GMT grows revenue 11%, delivers interim profit of $45.5m
1
nzx release+
GMT grows revenue by 11% and delivers interim profit of $45.5 million
Date 13 November 2024
Release Immediate
Goodman Property Trust (GMT) has released its results for the six months ended
30 September 2024.
GMT’s strategic focus on well-located warehouse and logistics space has contributed to
strong revenue and earnings growth over the last six months, while Internalisation is
facilitating new business opportunities.
Key results include:
+ An 11.3% increase in net property income to $111.4 million, driven by the additional
revenue from new development completions and like-for-like rental growth of 7.3%
+ A corresponding 10.6% increase in operating earnings,
1
to $75.3 million before tax
+ An increase in the effective tax rate to 17.5% (1H24 10%) following the removal of
tax deductions for building depreciation
+ Operating earnings after tax of $62.1 million, compared to $61.3 million in 1H24
+ Cash earnings
2
of 3.74 cents per unit and full year guidance reaffirmed at 7.5 cents
per unit, a 4.4% increase on restated FY24
3
cash earnings of 7.18 cents per unit
+ A 4.8% increase in distributions to 3.25 cents per unit, consistent with full year
guidance of 6.5 cents per unit (also reaffirmed)
+ Stable property values supporting a statutory interim profit of $45.5 million after tax,
compared to a loss of $163.2 million (including $226.5 million of fair value losses
resulting from independent property valuations) at 30 September 2023
+ A strong balance sheet, with net tangible assets of 201.2 cents per unit and a loan
to value ratio
4
of 32.4%
+ The completion of three development projects, with a value of $214.8 million,
adding 50,282 sqm of warehouse and logistics space to the portfolio
+ Strong leasing results with over 53,000 sqm of existing space secured on new or
revised terms, portfolio occupancy of 98.1% and a weighted average lease term of
six years.
RESULT SNAPSHOT
Exclusively invested in the Auckland industrial market, GMT’s $4.6 billion urban logistics
portfolio provides essential supply chain infrastructure for 215+ customers.
Chief Executive Officer, James Spence said, “By staying focused on our strategy, the
delivery of our core property services, being disciplined with our investment decisions, and
remaining agile in a more challenging operating environment, the business has continued
to deliver strong operating results.”
1
Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GMT’s
principal operating activities. The calculation is set out in GMT’s Statement of Comprehensive Income and in note 3.1 of
the financial statements.
2
Cash earnings is a non-GAAP measure that assesses free cash flow, on a per unit basis, after adjusting for certain
items. Calculation of GMT’s cash earnings is set out on page 10 of GMT’s Interim Report 2025.
3
FY24 cash earnings restated to remove the benefit of building depreciation and provide a like-for-like comparison.
4
Loan to value ratio is a non-GAAP financial measure used to assess the strength of GMT’s balance sheet. The
calculation is set out in note 2.6 of GMT’s financial statements.
2
New development completions and positive leasing outcomes have contributed to net
property income growth of 11.3%. Stable property valuations have also supported an
improved statutory result, with GMT recording an interim profit of $45.5 million after tax.
James Spence said, “The resilience of the portfolio and strength of our interim financial
performance gives us the confidence to reaffirm our full year cash earnings guidance of
7.5 cents per unit. Distributions of 6.5 cents per unit are also reaffirmed for the year.”
Further financial commentary is provided in GMT’s Interim Report 2025, which was
released today. A copy has been provided to the NZX as an attachment to this
announcement and is available online at: https://bit.ly/3t80ciJ
INTERNALISATION IMPLEMENTATION
Following Unitholder approval at the special meeting in March, the internalisation of GMT’s
management function has been implemented, with its financial reporting extended to
reflect this change.
James Spence said, “ We have adopted existing management policies and procedures
where possible and implemented new practices where required. We are also progressing
our plans to establish a new Auckland logistics fund, engaging directly with potential
capital partners that have a mandate to invest in New Zealand.”
With the flexibility to sell existing assets into the fund and co-invest in new opportunities,
the successful execution of this business initiative will allow GMT to grow sustainably. It
is also expected to support accelerated earnings growth.
CUSTOMER DEMAND DYNAMICS
While a slowing economy and more challenging operating outlook have eased capacity
constraints and moderated customer demand, underlying structural drivers and strong
property market fundamentals continue to support positive leasing results.
James Spence said, “New leasing and recent rent reviews have contributed to like-for-like
rental growth of 7.3%. While market rents for prime industrial space have stabilised after
a period of sustained growth, the potential reversion to market across the portfolio remains
substantial at around 23%
5
.”
The level of under-renting within the portfolio is expected to drive future earnings growth, as
rents are reviewed to market levels, and new leases are secured at the higher rates.
DEVELOPMENT PROGRESS
The completion of three developments over the last six months conclude an intensive
construction programme that has delivered 10 highly sustainable, Green Star rated
6
projects
since 2023. With a combined total cost of more than $635 million these new facilities have
added almost 150,000 sqm of warehouse and logistics space to the portfolio.
With limited availability of appropriately zoned industrial land and current financing and
construction costs adding to existing supply constraints, GMT is well positioned with a
significant development pipeline.
James Spence said, “ With a variety of suitable sites within the portfolio, our future pipeline
is expected to support the delivery of almost 400,000 sqm of new urban logistics space over
the next 10 to 15 years. Waitomokia in Māngere is the most significant of these development
opportunities.”
The Waitomokia precinct plan is progressing well and subject to council approval and
subsequent building consent, infrastructure and enabling works are planned to start this
financial year with construction of the first industrial facilities expected to begin in FY26.
Data centres provide the physical infrastructure necessary for delivering information
technology and data management services. Growth in e-commerce, cloud computing, and
emerging technologies like artificial intelligence is driving demand for these services all
around the world.
James Spence said, “ To support future data centre development, we are also designing and
programming infrastructure works at certain value-add estates within the portfolio. The
selected sites benefit from good connectivity to existing electricity and data networks.”
5
Difference between valuer assessed market rents and current passing rents, divided by current passing rent. Determined
by independent desktop review.
6
Includes both Design and Built ratings, where the assessment has been completed.
3
PRUDENT AND SUSTAINABLE FINANCIAL MANAGEMENT
James Spence said, “Recent treasury initiatives have diversified our debt book and added
funding capacity to support ongoing investment in sustainable building projects and carbon
reduction initiatives.”
A new five-year, $150 million wholesale green bond was announced on 1 October 2024
(immediately after the interim balance date). Paying a fixed interest rate of 5.012% per
annum, the BBB+ rated bond was issued on 8 October 2024.
The new issue also adds tenor to GMT’s debt facilities, following the maturity of the GMB040
bonds and early repayment of the US Private Placement notes during the period.
At 30 September 2024, GMT had a loan to value ratio of 32.4% and committed gearing of
32.7%. Following the bond issue these debt facilities were 79% drawn, had a weighted
average term to expiry of 3.1 years, and were 81% hedged for the next 12 months.
BUSINESS OUTLOOK
James Spence said, “We have continued to refine our business over the last six months,
successfully internalising management functions while also progressing new investment and
development initiatives that are expected to be significant contributors to GMT’s future
growth.”
While a more challenging economic outlook has moderated customer demand, underlying
property market fundamentals have continued to support high occupancy rates and positive
leasing outcomes.
James Spence said, “By remaining focused on the delivery of our core property services
and being prudent with our capital management decisions, we have grown revenue and
delivered an interim operating result consistent with guidance.”
The resilience of the portfolio and strength of our financial performance continues to give
us confidence in our investment convictions, our strategy and our ability to deliver on our
wider business objectives.
For additional 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. Goodman Property Trust and GMT Bond Issuer Limited Interim Report 2025
2. GMT’s Interim Result Presentation 2025
3. NZX Interim Result Announcement.
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 $4.6 billion at 30 September
2024. The Trust also holds an investment grade credit rating of BBB from S&P Global Ratings.
---
Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
nzx release+
GMT Result Announcement
Results for announcement to the market
Name of issuer Goodman Property Trust (“GMT”)
Reporting Period 6 months to 30 September 2024
Previous Reporting Period 6 months to 30 September 2023
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing operations $134,800 12.8% increase from
$119,500 pcp
Total Revenue $134,800 12.8% increase from
$119,500 pcp
Net profit/(loss) from continuing
operations
$45,500 127.9% increase from
loss of $163,200 pcp
Total net profit/(loss) $45,500 127.9% increase from
loss of $163,200 pcp
Distribution
Amount per Quoted Equity Security $0.01625000
Imputed amount per Quoted Equity
Security
$0.00000000
Record Date 28 November 2024
Dividend Payment Date 12 December 2024
Current period Prior comparable
period
Net tangible assets per Quoted Equity
Security
$2.012 $2.305
A brief explanation of any of the figures
above necessary to enable the figures
to be understood
With an independent desktop review
confirming stable property values, GMT has
recorded an interim statutory profit of $45.5
million after tax, compared to a loss of $163.2
million in the previous corresponding period.
Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
The previous corresponding period included a
($226.5) million movement in the fair value of
its property assets.
Authority for this announcement
Name of person
authorised to make
this announcement
Andy Eakin
Contact person for this announcement Andy Eakin
Contact phone number (021) 305 316
Contact email address andy.eakin@goodman.com
Date of release through MAP
13 November 2024
Note
This announcement is extracted from the interim financial statements of Goodman Property
Trust. A copy of the interim financial statements together with the independent review report on
the interim financial statements is attached to this announcement.
---
GMT BOND ISSUER LIMITED
INTERIM REPORT 2025
GOODMAN PROPERTY TRUST
INTERIM REPORT 2025
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
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.
OVERVIEW
1H25 RESULT HIGHLIGHTS 3
KEY PERFORMANCE INDICATORS 4
LEADERSHIP REPORT 5
FINANCIAL SUMMARY 9
FINANCIAL RESULTS
GOODMAN PROPERTY TRUST
INTERIM FINANCIAL STATEMENTS 12
GMT BOND ISSUER LIMITED
INTERIM FINANCIAL STATEMENTS 38
OTHER INFORMATION
INVESTOR RELATIONS 49
GLOSSARY 50
BUSINESS DIRECTORY 51
CONTENTS
1H25 RESULT
HIGHLIGHTS
NET PROPERTY INCOME
11.3% increase in rental revenue
$1 1 1 .4m
LOAN TO VALUE RATIO
Well below debt covenant maximum of 50%
32 .4%
PROFIT AFTER TAX
Supported by stable property values
$45.5m
DEVELOPMENT COMPLETIONS
Three projects with a total value of
$214.8m
CASH EARNINGS
2.5% increase on a like-for-like basis to
3 .74 c p u
PORTFOLIO UNDER-RENTING
Potential rent reversion to market
23%
FY25 GUIDANCE REAFFIRMED
4.8% increase in annual distributions to around
6.5 cpu
PORTFOLIO OCCUPANCY
1.2 million sqm total portfolio size
98.1%
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
3
By remaining focused on the delivery of
our core property services and being
prudent with our capital management
decisions, we have grown revenue and
delivered an interim operating result
consistent with guidance.
BACK TO
CONTENTS
1H251H24% change
Profit/(loss) before tax ($m)53.1(153.4)(134.6)
Profit/(loss) after tax ($m)45.5(16 3.2) ( 1 2 7. 9 )
Movement in fair value of investment property ($m)3.6(226.5)(101.6)
Operating earnings before tax ($m)
1
75.368.110.6
Operating earnings after tax ($m)
2
62.161.31.3
Cash earnings per unit (cpu)
3
3 .743.65 2.5
Cash distribution per unit (cpu)3.253.104.8
Net tangible assets (cpu)201.2230.5( 1 2 .7 )
Loan to value ratio (%)
4
32.42 8 .712.9
GMT – S&P Global Ratings credit ratingBBBBBB–
Bonds – S&P Global Ratings credit ratingBBB+BBB+–
1
Refer to GMT’s Statement of Comprehensive Income for further information.
2
Refer to note 3.1 of GMT’s financial statements for further information.
3
1H24 restated to remove the benefit of building depreciation and provide a like-for-like comparison with 1H25. Refer to page 10 for further information.
4
Refer to note 2.6 of GMT’s financial statements for further information.
Operating earnings
Operating earnings is a non-GAAP financial
measure included to provide an assessment
of the performance of GMT’s principal
operating activities. The calculation is set
out in GMT’s Statement of Comprehensive
Income on page 13 of this report.
Cash earnings
Cash earnings is a non-GAAP financial
measure that assesses underlying cashflows,
on a per unit basis, after adjusting for certain
items. The calculation is set out on page 10
of this report.
Loan to value ratio
Loan to value ratio is a non-GAAP financial
measure used to assess the strength of
GMT’s balance sheet. The calculation is set
out in note 2.6 of GMT’s financial statements
on page 24 of this report.
KEY PERFORMANCE
INDICATORS
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CONTENTS
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
4
FUTURE
FOCUSED
Mainfreight, Savill Link, Ōtāhuhu
The recently completed twin warehouse facility provides the global logistics specialist with a
further 23,300 sqm of highly sustainable and operationally efficient, warehouse and logistics space.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
5
BACK TO
CONTENTS
GMT’s strategic focus on well-located warehouse
and logistics space has contributed to strong revenue
and earnings growth over the last six months, while
Internalisation is facilitating new business opportunities.
By staying focused on our strategy, the delivery of our core property services, being disciplined
with our investment decisions, and remaining agile in a more challenging operating environment,
the business has continued to deliver strong operating results.
New development completions, positive leasing outcomes and market rent reviews have
contributed to net property income growth of 11.3%. Stable property valuations have also
supported an improved statutory result, with GMT recording an interim profit of $45.5 million
after tax.
With an interim cash earnings result that is consistent with full year guidance of 7.5 cents
per unit, FY25 distributions are reaffirmed at 6.5 cents per unit.
LEADERSHIP REPORT
James Spence, Chief Executive Officer and John Dakin, Chair and Non-executive Director
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
6
BACK TO
CONTENTS
Internalisation completed successfully
Following Unitholder approval at the special meeting in March, the internalisation of GMT’s
management function has been completed and our financial reporting extended to reflect
this change.
Internalisation has effectively brought management in house, integrating investment,
development and property management functions within GMT. For our customers, contractors,
and service providers it has been a seamless transition. Business has continued as usual, with no
change to the Goodman brand or the team members responsible for delivering these services.
It has also been a successful transition from a governance perspective. We have adopted
existing management policies and procedures where possible and implemented new practices
where required.
One of the key operational differences with the new corporate structure is that Directors and
staff are now employed within the business. A remuneration subcommittee of the Board was
formed to oversee this additional responsibility.
A contemporary remuneration framework has been adopted to ensure we continue to attract
and retain the best people, with the skills and knowledge to ensure GMT’s ongoing success.
A long-term incentive plan that awards performance rights in GMT to all permanent employees
is a key feature of this framework. These performance rights are at risk and are subject to GMT
meeting specific performance hurdles, over a three-year testing period.
Further details are provided within the financial statements and in the Remuneration Policy,
available online at: https://nz.goodman.com/about-goodman/corporate-governance.
Internalisation has effectively brought management
in house, integrating investment, development and
property management functions within GMT.
For our customers, contractors, and service
providers it has been a seamless transition.
LEADERSHIP REPORT
Roma Road Estate, Mt Roskill
The redevelopment of Roma Road Estate is is now complete. Cotton On, NZ Post and
Signify are the customers that have chosen the central Auckland location alongside SH20.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
7
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CONTENTS
New business opportunities
The immediate financial benefit of internalisation has been the elimination of external
management fees, with a $4.7 million reduction in GMT’s net corporate costs in the first
six months of the year.
An additional benefit of internalisation is the flexibility it provides to pursue wider growth
opportunities. These opportunities include the establishment of a complementary property
funds management business, a strategic priority that is expected to support accelerated
earnings growth.
We are currently progressing our plans to establish a new Auckland logistics fund, engaging
directly with potential capital partners that have a mandate to invest in New Zealand.
A successful funds management business would create new fee revenue streams for GMT,
diversifying its sources of income. With the flexibility to sell existing assets into the fund and
co-invest in new opportunities, it should also enable GMT to grow sustainably.
We look forward to reporting on progress of this new business initiative in due course.
Customer demand dynamics
Exclusively invested in the Auckland industrial market, GMT’s $4.6 billion urban logistics
portfolio provides essential supply chain infrastructure for 215+ customers.
While a slowing economy and more challenging operating outlook have eased capacity
constraints and moderated customer demand, underlying structural drivers and strong property
market fundamentals continue to support positive leasing results.
The table below summarises key portfolio metrics at 30 September 2024.
Value
($ million)
Rentable area
(sqm)
Occupancy
(%)
Weighted
average
lease term
(years)
Core portfolio3,895.51,025,30999.06.3
Value-add estates6 0 7. 6174 , 9 7 292.94.2
Total stabilised portfolio 4,503.11,200,28098.16.0
Total investment portfolio
(including developments and land)
4,595.41,200,28098.16.0
Over 53,000 sqm of warehouse and logistics space, around 4% of the stabilised portfolio has
been secured on new or revised terms since 31 March 2024. This leasing activity, and recent
rent reviews have contributed to like-for-like net property income growth of 7.3%.
Supported by vacancy rates that remain below historic averages, market rents for prime
warehouse and logistics space have remained stable over the last six months. With market rents
unchanged, the potential reversion within the portfolio remains substantial at around 23%
1
.
This under-renting is expected to be a significant driver of GMT’s revenue growth, as contracted
rents are reviewed to market, and new leases are secured at the higher rates.
With rent increases and general inflation contributing to higher operating costs for customers,
our property services team are working with businesses to help improve productivity and
reduce expenses. These efforts are focused on maximising the efficiency of existing facilities
with the roll-out of sustainability initiatives also contributing to lower utility costs.
The impacts of a more challenging economic environment have been reflected in a small
number of business failures within the portfolio, over the last six months.
The most significant of these was a building product supplier, occupying 4,400 sqm. With a
bank guarantee in place and expectations that the space will be re-leased relatively quickly,
there is no material impact on GMT’s FY25 financial results.
1
Difference between valuer assessed market rents and current passing rents, divided by current passing rent.
Determined by independent desktop review.
LEADERSHIP REPORT
Pictured left to right, Ben Shaw, Goodman Senior Project and Civil Manager and Gary Mundy,
Managing Director G. Mundy Construction reviewing ground conditions at Waitomokia in Māngere,
ahead of infrastructure works commencing.
James Spence, Chief Executive Officer John Dakin, Chair and Non-executive Director
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
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CONTENTS
Future development pipeline
With around 90% of the core investment portfolio built since 2004, development has been an
important driver of our business growth.
The completion of three development projects over the last six months conclude an intensive
construction programme that has delivered 10 highly sustainable, Green Star rated
1
projects
since 2023. With a combined total cost of more than $635 million these buildings provide
almost 150,000 sqm of well-located and operationally efficient warehouse and logistics space.
Around 80% of these developments have been brownfield regeneration projects.
With limited availability of appropriately zoned industrial land and current financing and
construction costs adding to existing supply constraints, GMT is well positioned with a
significant development pipeline.
With a variety of suitable sites within the portfolio, our future pipeline is expected to support the
delivery of almost 400,000 sqm of new urban logistics space over the next 10 to 15 years.
Waitomokia in Māngere is the most significant of our development opportunities, representing
around 25% of this estimated pipeline. Following extensive consultation with mana whenua and
other stakeholders, we have developed a unique masterplan that preserves the natural features
of the property and acknowledges the important cultural history of the area.
Approval of the Waitomokia precinct plan is progressing well. Subject to council approval and
subsequent building consent, initial infrastructure and enabling works are planned to start this
financial year with construction of the first industrial facilities expected to begin in FY26.
The increased demand for information technology and data management services globally
is being driven by growth in e-commerce, cloud computing, and emerging technologies like
artificial intelligence.
Data centres provide the physical infrastructure necessary for delivering these digital services.
To support future data centre development, we are currently designing and programming
infrastructure works at certain value-add estates within the portfolio. The selected sites benefit
from good connectivity to existing electricity and data networks.
LEADERSHIP REPORT
1
Includes both Design and Built ratings, where the assessment has been completed.
Business outlook
We have continued to refine our business over the last six months, successfully internalising
management functions while also progressing new investment and development initiatives that
are expected to be significant contributors to GMT’s future growth.
While a more challenging economic outlook has moderated customer demand, underlying
property market fundamentals have continued to support high occupancy rates and positive
leasing outcomes.
By remaining focused on the delivery of our core property services and being prudent with
our capital management decisions, we have grown revenue and delivered an interim operating
result consistent with guidance.
The resilience of the portfolio and strength of our financial performance continues to give us
confidence in our investment convictions, our strategy and our ability to deliver on our wider
business objectives.
With a variety of suitable sites within the portfolio,
GMT’s development pipeline is expected to support
the delivery of almost 400,000 sqm of new urban
logistics space over the next 10 to 15 years.
Holly Mace, Goodman Sustainability Analyst, and Rakesh Nauhria, Nauhria CEO, discuss initiatives
to reduce the embodied carbon within the steel and concrete used in GMT's development projects.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
9
It has been a successful start to the year, with GMT’s strong
financial performance in a more challenging operating
environment demonstrating that it is a resilient business.
Net property income has increased by 11.3% to $111.4 million, driven by the additional
revenue from new development completions, strong leasing results and like-for-like rental
growth of 7.3%.
A higher weighted average interest rate of 5.0% together with a lower proportion of
borrowing costs being capitalised (as developments have reached completion), have
contributed to a 41.1% increase in net interest costs, from $21.4 million to $30.2 million.
A feature of the newly internalised management is lower corporate expenses, with external
fees being replaced by direct costs. A reduction in net corporate expenses from the previous
corresponding period has partially offset the higher net interest costs, with GMT recording a
10.6% increase in operating earnings before tax (to $75.3 million).
The removal of tax deductions for building depreciation has increased the effective tax rate
from 10% in 1H24, to 17.5%. Operating earnings after tax have continued to grow despite
lower depreciation deductions, increasing from $61.3 million to $62.1 million.
The movement in fair value of financial instruments and movement in valuation of pre-existing
employee benefits (to be settled by Goodman Group as part of the internalisation transaction)
are the main non-cash expenses recognised in the period.
Strong property market fundamentals and recent sales evidence support the carrying value
of GMT’s property assets at 30 September 2024.
With an independent desktop review confirming stable property values, GMT has recorded
an improved statutory result with an interim profit of $45.5 million after tax, compared to a
loss of $163.2 million in 1H24.
Net tangible assets have reduced 0.2 cents per unit over the period to 201.2 cents per unit,
at 30 September 2024.
POSITIVE
RESULTS
FINANCIAL SUMMARY
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RSM House, Highbrook Business Park
We maintain our buildings to a high standard and continue to invest in new technologies
that improve the resilience and resource efficiency of the existing portfolio.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
10
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CONTENTS
Prudent and sustainable financial management
Our disciplined financial management has continued with new treasury initiatives adding
further flexibility.
Taking advantage of strong demand from local institutions, a new five-year, $150 million
wholesale green bond was announced immediately after the interim balance date on
1 October 2024. Paying a fixed interest rate of 5.012% per annum, the BBB+ rated bond
was issued on 8 October 2024.
The new issue diversifies and adds tenor to GMT’s debt facilities, following the maturity of the
GMB040 bonds and early repayment of the US Private Placement notes during the period.
The new issue also provides funding capacity to support ongoing investment in sustainable
building projects and carbon reduction initiatives.
At 30 September 2024, the Trust had a loan to value ratio of 32.4% and committed gearing
of 32.7%. Following the bond issue these debt facilities were 79% drawn, had a weighted
average term to expiry of 3.1 years, and were 81% hedged for the next 12 months.
Earnings and distributions
Cash earnings is our preferred measure of underlying operating performance. The non-
GAAP metric assesses free cash flow, on a per unit basis, after adjusting for borrowing costs
capitalised to land, expenditure related to building maintenance, and to reverse straight line
rental adjustments.
The calculation is set out in the table below with 1H24 restated to remove the benefit of
building depreciation and provide a like-for-like comparison with 1H25.
Cash earnings $m1H25Restated 1H24% change
Operating earnings before tax75.368.110.6
Current tax on operating earnings(13.2)(6.8)9 4.1
Operating earnings after tax62.161.31.3
Straight line rent adjustments(2.2)(2.2)0.0
Capitalised borrowing costs – land(0.4)(2.6)(84.6)
Capitalised management fees – land–(0.2)(10 0.0)
Maintenance capex(2.0)(2.2)(9.1)
Tax – benefit of building depreciation
1
–(2.9)(10 0.0)
Cash earnings5 7. 551.212.3
Weighted units (m) 1,538.8 1,4 03.39 .7
Cash earnings cpu3 .743.652.5
Distributions cpu3.253.104.8
Distributions % underlying cash earnings86.9%84.9%
Cash earnings have increased 2.5% on a like-for-like basis, from 3.65 cents per unit
1
to
3.74 cents per unit.
Quarterly cash distributions totalling 3.25 cents per unit have been declared for the first six
months of FY25, 4.8% higher than the 3.10 cents per unit declared in 1H24. The level of
distribution represents 86.9% of cash earnings and is consistent with full year distribution
guidance of 6.5 cents per unit.
1
Restated to adjust for the removal of tax deductions for building depreciation from 1H25.
FINANCIAL SUMMARY
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GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
11
Climate reporting
As a leading real estate investor, our focus is on the built environment and the delivery of more sustainable and resource
efficient property solutions for our customers. On 29 July 2024, we made our first disclosures under the new Aotearoa
New Zealand Climate Standards. Our standalone 2024 Sustainability Report (relating to FY24) provides a full emissions
inventory of our business activities and details our strategic response to the impacts of climate change.
To learn more, please view the online report goodmanreport.co.nz
INTERIM
FINANCIAL
STATEMENTS
For the six months ended 30 September 2024
GOODMAN PROPERTY TRUST
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CONTENTS
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
12
CONTENTS
STATEMENT OF COMPREHENSIVE INCOME 13
BALANCE SHEET 14
STATEMENT OF CASH FLOWS 15
STATEMENT OF CHANGES IN EQUITY 16
GENERAL INFORMATION 17
NOTES TO THE FINANCIAL STATEMENTS
1. Investment property 18
2. Borrowings 20
3. Earnings per unit and net tangible assets 24
4. Derivative financial instruments 26
5. Net corporate costs 27
6. Related party assets 27
7. Employee benefits liabilities 28
8. Tax 31
9. Related party disclosures 32
10. Commitments and contingencies 33
11. Financial risk management 34
12. Operating segments 34
INDEPENDENT AUDITOR’S REVIEW REPORT 35
The Board of Goodman Property Services (NZ) Limited,
the Manager of Goodman Property Trust, authorised these
financial statements for issue on 12 November 2024.
For and on behalf of the Board:
John Dakin Laurissa Cooney
Chair Chair, Audit Committee
$ millionNote
6 months
30 Sep 24
6 months
30 Sep 23
Property income1.1134.8119.5
Property expenses(23.4)(19.4)
Net property income111.410 0.1
Interest cost2.1(30.6)( 2 1 .7 )
Interest income2.10.40.3
Net interest cost(30.2)(21.4)
Net corporate costs5(5.9)(10.6)
Operating earnings before other income / (expenses) and tax75.368.1
Other income / (expenses)
Movement in fair value of investment property1.43.6(226.5)
Movement in fair value of financial instruments4.1(16.5)5.0
Movement in valuation of pre-existing employee benefits7(8.8)–
Transitional services9.1(0.5)–
Profit / (loss) before tax53.1(153.4)
Ta x
Current tax on operating earnings8.1(13.2)(6.8)
Current tax on non-operating earnings8.14.2–
Deferred tax8.11.4(3.0)
Total tax( 7. 6 )(9.8)
Profit / (loss) after tax 45.5(163.2)
Other comprehensive income––
Total comprehensive income / (loss) for the period attributable to unitholders45.5(163.2)
CentsNote
6 months
30 Sep 24
6 months
30 Sep 23
Basic and diluted earnings per unit after tax3.12.96(11.63)
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2024
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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$ millionNote30 Sep 2431 Mar 24
Non-current assets
Investment property1.34,595.44,533.9
Other assets0.51.9
Investment property contracted for sale–1.4
Derivative financial instruments4.26.338.4
Property, plant and equipment1 .73.8
Tax receivable6.96.9
Deferred tax assets23.430.1
Related party assets645.256.5
Total non-current assets4,679.44,672.9
Current assets
Cash10.99.4
Derivative financial instruments4.22.63.8
Debtors and other assets15.59.1
Tax receivable1.42.3
Related party assets616.419.4
Total current assets46.844.0
Total assets4 ,726 . 24 ,716 . 9
Non-current liabilities
Borrowings2.21 , 4 7 7. 61 , 1 5 7. 1
Lease liabilities2.56 0.162.2
Derivative financial instruments4.216.86.8
Employee benefits liabilities 717. 019.2
Total non-current liabilities1,571.51,245.3
Current liabilities
Borrowings2.2–300.9
Creditors and other liabilities38.948.2
Lease liabilities2.53.94.0
Derivative financial instruments4.20.62.1
Employee benefits liabilities 715.617. 3
Total current liabilities59.0372.5
Total liabilities1,630.51 , 6 17. 8
Net assets3 ,0 9 5.73,099.1
Total equity3 ,0 9 5.73,099.1
BALANCE SHEET
As at 30 September 2024
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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$ million
6 months
30 Sep 24
6 months
30 Sep 23
Cash flows from operating activities
Property income received133.0114.9
Property expenses paid( 2 8 .7 )( 2 4 .7 )
Interest income received0.40.3
Interest costs paid on borrowings(29.0)(21.1)
Interest costs paid on lease liabilities(2.2)( 1 .7 )
Corporate costs paid(5.5)(10.6)
Net GST received 1.90.6
Tax paid–( 7. 6 )
Net cash flows from operating activities69.950.1
Cash flows from investing activities
Proceeds from the sale of investment properties1.4–
Capital expenditure payments for investment properties(56.1)(99.2)
Holding costs capitalised to investment properties(9.2)(10.8)
Net cash flows from investing activities(63.9)(110.0)
Cash flows from financing activities
Proceeds from borrowings698.0915.0
Repayments of borrowings(638.7)(814.0)
Settlement of derivative financial instruments(14.9)–
Distributions paid to unitholders(48.9)(42.4)
Net cash flows from financing activities(4.5)58.6
Net movement in cash1.5(1.3)
Cash at the beginning of the period9.46.6
Cash at the end of the period10.95.3
STATEMENT OF CASH FLOWS
For the six months ended 30 September 2024
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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Distribution
per unit
(cents)
Number
of units
(million)
Units
($ million)
Retained
earnings
($ million)
To t a l
($ million)
As at 1 April 20231,4 03.31,6 45.81,7 9 4 . 93 , 4 4 0 .7
Total comprehensive loss for the year–(564.9)(564.9)
Distributions paid to unitholders6.125–(85.9)(85.9)
Issue of units
Internalisation transaction135.530 9.6–30 9.6
Unit issue costs incurred(0.4)–(0.4)
As at 31 March 20241,538.81,955.01,144.13,099.1
Total comprehensive income for the period–45.545.5
Distributions paid to unitholders3 .17 5–(48.9)(48.9)
As at 30 September 20241,538.81,955.01,140.73 ,0 9 5.7
SUBSEQUENT EVENT
On 12 November 2024, a cash distribution of 1.625 cents per unit was declared with no imputation credits attached. The record date for the distribution is 28 November 2024 and
payment will be made on 12 December 2024.
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2024
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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Reporting entity
Goodman Property Trust (“GMT” or the “Trust”) is a unit trust established on 23 April 1999
under the Unit Trusts Act 1960. GMT is domiciled in New Zealand. The Manager of the
Trust is Goodman Property Services (NZ) Limited (“GPS”) and the address of its registered
office is Level 2, 18 Viaduct Harbour Avenue, Auckland. The Manager of the Trust was
formerly Goodman (NZ) Limited (“GNZ”), with the change to the new Manager occurring on
28 March 2024 following settlement of the internalisation transaction.
The interim financial statements presented are consolidated financial statements for
Goodman Property Trust, its subsidiaries and its controlled entities (the “Group”). The
subsidiaries include GMT Bond Issuer Limited, Goodman Property Aggregated Limited,
Goodman Nominee (NZ) Limited, Highbrook Development Limited, Highbrook Business Park
Limited, Highbrook Management Limited, Goodman (Highbrook) Limited and GMT NewCo
Limited. The Trust has control over GPS, a wholly owned subsidiary of GMT Shareholder
Nominee Limited (itself a subsidiary of Public Trust). Pursuant to a shareholding deed between
GMT Shareholder Nominee Limited and Covenant Trustee Services Limited as trustee for
Goodman Property Trust the shares in GPS are controlled by Covenant Trustee Services
Limited on behalf of GMT unitholders.
GMT is listed on the New Zealand Stock Exchange (“NZX”), is an FMC reporting entity for the
purposes of the Financial Markets Conduct Act 2013 (“FMCA”) and the Financial Reporting
Act 2013 and is an Equity Security for the purposes of the NZX Main Board Listing Rules.
The Group’s principal activity is to invest in real estate in New Zealand.
Covenant Trustee Services Limited is the Trustee and Supervisor for GMT.
The interim financial statements for the six months ended 30 September 2024 are unaudited.
Comparative balances for 30 September 2023 are unaudited, whilst comparative balances
as at 31 March 2024 are audited.
Basis of preparation and measurement
The interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”) and comply with International
Accounting Standard 34 ‘Interim Financial Reporting’ and New Zealand Equivalent to
International Accounting Standard 34 ‘Interim Financial Reporting’.
The interim financial statements of the Group have been prepared in accordance with the
requirements of the NZX Main Board Listing Rules.
The interim financial statements do not include all of the notes included in the annual financial
statements. Accordingly, these notes should be read in conjunction with the annual financial
statements for the year ended 31 March 2024, prepared in accordance with New Zealand
Equivalents to International Financial Reporting Standards (“NZ IFRS”) and International
Financial Reporting Standards Accounting Standards (“IFRS Accounting Standards”).
The accounting policies and methods of computation used in the preparation of these
interim financial statements are consistent with those used in the financial statements for the
year ended 31 March 2024. Where necessary, comparative figures have been adjusted to
conform with changes in presentation in the financial statements.
The interim financial statements have been prepared on the historical cost basis except for
assets and liabilities stated at fair value as disclosed.
The interim financial statements are in New Zealand dollars, the Group’s functional currency,
unless otherwise stated.
Basis of consolidation
The financial statements have eliminated in full all intercompany transactions, intercompany
balances and gains or losses on transactions between Group entities.
New accounting standards now adopted
There have been no new accounting standards that are applicable to these financial
statements.
GENERAL INFORMATION
For the six months ended 30 September 2024
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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1. Investment property
Property income is earned from investment property leased to customers.
1.1 Property income
$ million
6 months
30 Sep 24
6 months
30 Sep 23
Gross lease receipts119.2105.6
Service charge income18.015.3
Straight-line rental adjustments2.22.2
Amortisation of capitalised lease incentives(4.6)(3.6)
Property income134.8119.5
1.2 Future contracted gross lease receipts
Gross lease receipts that the Group has contracted to receive in future years are set out below. These leases cannot be cancelled by the customer.
$ million30 Sep 2431 Mar 24
Year 1234.5222.5
Year 2218.3210.6
Year 3193.01 8 7. 5
Year 417 0 .71 6 7. 5
Year 514 5.2142.5
Year 6 and later6 6 0 .7701.6
Total future contracted gross lease receipts1,622.41,632.2
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 30 September 2024
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1. Investment property (continued)
1.3 Total investment property
This table details the total investment property value.
$ million30 Sep 2431 Mar 24
Core3,895.53,669.8
Value-add6 0 7. 6604.4
Total stabilised investment property4,503.14,274.2
Investment property under development92.32 5 9 .7
Total investment property4,595.44,533.9
Included within stabilised properties is a gross-up equivalent to lease liabilities of $63.6 million (31 March 2024: $63.6 million). Included within investment property under development is
$14.5 million of land (31 March 2024: $86.7 million) and $77.8 million of developments (31 March 2024: $173.0 million).
GMT’s estates are classified as either “core” or “value-add” estates.
Core
Those estates within the portfolio which largely consist of modern, high-quality logistics and industrial properties.
Value -add
Those estates which generally consist of older properties that are likely to have redevelopment potential. Redevelopment of the properties to realise their maximum future value may require
a change in use.
SIGNIFICANT TRANSACTIONS
During the six months ended 30 September 2024, three developments were completed and were independently valued and recorded at their fair value at a total of $214.8 million.
KEY JUDGEMENT
Stabilised properties are recorded at their fair value.
Developments completed in the period have been independently valued and recorded at their fair value at 30 September 2024. All other developments are held at cost and tested
for impairment where indicators of impairment exist.
Land is recorded at their fair value.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
1. Investment property (continued)
1.4 Movement in fair value of investment property
Movement in fair value of investment property for the period is summarised below.
$ million
6 months
30 Sep 24
6 months
30 Sep 23
Stabilised properties–(210.6)
Investment property under development3.6(15.9)
Total movement in fair value of investment property3.6(226.5)
2. Borrowings
2 .1 Interest
$ million
6 months
30 Sep 24
6 months
30 Sep 23
Interest expense on borrowings(32.5)(26.8)
Interest expense on lease liabilities(1.8)( 1 .7 )
Amortisation of borrowing costs(3.5)(3.0)
Borrowing costs capitalised
(1)
7. 29.8
Total interest cost(30.6)( 21 .7 )
Interest income0.40.3
Net interest cost(30.2)(21.4)
(1)
Borrowing costs are capitalised at the weighted average cost of borrowing of 5.0% (30 September 2023: 4.7%). Borrowing costs of $0.4 million were capitalised to land (30 September 2023: $2.6 million).
ACCOUNTING POLICIES
Interest costs charged on borrowings are recognised as incurred. Costs associated with the establishment of borrowings are amortised over the term of the relevant borrowings.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
2. Borrowings (continued)
2.2 Borrowings
$ million30 Sep 2431 Mar 24
Current
Retail bonds–10 0.0
US Private Placement notes–200.9
Total current borrowings–300.9
Non-current
Syndicated bank facilities455.0135.0
Bilateral bank facilities475.0475.0
Green retail bonds150.0150.0
Wholesale bonds4 00.04 00.0
Total non-current1,480.01,160.0
Unamortised borrowings establishment costs(2.4)(2.9)
Total non-current borrowings1 , 4 7 7. 61,157.1
Total borrowings1 , 4 7 7. 61,458.0
SUBSEQUENT EVENTS
In October 2024, GMT issued $150.0 million of wholesale green bonds, with a 5 year term expiring in October 2029, paying a fixed interest rate of 5.012%.
In October 2024, a $205.0 million tranche of the syndicated bank facilities, with a June 2025 expiry, was cancelled. Syndicated bank facilities drawn are considered non-current
due to adequate undrawn capacity in the longer dated tranches, allowing these to be utilised to fund the amount drawn from short term tranches.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
2. Borrowings (continued)
2.3 Composition of borrowings
Weighted
average
remaining
term (years)
$ million
30 Sep 24Date issuedExpiryInterest rate
Drawn
amount
Undrawn
facility
Syndicated bank facilities–Jun 25 – Jun 282.1Floating455.034 0.0
Green bank facility – Bank of New Zealand–Dec 251.2Floating150.0–
Bank facility – Commonwealth Bank of Australia–Mar 261.5Floating17 5 . 0–
Green bank facility – Westpac New Zealand Limited–Dec 262.2Floating150.0–
Bank facility – Bank of New Zealand–Jun 294.8Floating–10 0.0
Green retail bonds – GMB060Apr 22Apr 272.54 .74 0 %150.0–
Wholesale bonds – 6 yearsDec 21Dec 273.23.656%200.0–
Wholesale bonds – 8 yearsSep 20Sep 283.92.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 305.92.559%150.0–
Weighted
average
remaining
term (years)
$ million
31 Mar 24Date issuedExpiryInterest rate
Drawn
amount
Undrawn
facility
Syndicated bank facilities–Jun 25 – Jun 282.6Floating135.0660.0
Green bank facility – Bank of New Zealand–Dec 251 .7Floating150.0–
Bank facility – Commonwealth Bank of Australia–Mar 262.0Floating17 5 . 0–
Green bank facility – Westpac New Zealand Limited–Dec 262 .7Floating150.0–
Bank facility – Bank of New Zealand–Jun 295.3Floating–10 0.0
Retail bonds – GMB040May 17May 240.24.54 0%10 0.0–
Green retail bonds – GMB060Apr 22Apr 273.04 .74 0 %150.0–
Wholesale bonds – 6 yearsDec 21Dec 273 .73.656%200.0–
Wholesale bonds – 8 yearsSep 20Sep 284.42.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 306.42.559%150.0–
US Private Placement notes
1
Jun 15Jun 251.23.460%US$40.0–
US Private Placement notes
1
Jun 15Jun 273.23.560%US$40.0–
US Private Placement notes
1
Jun 15Jun 306.23 .71 0 %US$40.0–
1
The change in Manager of GMT in March 2024 triggered an option in the US Private Placement noteholder agreements, giving the noteholders the right to request early repayment. This resulted in the US Private Placement notes being
classified as current borrowings at 31 March 2024. All US Private Placement notes have subsequently been repaid.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
2. Borrowings (continued)
2.3 Composition of borrowings (continued)
As at 30 September 2024 and 31 March 2024, $795.0 million of syndicated bank facilities were provided to the Group by Westpac New Zealand Limited ($175.0 million), Commonwealth
Bank of Australia ($150.0 million), The Hongkong and Shanghai Banking Corporation Limited ($150.0 million), ANZ Bank New Zealand Limited ($150.0 million), Industrial and Commercial
Bank of China Limited ($95.0 million) and Bank of New Zealand ($75.0 million). Additional bilateral facilities were provided to the Trust by Bank of New Zealand ($250.0 million),
Commonwealth Bank of Australia ($175.0 million) and Westpac New Zealand Limited ($150.0 million).
As at 30 September 2024, GMT’s drawn borrowings had a weighted average remaining term of 2.8 years (31 March 2024: 3.2 years), with 37% being drawn from non-bank sources
(31 March 2024: 57%). Calculation of the weighted average remaining term assumes syndicated bank facilities utilise the longest dated facilities.
2.4 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the assets of the subsidiaries of GMT, excluding GPS. A loan to value ratio covenant restricts total borrowings incurred by
the Group to 50% of the value of the secured property portfolio.
The Group has given a negative pledge to not create or permit any security interest over its assets. The principal financial ratios which must be met are the ratio of earnings before interest,
tax, depreciation and amortisation to interest expense, and the ratio of financial indebtedness to the value of the property portfolio. Further negative and positive undertakings have been
given as to the nature of the Group’s business.
2.5 Lease liabilities
Investment propertiesOffice leases
$ million30 Sep 2431 Mar 2430 Sep 2431 Mar 24
Opening balance63.665.92.6–
Changes in liability as a result of ground rent reviews–(2.2)––
Lease liability remeasurements––(1.9)
Addition on acquisition of GPS–––2.6
Interest expense on lease liabilities1 .73.40.1–
Payments made(1.8)( 3 .7 )(0.4)–
Amortisation of incentives received0.10.2––
Total lease liabilities63.663.60.42.6
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
2. Borrowings (continued)
2.6 Loan to value ratio calculation
The loan to value ratio (“LVR”) is a non-GAAP metric used to measure the strength of the Group’s Balance Sheet. This non-GAAP financial measure may not be consistent with its calculation
by other similar entities. The LVR calculation is set out in the table below.
$ million30 Sep 2431 Mar 24
Total borrowings1 , 4 7 7. 61,458.0
US Private Placement notes – foreign exchange translation impact–(40.2)
Cash(10.9)(9.4)
Investment property contracted for sale–(1.4)
Borrowings for LVR calculation1 , 4 6 6 .71 , 4 0 7. 0
Investment property4,595.44,533.9
Investment property lease liabilities(63.6)(66.2)
Assets for LVR calculation4,531.84 , 4 6 7.7
Loan to value ratio %32.4%31.5%
3. Earnings per unit and net tangible assets
3.1 Earnings per unit
Earnings per unit measures are calculated as earnings / (losses) after tax divided by the weighted number of issued units for the period. Operating earnings is a non-GAAP financial
measure included to provide an assessment of the performance of GMT’s principal operating activities. This non-GAAP financial measure may not be consistent with its calculation by
other similar entities.
The calculation of operating earnings before other income / (expenses) and tax is set out in the Statement of Comprehensive Income.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
3. Earnings per unit and net tangible assets (continued)
3.1 Earnings per unit (continued)
$ million
6 months
30 Sep 24
6 months
30 Sep 23
Operating earnings before other income / (expenses) and tax75.368.1
Current tax on operating earnings(13.2)(6.8)
Operating earnings after tax62.161.3
Weighted units
Million30 Sep 2430 Sep 23
Weighted units1,538.81,4 03.3
cents per unit
6 months
30 Sep 24
6 months
30 Sep 23
Operating earnings per unit before tax4.894.85
Operating earnings per unit after tax4.044.37
Basic and diluted earnings / (loss) per unit after tax2.96(11.63)
3.2 Net tangible assets
Diluted units, comprising issued units plus deferred units not yet issued, are used to calculate net tangible assets (NTA) per unit. This non-GAAP financial measure may not be consistent with
its calculation by other similar entities.
Diluted units
Million30 Sep 2431 Mar 24
Issued units1,538.81,538.8
Diluted units1,538.81,538.8
30 Sep 2431 Mar 24
Net tangible assets
1
($ million)3 , 0 9 5 .73,0 99.1
Net tangible assets per unit (cents)201.2201.4
1
Net tangible assets comprise net assets as disclosed on the face of GMT’s Balance sheet.
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
4. Derivative financial instruments
Derivative financial instruments are used to manage exposure to interest rate risks and foreign exchange risks arising from GMT’s borrowings.
4.1 Movement in fair value of financial instruments
$ million
6 months
30 Sep 24
6 months
30 Sep 23
Interest rate derivatives(30.3)10.8
Cross currency interest rate derivatives relating to US Private Placement notes(26.4)2.6
Total movement in fair value of derivative financial instruments(5 6 .7 )13.4
Foreign exchange rate movement on US Private Placement notes40.2(8.4)
Total movement in fair value of financial instruments(16.5)5.0
KEY JUDGEMENT
The fair values of derivative financial instruments are determined from valuations using Level 2 valuation techniques. These are based on the present value of estimated future
cash flows, taking account of the terms and maturity of each contract and the current market interest rates at the reporting date. Fair values also reflect the creditworthiness of the
derivative counterparty and GMT at balance date. The valuations were based on market rates at 30 September 2024 of between 4.87% for the 90-day BKBM and 3.88% for the
10-year swap rate (31 March 2024: 5.64% for the 90-day BKBM and 4.37% for the 10-year swap rate). There were no changes to these valuation techniques during the period.
4.2 Derivative financial instruments
$ million30 Sep 2431 Mar 24
Cross currency interest rate derivatives
Non-current assets–26.4
Interest rate derivatives
Non-current assets6.312.0
Current assets2.63.8
Non-current liabilities(16.8)(6.8)
Current liabilities(0.6)(2.1)
Net derivative financial instruments(8.5)33.3
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
5. Net corporate costs
Net corporate costs are incurred to manage the operational activity of the Group.
$ million
6 months
30 Sep 24
6 months
30 Sep 23
Manager’s base fee–(8.8)
Salaries and other short-term benefits(6.8)–
Other administrative expenses(4.6)(1.8)
Less: Costs recognised in property expenses3.5–
Less: Costs capitalised to properties being developed2.0–
Net corporate costs(5.9)(10.6)
ACCOUNTING POLICIES
All costs directly associated with the acquisition and development of a property are capitalised.
6. Related party assets
Goodman Group has indemnified the Trust for the settlement of the existing long-term incentive plan (“LTIP”) that GPS staff are entitled to (the “pre-existing GMG LTIP” and the ”pre-existing
GNZ LTIP”). All costs and liabilities owing to the employees relating to awards granted before settlement of the internalisation will be met by Goodman Group.
$ million30 Sep 2431 Mar 24
Current
Co-operation Services Agreement1.11.1
Indemnification assets9 .714.2
Prepayment assets5.61.3
Other related party assets–2.8
Total current related party assets16.419.4
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
6. Related party assets (continued)
$ million30 Sep 2431 Mar 24
Non-current
Co-operation Services Agreement9.510.0
Indemnification assets13.819.3
Prepayment assets21.92 7. 2
Total non-current related party assets45.256.5
Total related party assets61.675.9
7. Employee benefits liabilities
The pre-existing GMG LTIP employee benefit expense relates to performance rights previously awarded to employees under the Goodman Group (“GMG”) LTIP. All permanent employees
were eligible to participate. The performance rights entitle an employee to acquire GMG stapled securities for nil consideration, subject to the vesting conditions having been satisfied.
At vesting, settlement is made directly by GMG with no additional cash impact to the Group. The future performance and settlement of this award is a responsibility of GMG until the vesting
conditions around the service period cease.
The pre-existing GNZ LTIP share based payments expense relates to performance rights previously awarded to employees under the GNZ LTIP. All permanent employees were eligible to
participate. The performance rights entitle an employee to acquire GMT units for nil consideration, subject to the vesting conditions having been satisfied. These rights are vested subject
to meeting performance hurdles based on the achievement of operating earnings targets by GMT and the relevant total unitholder return from holding GMT units compared to other
New Zealand Stock Exchange (“NZX”) property vehicles. At vesting, settlement will be made by a cash payment equivalent to the value of units, with the cash impact to the Group to be
reimbursed by GMG as per the terms of the sale of GPS to GMT.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
28
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
7. Employee benefits liabilities (continued)
$ million30 Sep 2431 Mar 24
Current
Employee entitlements1.53.2
Employee benefits liabilities – pre-existing GMG LTIP9.48.9
Employee benefits liabilities – pre-existing GNZ LTIP4 .75.2
Total current employee benefits liabilities15.617. 3
Non-current
Employee benefits liabilities – pre-existing GMG LTIP11.011.1
Employee benefits liabilities – pre-existing GNZ LTIP6.08.1
Total non-current employee benefits liabilities17. 019.2
Total employee benefits liabilities32.636.5
KEY JUDGEMENT
The fair value of services received in return for performance rights granted under the LTIP is measured by reference to the fair value of the performance rights granted. The fair value
of these pre-existing LTIP performance rights was measured as follows:
+ Operating EPS hurdles: are assessed using management’s estimates of achieving these targets. These estimates are based on information regarding the expected performance
for GMG as publicly reported and are consistent with the valuation approach taken by GMG for recognition of LTIPs in its financial statements, or based on internal forecast
information for GMT as presented to the Board, both risk adjusted for the passage of time.
+ Relative TSR tranches: these rights are typically valued using a Monte Carlo model which simulate total returns for each of the ASX 100 stocks / NZX Property vehicle stocks
and discount the future value of any potential future vesting performance rights to arrive at a present value. The model uses statistical analysis to forecast total returns, based
on expected parameters of variance and co-variance. Management has assessed these targets as at 30 September 2024 using the valuation assessments obtained at
30 June 2024 for the pre-existing GMG LTIP and 31 March 2024 for the pre-existing GNZ LTIP as a basis.
The movement in the number of performance rights was as follows:
Number of rights
Pre-existing
G M G LT I P
30 Sep 24
Pre-existing
G N Z LT I P
30 Sep 24
Outstanding at the beginning of the year 1,4 89,6 0114,021,851
Performance rights vested during the period(295,029)(2,4 5 4,911)
Rights cancelled during the period(4,692)(45,421)
Outstanding at the end of the period1,189,880 11,521,519
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
29
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
7. Employee benefits liabilities (continued)
The model inputs for the remeasurement of the pre-existing GMG LTIPs at 30 September 2024 included the following:
Rights issued
in FY24
Rights issued
in FY23
Rights issued
in FY22
Rights issued
in F Y21
Fair value at measurement date ($)$26.47$ 3 0 .74$34.40$34.55
Security price ($)$ 3 4 .7 5$ 3 4 .7 5$ 3 4 .7 5$ 3 4 .7 5
Exercise price ($)––––
Expected volatility (%)27.0726.3525.21–
Rights’ expected weighted average life (years)2.91.90.90.3
Dividend/distribution yield per annum (%)––––
NZD/AUD exchange rate1.091.091.091.09
Average risk free rate of interest per annum (%)4.124.254.34–
The model inputs for the remeasurement of the pre-existing GNZ LTIPs at 30 September 2024 included the following:
Rights issued
in FY24
Rights issued
in FY23
Rights issued
in FY22
Rights issued
in F Y21
Fair value at measurement date ($)$1.4 3$2.02$2.06$2.06
Unit price ($)$2.06$2.06$2.06$2.06
Exercise price ($)––––
Expected volatility (%)16.8314.61––
Rights’ expected weighted average life (years)2 .71 .70 .70.2
Dividend/distribution yield per annum (%)3.073.00––
Average risk free rate of interest per annum (%)4.555 .17––
GMT Long-term Incentive Plan
During the period, the Group implemented a new long-term incentive plan. This equity settled scheme offers share rights to all permanent employees, with vesting determined at the end of
a 3-year vesting period. Vesting is subject to the achievement of certain financial hurdles set by the Board and included in the annual offer of participation to employees. Once it has been
determined how many performance rights have vested, each performance right will convert to one fully paid ordinary unit, vesting into three equally sized tranches after three, four and five
years from 1 June 2024. 10,114,440 performance rights were granted on 27 September 2024 to employees under this new LTIP. The expense for the period to 30 September 2024
i s $20,038.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
30
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
8. Ta x
8.1 Tax expense
$ million
6 months
30 Sep 24
6 months
30 Sep 23
Proft / (loss) before tax53.1(153.4)
Tax at 28%(14.9)43.0
Depreciation of investment property4 .76.1
Movement in fair value of investment property1.0(63.4)
Deductible net expenditure for investment property2.85.1
Derivative financial instruments(4.3)1.5
Movement in valuation of pre-existing employee benefits(2.5)–
Prior period adjustments–0.9
Current tax on operating earnings(13.2)(6.8)
Settlement of derivative financial instruments4.2–
Current tax on non-operating earnings4.2–
Current tax(9.0)(6.8)
Depreciation of investment property( 4 .7 )(6.1)
Reduction of liability in respect of depreciation recovery income4.16.6
Deferred expenses(0.6)(2.0)
Derivative financial instruments0.1(1.5)
Employee benefits liabilities 2.5–
Deferred tax1.4(3.0)
Total tax( 7. 6 )(9.8)
Current tax on operating earnings is a non-GAAP measure included to provide an assessment of current tax for GMT’s principal operating activities. This non-GAAP financial measure may
not be consistent with its calculation by other similar entities.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
31
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
9. Related party disclosures
GMT internalised its management with settlement occurring on 28 March 2024. From this date no further fees were payable to the former Manager with the costs of managing GMT to be
incurred directly. The prior period information below relates to fees paid to related parties prior to internalisation.
Related party assets are disclosed in note 6. The Goodman Group entities continue to be related parties of GMT and its subsidiaries as GIH is a significant shareholder, with GMT being
equity accounted in the financial statements of Goodman Group.
EntityNature of relationshipNature of relationship post-internalisation (from 28 March 2024)
Goodman (NZ) LimitedGNZManager of the TrustSubsidiary of GL
Goodman Property Services (NZ) LimitedGPSProvider of property management, development
management and related services to the Trust
Manager of the Trust and subsidiary
Goodman Investment Holdings (NZ) LimitedGIHUnitholder in GMTUnitholder in GMT
Goodman LimitedGLParent entity of GNZ, GIH & GPSParent entity of GNZ & GIH, and provider of support services
Goodman Industrial TrustGITUnitholder in GMT and property co-owner with GMTUnitholder in GMT
9.1 Transactions with related parties
Recorded Capitalised Outstanding
$ millionRelated party
6 months
30 Sep 24
6 months
30 Sep 23
6 months
30 Sep 24
6 months
30 Sep 2330 Sep 2431 Mar 24
Manager’s base feeGNZ–( 9 .7 )–0.9––
Property management fees
(1)
GPS–(2.2)––––
Leasing feesGPS–( 1 .7 )––––
Minor project feesGPS–(0.4)–0.4––
Development management feesGPS–( 7. 5 )–7. 5––
Total fees–(21.5)–8.8––
Reimbursement of expenses for services providedGPS–(1.0)–0.2––
Reimbursement of expenses for services providedGL––––––
Transitional servicesGL(0.5)–––––
Gross lease receipts receivedGPS–0.1––––
Distributions paidGIT( 6 .7 )(8.4)––––
Distributions paidGIH(8.8)(2.3)––––
(1)
At 30 September 2023, of the property management fees charged by GPS, $1.8 million was paid by customers and was not a cost borne by GMT.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
32
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
9. Related party disclosures (continued)
9.2 Other related party transactions
Key management personnel
Key management personnel are those people with the responsibility and authority for planning, directing and controlling the activities of an entity. Prior to internalisation, as the Trust did not
have any employees or Directors, key management personnel was considered to be the former Manager (GNZ).
Post internalisation the key management personnel are considered to be the Directors, the Chief Executive Officer, the Chief Financial Officer and the General Counsel.
Related party investment in GMT
At 30 September 2024, Goodman Group, through its subsidiary Goodman Investment Holdings (NZ) Limited, held 278,063,312 units in GMT out of a total 1,538,768,535 units on issue
(31 March 2024: 278,063,312 units in GMT out of a total 1,538,768,535 units).
At 30 September 2024, Goodman Group, through Goodman Industrial Trust, held 210,871,396 units in GMT out of a total 1,538,768,535 units on issue (31 March 2024: 210,871,396
units in GMT out of a total 1,538,768,535 units).
Licence to use Goodman brand
Goodman Group have granted GMT and GPS a non-exclusive, non-transferable licence to continue to use the “Goodman” brand for so long as Goodman Group holds at least 10% of the
units in GMT. There is no ongoing fee payable for use of the Goodman brand under the Brand Licence Agreement.
In using the Goodman brand, GMT and GPS will be required to follow Goodman Group brand guidelines and Goodman Group may terminate the licence in customary circumstances,
including in the event of serious or unremedied breach. There will be a two-month transition period to cease using the brand once GMT is no longer entitled to do so.
Up to the date of internalisation, certain services were provided by GPS instead of using external providers, with these amounts reimbursed on a cost recovery basis.
10. Commitments and contingencies
10.1 Non-related party capital commitments
These commitments are amounts payable for contractually agreed services for capital expenditure.
$ million30 Sep 2431 Mar 24
Completion of developments20.439.9
Total non-related party capital commitments20.439.9
10.2 Contingent liabilities
The Group has no material contingent liabilities (31 March 2024: none).
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
33
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
11. Financial risk management
In addition to business risk associated with the Group’s principal activity of investing in real estate in New Zealand, the Group is also exposed to financial risk for the financial instruments that
it holds. Financial risk can be classified in the following categories: interest rate risk, credit risk, liquidity risk and capital management risk.
11.1 Fair value of financial instruments
Except for the retail bonds, green retail bonds, wholesale bonds and US Private Placement notes; the carrying values of all Balance Sheet financial instruments approximate their estimated
fair value. The fair values of retail bonds, green retail bonds, wholesale bonds and US Private Placement notes are as follows:
$ millionFair value hierarchy30 Sep 2431 Mar 24
Retail bondsLevel 1–9 9 .7
Green retail bondsLevel 114 9.514 4.5
Wholesale bondsLevel 2365.2350.5
US Private Placement notesLevel 2–U S $ 1 0 6 .7
12. Operating segments
The Trust’s activities are reported to the Board of Directors of the Manager as a single operating segment; therefore, these financial statements are presented in a consistent manner to that
reporting.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
34
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Goodman Property Trust (the Trust) and its controlled entities (together, the Group), which comprise the balance sheet
as at 30 September 2024, and the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the six months ended
30 September 2024, and notes, comprising material accounting policy information and other explanatory information
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements of the Group do not present fairly, in
all material respects, the financial position of the Group as at 30 September 2024, and its financial performance and cash flows for the six months period then ended, in
accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34 Interim
Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for the review of the interim financial
statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial statements, and we have
fulfilled our other ethical responsibilities in accordance with these ethical requirements. In addition to our role as auditor, our firm carries out other services for the Group.
These services are a) audit related services: assurance over green lending arrangements, reporting to the supervisor of GMT Bond Issuer Limited and net tangible asset
reporting for Goodman Property Services (NZ) Limited (the “Manager”); b) other assurance services and other agreed-upon procedures engagements: agreed upon
procedures over financial covenants of the Group’s bank facilities, pre-conditions assessments relating to emissions and climate related disclosures; and c) other services:
provision of remuneration benchmarking data. The provision of these other services has not impaired our independence.
Responsibilities of the Directors of the Manager for the interim financial statements
The Directors of the Manager are responsible on behalf of the Trust for the preparation and fair presentation of these interim financial statements in accordance with
IAS 34 and NZ IAS 34 and for such internal control as the Directors of the Manager determine is necessary to enable the preparation and fair presentation of the interim
financial statements that are free from material misstatement, whether due to fraud or error.
INDEPENDENT AUDITOR’S REVIEW REPORT
To the unitholders of Goodman Property Trust
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
35
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Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has
come to our attention that causes us to believe that the interim financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34
and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform procedures, primarily consisting of
making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The procedures performed in
a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing and International Standards on Auditing
(New Zealand) and consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on these interim
financial statements.
Who we report to
This report is made solely to the Trust’s unitholders, as a body. Our review work has been undertaken so that we might state those matters which we are required to state
to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Trust’s
unitholders, as a body, for our review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Lisa Crooke.
For and on behalf of:
PricewaterhouseCoopers Auckland
12 November 2024
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
36
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INDEPENDENT AUDITOR’S REVIEW REPORT (continued)
To the unitholders of Goodman Property Trust
Report on the interim financial statements
Roma Road Estate
The regeneration of Roma Road Estate is one of the
larger redevelopment projects completed by GMT.
Featuring a highly sustainable masterplan, the property
has been transformed into a modern industrial estate
that maximises the value of its strategic location.
Targeting a minimum 5 Green Star Built rating for each
warehouse, the new facilities are constructed from
sustainably sourced building materials where practical,
with the development process carefully managed to
reduce waste and other environmental impacts.
Click here to read the project case study.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
37
INTERIM
FINANCIAL
STATEMENTS
For the six months ended 30 September 2024
GMT BOND ISSUER LIMITED
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GMT BOND ISSUER LIMITED INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
38
The Board of GMT Bond Issuer Limited, authorised these
financial statements for issue on 12 November 2024.
For and on behalf of the Board:
John Dakin Laurissa Cooney
Chair Chair, Audit Committee
CONTENTS
STATEMENT OF COMPREHENSIVE INCOME 39
BALANCE SHEET 40
STATEMENT OF CASH FLOWS 41
STATEMENT OF CHANGES IN EQUITY 42
GENERAL INFORMATION 43
NOTES TO THE FINANCIAL STATEMENTS
1. Borrowings 44
2. Advances to related parties 44
3. Commitments and contingencies 44
4. Financial risk management 45
5. Equity 45
INDEPENDENT AUDITOR’S REVIEW REPORT 46
$ million
6 months
30 Sep 24
6 months
30 Sep 23
Interest income10.5 13.6
Interest cost(10.5)(13.6)
Profit before tax––
Ta x––
Profit after tax attributable to shareholder––
Other comprehensive income––
Total comprehensive income for the period attributable to shareholder––
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2024
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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$ millionNote30 Sep 2431 Mar 24
Non-current assets
Advances to related parties 2550.0550.0
Current assets
Advances to related parties2–10 0.0
Interest receivable from related parties5 .77. 1
Cash0.10.1
Total assets555.86 5 7. 2
Non-current liabilities
Borrowings1550.0550.0
Current liabilities
Borrowings1–10 0.0
Interest payable5.87. 2
Total liabilities555.86 5 7. 2
Net assets––
Equity
Contributed equity5––
Retained earnings ––
Total equity––
BALANCE SHEET
As at 30 September 2024
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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$ millionNote
6 months
30 Sep 24
6 months
30 Sep 23
Cash flows from operating activities
Interest income received11.913.8
Interest costs paid(11.9)(13.8)
Net cash flows from operating activities––
Cash flows from investing activities
Repayment of related party advances10 0.010 0.0
Related party advances made––
Net cash flows from investing activities100.0100.0
Cash flows from financing activities
Proceeds received from issue of green bonds––
Repayment of retail bonds(10 0.0)(10 0.0)
Net cash flows from financing activities(100.0)(100.0)
Net movement in cash––
Cash at the beginning of the period0.10.1
Cash at the end of the period0.10.1
STATEMENT OF CASH FLOWS
For the six months ended 30 September 2024
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
41
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$ million
Contributed
equity
Retained
earningsTo t a l
As at 1 April 2023–––
Profit after tax–––
As at 31 March 2024–––
Profit after tax–––
As at 30 September 2024–––
There are no items of other comprehensive income to include within changes in equity, therefore profit after tax equals total comprehensive income.
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2024
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
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Reporting entity
GMT Bond Issuer Limited (“the Company”) was incorporated on 5 November 2009.
The address of its registered office is Level 2, 18 Viaduct Harbour Avenue, Auckland.
GMT Bond Issuer Limited is an issuer for the purposes of the Financial Reporting Act 2013
as its issued retail bonds are listed on the New Zealand Debt Exchange (“NZDX”). GMT Bond
Issuer Limited is a registered company under the Companies Act 1993.
GMT Bond Issuer Limited is a profit-oriented company incorporated and domiciled in
New Zealand. The Company was incorporated to undertake issues of debt securities with
the purpose of on lending the proceeds to Goodman Property Trust (“GMT”) by way of interest
bearing advances.
The interim financial statements for the six months ended 30 September 2024 are unaudited.
Comparative balances for 30 September 2023 are unaudited, whilst the comparative
balances as at 31 March 2024 are audited.
Basis of preparation and measurement
The interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”) and comply with International
Accounting Standard 34 ‘Interim Financial Reporting’ and New Zealand Equivalent to
International Accounting Standard 34 ‘Interim Financial Reporting’.
The interim financial statements do not include all notes included in the annual financial
statements. Accordingly, these notes should be read in conjunction with the annual financial
statements for the year ended 31 March 2024, prepared in accordance with New Zealand
Equivalents to International Financial Reporting Standards (“NZ IFRS”) and International
Financial Reporting Standards Accounting Standards (“IFRS Accounting Standards”).
The accounting policies and methods of computation used in the preparation of these interim
financial statements are consistent with those used in the financial statements for the year
ended 31 March 2024.
The interim financial statements have been prepared on the historical cost basis.
The interim financial statements are in New Zealand dollars, the Company’s functional
currency.
GENERAL INFORMATION
For the six months ended 30 September 2024
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
43
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1. Borrowings
1.1 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the assets of the wholly owned subsidiaries of the Company’s parent entity, Goodman Property Trust. A loan to value
covenant restricts total borrowings incurred by Goodman Property Trust, its subsidiaries and its controlled entities (the “Goodman Property Trust Group”) to 50% of the value of the
secured property portfolio.
The Goodman Property Trust Group has given a negative pledge which provides that it will not create or permit any security interest over its assets. The principal financial ratio which must
be met is the ratio of financial indebtedness to the value of the property portfolio. Further negative and positive undertakings have been given as to the nature of the Goodman Property Trust
Group’s business.
All borrowings are classified as non-current with the earliest maturity being the green retail bonds in April 2027.
SUBSEQUENT EVENTS
In October 2024, GMT issued $150.0 million of wholesale green bonds, with a 5 year term expiring in October 2029, paying a fixed interest rate of 5.012%.
2. Advances to related parties
All advances and interest receivable are with Goodman Property Trust.
Covenant Trustee Services Limited (as Trustee for Goodman Property Trust) has entered into a guarantee under which Goodman Property Trust unconditionally and irrevocably guarantees
all the obligations of GMT Bond Issuer Limited under its bond trust documents.
3. Commitments and contingencies
GMT Bond Issuer Limited has no capital commitments and no material contingent liabilities.
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 30 September 2024
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
44
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4. Financial risk management
4.1 Fair value of financial instruments
The fair value of financial instruments has been estimated as follows:
$ millionFair value hierarchy30 Sep 202431 Mar 2024
Related party receivablesLevel 2514 .75 9 4 .7
Wholesale bondsLevel 2(365.2)(350.5)
Green retail bondsLevel 1(14 9.5)(14 4.5)
Retail bondsLevel 1–( 9 9 .7 )
Total borrowings(514 .7 )(5 9 4 .7 )
5. Equity
As at 30 September 2024, 100 ordinary shares had been issued for nil consideration (31 March 2024: 100 ordinary shares for nil consideration). All shares rank equally with one vote
attached to each share.
The Company has tangible assets of $0.1 million, and its net assets are nil. Consequently, the net tangible assets per bond at 30 September 2024 are nil (31 March 2024: nil).
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
45
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NOTES TO THE FINANCIAL STATEMENTS (continued)
For the six months ended 30 September 2024
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
T: +64 9 355 8000, www.pwc.co.nz
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
46
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INDEPENDENT AUDITOR’S REVIEW REPORT
To the shareholder of GMT Bond Issuer Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of GMT Bond Issuer Limited (the Company), which comprise the balance sheet as at 30 September 2024, and the
statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the six months ended 30 September 2024, and notes,
comprising material accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that these accompanying interim financial statements of the Company do not present
fairly, in all material respects, the financial position of the Company as at 30 September 2024, and its financial performance and cash flows for the six month period then
ended, in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard
34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for the review of the interim financial
statements section of our report.
We are independent of the Company in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial statements, and
we have fulfilled our other ethical responsibilities in accordance with these ethical requirements. These services are a) audit related services: reporting to the supervisor;
and b) other assurance services and other agreed-upon procedures engagements: pre-conditions assessments relating to emissions and climate related disclosures.
The provision of these other services has not impaired our independence.
Responsibilities of the Directors for the interim financial statements
The Directors are responsible on behalf of the Company for the preparation and fair presentation of these interim financial statements in accordance with IAS 34 and
NZ IAS 34 and for such internal control as the Directors determine is necessary to enable the preparation and fair presentation of the interim financial statements that are
free from material misstatement, whether due to fraud or error.
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
47
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INDEPENDENT AUDITOR’S REVIEW REPORT (continued)
To the Shareholder of GMT Bond Issuer Limited
Report on the interim financial statements
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has
come to our attention that causes us to believe that the interim financial statements, taken as a whole, are not prepared in all material respects, in accordance with IAS 34
and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform procedures, primarily consisting of
making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The procedures performed
in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand) and International
Standards on Auditing and consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on these
interim financial statements.
Who we report to
This report is made solely to the Company’s shareholder. Our review work has been undertaken so that we might state those matters which we are required to state to them
in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Shareholder, for our
review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Lisa Crooke.
For and on behalf of:
PricewaterhouseCoopers Auckland
12 November 2024
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GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
48
Tāwharau Lane, Highbrook Business Park, East Tāmaki
Tāwharau Lane has earned New Zealand’s first-ever
industrial 6 Green Star Built rating. Completed in 2023,
the multi-warehouse development includes three
stand-alone buildings providing 8,135 sqm of warehouse
and logistics space.
The exceptional quality of the facilities was also
recognised with two Excellence Awards (Sustainable
Building and Industrial categories) from the Property
Council of New Zealand at its annual awards in 2024.
Click here to read the project case study.
INVESTOR RELATIONS
Introduction
Ensuring Unitholders and Bondholders are
well informed and easily able to manage their
investment is a key priority of the investor
relations team. Regular meetings and
communications, our website and a dedicated
toll-free contact number provide investors with
the means to make informed decisions.
Annual Meeting
GMT’s Trust Deed requires at least one
meeting of Unitholders each financial year.
The most recent Annual Meeting was held
on 27 August 2024. The address and
presentation are available on GMT’s website.
Investor centre
Our website, https://nz.goodman.com
enables Unitholders and Bondholders to view
information about their investment, check
current prices and view publications and
announcements.
Helpline
A dedicated toll-free number, 0800 000
656 (+64 9 375 6073 from outside NZ),
will connect securityholders directly with the
investor relations team.
Registrar
Computershare Investor Services Limited
is the registrar with responsibility for
administering and maintaining the Trust’s Unit
and Bond Registers.
If you have a question about the
administration of your investment,
Computershare can be contacted directly:
+by email, to
enquiry@computershare.co.nz
+by phone, on 0800 359 999
(+64 9 488 8777 from outside
New Zealand)
+by mail, to Computershare Investor
Services Limited, Private Bag 92119,
Auckland 1142.
Unitholder distributions
GMT typically pays its distributions quarterly,
in the third month that follows each quarter
end. The table below shows the timing and
composition of distributions paid (on a per
unit basis) in FY25.
Distribution for quarter ended Cash distribution Imputation credits Total distribution Payment date
31-Mar-24 $0.015500 $0.000000 $0.015500 19-Jun-24
30-Jun-24 $0.016250 $0.000000 $0.016250 19-Sep-24
30-Sep-24 $0.016250 $0.000000 $0.016250 12-Dec-24*
* Distribution announced but not yet paid at the date of this report.
Bondholder interest payments
Interest is paid semi-annually, each year, until
redemption. No dividends or distributions
have been paid by GMT Bond Issuer Limited.
Complaints procedure
As a financial service provider registered
under the Financial Service Providers
(Registration and Dispute Resolution)
Act 2008, the Manager is a member of
an approved dispute resolution scheme
(registration number FSP36542).
Complaints may be made to the Manager
or through the financial dispute resolution
scheme. Contact details of both are included
in the business directory on page 51.
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GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
49
OTHER
INFORMATION
GLOSSARY
$ and cents
New Zealand currency.
1H24, 1H25
financial half year ended 30 September 2023,
financial half year ended 30 September 2024.
Board
the Board of Directors of the Manager and GMT
Bond Issuer Limited.
Bondholder
a person whose name is recorded in the register as a
holder of a Goodman+Bond or Green Bond.
Cash earnings
Cash earnings is a non-GAAP measure that assesses
free cash flow, on a per unit basis, after adjusting for
certain items. Calculation of GMT’s cash earnings is
set out on page 10.
CEO
the Chief Executive Officer of the Manager.
Chair
the Chair of the Board of the Manager.
CPU or cpu
cents per unit.
Disclose Register
the Disclose Register is a register for offers of
financial products and managed investment
schemes under the Financial Markets Conduct
Ac t 2013.
Director
a director of the Manager and GMT Bond Issuer
Limited.
FY24, FY25
financial year ended 31 March 2024, financial year
ended 31 March 2025.
GIT
Goodman Industrial Trust and its controlled entities,
as the context requires.
GL
Goodman Limited and its controlled entities, as the
context requires.
GMB
GMT Bond Issuer Limited, a wholly owned subsidiary
of Goodman Property Trust.
Goodman or GPS
means Goodman Property Services (NZ) Limited as
the Manager of the Trust.
Goodman Group or GMG
means Goodman Limited, Goodman Funds
Management Limited as responsible entity for GIT,
Goodman Logistics (HK) Limited and each of their
respective related entities, operating together as a
stapled group.
Goodman (NZ) Limited or GNZ
the former Manager of GMT prior to Internalisation.
Goodman+Bond, Green Bond or Bond
a bond issued by GMB.
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.
Interim Balance Date
30 September 2024.
Internalisation
means the internalisation of the rights to manage
GMT approved by Unitholders at the Special Meeting
held on 26 March 2024.
Internalisation Proposal
means the proposal for Internalisation to occur.
Listing Rules
This Annual Report has been prepared in
accordance with the Listing Rules dated 17 June
2022 and ‘LR’ is a reference to any of those rules.
Loan to value ratio or LVR
Loan to value ratio is a non-GAAP financial measure
used to assess the strength of GMT’s balance
sheet. The calculation is set out in note 2.6 of GMT’s
financial statements.
Manager or GPS
the Manager of the Trust, Goodman Property
Services (NZ) Limited.
N TA
net tangible assets.
NZ IFRS
New Zealand equivalents to International Financial
Reporting Standards.
NZDX
the New Zealand debt market operated by NZX.
NZX
means NZX Limited.
NZX Code
means the NZX Corporate Governance Code
17 June 2022.
Operating earnings
Operating earnings is a non-GAAP financial
measure included to provide an assessment of the
performance of GMT’s principal operating activities.
Calculation of operating earnings is as set out in
GMT’s Statement of Comprehensive Income.
Registrar
the unit registrar for GMT and Goodman+Bond
registrar for GMB which, at the date of this Interim
Report, is Computershare Investor Services Limited.
sqm
square metres.
Trust Deed
the GMT trust deed dated 23 April 1999, as
amended from time to time.
Trust or GMT
Goodman Property Trust and its controlled entities,
including GMB, as the context requires.
Tr u s t e e
the trustee of the Trust, Covenant Trustee Services
Limited.
Unitholder or unitholder
any holder of a Unit whose name is recorded in the
reg iste r.
Unit or unit
a unit in GMT.
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
50
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BUSINESS DIRECTORY
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
Auckland 1142
Toll free: 0800 000 656
Telephone: +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
Auckland 1142
Toll free: 0800 000 656
Telephone: +64 9 375 6060
Email: info-nz@goodman.com
Website: https://nz.goodman.com
COMPLAINT PROCEDURE
Financial Dispute
Resolution Service
Freepost 231075
PO Box 2272
Wellington 6140
Toll free: 0508 337 337
Telephone: +64 4 910 9952
Email: enquiries@fdr.org.nz
AUDITOR
PricewaterhouseCoopers
PwC Tower
15 Customs Street West
Au c k l a n d 1010
Private Bag 92162
Auckland
Telephone: +64 9 355 8000
Facsimile: +64 9 355 8001
REGISTRAR
Computershare Investor
Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Private Bag 92119
Victoria Street West
Auckland 1142
Toll free: 0800 359 999
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
Email: enquiry@computershare.co.nz
LEGAL ADVISORS
Russell McVeagh
Level 30, Vero Centre
48 Shortland Street
PO Box 8
Auckland 1140
Telephone: +64 9 367 8000
Facsimile: +64 9 367 8163
TRUSTEE AND SUPERVISOR
FOR GOODMAN PROPERTY TRUST
Covenant Trustee Services Limited
Level 6, Crombie Lockwood Building
191 Queen Street
PO Box 4243
Auckland 1140
Telephone: +64 9 302 0638
BOND TRUSTEE
Public Trust
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
Auckland 1140
Toll free: 0800 371 471
Telephone: +64 9 985 5300
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
General Manager – People
Sophie Bowden
GOODMAN PROPERTY TRUST INTERIM REPORT 2025
GMT BOND ISSUER LIMITED INTERIM REPORT 2025
51
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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.
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