GMT Sustainability Report 2024
SUSTAINABILITY
R EP O RT 2024
incorporating Climate-related Disclosures
GOODMAN PROPERTY SERVICES (NZ) LIMITED
AS MANAGER OF GOODMAN PROPERTY TRUST
AND GMT BOND ISSUER LIMITED
CONTENTS
SUSTAINABILITY
REPORT
2024
STATEMENT OF COMPLIANCE 26
GOVERNANCE 27
+ DIRECTOR CAPABILITY 27
+ BOARD OVERSIGHT 27
+ THE ROLE OF MANAGEMENT 27
RISK MANAGEMENT 28
+ IDENTIFYING, ASSESSING
AND MANAGING RISKS
28
+ INTEGRATING CLIMATE-RELATED RISKS 28
STRATEGY 29
+ CLIMATE SCENARIO SUMMARIES 30
+ C L I M AT E- R E L AT E D R I S K S
AND OPPORTUNITIES
31
+ ENVIRONMENTAL SUSTAINABILITY
OBJECTIVES
35
METRICS + TARGETS 37
+ EMISSIONS OVERVIEW 37
+ EMISSIONS INVENTORY 38
+ EMISSIONS EXPLAINED 39
+ OTHER CLIMATE-RELATED METRICS 40
25
CLIMATE-RELATED DISCLOSURES
GUIDE TO THIS REPORT 03
SUSTAINABILITY HIGHLIGHTS 05
MANAGEMENT REPORT 07
OUR FRAMEWORK 08
+ MATERIALITY MATRIX 09
+ SUSTAINABLE PROPERTIES
11
+ PEOPLE AND CULTURE
15
+ CORPORATE PERFORMANCE
18
GOODMAN FOUNDATION 20
+ MEETING ESSENTIAL NEEDS 21
+ PROMOTING SOCIAL
AND MENTAL WELLBEING
22
+ ENABLING EDUCATION
AND EMPLOYMENT
23
05
SUSTAINABILITY
GRI INDEX 42
GLOSSARY 43
DIRECTORY 44
GOODMAN PROPERTY SERVICES (NZ) LIMITED
AS MANAGER OF GOODMAN PROPERTY TRUST
AND GMT BOND ISSUER LIMITED
DISCLAIMER
While Goodman Property Services (NZ) Limited has taken all due care in preparing this report, including its
scenarios and assumptions, it makes no representation as to the report’s accuracy, completeness or reliability, in
particular in relation to assumptions regarding future events. It expressly disclaims responsibility for, and makes no
representation, and gives no warranty, assurance or guarantee, as to the accuracy, completeness, or reliability of any
contents of this Report. To the greatest extent possible under New Zealand law, it also expressly disclaims all liability
for any loss (direct, indirect, consequential, or otherwise) or damage arising from the use of this Report.
Goodman Property Services (NZ) Limited (GPS), the Manager of Goodman Property Trust, and GMT Bond Issuer Limited
are pleased to present their 2024 Sustainability Report. It complements GMT and GMT Bond Issuer’s 2024 Annual Report
released in May 2024 and represents our first disclosure under the new Aotearoa New Zealand Climate Standards.
The following summary is designed to help you quickly understand our business and navigate this report.
Reporting boundaries
The scope of our reporting includes Goodman Property Trust
(GMT) its subsidiaries (including GPS and GMT Bond Issuer
Limited) and all other property owning and management related
entities. For the purposes of this report, we either refer to these
entities specifically or collectively as Goodman.
As a result of Internalisation, GPS replaced Goodman (NZ) Limited
as the manager of GMT on 28 March 2024.
About us
Ranked in the top 20 of all stocks on the NZX by market
capitalisation, GMT is New Zealand’s largest listed property
investment entity.
With an investment strategy focused on Auckland industrial
property the portfolio provides high-quality and operationally
efficient warehouse and logistics space, close to transport
infrastructure in New Zealand’s largest consumer market.
At 31 March 2024 the portfolio provided almost 1.2 million
square metres of space and accommodated over 200 customers.
GMT Bond Issuer Limited is a wholly owned financing
subsidiary of GMT.
Our business model
GMT’s $4.5 billion urban logistics portfolio provides essential
supply chain infrastructure, facilitating the efficient storage and
distribution of goods and materials. By owning, developing and
managing high-quality properties in key locations, we provide
customers with facilities that help their businesses thrive.
Our purpose
Making space for greatness describes our purpose. It recognises
our stakeholders’ needs and drives us to help them reach their
full potential, whether they are customers, investors, suppliers,
community partners or one of our team.
Our sustainability framework
As a leading real estate investment entity, our focus is on the built
environment and the delivery of more sustainable and resource
efficient property solutions. Our wider business strategy includes
specific sustainability and climate-related targets.
The three pillars of our sustainability framework are:
+ Sustainable Properties
+ People and Culture
+ Corporate Performance
We are taking positive action by reducing the intensity of our
emissions, using renewable energy, developing greener buildings,
regenerating brownfield sites, supporting biodiversity initiatives
and partnering with groups that are improving social outcomes.
See page 8 for more information.
Our climate-related risks and opportunities
A detailed assessment process was undertaken to identify the
various climate-related risks and opportunities to our business.
These were considered under the Orderly, Disorderly and Hot
House World climate scenarios and distilled into the most material
considerations. See page 31 for more information.
The 11 risks and opportunities that we have adopted are primarily
transition-related. The location and design of our properties
mean that the physical risks from more extreme weather events
is assessed by independent specialists as low.
The strategy section on page 35 describes how we integrate
these climate risks and opportunities into our general business
planning and the actions we are taking to mitigate the impacts
of climate change.
Our emissions
Understanding the emissions profile of our business and how this can
fluctuate from year to year provides the knowledge that underpins our
targets for a lower-carbon, more-climate-resilient future.
With the composition of the portfolio regularly changing (through
new acquisitions and development activity) our focus is on reducing
the intensity of our emissions. Absolute emissions may still increase
depending on level of development and new investment.
A comprehensive breakdown of our FY24 emissions is provided on
page 38 and is summarised in the chart alongside. Page 41 details
the categories excluded from our emissions inventory.
The graphic shows that our corporate activities made up just 1%
of our total emissions in FY24, while Scope 3 sources made up
around 99%. The greatest contributor was our value chain, with
development activity (upfront embodied carbon) representing
65.3% of total emissions and customer energy consumption
(in use carbon) 15.3%.
Directing our efforts toward more sustainable property solutions
that reduce these upstream and downstream Scope 3 emissions
provides the greatest opportunity for our business. It also helps
our customers achieve their own climate goals.
Given our Scope 3 emissions are outside our direct control, we are
doing this in a number of ways, including
+ Utilising lower carbon building materials and construction
techniques to reduce embodied carbon in new developments
+ Targeting a minimum 5 Green Star rating for all new projects
+ Recycling and repurposing demolition materials and
construction waste to minimise landfill
+ Maintaining our existing buildings to maximise operational
efficiency
+ Retrofitting new building technologies that improve energy
efficiency and reduce operational emissions.
See page 39 for more information on how we are reducing the
intensity of our upfront embodied carbon and in use carbon, and the
technical challenges this presents.
GUIDE TO THIS REPORT
Scope 3
DOWNSTREAM EMISSIONS
15.6%
Scope 1+2
EMISSIONS
1.0%
Scope 3
UPSTREAM EMISSIONS
83.4%
Forward looking statements
This report summarises our assessment of Goodman’s
future climate-related risks and opportunities and how this
is integrated into our wider business strategy. It contains
statements about the future, including climate-related goals,
targets, pathways, ambitions, risks and opportunities, as well
as current transition plans.
These forward-looking statements require us to make
assumptions that are subject to inherent risks and
uncertainties, many of which are beyond our control and
give rise to the possibility that our predictions, expectations
or conclusions will not prove to be accurate, that our
assumptions may not be correct, and that our objectives,
targets, and strategies to mitigate and adapt to climate-
related risks and opportunities will not be achieved.
We have set out the basis and limitations of our analysis and
reserve the right to revisit any assumptions as we develop our
understanding without notice.
GOODMAN SUSTAINABILITY REPORT 2024
INCORPORATING CLIMATE-RELATED DISCLOSURES
03
BACK TO
CONTENTS
GOOD IS
BUILDING FOR
THE FUTURE
GREAT IS
WHAT WE DO
FROM HERE
GOOD TO GREAT
We are developing high-quality,
sustainable warehouse and
logistics facilities, and no two
projects are the same. From
site selection and planning,
to the recovery and recycling
of materials in the demolition
and construction phase —
each project is unique.
Mainfreight Favona, PCNZ award winner
and 5 Green Star Design rated.
04
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GOODMAN SUSTAINABILITY REPORT 2024
INCORPORATING CLIMATE-RELATED DISCLOSURES
HIGHLIGHTS
SUSTAINABILITY
CDP Climate Change Score
A-
for 2023
1
Green Star Design & As Built NZv1.0 Certified Built Rating.
2
Net carbonzero certification from Toitū confirms our corporate emissions have been measured in accordance with the 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.
3
The certification encompasses all management and property owning entities related to Goodman Property Trust. These are emissions from business operations and from the buildings and spaces within the portfolio where the Manager has operational control.
The sources of these corporate emissions are detailed on pages 37 and 38.
4
Independently assessed by Aon Global Risk Consultants.
Customer energy data coverage
69%
collected by portfolio electricity use
Physical climate risk
4
Low risk
assessment for 97% of the Core Portfolio
Solar energy systems
2.26 MWp
installed across 33 rooftops
Toitū certified operations
2
net carbonzero
since 2021
A NZ first for an industrial property
6 Green Star
Built rating
1
for Tāwharau Lane
Corporate emissions – Toitū assured
3
40.9%
reduction from FY20 base year
Upfront embodied carbon reduction
17%
in FY24 completed developments compared
to similar sized reference buildings
Engaged team score
88%
in 2023 workplace survey
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INCORPORATING CLIMATE-RELATED DISCLOSURES
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05
OVER THE PAST 12 MONTHS
Our sustainability initiatives are helping to lower the intensity
of our direct and indirect emissions, creating a more
resilient business. We’re focusing on areas where we can
have the most impact, and where we can collaborate
with our stakeholders for combined influence.
GOOD IS
WORKING TO
REDUCE CARBON
DOING BETTER
We utilise concrete with a lower
Global Warming Potential (GWP)
for all new developments. With
up to 25% less upfront embodied
carbon than standard concrete it
is contributing to lower emission,
more resource efficient buildings.
Phil Crampsie, Goodman Head of Projects, and
Rakesh Nauhria, Nauhria CEO, discuss carbon
reduction initiatives in concrete and reinforcing steel.
GREAT IS
WHAT WE DO
FROM HERE
GOODMAN SUSTAINABILITY REPORT 2024
INCORPORATING CLIMATE-RELATED DISCLOSURES
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CONTENTS
James Spence, Chief Executive Officer, with Andy Eakin, Chief Financial Officer.
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INCORPORATING CLIMATE-RELATED DISCLOSURES
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07
MANAGEMENT
REPORT
SUSTAINABILITY
INTRODUCTION
A comprehensive sustainability programme that
includes detailed targets is another step forward in the
journey that is taking our business from good to great.
To ensure our current emission reduction and embodied carbon
targets are robust we are reviewing frameworks that set future
targets aligned with the 2050 net-zero goal established by the
2015 Paris Agreement.
The global Science-Based Targets initiative (SBTi) is developing a
pathway for the building sector. While we have not yet committed
to a Science-Based Target we look forward to the release of the
guidance later in FY25.
More sustainable properties
As a property investor our development activity is the largest
source of emissions, accounting for around 65% of our total
emissions in FY24. Customer emissions, as a result of leasing space
within the portfolio, represents a further 15.3%.
Directing our efforts toward more sustainable property solutions
that reduce these emissions provides the greatest opportunity
for our business.
Our customers share this ambition with eight of the 10 largest
companies within the portfolio having publicly stated carbon
reduction targets. This increased awareness is contributing
to the growing demand for sustainable and resource-efficient
distribution facilities, close to consumers.
We’ve refined our investment strategy to meet this demand, utilising
lower carbon materials and building new facilities to a minimum
5 Green Star rating. We are also retrofitting energy efficient
technologies to the Core Portfolio and undertaking a greater
proportion of brownfield redevelopment projects.
Our Sustainable Finance Framework, established in FY22, provides
a funding platform to support investment in sustainable buildings
and carbon reduction initiatives. You can read more about these
projects on page 40.
Assessing climate impacts
Climate science includes assumptions about the future and
the impacts of human behaviour on the environment. We have
adopted the New Zealand Green Building Council (NZGBC)
Climate Scenarios for the Construction and Property Sector
when assessing the future operating environment.
Chief Financial Officer, Andy Eakin chaired the industry technical
working group that developed the three climate scenarios for
the construction and property sector. Andy also leads our
sustainability initiatives, overseeing a dedicated team that is
focused on our climate response and reducing both our direct,
and indirect emissions.
Internal workshops have considered the various risks and
opportunities to our business under the Orderly, Disorderly and
Hot House World scenarios and distilled these into the most
material considerations. These are primarily transition risks,
which are described in detail on page 31.
The location and design of our properties mean that the
physical risks from more extreme weather events is assessed
by independent specialists as low (see page 32).
Welcome to Goodman’s FY24 Sustainability Report, a companion
document to the FY24 Annual Report and our first disclosure under
the new Aotearoa New Zealand Climate Standards.
Sustainability is a critical element of our business strategy.
We believe a sustainable operating model is essential for an
organisation to be successful over the long-term.
Over the last 12 months we have continued to prioritise investment
initiatives that reduce the intensity of our carbon emissions and
build resilience. Our focus is on the built environment and the
delivery of sustainable property solutions that help our customers
thrive. By reducing the intensity of our emissions and investing
in greener buildings we’re lifting our environmental performance
and improving the quality of our properties, and the workspaces
they provide.
We are also boosting biodiversity at our larger estates, supporting
and developing our people and strengthening our communities
through the work of the Goodman Foundation.
Calculating our carbon footprint
We have been monitoring and disclosing our corporate emissions
since 2006, when we first contributed to the global Carbon
Disclosure Project (CDP). This commitment was extended from
2021 with Tōitu assurance and net carbonzero certification of our
business operations.
This year we have extended our reporting to include more of the value
chain, with upstream and downstream Scope 3 emissions disclosed.
This includes the upfront embodied carbon within our developments
and the operational emissions of the buildings within our portfolio.
Our emissions inventory is provided on page 38.
Next steps
We are striving to create a sustainable business that is resilient,
flexible, and innovative. By remaining agile and continually
refining our approach we are responding to the challenges and
opportunities of climate change.
It is an area of individual and collective responsibility, and we are
learning from best practice. Sharing our action plans, knowledge
and expertise is also assisting our customers and others in their
own climate journey.
We look forward to continuing to progress our sustainability
initiatives as part of a wider business strategy that aims to create
long-term value for all our stakeholders.
Thank you.
James Spence Andy Eakin
Chief Executive Officer Chief Financial Officer
SUSTAINABLE PROPERTIES
We invest in sustainable properties that
are designed to be adaptable, resource
efficient and resilient. Located close to
key transport infrastructure and large
consumer catchments, these facilities
can help improve our customers’
productivity.
High-quality workspaces and a range of
amenity features contribute to the health
and wellbeing of the people working in
these businesses.
PEOPLE AND CULTURE
We believe that a business that is positively
connected with its people and wider
community will deliver superior returns over
the long-term.
We’re a small team where individuals are
recruited and rewarded based on their
commitment to our values, strategic
thinking, expertise and performance.
Flexible and progressive work practices
contribute to a diverse, inclusive and safety
conscious culture.
CORPORATE PERFORMANCE
A robust capital structure, strong
governance and business wide
commitment to ESG principles give our
investors, regulators, customers, and
community partners confidence in our
strategy.
We measure our performance against
recognised benchmarks and provide
the market with regular updates on our
business activities and progress toward
the emissions reduction and other
sustainability targets we have adopted.
FOCUSED ON
WHAT MATTERS
OUR
FRAMEWORK
GOODMAN SUSTAINABILITY REPORT 2024
INCORPORATING CLIMATE-RELATED DISCLOSURES
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08
Creating a sustainable business that delivers
positive outcomes for stakeholders is our
guiding ambition. As a long-term investor and
developer of warehouse and logistics space
our strategic focus includes the aim of becoming
a lower carbon and more resilient business.
A sustainability framework built upon the
following three pillars, guides our behaviour
and directs our actions towards these goals.
The material factors that drive GMT’s success were first communicated
in FY18, after an extensive interview process that included both internal
and external stakeholders. They were reviewed again in FY21 and FY24.
Influence on assessments and decisions
Significance of environmental, economic and/or social impact
HIGHEST
HIGH
5
3
2
8
0
7
4
6
9
Sustainable structure,
operations, and results
Customer attraction
and retention
Flexible, adaptable and
resilient properties
Sustainable design
and management
Emission reduction and
energy efficiency strategies
Health, safety
and wellbeing
Social equity
Responsible and environmentally
sensitive investment
ESG reporting and
stakeholder engagement
Diversity and inclusiveness
Originally 16 factors were identified as significant to
our business, this has been refined down to 10.
The 10 factors presented in the matrix alongside
reflect the range of criteria applied by our customers,
investors, suppliers, community partners and our
own people when assessing the success of our
business. Understanding these factors and the
relative importance attributed to each, informs and
helps prioritise our sustainability initiatives.
It establishes what matters most.
With no changes to the existing factors, other than
ranking changes, the FY24 survey reflects the
growing emphasis on more sustainable business
outcomes.
Each of the 10 factors shown here have been
categorised under the three pillars of our
sustainability framework.
The following pages describe how these factors are
integrated into our broader business strategy and the
targets we have set ourselves for the future.
SUSTAINABLE PROPERTIES
1 Customer attraction and retention
High occupancy and strong customer retention
levels underpin GMT’s rental cashflows, the main
driver of the Trust’s operating performance. To
attract customers and maximise rental revenue
GMT’s properties need to be sustainable,
operationally efficient, and close to transport
infrastructure and large consumer catchments.
They also need to be well maintained with
ongoing investment and building upgrades.
In-house management and superior service also
helps ensure long-term customer relationships.
2 Sustainable design and management
A significant development capability has
underpinned GMT’s growth, creating a modern,
high-quality warehouse and logistics portfolio.
All new developments are targeting a 5 Green
Star rating from the NZGBC with the projects
being constructed from lower carbon materials
to reduce embodied emissions, wherever
possible.
The development process is also carefully
managed to minimise waste and other
environmental impacts. Once complete and
independently verified, the upfront embodied
carbon in these development projects is
being offset with globally recognised carbon
credits.
3 Flexible, adaptable and resilient properties
Located in areas at lower risk of flooding and
rising sea levels the Core Portfolio is designed
and built to be resilient to extreme weather
events. This includes features that reduce
reliance on existing utility infrastructure.
The warehousing and logistics focus makes
GMT’s properties suitable for a range of business
uses. They are flexible and can be easily adapted
to meet specific customer requirements to
maximise operational efficiency.
4 Emission reduction and energy
efficiency strategies
A commitment to a lower carbon future includes
the monitoring and management of all direct
and indirect emissions, with reduction targets
for our corporate emissions that align with the
Paris Agreement and limiting global warming to
1.5 degrees or less.
Toitū certification provides independent
assurance of our corporate emissions
disclosures.
Resource efficiency projects that improve the
operational and environmental performance of
the portfolio are also underway. These initiatives
include the installation of electrical submetering,
solar energy systems, EV chargers, LED lighting
and water saving technologies.
CORPORATE PERFORMANCE
5 Sustainable structure, operations,
and results
GMT is managed prudently with a sustainable
capital structure and strong governance
oversight contributing to an investment grade
credit rating of BBB from S&P Global Ratings.
Low gearing and strong liquidity bolster the
resilience of our business, while creating the
capacity to invest in new opportunities as and
when they arise.
Strong cashflows from a diverse group of
customers underpin earnings growth. Our
distribution policy includes a prudent payout
ratio of between 80% and 90% of cash earnings.
6 ESG reporting and stakeholder engagement
Engagement with our stakeholders on
environmental, social and governance matters
is a priority. Our corporate reporting includes
detailed information on all aspects of our
business operations. It includes a carbon
reduction and management plan as part of
our Toitū carbonzero certification and we
benchmark our performance through the CDP.
We have adopted the GRI framework in our
reporting to assist stakeholders in accessing the
disclosures that are relevant to them.
7 Responsible and environmentally
sensitive investment
The Board 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 other enterprise risks.
Establishing our Sustainable Finance Framework
demonstrates this commitment, enabling the
business to issue new bonds and establish loans
to fund the delivery of sustainable property
solutions for customers.
PEOPLE AND CULTURE
8 Health, safety and wellbeing
The health, safety and wellbeing of our people,
our customers, our contractors and the wider
community is fundamental to our business. We
adhere to strict workplace safety protocols,
encouraging staff and contractors to develop a
culture of safety awareness.
We take a holistic approach to wellbeing with
a range of initiatives focused on health and
happiness. High staff retention levels and an
engagement score of almost 90% in 2023
confirm we are creating a positive and supportive
work environment for our people.
9 Diversity and inclusiveness
We celebrate individual differences and have
a comprehensive inclusion and diversity policy
that sets goals across gender, ethnicity and
age. We measure our performance against
these targets and have strategies to improve
representation over time
We want a positive culture that is free of
harassment, victimisation and discrimination and
have adopted flexible work practices that help
reduce bias and ensure we are an inclusive and
progressive organisation.
10 Social equity
It is important that we recruit, engage, develop
and retain the best people. A long-term incentive
plan gives all our people a stake in the business
and helps retain talent.
To encourage wider participation in our industry
we provide an annual scholarship for a University
of Auckland property student and support the
Keystone Trust.
We support our wider community through the
Goodman Foundation and are encouraging
social procurement in new construction
contracts and supplier agreements.
We’re challenging
ourselves to do
better, and do more,
for the benefit of all
our stakeholders.
MATERIALITY
M AT R I X
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OUR FRAMEWORK
GOOD IS
PROVIDING THE
TOOLS TO REDUCE
EMISSIONS
GREAT IS
WHAT WE DO
FROM HERE
CUSTOMERS
TOOLS
Lighting and HVAC systems are
two of the largest contributors to
a building’s energy consumption.
Solar provides an alternative
energy source while submetering
allows customers to monitor and
optimise electricity use, essential
steps in reducing emissions.
Hannah Kennedy, Goodman Sustainability Analyst,
and Jas Batth, RSM representative, survey the
recently installed solar panels on RSM House.
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SUSTAINABLE
PROPERTIES
Our investment strategy is focused on building a more
sustainable business with a resource efficient portfolio that
helps our customers achieve their climate goals. The following
report card highlights progress toward these objectives.
FOCUSACTIONPROGRESS
CORPORATE
EMISSIONS
+ Toitū net carbonzero certified since FY21
+ FY24 corporate emissions
1
represent a 40.9% reduction from FY20
base year
+ FY30 corporate emissions reduction target of 43.0%
SUSTAINABLE
DEVELOPMENT
+ 5 and 6 Green Star ratings achieved for developments completed in FY23
and FY24, totalling 82,088 sqm
+ Estimated 17% reduction in the upfront embodied carbon emissions
2
compared to a reference building, for projects completed in FY24
+ 26,068 t C O
2
e of upfront embodied carbon
3
in FY24 completed projects,
to be independently certified and offset
ENERGY
EFFICIENCY
+ 100% of Core Portfolio to feature LED lighting by 2025, 85% installed
or planned as at 31 March 2024
+ Targeting NABERSNZ ratings for all eligible office buildings at Highbrook
by 2025
+ Over 69% of the Core Portfolio has customer energy consumption data
to be used in comparative benchmarking. Target 80% by 2026
RENEWABLE
ENERGY
+ Certified Renewable Electricity
4
supplied by Meridian Energy
+ 2.26 MWp of solar energy systems installed with a commitment
to a further 0.5 MWp ahead of the 2.0 MWp target set for 2025
IMPROVING
BIODIVERSITY
+ Baseline ecological assessment completed at Waitomokia,
as part of the masterplanning process
+ Biodiversity enhanced with over 10,000 native specimens planted at the
urban ngahere at the Highbrook and Roma Road estates
1
These are direct emissions from business operations and from the buildings and spaces within the portfolio where the Manager has operational control.
2
See page 39 for more information on independent Life Cycle Assessments of new development projects.
3
See pages 39 and 40 for more information on the calculation and offsetting of upfront embodied carbon.
4
Through the purchase of Emission Adjustment Certificates (EACs) from Meridian Energy’s Certified Renewable Energy product, Goodman is able to utilise a ‘0’ emission factor, reflecting electricity
sourced from renewable sources. See page 38 for more information.
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OUR FRAMEWORK / SUSTAINABLE PROPERTIES
Sustainability Project Manager, James Campbell (right) demonstrating the features
of the solar monitoring system for a customer at Highbrook Business Park.
GMT’s $4.5 billion urban logistics portfolio features
strategically located, sustainably designed, energy-
efficient and actively managed properties that meet
the operational requirements of our customers.
More sustainable property solutions help these businesses achieve
their own climate targets and contribute to lower Scope 3 emissions
for GMT.
Investing in a more climate resilient future
Maintaining our properties to a high standard and investing in
upgrade projects that improve the operational and environmental
performance of these buildings, helps attract and retain customers.
These initiatives include the installation of electrical submetering
to provide detailed energy monitoring, customer and public EV
chargers, LED lighting upgrades, rooftop solar energy systems, and
water saving technologies. Programmed maintenance of building
HVAC systems and the replacement of R22 refrigerants with lower
GWP alternatives is also a priority, given the climate impacts of
fugitive emissions from system failures.
Customers benefit from these initiatives with lower emission,
more resource efficient and resilient buildings. The high-quality
workspaces they provide can also contribute to greater productivity
and reduced operating costs.
Sustainable development solutions
A long-term investment strategy guides our decision making. With
around 90% of the Core Portfolio built since 2004, development
has been an important driver of our business growth.
Our commitment to sustainable development includes targeting a
minimum 5 Green Star rating from the NZGBC for all new projects
commenced since 2020. It’s a successful strategy with the
Tāwharau Lane multi-warehouse project at Highbrook Business
Park achieving a 6 Green Star Built rating
1
in February 2024.
Representing world leadership standard, it is the first New Zealand
industrial building to achieve the certification.
The completion of four fully leased facilities during the year, with a
combined net lettable area of 79,452 sqm further improves the
quality and efficiency of the Core Portfolio.
By utilising lower emission materials and building systems, we have
reduced the intensity of the upfront embodied carbon within these
FY24 developments by around 17% when compared to similar
sized reference buildings. On a square metre basis, this equates
to a reduction from around 510 kgCO
2
e per sqm to 422 kgCO
2
e
per sqm of NLA.
The upfront embodied carbon in these development projects will be
offset with globally recognised carbon credits once the independent
Life Cycle Assessments are finalised and peer reviewed.
We’ve also integrated circularity principles into the development
process, with careful recycling and repurposing of demolition
and construction waste where possible. Brownfield regeneration
projects now include a target of diverting at least 90% of demolition
waste away from landfill. The Roma Road regeneration project in
Mt Roskill helped establish the best practice benchmark for our
business.
Extensive landscaping, urban ngahere (urban forests), beehives
and other biodiversity initiatives are features of our larger estates,
enhancing, and protecting the natural environment.
The commitment to boosting biodiversity and delivering positive
ecological outcomes is incorporated into the Waitomokia
masterplan. Initial audits have provided a baseline assessment of
the natural environment and the protections required, ahead of
development commencing.
Climate risk and emissions reporting
The Auckland floods and Cyclone Gabrielle of early 2023 have
demonstrated that extreme weather events are already impacting
our communities and that the need for collective action on climate
change is immediate.
As a business we are committed to playing our part.
Comprehensive greenhouse gas monitoring provides a detailed
emissions profile for our business. This knowledge, together with
targets for a lower-carbon, more-climate-resilient future is essential
for assessing the effectiveness of our sustainability initiatives.
The table below summarises our FY24 emissions. A comprehensive
inventory and commentary on the approach taken and its limitations
is presented within our climate-related disclosures, see pages
37 to 41.
GHG EMISSIONS tCO
2
eFY24
Corporate emissions – Toitū assured 534.4
Scope 3 emissions – upfront embodied carbon
from developments
2 6 , 0 6 7. 8
Scope 3 emissions – other1 3 , 3 2 7. 9
Total emissions39,930.1
Corporate emissions
Corporate emissions relate to our operational activities and
from the buildings and spaces within the portfolio where we have
operational control. Toitū net carbonzero certification provides
assurance that our corporate emissions have been measured
in accordance with the ISO 14064-1:2018 standard and offset
with locally sourced carbon credits (Category 1-4), and Certified
Renewable Energy certificates (Category 2) from Meridian.
Our Emissions Reduction and Management Plan includes a target
to reduce absolute corporate emissions (from our FY20 base
year of 903.7 tCO
2
e) by 43.0% by FY30, in line with the Paris
Agreement’s goal to limit global warming to 1.5°C. Our FY24 result,
with a 41% reduction in corporate emissions, is consistent with
these ambitions.
Scope 3 emissions
Indirect Scope 3 emissions make up almost 99% of our carbon
footprint and are the main focus of our sustainability efforts. The
largest contributors to these are our development activity, our
capital expenditure programme and in use carbon emissions as a
result of our customers leasing space within the portfolio.
The upfront embodied carbon from completed developments
was 26,068 tCO
2
e in FY24 compared to 17,607 tCO
2
e in FY23.
The increase reflecting a greater volume of new projects, these
are lower emission developments with upfront embodied carbon
around 17% below standard buildings of a similar size.
In use carbon emissions from downstream leased assets is the
next largest contributor to our carbon footprint. The provision of
sustainable property solutions provides our customers with the
opportunity to reduce their emissions.
This year we have also included an assessment of the emissions
relating to capital expenditure on the Stabilised Portfolio. Given the
number and varied nature of these projects, this is an expenditure
based assessment.
1
6 Green Star Design & As Built NZv1.0 Certified Built Rating
New Zealand Green Building Council
nzgbc.org.nz
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OUR FRAMEWORK / SUSTAINABLE PROPERTIES
The Trust’s $4.5 billion property portfolio provides its
200+ customers with high-quality warehouse and
logistics space in key locations across Auckland.
Providing essential supply chain infrastructure and
supporting a growing digital economy, these properties
are modern, operationally efficient and positioned
close to transport and distribution infrastructure.
INVESTMENT
STRATEGY
Goodman Property Trust is exclusively
invested in the urban logistics sector
of the Auckland property market.
MT WELLINGTON
WAITOMOKIA
WESTNEY
ROMA
FAVO N A
SAVILL LINK
THE GATE
CONNECT
PENROSE
TĀMAKI
LEONARD
HIGHBROOK
ŌTĀHUHU
M20
ROSEDALE
AUCKLAND
AIRPORT
METRO
PORT
AUCKLAND
CBD
PORTS OF
AUCKLAND
WIRI
INLAND
PORT
SH1
SH20
TRAIN
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GOOD IS
MAINTAINING
AND IMPROVING
GREAT IS
WHAT WE DO
FROM HERE
QUALITY
UPGRADES
We maintain our buildings to a high
standard and continue to invest
in new initiatives that improve the
resilience and resource efficiency
of the existing portfolio. More than
$20 million is allocated to these
projects over the next few years.
Regular maintenance of HVAC and solar for
long-term cost-efficiency.
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GOODMAN SUSTAINABILITY REPORT 2024
INCORPORATING CLIMATE-RELATED DISCLOSURES
PEOPLE AND
CULTURE
By investing in our people, our culture and in positive
community outcomes we are creating a more
sustainable business that benefits all our stakeholders.
FOCUSACTIONPROGRESS
SAFETY
AT W O R K
+ One serious harm injury recorded in FY24
+ Contractor induction and certification on all worksites
DIVERSE AND
INCLUSIVE
WORKPLACE
+ Our team of 67 includes 13 different ethnicities, with speakers of
15 languages
+ An average inclusive culture score of 87.5% over the last two
workplace surveys
+ Board diversity includes 33.3% female representation
SOCIAL
PROCUREMENT
AND SUPPLY
CHAIN ETHICS
+ Abilities Group, an organisation empowering individuals with disabilities
contracted to complete recycling of LED lighting upgrade programme
+ Social procurement encouraged in new construction contracts and
supplier agreements
+ Team members trained to assess potential risks in our supply chain
in relation to money laundering and modern slavery
INVESTING IN
OUR PEOPLE
+ 286 training hours completed in FY24
+ 12 team events hosted focusing on diversity, inclusion, wellbeing and
workplace culture
+ Around 4.5 million GMT units issued to team members as part of
Goodman’s long-term incentive scheme
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15
OUR FRAMEWORK / PEOPLE AND CULTURE
The Goodman team fundraising at Highbrook for Cancer Society Daffodil Day.
Workplace wellbeing
Our workplaces support the health, safety and wellbeing of our
people while our brand values guide how we interact with each other,
represent our business, and engage with stakeholders.
An engagement score of 88% in an internal survey in March 2023
and an employee retention rate of more than 95% over the last year,
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 both physical and mental health. Our ongoing
partnership with Groov has continued to support our team with
Dr Fiona Crichton delivering training on Psychological Safety during
the year.
The wellbeing focus was further reinforced with presentations from
the Gut Foundation and Breast Cancer awareness. These health
initiatives complement the free services offered to our people, such
as annual flu vaccinations and skin cancer checks.
If required, independent counselling services and financial planning
are available to our people through our Employee Assistance
Programme provider.
Sporting and recreational opportunities are also supported and
we have hosted and promoted social and cultural events including
Chinese New Year, Diwali, International Women’s Day, Māori
Language Week and Pride Month.
Health and safety first
We are committed to creating a safe working environment for
our people and contractors that is free of accidents and other
workplace risks. We have established work practices and
procedures that ensure our obligations under the Health and
Safety at Work Act 2015 are complied with.
We actively monitor safety and track incidents with detailed
reporting, including trend analysis used to identify hazards and
mitigate risks. It creates a safety conscious culture and positively
influences high safety standards in our workplaces and on our sites.
There were 106 health and safety incidents reported in FY24
compared to 67 in FY23. 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.
Unfortunately, there was one serious harm injury to a contractor
recorded in the last financial year. The incident was reported
to WorkSafe and prompted a full review into the operation and
maintenance of all gates.
We have also recognised the risk that modern slavery presents to
those employed in our supply chain. Compulsory training has been
undertaken to help our team identify the signs of worker exploitation
in their everyday interactions with suppliers.
Celebrating diversity
We believe that a diverse team with different backgrounds and
identities creates a dynamic work environment with a variety of
opinions and approaches. Diversity enhances the way we think
and work, contributing to better business outcomes.
We value each person’s uniqueness and want our people to
experience a sense of belonging. We also want them to feel
supported. An average inclusive culture score of 87.5% across
the last two surveys, shows that we are delivering on this goal.
We first established diversity targets in 2018 and updated these
in 2023. Our refreshed Inclusion and Diversity policy, sets goals
for 2030 across gender, ethnicity and age. These targets guide our
behaviour and helps ensure we are a representative and inclusive
workplace.
Page 92 of GMT’s 2024 Annual Report includes more detail of our
workforce demographics.
Flexible and progressive employment policies reduce bias and have
encouraged a shift in work practices over the last five years, with
55% of our people working flexible hours and 87% choosing to work
remotely at least one day a week.
Three team members have also taken parental leave over the last
12 months.
Working together
Internalisation brings management in house, with our team of
67 effectively now employees of GMT. It’s a talented team of
professionals, committed to delivering the great spaces and
dedicated service that helps our customers thrive.
When we recruit, we look for people who will challenge our thinking,
drive change and develop new ideas that contribute to sustainable
business outcomes. It’s a focus that starts with the way we engage,
using a variety of channels to ensure we are attracting a diverse
group of talent.
To help our people reach their potential we provide pathways
that help them grow and thrive. This includes formal induction
programmes, regular reviews, career development plans and
annual training objectives. Training can be online or through more
structured learning, with study grants and leave available for
technical or tertiary courses.
A long-term incentive plan helps attract and 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.
Our 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.
GOODMAN’S
BRAND VALUES
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OUR FRAMEWORK / PEOPLE AND CULTURE
GOOD IS
ADOPTING
SUSTAINABILITY
TARGETS
GREAT IS
WHAT WE DO
FROM HERE
GREEN STAR
All new development projects
are targeting an industry leading,
minimum 5 Green Star 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.
Tom Slade, Goodman Head of Environmental
Sustainability, and Andrew Eagles, CE New Zealand
Green Building Council, touring New Zealand’s first
6 Green Star rated industrial facility, Tāwharau Lane.
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CORPORATE
PERFORMANCE
A sustainable operating model is essential for an
organisation to be successful over the long-term.
We have continued to pursue initiatives that extend
our reporting and enhance our business.
FOCUSACTIONPROGRESS
R E TA I N
INVESTMENT
GRADE CREDIT
RATING OF BBB
+ Portfolio occupancy of 99.5%
+ Sustainable financial metrics with gearing of 31.5%
+ Distribution reflecting a payout ratio of 83.3% of cash earnings
EXTERNAL
CERTIFICATION
+ Maintained a leadership CDP climate score of A-
+ Toitū net carbonzero certified
1
since FY21
+ Sustainable Finance Framework with $450 million
of Green Bonds and Green Loans
GOVERNANCE
AND DISCLOSURE
+ Sustainability committee, reporting regularly to the Board
+ Continued alignment with the NZX Corporate Governance Code
+ GRI reporting framework
C L I M AT E-
RELATED
DISCLOSURES
+ Adopted climate scenarios for Construction and Property Sector
established by the New Zealand Green Building Council
+ Comprehensive assessment of climate-related risks and opportunities
finalised
+ GMT’s first disclosures under the new Aotearoa New Zealand Climate
Standards released
COMMUNITY
SUPPORT
+ Around $0.4 million distributed through the Goodman Foundation
+ Over 500 volunteering hours completed
1
Certification includes emissions from operational activities and from the buildings and spaces within the portfolio where the Manager has operational control.
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OUR FRAMEWORK / PEOPLE AND CULTURE
Goodman team at the Highbrook Fun Run Walk.
Financial sustainability
To build a long-term sustainable business, we need to be
financially stable. We achieve this through prudent financial
management and by maintaining high occupancy and
customer retention rates. The strength of the businesses
within the portfolio supports our own financial performance,
providing the strong rental cashflows that underpin earnings
and distribution growth.
Low gearing and substantial liquidity add resilience to our
business, while providing the flexibility to invest in new
opportunities as and when they arise. Our Sustainable
Finance Framework enables the business to issue bonds
and establish loans to support the delivery of sustainable
property solutions that help our customers meet their own
sustainability objectives.
GMT’s investment grade credit rating of BBB from S&P
Global Ratings reflects its financial strength. As a result of the
mortgage security held over its property portfolio, GMT’s debt
issuances are rated one notch higher at BBB+.
Both ratings have remained stable since first assigned in 2009.
Environmental, social and governance
The Board of Goodman Property Services (NZ) Limited is
committed to a long-term business strategy that includes the
goal of becoming a truly sustainable, resilient, and low carbon
real estate provider.
The climate-related disclosures later in this report describe how
we govern and manage climate-related risks and opportunities.
They form part of a wider enterprise risk management framework
that includes compliance, financial, operational, people and
strategic risks.
A Sustainability Committee oversees the implementation of our
sustainability initiatives, with regular Board reporting providing
progress updates against our short and medium-term targets.
Engagement with our stakeholders on environmental, social and
governance matters is a priority for our business. Over the last
12 months we have reviewed our material factors, consulted with
mana whenua on the development masterplan for Waitomokia,
hosted an investor open day at Highbrook Business Park and
undertaken an investor perception study.
Transparent and robust governance structures provide
stakeholders with confidence in our reporting and market
disclosures. The corporate governance section on page 90
of GMT’s 2024 Annual Report 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.
We support our community partners through the Goodman
Foundation, which seeks to provide people with the
opportunity to reach their full potential. Our vision is to build
inclusive, resilient, and sustainable urban communities.
Our climate score of A- (for the second year in a row) was the highest
rating achieved by a New Zealand organisation. The honour was
shared with two other local companies.
CDP evaluated over 12,700 organisations worldwide for climate
impacts, with 27 New Zealand organisations contributing to the
2023 survey. Further information about the rating process can be
found at www.CDP.net.
The implementation of carbon reduction and management
strategies as part of our Toitū net carbonzero certification has also
contributed to a reduction in our corporate emissions, with our
2030 carbon reduction target of 43.0% aligned with the 2050
net zero goal of the Paris Agreement.
We have elected to publicly release our CDP and Toitū assessments
and carbon reduction plans to assist other organisations in their
climate journey.
Corporate leadership
With a market capitalisation of around $3.2 billion GMT was ranked
13 within the NZ20 on 23 July 2024. As a leading NZX investment
entity, we have the responsibility to provide timely, balanced and
easily accessible information. We engage with our stakeholders on a
regular basis, through a variety of communication channels, including
formal reporting, market announcements and briefings, newsletters
and more directly through open days, presentations, and meetings.
We also utilise social media to extend our reach and connect with
the growing number of digital only and mobile users.
We have adopted the international GRI framework to assist those
focused on our sustainability reporting. The index on page 42 links
to the key sustainability disclosures and climate-related information
in this report, GMT’s 2024 Annual Report and on our website,
ensuring both transparency and accountability.
We continue to be active industry participants, supporting initiatives
that have wider benefits like the establishment of the climate
scenarios for the New Zealand Construction and Property Sector.
Our corporate memberships and partnerships include Australasian
Investor Relations Association, Diversity Works, Greater East Tāmaki
Business Association, NZ Green Building Council, New Zealand
Shareholders’ Association and Property Council New Zealand.
Benchmarking
We undertake regular benchmarking against respected
international standards to ensure our sustainability linked business
initiatives are consistent with best practice.
A commitment to reducing our carbon footprint has included
participation in the annual CDP survey for the last 18 years.
The global disclosure system for environmental reporting
encourages participants to monitor and reduce greenhouse gas
emissions to mitigate the impacts of climate change.
Community spirited
Supporting and engaging with our local communities and broader
stakeholder groups fosters the positive relationships that help earn
our social licence.
One of the most important stakeholder relationships we have is with
mana whenua. The masterplanning of Waitomokia in Māngere has
included a detailed consultation process.
Regular hui have been a feature of the engagement programme with
a collaborative approach ensuring areas and features of cultural
significance will be preserved and enhanced.
Debt issuance rating
BBB+
GMT corporate rating
BBB
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OUR FRAMEWORK / CORPORATE PERFORMANCE
The Highbrook Fun Run Walk 2024, sponsored by Goodman, had over 400 participants and raised over $20,000 for local charities.
HOW WE HELP
The Goodman Foundation
is committed to making
a sustained and tangible
difference. We partner with
organisations that support
people with the knowledge,
tools and resources they
need to navigate and
overcome adversity.
Prior to FY25 the costs of the
social initiatives supported
by the Goodman Foundation
were paid by Goodman Group
as manager of GMT.
The vision of the Goodman
Foundation is to build
inclusive, resilient, and
sustainable urban
communities where people
have the opportunity to
reach their full potential.
Through dynamic
partnerships with
community organisations,
we strengthen communities
and enable long-term
positive change.
ENABLING
EDUCATION AND
EMPLOYMENT
MEETING
ESSENTIAL NEEDS
PROVIDING
DISASTER RELIEF
PROMOTING SOCIAL
AND MENTAL
WELLBEING
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We support community
organisations that are
enabling food and housing
security and providing
access to household
goods and clothing.
KiwiHarvest
As New Zealand’s leading food rescue organisation, KiwiHarvest
collects nutritious but perishable food that would otherwise go to
landfill and redirects it to those in need. It operates local services in
Auckland, Dunedin, Queenstown and Invercargill.
In a year when the cost-of-living crisis made fresh food almost
unattainable to our most vulnerable, KiwiHarvest redistributed a
record 2.7 million kgs of food to around 220 foodbanks and other
recipient agencies.
Over 20% more than previous year and equivalent to over
5.9 million meals, it included surplus produce, protein, mislabelled
goods, cleaning products and grocery items approaching expiry.
The social good this creates is estimated to have a value of around
$13.8 million. Reducing organic waste otherwise destined for
landfill also has a positive environmental impact, with 7,082 tCO
2
e
of carbon emissions avoided.
A founding partner, the Goodman Foundation has been a financial
supporter of KiwiHarvest since 2015. Our support also includes
regular volunteering, with team members encouraged to help in the
warehouse, processing and packing produce and other food items
for distribution.
https://www.kiwiharvest.org.nz/
MEETING
ESSENTIAL
NEEDS
Goodman team members volunteering at KiwiHarvest,
Highbrook Business Park. From left to right Mary Alice Adair,
Bruno Warren, Mike Gimblett, Martine Marshall.
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We focus on initiatives that improve psychosocial wellbeing
and create space for people and communities to flourish.
Waka Pacific Climb
Waka Pacific Climb is a high rope climbing course to be developed
alongside the Wero Whitewater Park in Manukau, creating a hub for
outdoor education and adventure activities in South Auckland.
The Goodman Foundation was a founding partner of the Wero
Whitewater facility (established around 2015) and has made a
one-off donation to fund the new Waka Pacific Climb initiative.
The proprietary climbing system will feature a galvanised steel
structure rising 16 meters above the ground. The course will
include 78 climbing elements of varying difficulty to give school
children the opportunity to build confidence and develop new skills
as they overcome challenges.
In year one, 10,000 South Auckland school children will be hosted
on the climbing frame free of charge with another 5,000 children
accessing the facility on a subsidised basis.
https://www.wakapacific.org.nz/waka-pacific-climb
Orange Sky
Orange Sky offers a unique service that supports those in our
community dealing with homelessness. With a team of 400 active
volunteers 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.
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.
With five custom vehicles, Orange Sky provides two mobile
services in Auckland, and one each in Hamilton, Wellington and
Christchurch. It has also recently started operating two shifts a
week at the indoor laundry and shower facilities at the Auckland
City Mission’s Homeground building.
The Goodman Foundation has sponsored Orange Sky since 2021,
with the charity operating in New Zealand for over 5 years. During
this time, it has delivered 21,194 loads of laundry and 11,270
warm showers.
https://orangesky.org.nz/
Ongoing support
Through the Foundation’s Give Back initiative and other fundraising
and discretionary grants, financial support was also provided to the
following organisations and events last year:
+ 4U Mentoring
+ Ronald McDonald House
+ Starship Foundation
+ Womens Refuge Tāmaki Makaurau
+ IDFNZ The Kids Foundation
+ Circus Quirkus
+ Special Children’s Christmas Party
Artist’s impression of the new high rope climbing course to be developed
alongside the Wero Whitewater facility in Manukau.
PROMOTING SOCIAL
AND MENTAL
WELLBEING
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Tania Dalton Foundation
The Tania Dalton Foundation (TDF) helps gifted young
New Zealanders unlock their sporting talent and become their
best selves. TDF awarded 14 scholarships last year and provides
recipients with mentoring support and personal development
opportunities 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 have been supporting the programme
since 2018, with Trinity Waiwiri-Toka its 2024 scholarship recipient.
The year 11 student at Rosehill College in Papakura, Auckland is a
promising softball player who recently represented New Zealand at
the U18 Softball World Championships in Brazil.
www.taniadaltonfoundation.org.nz
Keystone Trust
The Keystone Trust is focused on promoting opportunities and
lifting the participation of young people in the New Zealand
property industry.
Since 1994, the trust has granted over 200 scholarships and
awarded around $2 million in scholarship funding to help young
people who’ve been held back by inequality, take up tertiary studies
in the property and construction sector.
The scholarship recipients also receive broader support including
mentoring, networking opportunities, site visits and paid work
experience.
There were 29 Keystone Trust scholarships awarded for 2024
(15 school leaver and 14 tertiary scholarships), lifting the number
of students currently on the programme to 66.
The Goodman Foundation has been a Keystone Sponsor since
F Y21.
www.keystonetrust.org.nz
Duffy Books in Homes
Duffy Books in Homes is a literacy programme that aims to break
the cycle of booklessness. The scheme was founded in 1994 by
author Alan Duff who realised that children who can’t read become
adults who can’t communicate effectively. The national programme
encourages reading through book ownership and using role model
assemblies to champion the benefits of reading.
Around 100,000 Duffy Tamariki receive up to six free books
every year, with over 14 million books being given away since the
programme started 30 years ago.
There are over 800 schools and early childhood centres involved,
with the Goodman Foundation a Duffy sponsor of three South
Auckland primary schools. The three schools have almost 1,200
students in total, they are:
+ Fairburn School, Ōtāhuhu
+ Sir Edmund Hillary Junior School, Ōtara
+ Wiri Central School, Wiri
www.booksinhomes.org.nz
We partner with organisations that offer education
and employment pathways in our communities.
Auckland student Trinity Waiwiri-Toka is Goodman’s 2024 Tania Dalton Foundation scholarship recipient.
ENABLING
EDUCATION
AND
EMPLOYMENT
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GOOD IS
PREPARING FOR
EXTREME EVENTS
GREAT IS
WHAT WE DO
FROM HERE
CLIMATE CHANGE
With extreme weather events already
affecting our communities, the need
for collective action on climate change
is urgent. Acknowledging our wider
responsibilities, we are taking steps
toward a more sustainable future with
targets to decarbonise, build resilience,
and mitigate climate change impacts.
Natasha Artus, Goodman Assistant Project Manager, and
Connor Morley, Aspec builder, reviewing progress of the
overland flow path during construction at Roma Road Estate.
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GOODMAN PROPERTY SERVICES (NZ) LIMITED AS MANAGER OF
Goodman Property Trust
CLIMATE-RELATED
DISCLOSURES
CONTENTS
STATEMENT OF COMPLIANCE 26
GOVERNANCE 27
+ DIRECTOR CAPABILITY 27
+ BOARD OVERSIGHT 27
+ THE ROLE OF MANAGEMENT 27
RISK MANAGEMENT 28
+ IDENTIFYING, ASSESSING AND MANAGING RISKS 28
+ INTEGRATING CLIMATE-RELATED RISKS 28
STRATEGY 29
+ CLIMATE SCENARIO SUMMARIES 30
+ CLIMATE-RELATED RISKS AND OPPORTUNITIES 31
+ ENVIRONMENTAL SUSTAINABILITY OBJECTIVES 35
METRICS + TARGETS 37
+ EMISSIONS OVERVIEW 37
+ EMISSIONS INVENTORY 38
+ EMISSIONS EXPLAINED 39
+ OTHER CLIMATE-RELATED METRICS 40
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STATEMENT OF
COMPLIANCE
Goodman Property Services (NZ) Limited as
Manager of Goodman Property Trust (GMT) and
GMT’s subsidiary GMT Bond Issuer Limited are both
classified as climate reporting entities under the
Financial Markets Conduct Act 2013 (FMCA).
GMT Bond issuer Limited has been granted an exemption from the
FMCA, the Financial Markets Conduct (Climate-related Disclosures
– GMT Bond Issuer Limited) Exemption Notice 2024 (Exemption
Notice), which exempts it from preparing a set of Climate-related
Disclosures.
These climate-related disclosures comply with the Aotearoa
New Zealand Climate Standards (NZ CS 1, 2, and 3) issued by the
External Reporting Board, subject to the Exemption Notice.
In preparing this report, Goodman has elected to use the following
NZ CS 2 adoption provisions:
+ Adoption provisions 1 and 2, which exempt GMT from
disclosing its assessment of the current and anticipated
financial impacts of the physical and transition impacts of the
climate-related risks and opportunities it has identified.
+ Adoption provision 3, which exempts GMT from disclosing
a transition plan with its strategy, noting that climate-related
risks and opportunities and measures to address these are
integrated into the wider business plan.
+ Adoption provision 4, which exempts GMT from disclosing a
selected subset of its Scope 3 GHG emissions sources as set
out on page 41, noting that it has disclosed a large proportion
of Scope 3 emissions for FY24 where substantial quality data
is available.
+ Adoption provision 6 which exempts GMT from disclosing
comparative information of each reported metric for two prior
periods. GMT is including comparative information for some
metrics for one prior reporting period only.
+ Adoption provision 7 which exempts GMT from reporting an
analysis of trends for each disclosed metric, as GMT is only
reporting trends for some metrics.
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John Dakin
CHAIR AND NON-EXECUTIVE DIRECTOR
Through his extensive property industry
experience, John has also become highly skilled
in all areas of sustainability. As a member of
Goodman Group’s global Sustainability and
Innovation Committee he is at the forefront
of current developments.
Laurissa Cooney
CHAIR, AUDIT COMMITTEE
AND INDEPENDENT DIRECTOR
Laurissa has extensive sustainability experience
and is a member of the Institute of Directors
Chapter Zero Steering Committee as well as a
co-chair of The Aotearoa Circle working to
restore NZ’s natural capital.
Leonie Freeman
INDEPENDENT DIRECTOR
In her executive role with Property Council of
New Zealand and through the wider education
initiatives of the organisation, Leonie has
developed significant skills and knowledge
across all aspects of sustainability.
David Gibson
DEPUTY CHAIR AND INDEPENDENT DIRECTOR
David’s capital markets experience helps the
Board understand investor behaviour, the
growing emphasis on green investment and
the relevance of internationally recognised
sustainability benchmarks.
Keith Smith
INDEPENDENT DIRECTOR
Keith’s commercial and governance experience
provides the Board with the expertise needed
to successfully manage risks and navigate the
new regulatory requirements associated with
climate change reporting.
Gregory Goodman
NON-EXECUTIVE DIRECTOR
As the CEO of Goodman Group, Greg’s
knowledge and oversight of global property
markets provides a valuable perspective on
emerging trends and international best practice.
For full Executive profiles please visit:
https://nz.goodman.com/about-goodman/executives
BOARD OF
DIRECTORS
For full Director profiles please visit:
https://nz.goodman.com/about-goodman/board-of-directors
Andy Eakin
CHIEF FINANCIAL OFFICER
James Spence
CHIEF EXECUTIVE OFFICER
GOVERNANCE
Director capability
Our Directors have a complementary set of skills, with Board
appointments managed to ensure sustainability is one of the
core competencies represented on the Board. With climate
science constantly evolving and new building and energy
technologies being developed, ongoing training and upskilling
is strongly encouraged. Directors are also able to request
specialist external advice as and when required.
EXECUTIVE MANAGEMENT
John Dakin Laurissa Cooney
Chair Chair, Audit Committee
HEAD OF
ENVIRONMENTAL
SUSTAINABILITY
BOARD OF
DIRECTORS
AUDIT
COMMITTEE
EXECUTIVE
MANAGEMENT
TEAM
SUSTAINABILITY
COMMITTEE
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Board oversight
The Board of Goodman Property Services (NZ) Limited has
ultimate responsibility for the performance of GMT, governing
its business operations and strategic direction. This oversight
includes ensuring that all commercial activities are aligned with the
sustainability objectives and climate-related targets contained in its
five-year strategic plan.
Integrating sustainability and climate risk into the wider business
planning and budgeting process reflects the high importance
the Board places on these matters. The Board considered and
approved the current five-year strategic plan in March 2024.
This plan included the sustainability objectives and climate-
related targets described on page 35.
Progress against these objectives and targets is considered at
each regular Board meeting. The Board is also responsible for
approving any new sustainability related initiatives or resourcing
requirements. Recognising the risks of climate change impacts, all
new investment and development approvals require a climate risk
assessment as part of the due diligence process.
The Board meets at least four times a year and has overall
responsibility for ensuring that all business risks, including
climate-related risks are managed effectively. The Audit
Committee, a sub-committee of the Board, ensures a
comprehensive risk management framework is maintained.
The Audit Committee has overseen the preparation of
this inaugural climate report under the new Aotearoa New Zealand
Climate Standards. This has included reviewing the risks and
opportunities under the three climate scenarios. External advisors
have also reviewed these disclosures and the emissions inventory
presented on page 38.
The full Board have also reviewed the completed report and
approved it for release on 29 July 2024.
The role of Management
Led by the Chief Executive Officer the executive management
group has collective responsibility for the delivery of a business
strategy that includes the goal of becoming a truly sustainable,
resilient, and low carbon real estate provider.
As Head of Sustainability, the Chief Financial Officer oversees all
aspects of the sustainability programme, including climate reporting
and the identification and delivery of initiatives that improve the
environmental performance and resilience of the business. These
initiatives are mainly focused on the reduction of upfront embodied
and in use carbon emissions.
The Head of Environmental Sustainability reports directly
to the Head of Sustainability. The position is one of four
dedicated sustainability roles, with the group responsible for the
implementation and delivery of the various projects that make
up the sustainability programme. The team includes analytical,
biodiversity, corporate reporting, development, finance, and project
management skills and expertise.
The broad focus of the sustainability programme extends across
all areas of our business operations. A Sustainability Committee
made up of senior personnel meets quarterly to discuss emerging
trends, monitor progress against targets, review current initiatives
and consider new projects. Chaired by the Head of Sustainability
the committee directs our actions, with the commitment and effort
of the members essential to managing climate risks and achieving
our carbon reduction goals.
The Sustainability Committee is also responsible for quarterly
Board reporting. This includes progress against carbon reduction
targets, updates across all climate-related development and
building initiatives, and approval of new investment and financing
commitments outside the delegated authority of the Chief
Executive Officer.
Selected members of the Sustainability Committee also worked
directly with the Audit Committee in the preparation of the climate
disclosures contained in this report.
This section outlines the Board
of Directors’ role in overseeing
climate-related risks and
opportunities and the role
management plays in assessing
and managing those climate-
related risks and opportunities.
Identifying, assessing, and managing
climate-related risks
The business has an existing risk management framework that
includes consideration of all climate, compliance, financial,
operational, people and strategic risks. Established processes
are followed in the identification, assessment and management
of these enterprise risks.
In compliance with Aotearoa New Zealand Climate Standards,
additional consideration has been given to the identification and
assessment of specific climate-related risks, under three climate
scenarios and different time horizons. These will be updated
regularly to reflect any changes in our business operations or
strategic approach, the composition of our portfolio and future
updates to the climate scenarios we have adopted.
The timeframes adopted in the assessment of climate change
impacts on our business are described in the table below. These
align with the Construction and Property Sector Climate Scenarios
described in the Strategy section of this report.
Integrating climate-related risks into
existing risk management processes
The Audit Committee reviews the effectiveness of the risk
identification and assessment process on behalf of the Board.
A detailed risk register is the foundation of the business’s risk
management framework. Management is responsible for
maintaining this register. Facilitated by a risk specialist, an annual
workshop of senior management personnel considers the impact of
any changes to the business or operating environment in its review
of existing risks and identification of potential new risks.
Lead by the Chief Executive Officer, Chief Financial Officer
and Head of Sustainability the extensive business knowledge of
workshop participants, their understanding of market trends and
potential regulatory changes supports the critical assessment of
our enterprise risks.
The outcome of the workshop is an updated risk matrix that
quantifies the impact and likelihood of each material risk. The priority
placed on each risk reflects the severity of the potential impact, and
any change in this assessment where it was previously identified.
The following timeline outlines the steps taken to establish the detailed climate-related risks and opportunities disclosed in the
Strategy section of this report. The assessment includes both physical and transition risks and considers all parts of the value chain.
This risk framework is reviewed by the Audit Committee
before being presented to the Board for approval.
Environmental sustainability and climate change is currently
one of 10 areas of risk identified as significant. Annual and
longer-term business planning incorporates strategies to
manage and mitigate these risks, and to capitalise on any
associated opportunities.
The setting of sustainability objectives, including the adoption
of carbon reduction targets and minimum 5 Green Star
certification for new developments are examples of how
the risk management process is integrated into our wider
strategic planning.
The risk of climate change impacts on any new investment
opportunity is separately assessed as part of the due
diligence process, with the Board giving its full consideration
to these factors when approving new property acquisition or
development initiatives.
This section describes Goodman’s process
for identifying, assessing, and managing
climate-related risks and how this is integrated
into existing risk management processes.
TimeframePeriodDescription
Short-termPresent – 2030Reflecting the average lease term within the portfolio, and detailed business
budgeting timeframes
Medium-term2030 – 2050Consistent with longer-term business planning, capital expenditure projects and
re-development plans
Long-term2050+A future time horizon that represents the economic lifespan of GMT’s industrial portfolio
SEPTEMBER
+ Initial list of 18 climate-related
risks and opportunities relevant
to our business is established by
key members of the Sustainability
Committee.
JANUARY
+ Goodman provides feedback to the
technical working group on draft
climate scenarios.
MARCH
+ Specialist internal resource
extended the analysis of the
potential financial impacts of these
risks and opportunities under the
three climate scenarios, across
each time horizon.
+ Board consultation with a
comprehensive briefing paper on
climate reporting and sustainability
strategy. Seven climate impact
areas were considered, including
the 11 risks and opportunities
presented in this report, together
with the robustness of the process
undertaken to identify and quantify
these impacts.
JUNE
+ Audit Committee established
as a due diligence committee to
oversee the process and review
the content of Goodman’s first
Climate-related Disclosures.
+ The strategic response for
each climate impact area was
considered in line with the
Board’s approved environmental
sustainability objectives.
M AY
+ Board briefed on potential
reporting frameworks as a further
step in the management and
mitigation of climate-related risks.
J U LY
+ Sustainability Report 2024
incorporating the climate-related
disclosures is released.
FEBRUARY
+ Board briefed on climate-related
disclosures requirements and
process ahead of first report.
M AY
+ The finalised Construction and
Property Sector Climate Scenarios
are adopted by the Board.
OCTOBER
+ External guidance sought on scope
of climate reporting obligations and
second physical risk assessment
undertaken to incorporate portfolio
changes and new climate scenarios.
+ Existing list of 18 climate-related
risks and opportunities reviewed
and updated by key members of the
Sustainability Committee.
NOVEMBER
+ Workshop with the wider Goodman
management team extends
list of climate-related risks and
opportunities to 31.
+ Further refinement and
amalgamation of similar topic areas
reduced the list of climate-related
risks and opportunities to 23.
+ Considering the potential financial
impacts, Goodman workshop
participants are required
to rank each of the 23 risks
and opportunities in terms of
importance.
DECEMBER
+ The top ranked 14 risks and
opportunities from the survey were
assessed as the most material. More
quantitative considerations of these
impacts were undertaken, with
methodology guidance provided by
Aon Global Risk Consultants.
DECEMBER
+ First physical risk assessment of
the portfolio completed by Aon
Global Risk Consultants, with
detailed modelling of the potential
climate change impacts on these
properties.
+ Draft climate scenarios for the
construction and property sector
released by NZGBC.
RISK
MANAGEMENT
202220232024
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This section describes the climate scenario
analysis undertaken by Goodman, the key
climate-related risks and opportunities including
anticipated business impacts and how this has
influenced Goodman’s actions towards a low-
emissions, climate-resilient future.
Our wider business strategy is focused on property investment
and development. Exclusively investing in the Auckland industrial
market, our warehouse and logistics facilities provide customers
with well-located and operationally efficient facilities that provide
critical supply chain infrastructure for the New Zealand economy.
We have been monitoring and disclosing our operational
greenhouse gas emissions since 2006 and have more recently
extended this reporting to include some categories of upstream
and downstream Scope 3 emissions.
The potential impacts of climate change are far reaching, with
the behaviour and actions of today expected to have significant
consequences on the future operating environment. The three
climate scenarios we have adopted reflect a range of impacts that
help our understanding of the specific risks and opportunities that
our business may experience over the short-, medium- and long-
term time horizons.
Our 2024 Strategic Plan incorporates sustainability initiatives
that support our goals for a lower-carbon, more-climate-resilient
future. To ensure these current targets are robust we are reviewing
frameworks aligned with the 2050 net-zero goal established by the
2015 Paris Agreement.
The integration of climate-related risks and opportunities into our
wider business planning negates the requirement for a standalone
climate action plan. However we expect to release a transition
plan in FY25, as required by the Aotearoa New Zealand Climate
Standards.
Selecting climate scenarios
We have adopted the climate scenarios established by the
NZGBC for the Construction and Property Sector.
A technical working group, chaired by GMT’s CFO, oversaw the
development of these scenarios which were determined by industry
experts to be the most relevant for New Zealand domiciled real estate
investment entities like GMT. Three scenarios were developed:
+ Orderly
+ Disorderly
+ Hot House World
Orderly and Disorderly both align with RCP2.6, while Hot House
World aligns with RCP8.5. The key difference between Orderly and
Disorderly is the pace of transition, with Disorderly being delayed and
limiting warming to less than 2 degrees, compared to Orderly limiting
warming to 1.5 degrees.
The three climate scenarios are summarised in the following
disclosures, with the full NZGBC report for the Construction
and Property Sector (including all assumptions and limitations)
available here.
STRATEGY
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The scenarios above are fully described in the NZGBC Climate Scenarios for the Construction and Property Sector. Please review the full report to understand the assumptions
and limitations underpinning these scenarios.[https://nzgbc.org.nz/research-and-reports]
The climate scenarios we have adopted are not intended to be
predictive, or to identify the ‘most likely’ outcomes of climate change.
They are intended to provide a picture of multiple challenging,
plausible future states that allow us to better understand and
prepare for the uncertain future impacts of climate change.
GLOBAL CARBON EMISSIONS TRAJECTORIES
(5,397)
829
71,242
-10,000
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000
1990200020102020203020402050206020802100
Medium-term
Long-term
(Mt CO
2
)
Disorderly
Hot house world
Orderly
Short-term
SCENARIO GROUP (MEAN TEMPERATURE RISE °C)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
20052010202020302040205020602070208020902100
Short-term
Medium-term
Long-term
Global temperature increase °C
S S P 3 -7. 0
S SP 1-2 .6
S S P 1-1 . 9
Disorderly
Hot house world
Orderly
Hot house world
NGFS: ‘Current Policies’
Policy reaction:
None
Policy ambition: >3.0°C
Technology and behaviour change:
Slow
Physical risk severity: Extreme
Disorderly
NGFS: ‘Delayed Transition’
Policy reaction:
Delayed
Policy ambition: <2.0°C
Technology and behaviour change:
Slow/fast
Physical risk severity: Moderate
Orderly
NGFS: ‘Net Zero 2050’
Policy reaction:
Immediate and smooth
Policy ambition: 1.5°C
Technology and behaviour change:
Fast
Physical risk severity: Moderate
CLIMATE SCENARIO
SUMMARIES
SCENARIO 1
Orderly transition
Long-term physical impacts
Average sea levels +0.39m
Mean temperature +1.4° C
Rainfall intensity +6%
Number of hot days +40%
Timely policy change prompts
organisations to quickly adopt
carbon reduction strategies.
In the short to medium-term the shadow
cost of carbon rises, driving demand for low
carbon building materials. They are in short
supply which sees a rise in the cost to build.
Behavioural change and energy caps
see demand for more energy efficient
buildings. A shortage of energy efficient
space drives demand for assets with on-
site electricity generation and low carbon
technologies, like those found in Green Star
rated properties.
The scale of retrofit activities is significant
with building upgrades for energy
efficiency supporting occupier emissions
reduction targets in the short-term.
Technology changes quickly and lower
carbon materials become more cost and
time effective in the medium-term.
The grid becomes fully renewable in the
medium-term and buildings become more
energy efficient as occupiers and property
owners play their part in achieving a Net
Zero 2050 outcome.
SCENARIO 2
Disorderly transition
Long-term physical impacts
Average sea levels +0.60m
Mean temperature +1.8 ° C
Rainfall intensity +6%
Number of hot days +40%
Policy, technology and behaviour
change is slow up until 2030.
Around 2030 there are a series of abrupt
and stringent decarbonisation policies.
The electricity sector is unprepared for the
rapid demand for electrification. Assets
with on-site generation surge in demand
while New Zealand experiences frequent
blackouts and electricity price fluctuations
in the medium-term.
The rapid increase in demand for
lower carbon materials sees significant
disruption for the sector with competition
for materials and expertise leading to
significant price escalations.
Early movers get the opportunity to access
these materials and subject matter experts
before others in the sector.
SCENARIO 3
Hot house world
Long-term physical impacts
Average sea levels +1.0 8 m
Mean temperature +3.6°C
Rainfall intensity + 2 6 . 1%
Number of hot days +300%
No policies are introduced to curb
emissions. Regulatory change is slow
with a focus on adaptation and managing
climate driven immigration/refugees.
There is limited innovation around lower
carbon materials and technologies due to
low demand.
Building codes become more stringent as
they look to address the physical impacts
of climate change with more frequent storm
events, heatwaves, floods and heavier
rainfall. Assets that are unable to meet the
new codes risk becoming stranded.
Mandates are introduced to conserve
energy for critical functions as
infrastructure is damaged by climate
change. Demand for buildings resilient to
direct climate-related physical events and
electrical network failures increases.
A breakdown in social cohesion occurs
with heat stress, mental health impacts
and food insecurity from climate change
prompting a retreat from Auckland and
other cities.
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STRATEGY
CLIMATE-RELATED RISKS
AND OPPORTUNITIES
Following a comprehensive assessment process,
we have identified seven climate-related impacts as
material to GMT’s long-term success. The following table
presents these impacts in separate columns with the
corresponding risks and opportunities listed below.
EXTREME
W E AT H E R
CUSTOMER
PREFERENCES
STRANDED
ASSETS
COST OF
INSURANCE
COST OF
CAPITAL
ENERGY
COST OF
DEVELOPMENT
PhysicalTransitionTransitionTransitionTransitionTransitionTransition
RISKS
Pluvial flooding and
increasing temperatures
Properties not suited to
customers’ sustainability targets
Policy change affects leasability
of non-compliant properties
Insurers apply more scrutiny
following climate-related losses
Failure to meet ESG expectations
and climate standards
Not materialConstruction sector slow to
decarbonise / supply chain disruption
Hothouse: Long-term Orderly: Short-term
Disorderly: Medium-term
Orderly: Medium-term
Hothouse: Long-term
Hothouse: Long-term Orderly: Short/Medium/Long-
term
Disorderly: Medium/Long-term
Orderly: Short/Medium-term
Disorderly: Medium-term
Customer disruption
Capex
Rental income Capex Insurance premiums Funding costs Cost of carbon, material & labour
STRATEGY
Asset selection
and adaptation
Energy efficiency
upgrade programme
Adapt at risk assetsAdapt at risk assetsDevelop and implement
sustainability strategy
Solar upgrade programmeSupplier engagement
These strategic responses are linked to the four key environmental sustainability objectives set out on page 35.
Building Materials
Customer Footprints
Climate Resilience
Nature Positivity
Building Materials
Customer Footprints
Climate Resilience
Nature Positivity
Building Materials
Customer Footprints
Climate Resilience
Nature Positivity
Building Materials
Customer Footprints
Climate Resilience
Nature Positivity
Building Materials
Customer Footprints
Climate Resilience
Nature Positivity
Building Materials
Customer Footprints
Climate Resilience
Nature Positivity
Building Materials
Customer Footprints
Climate Resilience
Nature Positivity
OPPORTUNITIES
Not materialCollaborating with customers to
reduce their operational carbon
Purchasing and redeveloping
stranded properties
Lower insurance cost for assets
with lower physical risks
Increase investment case in GMTProvide energy efficient and grid
resilient properties
Not material
Disorderly: Short-term
Hothouse: Short/Medium-term
Hothouse: Long-term Hothouse: Long-term Disorderly: Short-term
Hothouse: Short/Medium/Long-
term
Orderly: Short-term
Disorderly: Medium-term
Hothouse: Long-term
Opex
Rental income
Revenue from new assets Opex
Rental income
Funding costs Leasability
Rental income
Read on for further details of each risk and opportunity identified under the seven climate-related impacts described above.
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STRATEGY
EXTREME WEATHER
RISKS
Risk type: Physical (Acute/Chronic)
GMT has identified this risk to have the most material impact under the following scenarios and timeframes.
Material impact: Hothouse (Long-term)
Scope of impact: Few susceptible assets
Primary impact assessment: Increased customer disruption,
Increased capital expenditure
New Zealand’s climate is changing, and these trends will continue for the foreseeable future.
An increase in the number of very hot days, a reduction in the number of frost days, and more
frequent, more extreme rainfall events are some of the main impacts we expect. For locations
closer to the coast, sea level rise will pose a significant risk in the future, due to its amplification of
coastal flooding exposure, and potential damage from extreme storms. As climate change increases
key hazard levels in the Auckland region, the exposure of GMT’s assets to such hazards will change,
becoming more vulnerable to damage or operational disruption in the exposed areas.
Aon Global Risk Consultants conducted a physical risk assessment using a proprietary modelling
platform to understand climate impacts on our portfolio. The assessment aligns with the three
adopted sector scenarios and time horizons and primarily concentrates on the physical impact
of these scenarios. The key climate-related stressors (e.g. rainfall, temperature) are considered, and
the associated hazard (e.g. flooding) reviewed for the 100-year annualised recurrence interval (ARI).
The expected hazard level is attributed to each property to evaluate the impact.
Across all physical impacts assessed, 3.6% of the total portfolio by rental income is modelled as
having ‘moderate’ or ‘high’ potential for damage.
The following table describes the likely damage impact from a 100-year ARI.
Impact
Level
Individual Building Impact
DamageDisruption
Very High>50%Prolonged disruption
HighBetween 25% and 50%Multi-day disruption
ModerateBetween 10% and 25%Less than a day disruption
LowBetween 1% and 10%<12-hour disruption
Very Low<=1%<3-hour disruption
Anticipated impact
Pluvial flooding (acute):
This is GMT’s most significant physical risk with 50% of existing buildings exposed to potential
pluvial flooding under the Hothouse scenario. However, 97% of the Core Portfolio is deemed, at
most, ‘low’ potential for damage with minimal change in the severity of exposure across all three
scenarios and timeframes. One property in Ōtāhuhu is modelled as ‘high’ damage expectancy
under all scenarios, posing a risk to the operability of this building. Classified as a value-add
opportunity, we expect to redevelop this property within the medium-term, enabling GMT to
develop a new property that mitigates the impact of future pluvial flooding risk.
Fluvial flooding (acute):
Only one estate in Wiri is found to be at risk to fluvial flooding. Two buildings at this estate are
modelled to be exposed to ‘moderate’ flood inundation depths.
Coastal erosion (chronic):
Under the most extreme scenario, 7% of our buildings are identified as exposed to coastal erosion
out to 2100. Although these properties are exposed to this physical risk, the impact is very low with
exposure less than 1% of the land parcel area and buildings unaffected. Thus, the risk of coastal
erosion is considered ‘very low’ impact across our portfolio.
Extreme temperatures (chronic):
Expected increases in air temperatures and the frequency of hot days may affect the operability of
our assets. It is plausible GMT may see an increase in requests for cooling systems in warehouses
to combat rising interior temperatures as well as more environmental control systems to protect
technology equipment from increasing humidity levels over the long-term. Rising temperatures and
humidity is expected to shorten the lifespan of current HVAC equipment.
Other (acute/chronic):
There are no properties impacted by sea-level rise alone, with up to 1m of sea-level rise. Three land
parcels are exposed to coastal flooding, but the exposed areas are very small with no structures
impacted. Wind damage is considered ‘low’ for all properties across the portfolio.
STRATEGY
Adapt our existing assets and development specification to increase resilience.
Consider redevelopment plans for buildings with higher exposure.
Intensify development of existing resilient locations.
Consider and mitigate the physical risks of new investments.
Prepare and deliver proactive and preventative maintenance plans to mitigate future damage.
Assess the need for stormwater infrastructure upgrades with redevelopment projects.
Adopt landscaping practices that enhance asset resilience.
OPPORTUNITIES
We do not consider opportunities arising from more extreme weather to be material to GMT.
C L I M AT E- R E L AT E D R I S K S
AND OPPORTUNITIES
The series of workshops undertaken
to establish our climate-related risks
also included the consideration of new
business opportunities. The six risks and
five opportunities identified as the most
material are presented together with our
strategic response.
Scenario 1:
Orderly transition
Scenario 2:
Disorderly transition
Scenario 3:
Hot house world
CLIMATE SCENARIOS SUMMARIES
The icons shown below represent each of the
three climate scenarios and are used in this
section to show under which scenario(s) these
risks and opportunities are expected to have
the most material impact.
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STRATEGY / CLIMATE-RELATED RISKS AND OPPORTUNITIES
CUSTOMER PREFERENCES
STRANDED ASSETS COST OF INSURANCE
RISKS
Risk type: Transition (Market/Reputation)
Material impact: Orderly (Short-term),
Disorderly (Medium-term)
Scope of impact: Whole portfolio
Primary impact assessment: Reduction in rental income
Risk type: Transition (Market/Regulatory)
Material impact: Orderly (Medium-term),
Hothouse (Long-term)
Scope of impact: Value-add assets
Primary impact assessment: Increased capital expenditure
Risk type: Transition (Regulatory/Market)
Material impact: Hothouse (Long-term)
Scope of impact: All properties
Primary impact assessment: Higher insurance premiums
Eight of GMT’s top ten customers (by rent roll) have publicly
committed carbon reduction targets, with more companies
expected to set targets that are aligned with the Paris
Agreement. Not meeting the market for these occupiers with
sustainable space solutions is a risk to GMT’s ability to retain
customers. Additionally, lower consumption and fewer imports
reflecting changing society and global trading patterns could
diminish demand for logistics customers.
Climate change impacts making certain buildings no longer fit for
purpose and costly to upgrade poses a risk for GMT’s portfolio.
A failure to meet requirements in our base build specification
and building upgrades could lead to reduced demand including
the risk that buildings with insufficient sustainable and resilient
features become stranded assets.
Climate change related losses resulting from extreme weather
events with higher frequency and intensity are likely to materially
impact the insurance and reinsurance industry. This may result in
increased premiums even for low-risk assets. Higher risk assets
will see steeper premium increases or may lead to insurance
retreat.
STRATEGY
Engage with customers on carbon reduction initiatives – use
data from building submetering to support customers to
measure and reduce their operating emissions.
Build energy efficient, high-quality workplaces with Green
Star certifications.
Implement green leases to improve alignment between
GMT and customers.
Prepare assets for increasing electrification including electric
vehicle infrastructure.
Focus construction procurement on reducing embodied
carbon.
Adapt existing assets and development specification to
increase resilience to increasing frequency and severity of
extreme weather events.
Prepare and deliver proactive and preventative maintenance
plans to mitigate physical impacts.
Consider and mitigate the physical and transition risk of new
investments.
Invest in resource flexible buildings that will be more readily
repurposed at end of economic life.
Prepare assets for increasing electrification including electric
vehicle infrastructure.
Invest in resource efficient buildings and systems that reduce
reliance on community infrastructure.
Consider and mitigate the physical and transition risks of
new investments.
Adapt our existing assets and development specification to
increase resilience to increasing frequency and severity of
extreme weather events.
OPPORTUNITIES
Opportunity type: Transition (Markets)
Material impact: Disorderly (Short-term),
Hothouse (Short/Medium-term)
Scope of impact: Core Portfolio & developments
Primary impact assessment: Reduced customer opex,
Rental uplift
Opportunity type: Transition (Markets/Resilience)
Material impact: Hothouse (Long-term)
Scope of impact: Value-add assets
Primary impact assessment: Increased revenue
Opportunity type: Transition (Markets)
Material impact: Hothouse (Long-term)
Scope of impact: All lower-risk properties
Primary impact assessment: Relatively lower
insurance premiums
With supply limited by delayed or no transition, it is expected
that leading occupiers will prefer high-quality, energy efficient
properties in climate-resilient locations. Supporting customers
to meet their carbon targets through greater investment in more
resilience and efficient buildings is also expected to improve the
rental growth profile of these assets.
Slow policy change means more buildings are unsuitable for
occupiers in the long-term. This may result in rents repricing
and increased repositioning, purchasing, and redevelopment
opportunities for GMT, ultimately increasing revenue through
access to new assets.
With premiums re-pricing according to levels of physical risk
exposure, a multi-tier insurance market is expected to result
in lower insurance costs for assets with lower physical risks.
This would result in relatively lower operating expenses for
customers in those buildings, ultimately improving the outlook
for rental growth in those lower-risk assets.
C L I M AT E- R E L AT E D R I S K S
AND OPPORTUNITIES
Scenario 1:
Orderly transition
Scenario 2:
Disorderly transition
Scenario 3:
Hot house world
CLIMATE SCENARIOS SUMMARIES
The icons shown below represent each of the
three climate scenarios and are used in this
section to show under which scenario(s) these
risks and opportunities are expected to have
the most material impact.
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STRATEGY / CLIMATE-RELATED RISKS AND OPPORTUNITIES
C L I M AT E- R E L AT E D R I S K S
AND OPPORTUNITIES
COST OF CAPITAL
ENERGY
COST OF DEVELOPMENT
RISKS
Risk type: Transition (Reputation)
Material impact: Orderly
(Short/Medium/Long-term)
Disorderly (Medium/Long-term)
Scope of impact: Whole portfolio
Primary impact assessment: Increased funding costs
While there are energy-related risks to our customers operations,
we do not consider these to be a material risk to GMT.
Risk type: Transition (Market)
Material impact: Orderly (Short/Medium-term)
Disorderly (Medium-term)
Scope of impact: Developments
Primary impact assessment: Increased cost of carbon
material & labour
Investors are increasingly assessing public companies based
on ESG factors with some using these scores as a factor in
determining WACC and target price. Failing to meet ESG
expectations as we transition to more stringent energy and
carbon requirements may result in an increase in funding costs.
It will be challenging for the construction sector to rapidly
decarbonise. As new climate resilient building products and
designs are developed and adopted to meet increasingly
stringent carbon regulation, material and labour costs are
expected to increase with limited and slow supply. Lack of
access to low carbon building materials and products may see
increases to the cost of carbon offsetting.
STRATEGY
Utilise our Sustainable Finance Framework to invest in more
sustainable property solutions.
Build energy efficient, high-quality workplaces with Green
Star certifications.
Consider site specific nature targets.
Build energy efficient, high-quality workplaces with Green
Star certifications.
Installation of solar to suit customer energy use.
Prepare assets for increasing electrification including electric
vehicle infrastructure.
Work with the construction sector to understand, test and
select lower carbon alternatives to conventional building
materials.
Focus on brownfield asset opportunities: Conserve,
reuse and recycle materials. Identify more circular
economy opportunities in value-add properties ahead of
deconstruction.
Invest in resource flexible buildings that will be more readily
repurposed at end of economic life.
Consider an alternative approach to the cost of carbon
applied to all developments where carbon offsets are
replaced with lower carbon innovation investment.
OPPORTUNITIES
Opportunity type: Transition (Markets)
Material impact: Disorderly (Short-term),
Hothouse
(Short/Medium/Long-term)
Scope of impact: Whole portfolio
Primary impact assessment: Decreased funding costs
Opportunity type: Transition
(Resilience/Energy Source)
Material impact: Orderly (Short-term),
Disorderly (Medium-term)
Hothouse (Long-term)
Scope of impact: Core Portfolio & developments
Primary impact assessment: Improved leasability of assets
We do not consider opportunities relating to development costs
to be material to GMT.
Develop a strong sustainability strategy, that guides our business
to a low-emissions climate-resilient future that aligns with
investors’ ESG mandates.
Blackouts resulting from failing energy infrastructure will see an
increasing demand for more energy efficient and grid resilient
property. Assets with onsite renewable energy generation will
see less disruption to their operations, ultimately improving the
leasing demand for these properties.
Scenario 1:
Orderly transition
Scenario 2:
Disorderly transition
Scenario 3:
Hot house world
CLIMATE SCENARIOS SUMMARIES
The icons shown below represent each of the
three climate scenarios and are used in this
section to show under which scenario(s) these
risks and opportunities are expected to have
the most material impact.
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STRATEGY / CLIMATE-RELATED RISKS AND OPPORTUNITIES
Our ambition of becoming a truly sustainable,
low-carbon and more resilient business is
reflected in the objectives of the five year strategic
plan adopted by the Board in March 2024.
The climate-related objectives within the plan can be segmented into four focus areas, these are described below.
Our response to the climate-related risks and opportunities we have identified are also summarised here. It includes
initiatives that are a proactive response to expected increases in building and land-use regulation, and changes to
customer preferences as we transition to a low carbon future.
CONSERVING
BUILDING MATERIALS
Lower embodied carbon
Minimise waste to landfill
Promote a circular economy
Acknowledging that embodied carbon is our largest emissions
source we have been prioritising work streams to reduce the
emissions intensity of our development activity.
This includes the identification and substitution of alternative
building materials and construction techniques.
Construction waste is also carefully managed to conserve
valuable resources and minimise landfill.
Selecting lower carbon steel and concrete products in the
procurement process is already contributing to an average
15% reduction in embodied carbon within our Green Star
development programme.
Promoting a circular economy by reusing and recycling
building materials on value-add opportunities is also a priority.
We have adopted a waste diversion from landfill target of
90% for brownfield regeneration projects.
All development feasibilities include allowances for carbon
offsets, to reflect the full economic cost of the project.
Reallocating this contribution to innovation projects is an
alternative approach being explored, that could drive wider
industry benefits.
MINIMISING
CUSTOMER FOOTPRINTS
Measure customer emissions
Energy efficient workplaces
Minimise potable water use
Customers who lease our buildings are increasingly aware
of their own climate-related obligations with many adopting
carbon reduction targets. This is driving demand for well-
located, operationally efficient facilities that minimise
emissions.
Green Star certified property solutions meet this requirement
and are the focus of our development programme.
Retrofitting new technologies to our Core Portfolio improves
energy efficiency and reduces emissions for customers.
A 3-year, $30 million building upgrade programme is
underway, it includes:
+ Rooftop solar energy systems
+ LED and lighting control upgrades
+ Submetering to optimise energy use and facilitate data
sharing and performance benchmarking
+ Renewal of HVAC systems with lower GWP alternative
Green leases provide for data sharing and performance
benchmarking on energy and water.
The location of our estates, close to transport infrastructure
and large consumer catchments also provides logistical
benefits with reduced emissions for businesses focused on
last mile delivery.
BUILDING
CLIMATE RESILIENCE
Invest in low risk locations
Mitigate climate risks
Adapt at risk assets
Building a business that is resilient to the varied impacts of
climate change is a key objective of our investment strategy.
Expectations around AI, growth in the digital economy and the
greater electrification of warehousing are expected to drive
greater energy demands for buildings in the future.
Our development activity and portfolio upgrade initiatives are
delivering more sustainable and resource efficient property
solutions for customers.
Funded through our Sustainable Finance Framework this
focus is improving the quality of the assets and helping future
proof the portfolio.
Physical risks can be reduced with careful site selection
and engineering solutions that lower the impact of extreme
weather events.
Alternative energy solutions, more efficient electrical fittings,
rainwater harvesting and waste minimisation initiatives
increase resilience and reduce reliance on existing utility
infrastructure.
We are also increasing our expertise and evaluating carbon
reduction pathways that align with the goals of the Paris
Agreement.
A formal commitment to net zero 2050 is a growing
expectation of our stakeholders as climate change impacts
become more apparent.
DEVELOPING
NATURE POSITIVITY
Brownfield over greenfield
Biodiversity restoration
Improve ecological value
Extensive native landscaping and biodiversity initiatives such
as urban ngahare and beehives enhance the ecological value
of our larger estates.
End of trip facilities reduce congestion and pollution
while investment in recreational areas and public spaces
encourages activity and wellbeing.
Future development activity is focused on brownfield
redevelopment opportunities. These regeneration projects
make up around 75% of GMT’s total future pipeline.
Biomarkers are used to assess the ecological value of sites
pre and post development.
Significant new projects feature a monitoring programme that
encompasses flora & fauna and waterways.
Nature positive outcomes are being targeted for these
projects, restoring biodiversity to a better than equilibrium
state.
A commitment to offsetting corporate emissions and
embodied carbon includes the prioritising of nature-based
credits.
ENVIRONMENTAL
SUSTAINABILITY
OBJECTIVES
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STRATEGY
GOOD IS
WORKING
TO IMPROVE
BIODIVERSITY
GREAT IS
WHAT WE DO
FROM HERE
BIODIVERSITY
Boosting biodiversity at
certain estates is an important
objective of GMT’s sustainability
programme. This includes native
plantings, beehives, monitoring
waterways, native species
counts and pest control.
Shane Everett, Goodman Landscape and
Compliance Manager, surveying the growth of the
Roma Road ngahere which was planted in 2022.
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GOODMAN SUSTAINABILITY REPORT 2024
INCORPORATING CLIMATE-RELATED DISCLOSURES
CARBON EMISSIONS
METRICS
+
TARGETS
A summary of Goodman’s FY24 Greenhouse
Gas Emissions (GHG) is presented below,
together with our current reduction targets.
39,930
TONNES CO
2
e
83 .4%
33,291.5 tCO
2
e
0.0%
18.4 tCO
2
e
1.0%
414 . 2 tCO
2
e
0.3%
101. 8 tCO
2
e
15 . 3 %
6 ,104 . 2 tCO
2
e
Indirect emissionsCorporate emissions — Toitū assuredIndirect emissions
Upstream emissions
Scope 3
Upstream emissions
Scope 3
Direct and indirect emissions
Scope 1 and 2
Downstream emissions
Scope 3
Downstream emissions
Scope 3
Purchased goods and services
Capital expenditure on portfolio
Employee commuting
Upfront embodied carbon
on developments
Transmission and distribution
losses
Fuel, fugitive refrigerants
Purchased electricity
Waste generated in operations
Business travel
Customer energy consumption
TargetsTargetsTargets
Reduction in upfront embodied
carbon of 10% to 20% for new
developments compared to
similar reference building
Minimum 5 Green Star rating
targeted for all new developments
Minimum 90% of non-hazardous
demolition waste diverted from
landfill
Reduce absolute corporate emissions by 21.5% from 2020 to 2025 and 43% from 2020 to 2030
Toitū net carbonzero certification
Replacement of all R22 refrigerants by end of 2025
Source 100% Certified Renewable Energy by 2025
Submetering of the Core Portfolio
by end of 2026
Entire Core Portfolio to feature
LED lighting by end of 2025
Solar installations total at least
2.0 MWp by end of 2025
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GOODMAN SUSTAINABILITY REPORT 2024
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This section enables stakeholders to understand how GMT measures
and manages its climate-related risks and opportunities.
Toitū
assurance
1
ABSOLUTE tCO
2
eINTENSITY kgCO
2
e / psm NLA
FY24FY23FY20FY24FY23FY20
ScopeScope 1 and 2 emissions
1Direct emissions
2
Includes stationary diesel, refrigerants255.0233.9596.00.220.220.56
2Purchased electricityLocation-based method159.2234.8199.20.140.220.19
2Purchased electricityMarket-based method2.43.3n/a0.000.00n/a
Total location-based Scope 1 & 2 emissions414.2468.6795.30.360.430 .7 5
Total market-based Scope 1 & 2 emissions2 5 7. 4237.2n/a0.220.22n/a
CatScope 3 emissions
1Purchased Goods and ServicesOperating expenses across the Stabilised Portfolio1 , 2 3 6 .7n/an/a1.07
2Capital goods (stabilised)Capital expenditure across the Stabilised Portfolio5 , 8 8 2 .7n/an/a5.10
3Transmission and distribution losses18.421.50.00.020.020.00
5Waste generated in operations33.94 9.64 0.60.030.050.04
6Business travel
2
Includes flights, taxis, car hire6 7. 917. 46 7. 90.060.020.06
7Employee commuting10 4.3n/an/a0.09
13Downstream leased assets
3
Customer consumption across GMT’s Stabilised Portfolio6,104.2n/an/a5.30
Total Scope 3 emissions excluding upfront embodied carbon on developments13,448.1 11.67
2Capital goods (developments)Upfront embodied carbon for development completions2 6 , 0 6 7. 817, 6 0 7. 0n/a422.24459.20
Total Scope 3 emissions 39,515.9
Total emissions (location-based) 39,930.1n/an/a
Basis for calculating intensity measures – Net lettable area (NLA) sqm
Total portfolio NLAFor emissions excluding upfront embodied carbon1,152,5461 , 0 7 7, 4 7 31,059,263
Development completions NLAFor upfront embodied carbon for development completions6 1,73 738,343n/a
1
Assured by Toitū and certified net carbonzero. https://nz.goodman.com/sustainability/reports
2
The inventory includes a reclassification between reporting years of employee travel emissions from Scope 1 (in FY20-FY23) to Scope 3, category 6 (on FY24 ). This totalled 44.2 tCO
2
e in FY24.
3
Downstream leased assets includes customer consumption of gas and electricity. 3,962.7 tCO
2
e is based on real data with 2,141.6 tCO
2
e based on estimated data.
MARKET-BASED vs. LOCATION-BASED
METHODOLOGIES
+ Following GHG Protocol Guidance,
Category 2 electricity emissions results are
now shown using both the location-based
method and market-based method; this is
known as dual reporting.
+ Goodman Property Services (NZ)
Limited consumed 2,138,459 kWh of
electricity in FY24. Through its purchase of
Emission Adjustment Certificates (EACs)
from Meridian Energy’s Certified Renewable
Energy product, it is able to utilise a ‘0’
emission factor, reflecting electricity sourced
from renewable sources. According to this
market-based method, electricity emissions
totalled 2.4 tCO
2
e. Alternatively, using
the location-based method (grid average
emissions factor) for all electricity would
result in emissions of 159.2 tCO
2
e.
Scope 3 emissions make up almost
99% of GMT’s 39,930 tCO
2
e total
emissions in FY24. The largest sources
being our development activity (65.3%),
customer energy consumption (15.3%)
and capital expenditure initiatives
on the Stabilised Portfolio (14.7%).
Directing our efforts toward more
sustainable property solutions
that reduce the intensity of these
emissions provides the greatest
opportunity for our business.
Utilising the GHG Protocol the full inventory is presented
in the table below, it includes prior year and FY20
base year comparisons where applicable.
Exclusions are noted at the end of this section.
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GOODMAN SUSTAINABILITY REPORT 2024
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METRICS + TARGETS / EMISSIONS INVENTORY
1%1%
Steel
44%
Concrete
43%
Aggregates
4%
Plastics
2%
Electrical
Goods
2%
Miscellaneous
3%
OtherMetals
Coatings
Other
CORPORATE
EMISSIONS
Scope 3 Category 2 emissions (development)
Undertaking independent Life Cycle Assessments of new
development projects has enabled upfront embodied carbon to
be more accurately measured, with upstream Scope 3 Category 2
emissions first included in Goodman climate reporting in FY22.
The use of lower carbon building materials and construction
practices is consistent with our commitment to a 5 Green Star
minimum building standard for all new projects. It also supports our
target of reducing the intensity of upfront embodied carbon in our
developments by between 10% and 20% (compared to a reference
building of a similar size and use) which aligns with the minimum
requirements for a 5 Green Star certification. For the three projects
that completed in FY24 the upfront embodied carbon is estimated
to total 26,068 tCO
2
e, averaging an intensity of 422 kgCO
2
e
per square metre of NLA. Totalling 61,737 sqm these projects
are estimated to achieve an average upfront embodied carbon
reduction of 17% compared to the reference building.
The graphic alongside presents the sources of upfront embodied
carbon within GMT’s FY24 completed developments. The relative
size of the various segments reflecting the proportion of total
emissions attributable to these construction elements.
We’ve been engaging with our contractors and material suppliers
to identify and achieve lower carbon development options. The
emergence of new technologies including low carbon steel and
cement substitutes give us confidence that there is a credible
pathway to reducing carbon in future projects.
In FY24, we have added a separate Category 2 disclosure for
emissions relating to capital expenditure on the Stabilised Portfolio
Given the number and varied nature of these projects, this is an
expenditure based assessment.
UPFRONT
EMBODIED
CARBON
Scope 1 and Scope 2 emissions
Prior to FY22, our GHG emissions monitoring focused on corporate
emissions, with Toitū net carbonzero certification providing
independent assurance of all Category 1-2 and mandatory
Category 3-4 emissions. This certification confirms our emissions
are measured in accordance with the ISO 14064-1:2018 standard
and offset with locally sourced carbon credits (Category 1-4) and
Certified Renewable Energy certificates (Category 2) from Meridian.
In FY24, we achieved a 41% reduction in corporate emissions
from our FY20 base year, resulting in total gross emissions of
534.4 t C O
2
e
1
– a 4% decrease compared to FY23. This surpasses
our target of a 21.5% reduction from our FY20 base year by 2025,
which aligns with the goals of the 2015 Paris Agreement.
A comprehensive operational GHG inventory for FY24, outlining
all assumptions, methodologies and year-on-year emissions can
be found at Greenhouse Gas Emissions Inventory Report and
Management Plan (goodman.com).
UPFRONT EMBODIED CARBON BY MATERIAL
IN USE
CARBON
Scope 3 Category 13 emissions
This year, we are disclosing our downstream Scope 3 Category
13 emissions for the first time. These emissions are generated
by customers occupying leased spaces outside of our
operational control.
The intensity of our customers’ energy emissions varies based
on the nature of their businesses and their operational hours. If a
customer use changes to a higher energy intensity, our emissions
will increase on an absolute and intensity basis.
Data collection involves tracking gas and electricity consumption
from sites through customer utility invoices and direct measurements
based on readings from electrical submetering. 69% of portfolio
energy use has been based on actual consumption data. Where
actual consumption data is unavailable, we estimate consumption
using energy benchmarks from the NZGBC. In cases where these
benchmarks are not applicable, we use survey data on commercial
building energy consumption from the U.S. Energy Information
Administration. This approach ensures a comprehensive estimation
of our portfolio’s emissions.
For FY24, our reporting focuses on electricity and gas emissions.
In future years, we aim to broaden our reporting scope to
encompass detailed data on water and waste.
1
Location-based emissions
The table below summarizes our Scope 3 Category 13 emissions by property type, and overall:
NLA
Electricity
MWh
Gas
MWh tCO
2
e kWh/sqm kgCO
2
e/sqm% CO
2
e% NLA
Warehousing9 8 7, 3 6 4 4 3,631 715 3,375 45 3.455.3%85.6%
Manufacturing 86,201 12,142 2,346 1,354 168 1 5 .722.2%7. 5 %
High intensity 25,350 12,6 47– 938 499 3 7. 015.4%2.2%
Office 3 4 ,74 6 3,999– 297 115 8.54.9%3.0%
Other 18,886 1,875 4 14 0 99 7. 42.3%1.6%
Total1,152,54674 , 2 9 4 3,065 6,104 64 5.3
The lighting upgrade programme is expected to reduce
customers’ energy consumption by 8,400 MWh per
annum, representing a 10.2% reduction for carbon
emissions from downstream leased assets.
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METRICS + TARGETS / EMISSIONS EXPLAINED
OTHER CLIMATE-
RELATED METRICS
Performance linked remuneration
Sustainability is one of our core values as a business and an area
of individual and collective responsibility. All 67 employees have an
element of their total remuneration linked to their work performance
and behaviours, relative to these values.
There are 15 individuals within the business (including five
managers and executives) that have specific sustainability
responsibilities assigned to their roles. A proportion of each
individual’s performance-based remuneration is contingent on
achieving the objectives linked to these business outcomes.
Delivering the annual business plan, which includes sustainability
and climate linked targets, is the responsibility of the Chief
Executive Officer. The remuneration of this role and that of
the Chief Financial Officer also includes performance related
components linked to these business plan objectives.
FY24 capital deployed in relation to GMT’s targets and climate-related risks and opportunities
FY24 SpendOur targetResponse to climate-related risks and opportunities and progress on targets
Green Star
development
programme
$155.9 mMinimum 5 Green
Star rating for all
new developments
These developments form part of the eligible asset pool for GMT’s
$450m Sustainable Finance Framework, which provides the Trust
with an improved cost of funding. The Green Star rated assets’ lower
In Use emissions will support customers’ expected preference for
more energy efficient, lower emission buildings.
This gross spend includes all development costs, including those that
are not directly climate-related.
Lighting upgrade
programme
$3.4mLED lighting for 100%
of Core Portfolio
by 2025
By ensuring that the Core Portfolio is more energy efficient, customers
can reduce their operational emissions. Over 170,000 sqm of space
had been upgraded at 39 properties by 31 March 2024.
Submetering
programme
$0.4mSubmetering for
100% of the Core
Portfolio by 2026
The submetering programme will help customers measure energy use
and identify opportunities for emission reduction. Including completed
developments, over 140,000 sqm of space is now submetered,
equating to 14% of the Core Portfolio.
Solar installations$1.1m2.0 MWp by 2025Over 260,000 sqm of GMT’s portfolio now benefit from over
2.3 MWp onsite renewable generation, ensuring reduced reliance on
the grid and more energy resilience for customers.
HVAC Renewal
programme
$2.5mReplace 100% of
R22 HVAC systems
with lower GWP
alternatives by 2025
Removal of higher-GWP HVAC systems reduces the risk of assets
becoming stranded. Over 28 upgrades have completed, representing
60% of the renewal programme.
Other$ 0 .7mn /aIncludes providing EV charging for customers, biodiversity initiatives
at GMT estates and preparing Highbrook office buildings for
NABERSNZ ratings.
Combination
of different initiatives
(from those above)
$3.8mCombination of
targets (from above)
These projects included a combination of initiatives (e.g. a project that
featured both a lighting upgrade and submetering).
GHG emissions intensity
Our FY24 operational emissions (Scope 1 and Scope 2) equates
to 0.4 kgCO
2
e psm of net lettable area. Adopting an intensity
target based on the rentable area of the portfolio is consistent
with our Emission Reduction and Management Plan and allows for
changes in the size of the portfolio, which an absolute target does
not account for.
The intensity of our Scope 3 Category 2 upfront embodied carbon
emissions was 422 kgCO
2
e psm of the new facilities net lettable
area, which represents around a 17% reduction on comparable
reference buildings.
Assets or business activities
vulnerable to physical risks
Climate change will increase key hazard levels, which is expected
to increase the exposure of some Goodman properties and
operations to climate hazards. Aon Global Risk Consultants have
assessed pluvial (rainfall induced) flooding as the most widespread
physical risk for GMT’s portfolio. Across all physical hazards,
four assets are modelled susceptible to damage impacts with
‘moderate’ or ‘high’ exposure under the most extreme scenario.
These assets represent 3.9% of the current portfolio by NLA, and
3.6% by rental income.
Risk management and mitigation measures include comprehensive
building and income protection insurance, programmed
maintenance, and future building upgrade and redevelopment plans.
It is important to note that this exposure can never be fully mitigated
due to the uncertain nature of climate change and other contributing
factors, such as the performance of critical infrastructure.
A more detailed analysis of GMT’s physical risk exposure can be
found in the strategy section of this report under the climate-related
risks and opportunities disclosures.
Assets or business activities
vulnerable to transition risks
The nature and extent of the risks identified in the strategy section
of this report show that all our main business activities are exposed
to climate-related transition risks to some extent.
Market risks and regulatory risks are emerging as the most
significant of these, impacting the type of properties we invest in,
the way we design, build and construct our developments and the
way we manage our portfolio and supply chain.
Our investment decisions reflect these changes with a commitment
to Green Star rated developments and a building upgrade
programme that is improving the energy efficiency and resilience
of the Stabilised Portfolio.
At 31 March 2024, 85% of the Core Portfolio had energy efficient
LED lighting installed or planned, with 100% targeted for 2025.
Climate-related opportunities
The identification of climate-related risks for our business
also highlighted corresponding opportunities to build a more
resource efficient and resilient property portfolio, boost customer
productivity and grow our business sustainably through green
financing initiatives. These are all strategic objectives, that if
achieved would make GMT a leader in sustainable warehouse
and logistics property solutions.
With a significant development pipeline, that is expected to support
almost 400,000 sqm of new Green Star rated space over time,
one of the largest opportunities for our business is to reduce the
embodied carbon within these development projects. We will
continue to prioritise this work stream, working with suppliers and
consultants on lower carbon materials and alternative building
solutions.
Internal emissions price
Toitū net carbonzero certification includes the offsetting of GMT’s
Category 1-2 and mandatory Category 3-4 with 378 carbon
credits. The cost of these New Zealand Permanent Forest Sink
Initiative carbon offsets in FY24 was $89.22 per tCO
2
e.
We are also offsetting the upstream Scope 3 emissions attributable
to our developments. The cost of these is incorporated into our
feasibilities, with the Board approving a budgeted amount that is
calculated using an internal emissions price. The price adopted for
the last three years is $50 per tCO
2
e.
The actual cost of the carbon credits that are acquired on
completion of the development project, once independent Life
Cycle Assessments are finalised, may differ from the budgeted
amount due to market movements. For the projects that have been
finalised in FY24, the actual cost of the 3,148 carbon credits
1
purchased averaged A$37.74 per tCO
2
e.
Capital deployment
GMT has completed seven Green Star rated developments
since the 5 Green Star rating target for all new developments was
introduced in FY21. These properties had a value of $424.6 million
at 31 March 2024. Three projects targeting a 5 Green Star rating
were under development at year end, these have a total project cost
of $209.7 million.
Once current projects complete, GMT’s Green Star development
programme will represent around 14.1% of the total portfolio by
value and 12.5% by NLA.
The creation of our Sustainable Finance Framework in FY22
has facilitated the issue of a $150 million Green Bond and
the establishment of $300 million of Green Loans. These
green financing initiatives support our investment in sustainable
property solutions, summarised in the table above.
1
Credits were sourced from Tasman Environmental Markets. They included a combination of Sumatra Merang Peatland Restoration and Conservation,
Indonesia (VCU), Darling River Conservation Initiative, Australia (ACCU) and New Zealand Forestry (NZU) credits.
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METRICS + TARGETS
Holly Mace, Sustainability Analyst, and the Viridis ecology team measuring and bench-marking biodiversity at Waitomokia.
GHG emissions and assurance
An operational control consolidation approach was used to
account for emissions. Toitū’s net carbonzero certification provides
a reasonable level of assurance that our Category 1-2, and
mandatory Category 3-4 emissions are measured in accordance
with ISO 14064-1:2018.
The assurance encompasses 1.3% of the total emissions disclosed
in the Emissions Inventory on page 38. They are also summarised
below.
F Y24
tCO
2
e
Assurance
level
Location
-based
Market
-based
Category 1255.0255.0Reasonable
Category 2159.32.4Reasonable
Category 3 (mandatory)6 7. 96 7. 9Reasonable
Category 4 (mandatory)52.352.3Reasonable
Total gross emissions534.43 7 7. 6
Toitū’s proprietary Emanage application is used to store data and
calculate our emissions, with emissions factors and associated
GWP rates provided within the software. These are sourced from:
+ Ministry for the Environment’s 2023 ‘Measuring Emissions:
A guide for organisations’
1
+ Consumption Emissions Modelling 2023 prepared for
Auckland Council
2
There is no assurance of the remaining 98.7% Scope 3 emissions
disclosed in our Emissions Inventory. The largest contributor is
Category 2 with upfront embodied carbon from our development
activity contributing 65.3% of our total emissions in FY24.
Independent practitioners provide Life Cycle Assessments for all
our new developments applying the EN 15978 and ISO 14040
standards. This analysis provides independent confirmation of
the embodied carbon within our development projects with this
disclosed in our Emissions Inventory.
Ministry for the Environment emissions factors were adopted for the
calculation of our downstream Scope 3 Category 13 emissions.
Auckland Council emissions factors were adopted for the
calculation of our upstream Scope 3 Category 1 and 2, spend
based assessments.
The following categories are excluded from our Emissions Inventory in FY24:
GHG emissions sourceScope/CategoryReason for exclusion
Included in other categories
Upstream transportation
and distribution
Scope 3 – Category 4Related to development activity contained within Category 2
(Upfront embodied carbon for development completions)
Upstream leased assetsScope 3 – Category 8Electricity use contained within Scope 2
Development gas
and electricity
Scope 1 & 2Related to development activity contained within Category 2
(Upfront embodied carbon for development completions)
Development wasteScope 3 – Category 7No demolition waste to landfill projects fell within the reporting period
Excluded
Other Scope 3s
– outside of business activities
Scope 3 – Categories
9,10,11,12,14,15
Not applicable to GMT business activities
Waste and recycling generated
and disposed of by tenant
Scope 3 – Category 5Reliable customer data not available
Staff working from homeScope 3 – Category 7Immaterial
1
https://environment.govt.nz/publications/measuring-emissions-a-guide-for-
organisations-2023-detailed-guide/
2
https://www.knowledgeauckland.org.nz/media/2593/consumption-
emissions-modelling-market-economics-march-2023.pdf
41
GOODMAN SUSTAINABILITY REPORT 2024
INCORPORATING CLIMATE-RELATED DISCLOSURES
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METRICS + TARGETS / OTHER CLIMATE-REATED METRICS
GRI INDEX
The GRI Standards are the world’s most widely used sustainability
reporting standard. The GRI INDEX shows where information can be
found about the indicators that are relevant to our business operations.
General disclosures
Disclosure titleGRILocation or reference
Organisational details2-1Goodman Property Trust Annual Report 2024 Pages 34, 105
Entities included in the organisation’s sustainability reporting2-2Pages 3, 44
Reporting period, frequency and contact point2-31 April 2023 to 31 March 2024
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 3, 13
Goodman Property Trust Annual Report 2024 Pages 60-63
Employees2-7Pages 15-16
Goodman Property Trust Annual Report 2024 Page 92
Workers who are not employees2-8All staff are employees on individual contracts
Governance structure and composition2-9Goodman Property Trust Annual Report 2024 Pages 20-21,
90-93, 101
Nomination and selection of the highest governance body2-10Goodman Property Trust Annual Report 2024 Page 93
Trust Deed, https://nz.goodman.com/-/media/project/goodman/
new-zealand/files/corporate-governance/supplemental-trust-
deed-2024.pdf
Chair of the highest governance body2-11Page 27
Role of the highest governance body in overseeing the
management of impacts
2-12Pages 27-28
Delegation of responsibility for managing impacts2-13Pages 27-28
Role of the highest governance body in sustainability reporting2-14Pages 27-28
Conflicts of interest2-15 Goodman Property Trust Annual Report 2024
Pages 91, 94, 101
Communication of critical concerns2-16Regular Board reporting from the Sustainability, and Health
and Safety committees
Collective knowledge of the highest governance body2-17Pages 11-12
Evaluation of the performance of the highest governance body2-18Pages 11, 15, 18
Goodman Property Trust Annual Report 2024 Pages 91-93
Remuneration policies2-19Page 40
Goodman Property Trust Annual Report 2024 Pages 94-97
Process to determine remuneration2-20Page 40
Goodman Property Trust Annual Report 2024 Pages 94-97
Annual total compensation ratio2-21Goodman Property Trust Annual Report 2024 Pages 94-97
Statement on sustainable development strategy2-22Pages 11-12, 35
Policy commitments2-23Pages 28-35
Goodman Property Trust Annual Report 2024 Pages 91-94
Embedding policy commitments2-24Pages 15-16, 27
Processes to remediate negative impacts2-25Pages 11-12, 35
Mechanisms for seeking advice and raising concerns2-26Ethical Concerns (Whistleblower) Policy: https://www.goodman.
com/-/media/project/goodman/global/files/about-goodman/
corporate-governance/policies/2023/ethical-concerns.pdf
Compliance with laws and regulations2-27No non-compliance
Membership associations2-28Page 19
Approach to stakeholder engagement2-29Pages 9, 18 – 19
Collective bargaining agreements 2-30No collective agreements, individual employment contracts
Topic specific disclosures
Disclosure titleGRILocation or reference
Material Topics
Process to determine material topics3-1Page 9
List of material topics3-2Page 9
Biodiversity3-3Pages 26 – 29, 2023 Greenhouse Gas Emissions Inventory and
Management Report
Disclosure on management approach3-3Page 35
Management of biodiversity impacts101-2 Page 11
Energy
Disclosure on management approach3-3Pages 11-12, 37-41
Energy intensity302-3Pages 37-41
Emissions3-3Pages 30 – 31, 117 – 118
Disclosure on management approach3-3Pages 11-12, 37-41
GHG emissions intensity305-4Pages 37-41
Occupational health & safety3-3Pages 30 – 32, 113
Disclosure on management approach3-3Pages 15-16
Goodman Property Trust Annual Report 2024 Page 97
Work related injuries403-9Pages 15-16
Diversity and equal opportunity
Disclosure on management approach3-3Pages 15-16
Goodman Property Trust Annual Report 2024 Page 92
Diversity of governance bodies and employees405-1Goodman Property Trust Annual Report 2024 Page 92
Sustainable design and management – non GRI
Disclosure on management approach3-3Pages 9, 11-12
Customer attraction and retention – non GRI
Disclosure on management approach3-3Pages 9, 11-12
Flexible, adaptable and resilient properties – non GRI
Disclosure on management approach3-3Pages 9, 11-12, 35
Social equity – non GRI
Disclosure on management approach3-3Pages 9, 15-16, 20-23
Sustainable structure, operations and results – non GRI
Disclosure on management approach3-3Pages 9, 18-19
Responsible and environmentally sensitive investment
– non GRI
Disclosure on management approach3-3Pages 9, 18-19, 35
ESG reporting and stakeholder engagement – non GRI
Disclosure on management approach3-3Pages 9, 18-19
Goodman has chosen
to prepare its 2024
Annual Report and 2024
Sustainability Report
in accordance with
the Global Reporting
Initiative (GRI) Universal
Standards.
42
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GOODMAN SUSTAINABILITY REPORT 2024
INCORPORATING CLIMATE-RELATED DISCLOSURES
$ and cents
New Zealand currency
Balance date
31- M a r-24
Board
the Board of Directors of the Manager and GMT Bond Issuer
Limited.
CEO
Chief Executive Officer
CFO
Chief Financial Officer
Chair
the Chair of the Board of the Manager.
Core Portfolio
those estates within the portfolio which largely consist of
modern, high-quality warehouse and logistics properties.
Director
a director of the Manager.
ESG
Environmental, Social, Governance
Executives or Management
the senior executives of the Manager
FMCA
Financial Markets Conduct Act 2013
FY
Financial Year
GHG Protocol
a Corporate Accounting and Reporting Standard and
Greenhouse Gas Protocol: Corporate Value Chain
(Scope 3) Accounting and Reporting Standard.
Goodman
meaning Goodman Property Trust, its subsidiaries (including
GMT Bond Issuer Limited) and all other property owning and
management related entities included in the organisational
boundaries of this report.
Green Star
Green Star is a voluntary sustainability rating system for non-
residential buildings, fitouts and communities. Administered
by the NZGBC the system provides a rating of up to six stars
based on a building’s key sustainability credentials.
GWP
Global Warming Potential
H VAC
Heating, Ventilation and Air Conditioning
Independent Director
has the meaning given to that term in the Listing Rules which,
for the Manager are those persons listed on the following page.
Internalisation
means the internalisation of the rights to manage GMT
approved by Unitholders at the Special Meeting held on
26 March 2024 and settled on the 28 March 2024.
ISO
International Organisation for Standardisation
I SO 14064-1:2018
standard for quantification and reporting of greenhouse gas
emissions and removals.
kgCO
2
e
Kilogrammes of Carbon Dioxide Equivalent
KPI
Key Performance Indicators
LED
Light Emitting Diode
Manager
the Manager of the Trust, Goodman Property Services
(NZ) Limited. Prior to internalisation on 28 March 2024 the
Manager was Goodman (NZ) Limited, a subsidary of ASX
listed Goodman Group.
MWh
Megawatt hours
MWp
Megawatt peak
NGFS
Network for Greening the Financial System
NLA
Net Lettable Area
NZGBC
New Zealand Green Building Council
NZX
means NZX Limited
NZX Code
means the NZX Corporate Governance Code 17 June 2022.
RECs
Renewable Energy Certificates
SBTi
Science Based Targets initiative
Stabilised Portfolio
includes the properties or estates within the portfolio that
are developed and able to be leased, ie not under active
development
sqm
square metres
tCO
2
e
Tonnes of Carbon Dioxide Equivalent
To i t ū
Toitū Envirocare, is a provider of carbon management
and neutral certifications for New Zealand businesses.
Its certification programmes ensure that companies benefit
from international best practices, applied science, and
effective tools.
The organisation is a subsidiary of Crown Research Institute,
Manaaki Whenua – Landcare Research.
Trust or GMT
Goodman Property Trust and its controlled entities, including
GMB, as the context requires.
Value -add
those properties or estates within the portfolio which generally
consist of older improvements, offering future redevelopment
opportunity.
WACC
Weighted Average Cost of Capital
GLOSSARY
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GOODMAN SUSTAINABILITY REPORT 2024
INCORPORATING CLIMATE-RELATED DISCLOSURES
DIRECTORS OF GOODMAN PROPERTY
SERVICES (NZ) LIMITED AND
GMT BOND ISSUER LIMITED
Chair and Non-executive Director
John Dakin
Independent Directors
Laurissa Cooney
Leonie Freeman
David Gibson
Keith Smith
Non-executive Director
Gregory Goodman
EXECUTIVES OF GOODMAN PROPERTY
SERVICES (NZ) LIMITED AND
GMT BOND ISSUER LIMITED
Chief Executive Officer
James Spence
Chief Financial Officer
Andy Eakin
General Counsel and Company Secretary
Anton Shead
General Manager – Property Services
Evan Sanders
General Manager Development
Mike Gimblett
Director Investment Management
and Capital Transactions
Kimberley Richards
Head of Corporate Affairs
Jonathan Simpson
Marketing Director
Mandy Waldin
Human Resources Business Partner
Sophie Bowden
MANAGER OF
GOODMAN PROPERTY TRUST
Goodman Property Services
(NZ) Limited
Level 2, 18 Viaduct Harbour Avenue
Au c k l a n d 1010
PO Box 90940
Victoria Street West
A u c k l a n d 1142
Toll free: 0800 000 656
Phone: +64 9 375 6060
Email: info-nz@goodman.com
Website: https://nz.goodman.com
ISSUER OF BONDS
GMT Bond Issuer Limited
Level 2, 18 Viaduct Harbour Avenue
Au c k l a n d 1010
PO Box 90940
Victoria Street West
A u c k l a n d 1142
Toll free: 0800 000 656
Phone: +64 9 375 6060
Email: info-nz@goodman.com
Website: https://nz.goodman.com
goodmanproperty.co.nz
DIRECTORY
44
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GOODMAN SUSTAINABILITY REPORT 2024
INCORPORATING CLIMATE-RELATED DISCLOSURES
---
Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | https://nz.goodman.com
nzx release+
GMT Sustainability Report 2024
Date
29 July 2024
Release
Immediate
Goodman Property Services (NZ) Limited (GPS) has provided the NZX with its 2024
Sustainability Report, which includes its first climate statements in accordance
with the new Aotearoa New Zealand Climate Standards.
The report encompasses Goodman Property Trust (GMT), its subsidiaries (including GPS
and GMT Bond Issuer Limited) and all other property owning and management related
entities.
It is a companion document to the Goodman Property Trust and GMT Bond Issuer
Limited Annual Report 2024 released on 28 May 2024. Both reports are available online
at: https://2024.goodmanreport.co.nz/
The Sustainability Report 2024 is also available within the sustainability section of our
website https://nz.goodman.com/sustainability/reports
GMT Bond Issuer Limited is a climate reporting entity and relies on the Financial Markets
Conduct (Climate-related Disclosures – GMT Bond Issuer Limited) Exemption Notice
2024 for its accounting period ending 31 March 2024. A copy of the climate statements
prepared by Goodman Property Services (NZ) Limited in respect of Goodman Property
Trust can be accessed at https://nz.goodman.com/sustainability/reports
For further information please contact:
James Spence
Chief Executive Officer
Goodman Property Services (NZ) Limited
(021) 538 934
Andy Eakin
Chief Financial Officer
Goodman Property Services (NZ) Limited
(021) 305 316
Attachments provided to NZX:
1. Sustainability Report 2024
About Goodman Property Trust:
GMT is a managed investment scheme, listed on the NZX. It has a market capitalisation of around $3.2 billion, ranking it in
the top 15 of all listed investment entities. The Trust is New Zealand’s leading warehouse and logistics space provider. It
has a substantial property portfolio, with a value of $4.5 billion at 31 March 2024. The Trust also holds an investment grade
credit rating of BBB from S&P Global Ratings.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.