GMT Annual Meeting of Unitholders

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



nzx release+
GMT Annual Meeting of Unitholders
Date 28 June 2023
Release Immediate

WELCOME
Good afternoon everyone and welcome to this annual meeting of Unitholders. I’m John
Dakin, Non-Executive Director, and Chair of Goodman (NZ) Limited, the Manager of
Goodman Property Trust.
The Park Hyatt is a new venue for us and it’s a pleasure to be here today overlooking
Viaduct Harbour.
I can confirm that I have been duly appointed by the Trustee to act as Chair of the
meeting and that the meeting has been properly convened.
The meeting has a hybrid format, with Unitholders either participating in person or
through a live webcast. For those in the room, please be aware there are cameras and
audio equipment streaming proceedings.
In the unlikely event of an emergency, you will be required to evacuate to a designated
safe zone. Should this occur please exit the room through the fire escape doors to the
right and rear of the room, following the directions of the venue staff to the outside
assembly area.
Today’s presentations will focus on Goodman Property Trust’s 2023 financial results,
our investment strategy, and the current business outlook.
With no Independent Directors up for election this year, there is no formal business to
be considered, and the meeting format is simplified.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
INSTRUCTIONS FOR ASKING QUESTIONS
While there are no formal resolutions, there will be an opportunity for Unitholders to
ask questions.
For Unitholders joining us online, questions can be submitted through the webcast
portal at any stage. These will be moderated, and we have allocated time at the end
of the presentations to answer these. For those in the room, please raise your hand
during the allotted question time, and wait for the microphone to be provided.

ATTENDANCE AND BOARD COMPOSITION
I would now like to introduce the members of the Board and executives of the Manager,
Goodman (NZ) Limited, who are in attendance today.
In the room we have Phil Pryke, Keith Smith, Laurissa Cooney, David Gibson, Leonie
Freeman, Andy Eakin, and James Spence.
On behalf of the Board I’d like to extend a special welcome to James who is delivering
his first annual meeting presentation as CEO. Greg Goodman is an apology for today.
In addition to the directors and executives present today, we also have representatives
of the Trustee and key advisors present. These representatives will be available to
answer any questions if required. I now declare the meeting open.

BOARD CHANGES
The recently announced Board changes, continue our Board renewal programme that
began in late 2020. Overseeing these changes and the successful repositioning of
GMT as an industrial property specialist, was Keith Smith.
After 13 years of leading the Board, Keith stepped down as Chair last month. He
continues as an Independent Director and will retire before his current term expires in
2025. I was appointed by the board as his successor, with David Gibson appointed
Deputy Chair.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
At the same time, we announced that Phil Pryke will be retiring from the Board. Phil’s
departure at the end of September will result in the Board reducing in size, from seven
Directors to six. As required by GMT’s Trust Deed, a majority of Independent Directors
is maintained, with four Independent Directors.
On behalf of all our stakeholders I’d like to thank both Keith and Phil for their immense
contribution to the success of GMT over many years. They have provided the strong
governance that has helped deliver positive and sustainable business growth. Keith’s
stewardship particularly has been highly valued and it has been a privilege serving our
Unitholders alongside him.
I am thankful to the Board for the opportunity to Chair Goodman (NZ) Limited and will
continue to lead the Board for the benefit of all our stakeholders.

CEO TRANSITION
This year also saw the transition to our new CEO, James Spence. Announced in June
last year, James officially took over from me as CEO on 1 January 2023. Having been
with Goodman for 16 years both in New Zealand and overseas, James was a part of
the leadership team. Since taking on the role, he has provided the continuity of
strategy, leadership and vision that differentiates GMT in New Zealand. I’m sure you’ll
agree with me that it has been a smooth transition to the new CEO, and we look
forward to hearing more from James later today.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
YEAR IN REVIEW
The strength of GMT’s FY23 operating results demonstrates the resilience of the
business and the benefits of an investment strategy exclusively focused on the
Auckland industrial market.
The industrial real estate sector has remained buoyant over the last 12 months, with
demand for space exceeding supply in many locations. This is mirrored in our own
leasing results with the portfolio generating strong revenue growth over the last year.
The operating performance of the Trust has been excellent, however, rising interest
rates have impacted property values. As a result, a 4.7% reduction in the fair value of
GMT’s property assets was recorded for the year.
As a long-term investor, Goodman manages its balance sheet prudently, and looks
through market cycles. We invest in high quality warehouse and logistics facilities in
key locations close to consumers and transport infrastructure, as we believe these
attributes will deliver superior returns over time.
These returns have been reflected in the relative share price performance of GMT,
which has outperformed both the listed property sector and the wider NZX50 on a total
return basis over the past one-, three-, five- and ten-year periods.
1



1
Calculated using the GMT close price on 27 June 2023

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
EARNINGS AND DISTRIBUTIONS
High occupancy levels, growing rental rates, new development completions and
acquisitions have all contributed to a 6.6% increase in cash earnings this year to
$99.6 million, or 7.1 cents per unit. The increase is almost 3% higher than our
original guidance, and cash distributions of 5.9 cents per unit for the full year have
been paid.
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.
Our guidance for the coming year includes a further 4% increase in cash earnings to
approximately 7.4 cents per unit, with a 5% increase in cash distributions to around
6.2 cents per unit.
At yesterday’s closing price of around $2.18 per unit, this represents a 2.8% cash
yield to investors. It’s one of the lowest yields in the sector, reflecting positive investor
sentiment towards our business and confidence in our strategy to maximise returns
over time.

I’d now like to pass over first to Andy Eakin, and then to James Spence who will provide
more detail on our financial and operational performance.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
ANDY EAKIN’S ADDRESS
Thanks John, and good afternoon everyone.
Today I’ll provide more detail around the Trust’s recent financial results and the new
investment and treasury initiatives that make GMT a more sustainable and resilient
business.

FINANCIAL HIGHLIGHTS
After the disruptions of COVID-19, the 2023 financial year was a welcome return to a
more typical operating environment.
While rising interest rates and a slowing economy have created headwinds, the key
structural trends that are driving customer demand for space have continued to
support GMT’s strong operating results.
The increase in demand for well-located warehouse and logistics facilities is being
reflected in high occupancy levels, very strong rental growth and a greater level of
development activity for the Trust.
These factors, together with the additional revenue from recent acquisitions, have
contributed to the increase in net property income, to $177 million.
The additional rental income, offset to an extent by higher interest costs, have driven
the 6.9% increase in operating earnings before tax to $126.5 million.
Deductions associated with new leasing and the redevelopment of brownfield sites,
lowered GMT’s effective tax rate to just 12.2%. As a result, operating earnings after
tax increased by 11.9% to $111.1 million.
A positive feature of the PIE regime is that these deductions are effectively passed
on to you, our Unitholders, the majority of whom have no further tax to pay on the
distributions received.
As John mentioned earlier a 4.7% reduction in the fair value of GMT’s property portfolio
has contributed to the after tax statutory loss of $135.4 million. Full independent
property valuations as at 31 March 2023 resulted in a reduction in the fair value of the

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
portfolio. This is the main reconciling item with the Trust’s operating result and is also
the main contributor to the 5.9% reduction in net tangible assets, to around $2.45 per
unit.
It is important to remember that fair value gains or losses resulting from property
valuations are non-cash adjustments that do not impact our underlying operating
profitability, or the distributions paid to investors. Although the valuations recorded a
100bps softening in the portfolio capitalisation rate to 5.2%, the impact of this was
significantly reduced by GMT’s positive leasing results and very strong rental growth
over the last 12 months.
The double-digit growth in market rentals means the level of under-renting within the
portfolio, the difference between contract and market rentals, has grown to 25%. The
benefits of this potential reversion will be realised over time, as contract rents are
reviewed to market and new leases are secured at the higher rates.

FINANCIAL RESILIENCE
Financial stability is the foundation of any sustainable business and GMT has been
managed prudently with a well-capitalised balance sheet to support its investment
objectives.
The benefits of the Trust’s urban logistics portfolio, and strength of its customer
relationships contribute to high occupancy and retention levels. Around 230
businesses provide the rental cashflows that drive GMT’s operating results and
contribute to the growth in both earnings and distributions. An occupancy rate of over
99% and weighted average lease term of more than six years means that these
contracted rental streams are secured well into the future.
With rising interest rates, increasing market rents and high levels of inflation, we are
working with customers to help them drive more productivity and efficiency out of their
properties.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
At 31 March 2023, GMT reported a loan to value ratio of 25.9% and committed gearing
of 29.1%, both significantly below the 50% maximum permitted under the Trust's debt
covenants. Together with a conservative preferred through-cycle gearing range of 20-
30%, this provides operational flexibility and substantial balance sheet resilience
should investment markets deteriorate.
GMT’s financial resilience is also reflected in a BBB investment grade credit rating from
S&P Global Ratings. Its debt is rated one notch higher at BBB+ benefitting from the
security granted over the property assets.
Both ratings have remained unchanged since first assigned in 2009, illustrating the
strong and stable nature of our businesses.

GREENING THE DEBT BOOK
New capital management initiatives during the financial year provided additional
liquidity and extended the range of funding sources available to the Trust.
The establishment of our Sustainable Finance Framework last year provided the
platform to further diversify our capital structure. With increasing numbers of investors
prioritising sustainable investments, the Framework has enabled GMT to access the
growing pool of debt funding allocated to green investment initiatives.
The inaugural issue of $150 million of fixed rate, five-year, Green Bonds was made at
the beginning of the financial year. This was followed in December 2022 with the
establishment of $300 million of Green Loan facilities as part of a wider bank
refinancing. Both initiatives provide funding for the Trust’s development programme
which is targeting a 5 Green Star Built rating for all new projects, irrespective of their
size.
With almost three quarters of a billion dollars of available liquidity at 31 March 2023,
GMT’s debt facilities are well diversified and now include bank loans (both green and
non-green), listed retail bonds (also both green and non-green), wholesale bonds and
US Private Placement notes.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
The expiry profile of these facilities extends out to 2030 although the first maturity,
$100 million of retail bonds, occurs in September 2023. While we have the capacity to
repay these bonds from undrawn bank facilities, a decision around further non-bank
debt issuance has not yet been made.
Having a diverse capital structure provides us with this flexibility and adds to GMT’s
financial sustainability and resilience in a more challenging economic environment.

SUSTAINABLE BUSINESS
We have remained disciplined in the execution of our investment strategy, adapting to
the moderating economic environment while continuing to build a responsible and
sustainable business.
Toitū carbonzero certification for our business operations and a CDP climate score of
A- demonstrate further progress toward our 2025 carbon reduction objectives.
The leadership rating from CDP, a global environmental impact initiative for businesses
and investors, is the equal highest score of a New Zealand 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 Emissions
Reduction and Management Plan and set longer dated objectives for 2030.
The target is to reduce our operating emissions by 43% from our 2020 base year which
is consistent with the aim of limiting global warming to less than 1.5 degrees. Last
year’s emissions represented a 38% reduction from 2020 and show we’re on target to
meet these goals.
We are also developing more sustainably, collaborating with consultants, contractors,
and suppliers to deliver lower carbon, more resource efficient and resilient buildings
for our customers.
Life cycle assessments, measuring the upfront embodied carbon of all current projects,
show our new facilities are expected to achieve an average 14% reduction in emissions
compared to similar sized reference buildings.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
Thank you everyone, I’ll now hand over to James.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
JAMES SPENCE ADDRESS
Tēnā koutou katoa. Thanks Andy, and good afternoon, everyone. It’s a pleasure to be
here today discussing a business we’re all passionate about.
You’ve already heard from John and Andy on how sustained rental growth and positive
leasing outcomes are being reflected in the Trust’s operating results. Today I want to
focus on the underlying real estate and demonstrate how our $4.8 billion portfolio of
high-quality warehouse and logistics facilities are meeting the needs of our customers
and creating long-term value for our Unitholders.
By investing exclusively in Auckland, we have adapted our investment strategy in
recent years to accommodate the growing demand for sustainable warehouse and
logistics space. With customers becoming more sophisticated and seeking to improve
supply chain resilience post COVID, we’re leading the local market with flexible and
operationally efficient buildings that deliver productivity benefits for their businesses.
We leverage Goodman’s global experience and expertise to stay at the forefront of
emerging trends in the urban logistics sector. In these land constrained markets in Asia
and Europe demand for well-located space is supporting the development of highly
sustainable, multi-storey warehouse facilities. Goodman are partnering with customers
in these cities, integrating automation into warehouse design to improve space
utilisation and distribution efficiency for these businesses.
We benefit from this expertise and adapt our local development solutions to maximise
the value of the facilities our customers lease.

STRATEGIC LOCATIONS
The current slide is an aerial image of Auckland, highlighting the density of the city and
the region’s geographic constraints.
Overlaid on the map are our estates. The scale of the portfolio and our development
pipeline means we have a warehousing space solution for most businesses.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
With almost zero vacancy for prime space, the Auckland industrial market is highly
constrained. Demographic changes, regional growth, customer sustainability targets,
and the requirements of e-commerce, have all driven the increase in demand for
sustainable urban logistics space.
You’ll note the location of our 15 properties, relative to key transport infrastructure such
as the airport, port, motorway system and rail corridor. Proximity to these distribution
networks is one of the most important factors in the property requirements of our
customers.
These locations are also close to large residential areas, facilitating last mile goods
delivery for fulfilment businesses. With Auckland being New Zealand’s largest
consumer market, e-commerce is an increasingly significant driver of customer
demand for our facilities. They help improve delivery times to meet the increasing
consumer expectations and provide the opportunity to reduce carbon emissions with
shorter distances to travel.
GMT’s portfolio is unrivalled in terms of quality and scale. Our successful development
programme has driven this growth, with over 90% of the core portfolio developed since
2004. These aren’t assets that can be easily acquired, and the portfolio would be
almost impossible to replicate today with the high barriers to entry created by the
availability and cost of capital, limited land opportunities, and high construction costs.

PROVEN DEVELOPMENT CAPABILITY
This afternoon I want to really reinforce the importance of our development capability
to our overall investment strategy.
The development programme has created the high-quality business we’re all invested
in and with the Auckland industrial market effectively at capacity, we expect it to drive
the Trust’s future growth.
Many of you will be familiar with Highbrook Business Park having taken the opportunity
to visit our flagship estate, at various open days over the years.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
Partnering with the Fisher family in the initial stages, the 109-hectare property has
been progressively developed since 2004. We are proud to say that we are nearing
the final milestone in the creation of a world class Business Park in Auckland’s East
Tamaki, with the last project completing over the coming months.
The images onscreen now show the original Ra Ora Horse Stud, once home of Sir
Woolf and Lady Joyce Fisher.
The scale of the property and its location overlooking the Tāmaki River, has provided
a unique opportunity to shape Auckland’s built environment, sustainably. Extensive
water and city views have been preserved with 40 hectares of adjoining parkland and
esplanade reserves providing public spaces and recreational amenity.
Major infrastructure projects including a road bridge, a new motorway interchange and
a four-lane arterial road linking the peninsula with Auckland’s motorway system and its
freight transport networks have facilitated the development.
Today, the master-planned estate features over 75 facilities, with more than 130
customers. These businesses employ a daily workforce of around 5,500 people. With
an average age of just nine years, all Highbrook buildings share a consistent design
theme – providing modern, efficient, sustainable, and flexible workplaces.
A 5 Green Star Built rating is being targeted for all our new development projects.
Green Star is an independent rating system that assesses the sustainability features
and resource efficiency of non-residential buildings. The New Zealand Blood Service
and multi-warehouse Tāwharau Lane developments have achieved a 6 Green Star
Design Rating
2
.
While a 5 Green Star rating is considered “New Zealand Excellence”, 6 Green Star
ratings represent “World Leadership”, and we’re extremely proud that these new
projects are the first New Zealand industrial developments to achieve this high level of
certification at the design phase.

2
Green Star – Design & As Built NZv1.0 Certified Design Review Rating

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
The warehouse and logistics facilities at Highbrook are complemented by The
Crossing, a town centre precinct that provides accommodation, hospitality and retail
amenity together with professional services. It’s also where we have our management
office, so that our building managers and customer service staff are close to their
customers.
The development of Highbrook Business Park has been a long-term, large-scale
project that has spanned the GFC and COVID pandemic. Despite the disruption of
these periods, we have remained focused on the delivery of the masterplan. What has
been achieved is a positive reflection on the abilities of our in-house development team
and their dedication to the realisation of the original vision for the estate.
Retaining responsibility for all its property and corporate functions is one of the features
of Goodman’s management model and one that we believe delivers superior outcomes
for our stakeholders.
There are very few property businesses in New Zealand with the resources,
relationships, commitment, and vision to deliver long-term projects like this.
Making up almost 50% of the portfolio, Highbrook Business Park is now a major driver
of the Trust’s operating performance. Almost 100% occupied and with facilities that
attract premium market rents and deliver superior capital returns, it has been an
exceptional investment for our Unitholders.
It has also become an important asset for Auckland, improving transport links to the
east of the city and providing warehouse and distribution infrastructure that allows
supply chains to operate efficiently.
The integrated design has helped foster a close-knit business community which has
become a major employment area for East Tāmaki. It has also activated the
surrounding reserves and green spaces, creating recreational amenity for wider public
use.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
FUTURE PIPELINE
With Highbrook almost complete, we’re increasing our investment in other strategic
Auckland locations to accommodate future customer demand. A combination of
greenfield and brownfield sites within the portfolio is expected to support the
development of over 400,000 sqm of urban logistics space.
The scale of the future pipeline is consistent with the significant development roll-out
achieved over the last 10 years.
The volume of work in progress remains substantial, with $461.6 million of active
projects, of which around 95% is pre-committed.
These developments will add a further 110,000 sqm high-quality urban logistics space
to the portfolio over the next 18 months. The 10 new warehouse and logistics facilities
are expected to generate $23.1 million in annual rental income once complete.
With well-located industrial zoned greenfield land increasingly scarce, 5 of our 6
current projects are being constructed on brownfield sites. These are usually well
located in-fill properties purchased for their future redevelopment potential.
The acquisition of the Sleepyhead manufacturing facility in Ōtāhuhu during the year
was consistent with this strategy. Featuring older improvements, the 4.0-hectare
property is currently leased back to the local bedmaker, generating holding income
until it is ultimately redeveloped.
While brownfields sites can be more complex to develop, those owned by GMT are in
prime locations and attract premium rentals.
We expect more of these opportunities in the future, as rising interest rates impact
more heavily leveraged owners. By remaining patient and being selective with strategic
acquisitions that complement the existing portfolio, we will continue to create long-term
value through our development activity.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
EXTREME WEATHER EVENTS
The extreme weather events of January and February have reinforced the need for
greater action on climate change. They’ve also demonstrated the importance of
building a future-proof and climate resilient property portfolio.
We manage climate risks by investing in locations and facilities that are less
susceptible to damaging weather patterns and insure against building damage and
business interruption. A preliminary assessment by insurance engineers has
confirmed our properties have a low risk of flood damage.
These factors are important considerations in our customers’ leasing decisions.

GOODMAN FOUNDATION
While our portfolio performed extremely well throughout the Auckland Anniversary
flooding and Cyclone Gabrielle weather events, with only minor impacts on the
business operations of a few customers, we are mindful of the damage and loss
suffered in our communities.
Through the Goodman Foundation, an initiative of the Manager, we support
organisations that are delivering social initiatives that improve the wellbeing of those
living in the locations where we invest.
Operating in New Zealand for more than 10 years, the Foundation has provided over
$2 million of financial assistance to its community partners. Responding to the
immediate needs of our communities made disaster relief another significant part of its
programme this year.
In addition to our regular partnership program, the Foundation extended its support
with $100,000 of disaster relief provided to KiwiHarvest, OrangeSky and the Red
Cross. The additional funding allowed these organisations to extend their services,
helping with the immediate need and ongoing recovery from the disasters earlier this
year.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
SUMMARY
GMT is delivering strong operating results, driven by sustained rental growth and a
prime industrial market that is effectively at capacity.
The scale and quality of the portfolio is unrivalled, and we’re leading the market with
sustainable space solutions that are improving the operational efficiency of our
customers’ businesses.
Our long-term investment strategy remains focused on development-led growth. The
potential pipeline within the portfolio is substantial and we will continue to act prudently,
unlocking this value over time.
Our team remains our greatest asset, and despite challenging times that we may face
ahead, I am confident in their ability to remain focused and determined to continue
executing on our strategy.
By remaining agile and adapting to the changing market conditions, the Trust will
continue to benefit from the structural trends that are driving customer demand for
sustainable, warehouse and logistics facilities close to consumers.
Finally, I’d like to highlight the advantages of Goodman Group’s global management
expertise and its alignment as a cornerstone investor. The value of this relationship in
a more complex and changing market is a real benefit for our business, keeping GMT
at the forefront of emerging trends.
Ngā mihi. Thank you everyone, and thank you for your continued investment in GMT.

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
GENERAL BUSINESS
JOHN DAKIN
Thank you, James, and Andy for your insights this afternoon.
A high-quality property portfolio, robust capital structure and a sustainable growth
strategy provide the stability and resilience needed for a more challenging economic
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 strong earnings and distribution growth.
We’ll now move onto questions.

QUESTIONS FROM UNITHOLDERS
For those of you participating through the live webcast, I encourage you to submit
your questions now. As I mentioned earlier, these need to be entered through the
online portal and will be addressed after questions from the room.
I’ll now open the floor for questions, please raise your hand and wait for the microphone
to be provided.
[John to address any questions in the room]
We’ll now move onto questions from our webcast participants.
[John to address any online questions]
On behalf of the Board, I’d like to thank you all for your participation today and your
continued support of the Trust. I’d also like to thank the Goodman team for their
contribution to the success of the business over the last 12 months.
I now declare this meeting closed and for those in the room, please join us for
refreshments.

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

For further information please contact:
John Dakin James Spence
Chair and Non-Executive Director Chief Executive Officer
Goodman (NZ) Limited Goodman (NZ) Limited
(021) 321 541 (021) 538 934

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(021) 305 316


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

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EVERY
STEP
COUNTS
GOODMAN PROPERTY TRUST
ANNUAL MEETING 2023

Agenda
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
2
1.Meeting formalities
2.Review the Trust’s recent financial results, our
investment strategy, and the current business
outlook
3.Questions
PRESENTED BY (IN SPEAKING ORDER):
John Dakin Chair and Non-Executive Director
Andy Eakin Chief Financial Officer
James Spence Chief Executive Officer

Online questions
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
3
To ask a question
1
2
Click on “type your question”
Type your question in the
text box and click “send”

Board and Executives
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
4
Laurissa Cooney
Independent Director
Greg Goodman
Non-Executive Director
Keith Smith
Independent Director
Leonie Freeman
Independent Director
John Dakin
Chair and
Non-Executive Director
David Gibson
Deputy Chair and
Independent Director
Phil Pryke
Non-Executive Director
James Spence
Chief Executive Officer
Andy Eakin
Chief Financial Officer

Strong governance – thank you
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
5
Phil Pryke
Non-Executive Director
Keith Smith
Independent Director

CEO transition
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
6
John Dakin
Chair and Non-Executive Director
James Spence
Chief Executive Officer

7
12 .7%
NET PROPERTY INCOME
INCREASE IN RENTAL REVENUE
Highbrook Business Park
(4.7%)
PORTFOLIO VALUATION
FAIR VALUE REDUCTION
10.7%
TOTAL RETURN
1
10 YEAR ANNUALISED
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
Overview
1
Calculated using the GMT close price on 27 June 2023

8
$99.6m
CASH EARNINGS
6.6% INCREASE
5.9cpu
CASH DISTRIBUTIONS
83% OF CASH EARNINGS
6.2cpu
FY24 DISTRIBUTION GUIDANCE
5% INCREASE TO AROUND
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
Earnings and distributions
TāwharauLane, Highbrook Business Park

1
Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GMT’s principal operating activities.
The calculation is set out in note 3.1 of GMT’s Financial Statements.
2
LVR is a non-GAAP financial measure that assesses GMT’s level of gearing. Refer to note2.6 of GMT’s Financial Statements for thecalculation.
Financial resilience
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
$177.0m
NET PROPERTY INCOME
($135.4m)
LOSS AFTER TAX
245.2 cpu
NET TANGIBLE ASSET BACKING
25.9%
LOAN TO VALUE RATIO
2
$111.1m
OPERATING EARNINGS AFTER TAX
1
12.7% increase in rental revenue
11.9% increase on prior year
9
BBB
S&P GLOBAL RATING
Mainfreight Development, Favona

Greening the debt book
10
Highbrook Business Park
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
$150 million
INAUGURAL GREEN BOND
$300 million
GREEN BANK LOANS
$1.1 billion
TOTAL BANK FACILITIES
$739 million
AVAILABLE LIQUIDITY
April 2022, 5 year termDecember 2022
As at 31 March 2023$0.4 billion increase, December 2022

11
A-
CDP CLIMATE SCORE
5 star
GREEN STAR DEVELOPMENT
38%
OPERATIONAL EMISSIONS
1
14%
EMBODIED CARBON
rating for 2022target Built rating for new projects
reduction from FY20reduction on current projects
2
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.
2
When compared to the NZ standard reference buildings. Beca defines a reference building as a typical building that would get built today without considering any implications on
carbon emissions, with the design being driven mostly by cost, programme and typical design and construction methods.
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
Sustainable business

12
Investment strategy
12
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
+GMT invests exclusively in Auckland, a
highly constrained market with strong
demand for sustainable warehouse and
logistics space
+The desire to build supply chain resilience is
driving customer demand for well-located
urban logistics space that delivers
operational efficiency
+GMT is well positioned to stay at the
forefront of these emerging logistics trends,
leveraging the global experience of
Goodman Group
James Spence, Chief Executive Officer with Natasha Artus, Assistant Project Manager

1
Total stabilised warehouse and office area
2
As at 31 March 2023
3
Includes leased developments. As at 31 March 2023
$4.8bn
PROPERTY PORTFOLIO
1.1m sqm
NET LETTABLE AREA
1
99.5%
OCCUPANCY
2
6.4 years
W A LT
3
Property portfolio
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
GMT’s urban logistics
portfolio provides
essential supply chain
infrastructure,
facilitating the efficient
storage and distribution
of goods and materials.
13

HIGHBROOK BUSINESS PARK
14
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
Shaping Auckland
Over the last 20 years, Highbrook has been developed from a horse stud to a world class business park,
providing a unique opportunity to shape Auckland’s built environment.
Ra Ora Horse Stud, Highbrook Estate aerial approximately 25 years ago

HIGHBROOK BUSINESS PARK
40hectares
PARKLAND
1
8km
WALKING & RUNNING TRACKS
15
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
1
Master-planned reserve land, owned and managed by Auckland Council

HIGHBROOK BUSINESS PARK
16
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
130+
CUSTOMERS
5,500+
EMPLOYEES
75+
FACILITIES

GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
Tāwharau Lane
Highbrookcompletions
NZ Blood ServiceStanley Black & Decker
6 star
Achieved Green Star Design rating
1
8,135 sqm
Net lettable area
6 star
Achieved Green Star Design rating
1
3,317 sqm
Net lettable area
5 star
Target Green Star Built rating
9,185 sqm
Net lettable area
1
Design & As Built NZv1.0 Certified Design Review Rating
17

HIGHBROOK BUSINESS PARK
HIGHBROOK CROSSING
TOWN CENTRE
Highbrook Crossing is a vibrant
hub providing amenity to
Highbrook customers.
KEY FEATURES
120-room serviced apartment hotel
Conference centre
Serviced office and co-working space
24-hour gym
8 cafés / eateries
18
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023

HIGHBROOK BUSINESS PARK
Realising the vision $2.27 billion in value
Peter Walker Partners
and GHD Limited were
retained by Highbrook
Development Limited to
develop the urban design
of the estate and to
address the planning and
infrastructure
requirements.
1990
The landscape
masterplan wins the
Analysis and Planning
Honor award from the
American Society of
Landscape Architects.
2003
Goodman partners with
the Fisher Family to
develop a world class
Business Park at
Highbrook.
2004
Commencement of a
new motorway
interchange which
completes in 2007.
Siteworks and other
infrastructure
commence including the
integration of over-head
transmission lines.
2004
First development
commitment secured
from DHL. Development
then commences at
pace.
2005
Over 45% of the 109-
hectare estate is now
committed with around
235,000 sqm of industrial
and business space
developed. By 2011 the
estate accommodates
over 45 businesses.
2011
The estate of Sir Woolf
Fisher worked with the
Manukau City Council to
achieve the necessary
zoning changes and
resource consents to
allow the creation of an
integrated business park.
1980–19902023
The estate is now fully
developed, with around
490,000 sqm of NLA.
1
As at 30 September 2022
++++++++
19
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
Highbrook Business Park, 2018

HIGHBROOK BUSINESS PARK
20
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
Highbrook is almost 100% occupied and
attracts premium rents with superior capital
returns. It has been an exceptional investment
for unitholders.

21
Work in progress
$461.6m
TOTAL PROJECT COST
111,742sqm
NET LETTABLE AREA
95%
PRE-COMMITTED
92%
BROWNFIELD REDEVELOPMENT PROJECTS %
1
21
1
Calculated by total project cost
13.1years
W A LT
$23.1m
ANNUAL RENT UPON COMPLETION
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
Mainfreight Development, Favona

2222
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
Acquisition of Sleepyhead,
Ōtāhuhu further enhances
GMT’s redevelopment pipeline,
providing another strong last
mile option for our customers.
$49.35m
PURCHASE PRICE
4.0 ha
LAND AREA

23
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
+Invested in locations and facilities that are
at lower risk of the impacts of extreme
weather, with only minor effects as a result
of the Auckland Anniversary flooding and
Cyclone Gabrielle
+Insured against building damage and
business interruption
+Goodman Foundation provided additional
$100,000 of disaster relief to KiwiHarvest,
OrangeSkyand the Red Cross
Climate resilience

Future focused
+GMT is delivering strong operating results,
driven by sustained rental growth
+Our investment strategy remains focused on
development led growth. The potential
pipeline within the portfolio is substantial and
we will continue to act prudently, unlocking
this value over time
+In a more complex and changing market, the
advantage of Goodman’s management
expertise and its alignment as a cornerstone
investor is a real benefit for our business,
keeping GMT at the forefront of emerging
trends
24
LOOKING FORWARD
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023
Guidance for FY24 is for a 5%
increase in cash distributions to
around 6.2 cents per unit.

QUESTIONS
25
GOODMAN PROPERTY TRUST |ANNUAL MEETING 2023

THANK YOU
GOODMAN PROPERTY TRUST |ANNUAL MEETING2023
26
The information and opinions in this presentation were prepared by Goodman (NZ) Limited on behalf of Goodman Property Trust or one of its subsidiaries (GMT). GMT makes no representation or warranty as to the accuracy or completeness of the information in this
presentation. Opinions including estimates and projections in this presentation constitute the current judgment of GMT as at thedate of this presentation and are subject to change without notice.
Such opinions are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties andother factors, many of which are beyond GMT’s control, and which may cause actual results to differ materially from those expressed in this
presentation. GMT undertakes no obligation to update any information or opinions whether as a result of new information, future events or otherwise.
This presentation is provided for information purposes only. No contract or other legal obligations shall arise between GMT and any recipient of this presentation. Neither GMT, nor any of the Goodman (NZ) Limited Board members, officers, employees, advisers or
other representatives will be liable (in contract or tort, including negligence, or otherwise) for any direct or indirect damage, loss or cost (including legal costs) incurred or suffered by any recipient of this presentation or other person in connection with this presentation.