GMT delivers $109.6m profit and 5% growth in distributions
nzx release+
GMT delivers $109.6 million profit and 5% growth in distributions
Date 29 May 2025
Release Immediate
Goodman Property Trust (GMT) has released its financial results for the year ended
31 March 2025.
GMT has delivered another strong operating result, while strategic initiatives have refined
the business and laid the foundation for sustainable long-term growth.
Annual result highlights include:
+ A 13.5% increase in net property income to $230.5 million, driven by the additional
revenue from new development completions, positive leasing results and like-for-like
rental growth of 7.3%
+ Operating earnings
1
after tax of $125.0 million, compared to $121.4 million in FY24
+ A 5.2% increase in cash earnings
2
to 7.55 cents per unit and a 4.8% increase in cash
distributions, to 6.5 cents per unit.
+ Guidance for FY26 is for further growth in cash earnings, to around 8.0 cents per unit,
and a 5% increase in distributions to 6.825 cents per unit
+ Stable property values have supported an improved statutory result with a profit after
tax of $109.6 million, compared to a loss of $564.9 million
3
in FY24
+ A strong balance sheet, with net tangible assets of 202.2 cents per unit and a loan to
value ratio
4
of 31.8%
+ Strong leasing results with over 120,000 sqm of space secured on updated terms,
portfolio occupancy of 99.0% and a weighted average lease term of 5.6 years
5
+ The completion of three highly sustainable Green Star rated development projects,
with a value of $214.8 million, adding 50,286 sqm of warehouse and logistics space to
the portfolio
+ A CDP Climate Score of B, a 4.1% reduction in absolute emissions from FY24 and
new emission reduction targets set for 2030.
SUMMARY UPDATE
GMT’s $4.7 billion urban logistics portfolio provides the physical infrastructure that enables
supply chains to operate efficiently.
Chief Executive Officer, James Spence said, “We’ve achieved our leasing targets and
delivered strong revenue and earnings growth, demonstrating the resilience of the portfolio
in a more challenging economic environment.
We’ve also made positive progress toward wider business objectives. Governance changes,
a new remuneration structure, extended carbon reduction targets, together with the post
balance date announcements of a new capital partnership and the sale of Bush Road
Distribution Centre reflect our commitment to building a responsible and sustainable long-
term business.”
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, provided with this release.
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 (including restated FY24 cash earnings) is set out in the FY25 Annual Result
Presentation provided with this release.
3
FY24 included one-off Internalisation costs of $275.5 million and fair value losses of $478.4 million as a result of movement
in property valuations.
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, provided with this release.
5
Portfolio statistics include post balance day leasing events.
2
Announced today, the establishment of a new property fund to hold Highbrook Business Park
is the most significant of these strategic initiatives. With a global investment manager on
behalf of Australian and New Zealand discretionary funds and Goodman Group acquiring a
27.7% interest in the $2.1 billion estate, it leverages existing management capabilities and
provides GMT with alternative sources of capital to fund new investment and development
opportunities.
James Spence said, “The new partnership provides real momentum to our business, creating
new revenue streams and releasing capital for reinvestment into higher yielding
opportunities, including our own development pipeline.”
EARNINGS AND DISTRIBUTION GUIDANCE
New development completions, positive leasing results, market rent reviews and a reduction
in GMT’s net corporate costs (as a result of internalisation) have contributed to a 5.2%
increase in cash earnings, from 7.18 cents per unit
6
to 7.55 cents per unit.
The non-GAAP measure of underlying operating performance is expected to grow by a
similar amount in FY26, to around 8.0 cents per unit.
James Spence said, “Unitholders are benefitting from GMT’s sustained cash earnings
growth, with corresponding increases in the distributions they receive.”
Cash distributions relating to FY25 increased 4.8% to 6.5 cents per unit, reflecting a pay-out
ratio of around 86%. Distribution guidance for FY26 is for a further 5% increase to 6.825
cents per unit.
Further commentary on the FY25 financial result is included in the presentation attached to
this announcement. GMT’s FY25 Annual Report, including its sustainability report,
remuneration report and Climate Related Disclosures is expected to be released in late June
2025.
CORE BUSINESS FOCUS
GMT’s 1.2 million sqm urban logistics portfolio provides essential infrastructure for over 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.
James Spence said, “Rent reviews and new leasing transactions have contributed to like-for-
like rental growth of 7.3%. Although market rents are relatively stable, the potential rent
reversion within the portfolio remains substantial at around 21%
7
.”
ADVANCING THE DEVELOPMENT PROGRAMME
Maintaining a significant development pipeline extends the range of property solutions GMT
is able to offer customers.
Waitomokia in Māngere is one of GMT’s current opportunities. Expected to support up to
110,000 sqm of new development, infrastructure and enabling works are underway with
construction of the first industrial facilities expected to start in 2026.
Work is also progressing with the $15.7 million upgrade of the Highbrook Crossing, the
business park’s commercial services and hospitality precinct.
GMT is also commencing new projects.
James Spence said, “To meet future demand and to take advantage of lower construction
pricing, we are commencing stage one of the regeneration plan for our value-add estate in
Mt Wellington. The new multi-unit warehouse development will provide 21,000 sqm of high-
quality, sustainable space across four buildings.”
With low vacancy and a lack of appropriately zoned industrial land limiting new supply in
prime Auckland locations, the $93.8 million project is being undertaken on a build-to-lease
basis.
James Spence said, “To prepare for potential data centre development at Penrose Industrial
Estate, we are investing $20.2 million in preliminary design work and utility infrastructure.
6
FY24 cash earnings restated to normalise for the removal of tax deductions relating to building depreciation from FY25.
7
Difference between valuer assessed market rents and current passing rents, divided by current passing rent.
3
Establishing a 35 MVA power connection to the site over the next 24 months will provide
greater optionality in an evolving market segment.”
A development ready site with the necessary infrastructure and consents reduces delivery
risk and provides potential operators with speed to market advantages.
MAINTAINING BALANCE SHEET STRENGTH
Disciplined financial management has enabled GMT to grow sustainably, with earlier asset
sales providing the balance sheet capacity to fund ongoing investment in new development
projects and carbon reduction initiatives.
James Spence said, “It has been a prudent approach that has enabled us to maintain
gearing at an appropriate level through the cycle.”
At 31 March 2025 GMT had a loan to value ratio of 31.8%. Debt facilities were 78.3% drawn,
had a weighted average term to expiry of 2.5 years, and were 79.8% hedged for the next 12
months.
To take advantage of emerging opportunities, GMT has confirmed the post balance date
sale of the Bush Road Distribution Centre in Rosedale for $89 million. With settlement of the
sale and the new Highbrook fund recycling around $670 million of capital (in FY26), GMT's
look-through committed gearing is 23.2%.
With the flexibility to sell existing assets into funds and co-invest in new opportunities, a
successful property funds management business will diversify revenue streams and provide
GMT with additional capital management options.
James Spence said, “The new Highbrook fund is the first step in the establishment a larger
property funds management platform that is expected to help drive GMT’s future growth.”
DELIVERING SUSTAINABLE GROWTH
The strength of GMT’s recent operating results demonstrates the resilience of the portfolio,
and the benefits of an investment strategy focused on well-located warehouse and logistics
property.
James Spence said, “We have continually refined our business to take advantage of new
opportunities and to build resilience. It is a successful approach that is being reflected in
sustained earnings and distribution growth. With greater financial flexibility supporting an
active investment strategy, we are progressing with new warehouse and logistics projects
and preparing for future data centre development.”
While geo-political risks and other macro-factors could negatively impact business
sentiment and economic growth in FY26, customer demand remains steady and underlying
property market fundamentals continue to support positive leasing outcomes.
James Spence said, “With a contemporary structure, a sustainable investment strategy,
supportive partners, and dedicated and aligned team members, GMT is delivering positive
results for all its stakeholders.”
For additional information please contact:
James Spence
Chief Executive Officer
Goodman Property Services (NZ) Limited
(09) 903 3269
Andy Eakin
Chief Financial Officer
Goodman Property Services (NZ) Limited
(09) 375 6077
Attachments provided to NZX:
1. GMT’s 2025 Financial Statements
2. GMT’s 2025 Annual Result Presentation
3. NZX Annual Result Announcement
About Goodman Property Trust:
GMT is a managed investment scheme, listed on the NZX. It has a market capitalisation of around $3 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 $4.7 billion at 31 March 2025. The Trust also holds an investment grade credit
rating of BBB from S&P Global Ratings.
---
OverviewInvestment
Portfolio
Investment
Management
Sustainability
Financial
Result
Capital
Management
Summary
& Outlook
Questions
All property portfolio statistics are calculated on the basis of 100% asset ownership, including held for sale investment properties. All figures are in NZD.
OVERVIEW
PORTFOLIO
+Portfolio occupancy of 99.0%
and WALT of 5.6 years
1
+122,302 sqm of stabilised
leasing produced rental uplift
of 28.6%
1
+Like-for-like rental growth of
7.3 %
+Potential rent reversion to
market of 21%
+Three recently completed
developments which achieved
at least 5 Green Star design
ratings, added 50,286 sqm to
the portfolio and are 100%
leased
1
FY25 RESULT
+13.8% increase in operating earnings before tax to $154.3 million
+5.2% like-for-like increase on FY24 restated cash earnings to 7.55 cents
per unit, and a 4.8% increase in distributions to 6.50 cents per unit
+Statutory profit after tax of $109.6 million
+Year end gearing of 31.8%, with look-through committed gearing of 23.2%
DELIVERING STRATEGY
+Establishing the Highbrook fund with Mercer and Goodman Group investing
+Bush Road disposal for $89.0 million (0.7% premium to book value)
+$93.8 million stage one regeneration of Mt Wellington Estate
+$20.2 million investment into power infrastructure and design at Penrose
+$15.7 million upgrade of Highbrook Crossing underway
4
1
Includes post balance date leasing
INVESTMENT
PORTFOLIO
1
Includes post balance date leasing
+While a more challenging operating environment has eased capacity
constraints and moderated customer demand, underlying structural
drivers continue to support strong leasing results
+122,302 sqm of space (10.1% of the portfolio) was leased on new or
revised terms in FY25
1
:
—rental uplift of 28.6% achieved on these leases, with an average
warehouse rate of $224 psm on core portfolio leases
—average new lease term of 4.8 years and 4.3 month lease up
period
—average incentives of 2.2%
+Like-for-like rental growth of 7.3%
+No arrears over 30 days due as at 31 March 2025
+With a weighted average cap rate of 5.9%, property values have
remained stable
$4.7 bn
Property portfolio
99.0%
Occupancy
1
5.6 years
Portfolio WALT
1
6
0%
5%
10%
15%
20%
25%
FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY34+
Value AddCore
FY26 STABILISED PORTFOLIO REVIEW PROFILE
% of stabilised portfolio income
+Potential rent reversion to market of 21%
1
+8.0% of portfolio income to expire in FY26
+Portfolio weighted term to market review or expiry of around 4.1 years with 25%
subject to a weighted cap of 8.3%
2
1
Difference between valuer assessed market rents and current passing rents, divided by current passing rent, as at 31 March 2025
2
Weighted by current passing rent and includes post-balance date leasing
10-YEAR LEASE EXPIRY PROFILE
% of stabilised portfolio income
65% Fixed review – weighted average review 2.9%
12% CPI review
6% No review
4% Capped market review
3% Market review
8% Expiry
2% Pre-agreed rent
7
$214.8m
Completion value
50,286 sqm
Net lettable area
8.0%
Yield on additional cost
9.4 years
W A LT
100%
Leased
SIKA, COTTON ON AND SIGNIFY – ROMA ROAD ESTATE
1
MAINFREIGHT AND MAINFREIGHT 2HOME – SAVILL LINK
1
NZ Post (back right) was completed in the previous financial year and Sika was leased post-balance date
8
+The Auckland industrial market continues to show resilience despite the
challenging economic environment, with customers signalling their long
term intentions to increase warehousing footprint in and around Auckland
+GMT is commencing the $93.8 million stage one regeneration plan for its
value-add estate in Mt Wellington
1
‒The new 21,143 sqm build-to-lease multi-unit warehouse development
will provide high-quality, sustainable space across four tenancies
‒Development is subject to acceptable construction pricing, targeting a
yield on cost of 6.8%
+Infrastructure and enabling works are underway at Waitomokia, with the
first industrial facilities expected to start construction in 2026
+GMT is investing $20.2 million to establish a 35MVA power connection at
Penrose Industrial Estate, preparing for potential data centre development
‒With power expected to be delivered by mid 2027, this initial stage
provides GMT with greater optionality in an evolving market segment
MT WELLINGTON ESTATE
STAGE ONE
1
Additional spend of $48.4 million
9
+$15.7 million is being invested into Highbrook Crossing – the
office and retail hub of Highbrook Business Park
+Construction is underway, adding new eateries and amenities
to the plaza level of the Quest hotel
+A new entrance being constructed will offer a bright, sheltered
space, with new landscaping and seating options
+The upgrades are expected to be complete by October 2025
ARTIST IMPRESSION - HIGHBROOK CROSSING ENTRANCE
ARTIST IMPRESSION - HIGHBROOK CROSSING GLASS CANOPY
10
INVESTMENT
MANAGEMENT
+GMT has established its property funds management
business with a new open-ended limited partnership to hold
Highbrook Business Park
+International investors Mercer and Goodman Group are
investing $350 million of equity to acquire a 27.7% share in the
$2.1 billion estate with GMT retaining 72.3% ownership
1
+These new equity investments in the partnership, together
with 40% leverage, enables GMT to paydown significant debt,
reducing look-through committed gearing by ~10%
+The new partnership has a contemporary structure with a
range of fees, including performance fees assessed every 5
years
+The ability to grow the funds management platform over time,
provides GMT with the financial flexibility to invest in higher
growth opportunities
HIGHBROOK BUSINESS PARK
12
1
The investment in the new fund is expected to settle on receipt of certain financier and regulatory approvals and
finalisation of financing arrangements
WAITOMOKIA
The establishment of a funds management
platform unlocks the ability for GMT to recycle
capital into higher return opportunities, while
earning management fees on partnership AUM
WAITOMOKIA
of expected total developed NLA
DATA CENTRE OPTIONALITY
Delivery of power infrastructure
and building design at Penrose
MT WELLINGTON TOTAL PROJECT COST
Stage one multi-unit development
targeting a yield on cost of 6.8%
BROWNFIELD OPPORTUNITY
Strategic value-add sites
13
SUSTAINABILITY
SOLAR
installed, covering 32% of the
core portfolio
NABERSNZ
for all eligible core standalone
office assets
UPFRONT EMBODIED CARBON
lower than reference buildings for FY25
development completions
+Achieved a 44% reduction in corporate emissions, exceeding our 2025
interim target of a 21.5% reduction from FY20 base year
1
+74% of the core portfolio has been upgraded as part of our $25+ million
sustainability upgrade programme over the past four years, with new
LEDs, HVAC, electrical submetering and solar depending on the property
+Completed three projects totalling 50,286 sqm as part of our Green Star
development programme, all achieving Design ratings of at least 5 Green
Star, with As Built ratings expected to follow
LED LIGHTING
of the core portfolio now
features LED lighting
1
Includes Scope 1, Scope 2, and Scope 3 emissions (Categories 3, 4, 5, 6, and 7), based on an operational
control boundary and a location-based approach in line with the GHG Protocol.
KIA – HIGHBROOK BUSINESS PARK
CDP CLIMATE SCORE
for CY 2024
HVAC RENEWAL
of core assets with R22 refrigerants have
been upgraded to lower-GWP alternatives
15
We have set new science-aligned targets for our Scope 3 emissions intensity using SBTi’s criteria for limiting global warming to 1.5ºC
1
1
These targets have been independently peer-reviewed by Toitū to confirm alignment with Science Based Targets Initiative (SBTi) criteria for 1.5
o
C ambition using the SBTi Buildings Sector Science-Based Target Setting Criteria
To accelerate the reduction of upfront embodied carbon from
developments we are establishing an Embodied Carbon Innovation
Fund (ECIF)
We are adopting an internal cost of carbon on all new developments to
form and fund the ECIF rather than purchasing carbon offsets
The ECIF will fund early-stage materials and techniques that target
lower upfront embodied carbon intensity over the longer term
Our upgrade programme is designed to help lower in-use emissions
across our core portfolio
Smart LED lighting, electrical submetering, rooftop solar and more
efficient HVAC systems are lowering our customers’ emissions and
reducing their operating expenses
The Green Star development programme is helping to reduce the
average energy intensity of the portfolio
Represents 64% of total FY25 emissions
30% intensity reduction
by FY30 against a FY25 base year
Represent 16% of total FY25 emissions
31% intensity reduction
by FY30 against a FY25 base year for whole portfolio on a
market-based approach
21% intensity reduction
by FY30 against a FY25 base year for warehousing on a
location-based approach
LOWER-CARBON STEEL
LED LIGHTING
16
FINANCIAL
RESULT
SIGNIFY – ROMA ROAD ESTATE
1
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 slide 22
2
The investment in the new fund is expected to settle on receipt of certain financier and regulatory approvals and finalisation of
financing arrangements
$230.5m
NET PROPERTY INCOME
13.5% increase on FY24
$109.6m
PROFIT AFTER TAX
Supported by stable property values
$670m
NET CAPITAL RECYCLED
to GMT from the Highbrook
partnership
2
and Bush Road disposal
23.2%
COMMITTED LVR
on a look-through basis
7.55 cpu
CASH EARNINGS
1
5.2% like-for-like increase on
restated FY24
6.50 cpu
DISTRIBUTIONS
4.8% increase on FY24
18
1
Net rental income on underlying portfolio, adjusted to remove vacancy, incentives & leasing costs,
straight line rent adjustments, turnover rent & fitout rent, operating expenses, provisions and
additional income
2
Properties that had vacancy during the prior period or current period, which are not considered as
part of the like-for-like underlying portfolio assessment, increased net property income by $2.8
million
3
Other includes movements due to incentives & leasing costs, straight line rent adjustments,
turnover rent & fitout rent, operating expenses, provisions and additional income
+Net property income increased by $27.4 million
to $230.5 million, a 13.5% increase on FY24
+Completion of $214.8 million of developments
contributed significantly to the increase in net
property income this year
+Underlying like-for-like net property income
growth on the stabilised portfolio of 7.3% for
the period
1
2
NET PROPERTY INCOME
$m
203.1
230.5
+12.6
+12.8
+2.8
-0.8
180
190
200
210
220
230
240
FY24DevelopmentsUnderlying portfolioVacancyOtherFY25
3
19
NET CORPORATE COSTS
$m
FY25FY24
1
Manager’s base fee-(18.9)
Property services and other fees-(21.5)
Total fees-(40.4)
Salaries and other short-term benefits(13.4 )-
Other administrative expenses(8.6)(3.6)
Gross corporate costs(22.0)(4 4.0)
Recognised in property expenses6.87. 3
Reclassification to transaction costs
2
1.4-
Capitalised to investment property2.915.9
Net corporate costs (10.9)(20.8)
+Following internalisation, external management fees have been
replaced with the direct costs of employee remuneration and
other corporate expenses
+Capitalised corporate costs have decreased due to lower
expenses combined with lower development activity in 2H FY25.
Capitalisation of external fees in the prior year is replaced by staff
costs capitalisation
+$9.9 million, or 47.6% reduction in GMT’s net corporate costs in
the first year since completing the internalisation
1
Presentation of FY24 costs has been restated to provide a comparison to FY25. Other fees and a
portion of the Manager’s base fee were directly capitalised or directly recognised in property expenses in
prior periods
2
Principally relating to the establishment of the Highbrook partnership
20
STATEMENT OF COMPREHENSIVE INCOME
$m
FY25FY24
Net property income230.5203.1
Net interest cost (64.1)(46.7)
Net corporate costs (10.9)(20.8)
Share based payment expense(1.2)-
Total expenses(76.2)( 67. 5 )
Operating earnings before tax154.3135.6
Income tax on operating earnings (29.3)(14.2)
Operating earnings after tax125.0121.4
Movement in fair value of investment properties11.1(478.4)
Movement in fair value of financial instruments(17.1)(8.2)
Movement in valuation of pre-existing employee benefits(13.7)-
Transitional services(1.1)-
Transaction costs(2 .6)-
Internalisation transaction -(275.5)
Current tax on non-operating items4.215.7
Deferred tax3.860.1
Net profit / (loss) after tax109.6(564.9)
+Operating earnings before tax are 13.8% higher than the
prior year, with the 13.5% increase in net property income
and 47.6% reduction in net corporate costs outweighing the
impact of higher interest costs
+A 10.5% increase in weighted average borrowings and a
51.6% reduction in capitalised interest due to less
development activity, increased net interest costs for the
year
+The removal of tax deductions for building depreciation
increased the effective tax rate to 19.0% (FY24: 10.5% or
14.8% on a like-for-like basis)
+Operating earnings after tax have grown 3.0% despite the
lower depreciation deductions
+Stable property valuations have supported an improved
statutory result, with a net profit of $109.6 million for the year
21
+Cash earnings of 7.55 cents per unit was marginally ahead of
market guidance (7.5 cents per unit) increasing 5.2% on a like-for-
like basis, from a restated 7.18 cents per unit
1
+Distributions of 6.50 cents per unit were a 4.8% increase from
FY24 and represent 86.1% of cash earnings
FY26 guidance
+FY26 cash earnings expected to be around 8.0 cents per unit,
with the annual increase similar to that achieved in FY25
+Full-year distributions expected to be 6.8 cents per unit, a 5%
increase on FY25, with a similar cash earnings payout ratio
FY25Restated FY24
1
% change
Operating earnings before tax154.3135.6
13.8%
Current tax on operating earnings(29.3)(14.2)
106.3%
Operating earnings after tax125.0121.4
3.0%
Straight line rent adjustments(5.0)(4.4)
13.6%
Capitalised borrowing costs – land(0.7)(5.4 )
(87.0 % )
Capitalised management fees – land-(0.5)
-
Maintenance capex(4.3)(4.3)
-
Share based payment expense1.2-
-
Ta x – benefit of building depreciation
1
-(5.9)
-
Cash earnings116.2100.9
15.2%
Weighted units on issue (million)1,538.81,4 04.7
9.5%
Cash earnings per unit7.55 cpu7.1 8 c p u
5.2%
Distributions per unit6.50 cpu6.20 cpu
4.8%
Distributions % underlying cash earnings86.1%86.4%
(0.3%)
CASH EARNINGS
$m
Cash earnings is a non-GAAP measure that assesses free cash flow, on a per unit basis, after adjusting for certain items
1
FY24 restated to normalise for the removal of tax deductions relating to building depreciation from FY25
22
CAPITAL
MANAGEMENT
HEDGING PROFILE
%
31-Mar-2531-Mar-24
12 month forward hedging level 80%70%
Weighted average cost of debt (WACD)4.8%4.8%
Interest cover ratio (ICR) covenant (>2.0x)3.1x2.5x
BORROWING METRICS
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Y1Y2Y3Y4Y5
+80% hedged for the next 12 months, with flexibility to repay bank
debt upon settlement of the Highbrook partnership
+Hedge book will be right-sized following the settlement of the new
partnership
+Weighted average debt cost of 4.8% is consistent with FY24, with
lower interest rates in the second half of the year
1
+ICR increased to 3.1x, well above covenant minimum of 2.0x
+S&P Global Ratings reaffirmed GMT’s credit rating in November
2024 at BBB/stable with its secured debt at BBB+
1
WACD of 5.0% in 1H FY25 reduced to 4.6% in 2H FY25
24
MATURITY PROFILE
%
175
225
230
135
100
150
150
200
50
150
150
150
FY26FY27FY28FY29FY30FY31
Bank facilitiesGreen bank facilitiesWholesale bondsGreen wholesale bondsGreen retail bonds
31-Mar-2531-Mar-24
Non-bank funding (% of debt drawn)48%57%
Available liquidity $405 million$760 million
Weighted average debt term (drawn)
1
2 .6 years3.2 years
LVR covenant (<50%)
2
31.9%32 .1%
FUNDING METRICS
1
Weighted average debt term is calculated on drawn debt assuming bank debt is drawn from the longest dated facility available
2
LVR covenant calculation differs from reported LVR principally through the exclusion of development spend prior to completion
+Settlement of the Highbrook partnership and the Bush Road sale
will enable GMT to repay all bank debt and result in cash on hand
of around $450 million
+New bank facilities will be established in the partnership
+Retail and wholesale bonds will remain on issue to maturity
+Significant balance sheet capacity to invest into enabling GMT’s
development pipeline as well as pursuing on market opportunities
25
32 .1%
23.2%
(9.9%)
(1.8%)
+1.6%
+0.8%
+0.4%
31.8%
0%
10%
20%
30%
40%
50%
31-Mar-2025 LVR31-Mar-2025
committed LVR
Highbrook
partnership pro-
forma impact
Bush Rd disposalWaitomokia
infrastructure future
commitments
Mt Wellington
development stage
one
Penrose data centre
design and power
Pro-forma look-
through committed
gearing
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.
+Balance sheet LVR of 31.8% at
31 March 2025
+Highbrook partnership
establishment and Bush Road
disposal reduce look-through
gearing by 11.7% to 20.4%
+With new development
announcements, committed gearing
is now 23.2%
+GMT headstock committed gearing
is 15%
Preferred look-through gearing range
26
SUMMARY
& OUTLOOK
Navigating the challenging economic environment
+The ongoing strength of GMT’s operating results
demonstrates the resilience of the portfolio, and the benefits
of an investment strategy focused on well-located
warehouse and logistics property
Positioned for growth
+Internalisation has allowed GMT to pursue wider business
opportunities including the establishment of a funds
management platform, enabling growth in a more capital
efficient manner
+The successful execution of this strategy is expected to
support annualised cash earnings growth of between 5%
and 7% over the medium term
+With a contemporary structure, a sustainable investment
strategy, supportive partners, and dedicated and aligned
team members, GMT is set to continue delivering positive
results for all its stakeholders
Cash Earnings for FY26 are expected to be around 8.0 cents
per unit, reflecting a similar increase to that achieved in FY25
Distributions are expected to be 6.8 cents per unit, a 5%
increase on FY25
DSL - WESTNEY
28
QUESTIONS
nz.goodman.com
The information and opinions in this presentation were prepared by Goodman Property Services (NZ) Limited on behalf of Goodman Property Trust or one of its subsidiaries (GMT). GMT makes no
representation or warranty as to the accuracy or completeness of the information in this presentation. Opinions including estimates and projections in this presentation constitute the current judgment of
GMT as at the date of this presentation and are subject to change without notice. Such opinions are not guarantees or predictions of future performance, and involve known and unknown risks,
uncertainties and other factors, many of which are beyond GMT’s control, and which may cause actual results to differ materially from those expressed in this presentation. GMT undertakes no obligation
to update any information or opinions whether as a result of new information, future events or otherwise. This presentation is provided for information purposes only. No contract or other legal obligations
shall arise between GMT and any recipient of this presentation. Neither GMT, nor any of the Goodman Property Services (NZ) Limited Board members, officers, employees, advisers or other
representatives will be liable (in contract or tort, including negligence, or otherwise) for any direct or indirect damage, loss or cost (including legal costs) incurred or suffered by any recipient of this
presentation or other person in connection with this presentation.
APPENDIX
PropertyLocationClassificationMarket capitalisation rate %NLA (sqm)BuildingsKey CustomersOccupancy (%)
2
WALT (years)
2
Highbrook Business Park
1
East TāmakiCore5.0–7.13496,45278DHL, Freightways, Mainfreight, NZ Post, OfficeMax99
4.6
Savill LinkŌtāhuhuCore/Value-Add5.13–6.25162,60315Coda, Mainfreight, Steel and Tube100
5.2
M20 Business ParkWiriCore/Value Add5.25–7.5122,02013Frucor Suntory, Ingram Micro, Recorp96
5.3
Westney Industry ParkMāngereCore6.75–9.0
114,995
11DSL, Fliway, Linfox, Supply Chain Solutions100
5.9
The Gate Industry ParkPenroseCore/Value Add5.5–6.25102,15518Essity Australasia, Oji Fibre Solutions100
4.4
Roma Road EstateMt RoskillCore5.13–5.38
44,284
4Cotton On, NZ Post100
13.3
Favona Road EstateMāngereCore5.75–6.0
39,658
3Mainfreight100
12.2
Penrose Industrial EstatePenroseValue Add6.3830,62812Winstone Wallboards100
3.6
Tāmaki EstatePanmureValue Add6.75
23,651
7Containerco, Camelspace100
2.5
Connect Industrial EstatePenroseValue Add5.75
21,002
7Fletcher Building100
6.7
Mt Wellington EstateMt WellingtonValue Add5.5–6.0
19,079
3Ford, Tesla84
4.1
Bush Road Distribution Centre
1
RosedaleCore5.38
18,007
1NZ Post100
19.3
Leonard Road EstateMt WellingtonValue Add6.88
15,048
3Sky Network Television93
5.4
Great South Road EstateŌtāhuhuValue Add6.75–1Sleepyhead100
1.6
Total portfolio
5.91,209,581
176
99.0
5.6
32
1
Held for sale investment properties
2
Includes post balance date leasing
33
34
35
36
$ and cents
NewZealand currency.
AUM
Assets Under Management.
Balance date
31 March 2025.
Build-to-lease
Developed on an uncommitted basis.
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 ofGMT’s cash earnings is set
out on page 22.
CDP
Climate Disclosure Project.
Core Portfolio
those estates within the portfolio which
largely consist of modern, high-quality
warehouse and logistics properties.
CPU or cpu
cents per unit.
CY
Calendar year.
Embodied carbon
Total carbon emissions involved in the
creation of a building including extraction
of materials from the ground, transport,
refining, processing and construction.
FY
Financial Year.
GMT
Goodman Property Trust and its
controlled entities, including GMB, as
thecontext requires.
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.
Green Retail Bond or Bond
a bond issued by GMB.
Green Star
Green Star is a voluntary sustainability
rating system for non-residential buildings,
fitouts andcommunities. Administered by
the NZGBC the system provides a rating
of up to six stars based on a building’s key
sustainability credentials.
GWP
Global Warming Potential.
HVAC
Heating, Ventilation and Air Conditioning.
Internalisation
means the internalisation of the rights to
manage GMT approved by Unitholders at
the Special Meeting held on 26 March
2024.
LED
Light Emitting Diode.
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.
Mercer
Mercer Investments (Australia) Limited on
behalf of its Australian and New Zealand
Funds.
MVA
Megavolt-amperes.
MWp
Megawatt peak.
NABERSNZ
National Australian Built Environment
Rating System New Zealand.
NLA
Net Lettable Area.
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 asset out in
GMT’s Statement of Comprehensive
Income and in note 3.1 of the financial
statements.
SBTi
Science Based Targets initiative.
Stabilised Portfolio
includes the properties or estates within
the portfolio that are developed and able
to be leased, i.e. not under active
development.
sqm
square metres.
Toitū
Toitū Envirocare, is a provider of carbon
management and neutral certifications for
NewZealand businesses. The organisation
is a subsidiary of Crown Research
Institute, Manaaki Whenua –
LandcareResearch.
Value-add
those properties or estates within the
portfolio which generally consist of older
improvements, offering future
redevelopment opportunity.
WALT
Weighted Average Lease Term.
---
GOODMAN
PROPERTY TRUST
FINANCIAL STATEMENTS
For the year ended 31 March 2025
The Board of Goodman Property Services (NZ) Limited, the Manager of Goodman
Property Trust, authorised these financial statements for issue on 28 May 2025.
For and on behalf of the Board:
John Dakin
Chair
Laurissa Cooney
Chair, Audit Committee
DSL, Westney Industry Park
The intermodal logistics specialist utilises
automation and a sophisticated warehouse system
to support its 3PL (third party logistics) services.
CONTENTS
STATEMENT OF COMPREHENSIVE INCOME 2
BALANCE SHEET 3
STATEMENT OF CASH FLOWS 4
STATEMENT OF CHANGES IN EQUITY 5
GENERAL INFORMATION 6
NOTES TO THE FINANCIAL STATEMENTS 8
1. Investment property 8
2. Borrowings 15
3. Earnings per unit and net tangible assets 20
4. Internalisation transaction 22
5. Transaction costs 23
6. Derivative financial instruments 24
7. Net corporate costs 25
8. Related party assets 26
9. Employee benefits liabilities 27
10. Employee compensation reserve 29
11. Debtors and other assets 31
12. Creditors and other liabilities 31
13. Tax 32
14. Related party disclosures 34
15. Commitments and contingencies 36
16. Reconciliation of profit / (loss) after tax to net cash flows
from operating activities 36
17. Financial risk management 37
18. Major customer disclosure 39
19. Operating segments 39
INDEPENDENT AUDITOR’S REPORT 40–45
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2025
$ millionNote20252024
Property income1.12 7 7. 924 4.1
Property expenses( 4 7. 4 )(41.0)
Net property income230.520 3.1
Interest cost2.1(64.9)( 4 7. 3 )
Interest income2.10.80.6
Net interest cost(6 4.1)( 4 6 .7 )
Net corporate costs7(10.9)(20.8)
Share based payments expense10(1.2)–
Operating earnings before other income / (expenses) and tax154.3135.6
Other income / (expenses)
Movement in fair value of investment property1.511.1(478.4)
Movement in fair value of derivative financial instruments6.1( 17. 1 )(8.2)
Movement in fair value of pre–existing employee benefits(13.7)–
Transitional services(1.1)–
Internalisation transaction4-(275.5)
Transaction costs5(2.6)–
Profit / (loss) before tax130.9(626.5)
Tax expense13(21.3)61.6
Profit / (loss) after tax 109.6(564.9)
Other comprehensive income––
Total comprehensive income / (loss) for the year attributable to unitholders109.6(564.9)
CentsNote20252024
Basic and diluted earnings per unit after tax3.17. 1 2(40.21)
The above statement should be read in conjunction with the accompanying notes.
BALANCE SHEET
As at 31 March 2025
$ millionNote20252024
Non–current assets
Investment property1.32,524.04,533.9
Other assets–1.9
Investment property contracted for sale–1.4
Derivative financial instruments6.25.138.4
Property, plant and equipment1.13.8
Tax receivable6.96.9
Deferred tax assets13.210.630.1
Related party assets84 0.556.5
Total non–current assets2,588.24,672.9
Investment properties held for sale1.82,165.1–
Current assets
Cash8.29.4
Derivative financial instruments6.20.23.8
Debtors and other assets116 .79.1
Tax receivable0.92.3
Related party assets816.119.4
Total current assets32.144.0
To t a l a s s e t s4 ,78 5. 44 ,716 . 9
Non–current liabilities
Borrowings2.21,132.81 , 1 5 7. 1
Lease liabilities2.5126.065.4
Derivative financial instruments6.214.36.8
Employee benefits liabilities 917. 819.2
Total non–current liabilities1,290.91,248.5
Current liabilities
Borrowings2.2325.0300.9
Creditors and other liabilities1238.948.2
Current tax payable1.8–
Lease liabilities2.50 .70.8
Derivative financial instruments6.2–2.1
Employee benefits liabilities 917. 117. 3
Total current liabilities383.5369.3
Total liabilities1 ,6 74 . 41 , 6 17. 8
Net assets3,111.03,099.1
Equity
Units1,955.01,955.0
Retained earnings1,154.81,14 4.1
Employee compensation reserve101.2–
Total equity3,111.03,099.1
The above statement should be read in conjunction with the accompanying notes.
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
23
STATEMENT OF CASH FLOWS
For the year ended 31 March 2025
$ millionNote20252024
Cash flows from operating activities
Property income received275.9242.2
Property expenses paid(48.4)( 4 8 .7 )
Interest income received0.80.6
Interest costs paid on borrowings(56.3)(43.5)
Interest costs paid on lease liabilities(4.5)(3.4)
Corporate costs paid( 7. 6 )(22.4)
Net GST (paid) / received2.30.3
Tax refund / (paid)1.4(10.0)
Transaction costs paid(2.3)–
Internalisation transaction costs paid –(3.0)
Net cash flows from operating activities16161.3112.1
Cash flows from investing activities
Proceeds from the sale of investment properties1.4–
Capital expenditure payments for investment properties(80.1)(191.0)
Holding costs capitalised to investment properties(9.2)(22.5)
Cash acquired on acquisition of subsidiary4–1.5
Net cash flows from investing activities(87.9)(212.0)
Cash flows from financing activities
Proceeds from borrowings9 17. 01,742 . 0
Repayments of borrowings( 8 7 7.7 )(1,553.0)
Units issue costs incurred–(0.4)
Settlement of derivative financial instruments(15.0)–
Distributions paid to unitholders(98.9)(85.9)
Net cash flows from financing activities( 74 .6)10 2 .7
Net movement in cash(1.2)2.8
Cash at the beginning of the year9.46.6
Cash at the end of the year8.29.4
The above statement should be read in conjunction with the accompanying notes.
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2025
Note
Distribution
per unit
(cents)
Number
of units
(million)
Units
($ million)
Employee
compensation
reserve
($ million)
Retained
earnings
($ million)
To t a l
($ million)
As at 1 April 20231,4 03.31,6 45.8–1,7 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 transaction4135.530 9.6––30 9.6
Units issue costs incurred(0.4)––(0.4)
As at 31 March 20241,538.81,955.0–1,144.13,099.1
Total comprehensive income for the year––10 9.610 9.6
Distributions paid to unitholders6.425––(98.9)(98.9)
Share based payment expense10–1.2–1.2
As at 31 March 20251,538.81,955.01.21,154.83,111.0
The above statement should be read in conjunction with the accompanying notes.
Subsequent event
On 28 May 2025, a cash distribution of 1.625 cents per unit was declared with no imputation credits attached.
The record date for the distribution is 6 June 2025 and payment will be made on 19 June 2025.
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
45
GENERAL INFORMATION
For the year ended 31 March 2025
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 financial statements presented are consolidated
financial statements for Goodman Property Trust, its
subsidiaries and 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 (NZ) 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.
Basis of preparation and measurement
The financial statements of the Group have been
prepared in accordance with the requirements of Part 7
of the FMCA and the NZX Main Board Listing Rules. The
financial statements have been prepared in accordance
with New Zealand Generally Accepted Accounting
Practice (“NZ GAAP”), comply with New Zealand
Equivalents to International Financial Reporting Standards
(“NZ IFRS”), other New Zealand accounting standards and
authoritative notices that are applicable to entities that
apply NZ IFRS. The Group is a for-profit tier one entity for
the purposes of complying with NZ GAAP. The financial
statements comply with International Financial Reporting
Standards Accounting Standards (“IFRS Accounting
Standards”).
The financial statements have been prepared on the
historical cost basis except for assets and liabilities stated
at fair value as disclosed.
The financial statements are in New Zealand dollars, the
Group’s functional currency, unless otherwise stated.
Basis of consolidation
The financial statements have eliminated in full all
intercompany transactions, intercompany balances and
gains or losses on transactions between Group entities.
Significant estimates and judgements
Management is required to make judgements, estimates,
and apply assumptions that affect the amounts reported
in the financial statements. These have been based on
historical experience and other factors Management
believes to be reasonable. Actual results may differ from
these estimates and the difference may be material.
Estimates and underlying assumptions are reviewed on
an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimate is revised
and in the future periods affected.
The significant judgements made in the preparation of
these financial statements are detailed in the following
notes:
+Investment property (note 1.4)
+Employee benefits liabilities (note 9)
+Deferred tax (note 13.2)
Material accounting policies
Units are classified as equity. If new units are issued in the
year, any external costs directly attributable to the issue
are deducted from the proceeds received.
Distributions are recognised in equity in the period in
which they are paid.
Other material accounting policies are disclosed in the
relevant notes.
Changes in accounting policy
The accounting policies and methods of computation
used in the preparation of these financial statements are
consistent with those used in the financial statements
for the year ended 31 March 2024. Where necessary,
comparative figures have been adjusted to conform
with changes in presentation in the financial statements.
The Group has restated the comparatives for current
and non-current lease liabilities, decreasing current lease
liabilities by $3.2 million and increasing non-current
lease liabilities by $3.2 million. This change has no impact
on total liabilities or net assets.
New accounting standards now adopted
The Group has adopted the following new accounting
pronouncements that are applicable to these financial
statements.
+Amendments to NZ IAS 1 Non-current Liabilities with
Covenants – clarifies that only covenants with which
an entity must comply on or before the reporting date
will affect a liability’s classification as current or
non-current.
+Amendment to FRS 44 Disclosure of Fees for Audit
Firms’ Services – entities are required to disclose the
fees incurred for services received from their audit or
review firm, and a description of each service, using
the specified categories.
Standards issued but not yet effective
The new and amended standards and interpretations that
are issued, but not yet effective, up to the date of issuance
of the Group’s financial statements are disclosed below.
The Group intends to adopt these new and amended
standards and interpretations, if applicable, when they
become effective.
NZ IFRS 18 Presentation and Disclosure
in Financial Statements
This standard becomes effective for reporting periods
beginning on or after 1 January 2027. NZ IFRS 18
introduces new requirements on presentation within
the statement of comprehensive income, including
specified totals and subtotals. It also requires disclosure
of management-defined performance measures and
includes new requirements for the aggregation and
disaggregation of financial information based on the
identified ‘roles’ of the primary financial statements and
the notes.
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
67
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2025
1. Investment property
Property income is earned from investment property leased to customers.
1.1 Property income
$ million20252024
Gross lease receipts24 4.0215.1
Service charge income3 7. 532.0
Straight–line rental adjustments5.04.4
Amortisation of capitalised lease incentives(8.6)( 7. 4 )
Property income2 7 7. 9244.1
Accounting policies
Property income from investment property leased to customers under operating leases is recognised on a straight-
line basis over the term of the lease to the extent that future rental increases are known with certainty. Straight-
line rental adjustments are accounted for to achieve straight-line income recognition. Where lease incentives are
provided to customers, the cost of incentives is amortised over the lease term on a straight-line basis as a reduction
to rental income.
Service charge income is recognised for the recoverable portion of customer’s property operating expenses
incurred in the year.
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.
$ million20252024
Ye a r 12 3 7. 4222.5
Ye a r 2214.4210.6
Ye a r 3191.21 8 7. 5
Ye a r 4162.01 6 7. 5
Ye a r 514 0.4142.5
Year 6 and later599.9701.6
Total future contracted gross lease receipts1,545.31,632.2
1. Investment property (continued)
1.3 Total investment property
This table details the total investment property value.
$ million20252024
Core1,818.93,669.8
Va lu e–ad d613.8604.4
Total stabilised investment property2 , 4 3 2 .74,274.2
Investment property under development91.32 5 9 .7
Total investment property2,524.04,533.9
Included within stabilised properties is a gross-up equivalent to lease liabilities of $125.8 million (2024: $63.6 million).
Included within investment property under development is $13.3 million of land (2024: $86.7 million) and $78.0 million
of developments (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 year ended 31 March 2025, three developments were completed and were independently valued at a
total of $214.8 million.
During the year $2,152.8 million has been transferred out of ‘core’ to investment properties held for sale. Refer to
n o t e 1.8.
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
89
1. Investment property (continued)
1.4 Valuation of investment property
Key judgement
The carrying value of stabilised properties, substantially completed developments and land is the fair value of the
property as determined by an expert independent valuer, from a panel of valuation companies comprising Bayleys
Valuations Limited, CBRE Limited, Colliers International New Zealand Limited, Jones Lang LaSalle Limited & Savills
(NZ) Limited, who are all members of the New Zealand Institute of Valuers.
Fair value reflects the Board’s assessment of highest and best use of each property at the end of the reporting
period. If the Board’s view of highest and best use has changed any impact on value will be assessed by independent
valuations. Management reviews the valuations performed by the independent valuers for financial reporting
purposes. Discussions of valuation processes and results are held between various combinations of the Board,
the Chief Executive Officer, the Chief Financial Officer, the Management Valuation Committee, and the independent
valuers at least twice every year in line with the Group’s reporting dates. Full independent valuations are completed
for stabilised properties, developments held at fair value and land at least annually. Developments where fair value
is not able to be reliably determined are carried at cost less any impairment. Additionally, at each financial year end
all major inputs to the independent valuation reports are verified and an assessment undertaken of all property
valuation movements by management.
The fair values presented are based on market values, being the estimated amount for which a property could be
exchanged on the date of valuation between a willing buyer and a willing seller in an arm’s length transaction after
proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. If this
information is not available, alternative valuation methods are used, such as; recent prices on less active markets;
the capitalisation method, which determines fair value by capitalising a property’s sustainable net income at a market
derived capitalisation rate with capital adjustments made where appropriate; or discounted cash flow projections
(“DCF”), which discount estimates of future cash flows by an appropriate discount rate to derive the fair value.
The key assumptions used in the valuations are derived from recent comparable transactions to the greatest extent
possible; however, all three of the valuation methods rely upon unobservable inputs in determining fair value for all
investment property.
Valuations also reflect the following unobservable inputs, where appropriate: the quality of customers in occupation
or responsible for meeting lease commitments or likely to be in occupation after letting vacant accommodation,
and the market’s general perception of their creditworthiness; the allocation of maintenance and insurance
responsibilities between the Group and the customer; and the remaining economic life of the property. When rent
reviews or lease renewals are pending with anticipated reversionary increases, it is assumed that all notices and
where appropriate counter-notices have been served validly and within the appropriate time.
The Group has considered the impact of climate change on the business and the valuation of investment property.
To date, the panel of independent valuers used have made no explicit adjustments to valuations in respect of climate
change matters. The Group acknowledges that climate change considerations will likely have a greater influence on
valuations in the future as markets place a greater emphasis on these matters.
All investment property is categorised as level 3 in the fair value hierarchy. Refer to note 17.6 for details of the fair
value hierarchy (applicable to all items measured at fair value) and the Group’s transfer policy. During the year, there
were no transfers of properties between levels of the fair value hierarchy.
1. Investment property (continued)
1.4 Valuation of investment property (continued)
The key valuation inputs used to measure fair value of investment property are disclosed below, along with the weighted
average value for each input:
Weighted average
valuation input value
Measurement
sensitivity
Key valuation inputDescription20252024
Increase
in the input
Decrease
in the input
Market
capitalisation rate
The capitalisation rate applied to the
market rental to assess a property’s
value. Derived from similar transactional
evidence considering location, weighted
average lease term, customer covenant,
size and quality of the property. Used in the
capitalisation method.
6.0%6.0%DecreaseIncrease
Market rentalThe valuer’s assessment of the annual net
market income per square metre (“psm”)
attributable to the property; includes both
leased and vacant areas. Used in both the
capitalisation method and the DCF method.
$186 psm$197 psmIncreaseDecrease
Discount rateThe rate applied to future cash flows;
it reflects transactional evidence from
similar types of property assets.
Used in the DCF method.
8.0%8.0%DecreaseIncrease
Rental growth
rate
The rate applied to the market rental
over the 10–year cash flow projection.
Used in the DCF method.
2.8% p . a .2.9% p . a .IncreaseDecrease
Terminal
capitalisation rate
The rate used to assess the terminal value
of the property. Used in the DCF method.
6.2%6.2%DecreaseIncrease
The market capitalisation rate is the main determinant of value in the valuation of investment property. The impact
of a 0.5% increase in the market capitalisation rate from 6.0% to 6.5%, assuming all other valuation inputs remain
unchanged, would be equivalent to a decrease of $91.3 million / 7.5% in the fair value of investment property. This impact
excludes investment properties held for sale.
For the comparative 2024 year, the impact of a 0.5% increase in the market capitalisation rate from 6.0% to 6.5%,
assuming all other valuation inputs remain unchanged, was equivalent to a decrease of $328.8 million / 7.3% in the fair
value of investment property.
Land is valued based on recent comparable transactions, resulting in land values ranging between $184 psm and
$650 psm (2024: between $194 psm and $650 psm).
1.5 Movement in fair value of investment property
Movement in fair value of investment property for the year is summarised below.
$ millionNote20252024
Stabilised properties1.6(1.6)(452.6)
Investment property under development1 .70.4(25.8)
Investment property held for sale1.812.3–
Total movement in fair value of investment property11.1(478.4)
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
1011
1. Investment property (continued)
1.6 Stabilised properties
$ million
Valu e r
Net lettable
area sqm
Weighted
market
cap rateOccupancy
WALT
years2025
Valuation
2024
Right of
use asset
Transfers
in
Net
expenditure
Transfers
out
Fair value
movement
Valuation
2025
Core3,669.862.3214.826.9(2,152.8)(2.1)1,818.9 Colliers, JLL, Savills, Bayleys520,0665.9%98%6 .7
Va lu e–ad d604.4––8.9–0.5613.8 Colliers, JLL, Savills, Bayleys, CBRE17 5 , 0 5 66.3%97%3.8
Total stabilised properties4,274.262.3214.835.8(2,152.8)(1.6)2 , 4 3 2 .7695,1226.0%98%5.9
Right of use assetreflects a gross-up equivalent to lease liability modifications.
Acquisitionsreflects the purchase price and any associated transaction costs.
Tr a n s f e r s i nrepresents the net book value transferred into a category during the year.
Net expenditurecomprises capital expenditure, holding costs, straight-line rental adjustments,
leasing incentives and leasing costs paid, less any amortisation of leasing incentives
and leasing costs.
Fair value movementreflects the difference between the independent valuation and the net book value
immediately prior to the valuation.
Transfers outrepresents the net book value transferred out to held for sale during the year.
$ million
Valu e r
Net lettable
area sqm
Weighted
market
cap rateOccupancy
WALT
years2024
Valuation
2023
Right of
use asset
Acquisitions
/ transfers in
Net
expenditure
Transfers
out
Fair value
movement
Valuation
2024
Core3 , 81 2 .7(2.1)369.232.8( 176 .1 )( 3 6 6 .7 )3,669.8Colliers, JLL, Savills, Bayleys975,4325.9%10 0%6.6
Va lu e–ad d504.1–176 .110.1–(85.9)604.4 Colliers, JLL, Savills, Bayleys, CBRE17 7, 1 1 46.3%97%4.2
Total stabilised properties4,316.8(2.1)545.342.9(176 . 1 )(452.6)4,274.21,152,5466.0%99%6.0
Accounting policies
Stabilised properties are investment properties which are held to earn rental income. They are recorded initially
at cost, including related transaction costs. After initial recognition, stabilised properties are carried at fair value.
A panel of expert independent valuers value the portfolio at least once each year, generally at 31 March. Fair values
are based on estimated market values. If this information is not available, alternative valuation methods such as
recent prices in less active markets, the capitalisation method, or discounted cash flow projections are used.
Stabilised property that is being redeveloped is carried at fair value and holding costs are capitalised to the
property during redevelopment. Expenditure is capitalised to a property when it is probable that it will provide
future economic benefits to the Group. All other repairs and maintenance costs are charged to the Statement of
Comprehensive Income.
Any gain or loss arising from a change in fair value is recognised in the Statement of Comprehensive Income.
When sold, the net gain or loss on disposal of stabilised property is included in the Statement of Comprehensive
Income in the period in which the sale occurred. The gain or loss on disposal is calculated as the difference between
the carrying amount of the stabilised property on the Balance Sheet and the proceeds from sale net of any costs
associated with the sale.
For leases where the Group is a lessee, the Group recognises a right of use asset at the commencement date of the
lease, being the date that the underlying asset is available for use. Investment property is defined to include both
owned investment property and investment property held by a lessee as a right of use asset. The Group therefore
measures all investment property using the same measurement basis, being the fair value model. The value of the
right of use assets represents the fair value of a freehold interest in the land subject to ground lease interests held by
the Group. Investment property is adjusted for cash flows relating to lease liabilities already recognised separately on
the Balance Sheet and also reflected in the investment property valuations.
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
1213
1.1 Investment property (continued)
1 .7 Investment property under development
Investment property under development comprises land held for future development and developments under
construction, held at either fair value or held at cost.
$ million
Carrying value
at startAcquisitions
Net
expenditure
Fair value
movementTransfers out
Carrying value
at end
31 March 20252 5 9.7–46.00.4(214.8)91.3
31 March 2024474 . 41.3180.1(25.8)(370.3)2 5 9.7
Included within investment property under development is $13.3 million of land held at fair value (2024: $86.7 million)
and $78.0 million of developments under construction recorded at fair value (2024: $173.0 million).
Accounting policies
Investment property under development includes properties that are being constructed for future use as stabilised
property and land to be developed as stabilised property in the future. On acquisition, investment property under
development is recorded at cost, including related transaction costs. Stabilised property to be redeveloped is
transferred at the carrying value prior to transfer. All subsequent costs and capital expenditure directly associated
with investment property under development is capitalised.
Holding costs are capitalised if they are directly attributable to the development of a property. The most significant
component of holding costs is borrowing costs. Capitalisation of borrowing costs commences when the activities to
prepare the property for its intended use are in progress and expenditure and borrowing costs are being incurred.
The amount capitalised is determined by applying the weighted average cost of debt to borrowings attributed to the
investment property under development. Capitalisation of borrowing costs continues until the development of the
property is completed.
Employees costs are capitalised if they are directly attributable to the development of a property.
If the fair value of a development can be reliably determined during the course of its construction, then the
development will be recorded at fair value (adjusted for percentage of completion) in the same manner as
stabilised properties.
Commenced developments held at the land transfer value plus subsequent capital expenditure are tested for
impairment. An indication of impairment requires an assessment of the recoverable amount of the commenced
development, with the full value of any applicable impairment immediately recognised.
Land is carried at fair value, independently valued at least annually, with any changes in valuation recognised in the
Statement of Comprehensive Income.
1.8 Investment property held for sale
Investment property held for sale comprises “core” investment properties actively marketed for sale.
$ million
Carrying value
at startTransfers in
Fair value
movement
Carrying value
at end
31 March 2025–2,152.812.32,165.1
31 March 2024––––
Notes to the Financial Statements (continued)
1.1 Investment property (continued)
1.8 Investment property held for sale (continued)
Accounting policies
Investment property is classified as held for sale if the property or group of properties is available for immediate sale
in its present condition subject only to terms that are usual and customary for sales of such assets and it is highly
likely to be sold within one year.
The carrying value of the property is the proposed sale price or the most recent valuation if the investment property
is not contracted for sale. Where the carrying value is the proposed sale price, the carrying value is adjusted for
specific provisions made within the proposed sale agreement. Investment properties held for sale continue to be
measured at fair value with assessment made as to whether the agreed selling price reflects fair value.
Subsequent events
In May 2025, GMT unconditionally contracted the sale of a core property in Albany, Auckland for $89.0 million with
settlement expected to occur in July 2025.
In May 2025, GMT entered into conditional agreements to establish a new open-ended property fund to hold the
$2.1 billion Highbrook Business Park estate. GMT will have a 72% ownership interest in the fund, with international
investors acquiring 28%. The sale price for the estate is reflected in the held for sale asset value at 31 March 2025.
The sale to and investment in the new fund are expected to settle by 30 September 2025.
2. Borrowings
2.1 Interest
$ million20252024
Interest expense on borrowings( 6 2 .7 )(56.9)
Interest expense on lease liabilities( 4 .7 )(3.4)
Amortisation of borrowing costs( 6 .7 )(6.0)
Borrowing costs capitalised
1
9.219.0
Total interest cost(64.9)( 4 7. 3 )
Interest income0.80.6
Net interest cost(64.1)(4 6 .7 )
1
Borrowing costs are capitalised at the weighted average cost of borrowing of 4.8% (2024: 4.8%). Borrowing costs of $0.7 million were capitalised
to land (2024: $5.4 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 Financial Statements 2025
Goodman Property Trust Financial Statements 2025
1415
2. Borrowings (continued)
2.2 Borrowings
$ million20252024
Current
Bilateral bank facilities325.0–
Retail bonds–10 0.0
US Private Placement notes–200.9
Total current borrowings325.0300.9
Non–current
Syndicated bank facilities285.0135.0
Bilateral bank facilities150.0475.0
Green retail bonds150.0150.0
Wholesale bonds4 00.04 00.0
Wholesale green bonds150.0–
Total non–current1,135.01,160.0
Unamortised borrowings establishment costs(2.2)(2.9)
Total non–current borrowings1,132.81,157.1
Total borrowings1,457.81,458.0
As at 31 March 2025, GMT has undrawn bank facilities of $405.0 million from which it expects to repay current
maturities.
Accounting policies
Borrowings are recorded initially at fair value, net of debt establishment transaction costs. Subsequent to initial
recognition, borrowings are carried at amortised cost using the effective interest method.
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.
Significant transactions
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.
2. Borrowings (continued)
2.3 Composition of borrowings
Weighted
average
remaining
term (years)
$ million
2025
Date
issuedExpiry
Interest
rate
Drawn
amount
Undrawn
facility
Syndicated bank facilities–Jun 26 – Jun 282.1Floating285.0305.0
Green bank facility – Bank of New Zealand–Dec 250 .7Floating150.0–
Bank facility
– Commonwealth Bank of Australia
–Mar 261.0Floating17 5 . 0–
Green bank facility
– Westpac New Zealand Limited
–Dec 261 .7Floating150.0–
Bank facility – Bank of New Zealand–Jun 294.3Floating–10 0.0
Green retail bonds – GMB060Apr 22A p r 272.04 .74 0 %150.0–
Wholesale bonds – 6 yearsDec 21Dec 272 .73.656%200.0–
Wholesale bonds – 8 yearsSep 20Sep 283.42.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 305.42.559%150.0–
Green wholesale bonds – 5 yearsO c t 24Oct 294.55.012%150.0–
Weighted
average
remaining
term (years)
$ million
2024
Date
issuedExpiry
Interest
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 – GMB040M a y 17M ay 240.24.54 0%10 0.0–
Green retail bonds – GMB060Apr 22A p r 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
J u n 15J un 251.23.460%US$40.0–
US Private Placement notes
1
J u n 15J u n 273.23.560%US$40.0–
US Private Placement notes
1
J u n 15Jun 306.23 .71 0 %US$40.0–
1
The change in Manager of GMT 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, with all US Private
Placement notes subsequently repaid.
As at 31 March 2025, $590.0 million of syndicated bank facilities were provided to the Group by Commonwealth Bank
of Australia ($150.0 million), Westpac New Zealand Limited ($135.0 million), The Hongkong and Shanghai Banking
Corporation Limited ($110.0 million), ANZ Bank New Zealand Limited ($100.0 million), Industrial and Commercial Bank
of China Limited ($70.0 million) and Bank of New Zealand ($25.0 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).
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
1617
2. Borrowings (continued)
2.3 Composition of borrowings (continued)
As at 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 31 March 2025, GMT’s drawn borrowings had a weighted average remaining term of 2.5 years (2024: 3.2 years),
with 48% being drawn from non-bank sources (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 Goodman Property
Trust, 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 properties Office leases
$ million2025202420252024
Opening balance63.665.92.6–
Changes in liability 62.3(2.2)(0.9)–
Addition on acquisition of GPS–––2.6
Interest expense on lease liabilities4.63.40.1–
Payments made(4.8)( 3 .7 )(0.9)–
Amortisation of incentives received0.10.2––
Total lease liabilities125.863.60.92.6
Key judgement
The lease liabilities are for perpetually renewable ground leases at Westney Industry Park for $125.7 million
(2024: $63.5 million) and The Gate Industry Park for $0.1 million (2024: $0.1 million). The calculation of the lease
liabilities assumes lease terms of between 60 and 63 years and utilises discount rates based on an assessment of
GMT’s long-term borrowing costs at the time of the renewal, which range from 3.5% to 7.8%. For the year ended
31 March 2025, there were two properties at Westney Industry Park which have ground lease renewals with
associated market rent reviews (both in January 2025), one of which has yet to be agreed. For the purposes of these
financial statements, an estimated implied land rate has been used as the basis for the calculation of the lease liability
relating to that property. This rate is the midpoint between the rate;
— per the independent valuation advice obtained by the Group, and;
— the rate as served by the lessor of the property for which the review has yet to be agreed.
Sensitivities as applied to either option above would result in a change to the value of the lease liabilities being
+/-$15.7 million. For the year ended 31 March 2025, the two ground lease renewals have resulted in an increase to
lease liabilities of $62.4 million.
The Group has an operating lease for its offices at 18 Viaduct Harbour Avenue, Auckland. The Group has recognised
right of use assets ($0.4 million included within plant, property and equipment) and corresponding lease liabilities in
relation to these leases (2024: $2.2 million). The 18 Viaduct Harbour Avenue lease assumes a lease term of 0.5 years
with an incremental borrowing rate of 3.5%.
2. Borrowings (continued)
2.5 Lease liabilities (continued)
Accounting policies
At the commencement date of a lease the Group recognises lease liabilities measured at the present value of lease
payments to be made over the lease term, including expected lease renewals. The lease payments include fixed
payments, less any lease incentives receivable.
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.
$ million20252024
Total borrowings1 , 4 5 7. 81,458.0
US Private Placement notes – foreign exchange translation impact–(40.2)
Cash(8.2)(9.4)
Investment property contracted for sale–(1.4)
Borrowings for LVR calculation1,449.61 , 4 0 7. 0
Investment property2,524.04,533.9
Investment property held for sale2,165.1–
Lease liabilities(125.8)(66.2)
Assets for LVR calculation4,563.34 , 4 6 7.7
Loan to value ratio %31.8%31.5%
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
1819
2. Borrowings (continued)
2 .7 Net debt reconciliation
The table below details the movements in net debt during the year.
$ million
Bank
Facilities
Green
retail
bonds
Retail
bonds
Green
wholesale
bonds
Wholesale
bonds
US Private
Placement
notes
Unamortised
costs
To t a l
borrowings
Lease
liabilities
Less:
CashNet debt
As at 1 April 2024610.0150.010 0.0–4 00.0200.9(2.9)1,458.066.2(9.4)1,514.8
Proceeds from borrowings7 6 7. 0––150.0–––9 17. 0––9 17. 0
Repayments from borrowings( 6 17. 0 )–(10 0.0)––( 16 0 .7 )–( 8 7 7.7 )––( 8 7 7.7 )
Changes in fair value – foreign exchange translation impact–––––(40.2)–(40.2)––(40.2)
Other––––––0 .70 .759.61.261.5
As at 31 March 2025760.0150.0–150.0400.0–(2.2)1,457.8125.8(8.2)1,575.4
$ million
Bank
Facilities
Green
retail
bonds
Retail
bonds
Wholesale
bonds
US Private
Placement
notes
Unamortised
costs
To t a l
borrowings
Lease
liabilities
Less:
CashNet debt
As at 1 April 2023321.0150.0200.04 00.01 9 1 .7(3.6)1,259.165.9(6.6)1,318.4
Proceeds from borrowings1,742 . 0–––––1 ,74 2 .0––1 ,74 2 .0
Repayments from borrowings(1,453.0)–(10 0.0)–––(1,553.0)––(1,553.0)
Changes in fair value – foreign exchange translation impact––––9.2–9.2––9.2
Other–––––0 .70 .70.3(2.8)(1.8)
As at 31 March 2024610.0150.0100.0400.0200.9(2.9)1,458.066.2(9.4)1,514.8
3. Earnings per unit and net tangible assets (continued)
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.
Million
Diluted units
20252024
Issued units1,538.81,538.8
Diluted units1,538.81,538.8
20252024
Net tangible assets
1
($ million)3,111.03,0 99.1
Net tangible assets per unit (cents)202.2201.4
1
Net tangible assets comprise net assets as disclosed on the face of GMT’s Balance sheet.
3. Earnings per unit and net tangible assets
3.1 Earnings per unit
Earnings per unit measures are calculated as loss or operating earnings after tax divided by the weighted number of
issued units for the year. Operating earnings is a non-GAAP financial measure included to provide an assessment of the
performance of GMT’s principal operating activities. This non-GAAP financial measure may not be consistent with its
calculation by other similar entities.
The calculation of operating earnings before other income / (expenses) and tax is set out in the Statement of
Comprehensive Income.
$ million20252024
Operating earnings before other income / (expenses) and tax154.3135.6
Current tax on operating earnings(29.3)(14.2)
Operating earnings after tax125.0121.4
Weighted units
Million20252024
Weighted units1,538.81 , 4 0 4 .7
cents per unit20252024
Operating earnings per unit before tax10.039.65
Operating earnings per unit after tax8.128.6 4
Basic and diluted profit / (loss) per unit after tax7. 1 2(40.21)
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
2021
4. Internalisation transaction
On 28 March 2024 the Trust settled the termination of its management arrangement with Goodman Group. The Trust
entered into contracts for $272.4 million with Goodman Group for GNZ agreeing to relinquish its rights under the
existing management arrangements as well as for the shares in Goodman Property Services (NZ) Limited (“GPS”) and
the provision of co-operation and services arrangements following settlement of the internalisation. These contracts
comprised $250.0 million for the termination of the management arrangements between GMT and GNZ, $11.3 million
for the termination of the current property and development management agreements between GMT and GPS and
$11.2 million for co-operation services to be provided by Goodman Group to GMT.
The contract agreed that $17.6 million in aggregate was provided to Goodman Group in consideration for the sale to
GMT of Goodman Group’s interest in co-owned investment properties, the net tangible assets of GPS and in lieu of any
performance fee that may be payable to GNZ for the period from 1 April 2023 until settlement of the internalisation
under the terms of the Trust Deed. There will be no obligation for GMT to pay GNZ performance fees relating to historical
out-performance that would be carried forward (see note 14). As part of their employment contracts, GPS employees are
entitled to participate in certain long-term incentive plans. As part of the transaction, Goodman Group has indemnified
GMT for any future long term incentive plan (“LTIP”) costs in relation to LTIP schemes in existence on internalisation of
GMT until such time as the awards vest.
To facilitate the settlement of the internalisation and related transactions, Goodman Industrial Trust subscribed for
$290.0 million of Units at a fixed price of $2.14 per unit. The price was determined on the basis of the higher of the net
tangible assets per Unit (taking account of preliminary 31 March 2024 valuations) or the 5-day volume-weighted average
price up to 20 February 2024. The Unit subscription was approved at a meeting of Unitholders on 26 March 2024. This
is the acquisition date as the Unitholder approval is the key determinant to the effecting of the internalisation transaction.
The movement in unit price from 20 February 2024 to 26 March 2024 results in a total fair value of consideration to be
equal to $2.285 per unit or $309.6 million. The transaction has been accounted for as an exchange of equity and for
accounting the total consideration transferred has been reflected as the fair value of the equity instruments on the date of
the transaction.
The table below summarises the transaction as agreed against the reported position.
$ million
Transaction price
as agreed
1
Reported
transaction
price
2
Transaction
expense in
profit or loss
Surrender and termination of GNZ’s management rights of GMT250.0250.0250.0
Payment to GNZ in lieu of Manager’s performance fee14 .714 .714 .7
Co–operation Services Agreement11.211.2–
Company secretarial services provided by GMT to GMG(0.1)(0.1)–
Licence to use Goodman brand–––
Acquisition of GPS management rights11.32.42.4
Acquisition of GPS net assets1.31.3–
GMT acquisition of remaining co–owned property interests1.61.6–
Pre–existing employee benefits–28.5–
Transaction costs––8.4
To t a l290.0309.6275.5
1
As agreed on 20 February 2024.
2
At fair value as of 26 March 2024.
4. Internalisation transaction (continued)
Acquisition of Goodman Property Services (NZ) Limited
Prior to the internalisation of GMT, GPS provided property management, development management and related
services to GNZ as Manager of the Trust. As a result of the internalisation transactions, GMT acquired 100% control
in the equity interests of GPS in exchange for GMT units subscribed by Goodman Group with settlement occurring on
28 March 2024. GPS is now the Manager of Goodman Property Trust and provides services directly to the Trust on a
cost recovery basis.
Judgement was involved in determining whether some or all of these transactions met the definition of a business
combination. It has been determined that the acquisition of GPS was a business combination.
The agreement for sale and purchase of shares in GPS between Goodman Limited and GMT included a clause in regard
to an indemnity provided by Goodman Limited to GMT for the pre-existing LTIP schemes. This clause creates assets
acquired at fair value being:
+An indemnification asset relating to the past service component of these schemes, the value of which is equal to the
LTIP liabilities recognised at acquisition date (see below).
+A prepayment asset of $28.5 million for the years remaining on the LTIP schemes which is a component of the total
consideration paid, being the future service element (see previous page).
The following table summarises the amounts of the fair value of the assets acquired, and liabilities assumed at the date of
acquisition:
$ million2024
Cash1.5
Other assets0.1
Indemnification assets35.6
Property, plant & equipment1.6
Deferred tax assets0.2
Right–of–use assets2 .7
Lease liabilities(3.1)
Employee entitlements(36.0)
Other liabilities(1.3)
Net identifiable assets acquired1.3
Purchase consideration transferred1.3
5. Transaction costs
Transaction costs relate to costs incurred in relation to the establishment of the new Highbrook fund and other transactions.
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
2223
6. Derivative financial instruments
Derivative financial instruments are used to manage exposure to interest rate risks and foreign exchange risks arising
from GMT’s borrowings.
6.1 Movement in fair value of financial instruments
$ million20252024
Interest rate derivatives(15.9)(6.6)
Cross currency interest rate derivatives relating to US Private Placement notes(41.4)7. 6
Total movement in fair value of derivative financial instruments( 5 7. 3 )1.0
Foreign exchange rate movement on US Private Placement notes40.2(9.2)
Total movement in fair value of financial instruments( 17. 1 )(8.2)
Accounting policies
Derivative financial instruments are initially recognised at fair value on the date a derivative contract is entered into
and are subsequently measured at fair value at each reporting date. Derivative financial instruments are classified
as current or non-current based on their date of maturity.
Movements in the fair value of derivative financial instruments are recognised through the Statement of
Comprehensive Income. The Group does not apply hedge accounting.
Key judgement
The fair values of derivative financial instruments are determined from valuations using Level 2 valuation techniques.
These are based on the present value of estimated future cash flows, taking account of the terms and maturity of each
contract and the current market interest rates at 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 31 March 2025
of between 3.61% for the 90-day BKBM and 4.10% for the 10-year swap rate (2024: 5.64% for the 90-day BKBM
and 4.37% 10-year swap rate). There were no changes to these valuation techniques during the year.
6.2 Derivative financial instruments
$ million20252024
Cross currency interest rate derivatives
Non–current assets–26.4
Interest rate derivatives
Non–current assets5.112.0
Current assets0.23.8
Non–current liabilities(14.3)(6.8)
Current liabilities–(2.1)
Net derivative financial instruments(9.0)33.3
6. Derivative financial instruments (continued)
6.3 Additional derivative information
20252024
Cross currency interest rate derivatives
Notional contract value as fixed rate receiver ($ million)–16 0 .7
Percentage of US Private Placement notes borrowings converted to
floating rate NZD payments–10 0%
Weighted average term to maturity (years)–3.5
Interest rate derivatives
Notional contract value as fixed rate payer ($ million)610.0610.0
Interest rate range as fixed rate payer0.4% – 5.0%0.4% – 5.0%
Notional contract value as fixed rate receiver ($ million)10 0.0200.0
Weighted average term to maturity of borrowings fixed, including bonds (years)3.64.1
Percentage of borrowings fixed, including bonds83%75%
7. Net corporate costs
Net corporate costs are incurred to manage the operational activity of the Group.
$ million20252024
Manager’s base fee–( 17. 2 )
Salaries and other short–term benefits(13.4)–
Other administrative expenses(8.6)(3.6)
Less: Costs recognised in property expenses6.8–
Less: Costs recognised in transaction costs1.4–
Less: Costs capitalised to properties being developed2.9–
Net corporate costs(10.9)(20.8)
Fees paid to auditor
$ million20252024
Audit and review of financial statements
1
( 0 .7 )(0.8)
Audit or review related services
Agreed upon procedures––
Other assurance services and agreed–upon procedures engagements
Climate and sustainability report related services(0.2)–
Other agreed upon procedures––
Other services
Provision of remuneration benchmarking data(0.1)–
Total fees paid to auditor(1.0)(0.8)
1
The 2024 value includes scope changes for costs relating to the internalisation transaction of $0.3 million, which have been classified within
internalisation transaction costs.
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
2425
7. Net corporate costs (continued)
Other assurance services
and agreed-upon
procedures engagements
Fees for other assurance related services of $157,000 comprise agreed upon procedures
on the operational emissions assurance and sustainability gap analysis in relation to climate
reporting and assurance in regard to the use of proceeds for the Group’s green lending
arrangements (2024: $15,250 comprise scrutineering fees on the special meeting of
unitholders).
Audit or review
related services
Fees for audit or review related services of $14,800 comprise agreed upon procedures on
the financial covenants of the bank facilities, agreed upon procedures on the NTA of GPS,
and reporting to the supervisor of GMT Bond Issuer Limited (2024: $14,100 comprise
agreed upon procedures on the financial covenants of the bank facilities, agreed upon
procedures on the NTA of GPS and reporting to the supervisor of GMT Bond Issuer Limited).
Other servicesFees for other services comprise $74,000 for the provision of remuneration benchmarking
data (2024: nil).
8. Related party assets
Goodman Group has indemnified the Trust for the settlement of the existing long-term incentive plan 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.
$ million20252024
Current
Co–operation Services Agreement1.11.1
Indemnification assets9.514.2
Prepayment assets5.51.3
Other related party assets–2.8
Total current related party assets16.119.4
Non–current
Co–operation Services Agreement9.010.0
Indemnification assets9 .719.3
Prepayment assets21.82 7. 2
Total non–current related party assets40.556.5
Total related party assets56.675.9
Accounting policies
The Co-operation Services Agreement with Goodman Group is initially recognised at fair value and subsequently
measured at amortised cost (over an initial 10-year amortisation period).
The indemnification assets are recognised as part of the business combination in relation to the past service
component of the pre-existing LTIPs (see note 4). The value of the indemnification assets is therefore equal to the
pre-existing LTIP liabilities recognised at acquisition date and is subsequently measured on the same basis as the
corresponding LTIP liability (see note 9) with the movements recognised through the Statement of Comprehensive
Income.
Prepayment assets are recognised for the years remaining on the pre-existing LTIP schemes in relation to the
component of the total consideration paid, being the future service element. As part of the internalisation transaction,
a prepayment has been recognised in return for Goodman Limited assuming the liability for the pre-existing LTIPs
for which GPS receives the benefit of the future service from the employees. This asset is initially recognised at cost,
being the fair value at the date of settlement and subsequently measured at cost less impairment over the term of
the prepayment.
9. Employee benefits liabilities
The pre-existing GMG LTIP employee benefit expense relates to performance rights previously awarded to employees
under the Goodman Group (“GMG”) long-term incentive plan (“LTIP”). All full-time and part-time 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 will be made directly by
GMG with no additional financial impact to the Group than the value attributed to the indemnification asset. 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 Goodman NZ (“GNZ”) LTIP share based payments expense relates to performance rights previously
awarded to employees under the GNZ LTIP. All full-time and part-time 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 financial impact to the Group to be reimbursed by GMG as per the terms of the
sale of the GPS to GMT.
$ million20252024
Current
Employee entitlements3.43.2
Employee benefits liabilities – pre–existing GMG LTIP8.48.9
Employee benefits liabilities – pre–existing GNZ LTIP5.35.2
Total current employee benefits liabilities17. 117. 3
Non–current
Employee benefits liabilities – pre–existing GMG LTIP10.511.1
Employee benefits liabilities – pre–existing GNZ LTIP7. 38.1
Total non–current employee benefits liabilities17. 819.2
Total employee benefits liabilities34.936.5
Accounting policies
Employee entitlements are initially recognised at fair value and subsequently measured at amortised cost. Items
recorded as current are expected to be settled within the next twelve months.
The Trust has recognised an employee benefit expense in relation to the pre-existing GMG LTIP and a cash-settled
share-based payment in relation to the pre-existing GNZ LTIP.
The pre-existing GMG LTIP performance rights are settled directly between GMG and employees. This is calculated
over the period to the vesting date and is adjusted to reflect the actual number of rights for which the related service
and non-market vesting conditions are expected to be met. The liability recognised is remeasured at each balance
date using the GMG market price and AUD/NZD exchange rate, with the movement in liability recorded through the
Statement of Comprehensive Income.
The pre-existing GNZ LTIP performance rights is calculated over the period to the vesting date and is adjusted to
reflect the actual number of rights for which the related service and non-market vesting conditions are expected to
be met. The liability recognised is remeasured at each balance date using the GMT market price, with the movement
in liability recorded through the Statement of Comprehensive Income.
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
2627
9. Employee benefits liabilities (continued)
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 is
measured as follows:
+ Operating earnings per share (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 in the business plan for GMT as presented to the Board,
both risk adjusted for the passage of time.
+ Relative total shareholder return (TSR) tranches: these rights were valued using a Monte Carlo model which
simulated total returns for each of the ASX 100 stocks / NZX Property vehicle stocks and discounted 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.
The movement in the number of performance rights in the current year is as follows:
Number of rights
Pre-existing
GMG LTIP
2025
Pre-existing
GMG LTIP
2024
Pre-existing
G N Z LT I P
2025
Pre-existing
G N Z LT I P
2024
Outstanding at the beginning of the year1,4 89,6 01–14,021,851–
Acquired on acquisition of subsidiary–1,4 89,6 01–14,021,851
Ve ste d(295,029)–(2,4 5 4,911)–
Cancelled(4,692)–(45,421)–
Outstanding at the end of the year1,189,8801,489,60111,521,51914,021,851
The model inputs for the remeasurement of the pre-existing GMG LTIPs at 31 March 2025 includes the following:
Rights issued
in F Y24
Rights issued
in F Y23
Rights issued
in F Y22
Rights issued
in F Y21
Fair value at measurement date ($)18.2817. 2 231.2731.27
Security price ($)31.2731.2731.2731.27
Exercise price ($)––––
Expected volatility (%)27.012 7. 4 6––
Rights’ expected weighted average life (years)2.41.40.4–
Dividend/distribution yield per annum (%)––––
NZD/AUD exchange rate1.101.101.101.10
Average risk free rate of interest per annum (%)3.804.01––
The model inputs for the remeasurement of the pre-existing GNZ LTIPs at 31 March 2025 includes the following:
Rights issued
in F Y24
Rights issued
in F Y23
Rights issued
in F Y22
Rights issued
in F Y21
Fair value at measurement date ($)0.611.871.871.87
Security price ($)1.871.871.871.87
Exercise price ($)––––
Expected volatility (%)13.99–––
Rights’ expected weighted average life (years)2.21.20.2–
Dividend/distribution yield per annum (%)3 .7 5–––
Average risk free rate of interest per annum (%)3.50–––
9. Employee benefits liabilities (continued)
The model inputs for the remeasurement of the pre-existing GMG LTIPs at 31 March 2024 included the following:
Rights issued
in F Y24
Rights issued
in F Y23
Rights issued
in F Y22
Rights issued
in F Y21
Rights issued
in F Y20
Fair value at measurement date ($)28.3828.5116.8 436.8536.85
Security price ($)36.8536.8536.8536.8536.85
Exercise price ($)–––––
Expected volatility (%)29.3224.072 7. 17––
Rights’ expected weighted average life (years)3.42.41.40.90.4
Dividend/distribution yield per annum (%)–––––
NZD/AUD exchange rate1.091.091.091.091.09
Average risk free rate of interest per annum
(%)4.283.884.22––
The model inputs for the remeasurement of the pre-existing GNZ LTIPs at 31 March 2024 included the following:
Rights issued
in F Y24
Rights issued
in F Y23
Rights issued
in F Y22
Rights issued
in F Y21
Rights issued
in F Y20
Fair value at measurement date ($)1.4 32.022.282.282.28
Security price ($)2.282.282.282.282.28
Exercise price ($)–––––
Expected volatility (%)16.8314.61–––
Rights’ expected weighted average life (years)3.22.21.20 .70.2
Dividend/distribution yield per annum (%)3.073.00–––
Average risk free rate of interest per annum
(%)4.555 .17–––
10. Employee compensation reserve
GMT Long-term incentive plan (Equity settled)
During the year, 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.
The key terms and conditions related to the units under the GMT LTIP are as follows:
+The units are granted for nil consideration and have a nil exercise price.
+The participant must remain an employee of the Group as at the relevant vesting date for each tranche of units.
+The vesting conditions include performance hurdles that must be met over a three-year testing period, with vesting in
equal tranches, annually, from the end of year three to the end of year five.
—Relative Total Unitholder Return (“TUR”) – 25% weighting. The 2024 grant will be tested against the relative TUR
for GMT compared with the total Shareholder/ Unitholder returns of participants of the S&P/NZX50 and GMT’s
cash earnings per unit (‘EPU’) over the three-year performance testing period to March 2027.
—Cash Earnings Per Unit (“EPU”) – 75% weighting. The EPU portion of the 2024 grant aligns with annualised cash
earnings growth targets for GMT which have been set between 5% and 7% compound annual growth rate within
a three year period.
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
2829
10. Employee compensation reserve (continued)
Accounting policies
The performance rights are measured at fair value at the grant date and expensed with a corresponding increase
in equity over the period during which the participant becomes unconditionally entitled to the units, based on
an estimate of units that will eventually vest. The fair value of the performance rights which are vested and the
corresponding units which are issued are transferred from the ‘employee compensation reserve’ to ‘units’ upon issue
of the units.
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 LTIP performance rights was measured
as follows:
+ EPU hurdles: are assessed using Management’s estimates of achieving these targets. These estimates are based
on internal forecast information in the business plan for GMT as presented to the Board, both risk adjusted for
the passage of time.
+ Relative Total Unitholder Return tranches: these rights were valued using a Monte Carlo model which simulated
total returns for each of the NZX50 stocks and discounted 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.
The movement in the number of performance rights was as follows:
Number of rights
GMT LTIP
2025
Granted10,114,4 4 0
Cancelled–
Outstanding at the end of the year10,114,440
The model inputs for the GMT LTIPs at issuance date included the following:
Rights issued
in F Y25
Fair value at measurement date0.81
Security price2.05
Exercise price ($)–
Expected volatility16.58
Rights’ expected weighted average life (years)3.2
Distribution yield per annum3.84
Average risk free rate of interest per annum3 .76
11. Debtors and other assets
$ million20252024
Debtors0.51.5
Prepayments2.51.9
Interest receivable2.95.6
Other assets0.80.1
Total debtors and other assets6 .79.1
Accounting policies
Debtors and other assets are initially recognised at fair value and subsequently measured at amortised cost. They
are adjusted for expected impairment losses. Discounting is not applied to receivables where collection is expected
to occur within the next twelve months.
A provision for impairment is recognised when there is objective evidence that the Group will be unable to collect
amounts due. The simplified approach to providing for expected credit losses has been applied, permitting the use
of a lifetime expected loss provision for all trade receivables. The amount provided is the difference between the
carrying amount and expected recoverable amount.
12. Creditors and other liabilities
$ million20252024
Creditors1.90.4
Interest payable13.112.6
Accrued capital expenditure12.820.0
Other liabilities11.115.2
Total creditors and other liabilities38.948.2
Accounting policies
Creditors and other liabilities are initially recognised at fair value and subsequently measured at amortised cost. All
payments are expected to be made within the next twelve months.
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
3031
13. Ta x
13.1 Tax expense
$ million20252024
Profit / (loss) before tax130.9(626.5)
Tax at 28%( 3 6 .7 )17 5 . 4
Depreciation of investment property8.51 2 .7
Movement in fair value of investment property3.1(133.9)
Movement in fair value of pre–existing employee benefits(3.8)–
Share based payments expense(0.3)–
Deductible net expenditure for investment property4.19.3
Derivative financial instruments(4.5)(2.1)
Transaction costs(0.6)–
Internalisation transaction–( 7 7. 0 )
Change in tax depreciation method –1.1
Prior period adjustments0.90.3
Current tax on operating earnings(29.3)(14.2)
Internalisation transaction–1 5 .7
Derivative financial instruments4.2–
Current tax on non–operating earnings4.215.7
Tax loss utilised23.3–
Total current tax(1.8)1.5
Depreciation of investment property(8.5)( 1 2 .7 )
Reduction of liability in respect of depreciation recovery income9.413.5
Deferred expenses(1.2)(3.0)
Derivative financial instruments0.32.1
Borrowing issue costs–0.1
Employee benefits liabilities3.8–
Tax losses (23.3)6 0.1
Deferred tax(19.5)60.1
Total tax expense(21.3)61.6
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.
13. Tax (continued)
Accounting policies
Tax expense for the year comprises current and deferred tax recognised in the Statement of Comprehensive
Income.
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively
enacted at balance date, and includes any adjustment to tax payable in respect of previous years.
Deferred tax is provided in full using the liability method, providing for temporary differences between the carrying
amounts of assets and liabilities for financial reporting purposes and their tax bases. Deferred tax is not accounted
for if it arises from the initial recognition of assets or liabilities in a transaction, other than a business combination,
that affects neither accounting nor taxable profit or loss and differences relating to investments in subsidiaries to the
extent that they will probably not reverse in the foreseeable future.
13.2 Deferred tax
$ million20252024
Deferred tax assets
Tax losses36.86 0.1
Employee compensation reserve0.2–
Employee benefits liabilities9.59.3
Total deferred tax assets46.569.4
Deferred tax liabilities
Investment properties – depreciation recoverable( 17. 0 )( 17. 9 )
Investment properties – deferred expenses(15.5)(14.3)
Derivative financial instruments2.62.3
Borrowings issue costs(0.1)(0.1)
Indemnification assets(5.9)(9.3)
Total deferred tax liabilities(35.9)(39.3)
Net deferred tax assets / (liabilities)10.630.1
Key judgement
The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying
amount of assets and liabilities, using tax rates enacted or substantively enacted at the balance date.
A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available
against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable
that the related tax benefit will be realised.
For deferred tax liabilities potentially arising on investment property measured at fair value there is a rebuttable
presumption that the carrying amount of the investment property asset will be recovered through sale. In estimating
this deferred tax liability, the Group has made reference to the Manager’s experience of tax depreciation recovered
when properties of a similar nature have been sold.
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
3233
14. 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 transactions with regard to the internalisation transaction are disclosed in note 4 and related party assets
are disclosed in note 8. 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.
Entity
Nature of relationship
pre-internalisation
(up to 28 March 2024)
Nature of relationship
post-internalisation
(from 28 March 2024)
Goodman (NZ) LimitedGNZManager of the TrustSubsidiary of GL
Goodman Property Services
(NZ) Limited
GPSProvider of property
management, development
management and related
services to the Trust
Manager of the Trust
and subsidiary
Goodman Investment Holdings
(NZ) Limited
GIHUnitholder in GMTUnitholder in GMT
Goodman LimitedGLParent entity of GNZ & GIH.
Parent entity of GPS
Parent entity of GNZ & GIH,
and provider of support
services
Goodman Industrial TrustGITUnitholder in GMT and
property co–owner
with GMT
Unitholder in GMT
14.1 Transactions with related parties
RecordedCapitalisedOutstanding
$ millionRelated party202520242025202420252024
Manager’s base feeGNZ–(18.9)–1 .7––
Property management fees
1
GPS–(4.5)––––
Leasing feesGPS–(2.8)––––
Minor project feesGPS–(1.1)–1.1––
Development management feesGPS–(13.1)–13.1––
Total fees(40.4)–15.9––
Reimbursement of expenses
for services providedGPS–(2.5)–0.3––
Gross lease receipts receivedGPS0.20.2––––
Transitional servicesGL(1.1)–––––
Distributions paidGIT(13.5)(4.6)––––
Distributions paidGIH( 17. 9 )( 17. 0 )––––
1
At 31 March 2024, of the property management fees charged by GPS, $4.0 million was paid by customers and was not a cost borne by GMT.
14. Related party disclosures (continued)
14.2 Other related party transactions
Capital transactions
Capital transactions that occurred with related parties could only be approved by the Independent Directors of GPS, with
non-Independent Directors excluded from the approval process.
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. Total
key management personnel expenses for the year ended 31 March 2025 are detailed in the table below:
$ million
Ye a r e n d e d
31 March 2025
26 March 2024
to
31 March 2024
Short-term employee benefits2.4–
Share based payments – GMT plan0.3–
Share based payments – pre-existing plans4.80.2
Directors fees0.5–
To t a l 8.00.2
No fees were paid to Directors of GPS for the period 26 March 2024 to 31 March 2024. Short-term employee benefits
amounted to $31,808 for the period 26 March 2024 to 31 March 2024.
For the year ended 31 March 2025 there were no post-employment benefits, other long-term benefits or termination
benefits (2024: none).
Related party investment in GMT
At 31 March 2025, Goodman Group, GNZ’s ultimate parent, through its subsidiary Goodman Investment Holdings (NZ)
Limited, held 241,863,312 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 31 March 2025, Goodman Group, GNZ’s ultimate parent, through Goodman Industrial Trust, held 247,071,396 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 u n i t s).
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 are 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 is 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.
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
3435
15. Commitments and contingencies
15.1 Capital commitments
These commitments are amounts payable for contractually agreed services for capital expenditure.
$ million20252024
Completion of developments18.039.9
Office fit-out1.5–
Total capital commitments19.539.9
15.2 Lease commitments
The Company has lease commitments of $8.4 million relating to its new office lease for a 10-year period commencing
September 2025.
15.3 Contingent liabilities
The Group has no material contingent liabilities (2024: none).
16. Reconciliation of profit / (loss) after tax to net cash flows
from operating activities
$ million20252024
Profit / (loss) after tax10 9.6(564.9)
Non–cash items:
Movement in fair value of investment property(11.1)478.4
Deferred lease incentives and leasing costs2 .7( 7. 1 )
Fixed rental income adjustments(5.0)(4.4)
Issue costs and subsequent amortisation for non–bank borrowings0 .70 .7
Movement in fair value of derivative financial instruments17. 18.2
Movement in valuation of pre–existing employee benefits1 3 .7–
Transitional services1.1–
Share–based payment expense1.2–
Deferred tax(3.8)–
Internalisation transaction–272.5
Net cash flows from operating activities before changes in assets and liabilities126.2183.4
Movements in working capital from:
Debtors and other assets7. 10.4
Creditors and other liabilities5.3(0.1)
Tax liabilities2 2 .7( 71.6)
Movements in working capital35.1(71.3)
Net cash flows from operating activities161.3112.1
Significant transaction
The internalisation transaction in 2024, as detailed in note 4, was settled via a non-cash payment direction with no
cash movements required.
17. 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.
17. 1 Financial instruments
The following items in the Balance Sheet are classified as financial instruments: Cash, debtors and other assets
(excluding prepayments), derivative financial instruments, creditors and other liabilities, lease liabilities and borrowings.
All items are recorded at amortised cost with the exception of derivative financial instruments, which are recorded at fair
value through Profit or loss.
Accounting policies
Financial instruments are classified dependent on the purpose for which the financial instrument was acquired
or assumed. Management determines the classification of its financial instruments at initial recognition between
two categories:
Amortised costInstruments recorded at amortised cost are those with fixed or determined receipts /
payments that are recorded at their expected value at balance date.
Fair value through
Profit or loss
Instruments recorded at fair value through the Statement of Comprehensive Income have
their fair value measured via active market inputs, or by using valuation techniques if no
active market exists.
17. 2 Interest rate risk
The Group’s interest rate risk arises from borrowings. The Group manages its interest rate risk in accordance with its
Financial Risk Management policy. The principal objective of the Group’s interest rate risk management process is to
mitigate negative interest rate volatility adversely affecting financial performance.
The Group manages its interest rate risk by using floating-to-fixed interest rate swaps. Interest rate swaps have the
economic effect of converting borrowings from floating rates to fixed rates. Generally, the Group raises long-term
borrowings at floating rates and swaps them into fixed rates that are lower than those available if the Group borrowed
directly at fixed rates. Under the interest rate swaps, the Group agrees with other parties to exchange, at specified
intervals (primarily quarterly), the difference between fixed contract rates and floating-rate interest amounts calculated
by reference to the agreed notional amounts. Where the Group raises long-term borrowings at fixed rates, it may enter
into fixed-to-floating interest rate swaps to enable the cash flow interest rate risk to be managed in conjunction with its
floating rate borrowings.
The table below considers the direct impact to interest costs of a 1% change to interest rates.
$ million20252024
Impact to profit / (loss) after tax and equity of a 1% increase in interest rates(2.5)(3.6)
Impact to profit / (loss) after tax and equity of a 1% decrease in interest rates2.53.6
17. 3 Credit risk
Credit risk arises from cash, derivative financial instruments and credit exposures to customers. For banks and financial
institutions only independently credit rated parties are accepted, and when derivative contracts are entered into their
credit risk is assessed. For customers and related parties, the Group assesses the credit quality, considering its financial
position, past experience and any other relevant factors. The overall credit risk is managed with a credit policy that
monitors exposures and ensures that the Group does not bear unacceptable concentrations of credit risk.
The Group’s maximum exposure to credit risk is best represented by the total of its debtors, derivative financial
instrument assets and cash as shown in the Balance Sheet. To mitigate credit risk the Group holds security deposits,
bank guarantees, parent company guarantees or personal guarantees as deemed appropriate.
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
3637
17. Financial risk management (continued)
17. 4 Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting obligations from its financial liabilities. The
Group’s approach to management of liquidity risk is to ensure that it will always have sufficient liquidity to meet its
liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage
to the Group’s reputation. The Group manages this risk through active monitoring of the Group’s liquidity position and
availability of borrowings from committed facilities.
The following table outlines the Group’s financial liabilities by their relevant contractual maturity date. Values are the
contractual undiscounted cash flows and include both principal and interest where applicable.
$ millionYe a r 1Ye a r 2Ye a r 3Ye a r 4Ye a r 5
Ye a r 6
and later
To t a l
cash flows
Carrying
value
2025
Borrowings383.6194.6526.0198.41 5 7. 81 51 .71,612.11,460.0
Derivative financial instruments2.52.52.21.41.00 .710.314.3
Lease liabilities8 .77.77. 46.95.1–35.81 2 6 .7
Creditors and other liabilities38.9–––––38.938.9
To t a l4 3 3 .7204.8535.62 0 6 .7163.9152.41 , 6 9 7. 11,639.9
2024
Borrowings16 9.8444.81 9 2 .7426.4195.4212.41,6 41.51 , 4 2 0 .7
Derivative financial instruments–––––––8.9
Lease liabilities3.32.01.00.80.2–7. 366.2
Creditors and other liabilities48.2–––––48.248.2
To t a l221.3446.81 9 3 .7427.2195.6212.41,697.01,544.0
17. 5 Capital management risk
The Group’s policy is to maintain a strong capital base to maintain investor, creditor and market confidence, while
maximising the return to investors through optimising the mix of debt and equity. The Group meets its objectives for
managing capital through its investment decisions on the acquisition, development and disposal of assets, its distribution
policy and raising new equity. The Group’s policies in respect of capital management are reviewed regularly by the Board
of Directors of the Manager.
The Group’s capital structure includes bank debt, retail bonds, wholesale bonds and unitholders’ equity. GMT’s Trust
Deed requires the Group’s ratio of borrowings to the aggregate value of its property assets to be less than 50%. The
Group complied with this requirement during this year and the prior year.
The Group has issued retail bonds and wholesale bonds, the terms of which require that the total borrowings of GMT
and its subsidiaries do not exceed 50% of the value of the property portfolio on which these borrowings are secured.
The Group complied with this requirement during this year and the prior year.
17. Financial risk management (continued)
17. 6 Fair value of financial instruments
Except for the retail bonds, green retail bonds, wholesale bonds, green 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, green wholesale bonds and US Private Placement notes are as follows:
$ millionFair value hierarchy20252024
Retail bondsLevel 1–9 9 .7
Green retail bondsLevel 1150.214 4.5
Wholesale bondsLevel 2368.0350.5
Green wholesale bondsLevel 214 6.1–
US Private Placement notesLevel 2–U S $ 1 0 6 .7
The Group classifies its fair value measurements using a fair value hierarchy that reflects the significance of the inputs
used in making the measurements. The fair value hierarchy has the following levels:
—Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities.
—Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability,
either directly (i.e. as prices) or indirectly (i.e. derived from prices).
—Level 3: Inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).
The fair value of financial instruments classified as Level 2, being wholesale bonds, green wholesale bonds and US
Private Placement notes, is measured using a present value calculation of the future cash flows using the relevant term
swap rate as the discount factor.
The level in the fair value hierarchy within which the fair value measurement is categorised is determined on the basis of
the lowest input to the fair value measurement. If a fair value measurement uses observable inputs that require significant
adjustment based on unobservable inputs, the measurement is a Level 3 measurement.
The Group’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the date of the event
or change in circumstances that caused the transfer. During the year, there were no transfers between levels of the fair
value hierarchy.
18. Major customer disclosure
The Group is required to provide information about the extent of its reliance on its major customers (being 10 per cent
or more of an entity’s revenues). For the year ended 31 March 2025, the Group had one customer with total revenue of
$33.9 million, being 12.3% of the Group’s revenue (2024: one customer with total revenue of $24.4 million, being 10.0%
of the Group’s revenue).
19. 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.
Notes to the Financial Statements (continued)
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
3839
PricewaterhouseCoopers, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland, 1142, New Zealand
T: +64 9 355 8000, www.pwc.co.nz PwC
INDEPENDENT
AUDITOR’S REPORT
To the unitholders of Goodman Property Trust
Our opinion
In our opinion, the accompanying financial statements (the financial statements) of Goodman Property Trust (the Trust),
including its subsidiaries (the Group) present fairly, in all material respects, the financial position of the Group as at
31 March 2025, its financial performance, and its cash flows for the year then ended in accordance with New Zealand
Equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial Reporting Standards
Accounting Standards (IFRS Accounting Standards).
What we have audited
The Group’s financial statements comprise:
— the balance sheet as at 31 March 2025;
— the statement of comprehensive income for the year then ended;
— the statement of changes in equity for the year then ended;
— the statement of cash flows for the year then ended; and
— the notes to the financial statements, comprising material accounting policy information and other
explanatory information.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) (ISAs (NZ)) and
International Standards on Auditing (ISAs). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of
Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) (PES 1) issued
by the New Zealand Auditing and Assurance Standards Board and the International Code of Ethics for Professional
Accountants (including International Independence Standards) issued by the International Ethics Standards Board for
Accountants (IESBA Code), and we have fulfilled our other ethical responsibilities in accordance with these requirements.
In our capacity as auditor and assurance practitioner, our firm provides review, other assurance and agreed-upon
procedures services. Our firm carries out other assignments in the areas of other services relating to the provision of
remuneration benchmarking data and ground rent advisory services. The firm has no other relationship with, or interests
in, the Group.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
financial statements of the current year. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Description of the key audit matterHow our audit addressed the key audit matter
Valuation of investment property
As disclosed in note 1, the portfolio of investment
properties comprising stabilised properties
($2,432.7m) investment property under development
($91.3m) and investment properties held for sale
($2,165.1m) held by the Group was valued at
$4,689.1m as at 31 March 2025.
The valuation of investment properties is inherently
subjective. A small difference in any one of the key
market input assumptions, when aggregated, could
result in a material misstatement of the valuation of
investment properties. The existence of significant
estimation uncertainty coupled with the size and value
of the investment property portfolio, is why we have
given specific audit focus and attention to this area and
therefore why this is a key audit matter.
Valuations were carried out by independent registered
valuers. The valuers performed their work in accordance
with the International Valuation Standards and the
Australia and New Zealand Valuation and Property
Standards. The valuers engaged are well-established and
experienced in the market in which the Group operates.
In determining a property’s valuation, the valuers consider
property specific information such as current tenancy
agreements and rental income earned by the asset.
They then apply assumptions in relation to market
capitalisation rates, discount rates, market rental,
rental growth rates and terminal capitalisation rates,
based on available market data and transactions, to
arrive at a range of valuation outcomes, from which
they derive a point estimate.
Due to the unique nature of each property, the
assumptions applied take into consideration the individual
property characteristics, as well as the qualities of the
property as a whole.
For properties held for sale, the Group continues to
measure the property at fair value based on the latest
valuation or a proposed sale agreement if the property
is not contracted for sale at balance date. Where the
carrying value is the proposed sale price, the carrying
value is adjusted for specific provisions made within the
proposed sale agreement.
The valuation of investment properties is inherently
subjective given that there are alternative assumptions
and valuation methods that may result in a range of values.
In assessing the individual valuations, we performed the
procedures outlined below.
We held discussions with management and the valuers to
understand:
— movements in the Group’s investment property
portfolio;
— changes in the conditions of properties within the
portfolio;
— the impact of climate change and related risks on
the portfolio; and
— the controls in place over the valuation process.
On a sample basis, we:
— obtained an understanding of the key valuation
inputs;
— agreed forecast contractual rental and lease terms
to lease agreements with tenants; and
— considered whether seismic assessments, capital
maintenance requirements and outgoing ground
rent had been appropriately taken into account
in the valuations, with reference to supporting
documentation.
We held separate discussions with each of the
independent registered valuers to gain an understanding
of the assumptions and estimates used and the valuation
methodology applied. We also assessed the valuers’
qualifications, expertise and objectivity and found no
evidence to suggest that their objectivity in performing
the valuations was compromised.
We also engaged our own valuation expert to critique
and independently assess a sample of valuations, based
on their market and valuation knowledge, the work
performed, and assumptions and estimates made by
the valuers.
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
4041
Independent Auditor's Report (continued)
PwCPwC
Description of the key audit matter (continued)How our audit addressed the key audit matter (continued)
Prior to finalising the valuations, Goodman Property
Services (NZ) Limited (the Manager) verifies all key
inputs to the valuations, assesses property valuation
movements against prior periods and holds discussions
with the Directors of the Manager on the process and
results of the valuation.
For properties held for sale, where there is a proposed
sale agreement, we have considered whether the sale
agreement is representative of the fair value of the
property. Where the sale agreement is considered
the best evidence of the value of the property we
have assessed the terms of the agreement, including
adjustments made to the sale price.
We considered the appropriateness of disclosures made
in the financial statements.
Our audit approach
Overview
Overall group materiality: $7.54 million, which represents approximately 5% of profit
before tax excluding movements in fair value of investment property and financial
instruments and movement in fair value of pre-existing employee benefits.
We have chosen profit before tax excluding movements in fair value of investment
property and financial instruments and movement in fair value of pre-existing
employee benefits as the benchmark because in our view, it is the benchmark
against which the performance of the Group is most commonly measured by users
of the financial statements.
We performed a full scope audit over the financial information of all components of
the Group.
As reported above, we have one key audit matter, being:
— Valuation of investment property
As part of designing our audit, we determined materiality and assessed the risks of material misstatement in the financial
statements. In particular, we considered where management made subjective judgements; for example, in respect of
significant accounting estimates that involved making assumptions and considering future events that are inherently
uncertain. As in all of our audits, we also addressed the risk of management override of internal controls, including among
other matters, consideration of whether there was evidence of bias that represented a risk of material misstatement due
to fraud.
Materiality
The scope of our audit was influenced by our application of materiality. An audit is designed to obtain reasonable
assurance about whether the financial statements are free from material misstatement. Misstatements may arise due
to fraud or error. They are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, including the
overall Group materiality for the financial statements as a whole as set out above. These, together with qualitative
considerations, helped us to determine the scope of our audit, the nature, timing and extent of our audit procedures, and
to evaluate the effect of misstatements, both individually and in the aggregate, on the financial statements as a whole.
How we tailored our group audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an opinion on the financial
statements as a whole, taking into account the structure of the Group, the accounting processes and controls, and the
industry in which the Group operates.
Other information
The Directors of the Manager are responsible for the other information. The other information comprises the information
included in the Annual Report, but does not include the financial statements and our auditor’s report thereon. The
Annual Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we will not express any form of audit
opinion or assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing
so, consider whether the other information is materially inconsistent with the financial statements or our knowledge
obtained in the audit, or otherwise appears to be materially misstated.
When we read the other information not yet received, if we conclude that there is a material misstatement therein, we are
required to communicate the matter to the Directors of the Manager and use our professional judgement to determine
the appropriate action to take.
Responsibilities of the Directors of the Manager for the financial statements
The Directors of the Manager are responsible, on behalf of the Trust, for the preparation and fair presentation of the
financial statements in accordance with NZ IFRS and IFRS Accounting Standards, and for such internal control as the
Directors of the Manager determine is necessary to enable the preparation of financial statements that are free from
material misstatement, whether due to fraud or error.
In preparing the financial statements, the Directors of the Manager are responsible for assessing the Group’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern
basis of accounting unless the Directors of the Manager either intend to liquidate the Group or to cease operations, or
have no realistic alternative but to do so.
Materiality
Group
scoping
Key audit
matters
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
4243
Independent Auditor's Report (continued)
PwCPwC
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements, as a whole, are free
from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs (NZ) and ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with ISAs (NZ), we exercise professional judgement and maintain professional
scepticism throughout the audit. We also:
— identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control;
— obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the
Group’s internal control;
— evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management;
— conclude on the appropriateness of the use of the going concern basis of accounting by those charged with
governance and, based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that
a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the
financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the
audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Group to cease to continue as a going concern;
— evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and
whether the financial statements represent the underlying transactions and events in a manner that achieves fair
presentation; and
— plan and perform the Group audit to obtain sufficient appropriate audit evidence regarding the financial information
of the entities or business activities within the Group to express an opinion on the financial statements. We are
responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for the
audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing
of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during
the audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or
safeguards applied.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the financial statements of the current period and are therefore the key audit matters. We
describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, we determine that a matter should not be communicated in our auditor’s report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits
of such communication.
Who we report to
This report is made solely to the Trust’s unitholders, as a body. Our audit work has been undertaken so that we might
state those matters which we are required to state to them in an auditor’s 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 and the Trust’s
unitholders, as a body, for our audit work, for this report, or for the opinions we have formed.
The engagement partner on the audit resulting in this independent auditor’s report is Lisa Crooke.
For and on behalf of:
PricewaterhouseCoopers Auckland
28 May 2025
Goodman Property Trust Financial Statements 2025
Goodman Property Trust Financial Statements 2025
4445
---
Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
nzx release+
GMT Result Announcement
Results for announcement to the market
Name of issuer Goodman Property Trust
Reporting Period 12 months to 31 March 2025
Previous Reporting Period 12 months to 31 March 2024
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing operations 277,900 13.8%
Total revenue 277,900 13.8%
Net profit/(loss) from continuing operations 109,600 (119.4%)
Total net profit/(loss) 109,600 (119.4%)
Dividend
Amount per Quoted Equity Security $0.01625000
Imputed amount per Quoted Equity Security n/a
Record Date 6 June 2025
Dividend Payment Date 19 June 2025
Current period Prior comparable
period
Net tangible assets per Quoted Equity
Security
$2.022 $2.014
A brief explanation of any of the figures
above necessary to enable the figures to be
understood
Strong operating results, have driven
earnings and distribution growth while
stable property values have contributed to
an improved statutory result with a profit
after tax of $109.6 million.
The FY24 loss after tax of $564.9 million
included one-off Internalisation costs of
$275.5 million and fair value losses of
$478.4 million as a result of independent
property valuations.
Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
Authority for this announcement
Name of person
authorised to make this
announcement
Andy Eakin
Contact person for this announcement Andy Eakin
Contact phone number (09) 375 6077
Contact email address andy.eakin@goodman.com
Date of release through MAP
29 May 2025
Note
This announcement is extracted from the annual financial statements of Goodman Property
Trust. A copy of the annual financial statements together with the independent auditor’s report
on the annual financial statements is attached to this announcement.
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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