 cents per unit of imputation credits attached was declared. The record date for the distribution
is 25 May 2023 and payment will be made on 6 June 2023.
Changes in equity
For the year ended 31 March 2023
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
57

General information
For the year ended 31 March 2023
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 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.
Basis of preparation and measurement
The financial statements of the Group have been prepared in accordance with
the requirements of Part 7 of the FMCA and the NZX Main Board Listing Rules.
The financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”), comply with New Zealand
Equivalents to International Financial Reporting Standards (“NZ IFRS”), other
New Zealand accounting standards and authoritative notices that are applicable
to entities that apply NZ IFRS. The Group is a for-profit entity for the purposes of
complying with NZ GAAP. The financial statements also comply with International
Financial Reporting Standards (“IFRS”).
The financial statements have been prepared on the historical cost basis except
for assets and liabilities stated at fair value as disclosed.
The 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 group entities.
Significant estimates and judgements
Management is required to make judgements, estimates, and apply assumptions
that affect the amounts reported in the financial statements. These have been
based on historical experience and other factors Management believes to be
reasonable. Actual results may differ from these estimates and the difference may
be material. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which the
estimate is revised and in the future periods affected.
The significant judgements made in the preparation of these financial statements
are detailed in the following notes:
+ Investment property (note 1.4)
+ Derivative financial instruments (note 4.1)
+ Deferred tax (note 8.2)
Significant accounting policies
Units are classified as equity. If new units are issued in the year, any external costs
directly attributable to the issue are deducted from the proceeds received.
Distributions are recognised in equity in the period in which they are paid.
Other significant accounting policies are disclosed in the relevant notes.
Changes in accounting policy
The accounting policies and methods of computation used in the preparation
of these financial statements are consistent with those used in the financial
statements for the year ended 31 March 2022.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
58

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.
In December 2022, the XRB published the final climate-related disclosure
(CRD) framework for New Zealand, which will be effective for the Trust’s financial
year commencing 1 April 2023. The new standards are termed the Aotearoa
New Zealand Climate Standards.
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
59
Financial Statements of
Goodman Property Trust
General information — continued

Notes to the financial statements
For the year ended 31 March 2023
1. Investment property
Property income is earned from investment property leased to customers.
1.1. Property income
$ million20232022
Gross lease receipts191.917 2 . 3
Service charge income2 7. 223.0
Straight line rental adjustments2.80.3
Amortisation of capitalised lease incentives(8.1)( 7. 8 )
Property income213.81 8 7. 8
Accounting policies
Property income from investment property leased to customers under operating leases is recognised on a straight-line basis over the term of the lease to the extent
that future rental increases are known with certainty. Straight line rental adjustments are accounted for to achieve straight-line income recognition. Where lease
incentives are provided to customers, the cost of incentives is amortised over the lease term on a straight-line basis as a reduction to rental income.
Service charge income is recognised for the recoverable portion of customer’s property operating expenses incurred in the accounting period.
1.2. Future contracted gross lease receipts
Gross lease receipts that the Group has contracted to receive in future years are set out below. These leases cannot be cancelled by the customer.
$ million20232022
Year 1201.2181.1
Year 2200.017 5 .1
Year 3181.4154.3
Year 4158.3134.2
Year 514 0.4113.3
Year 6 and later6 7 7. 4608.9
Total future contracted gross lease receipts1 ,5 5 8 .71,366.9
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 2023
60

1. Investment property (continued)
1.3. Total investment property
This table details the total investment property value.
$ million20232022
Core
Highbrook Business Park, East Tāmaki2,226.32,283.3
Savill Link, Ōtāhuhu5 41.6566.4
M20 Business Park, Manukau428.24 60.6
The Gate Industry Park, Penrose395.441 3 .7
Westney Industry Park, Māngere2 1 1 .7210.4
Total core3,803.23,934.4
Value-add513.6556.2
Total stabilised investment property4,316.84,490.6
Investment property under development474 . 4282.6
Total investment property4 ,7 91 . 24 ,7 73 . 2
Included within stabilised properties is a gross-up equivalent to lease liabilities of $65.9 million (31 March 2022: $66.0 million).
Included within investment property under development is $87.1 million of land (31 March 2022: $81.8 million) and $387.3 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.
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.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
61

1. Investment property (continued)
1.3. Total investment property (continued)
Significant transactions
In May 2022, GMT completed the acquisition of a value-add property in Ōtāhuhu, Auckland for $49.4 million.
In December 2022, following the satisfaction of a subdivision condition, GMT completed the final part of the acquisition of land at Māngere, Auckland for $10.0 million.
During the year ended 31 March 2023, three developments were completed and were independently valued at a total of $99.3 million.
1.4. Valuation of investment property
Key judgement
The carrying value of stabilised properties, substantially completed developments and land is the fair value of the property as determined by an expert independent valuer,
from a panel of valuation companies comprising Bayleys Valuations Limited, CBRE Limited, Colliers International New Zealand Limited, Jones Lang LaSalle Limited &
Savills (NZ) Limited, who are all members of the New Zealand Institute of Valuers.
Fair value reflects the Board’s assessment of highest and best use of each property at the end of the reporting period. If the Board’s view of highest and best use has
changed any impact on value will be assessed by independent valuations. Management review the valuations performed by the independent valuers for financial reporting
purposes. Discussions of valuation processes and results are held between the Board, the Chief Executive Officer, the Chief Financial Officer, the Management Valuation
Committee, and the independent valuers at least twice every year in line with the Group’s reporting dates. Full independent valuations are completed for stabilised
properties, developments held at fair value and land at least annually. Developments where fair value is not able to be reliably determined are carried at cost less any
impairment. Additionally, at each financial year end all major inputs to the independent valuation reports are verified and an assessment undertaken of all property
valuation movements by Management.
The fair values presented are based on market values, being the estimated amount for which a property could be exchanged on the date of valuation between a willing
buyer and a willing seller in an arm’s length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. If
this information is not available, alternative valuation methods are used, such as; recent prices on less active markets; the capitalisation method, which determines fair
value by capitalising a property’s sustainable net income at a market derived capitalisation rate with capital adjustments made where appropriate; or discounted cash flow
projections (“DCF”), which discount estimates of future cash flows by an appropriate discount rate to derive the fair value. The key assumptions used in the valuations are
derived from recent comparable transactions to the greatest extent possible; however, all three of the valuation methods rely upon unobservable inputs in determining fair
value for all investment property.
Valuations also reflect the following unobservable inputs, where appropriate: the quality of customers in occupation or responsible for meeting lease commitments or
likely to be in occupation after letting vacant accommodation, and the market’s general perception of their creditworthiness; the allocation of maintenance and insurance
responsibilities between the Group and the customer; and the remaining economic life of the property. When rent reviews or lease renewals are pending with anticipated
reversionary increases, it is assumed that all notices and where appropriate counter-notices have been served validly and within the appropriate time.
The Group has considered the impact of climate change on the business and the valuation of investment property. To date, the panel of independent valuers used have
made no explicit adjustments to valuations in respect of climate change matters. The Group acknowledges that climate change considerations will likely have a greater
influence on valuations in the future as markets place a greater emphasis on these matters.
All investment property is categorised as level 3 in the fair value hierarchy. Refer to note 12.6 for details of the hierarchy and the Group’s transfer policy. During the year,
there were no transfers of properties between levels of the fair value hierarchy.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
62

1. Investment property (continued)
1.4. Valuation of investment property (continued)
The key valuation inputs used to measure fair value of investment property and investment property under development held at fair value are disclosed below, along with the
weighted average value for each input:
Weighted average
valuation input value
Measurement
sensitivity
Key valuation inputDescription20232022
Increase in
the input
Decrease in
the input
Market capitalisation rateThe capitalisation rate applied to the market rental to assess a property’s
value. Derived from similar transactional evidence considering location,
weighted average lease term, customer covenant, size and quality of the
property. Used in the capitalisation method.
5.2%4.2%DecreaseIncrease
Market rentalThe valuer’s assessment of the annual net market income per square metre
(“psm”) attributable to the property; includes both leased and vacant areas.
Used in both the capitalisation method and the DCF method.
$ 17 7 p s m$144 psmIncreaseDecrease
Discount rateThe rate applied to future cash flows; it reflects transactional evidence from
similar types of property assets. Used in the DCF method.
7. 2 %6 .1%DecreaseIncrease
Rental growth rateThe rate applied to the market rental over the 10-year cash flow projection.
Used in the DCF method.
3.0% p. a .2 .7 % p . a .IncreaseDecrease
Terminal capitalisation rateThe rate used to assess the terminal value of the property. Used in the
DCF method.
5.5%4.3%DecreaseIncrease
The market capitalisation rate is the main determinant of value in the valuation of investment property. The impact of a 0.5% increase in the market capitalisation rate from
5.2% to 5.7%, assuming all other valuation inputs remain unchanged, would be equivalent to a decrease of $378.7 million / 7.9% in the fair value of investment property.
Land is valued based on recent comparable transactions, resulting in land values ranging between $212 psm and $650 psm (2022: between $211 psm and $649 psm).
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
63

1. Investment property (continued)
1.5. Movement in fair value of investment property
Movement in fair value of investment property for the period is summarised below.
$ millionNote20232022
Stabilised properties1.6(276.5)633.4
Investment property under development1.738.827.0
Total movement in fair value of investment property(237.7)660.4
1.6. Stabilised properties
$ million
Weighted
market
cap rate2023
Valuation
2022
Right of
use asset
Acquisitions
/ transfers in
Net
expenditure
Transfers
out
Fair value
movement
Valuation
2023Valuer
Net lettable
area sqmOccupancy
W A LT
years
Core
Highbrook Business Park,
East Tāmaki2,283.3–10 4.011.9–( 17 2 . 9 )2,226.3
Colliers,
JLL, Savills,4 8 0,6765 .1%99%5.8
Bayleys
Savill Link, Ōtāhuhu566.4––1.6–(26.4)541.6Colliers138,8265 .1%100%6.0
M20 Business Park, Manukau4 60.6––––(32.4)428.2Colliers121,6335.6%100%3.4
The Gate Industry Park, Penrose41 3 .7––2.5–(20.8)395.4JLL102,9995.3%100%4.8
Westney Industry Park, Māngere210.4––3.8–(2.5)211 .7Bayleys114,96 95.6%100%6.2
Total core3,934.4–104.019.8–(255.0)3,803.2959,103
Value-add556.2–50.18.0(79.2)(21.5)513.6Colliers,
JLL, Savills,
Bayleys,
CBRE
118,3705.5%98%3.9
Total stabilised properties4,490.6–154.12 7. 8(79.2)(276.5)4,316.81 , 0 7 7, 4 7 35.2%
99%5.3
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
64

1. Investment property (continued)
1.6. Stabilised properties (continued)
Right of use assetreflects a gross-up equivalent to lease liability modifications.
Acquisitionsreflect the purchase price and any associated transaction costs.
Tr a n s f e r s i nrepresent the net book value transferred into a category during the year.
Net expenditurecomprises capital expenditure, holding costs, straight line rental adjustments, leasing incentives and leasing costs paid, less any
amortisation of leasing incentives and leasing costs.
Fair value movementreflects the difference between the independent valuation and the net book value immediately prior to the valuation.
Disposalscomprise the net book value at the date of disposal for properties sold in the year.
Transfers outrepresent the net book value transferred out of a category during the year.
$ million
Weighted
market
cap rate2022
Valuation
2021
Right of
use asset
Acquisitions
/ transfers in
Net
expenditure
Transfers
out
Fair value
movement
Valuation
2022Valuer
Net lettable
area sqmOccupancy
W A LT
years
Core
Highbrook Business Park,
East Tāmaki1 , 9 17. 0–17. 64.0–3 4 4 .72,283.3
CBRE,
Colliers, JLL4 69,68 44.0%100%5.8
Savills
Savill Link, Ōtāhuhu4 5 7. 0––2.1–1 0 7. 3566.4Bayleys138,2214.0%100%5.0
M20 Business Park, Manukau351.2–4 9.23.0–5 7. 2460.6Colliers121,4 0 04.4%100%4.4
The Gate Industry Park, Penrose284.0–61.3(0.2)–68.6413 .7JLL102,9994 .1%100%3.6
Westney Industry Park, Māngere221.80.5–3.8–( 1 5 .7 )210.4Savills113,5204.8%98%6.6
Total core3,231.00.5128.11 2 .7–562.13,934.4945,824
Value-add485.0–116.95.1(122.1)71.3556.2CBRE,
Collier, JLL,
Savills
125,1804.8%98%3.6
Total stabilised properties3,716 .00.5245.017. 8(122.1)633.44,490.61,071,0044.2%99%5.2
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
65

1. Investment property (continued)
1.6. Stabilised properties (continued)
Accounting Policies
Stabilised properties are investment properties which are held to earn rental income. They are recorded initially at cost, including related transaction costs. After initial
recognition, stabilised properties are carried at fair value. A panel of expert independent valuers value the portfolio at least once each year, generally at 31 March.
Fair values are based on estimated market values. If this information is not available, alternative valuation methods such as recent prices in less active markets, the
capitalisation method, or discounted cash flow projections are used.
Stabilised property that is being redeveloped is carried at fair value and holding costs are capitalised to the property during redevelopment. Expenditure is capitalised
to a property when it is probable that it will provide future economic benefits to the Group. All other repairs and maintenance costs are charged to Profit or Loss.
Any gain or loss arising from a change in fair value is recognised in Profit or Loss.
When sold, the net gain or loss on disposal of stabilised property is included in Profit or Loss in the period in which the sale occurred. The gain or loss on disposal is
calculated as the difference between the carrying amount of the stabilised property on the Balance Sheet and the proceeds from sale net of any costs associated with
the sale.
For leases where the Group is a lessee, the Group recognises a right of use asset at the commencement date of the lease, being the date the underlying asset is
available for use. Investment property is defined to include both owned investment property and investment property held by a lessee as a right of use asset. The Group
therefore measures all investment property using the same measurement basis, being the fair value model. The value of the right of use assets represents the fair
value of a freehold interest in the land subject to ground lease interests held by GMT. Investment property is adjusted for cash flows relating to lease liabilities already
recognised separately on the balance sheet and also reflected in the investment property valuations.
1 .7. Investment property under development
Investment property under development comprises land held for future development and developments under construction, held at either fair value or held at cost.
$ million
Carrying value
at start
Acquisitions /
Transfers in
Net
expenditure
Fair value
movement
Transfers
out
Carrying value
at end
31 March 2023282.689.31 6 7.738.8(104.0)474 . 4
31 March 202273.3188.260.927.0(66.8)282.6
Included within investment property under development is $87.1 million of land held at fair value (2022: $81.8 million), $82.8 million of commenced developments held at the
land transfer value plus subsequent capital expenditure (2022: $200.8 million) and $304.5 million of developments under construction recorded at fair value (2022: $nil).
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
66

1. Investment property (continued)
1.7. Investment property under development (continued)
Accounting Policies
Investment property under development includes properties that are being constructed for future use as stabilised property and land to be developed as stabilised
property in the future. On acquisition, investment property under development is recorded at cost, including related transaction costs. Stabilised property to be
redeveloped is transferred at the carrying value prior to transfer. All subsequent costs and capital expenditure directly associated with investment property under
development is capitalised.
Holding costs are capitalised if they are directly attributable to the development of a property. The most significant component of holding costs is borrowing costs.
Capitalisation of borrowing costs commences when the activities to prepare the property for its intended use are in progress and expenditure and borrowing costs
are being incurred. The amount capitalised is determined by applying the weighted average cost of debt to borrowings attributed to the investment property under
development. Capitalisation of borrowing costs continues until the development of the property is completed.
If the fair value of a development can be reliably determined during the course of its construction, then the development will be recorded at fair value (adjusted for
percentage of completion) in the same manner as stabilised properties.
Commenced developments held at the land transfer value plus subsequent capital expenditure are tested for impairment. An indication of impairment requires an
assessment of the recoverable amount of the commenced development, with the full value of any applicable impairment immediately recognised.
Land is carried at fair value, independently valued at least annually, with any changes in valuation recognised in Profit or Loss.
2. Borrowings
2 .1. Interest
$ million20232022
Interest expense on borrowings(39.8)(21.5)
Interest expense on lease liabilities(3.3)(3.3)
Amortisation of borrowing costs( 4 .7 )(3.0)
Borrowing costs capitalised
1
18.07. 8
Total interest cost(29.8)(20.0)
Interest income0.30.3
Net interest cost(29.5)(1 9.7 )

1
Borrowing costs are capitalised at the weighted average cost of borrowing of 4.0% (2022: 3.2%). Borrowing costs of $4.1 million were capitalised to land (2022: $1.6 million).
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
67

2. Borrowings (continued)
2.1. Interest (continued)
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.
2.2. Borrowings
$ million20232022
Current
Retail bonds10 0.010 0.0
Total current borrowings100.0100.0
Non-current
Syndicated bank facilities–1 4 7. 0
Bilateral bank facilities321.0–
Green retail bonds150.0–
Retail bonds10 0.0200.0
Wholesale bonds4 00.04 00.0
US Private Placement notes1 9 1 .7173 . 0
Total non-current1,162.7920.0
Unamortised borrowings establishment costs(3.6)(2.9)
Total non-current borrowings1,159.19 17. 1
Total borrowings1,259.11 , 0 17. 1
As at 31 March 2023, GMT has undrawn bank facilities of $739.0 million from which it expects to repay the $100.0 million retail bond expiring in September 2023.
Accounting Policies
Borrowings are recorded initially at fair value, net of transaction costs. Subsequent to initial recognition, borrowings are carried at amortised cost using the effective
interest method.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
68

2. Borrowings (continued)
2.2. Borrowings (continued)
Significant transactions
In April 2022, GMT issued $150 million of green retail bonds, with a 5 year term expiring in April 2027, paying a fixed interest rate of 4.740%.
In December 2022, the BNZ bank facility was amended to a green bank facility, increasing this to $150 million and extending the expiry to December 2024.
In December 2022, GMT increased its bank facilities with a $100 million facility expiring in December 2024 provided by the Commonwealth Bank of Australia and
a $150 million green facility expiring in December 2025 provided by Westpac New Zealand Limited.
In December 2022, the syndicated bank facility was amended to increase and extend the tranche maturities and alter the participation by bank with Australia and
New Zealand Bank and Industrial and Commercial Bank of China (New Zealand) Limited both entering the syndicate. The total facility has increased to $720 million,
comprising five bank facilities expiring in June 2023 ($60 million), June 2024 ($130 million), June 2025 ($205 million), June 2026 ($225 million) and June 2027
($100 million).
In March 2023, the syndicated bank facility was amended through the cancellation of the June 2023 ($60 million) tranche.
2.3. Composition of borrowings
Weighted
average
remaining
term (years)
$ million
2023Date issuedExpiryInterest rate
Drawn
amount
Undrawn
facility
Syndicated bank facilities–Jun 24 – Jun 272.5Floating–660.0
Green bank facility – Bank of New Zealand–Dec 241 .7Floating150.0–
Bank facility – Commonwealth Bank of Australia–Dec 241 .7Floating10 0.0–
Green bank facility – Westpac New Zealand Limited–Dec 252 .7Floating71.079.0
Retail bonds – GMB040May 17May 241.24.540%10 0.0–
Retail bonds – GMB050Mar 18Sep 230.44.000%10 0.0–
Green retail bonds – GMB060Apr 22Apr 274.04.740%150.0–
Wholesale bonds – 6 yearsDec 21Dec 274 .73.656%200.0–
Wholesale bonds – 8 yearsSep 20Sep 285.42.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 307. 42.559%150.0–
US Private Placement notesJun 15Jun 252.23.460%US$40.0–
US Private Placement notesJun 15Jun 274.23.560%US$40.0–
US Private Placement notesJun 15Jun 307. 23.710%US$40.0–
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
69

2. Borrowings (continued)
2.3. Composition of borrowings (continued)
Weighted
average
remaining
term (years)
$ million
2022Date issuedExpiryInterest rate
Drawn
amount
Undrawn
facility
Syndicated bank facilities–Jun 23 – Jun 262 .7Floating1 4 7. 0423.0
Bank facility – Bank of New Zealand–Dec 220 .7Floating–10 0.0
Retail bonds – GMB030Jun 15Jun 220.25.000%10 0.0–
Retail bonds – GMB040May 17May 242.24.540%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 308.23.710%US$40.0–
As at 31 March 2023 $660.0 million of syndicated bank facilities was provided to the Trust by Bank of New Zealand ($125.0 million), Commonwealth Bank of Australia
($150.0 million), The Hongkong and Shanghai Banking Corporation Limited ($130.0 million), Westpac New Zealand Limited ($105.0 million), Australia and New Zealand
Bank ($75.0 million) and Industrial and Commercial Bank of China (New Zealand) Limited ($75.0 million). Additional bilateral facilities were provided to the Trust by Bank of
New Zealand ($150.0 million), Commonwealth Bank of Australia ($100.0 million) and Westpac New Zealand Limited ($150.0 million).
As at 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 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 31 March 2023, GMT’s drawn borrowings had a weighted average remaining term of 3.6 years (2022: 4.6 years), with 74% being drawn from non-bank sources
(2022: 85%). Calculation of the weighted average remaining term assumes syndicated bank facilities utilise 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.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
70

2. Borrowings (continued)
2.5. Lease liabilities
$ million20232022
Opening balance66.065.5
Increase in liability as a result of ground rent reviews–0.5
Interest expense on lease liabilities3.33.3
Ground rent paid(3.6)(3.5)
Amortisation of incentives received0.20.2
Total lease liabilities65.966.0
Key judgement
The lease liabilities are for perpetually renewable ground leases at Westney Industry Park for $65.7 million (2022: $65.8 million) and The Gate Industry Park for
$0.2 million (2022: $0.2 million). The calculation of the lease liabilities assumes lease terms of between 62 and 65 years and utilises discount rates based on an
assessment of GMT’s long-term borrowing costs at the time of the renewal, which range from 3.5% to 5.5%.
Accounting Policies
At the commencement date of a lease the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term, including
expected lease renewals. The lease payments include fixed payments, less any lease incentives receivable.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
71

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.
$ million20232022
Total borrowings1,259.11 , 0 17. 1
US Private Placement notes – foreign exchange translation impact(31.0)(12.3)
Cash(6.6)(3.6)
Borrowings for LVR calculation1,221.51,001.2
Investment property4 ,7 91. 24 ,7 73. 2
Lease liabilities(65.9)(66.0)
Assets for LVR calculation4,725.34 ,7 0 7. 2
Loan to value ratio %25.9%21.3%
3. Earnings per unit and net tangible assets
3.1. Earnings per unit
Earnings per unit measures are calculated as (loss)/profit or operating earnings after tax divided by the weighted number of issued units for the year. 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.
$ million20232022
Operating earnings before other income/(expenses) and tax126.5118.3
Income tax on operating earnings(15.4)(19.0)
Operating earnings after tax111.199.3
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
72

3. Earnings per unit and net tangible assets (continued)
3.1. Earnings per unit (continued)
Weighted units
Million20232022
Weighted units1,4 03.31 , 3 9 7. 3
cents per unit20232022
Operating earnings per unit before tax9.018.47
Operating earnings per unit after tax7. 9 27. 1 1
Basic and diluted earnings per unit after tax(9.65)53.57
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
Million20232022
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
20232022
Net tangible assets ($ million)3 , 4 4 0 .73 , 6 5 7. 4
Net tangible assets per unit (cents)245.2260.6
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
73

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
$ million20232022
Interest rate derivatives(4.9)12.0
Cross currency interest rate derivatives relating to US Private Placement notes8.8(10.0)
Total movement in fair value of derivative financial instruments3.92.0
Foreign exchange rate movement on US Private Placement notes( 1 8 .7 )(1.2)
Total movement in fair value of financial instruments(14.8)0.8
Accounting Policies
Derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into and are subsequently measured at fair value at each
reporting date. Derivative financial instruments are classified as current or non-current based on their date of maturity.
Movements in the fair value of derivative financial instruments are recognised through Profit or Loss. GMT does not apply hedge accounting.
Key judgement
The fair values of derivative financial instruments are determined from valuations using Level 2 valuation techniques. These are based on the present value of estimated
future cash flows, taking account of the terms and maturity of each contract and the current market interest rates at reporting date. Fair values also reflect the
creditworthiness of the derivative counterparty and GMT at balance date. The valuations were based on market rates at 31 March 2023 of between 5.23% for the
90-day BKBM and 4.30% for the 10-year swap rate (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 year.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
74

4. Derivative financial instruments (continued)
4.2. Derivative financial instruments
$ million20232022
Cross currency interest rate derivatives
Non-current assets18.810.0
Interest rate derivatives
Non-current assets24.120.4
Current assets–0.5
Non-current liabilities(10.1)(2.5)
Current liabilities(0.5)–
Net derivative financial instruments32.328.4
4.3. Additional derivative information
20232022
Cross currency interest rate derivatives
Notional contract value as fixed rate receiver ($ million)16 0 .716 0 .7
Percentage of US Private Placement notes borrowings converted to floating rate NZD payments10 0%10 0%
Weighted average term to maturity (years)4.55.5
Interest rate derivatives
Notional contract value as fixed rate payer ($ million)560.0260.0
Interest rate range as fixed rate payer0.4% – 4.7%0.4% – 2.7%
Notional contract value as fixed rate receiver ($ million)
1
250.0250.0
Weighted average term to maturity of borrowings fixed, including retail and wholesale bonds (years)4.85.3
Percentage of borrowings fixed, including retail and wholesale bonds86%70%
1
The fixed rate receiver derivative expiries align with certain bonds, to convert a portion of bonds back to floating rate interest.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
75

5. Administrative expenses
Administrative expenses are incurred to manage the operational activity of GMT.
$ million20232022
Valuation fees(0.8)(0.9)
Trustees fees(0.5)(0.5)
Auditor’s fees(0.4)(0.3)
Other costs( 1 .7 )(1.5)
Total administrative expenses(3.4)(3.2)
Auditor’s fees
$ million20232022
Audit and review of financial statements(0.4)(0.3)
Other assurance related services––
Total auditor’s fees(0.4)(0.3)
Other assurance
related services
Fees for other assurance related services of $18,700 comprise assurance services on the performance fee calculation, agreed upon
procedures on the financial covenants of the bank facilities and reporting to the supervisor of GMT Bond Issuer Limited (2022: $17,000
comprise assurance services on the performance fee calculation, agreed upon procedures on the financial covenants of the bank facilities
and reporting to the supervisor of GMT Bond Issuer Limited).
Other servicesThere were no fees for other services (2022: $6,000 comprise materiality guidance for the green bond issuance).
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
76

6. Debtors and other assets
$ million20232022
Current
Debtors1.51.3
Prepayments1.30.9
Interest receivable5.12.9
Other assets2.50.4
Total debtors and other assets10.45.5
Accounting Policies
Debtors and other assets are initially recognised at fair value and subsequently measured at amortised cost. They are adjusted for expected impairment losses.
Discounting is not applied to receivables where collection is expected to occur within the next twelve months.
A provision for impairment is recognised when there is objective evidence that GMT will be unable to collect amounts due. The simplified approach to providing for
expected credit losses prescribed by NZ IFRS 9 has been applied, permitting the use of a lifetime expected loss provision for all trade receivables. The amount provided
is the difference between the carrying amount and expected recoverable amount.
7. Creditors and other liabilities
$ million20232022
Current
Creditors0.91.8
Interest payable12.47. 2
Related party payables2.85.4
Accrued capital expenditure21.512.1
Other liabilities7. 56.3
Total creditors and other liabilities45.132.8
Accounting Policies
Creditors and other liabilities are initially recognised at fair value and subsequently measured at amortised cost. All payments are expected to be made within the next
twelve months.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
77

8. Ta x
8.1. Tax expense
$ million20232022
(Loss)/profit before tax(126.0)76 3.8
Tax at 28%35.3(213.9)
Depreciation of investment property10.19.6
Movement in fair value of investment property(66.5)184.9
Deductible net expenditure for investment property8.24.0
Derivative financial instruments(3.9)0.4
Performance fee–(4.4)
Prior period adjustments1.40.4
Current tax on operating earnings(15.4)(19.0)
Performance fee–4.4
Current tax on non-operating earnings–4.4
Current tax(15.4)(14.6)
Depreciation of investment property(10.1)(9.6)
Reduction of liability in respect of depreciation recovery income13.59.0
Deferred expenses(1.4)(0.5)
Derivative financial instruments4.00.5
Deferred tax6.0(0.6)
Total tax(9.4)(15.2)
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.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
78

8. Tax (continued)
8.1. Tax expense (continued)
Accounting Policies
Tax expense for the year comprises current and deferred tax recognised in Profit or Loss.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at balance date, and includes any
adjustment to tax payable in respect of previous years.
Deferred tax is provided in full using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting
purposes and their tax bases. Deferred tax is not accounted for if it arises from the initial recognition of assets or liabilities in a transaction, other than a business
combination, that affects neither accounting nor taxable profit or loss and differences relating to investments in subsidiaries to the extent that they will probably not
reverse in the foreseeable future.
8.2. Deferred tax
$ million20232022
Deferred tax liabilities
Investment properties – depreciation recoverable( 1 8 .7 )(22.1)
Investment properties – deferred expenses(11.3)(9.9)
Derivative financial instruments0.2(3.8)
Borrowings issue costs(0.2)(0.2)
Total deferred tax liabilities(30.0)(36.0)
Key judgement
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates
enacted or substantively enacted at the balance date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax
assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised.
For deferred tax liabilities potentially arising on investment property measured at fair value there is a rebuttable presumption that the carrying amount of the investment
property asset will be recovered through sale. In estimating this deferred tax liability, the Group has made reference to the Manager’s experience of tax depreciation
recovered when properties of a similar nature have been sold.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
79

9. 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
9.1. Transactions with related parties
Recorded Capitalised Outstanding
$ millionRelated party202320222023202220232022
Manager’s base feeGNZ(19.7)( 17. 0 )2.11.1(1.6)(1.6)
Manager’s performance feeGNZ–( 1 5 .7 )–––( 1 5 .7 )
Property management fees
1
GPSNZ(4.0)(3.6)––(0.3)(0.3)
Leasing feesGPSNZ(3.2)(2.8)––(0.1)(0.2)
Acquisition and disposal feesGPSNZ(1.0)(2.4)1.02.4–(2.4)
Minor project feesGPSNZ(0.8)(0.6)0.80.6(0.2)–
Development management feesGPSNZ(3.1)(5.9)3.15.9(0.6)( 0 .7 )
Total fees(31.8)(48.0)7. 010.0(2.8)(20.9)
Reimbursement of expenses for services providedGPSNZ(2.0)(2.0)0.30.4–(0.2)
Gross lease receipts receivedGPSNZ0.20.2––––
Issue of units for Manager’s performance fee reinvestedGIH1 5 .71 3 .7––––
Distributions paidGIT(3.3)–––––
Distributions paidGIH( 17. 1 )(18.2)––––
1
Of the property management fees charged by GPSNZ, $3.2 million was paid by customers and was not a cost borne by GMT (2022: $2.9 million).
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
80

9. Related party disclosures (continued)
9.2. 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 (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 31 March 2023, 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 31 March 2023, Goodman Group, GNZ’s ultimate parent, through Goodman Industrial Trust, held 75,357,377 units in GMT out of a total 1,403,254,516 units on issue
(31 March 2022: nil units).
9.3. Explanation of related party transactions
Manager’s base fee
The Manager’s base fee is calculated as 0.50% per annum of the book value of GMT’s assets (other than cash, debtors and development land) up to $500 million, plus
0.40% per annum of the book value of GMT’s assets (other than cash, debtors and development land) greater than $500 million.
Manager’s performance fee
The Manager is entitled to be paid a performance fee equal to 10% of GMT's performance above a target return (which is calculated annually on 31 March), capped at 5% of annual
out performance (except in a period in which GNZ ceases to hold office, or GMT terminates). The target return is equal to the annual return of a gross accumulation index created
from NZX listed property entities having a principal focus on investment in real property, excluding GMT, (the “Peer Group") with the index being compiled by a suitably qualified and
experienced person.
GMT will not earn a performance fee on any performance in excess of the target return plus 5% per annum with any performance over that cap carried forward indefinitely to future
periods (except in a period in which GNZ ceases to hold office, or GMT terminates). Similarly, any performance below the target return is carried forward indefinitely to future periods. No
performance fee is payable for any year where GMT's performance is less than 0%, however, any under or over performance in that year is carried forward indefinitely to future periods.
The Manager is required to use performance fee proceeds to reinvest in GMT units in accordance with the terms of the Trust Deed, provided that the Independent Directors of GNZ
consider it in the best interests of GMT unitholders for the Manager to do so. The issue price for these units is equal to the higher of market price and the net asset value per unit.
At 31 March 2023, GMT’s return was less than 0% and therefore no performance fee is payable (2022: $15.7 million), however GMT outperformed the Peer Group and has
a $48.9 million carry forward to include in the calculation for future periods (2022: $9.0 million carry forward). Subject to no issued capital changes by GMT, the maximum
performance fee payable in the year to 31 March 2024 is $14.7 million.
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
81

9. Related party disclosures (continued)
9.3. Explanation of related party transactions (continued)
Property management fees
Property management fees are paid to GPSNZ for day to day management of properties.
Leasing fees
Leasing fees are paid to GPSNZ for executing leasing transactions.
Acquisition and disposal fees
Acquisition and disposal fees are paid to GPSNZ for executing sale and purchase agreements.
Minor project fees
Minor project fees are paid for services provided to manage capital expenditure projects for stabilised properties.
Development management fees
Development management fees are paid for services provided to manage capital expenditure projects for developments.
Reimbursement of expenses for services provided
Certain services are provided by GPSNZ instead of using external providers, with these amounts reimbursed on a cost recovery basis.
Gross lease receipts
Rent received by GMT for the office leased by GPSNZ at Highbrook Business Park.
9.4. Additional Trust information
Goodman Property Trust terminates on the earlier of:
i. The date appointed by GNZ, giving not less than three months’ written notice to the unitholders and the Trustee; or
ii. If the units are quoted, the office of trustee becomes vacant, and a new trustee is not appointed within two months of the vacancy occurring; or
iii. The date on which GMT is terminated under the Trust Deed or by operation of law.
9.5. Related party capital commitments
$ millionRelated party20232022
Development management fees for developments in progressGPSNZ16.410.6
Total related party capital commitments16.410.6
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
82

10. Commitments and contingencies
10.1. 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 9.5.
$ million20232022
Completion of developments202.2215.8
Acquisitions–58.4
Total non-related party capital commitments202.22 74 . 2
10.2. Contingent liabilities
GMT has no material contingent liabilities (2022: none).
11. Reconciliation of (loss)/profit after tax to net cash flows from operating activities
$ million20232022
(Loss)/profit after tax(135.4)74 8 .6
Non-cash items:
Movement in fair value of investment property2 3 7.7(660.4)
Deferred lease incentives and leasing costs(0.5)0.8
Fixed rental income adjustments(2.8)(0.3)
Issue costs and subsequent amortisation for non-bank borrowings( 0 .7 )(0.2)
Movement in fair value of derivative financial instruments14.8(0.8)
Manager’s performance fee expected to be reinvested in units( 1 5 .7 )2.0
Deferred tax(6.0)0.6
Net cash flows from operating activities before changes in assets and liabilities91.490.3
Movements in working capital from:
Debtors and other assets(4.8)(1.0)
Creditors and other liabilities4.61.0
Current tax payable–0.5
Movements in working capital(0.2)0.5
Net cash flows from operating activities91.290.8
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
83

12. 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.
12 .1. Financial instruments
The following items in the Balance Sheet are classified as financial instruments: Cash, debtors and other assets, derivative financial instruments, creditors and other liabilities, lease
liabilities and borrowings. All items are recorded at amortised cost with the exception of derivative financial instruments, which are recorded at fair value through Profit or Loss.
Accounting Policies
Financial instruments are classified dependent on the purpose for which the financial instrument was acquired or assumed. Management determines the classification
of its financial instruments at initial recognition between two categories:
Amortised costInstruments recorded at amortised cost are those with fixed or determined receipts/payments that are recorded at their
expected value at balance date.
Fair value through
Profit or Loss
Instruments recorded at fair value through Profit or Loss have their fair value measured via active market inputs, or by using
valuation techniques if no active market exists.
12.2. Interest rate risk
The Group’s interest rate risk arises from borrowings. The Group manages its interest rate risk in accordance with its Financial Risk Management policy. The principal objective of
the Group’s interest rate risk management process is to mitigate negative interest rate volatility adversely affecting financial performance.
The Group manages its interest rate risk by using floating-to-fixed interest rate swaps and interest rate caps. Interest rate swaps have the economic effect of converting
borrowings from floating rates to fixed rates. Generally, the Group raises long-term borrowings at floating rates and swaps them into fixed rates that are lower than those available
if the Group borrowed directly at fixed rates. Under the interest rate swaps, the Group agrees with other parties to exchange, at specified intervals (primarily quarterly), the
difference between fixed contract rates and floating-rate interest amounts calculated by reference to the agreed notional amounts. Where the Group raises long-term borrowings
at fixed rates, it may enter into fixed-to-floating interest rate swaps to enable the cash flow interest rate risk to be managed in conjunction with its floating rate borrowings.
The table below considers the direct impact to interest costs of a 1% change to interest rates.
$ million20232022
Impact to (loss)/profit after tax of a 1% increase in interest rates( 1 .7 )(3.0)
Impact to (loss)/profit after tax of a 1% decrease in interest rates1 .73.0
Financial Statements of
Goodman Property Trust
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
Notes to the financials statements (continued)
84

12. Financial risk management (continued)
12.3. Credit risk
Credit risk arises from cash, derivative financial instruments and credit exposures to customers. For banks and financial institutions only independently credit rated parties are
accepted, and when derivative contracts are entered into their credit risk is assessed. For customers, the Group assesses the credit quality of the customer, considering its
financial position, past experience and any other relevant factors. The overall credit risk is managed with a credit policy that monitors exposures and ensures that the Group
does not bear unacceptable concentrations of credit risk.
The Group’s maximum exposure to credit risk is best represented by the total of its debtors, derivative financial instrument assets and cash as shown in the Balance Sheet.
To mitigate credit risk the Group holds security deposits, bank guarantees, parent company guarantees or personal guarantees as deemed appropriate.
12.4. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations from its financial liabilities. The Group’s approach to management of liquidity risk is to ensure
that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to
the Group’s reputation. The Group manages this risk through active monitoring of the Group’s liquidity position and availability of borrowings from committed facilities.
The following table outlines the Group’s financial liabilities by their relevant contractual maturity date. Values are the contractual undiscounted cash flows and include both
principal and interest where applicable.
$ millionYear 1Year 2Year 3Year 4Year 5
Year 6
and later
To t a l
cash flows
Carrying
value
2023
Borrowings154.9395.31 5 7. 827.04 17. 4270.61,423.01 , 2 3 1 .7
Derivative financial instruments–––––––10.6
Lease liabilities3.53.53.21.91.00.914.065.9
Creditors and other liabilities4 5.1–––––4 5.14 5.1
Total203.5398.8161.028.9418.4271.51,482.11,353.3
2022
Borrowings129.1125.6120.174 .716 3.5530.91,14 3.91 , 0 0 7.7
Derivative financial instruments0.80.80.80.80.50.64.32.5
Lease liabilities3.53.53.21.91.00.914.066.0
Creditors and other liabilities32.8–––––32.832.8
Total166.2129.9124.17 7. 4165.0532.41,195.01,109.0
GOODMAN PROPERTY TRUST

ANNUAL REPORT 202ū
85
Notes to the financials statements (continued)
Financial Statements of
Goodman Property Trust