GMT Distribution Payment

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


26 September 2023


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


Dear Unitholder

GOODMAN PROPERTY TRUST
I’m pleased to advise investors that the first quarter distribution, for the period ended
30 June 2023, has now been paid. The distribution includes a cash component of
1.550 cents per unit and imputation credits of 0.168295 cents per unit.
If you have any questions about your distribution payment please contact our registrar,
Computershare, by telephone 0800 359 999 or +64 9 488 8777 (outside New Zealand).
GoodResults newsletter
The latest edition of the Trust’s electronic newsletter, GoodResults, has just been
released and is now available online at https://bit.ly/3t80ciJ
I encourage you to read the document. It includes further information on:
+ new development completions
+ energy efficiency and recycling initiatives
+ key business indicators
+ Board changes
+ our community support.
Yours faithfully,




John Dakin
Chair

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SEPT 2023
ISSUE 17
KIA ORA
Goodman Property Trust Newsletter

pH7 – high stud, industrial building in Highbrook1-4 TĀWHARAU LANE
Property
2
Chief Executive Officer, James Spence said,
“Goodman continues to lead the local market
with innovative and sustainable property
solutions. A 6 Green Star Design rating
represents world leadership and we’re extremely
proud that the Tāwharau Lane development at
Highbrook is among the first New Zealand
industrial projects to achieve the standard.”
Sharing a prominent site opposite Highbrook
Crossing, the three warehouse and distribution
facilities have been carefully positioned to
maximise exposure to traffic flows along
Highbrook Drive while also preserving the
connectivity with the Tāmaki River and esplanade
walkway.
The orientation and profile of the three stand-
alone buildings optimises the site and also
protects view shafts across the water to the city’s
volcanic cones.
The projects were constructed from lower carbon
materials to reduce embodied emissions and the
development process was carefully managed to
minimise waste and other environmental impacts.
James Spence said, “Originally developed on a
built-to-lease basis the three facilities were all
pre-leased with Garmin, pH7 and Chemist
Warehouse taking advantage of the opportunity
to tailor the buildings to meet their specific
business needs. Our delivery team worked with
these customers on bespoke solutions to
optimise the operational efficiency of the
workspaces.”
Collaborating with consultants, suppliers, and
lead contractor, Goodman’s project delivery
team extended the original target rating from
5 Green Star to 6 Green Star midway through
the development programme.

TĀWHARAU LANE DEVELOPMENT
ACHIEVES 6 GREEN STAR DESIGN RATING
1
1
Green Star – Design & As Built NZv1.0 Certified Design Review Rating
The recently completed
8,135 sqm multi-warehouse
development at Highbrook
Business Park provides
three contrasting
businesses with highly
sustainable and energy
efficient workspaces.
GOODMAN PROPERTY TRUST NEWSLETTER | SEPTEMBER 2023 | ISSUE 171 of 3

3
Key sustainability features of the Tāwharau Lane
developments include:
+ Integration of roof top solar energy systems
providing 82.8 kWp of renewable energy, forecast
to cover over 50% of the buildings’ baseload
+ Electrical submetering to facilitate ongoing energy
monitoring and benchmarking
+ Rainwater harvesting, low flow fittings and other
water saving technologies
+ Low-E double glazing that improves thermal
performance
+ Lower GWP R32 HVAC systems regulating
thermal comfort
+ Hiqh quality workspaces, utilising natural materials
+ Extensive landscaping and easy access to the
Highbrook Park esplanade reserves
+ EV charging stations to promote sustainable
commuting and reduce carbon emissions.
The range of green building initiatives incorporated
into the projects create a superior working
environment, contributing to greater productivity
and reduced operating costs for these businesses.
James Spence said, “Delivering highly sustainable
property solutions for our customers and achieving
the industry leading 6 Green Star Design rating on
these projects reinforces our commitment to a low
carbon future.”
Property
“ Our customers shared the vision for lower emission, more resource efficient and resilient buildings.
While it required extra design input and the use of more innovative materials and construction
techniques the 6 Green Star Design rating from the New Zealand Green Building Council provides
independent confirmation that we are developing the very best industrial facilities in the country.”
James Spence
GOODMAN PROPERTY TRUST NEWSLETTER | SEPTEMBER 2023 | ISSUE 172 of 3

High performance LED lighting is specified for new developments and is being retrofitted to existing warehouses.
Abilities Group
Established as a not-for-profit charity in
1959, Abilities Group has grown to
become a leader in the New Zealand
waste management industry. The
organisation offers a comprehensive
range of services including, secure
document destruction, e-waste recycling,
and packaging waste management, while
promoting recycling and being
sustainability advocates.
With a workforce of over 100, Abilities
Group have been empowering individuals
with disabilities through meaningful
employment and training opportunities
for over 60 years. It is a unique and
inclusive business that is changing
attitudes and delivering outstanding
social and environmental outcomes for
our community.
https://abilities.co.nz/
GOODMAN PROPERTY TRUST NEWSLETTER ffi SEPTEMBER 2023 ffi ISSUE 17
Property
4
One of the key objectives of Goodman’s
sustainability programme is to improve
the resilience and resource efficiency
of the existing portfolio. More than
$20 million is allocated to these
initiatives over the two-to-three years
as customers embrace the new
technologies that are improving the
quality of their workspaces and
operational efficiency of their buildings.
While solar energy is the highest profile of the new
energy saving technologies being retrofitted into
the portfolio, the initiative having the greatest
positive impact is the upgrade of older lighting
systems.
Tom Slade, Head of Environmental Sustainability
said, “Audits of the core portfolio identified
62 buildings that would benefit from an upgrade
to LED lighting. We have upgraded 77,700 sqm
to date, and expect to have completed all these
projects by the end of 2025.”
LED lighting technology is now in its second
generation and is more energy efficient, brighter
and puts out less heat than metal halide, halogen
or fluorescent lighting solutions that have
traditionally been used in warehousing.
Tom Slade said, “New generation LED fittings are
around 75% more efficient than incandescent
bulbs and can be automated with occupancy
sensors and sophisticated controllers linked by
a wireless mesh network to further reduce energy
consumption and significantly lower occupancy
costs for our customers.
With lower energy requirements they also have a
much longer operational life, up to 25 times that
of traditional lighting solutions.”
BOOSTING ENERGY EFFICIENCY
3 of 3
Goodman is working with lighting consultant
Signify on the delivery of the new systems.
Around 6,000 individual fittings are expected to
be replaced with new GreenPerform Highbay
Elite units. The older light fittings are also being
carefully recycled, consistent with the business’s
wider sustainability commitments.
With each light separated into its component
parts Interwaste is recycling the bulbs and tubes
while Abilities Group are breaking down the
fittings and recovering around 98% of the metal
and plastic for further processing.
Tom Slade said, “Sustainability and circularity
principles underpin this investment programme
and we are proud to be working alongside
customers and other organisations that share
these values.”
The resource recovery team at Abilities expect
to process around 24 tonnes of fittings as part of
the Goodman lighting upgrade project. It’s a small
part of the 1,275 tonnes of waste recycled through
its North Shore facility last year.

5
GMT at a glance
Own
Portfolio size
1.1 million sqm
Exclusively invested in the urban logistics segment
of the Auckland industrial market the portfolio is
equivalent in size to around 150 football fields.
Asset value
$4.7 billion
The estimated value of the Trust’s portfolio at
30 September 2023. Rising interest rates have
impacted property values with the portfolio
capitalisation rate softening 40bps to 5.6%,
since 31 March 2023.
Local ownership
55.2%
GMT is mainly owned by local retail and institutional
investors. Goodman Group, The Trust’s Manager,
has a 25.2% cornerstone while other offshore
investors hold around 20%.
Develop
Project completions
61,445 sqm
With a total project cost of $228 million, the recently
completed developments at Highbrook Business
Park, Roma Road and Favona will generate almost
$12.3 million of annum rental income.
Work in progress
$324.5 million
Includes four active developments, providing
63,712 sqm of new warehouse and logistics space over
the next 13 months. These projects are 92% committed.
Future capacity
390,000 sqm
Greenfield and brownfield sites within the portfolio
are expected to support almost 400,000 sqm of
future development.
Manage
Dedicated Team
60+ staff
An inhouse team of 69 professionals provide a
comprehensive range of property, finance, and
other corporate services to support GMT’s
business functions.
Customer relationships
220 approx
Over 200 leading businesses lease space in the
portfolio. These customers represent a range of
industries but are predominantly freight and
distribution focused.
New leasing
38,522 sqm
Around 3% of the investment portfolio has been
leased on new or revised terms over the last five
months. The new leasing has maintained portfolio
occupancy at 99% and the weighted average lease
term at more than 6 years.
GOODMAN PROPERTY TRUST NEWSLETTER ffi SEPTEMBER 2023 ffi ISSUE 17

BOARD CHANGES
Recently announced Board changes complete a renewal programme that has included
the appointment of Independent Directors Laurissa Cooney and David Gibson.
After leading the Board for the last 13 years and
overseeing the successful repositioning of GMT as an
industrial property specialist, Keith Smith stepped
down as Chair on 29 May 2023. He continues on the
Board as an Independent Director but has restated his
intention to retire before his current term expires in
July 2025.
The Board unanimously appointed John Dakin as the
new Chair and David Gibson to the newly created role
of Deputy Chair.
At the same time, it was also announced that Phil Pryke
would be retiring from the Board. His departure at the
end of September 2023 will result in the Board
reducing in size, from seven Directors to six. A majority
of Independent Directors is maintained.
The immense contribution from Keith and Phil to the
ongoing success of GMT was acknowledged at the
Annual Meeting in June 2023. Both Directors have
contributed to the strong governance that has
delivered positive and sustainable business growth
for the Trust over many years.
6
Annual Meeting
The 2023 annual meeting was held at the Park Hyatt Hotel, Auckland
on 28 June. The hybrid event was webcast for Unitholders who were
unable to attend the physical meeting.
With no Independent Directors up for
re-election and no resolutions to be voted
on, the meeting format was simplified.
Presentations were made by John Dakin as
the new Chair, CEO James Spence and
CFO Andy Eakin. The focus of these
presentations was the FY23 financial result,
the strong operating performance of the
Trust and the outlook for FY24.
If you’d like to view these presentations,
the webcast of the meeting is still
available online. Follow the link below and
login to watch.
https://myevents.nz/Goodman/
AnnualMeeting2023
Corporate Performance
Director biographies can be found online: https://nz.goodman.com/about-goodman/board-of-directors
FROM 1 OCTOBER 2023 THE BOARD WILL COMPRISE
John Dakin
Non-executive Director (Chair)
Laurissa Cooney
Independent Director
Leonie Freeman
Independent Director
Gregory Goodman
Non-executive Director
David Gibson
Independent Director (Deputy Chair)
Keith Smith
Independent Director
GOODMAN PROPERTY TRUST NEWSLETTER | SEPTEMBER 2023 | ISSUE 17

People & Culture
7
Daffodil Day and
Pink Ribbon Breakfast
With most New Zealand families having some
connection to, or experience with cancer, Goodman
team members were motivated to fundraise during
the recent Daffodil Day and Pink Ribbon appeals.
A team morning-tea in the Goodman city and
Highbrook offices were promoted for the Pink Ribbon
appeal on 23 May 2023. The donate what-you-can
events were well attended with staff providing an
extensive morning tea for colleagues as part of the
breast cancer fund-raising initiative.
To extend the education message Goodman has also
facilitated Pink Caravan visits to Highbrook Business
Park in East Tāmaki. Our Cancer Society Daffodil Day
fundraiser on 25 August was also held at the estate.
With a daily work force of over 5,000, visiting the
business park is an effective way of reaching a large
number of people in a single day.
The Highbrook Crossing Plaza was the venue for the
Daffodil Day event, with those making a gold coin
donation getting a free cupcake or small bunch of
daffodils. With some workplaces unable to make the
morning event, the Goodman team members visited a
number of the larger businesses to fundraise directly.
Supported by the Goodman Foundation, the Daffodil
Day and Pink Ribbon events have raised almost $4,500
to help fund cancer education and research, and to
also support patients and their families.
https://www.breastcancerfoundation.org.nz/
https://daffodilday.org.nz
MAINFREIGHT
SUPERSITE BLESSING
GOODMAN PROPERTY TRUST NEWSLETTER ffi SEPTEMBER 2023 ffi ISSUE 17
The completion and commissioning of the new 35,860 sqm logistics
facility for Mainfreight at Favona Road Estate in Māngere was marked
with a blessing ceremony on 21 July 2023.
Representatives from Goodman,
Mainfreight, and the wider project team
were all in attendance as Jeff Lee and
David Wilson from Te Ākitai Waiohua, and
Stuart Renata from Ngaati Whanaunga
lead the karakia.
Designed to be highly sustainable and
resource efficient, the new twin-warehouse
facility incorporates lower carbon and
renewably sourced building materials.
The development process was carefully
managed to reduce environmental
impacts and the building is expected to
achieve a 5 Green Star Built rating from
the New Zealand Green Building Council
when the project is certified.
Its sustainability features include a rooftop
solar energy system, automated LED
lighting, low flow water fittings and rainwater
harvesting. These features reduce
operational emissions, provide lower
demands on Auckland’s infrastructure, and
are also expected to deliver lower
occupancy costs for Mainfreight.

8
FREQUENTLY ASKED
QUESTIONS
My contact details have changed, who do I notify?
Computershare Investor Services acts as
Registrar for GMT and maintains the
Trust’s Unitholder Register. It is important that
this register is up to date as it includes
important information such as an investors
postal address, bank account details
for distribution payments, IRD number, email
and communication preferences.
The easiest way to update personal details is through
the Computershare Investor Centre. The online portal
allows Unitholders to manage their investment directly.
They also have the option of making these changes
for all other investments where Computershare acts
as Registrar.
Alternatively, you can contact Computershare directly:
+ by phone, on their toll-free number 0800 359 999
(+64 9 488 8777 from outside New Zealand)
+ by email, to enquiry@computershare.co.nz
+ by mail, to Computershare Investor
Services Limited, Private Bag 92119, Auckland 1142
GMT ONLINE
The Trust’s website www.goodman.com/nz enables Unitholders to check the current stock price and view
publications and announcements.
With additional focus and resource being committed to the business’ sustainability programme the website
also includes case studies and further information on the initiatives underway to reduce our emissions and
lower our carbon footprint.
Disclaimer: This document has been prepared by Goodman (NZ) Limited as manager of Goodman Property Trust. The information in this document is general information only. It is not intended as
investment or financial advice and must not be relied upon as such. You should obtain independent professional advice prior to making any decision relating to your investment or financial needs.
This document is not an offer or invitation for subscription or purchase of securities or other financial products. Past performance is no indication of future performance. All values are expressed in
New Zealand currency unless otherwise stated. September 2023
KEY DATES
DATES BELOW ARE INDICATIVE ONLY AND REMAIN SUBJECT TO CHANGE.
Investor Centre
26 September 2023 First Quarter Distribution Payment
November 2023 FY24 Interim Result Announcement
December 2023 Second Quarter Distribution Payment
GOODMAN PROPERTY TRUST NEWSLETTER ffi SEPTEMBER 2023 ffi ISSUE 17

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



nzx release+
GMT Distribution Payment
Date 26 September 2023
Release Immediate
Further to the announcement of 11 September 2023, Goodman (NZ) Limited, the Manager
of Goodman Property Trust, is pleased to advise that the first quarter distribution for the
year ending 31 March 2024, will be paid to Unitholders today.
The latest edition of the Trust’s electronic newsletter, GoodResults, has also been
released. A copy of the newsletter is attached to this announcement and can be viewed
online at:
https://bit.ly/3t80ciJ
For further information, please contact:
Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(021) 305 316

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3 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 forecast value of $4.7 billion at 30 September 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 an
A$81 billion specialist global manager of warehouse, logistics and data centre real estate.