GMT and GMT Bond Issuer Limited 2025 Annual Report
Goodman Property Trust
Annual Report 2025
GMT Bond Issuer Limited
Annual Report 2025
GMT’s $4.7 billion urban
logistics portfolio provides
the essential supply chain
infrastructure that supports
our everyday lives.
Highbrook Interchange, a key transport link connecting
Highbrook Business Park with State Highway 1.
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CONTENTS
DELIVERING THE THINGS WE
R E LY O N IS ONLY MADE POSSIBLE
WITH A NETWORK OF ESSENTIAL
INFRASTRUCTURE THAT INCLUDES
STRATEGICALLY LOCATED
LOGISTICS FACILITIES
— LIKE OURS
This document comprises the Annual Reports of Goodman Property Trust and GMT Bond Issuer Limited for the year ended 31 March 2025 and contains the
information required to be disclosed pursuant to the NZX Listing Rules. The report includes non-GAAP financial measures that may not be calculated in a manner
consistent with other entities. Please see the Financial Results section of this report for more information on how these are calculated.
YEAR IN REVIEW
Financial and operational highlights 6
Chair’s repor t 8
Management report 14
FY25 Financial Commentary 19
Five-year summary 22
SUSTAINABILITY
Our sustainability framework 32
Focused on what matters 34
Sustainable properties 36
People and culture 40
Corporate performance 44
Goodman community 48
OUR BUSINESS
Operating model 24
Investment strategy 26
Portfolio statistics 27
Property portfolio and key customers 28
Our people 30
CLIMATE-RELATED
DISCLOSURES
Climate-related Disclosures 59
Governance 62
Risk management 63
Strategy 64
Metrics & Targets 71
Independent Assurance Report 90
FINANCIAL RESULTS
Goodman Property Trust
Financial Statements 95
GMT Bond Issuer Limited
Financial Statements 141
OTHER INFORMATION
Corporate governance 156
Remuneration report 168
Investor relations 182
GRI Index 184
Glossary 186
Business directory 187
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YEAR IN REVIEW
GMT has recorded another strong operating
performance and an improved statutory
result, demonstrating the resilience of its
portfolio in a more challenging and volatile
economic environment.
LOAN TO
VALUE RATIO
31.8%
Compared to a debt
covenant maximum of 50%
NET TANGIBLE
ASSET BACKING
202.2 CPU
At 31 March 2025
DEVELOPMENT
COMPLETIONS
$214.8M
The value of three
completed projects
FY26 DISTRIBUTION
GUIDANCE
6.825 CPU
5% increase
from 6.5 cpu
COMMUNITY
PARTNERSHIPS
$0.4M
Invested to improve
social outcomes
NET PROPERTY
INCOME
$230.5M
13.5% increase
in rental revenue
PROFIT
AFTER TAX
$109.6M
Supported by stable
property valuations
CASH
EARNINGS
7. 5 5 C P U
5.2% increase
from 7.18 cpu
1
DISTRIBUTIONS
DECLARED
6.5 CPU
4.8% increase
from 6.2 cpu
PORTFOLIO
UNDER-RENTING
2 1.4%
Potential rent
reversion to market
COMMITTED
TEAM
87%
Post internalisation
engagement score
PORTFOLIO
OCCUPANCY
3
99.0%
Across 1.2 million sqm
of NLA
CORPORATE
EMISSIONS
41.4%
Reduction from
FY20 base year
2
CDP
CLIMATE SCORE
B
Awarded for environmental
management
1
On a like for like basis with FY24 restated to normalise for the removal of tax deductions relating
to building depreciation from FY25.
2
Corporate emissions include Scope 1, Scope 2 and Scope 3 categories 3-7. The sources of
these corporate emissions are detailed on p a ge 72 and p a ge 75.
3
Portfolio statistics include post balance date leasing events.
Financial and operational highlights
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It has been a defining 12 months for
GMT, strategic initiatives have refined
the business and laid the foundation for
sustainable long-term growth. With a
contemporary structure, a sustainable
investment strategy, aligned partners,
and dedicated team members, the
business is delivering positive results
for all its stakeholders.
BUILDING
A SUSTAINABLE
BUSINESS
The focus on well-located warehouse and
logistics space, and the development of
sustainable property solutions has continued
to support substantial revenue and earnings
growth. Stable property valuations have also
contributed to an improved statutory result,
with an after-tax profit of $109.6 million.
The Board acknowledges GMT’s solid financial
performance, and the progress made toward wider
business objectives.
Internalisation, governance changes, a new remuneration
structure, expanded and extended carbon reduction
targets, together with the post balance date announcement
of a new Highbrook fund and the sale of Bush Road
Distribution Centre demonstrate our commitment to
building a responsible and sustainable long-term business.
At the same time, the Board remains mindful of the more
challenging operating conditions and the downside risks
to New Zealand’s economic recovery. In this environment,
our property services team is actively supporting
customers to improve productivity and manage costs.
These efforts are focused on sustainability initiatives
that are enhancing the efficiency of leased facilities and
contributing to lower utility expenses.
Business refinements
FY25 is our first year as an internally managed property
investment entity with core functions now integrated
within GMT. The transition has been seamless for
customers, contractors, and service providers. Business
has continued as usual, with no change to the Goodman
brand or the range of services our people deliver.
It has also been a successful transition from a
governance perspective.
We have adopted existing management policies
and procedures where possible and implemented
new practices where required. With Directors and
team members now employed within the business,
a remuneration subcommittee of the Board has
been established.
The Remuneration Report on p a g e 168 provides
full details of the contemporary framework that
has been adopted. We believe the new framework
enhances alignment between individual outcomes
and the interests of GMT and its Unitholders.
Chair’s report
Highbrook Business Park, East Tāmaki
A new fund investing in this world class estate will establish GMT’s property
funds management business, a key growth objective.
John Dakin
Chair and Non-executive Director
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Sustainability is an essential
element of our business
strategy. As New Zealand’s
leading industrial real estate
investor our focus is on
the built environment and
the delivery of sustainable
property solutions for
our customers.
Featuring a contemporary fee structure with a range
of fees typical for property investment funds, including
performance fees, the open-ended fund will generate
new revenue streams for GMT.
The agreement remains conditional on certain financier
and regulatory approvals and finalisation of financing
arrangements.
A sustainable pathway
Sustainability is an essential element of our business
strategy. As New Zealand’s leading industrial real estate
investor our focus is on the built environment and the
delivery of sustainable property solutions for our customers.
Over the last 12 months we have reduced our greenhouse
gas emissions on an absolute basis by 5.0% and invested
$10.3 million in upgrade projects that build resilience and
improve the resource efficiency of our core portfolio.
Our FY25 Climate-related Disclosures are included
later in this report with our assured emissions inventory
presented on p a g e 72. Encompassing the full value chain,
it provides a comprehensive summary of our Scope 1,
2 and 3 emissions. This includes the upfront embodied
carbon within our new developments and the operational
emissions of the buildings within our portfolio.
We’ve delivered on our FY25 corporate emissions
reduction targets (set in FY20) and new FY30 targets
have been adopted, including targets for indirect Scope 3
emissions. Toitū Envirocare has independently confirmed
that these new commitments align with the Science-
Based Target initiative’s (SBTi) criteria for limiting global
warming to no more than 1.5°C.
We also continue to support and develop our people
and strengthen our neighbourhoods through the
work of Goodman Community, our social investment
programme.
Director changes and Annual Meeting
Independent Director Keith Smith has confirmed he will
be retiring from the Board on 25 July 2025.
Keith is an outstanding Independent Director and former
Chair, who has made a significant contribution to the
success of our business over a long period of time.
His tenure has included the repositioning of GMT as
an industrial property specialist and the more recent
internalisation of the Trust’s management functions, both
notable business achievements.
Steve Jurkovich will join the Board as an Independent
Director from 1 July 2025. He is a banking executive
with over two decades of leadership and governance
experience in New Zealand’s financial services sector.
Unitholders will have the opportunity to vote on Steve’s
appointment, together with the re-election of Greg
Goodman and myself as Non-executive Directors, at the
Annual Meeting of Unitholders expected to be held on or
around the 28 August 2025.
Partnering for growth
Internalisation has also facilitated the establishment of a
complementary property funds management platform.
With the flexibility to sell existing assets into funds and
co-invest in new opportunities, a successful property
funds management business provides another source
of capital for the Trust and diversifies revenue streams.
It also supports an active investment strategy which is
expected to drive accelerated earnings growth for GMT.
Securing Mercer
1
and Goodman Group as foundation
capital partners in a new fund is an important first step
as we extend the scope of our business operations. Our
partners are experienced international investors and are
attracted by the strong fundamentals of the Auckland
industrial market, the quality and scale of GMT’s property
portfolio and the value of our management expertise.
Investing in Highbrook Business Park, our new capital
partners are acquiring a 27.7% share in the $2.1 billion
estate, with GMT retaining a 72.3% interest.
Roma Road Estate, Mt Roskill
The regeneration of Roma Road Estate is one of the
recent development projects completed by GMT.
For more information see SustainableGoodman.co.nz
Chair’s report (continued)
1
Mercer Investments (Australia) Limited on behalf of its Australian and New Zealand Funds.
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FY26 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 this
year, 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.
Cash distributions relating to FY25 have increased by
4.8%, to 6.5 cents per unit which represents around 86%
of cash earnings. Distribution guidance for FY26 is for a
further 5% increase, to 6.825 cents per unit.
A detailed summary of GMT’s FY25 financial result,
including the calculation of cash earnings is provided on
p a ge 19.
Delivering for our stakeholders
The strength and consistency 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. It is a
successful approach that is being reflected in sustained
earnings and distribution growth.
The establishment of a property funds management
platform and introduction of capital partners is the most
significant of our recent initiatives. It leverages existing
management capabilities and provides GMT with
alternative sources of capital to fund new investment and
development opportunities.
With a contemporary structure, a sustainable investment
strategy, supportive partners, dedicated and aligned
team members, GMT is delivering positive results for all
its stakeholders.
John Dakin
Chair and Non-executive Director
DELIVERING CONSUMER GOODS
IS ONLY MADE POSSIBLE WITH
STRATEGICALLY LOCATED
LOGISTICS FACILITIES
— LIKE OURS
DSL Logistics, Westney Industry Park, Māngere
Warehouse automation facilitates the distribution
of fast moving consumer goods from this location.
Chair’s report (continued)
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GMT’s $4.7 billion urban
logistics portfolio provides
the physical infrastructure
that enables supply chains to
operate efficiently. Supporting
our everyday lives, it facilitates
the storage and delivery of the
things we need, and the digital
services we now depend on.
Management report
INVESTING IN
ESSENTIAL
INFRASTRUCTURE
Mainfreight and Mainfreight 2Home, Savill Link, Ōtāhuhu
The recently completed twin warehouse facility provides
the global logistics specialist with a further 23,300 sqm
of highly sustainable and operationally efficient, warehouse
and logistics space.
James Spence (left)
Chief Executive Officer
Andy Eakin (right)
Chief Financial Officer
Focusing our investment strategy on the
Auckland industrial sector recognises
the value of well-located warehouse and
logistics facilities in the supply chain and
the key structural trends that are driving
customer demand.
The environment we operate in is constantly evolving,
and our customers are adapting their businesses to
accommodate the impacts of a growing digital economy,
increased consumerism and sustained population growth.
We’ve continued to refine our own business, progressing
the development programme and investing in sustainable
properties to meet customer demand for greater
productivity, improved resource efficiency and supply
chain resilience.
Internalisation has also enabled a more active investment
and development strategy. We are extending our business
operations with the establishment of a property funds
management platform and commencing preliminary
design and infrastructure projects to support future data
centre development.
Core business focus
GMT’s 1.2 million sqm urban logistics portfolio provides
essential infrastructure for over 215 customers. These
customer relationships are managed by an inhouse team
of property professionals committed to delivering the
great spaces and dedicated service that helps these
businesses thrive.
While a slowing economy and 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.
Over 122,000 sqm of warehouse and logistics space,
over 10% of the stabilised portfolio, has been secured on
new or revised terms since 31 March 2024. This leasing
activity, and recent rent reviews have contributed to like-
for-like net property income growth of 7.3% (FY24 6.5%).
Although market rents are relatively stable, the potential
rent reversion within the portfolio remains substantial at
21.4%. Securing this reversion is an important leasing
objective that will contribute to GMT’s future revenue and
earnings growth.
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Advancing the development programme
Development of new logistics and warehouse space has
been a major contributor to GMT’s growth, with over 90%
of the core portfolio constructed since 2004.
The completion of projects during the year at Roma Road
in Mt Roskill and Savill Link in Ōtāhuhu conclude an
intensive work programme that has delivered ten highly
sustainable, Green Star rated
1
industrial projects since
2023. Around 80% of these developments have been
brownfield regeneration projects.
Maintaining a significant development pipeline extends the
range of property solutions we can offer our customers.
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, with a new multi-unit development
providing 21,143 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.
We are also progressing development at Waitomokia in
Māngere.
We are committed to the masterplan for the estate,
developed in consultation with iwi and other stakeholders,
and will deliver the project under the existing, light
industrial zoning. Our commitment includes preserving
significant natural features and integrating the important
cultural history of the area into the design.
Infrastructure and enabling works are underway with
construction of the first industrial facilities expected to
start in 2026.
Work is also well progressed with the $15.7 million
upgrade of the Highbrook Crossing, the business park’s
commercial services and hospitality precinct.
Building our data centre capability
Infrastructure and design assessments have identified
GMT’s 8.8-hectare Penrose Industrial Estate as a suitable
location for data centre development.
Data centres provide the physical infrastructure
necessary for delivering information technology and data
management services. It’s a rapidly growing sector, with
e-commerce, cloud computing, and artificial intelligence
accelerating demand for digital services and electronic
data storage all around the world.
Due to the limited availability of suitable sites and the cost
and complexity of development, data centre investments
offer enhanced returns for owners with the capital, land,
and delivery capability.
GMT has existing experience with data centre
development, having completed a first-generation
facility for IBM at Highbrook in 2011. Through the Co-
operation Services Agreement entered into as part of the
Internalisation, GMT can also leverage Goodman Group’s
global expertise in this area.
To prepare for potential data centre development at
Penrose, we are investing $20.2 million in preliminary
design work and utility infrastructure to establish a
35 MVA connection on site.
Completing this initial stage provides GMT with 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.
It has been a prudent approach that has enabled us to
maintain gearing at an appropriate level, through the
cycle. To take advantage of emerging opportunities that
offer enhanced returns we have also sold the Bush Road
Centre in Rosedale. The post balance date disposal
achieved a sale price of $89 million.
At 31 March 2025, GMT had a loan to value ratio of 31.8%.
A key benefit of Internalisation is the flexibility it provides
to pursue new business opportunities. The establishment
of a property funds management business was one of
these objectives, providing GMT with both new revenue
streams, and an additional source of capital.
Recycling $583.3 million of capital, the transaction is
expected to reduce GMT’s committed gearing to 23.2%, on
a look-through basis and below 15% at the headstock level.
Delivering sustainable growth
We have continually refined our business to take
advantage of new opportunities and to build resilience.
The internalisation of management functions in
March 2024 was a continuation of this approach.
With substantial balance sheet capacity supporting an
active investment strategy, we are preparing for potential
data centre development and progressing with new
warehouse and logistics projects.
While geo-political risks and other macro-factors could
negatively impact business sentiment and economic
growth in FY26, customer demand remains steady and
underlying property market fundamentals continue to
drive positive leasing outcomes.
The resilience of the portfolio and strength of our recent
financial results provide confidence in our investment
convictions, strategy, and ability to deliver sustainable
long-term growth.
James Spence Andy Eakin
Chief Executive Officer Chief Financial Officer
1
Includes both Design and Built ratings, where the assessment has been completed.
A key benefit of Internalisation is the flexibility it provides to
pursue new business opportunities. The establishment of
a property funds management business was one of these
objectives, providing GMT with both new revenue streams,
and an additional source of capital.
Mt Wellington Estate
Stage one of the regeneration plan for this
value-add estate is underway (shown shaded)
with a multi-unit redevelopment project.
Management report (continued)
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Big Chill Distribution, Highbrook Business Park
Owned by Freightways, the specialist provider of
temperature controlled logistics leases a design
built coolstore on Pukekiwiriki Place.
KEY PERFORMANCE INDICATORS
F Y25F Y24
Profit/(loss) before tax ($m) 130.9(626.5)
Profit/(loss) after tax ($m) 10 9.6(564.9)
Movement in fair value of investment property ($m)11.1(478.4)
Operating earnings per unit before tax (cpu)10.039.65
Operating earnings per unit after tax (cpu)
1
8.12 8.6 4
Cash earnings per unit (cpu)
2
7. 5 57. 1 8
Cash distribution per unit (cpu) 6.506.20
Loan to value ratio (%)
3
31.831.5
Net tangible assets (cpu) 202.2201.4
Management expense ratio (%) 0.240.4 4
1
Operating earnings is a non-GAAP financial measure included to provide an assessment of the performance of GMT’s principal operating activities.
The calculation is set out in GMT’s Statement of Comprehensive Income and in note 3.1 of the financial statements.
2
Cash earnings is a non-GAAP measure that assesses free cash flow, on a per unit basis, after adjusting for certain items. Calculation of GMT’s
cash earnings (including restated FY24 cash earnings) is set out on pa ge 21.
3
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.
It has been a successful first year as an
internally managed investment entity, with
GMT’s strong financial performance in a
more challenging operating environment
demonstrating that it is a robust and
resilient business.
Robust operating performance
Net property income has increased by 13.5% to
$230.5 million, driven by the additional revenue from
new development completions, strong leasing results
and like-for-like rental growth of 7.3%.
GMT’s weighted average cost of debt has remained
stable at 4.8%.
A higher average debt balance and a lower proportion
of borrowing costs being capitalised (as developments
have reached completion), have contributed to a 37.3%
increase in net interest costs, from $46.7 million to
$64.1 million.
A feature of the newly internalised management structure
is lower corporate expenses, with external fees being
replaced by direct costs. A reduction in net corporate
expenses from FY24 has partially offset the higher net
interest costs, with GMT recording a 13.8% increase
in operating earnings before tax to $154.3 million, or
10.03 cents per unit.
The removal of tax deductions for building depreciation
has increased the effective tax rate from 10.5% in FY24, to
19.0%. Operating earnings after tax have increased 3.0%
to $125.0 million but reduced on a weighted average unit
basis, from 8.64 cents per unit to 8.12 cents per unit.
FY25 FINANCIAL
COMMENTARY
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Improved statutory result
The strength of GMT’s underlying operating performance
is complemented by an improved statutory result, with a
profit after tax of $109.6 million. This compares to a loss
of $564.9 million in FY24.
The previous result included the one-off cost of
Internalisation and fair value losses as a result of the
independent valuation of the Trust’s property portfolio.
In FY25 GMT recorded a modest revaluation uplift with
$11.1 million of fair value gains. With industrial property
market fundamentals relatively stable, the portfolio
capitalisation rate firmed around 10-bps to 5.9% (on a
weighted average basis).
The movement in fair value of financial instruments
and movement in valuation of pre-existing employee
benefits (to be settled by Goodman Group as part of
the internalisation transaction) are the other significant
non-cash expenses.
Net tangible assets have increased 0.8 cents per unit
from 31 March 2024 to 202.2 cents per unit.
Balance sheet flexibility
Our disciplined financial management has continued in
FY25 with new treasury initiatives adding further flexibility.
Taking advantage of strong demand from local
institutions, a new five-year, $150 million wholesale green
bond was issued on 8 October 2024. The BBB+ rated
bond pays a fixed interest rate of 5.012% per annum.
The new issue diversifies GMT’s debt facilities and adds
tenor following the maturity of the GMB040 bonds and
early repayment of the US Private Placement notes during
the year. The new issue also provides funding capacity
to support ongoing investment in sustainable building
projects and carbon reduction initiatives.
At 31 March 2025, GMT had a loan to value ratio of
31.8%. Its 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.
With settlement of the Rosedale sale and the new
Highbrook fund recycling around $670 million of capital
in FY26, GMT’s committed gearing reduces to 23.2%, on
a look-through basis and below 15% at the headstock level.
GMT Bond Issuer Limited
GMT Bond Issuer Limited received $23.8 million of
interest income (FY24 $25.6 million) and incurred
$23.8 million of interest expense (FY24 $25.6 million).
The decrease on the previous year reflects the impact
of the GMB040 maturity in May 2024, partly offset
by the $150 million wholesale green bond issued on
8 October 2024.
S&P Global Ratings has maintained the credit rating of
all bonds issued by GMT Bond Issuer Limited at BBB+.
This is one notch higher than the Trust’s investment grade
issuer rating of BBB due to the mortgage security held
over GMT’s property portfolio.
No dividends or distributions have been paid by GMT
Bond Issuer Limited.
CASH EARNINGS AND DISTRIBUTIONS
1
FY24 restated to normalise for the removal of tax deductions relating to building depreciation from FY25.
Cash earnings is our preferred measure of underlying
operating performance. The non-GAAP metric assesses
free cash flow, on a per unit basis, after adjusting
for borrowing costs capitalised to land, expenditure
related to building maintenance, to reverse straight
line rental adjustments, and to add back share-based
payment expenses.
The calculation is set out in the table alongside with FY24
restated to remove the benefit of building depreciation
and provide a like-for-like comparison with FY25.
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 7.18 cents per unit
1
.
Quarterly cash distributions totalling 6.5 cents per
unit have been declared for FY25, 4.8% higher than
the 6.2 cents per unit declared in FY24. The level of
distribution represents 86.1% of cash earnings.
Guidance for FY26 includes further growth in cash
earnings to around 8.0 cents per unit. Cash distributions
are also forecast to increase by 5%, to 6.825 cents
per unit.
Cash earnings $mF Y25
Restated
F Y24% change
Operating earnings before tax154.3135.613.8
Current tax on operating earnings(29.3) (14.2)106.3
Operating earnings after tax125.0121.43.0
Straight line rent adjustments(5.0)(4.4)13.6
Share based payment expense1.2––
Capitalised borrowing costs – land( 0 .7 )(5.4)( 8 7. 0 )
Capitalised management fees – land–(0.5)–
Maintenance capex(4.3)(4.3)–
Tax – benefit of building depreciation
1
–(5.9)–
Cash earnings116.2100.915.2
Weighted units 1,538.8 1 , 4 0 4 .79.5
Cash earnings cpu7. 5 57. 1 85.2
Distributions cpu6.56.24.8
Distributions % underlying cash earnings86.186.4
1
FY24 restated to normalise for the removal of tax deductions relating to building depreciation from FY25.
FY25 Financial commentary (continued)
OfficeMax, Highbrook Business Park
Modern racking systems and forklift technology
allows customers to achieve greater efficiency
and space utilisation within their warehouses.
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NET PROPERTY INCOME
$ million
0500050200250
F Y
F Y
F Y
F Y
F Y
NTA PER UNIT
cents per unit
050 00 50200250
F Y
F Y
F Y
F Y
F Y
TOTAL EQUITY
$ million
0500 000 5002000250030003500
F Y
F Y
F Y
F Y
F Y
TOTAL ASSETS
$ million
00002000300040005000
F Y
F Y
F Y
F Y
F Y
OPERATING EARNINGS BEFORE TAX
$ million
050 00 50
F Y
F Y
F Y
F Y
F Y
LOAN TO VALUE RATIO
%
05 0 5202530
F Y
F Y
F Y
F Y
F Y
LOSS PROFIT AFTER TAX
$ million
( )
( )
-600-400-20 00200400600800
F Y
F Y
FY23
F Y
F Y
CASH EARNINGS
cents per unit
0 23456789 0
F Y
F Y
F Y
F Y
F Y
7. 8
FIVE-YEAR
SUMMARY
$ millionF Y25F Y24F Y23F Y22F Y21
Net property income 230.520 3.117 7. 01 5 7. 1153.0
Net interest costs (6 4.1)( 4 6 .7 )(29.5)(19.7)(22.3)
Net corporate costs(10.9)(3.6)(3.4)(3.2)(3.0)
Manager’s base fee –( 17. 2 )( 17. 6 )(15.9)(12.8)
Share based payment expense(1.2)– – – –
Operating earnings before other
income/(expenses) and income tax
154.3135.6126.5118.3114.9
Movement in fair value of investment property 11.1(478.4)( 2 3 7.7 )660.4560.0
Movement in fair value of financial instruments ( 17. 1 )(8.2)(14.8)0.8(12.3)
Movement in valuation of pre-existing employee benefits(13.7)– – – –
Transitional services(1.1)– – – –
Transaction costs(2.6)– – – –
Internalisation transaction– (275.5)– – –
Manager’s performance fee expected
to be reinvested in units
– – – ( 1 5 .7 )(13.7)
(Loss)/profit before tax 130.9(626.5)(126.0)763.8648.9
Current tax (1.8)1.5(15.4)(14.6)(13.7)
Deferred tax (19.5)6 0.16.0(0.6)(3.5)
(Loss)/profit after tax attributable to unitholders 109.6(564.9)(135.4)74 8 .66 31 .7
Operating earnings before tax per unit (cpu) 10.039.659.018.478.26
Operating earnings after tax per unit (cpu) 8.128.6 47. 9 27. 1 16.86
Cash earnings per unit (cpu) 7. 5 57. 1 8
1
7. 1 06.666.28
Cash distribution per unit (cpu) 6.506.205.905.505.30
Balance sheet
Investment property 4,689.14,533.94 ,7 91. 24 ,7 73. 23 ,78 9. 3
Total assets 4 ,78 5. 44 ,716 . 94,853.94,814.33,831.5
Total liabilities 1,6 74 . 41 , 6 17. 81,413.21,156.9862.3
Total equity 3,111.03,0 99.13 , 4 4 0 .73 , 6 5 7. 42,969.2
Loan to value ratio (%) 31.831.525.921.319.2
NTA per unit (cpu) 202.2201.4245.2260.6212.5
Unit price at 31 March (cpu) 1 8 7. 0228.0214.0236.0226.0
Property portfolio
Net lettable area (sqm) 1,209,5811,152,5461 , 0 7 7, 4 7 31,071,0 0 41 , 0 9 7, 6 9 8
Weighted average capitalisation rate (%) 5.96.05.24.24 .7
Investment portfolio occupancy (%) 9999999998
Weighted average lease term (years)5.66.26.46.35.5
Customers 220209235226213
1
FY24 cash earnings restated to remove the benefit tax deductions for building depreciation and provide a like-for-like comparison with FY25.
1
FY24 cash earnings restated to remove the benefit tax deductions for building depreciation and provide a like-for-like comparison with FY25.
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Ranked in the top 20 of all stocks on
the NZX by market capitalisation, GMT
is New Zealand’s largest listed property
investment entity. With a history spanning
25 years, it is a successful business built
around a substantial portfolio, a wide
customer base, a proven development
capability, and a committed team.
WHO WE ARE
GMT’s $4.7 billion urban logistics portfolio provides essential supply
chain infrastructure, facilitating the efficient storage and distribution
of goods and materials, and the digital services we rely on.
The Trust is managed by a dedicated team of 67 professionals, who
are responsible for all business activities and stakeholder relationships.
Our values reflect innovation, determination, integrity and sustainability
– and we strive to make space for greatness in everything we do.
OUR PURPOSE
Making space for greatness describes our purpose. It recognises our
stakeholders’ needs and drives us to help them reach their full potential,
whether they are team members, customers, investors, suppliers
or community partners.
WHAT WE DO
GMT invests in well-located, warehouse and logistics facilities
in Auckland, New Zealand’s gateway city.
By owning, developing and managing high-quality properties in key
locations close to transport networks and digital infrastructure, we
provide customers with facilities that help their businesses succeed.
OUR SUSTAINABILITY
COMMITMENT
As a leading property investment entity, our focus is on the built
environment and the delivery of more sustainable and resource
efficient property solutions for our customers.
We acknowledge the impacts of climate change and are taking positive
action by reducing emissions, using renewable energy, developing
greener buildings, regenerating brownfield sites, supporting biodiversity,
and partnering with groups to improve social outcomes.
OUR BUSINESS
MAKING SPACE
FOR GREATNESS
We invest in well-located and
operationally efficient, warehouse
and logistics facilities in Auckland.
Strategic land holdings and a
development capability allows us
to deliver sustainable property
solutions for customers.
We manage all aspects of
our business directly, taking
responsibility for all our
stakeholder relationships.
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INVESTMENT
STRATEGY
PORTFOLIO
S TAT I S T I C S
PORTFOLIO
VA L U E
$ 4.7M
Independently valued
PORTFOLIO
SIZE
1.2M SQM
Net lettable area
CUSTOMERS
215+
Employing 10,000+ people
CAPITALISATION
R AT E
5.9%
Weighted average
AVERAGE
LEASE TERM
5.6 YRS
Weighted average
AVERAGE
OCCUPANCY
98.0%
Over the last 12 months
AVERAGE
BUILDING AGE
1 1.7 YRS
Core portfolio
RENTAL
GROWTH
7.3%
On a like-for-like basis
NOTE: Portfolio statistics include post balance date leasing events.
ROSEDALE
WAITOMOKIA
WESTNEY
ROMA
FAVO N A
SAVILL LINK
THE GATE
CONNECT
PENROSE
TĀMAKI
LEONARD
ŌTĀHUHU
M20
HIGHBROOK
MT WELLINGTON
GMT’s investment strategy is exclusively
focused on the urban logistics sector of
the Auckland industrial property market.
Providing essential supply chain infrastructure and
supporting a growing digital economy, our properties
are modern, operationally efficient and positioned
close to transport and distribution networks.
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PROPERTY PORTFOLIO
AND KEY CUSTOMERS
PropertyLocationClassification
Market
capitalisation
rate %
Net lettable
area sqmBuildingsKey customerOccupancy %W A LT y e a r s
Highbrook Business ParkEast TāmakiCore5 . 0 –7. 1 34 96,45278DHL, Freightways, Mainfreight, NZ Post, OfficeMax994.6
Savill LinkŌtāhuhuCore/Value Add 5.13–6.25162,6 0 315Coda, Mainfreight, Steel & Tube10 05.2
M20 Business ParkWiriC o re/ Va lu e Ad d5 . 2 5 –7. 5122,02013Suntory Oceania, Ingram Micro, Recorp965.3
Westney Industry ParkMāngereCore6 .7 5 – 9 . 0 114,995 11DHL, DSL Logistics, Fliway, Linfox, Supply Chain Solutions10 05.9
The Gate Industry ParkPenroseC o re/ Va lu e Ad d5.5–6.25102,15518Essity, Oji Fibre Solutions, Winstone Wallboards10 04.4
Roma Road EstateMt RoskillCore5.13–5.38 44,284 4Cotton On, NZ Post 10 013.3
Favona Road EstateMāngereCore5 .7 5 – 6 . 0 39,658 3Mainfreight10 012.2
Penrose Industrial EstatePenroseVa lu e Ad d6.3830,62812Winstone Wallboards10 03.6
Tāmaki EstatePanmureVa lu e Ad d6 .7 5 23,651 7Containerco, Camelspace10 02.5
Connect Industrial EstatePenroseVa lu e Ad d5 .7 5 21,0 02 7Fletcher Building10 06 .7
Mt Wellington EstateMt WellingtonVa lu e Ad d5.5–6.0 19,079 3F o r d , Te s l a844.1
Bush Road Distribution CentreRosedaleCore5.38 18,007 1NZ Post10 019.3
Leonard Road EstateMt WellingtonVa lu e Ad d6.88 15,048 3Sky Network Television935.4
Great South Road EstateŌtāhuhuVa lu e Ad d6 .7 5–1Sleepyhead10 01.6
Total portfolio 5.91,209,581 176 99.05.6
NOTE: Portfolio statistics include post balance date leasing events.
Our business (continued)
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BOARD OF DIRECTORS
EXECUTIVES
James Spence
CHIEF EXECUTIVE OFFICER
James is Chief Executive Officer. He is
responsible for delivering GMT’s investment
strategy and managing all other business
functions. James joined Goodman in 2006 and
has around 20 years of corporate, property
and funds management experience in Europe
and New Zealand. James holds a Bachelor of
Property from the University of Auckland as
well as a Graduate Diploma in Applied Finance
from Kaplan Education in Australia.
John Dakin
CHAIR AND
NON-EXECUTIVE DIRECTOR
John is a Goodman Group Executive and
a Non-executive Director of the Goodman
Property Services (NZ) Limited Board.
Up until 31 December 2022 he was the
Chief Executive Officer NZ, a position he
held for 19 years. He is a member of the
Goodman Group Operations Committee,
a Member of its Sustainability and Innovation
Committee and a Director of the Goodman
Foundation Board.
Leonie Freeman
INDEPENDENT DIRECTOR
Leonie is the CEO of the Property Council
New Zealand. Prior to this she has been an
entrepreneur, business futurist and speaker
who has broad experience across a range
of property disciplines having held senior
development, property management,
strategic and education roles. Her 35-year
career has also included advisory positions
with local and central government. Leonie
holds a Masters of Commerce (Hons) and
has previously held board positions with
the New Zealand Institute of Valuers, the
Massey University Property Foundation and
Government Property Services.
Jonathan Simpson
HEAD OF CORPORATE AFFAIRS
Jonathan has responsibility for investor
relations, corporate communications and
managing Goodman Community initiatives.
He has almost 30 years of experience in the
property and capital markets, with the last
21 at Goodman. Jonathan has previously
held positions with the Property Council of
New Zealand and the Investment Property
Databank in the United Kingdom. He has a
Bachelor of Arts and a Bachelor of Property
from the University of Auckland.
Mandy Waldin
MARKETING DIRECTOR
As Marketing Director, Mandy is responsible
for branding and marketing. Mandy has
almost 30 years’ experience in brand
development and marketing, holding various
senior management positions in electronics,
publishing and office products sectors.
She was co-owner and director of a marketing
& graphic design company where she
developed and implemented communication
strategies for various NZX listed companies.
Mandy has a Bachelor of Business Studies
from Massey University.
Anton Shead
GENERAL COUNSEL
AND COMPANY SECRETARY
Anton is responsible for the provision of legal
and compliance support to the business.
With a Bachelor of Commerce and Bachelor of
Laws (Hons) from the University of Auckland,
Anton has over 25 years’ legal experience.
Prior to joining Goodman, Anton worked for Bell
Gully. Anton has also worked for international
law firm Herbert Smith LLP in its London office,
Carey Olsen, a specialist corporate law firm in
the Channel Islands and Buddle Findlay.
Andy Eakin
CHIEF FINANCIAL OFFICER
Andy’s role as Chief Financial Officer involves
managing the finance and treasury activities
of GMT. He is also the Chair of the Corporate
Social Responsibility Committee which
encompasses ESG matters material to GMT
including providing sustainability leadership
across the business. Andy joined Goodman
in March 2011, has more than 30 years’
experience in finance roles in Ireland, Scotland
and New Zealand, and is a Fellow of Chartered
Accountants Ireland.
Kimberley Richards
DIRECTOR – INVESTMENT MANAGEMENT
AND CAPITAL TRANSACTIONS
Kimberley is the Director of Investment
Management and Capital Transactions,
responsible for the acquisitions and disposals
of GMT and its Funds Management business.
She has over 15 years’ experience and
previously worked in London for Europa Capital
covering transactions across Northern Europe.
Kimberley holds a Bachelor of Commerce and
a Bachelor of Property from the University of
Auckland as well as a Masters in Real Estate
Finance from the University of Cambridge, UK.
Mike Gimblett
GENERAL MANAGER – DEVELOPMENT
As General Manager Development, Mike
is responsible for GMT’s development
programme, including stakeholder relationships.
With 25 years of experience in the property
industry, Mike has a proven track record in
leasing, project delivery, and managing complex
transactions. Since joining Goodman in 2005,
Mike has held various roles within acquisition,
portfolio management, and development
management. He holds a Bachelor of Business
Studies in Property Management and Valuation
from Massey University.
Evan Sanders
GENERAL MANAGER – PROPERTY SERVICES
Evan is the General Manager of Property
Services. His key responsibilities include
leading the property services team and
overseeing the management of GMT’s
substantial property portfolio. Evan joined
the business in 2009 and has over 15 years’
experience in the property industry, including
roles in property finance and investment.
He has a Business Administration degree from
the University of Bath, UK.
Sophie Bowden
GENERAL MANAGER – PEOPLE
Sophie is General Manager People. She
works with the leadership team to implement
strategic people and culture initiatives, with
a focus on performance and development,
diversity and inclusion, and employee
experience. Sophie joined Goodman in
August 2021 having held HR roles in FMCG
and retail. She has a Bachelor of Commerce
from the University of Auckland.
Laurissa Cooney
CHAIR, AUDIT COMMITTEE
AND INDEPENDENT DIRECTOR
Laurissa is a professional director. Her
current directorships include Co-Chair for
Aotearoa Circle, Independent Director for
Air New Zealand Limited and Rabobank.
She is also Chair of Ngai Tai Ki Tāmaki Audit
& Risk Committee and holds a role as a
Steering Committee Member for the Institute
of Directors Chapter Zero Committee. Prior
to these governance roles Laurissa was Chief
Financial Officer of Te Whare Wānanga o
Awanuiārangi. Her professional career has
also included senior auditing and consulting
roles with Deloitte. She holds a Bachelor of
Management Studies (Hons) from Waikato
University, is a Fellow of the Chartered
Accountants Australia and New Zealand and a
Chartered Member of the Institute of Directors.
David Gibson
DEPUTY CHAIR
AND INDEPENDENT DIRECTOR
David is a professional director and investor.
His current directorships include Contact
Energy Limited, Freightways Limited
and Rangatira Limited while his private
interests include Harker Herbals and Jess’s
Underground Kitchen. David has over 20 years’
investment banking experience having held
senior positions and governance roles with
Deutsche Craigs and Deutsche Bank, in
New Zealand. He holds a Bachelor of Laws
(Honours) and Bachelor of Commerce from
the University of Canterbury.
Keith Smith
INDEPENDENT DIRECTOR
Keith is a professional director. He was
previously a partner in the Chartered
Accountancy practice of BDO. Keith is a
Director of Sky Network Television Limited.
Keith also holds board positions for a
number of private companies in the motor
vehicle, finance and health industries,
and is a past President of the Chartered
Accountants Australia New Zealand.
Gregory Goodman
NON-EXECUTIVE DIRECTOR
Gregory is the Chief Executive Officer of
Goodman Group and is responsible for
Goodman’s overall operations and the
implementation of its strategic plan. He has
over 30 years of experience in the property
industry with significant expertise in the
industrial property arena. Gregory was a
co-founder of Goodman, playing an integral
role in establishing its specialist global position
in the property market through various
corporate transactions, including takeovers,
mergers and acquisitions. He is a director
and/or a representative on other subsidiaries,
management companies and partnerships of
the Goodman Group.
OUR
PEOPLE
Our business (continued)
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SUSTAINABILITY
As a long-term property investor, our
decision making is guided by a business
strategy that aims to deliver positive
outcomes for all our stakeholders.
It includes targets for a lower carbon
and more resilient portfolio.
A sustainability framework built
upon the following three pillars,
guides our behaviour and directs
our actions towards these wider
business objectives.
OUR
SUSTAINABILITY
FRAMEWORK
Sustainable
properties
We invest in sustainable properties
that are designed to be adaptable,
resource efficient and resilient.
Located close to key transport
networks and utility infrastructure,
these facilities help our customers
improve productivity and reduce
emissions. High-quality workspaces
and a range of amenity features also
contribute to the wellbeing of the
people working in these businesses.
People
and culture
We believe that a sustainable
business, positively connected with
its people and the wider community,
delivers superior long-term results.
Our 67 team members are
recruited and rewarded based on
their commitment to our values,
innovative thinking, expertise, and
performance. We develop this
talent and embrace flexible and
progressive work practices that
foster a diverse, inclusive, and
safety-conscious culture.
Corporate
performance
A sustainable investment strategy,
strong governance and commitment
to ESG principles give our investors,
regulators, customers, and community
partners confidence in our business.
We benchmark our performance
against recognised standards and
provide the market with timely
updates on our business activities
and progress toward the emissions
reduction and other sustainability
targets we have adopted.
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FOCUSED ON
WHAT MATTERS
HIGH
HIGHEST
Significance of environmental, economic and/or social impact
Influence on assessments and decisions
0
5
Sustainable structure,
operations, and results
Customer attraction
and retention
3
Flexible, adaptable and
resilient properties
2
Sustainable design and management
4
Emission reduction and
energy efficiency strategies
8
Social equity
7
Responsible and environmentally
sensitive investment
6
ESG reporting and
stakeholder engagement
9
Diversity and inclusiveness
Health, safety and wellbeing
Sustainable properties
1 Customer attraction
and retention
To attract customers and maximise rental
revenue GMT’s properties need to be
well-located, sustainable and operationally
efficient. They also need to be well
maintained with ongoing investment in new
building technologies. Superior service
supports strong customer retention levels
and helps build long term relationships
with these businesses.
3 Flexible, adaptable and
resilient properties
Around 4% of the investment portfolio is
independently assessed as being at low
risk from the physical impacts of climate
change. The warehousing and logistics
focus makes GMT’s properties suitable
for a range of business uses. They are
designed to be flexible, resource efficient
and can be easily adapted to meet specific
customer requirements.
2 Sustainable design
and management
New developments since 2023 have
targeted a minimum 5 Green Star Built rating,
with the construction process carefully
managed to reduce embodied carbon,
building waste and other environmental
impacts. Adopting an internal carbon price
in the development feasibility for future
projects will provide funding to invest in
new, sustainable building technologies.
4 Emission reduction and
energy efficiency strategies
GMT has achieved its FY25 emission
reduction goals and set new targets for
FY30 that align with criteria defined by the
Science Based Targets Initiative and limiting
global warming to 1.5°C or less. We are
investing in lower carbon developments
and undertaking resource efficiency and
building upgrade projects to improve the
operational and environmental performance
of the portfolio.
Corporate performance
5 Sustainable structure,
operations, and results
Disciplined financial management
has enabled GMT to grow sustainably.
Establishment of a property funds
management platform supports an active
investment strategy and accelerated
earnings growth. The Trust is managed
prudently with a distribution policy that
includes a payout ratio of between 80%
and 90% of cash earnings.
6 ESG reporting and
stakeholder engagement
Engagement with our stakeholders on
environmental, social and governance
matters is a priority. GMT’s corporate
reporting includes detailed information
on all aspects of its business operations,
including comprehensive Climate-
related Disclosures. We have adopted
the GRI framework in our reporting and
benchmark ourselves through CDP and
other sustainability rating services.
7 Responsible and
environmentally sensitive
investment
The Board is committed to delivering
a sustainable business strategy,
focused on long term value creation.
It includes a risk management
framework that considers non-financial
issues, such as climate change
impacts on new investment initiatives.
A Sustainable Finance Framework
supports investment in sustainable
property solutions for customers.
MATERIALITY
M AT R I X
Sustainability (continued)
The material factors that drive GMT’s success were first presented in FY18, after an
extensive interview process that included both internal and external stakeholders.
These factors are reviewed on a regular basis and were last surveyed in FY24.
The 10 factors presented in the matrix alongside
reflect the range of criteria applied by our customers,
investors, suppliers, community partners and our
own people when assessing the success of our
business. Understanding these factors and the relative
importance attributed to each, informs and helps
prioritise our sustainability initiatives.
It keeps us focused on what matters most.
While the macro environment has become more
challenging over the last 12 months, an internal
review of our material factors confirmed the scope,
relevance and relative rankings of the existing factors
remains appropriate.
The 10 factors are categorised under the three pillars
of our sustainability framework. The following pages
describe how these factors are integrated into our
broader business strategy and the goals we have set
ourselves for the future.
People and culture
8 Health, safety and wellbeing
The health, safety and wellbeing
of our people, our customers, our
contractors and the wider community
is fundamental to our business. We
adhere to strict safety protocols
and encourage a culture of safety
awareness. Health and safety KPI’s
are also a feature of all employees’
remuneration. High retention levels and
engagement scores confirm we are
creating a positive and supportive work
environment for our people.
9 Diversity and inclusiveness
We celebrate individual differences
and have a comprehensive inclusion
and diversity policy that includes
strategies to improve representation
over time. We want a positive culture
that is free of harassment, victimisation
and discrimination and have adopted
flexible work practices that help reduce
bias and ensure we are an inclusive and
progressive organisation.
10 Social equity
A contemporary remuneration
framework ensures we continue to
attract and retain the best people.
To encourage wider participation in
our industry we provide an annual
scholarship for a University of
Auckland property student. We invest
in social initiatives through GMT
Community and encourage social
procurement in new construction
contracts and supplier agreements.
We’re committed to
ambitious targets, and
doing more, for the benefit
of all our stakeholders.
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1
Corporate emissions include Scope 1, Scope 2 and Scope 3 categories 3-7.
2
See pages 80 and 86 for more information on the calculation for upfront embodied carbon and procurement of carbon credits.
3
See page 73 for more information on independent Life Cycle Assessments of new development projects.
4
Through the purchase of Emission Adjustment Certificates (EACs) from Meridian Energy’s Certified Renewable Energy product, Goodman is able
to utilise a ‘0’ emission factor, reflecting Meridian’s renewable electricity generation. See p a ge 73 for more information.
A resource-efficient portfolio that supports our customers in meeting their own climate goals is helping
create a sustainable business. The following highlights summarise our progress toward our targets.
SUSTAINABLE
PROPERTIES
Enhancing operational efficiency
Our properties can help businesses achieve their own
climate targets and contribute to greater productivity
and reduced operating costs.
Active management of our portfolio includes maintaining
our properties to a high standard and investing in
upgrade programmes that improve the operational
and environmental performance of our buildings.
It’s a strategy that helps attract and retain customers
with these businesses benefitting from lower emissions,
more resource efficient and resilient buildings.
Our sustainability initiatives have included the installation
of electrical submetering, customer and public EV
chargers, LED lighting upgrades, rooftop solar energy
systems, and water saving technologies. We have almost
completed the replacement of R22 refrigerants in
building HVAC systems with lower GWP alternatives, to
reduce the climate impacts of fugitive emissions from
system failures.
To meet customer demand for more
sustainable property solutions, GMT’s
$4.7 billion urban logistics portfolio features
properties that are strategically located,
sustainably designed and resource efficient.
Sustainability (continued)
FocusActionProgress
Emissions
Reduction
Pathway
+FY25 corporate emissions target
1
achieved with a 41.4%
reduction from our FY20 base year
+New FY30 targets set, including indirect Scope 3 emissions
+Reduced risk of fugitive emissions with near completion of core
portfolio HVAC upgrade programme
IIIIIIIIIIIIIIIIIIII 90%
Green Star
Rated
Development
+5 and 6 Green Star Design ratings achieved for the three projects
completed in FY25, totalling 50,286 sqm
+24,570 t C O
2
e of upfront embodied carbon
2
in these projects, to
be matched to high quality carbon credits
+Estimated 27.0% reduction in the upfront embodied carbon
emissions
3
compared to a reference building
IIIIIIIIIIIIIIIIIIII 90%
Energy
Efficiency
+100% of core portfolio to feature LED lighting by end of 2025,
99% completed or underway as at 31 March 2025
+5 or 6 Star NABERSNZ ratings achieved for all eligible office
buildings at Highbrook and M20 Business Park
+Submetering programme 42% installed
+Over 60% of the portfolio energy data monitored and used in
comparative benchmarking. Target 80% by end of 2026
IIIIIIIIIIIIIIIIIIII 80%
Renewable
Energy
+Certified Renewable Electricity
4
supplied by Meridian Energy
+2.0 MWp solar energy target set for 2025 achieved, with 2.7 MWp
installed to date and a further 0.2 MWp underway
+Almost 30% of the portfolio now features renewable solar energy,
including all new developments
IIIIIIIIIIIIIIIIIIII 100%
Improving
Biodiversity
+Over 1,000 native specimens planted at Highbrook’s Fisher Gully
wetland and Sir Woolf Fisher Drive Fernery
+Approximately 40 volunteer hours committed to clearing the
walkway and bank alongside Puhinui Creek in Wiri, neighbouring
M20 Business Park
+Over 5,000 native plants and trees sourced from Makaurau Marae
Nursery for restorative planting at Waitomokia
IIIIIIIIIIIIIIIIIIII 65%
Wynyard Wood House
5 Star NABERSNZ rating
Ford Building
6 Star NABERSNZ rating
Building 6
5 Star NABERSNZ rating
RSM House
5 Star NABERSNZ rating
NABERSNZ ratings at Highbrook Business Park, following completion of the office building certification programme.
New Zealand Green Building Council
nzgbc.org.nz
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Developing sustainably
Our commitment to sustainable development includes
targeting a minimum 5 Green Star Built rating from the
NZGBC for all new projects.
The FY25 development programme has included three
project completions at Roma Road Estate in Mt Roskill
and Savill Link in Ōtāhuhu. By utilising lower emission
materials and building systems, we have reduced the
intensity of the upfront embodied carbon within these
projects by around 27.0%
1
.
The upfront embodied carbon in the three projects will be
matched by globally recognised carbon credits once the
independent Life Cycle Assessments are finalised and
peer reviewed.
FY25 will be the last year we follow this process. For future
projects, the funds previously allocated to the purchase
of carbon credits will be invested in the development of
sustainable building technologies. It’s a long-term solution
that supports innovation focused on reducing embodied
emissions.
The recent projects at Roma Road Estate complete
the regeneration of this brownfield estate. By carefully
recycling and repurposing demolition and construction
waste, we aim to divert at least 90% of demolition material
from landfill in all brownfield development projects.
Extensive landscaping, urban ngahere (urban forests),
beehives and other biodiversity initiatives are features
of our larger estates, enhancing, and protecting the
natural environment.
Climate risk and emissions reporting
We acknowledge the climate is changing and that
extreme weather events are already impacting our
communities. As a business we are committed to playing
our part in reducing the impacts of climate change.
Comprehensive greenhouse gas monitoring provides
a detailed emissions profile for our business. This
knowledge, together with targets for a lower-carbon,
more-climate-resilient future is essential for assessing
the effectiveness of our sustainability initiatives.
The table below summarises our FY25 emissions and
compares these to the previous year. A full inventory, and
commentary on the approach taken and its limitations, is
presented within our FY25 Climate-related Disclosures,
see pages 59 to 93. The disclosures also include details
of the new extended emission reduction targets adopted
for 2030.
Corporate emissions
Corporate emissions relate to our general business
activities and include the buildings and spaces within the
portfolio where we have operational control. Toitū net
carbonzero certification confirms that our corporate
emissions have been measured in accordance with the
ISO 14064-1:2018 standard and matched with locally
sourced carbon credits (Category 1-4), and Certified
Renewable Energy certificates (Category 2) from Meridian.
Scope 3 emissions
Scope 3 emissions make up around 99% of our carbon
footprint and are the main focus of our sustainability
efforts. The largest contributors to these are our
development activity, our capital expenditure programme
and in use carbon emissions as a result of our customers
leasing space within the portfolio.
The upfront embodied carbon from completed
developments was 24,570.0 tCO
2
e in FY25 compared
to 26,436.8 tCO
2
e in FY24. On an intensity basis the
upfront embodied carbon of the FY25 projects is around
27.0% lower than similar sized reference buildings.
In use carbon emissions from downstream leased assets
is the next largest contributor to our carbon footprint.
The provision of sustainable property solutions and
ongoing upgrade programmes provides our customers
with the opportunity to reduce their emissions.
Our emissions inventory also includes an assessment
of the emissions relating to capital expenditure projects.
Given the number and varied nature of these projects,
this is an expenditure based assessment.
1
In comparison to similar sized reference buildings.
GHG EMISSIONS tCO
2
e
F Y25F Y24
Corporate emissions (location-based) 654.46 3 8 .7
Scope 3 emissions – upfront embodied carbon 24,570.026,436.8
Scope 3 emissions – other1 3 , 0 9 7. 413,246.2
Total emissions (location-based) 38,321.840,321.8
Tom Slade, Head of Environmental Sustainability
Demonstrating GEM, Goodman’s Energy Management system.
The online tool monitors electricity use, enabling customers to
optimise the operating efficiency of their building.
Sustainability (continued)
DELIVERING ENERGY EFFICIENCY
IS ONLY MADE POSSIBLE
BY INNOVATIVE BUILDING
MANAGEMENT SOLUTIONS
— LIKE OURS
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By investing in our people, our culture and in positive community outcomes
we are creating a more sustainable business that benefits all our stakeholders.
PEOPLE
AND CULTURE
Fostering an inclusive and diverse workplace
We believe an inclusive and diverse team enhances the
way we think and work, contributing to better business
outcomes.
Our Inclusion and Diversity policy sets targets for 2030
across gender, ethnicity and age. These objectives guide
our behaviour and help ensure we are a representative
and inclusive workplace. We value each person’s
uniqueness and want our people to feel supported.
An inclusive culture score of 82%, shows that we are
delivering on this goal.
Flexible and progressive employment policies reduce
bias and promote work life balance, with 82% of our
people working flexible hours and 64% choosing to work
remotely at least one day a week. Five team members
have also taken parental leave over the last 12 months.
Further information on our workplace demographics can
be found on p a g e 158.
Our brand values shape our culture
and focus our people on delivering the
high-quality service, and innovative
property and investment solutions
that underpin our success.
Jason Gillard, Fleet Valet Supervisor
Jason has been a valued member of
the Goodman team for over five years.
His neurodiversity is supported by an
inclusive business culture.
Sustainability (continued)
FocusActionProgress
Heath and
safety
at work
+Workplace wellbeing and people care programmes,
provided by Groov and Sonder
+Free flu vaccine and skin checks for team members
+New health and safety framework implemented, and Board
reporting enhanced
+No serious harm injuries recorded in FY25
IIIIIIIIIIIIIIIIIIII 80%
Diverse and
inclusive
workplace
+A diverse team of 67 that includes 13 different ethnicities, with
speakers of 14 languages
+An engagement score of 87%, reflecting a high level of connection
and motivation among our people
+Board and executive diversity reflects 33.3% female representation
IIIIIIIIIIIIIIIIIIII 80%
Investing in
our people
+366 training hours completed in FY25
+10 team events hosted focusing on diversity, inclusion, wellbeing
and workplace culture
+10.1 million performance rights issued to our people under GMT’s
long-term incentive scheme
IIIIIIIIIIIIIIIIIIII 90%
Social
procurement
and supply
chain ethics
+Social procurement encouraged in new construction contracts
and supplier agreements
+Almost 17 tonnes of lighting recycled by Abilities Group, an
organisation empowering individuals with disabilities
+Team members trained to assess potential risks in our supply
chain in relation to money laundering and modern slavery
+Modern slavery policy adopted
IIIIIIIIIIIIIIIIIIII 60%
Developing our people
Over time we have built a talented team, committed to
delivering the great spaces and service that helps our
customers thrive.
When we recruit, we look for people who will challenge
conventional practice and we utilise a variety of channels
to attract a diverse pool of candidates. To help our people
reach their potential we provide career pathways. This
includes formal induction programmes, regular reviews,
annual development plans and training objectives.
A long-term incentive plan helps attract and retain talent.
If performance hurdles are achieved, it rewards our
permanent team members with a share in the business,
aligning their interests with those of our stakeholders.
To encourage wider participation in our industry we
award an annual scholarship to a University of Auckland
property student, participate in the University’s property
buddy programme and support the Keystone Trust
through Goodman Community.
University of Auckland Property Buddy Programme
Eight students took the opportunity to learn more about our business at a recent presentation in the city management office.
This session was hosted by Marketing Director, Mandy Waldin (top left).
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Workplace wellbeing
Our workplaces support the health, safety and wellbeing
of our people while our brand values guide how we
interact with each other, represent our business, and
engage with stakeholders.
An engagement score of 87% and an employee retention
rate of almost 99% over the last year, reflect a positive
and supportive work environment.
We promote wellbeing through initiatives that support
mental and physical health, including free annual
skin checks and flu vaccines. We have continued our
partnership with Groov and its online programme,
which included a psychological safety workshop
during the year.
If required, independent counselling services and financial
planning are available to our people through Sonder, our
people care programme.
Sporting and recreational opportunities are also
supported, and we have hosted and promoted social
and cultural events including Chinese New Year, Diwali,
International Women’s Day and Māori Language Week.
Prioritising health and safety
The Board is fully committed to creating a safe working
environment for its employees and contractors, free
of accidents and other workplace risks. We have
well established work practices and comprehensive
procedures that ensure all our obligations under the
Health and Safety at Work Act 2015 are complied with.
We monitor safety and track incidents with detailed
reporting and trend analysis used to identify hazards and
mitigate risks. This reporting is presented to the Board
on quarterly basis. A Board tour of selected customer
workplaces was also undertaken in FY25.
During the year, there were 72 health and safety incidents
reported, compared to 110 in FY24. As a business that
promotes a safety-conscious culture we are encouraged
by the downward trend in incidents. Importantly, no
serious harm injuries occurred.
The data includes any incidents involving our people
or contractors together with any reported incidents
occurring within the public areas of the portfolio. It
includes hazard observations, near misses, injuries
requiring first aid, injuries requiring medical treatment and
serious harm injuries.
We have also acknowledged the risk that modern slavery
poses to individuals employed within our supply chain.
Mandatory training has been implemented to assist our
team in identifying signs of worker exploitation during their
interactions with suppliers and service providers.
Roma Road Estate
Site safety protocols being followed at a Property
Council event hosted at the recently completed estate.
Shane Everett, Landscape and Compliance Manager
Urban ngahere planted at Roma Road Estate (pictured)
and Highbrook Business Park enhance the environment
and support biodiversity.
Sustainability (continued)
DELIVERING SAFE WORKSPACES
THAT SUPPORT WELLBEING
IS A PRIORITY FOR ALL
RESPONSIBLE BUSINESSES
— LIKE OURS
GOODMAN’S
BRAND VALUES
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We believe that a sustainable operating model is essential for an organisation to be
successful over the long-term. We have continued to pursue initiatives that enhance
our business, extend our reporting and provides transparency to our stakeholders.
CORPORATE
PERFORMANCE
Environmental, social and governance (ESG)
Engagement with our stakeholders on environmental, social
and governance matters is a priority for our business.
Effective and transparent governance structures gives
stakeholders confidence in the delivery of our business
strategy. The GRI index on page 184 assists those
focused on our sustainability performance, with links to
key disclosures.
Our Climate-related Disclosures on page 59 includes
a full emissions inventory with assurance provided by
PwC. The disclosures also describe how we govern and
manage climate-related risks and opportunities. It forms
part of a wider enterprise risk management framework
that includes climate, compliance, financial, health and
safety, operational, people, regulatory, strategic and
other risks.
The corporate governance section on p a g e 156
compares our current practices against the principles
and recommendations of the NZX Corporate
Governance Code. GMT’s suite of governance
documents has been updated following Internalisation
and is available online:
https://nz.goodman.com/about-goodman/corporate-governance
We are committed to a long-term business
strategy that includes the aim of becoming
a truly sustainable, resilient, and low carbon
real estate provider. We benchmark ourselves
against recognised standards and critically
assess our performance.
Sustainability (continued)
FocusActionProgress
Financially
Sustainable
+Portfolio occupancy of 99%
+Investment grade credit rating of BBB
+Loan to value ratio of 31.8%, and committed gearing of 23.2%
+Distribution reflecting a payout ratio of 86.1% of cash earnings
IIIIIIIIIIIIIIIIIIII 90%
External
Certification
+PwC assurance of full GHG inventory
+CDP climate score of B, for environmental management
+Five-year anniversary of Toitū net carbonzero certification
+Sustainable Finance Framework with $600 million of Green Bonds
and Green Loans
IIIIIIIIIIIIIIIIIIII 80%
Governance
and Disclosure
+Remuneration Committee established following Internalisation
+Continued alignment with the NZX Corporate Governance Code
+Climate-related Disclosures incorporated into FY25 Annual Report
+GRI reporting framework
IIIIIIIIIIIIIIIIIIII 90%
Community
Support
+Around $0.4 million distributed through Goodman Community
+Direct and indirect support to 15 organisations
+Almost 500 volunteering hours completed
IIIIIIIIIIIIIIIIIIII 80%
GMT CORPORATE
RATING
BBB
DEBT ISSUANCE
RATING
BBB+
Communication and industry participation
As a Top 20 NZX listed entity, we have an obligation
to provide the market with timely, balanced and easily
accessible information. We engage with our stakeholders
on a regular basis, through a variety of communication
channels, including formal reporting, market
announcements and briefings, and more directly through
open days, presentations, and meetings. We extend our
reach through the use of social media.
We are an active industry participant, supporting initiatives
and organisations that deliver benefits to our business.
Our corporate memberships and partnerships include
Australasian Investor Relations Association, Diversity
Works, Greater East Tāmaki Business Association,
NZ Green Building Council, New Zealand Shareholders’
Association and Property Council New Zealand.
Financially sustainable
To build a long-term business, we need to be financially
sustainable. We achieve this through prudent capital
management and by maintaining high occupancy rates.
The strength of our customers supports our own financial
performance, providing the strong rental cashflows that
underpin earnings and distribution growth.
Low gearing and substantial liquidity add resilience to our
business and the flexibility to invest in new opportunities
as and when they arise. The establishment of a property
funds management platform provides GMT with
additional capital management options.
Our Sustainable Finance Framework is a treasury
initiative that enables the business to issue bonds and
establish loans to support the delivery of sustainable
property solutions.
GMT’s investment grade credit rating of BBB from S&P
Global Ratings reflects its financial strength. As a result
of the mortgage security held over its property portfolio,
GMT’s debt issuances are rated one notch higher at BBB+.
Both ratings have remained stable since first assigned
in 2009.
Volunteering day at Puhinui Creek,
M31 Business Park, Wiri
Goodman team members participating
in the restoration of the awa. Organised
in conjunction with Sustainable Business
Network and Te Pu-a-Nga Maara,
30 volunteers planted 1,200 native shrubs.
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Benchmarking
Regular benchmarking against respected standards
allows us to critically assess the effectiveness of our
sustainability initiatives.
A commitment to reducing our environmental impacts has
included participation in the annual CDP survey since 2006.
The global reporting initiative encourages participants to
minimise the impacts of climate change by monitoring and
reducing greenhouse gas emissions. Our 2024 climate
score of B confirms we are taking co-ordinated action.
Further information about the rating process can be found
at www.CDP.net.
With GMT now making comprehensive emissions
disclosures under the Aotearoa New Zealand Climate
Standards, 2024 will be the last year participating in the
annual CDP survey.
Toitū net carbonzero certification of our
corporate emissions requires positive
progress against targets established as part
of a carbon reduction and management
strategy. We have achieved a 41.4%
reduction from our base year, exceeding
the five-year target of a 21.5% reduction.
We have elected to publicly release our CDP and Toitū
assessments to assist other organisations in their
climate journey.
Community spirited
Recognising the needs of our stakeholders and
actively engaging with our communities fosters positive
relationships and provides GMT with its social licence.
Our relationship with tangata whenua is one of the most
important of these connections. We celebrate Māori
culture and work alongside local iwi in our investment
and social initiatives. The consultation and engagement
process in the development of the Waitomokia
masterplan reflects this commitment.
Te reo Māori classes are provided to team members
who wish to extend their knowledge and language ability.
We have also supported Kotahi Rau Pukapuka and its
work translating 100 books into te reo Māori. It is an
important initiative to promote the language and help
inspire generations of future Māori writers.
Through Goodman Community we support programmes
that help build inclusive, resilient, and sustainable
communities where everyone has the opportunity
to reach their potential. In FY25 we provided around
$400,000 of support to 15 organisations.
Sustainability (continued)
Tāwharau Lane, Highbrook Business Park
Completed in 2023, the 6 Green Star multi-warehouse
development was recognised with two Excellence Awards
(Sustainable Building and Industrial categories) from the
Property Council of New Zealand at its annual awards in 2024.
L E F T: Aroha
The latest book translated
into te reo Māori by Kotahi
Rau Pukapuka, with the
support of Goodman
Community.
R I G H T: Blessing ceremony,
Favona Road Estate,
Māngere
Goodman team members
and Te Ākitai Waiohua
kaumātua at the Mainfreight
Supersite in Favona.
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GOODMAN
COMMUNITY
The aim of our social initiatives is to help
build inclusive, resilient, and sustainable
communities where everyone has the
opportunity to reach their potential.
ENABLING
EDUCATION AND
EMPLOYMENT
MEETING
ESSENTIAL
NEEDS
PROMOTING
SOCIAL AND
MENTAL WELLBEING
PROVIDING
DISASTER
RELIEF
Through dynamic partnerships with
organisations that support people with
the knowledge, tools and resources
they need to navigate and overcome
adversity, we are strengthening our
local communities and enabling long-
term positive change.
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New Zealand Food Network,
The Gate Industry Park, Penrose
Goodman team members
volunteering at NZFN, another
customer in the portfolio focused
on meeting essential needs.
Goodman Community were a
founding supporter of this partner
organisation to KiwiHarvest.
Goodman has been a
financial supporter of
KiwiHarvest since 2015.
The charity is GMT’s largest
community partnership,
and we have extended this
relationship, committing over
$1 million of financial support
over the next three years.
Goodman Community (continued)
KiwiHarvest, Highbrook Business Park
MEETING
ESSENTIAL
NEEDS
We support community organisations
that are enabling food and housing security
and providing access to household goods
and clothing.
KiwiHarvest
As New Zealand’s leading food rescue organisation,
KiwiHarvest collects nutritious but perishable food that
would otherwise go to landfill and redirects it to those
in need.
Operating in Auckland, Dunedin, Queenstown, and
Invercargill, KiwiHarvest redistributed a record
3.1 million kgs of food to around 225 food banks and
other recipient agencies during FY25. This effort, which
included surplus produce, protein, mislabelled goods,
cleaning products, and grocery items approaching
expiry, provided over 6.7 million meals. The social value
this creates is estimated to be around $13.5 million.
Additionally, reducing organic waste destined for
landfill had a positive environmental impact, avoiding
9,000 tCO
2
e of carbon emissions.
A founding partner, Goodman has been a financial
supporter of KiwiHarvest since 2015. The charity is
GMT’s largest community partnership, and we have
extended this relationship, committing over $1 million
of financial support over the next three years. This
support includes the provision of warehouse facilities
at Highbrook Business Park.
https://www.kiwiharvest.org.nz/
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Upside Young Mentoring
Aotearoa
Exposure to positive role
models who help build
resilience, contributes to
better outcomes for our
young people.
Goodman Community (continued)
PROMOTING SOCIAL
AND MENTAL WELLBEING
We focus on initiatives that improve psychosocial wellbeing
and create space for people and communities to flourish.
YMCA North – Intermediate School
Sports Camps, Camp Adair, Hunua
To address the inequity of year 7 and year 8 students
from high equity (low decile) schools missing out on
interschool sporting opportunities, YMCA North hosts
six, sports camps, every year at a discounted cost for
eligible schools.
Each week-long camp includes 6-8 different
schools (sending 40 students each), with around
2,000 students from 50 intermediate schools
benefiting from the programme each year.
There are seven South Auckland schools participating
in 2025 that are located close to GMT estates.
The programme focuses on leadership, teaching
sportsmanship and challenging the students attitude
on and off the sports field. A key message is that
“leadership can come from any team member.”
Key student outcomes include:
+Improved health, both physical and mental
+Greater confidence, more responsible and
improved organisational skills
+New friendships and positive interschool
relationships
+Students remain more active, increased
involvement in team sports
+Improved general behaviour.
https://www.ymcanorth.org.nz
Upside Youth Mentoring Aotearoa
Recognising the need for early intervention to
avert poor life outcomes, the aim of Upside Youth
Mentoring Aotearoa is to support positive change
in New Zealand’s youth.
The organisation has been matching young people
with mentors since 2006 and with over 1,000
matches and 7,000 hours of mentoring a year,
they’re having a direct impact on young lives.
Key outcomes include:
+Improved mental and physical health
+Higher educational attainment
+Reduced risk of family violence and addiction
+Lower risk of criminal activity
They work with young people aged 9-13 years old
who have been referred from schools, (via principals,
counsellors, and Learning Support Coordinators)
who believe a positive role model would help the
young person navigate their current challenges.
Upside works across Tāmaki Makaurau (Auckland)
and supports young people in other areas through
partner organisations, who implement Upside’s
programme in their own communities.
www.upside.org.nz
Ongoing support
Through our Give Back initiative, discretionary
grants and other fundraising, financial support was
also provided to the following organisations and
events last year:
+4U Mentoring
+Daffodil Day – Cancer Society New Zealand
+IDFNZ The Kids Foundation
+Orange Sky
+Pink Ribbon – Breast Cancer Foundation NZ
+Ronald McDonald House
+Starship Foundation
+The Key to Life Charitable Trust – Gumboot Friday
+Women’s Refuge Tāmaki Makaurau
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ABOVE: Holly Mace, Investment Analyst
Presenting at a Keystone Trust future leaders workshop for
second year scholarship recipients.
BELOW: Tania Dalton Foundation Fundraiser
Goodman team members participating in the inaugural ladies’
9-hole tournament at Pupuke Golf Course in Takapuna.
Goodman Community (continued)
ENABLING EDUCATION
AND EMPLOYMENT
We partner with organisations that offer education and
employment pathways in our communities.
Duffy Books in Homes
Founded by author Alan Duff, Duffy Books is a
national reading initiative that promotes literacy
through book ownership. Established more than
30 years ago there are now over 800 participating
schools and early childhood centres – providing
around 100,000 students with up to six free
books every year.
It is a highly effective programme with role model
assemblies also used to champion the benefits of
reading.
Duffy Books is the longest running of our community
programmes and GMT currently supports Fairburn,
Sir Edmund Hillary and Wiri Central Primary Schools.
With established relationships, we have also
provided surplus office furniture, laptops, and other
IT equipment to these schools.
From FY26 we are extending our Duffy sponsorship
to include Ōtāhuhu Primary School, with the four
South Auckland primary schools having a combined
roll of over 1,600 students.
www.booksinhomes.org.nz
Tania Dalton Foundation
The Tania Dalton Foundation (TDF) helps gifted young
New Zealanders unlock their sporting talent and become
their best selves. TDF awards up to 14 scholarships a
year and provides recipients with mentoring support and
personal development opportunities over the course of
the three-year programme.
A wider goal of the TDF is to engage with thousands
of young people across the country through a range
of initiatives, all aimed at making a positive and
measurable impact on their lives.
Goodman has been supporting the TDF programme
since 2018, with Trinity Waiwiri-Toka our 2024
scholarship recipient.
The Rosehill College student from Papakura is
a talented softball player who has represented
New Zealand in international age group competitions
Launched in 2018 the Scholarship Programme
provides a unique three-year financial scholarship
to young sports women to assist them in their
high-performance journey.
www.taniadaltonfoundation.org.nz
Keystone Trust
The Keystone Trust is focused on promoting
opportunities and lifting the participation of young
people in the New Zealand property industry.
Since 1994, the trust has granted over 200
scholarships and awarded $2 million in scholarship
funding to help young people held back by inequality
to take up tertiary studies in the property and
construction sector.
The scholarship recipients also receive broader
support including mentoring, networking
opportunities, site visits and paid work experience.
There were 36 Keystone Trust scholarships awarded
for 2025 (the largest intake in its 21-year history),
lifting the number of students currently on the
programme to 72.
www.keystonetrust.org.nz
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54
NZ Blood Service, Highbrook Business Park
One of the first industrial facilities in New Zealand to achieve
a 6 Green Star Built rating. The certification represents world
leadership standard in sustainable development.
DELIVERING TIME CRITICAL
SUPPLIES IS ONLY MADE POSSIBLE
WITH STRATEGICALLY LOCATED
LOGISTICS FACILITIES
— LIKE OURS
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STATEMENT OF
COMPLIANCE
Goodman Property Services (NZ) Limited as Manager of
Goodman Property Trust (GMT) and GMT’s subsidiary
GMT Bond Issuer Limited are both classified as climate
reporting entities under the Financial Markets Conduct
Act 2013 (FMCA).
GMT Bond Issuer Limited has been granted an exemption
from the FMA, the Financial Markets Conduct (Climate-
related Disclosures – GMT Bond Issuer Limited) Exemption
Notice 2024 (Exemption Notice), which exempts it from
preparing a set of Climate-related Disclosures.
These climate-related disclosures comply with the
Aotearoa New Zealand Climate Standards (NZ CS 1,
NZ CS 2 and NZ CS 3) issued by the External Reporting
Board, subject to the Exemption Notice.
In preparing this report, Goodman has elected to use the
following NZ CS 2 adoption provisions:
+Adoption provision 2, which exempt Goodman from
disclosing its assessment of the anticipated financial
impacts of the physical and transition impacts of
the climate-related risks and opportunities it has
identified.
+Adoption provision 6, which exempts Goodman
from disclosing comparative information of each
reported metric for two prior periods, has been relied
on for certain metrics where Goodman is including
comparative information for only one prior period.
CLIMATE-RELATED DISCLOSURES
Waitomokia, Māngere
A baseline ecology survey being undertaken
prior to the commencement of infrastructure
works at the greenfield development site.
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C L I M AT E- R E L AT E D
DISCLOSURES OVERVIEW
Reporting boundaries
The scope of our financial and non-financial
reporting includes Goodman Property Trust (GMT)
its subsidiaries (including GPS and GMT Bond
Issuer Limited) and all other property owning and
management related entities. Within these disclosures,
we either refer to these entities specifically or
collectively as Goodman.
FY25 is the first year of GPS managing GMT,
following Internalisation on 28 March 2024.
Our climate-related risks and opportunities
The detailed assessment process undertaken
to identify the various climate-related risks and
opportunities to our business was disclosed in
FY24. These can be found on page 28 in the
2024 Sustainability Report at gmtcrd24.co.nz.
This involved scenario analysis across three climate
futures: Orderly, Disorderly, and Hot House World.
From this, we identified six risks and five opportunities,
across seven climate-related impacts, as material to
GMT’s long-term success. Ten of these 11 risks and
opportunities are transition-related.
The location and design of our properties mean that
the physical risks from more extreme weather events
is assessed by independent specialists as low.
The strategy section on page 64 describes how we
integrate the 11 climate risks and opportunities into
our general business planning and the actions we are
taking to mitigate the impacts of climate change.
Our GHG emissions
Understanding the emissions profile of our business
and how this can fluctuate from year to year provides
the knowledge that underpins our targets for a lower-
carbon, more climate-resilient future.
With the composition of our portfolio regularly
changing (through new acquisitions and development
activity) our focus is on reducing the intensity of our
emissions. Absolute emissions may still increase
depending on the level of development and new
investment.
A comprehensive breakdown of our FY25 emissions is
provided on p a g e 72. Total emissions have decreased
5.0% from FY24, to 38,322 tCO
2
e, principally as a
result of lower construction completion volumes.
Our emissions inventory shows that our corporate
activities made up just 1.7% of our total emissions in
FY25. Corporate emissions include Scope 1, Scope
2 and Scope 3 categories 3-7. Our total Scope 3
sources made up around 99.1% of our GHG inventory.
The greatest contributor was our value chain, with
development activity (upfront embodied carbon)
representing 64.1% of total emissions and customer
energy consumption (in use carbon) 16.2%.
Adopting robust emissions reduction targets
Directing our efforts toward more sustainable property
solutions that reduce both upstream and downstream
Scope 3 emissions provides the greatest opportunity
for our business. It also helps our customers achieve
their own climate goals.
Our transition plan on p a ge 70 details the varied
strategies we have adopted to achieve our three
new FY30 reduction targets, including reducing the
intensity of our upfront embodied carbon and in use
carbon emissions.
The new FY30 emission reduction targets were
approved by the Board in May 2025.
Toitū Envirocare has independently confirmed that
these new commitments align with the Science-Based
Target initiative’s (SBTi) criteria for limiting global
warming to no more than 1.5°C.
Assurance and sign off
A delegated subcommittee of the Board has overseen
the preparation of this year’s Annual Report and
the Climate-related Disclosures it contains. PwC
have provided limited assurance over the emissions
inventory presented on p a g e 72.
The full Board have reviewed the completed Annual
Report, including the disclosures required under
the Aotearoa New Zealand Climate Standards and
approved these for release on 23 June 2025.
John Dakin Laurissa Cooney
Chair Chair, Audit Committee
Climate-related Disclosures (continued)
Forward looking statements
These disclosures summarise our assessment of Goodman’s future climate-related risks and opportunities
and how this is integrated into our wider business strategy. It contains statements about the future,
including climate-related goals, targets, pathways, ambitions, risks and opportunities, as well as current
transition plans.
These forward-looking statements require us to make assumptions that are subject to inherent risks and
uncertainties, many of which are beyond our control and give rise to the possibility that our predictions,
expectations or conclusions will not prove to be accurate, that our assumptions may not be correct, and
that our objectives, targets, and strategies to mitigate and adapt to climate- related risks and opportunities
will not be achieved.
We have set out the basis and limitations of our analysis and reserve the right to revisit any assumptions as
we develop our understanding without notice.
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GOVERNANCE
Board oversight
The Board of Goodman Property Services (NZ) Limited
has ultimate responsibility for the performance of GMT,
governing its business operations and strategic direction.
This oversight includes ensuring that all commercial
activities are aligned with the sustainability objectives
and climate-related targets contained in its three-year
strategic plan.
The Board considered and approved the current three-
year strategic plan in March 2025. This process included
a review of the business’s transition plan and previously
identified climate-related risks and opportunities. The
transition plan presented on p a ge 70 summarises the
strategic response to these risks and opportunities,
and the new FY30 emission reduction targets that have
been adopted.
Sustainability is a permanent agenda item at each
quarterly Board meeting, where Directors review progress
towards established targets and approve new climate-
related initiatives. Climate risk assessments are also a
requirement of new investment approvals.
Our Directors have a complementary set of skills, with
sustainability one of the core competencies represented
on the Board. Specialist external advice and ongoing
training helps ensure Directors are well-informed on
developments in climate science and climate governance.
The composition of the Board is unchanged from last
year, with director biographies presented on page 30.
Directors’ climate specific skills were outlined on page 27
of the 2024 Sustainability Report, which can be found at
gmtcrd24.co.nz.
The role of Management
The executive management group, led by the Chief
Executive Officer, is responsible for delivering a business
strategy that includes the goal of becoming a sustainable,
resilient, and low-carbon real estate provider.
The Chief Financial Officer, as Head of Sustainability,
oversees the sustainability programme, including climate
reporting and initiatives to enhance environmental
performance and resilience, primarily by reducing upfront
embodied carbon emissions and in use carbon emissions.
The Head of Environmental Sustainability, one of four
dedicated sustainability roles, reports directly to the
Head of Sustainability.
The sustainability programme spans all business
operations, with a Sustainability Committee of senior
personnel meeting quarterly to discuss trends, monitor
progress, review initiatives, and consider new projects.
Chaired by the Head of Sustainability, the committee
directs actions to manage climate risks and achieve
carbon reduction goals.
RISK MANAGEMENT
Shor t-term
Medium-term
Long-term
Present – 2030
2030 – 2050
2050+
Reflecting the average lease term within the portfolio,
and detailed business budgeting timeframes.
Consistent with longer-term business planning, capital
expenditure projects and re-development plans.
A future time horizon that represents the economic lifespan
of GMT’s industrial portfolio.
RISK MANAGEMENT MATRIXGOVERNANCE HIERARCHY
Climate-related Disclosures (continued)
Identifying, assessing, and
managing climate-related risks
Goodman has adopted a risk management framework
that considers climate, compliance, financial, health and
safety, operational, people, regulatory, strategic and other
risks. Established processes govern the identification,
assessment and management of these enterprise risks.
Following Aotearoa New Zealand Climate Standards,
climate-related risks are evaluated under three climate
scenarios and time horizons. The process to establish
the detailed climate-related risks and opportunities
disclosed on pa ge 67 was fully described on page 28 of
the 2024 Sustainability Report.
Our adopted climate scenarios will be reviewed periodically,
to reflect changes in underlying climate models.
The climate risks that were identified in FY24 are
reviewed in response to significant operational, strategic,
or regulatory changes. These can be found on page 31
in the 2024 Sustainability Report at gmtcrd24.co.nz.
Recent assessments by management concluded there
is no material change to previously identified risks. These
assessments encompass both physical and transition risks.
Aon Global Risk Consultants conducted the physical risk
assessment, which included a comprehensive review of
the entire value chain, from upstream development to
internal operations and downstream customer activities.
Integrating climate-related risks
into risk management
A detailed risk register, maintained by management,
forms the foundation of the business’s risk management
framework.
Quarterly reviews and a comprehensive annual risk
assessment process, evaluate changes to the business
or operating environment, assessing existing risks and
identifying new ones.
These assessments include consideration of the impact
and likelihood of each material risk, and the agreed
mitigation approach. The outcome of the annual risk
assessment process is presented to the Board for approval.
Environmental sustainability and climate change are among
the areas of significant risk previously identified. Business
planning incorporates strategies to manage and mitigate
these risks, such as setting carbon reduction targets and
achieving a minimum 5 Green Star certification for new
developments.
Climate impacts on new investments are assessed
during due diligence, with the Board considering these
factors when approving new property acquisitions or
development initiatives.
Tāmaki River, Highbrook Business Park
Board of
Directors
Head of
Environmental
Sustainability
Audit
Committee
Executive
Management
Te a m
Sustainability
Committee
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STRATEGY
CLIMATE SCENARIO SUMMARIES
Climate-related Disclosures (continued)
Esplanade Reserve, Highbrook Business Park
Stormwater retention ponds are integrated into
the natural landscape of this award-winning estate.
SCENARIO 3
HOT HOUSE WORLD
NGFS: ‘Current Policies’
Policy reaction: None
Policy ambition: >3.0°C
Technology and
behaviour change: Slow
Physical risk severity: Extreme
Average sea levels: +1.0 8 m
Mean temperature: +3.6°C
Rainfall intensity: + 2 6 . 1%
Number of hot days: +300%
No policies are introduced to
curb emissions. Regulatory
change is slow with a focus
on adaptation and managing
climate driven immigration/
refugees.
There is limited innovation
around lower carbon materials
and technologies due to low
demand.
Building codes become more
stringent as they look to address
the physical impacts of climate
change with more frequent storm
events, heatwaves, floods and
heavier rainfall. Assets that are
unable to meet the new codes
risk becoming stranded.
Mandates are introduced to
conserve energy for critical
functions as infrastructure is
damaged by climate change.
Demand for buildings resilient to
direct climate-related physical
events and electrical network
failures increases.
A breakdown in social cohesion
occurs with heat stress,
mental health impacts and
food insecurity from climate
change prompting a retreat from
Auckland and other cities.
SCENARIO 2
DISORDERLY
NGFS: ‘Delayed Transition’
Policy reaction: Delayed
Policy ambition: <2.0°C
Technology and
behaviour change: Slow/fast
Physical risk severity: Moderate
Average sea levels: +0.60m
Mean temperature: +1.8 ° C
Rainfall intensity: +6%
Number of hot days: +40%
Policy, technology and
behaviour change is slow up
until 2030.
Around 2030 there are a
series of abrupt and stringent
decarbonisation policies.
The electricity sector is
unprepared for the rapid demand
for electrification. Assets with on-
site generation surge in demand
while New Zealand experiences
frequent blackouts and electricity
price fluctuations in the medium-
term.
The rapid increase in demand
for lower carbon materials
sees significant disruption for
the sector with competition for
materials and expertise leading
to significant price escalations.
Early movers get the opportunity
to access these materials and
subject matter experts before
others in the sector.
SCENARIO 1
ORDERLY
NGFS: ‘Net Zero 2050’
Policy reaction: Immediate/smooth
Policy ambition: 1.5°C
Technology and
behaviour change: Fast
Physical risk severity: Moderate
Average sea levels: +0.39m
Mean temperature: +1.4° C
Rainfall intensity: +6%
Number of hot days: +40%
Timely policy change prompts
organisations to quickly adopt
carbon reduction strategies.
In the short to medium-term
the shadow cost of carbon
rises, driving demand for low
carbon building materials. These
materials are in short supply.
Building costs rise.
Behavioural change and energy
caps see demand for more
energy efficient buildings.
A shortage of energy efficient
space drives demand for assets
with on-site electricity generation
and low carbon technologies, like
those found in Green Star rated
properties.
The scale of retrofit activities is
significant with building upgrades
for energy efficiency supporting
occupier emissions reduction
targets in the short-term.
Technology changes quickly and
lower carbon materials become
more cost and time effective in
the medium-term.
The grid becomes fully renewable
in the medium-term and buildings
become more energy efficient as
occupiers and property owners
play their part in achieving a Net
Zero 2050 outcome.
The climate scenarios we have adopted are not intended to be
predictive, or to identify the ‘most likely’ outcomes of climate change.
They are intended to provide a picture of multiple challenging,
plausible future states that allow us to better understand and
prepare for the uncertain future impacts of climate change.
This section describes the climate scenario
analysis undertaken by Goodman, the key
climate-related risks and opportunities including
anticipated business impacts and how this has
influenced Goodman’s transition plan for a
low-emissions, climate-resilient future.
Goodman’s business strategy is focused on the delivery
of sustainable property solutions for its customers.
Exclusively investing in the Auckland industrial market,
our warehouse and logistics facilities provide these
businesses with well-located and operationally efficient
facilities that provide critical supply chain infrastructure
for the New Zealand economy.
Goodman has been monitoring and disclosing its
corporate emissions since 2006, these disclosures
have been extended over the last two years to include a
comprehensive assessment of all Scope 3 emissions.
The potential impacts of climate change are far-reaching,
with current behaviours and actions expected to have
significant consequences on the future operating
environment. The three climate scenarios that have
been adopted reflect a range of outcomes, aiding in the
understanding of specific risks and opportunities the
business may encounter over short-, medium-, and long-
term time horizons.
The business’s current strategic plan incorporates the
objectives of the transition plan presented on p a ge 70.
These objectives focus on mitigating climate change
impacts, including reducing the intensity of upfront
embodied carbon and in-use carbon emissions, and
adapting the business to support the climate goals of
its customers.
New emissions reduction targets have been set for FY30
Toitū Envirocare has independently verified that these
new commitments align with SBTi’s criteria for limiting
global warming to no more than 1.5°C.
Selecting climate scenarios
The three climate scenarios established by the NZGBC
for the Construction and Property Sector were adopted in
2024. While there have been no revisions to these scenarios
over the past 12 months, they continue to represent the
most appropriate framework for New Zealand-based
real estate investment entities such as Goodman. We
acknowledge that climate science is evolving and remain
alert to new developments that may shape future scenarios.
The current scenarios are fully described in the NZGBC
Climate Scenarios for the Construction and Property
Sector. Please review the full report to understand
the assumptions and limitations underpinning these
scenarios. https://nzgbc.org.nz/research-and-reports
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Natasha Artus, Assistant Project Manager,
and Connor Morley, Aspec Construction
Reviewing progress of the overland flow path
during construction at Roma Road Estate.
DELIVERING CLIMATE RESILIENT
PROPERTIES IS ONLY MADE
POSSIBLE WITH SUSTAINABLE
BUILDING DESIGN
— LIKE OURS
CLIMATE-RELATED RISKS
AND OPPORTUNITIES
Following a comprehensive assessment process, we have identified six risks and five
opportunities across seven climate-related impacts as material to GMT’s long-term
success. These were first reported in our 2024 Climate-related Disclosures. These were
assessed by the Board to be unchanged in our FY25 Strategic Plan. Aon Global Risk
Consultants assessed there to be no material change to the portfolio’s physical risks.
The following table presents the expected impact areas against the corresponding
risks and opportunities.
Current year Financial Impact
Management assessed the FY25 impacts for each of these climate-related risks and
opportunities and found no material financial impact.
OpportunitiesImpactStrategyRisksImpact
Physical
EXTREME
W E AT H E R
Not materialAsset selection
and adaptation
Pluvial flooding
and increasing
temperatures
Capex
Transition
CUSTOMER
PREFERENCES
Collaborating
with customers
to reduce their
operational carbon
Opex
Rental
income
Energy efficiency
upgrade
programme
Properties not
suited to customers’
sustainability
targets
Rental
income
Transition
STRANDED
ASSETS
Purchasing and
redeveloping
stranded properties
Revenue
from new
assets
Adapt at risk assetsPolicy change
affects leasability
of non-compliant
properties
Capex
Transition
COST OF
INSURANCE
Lower insurance
cost for assets with
lower physical risks
Opex
Rental
income
Adapt at risk assetsInsurers apply
more scrutiny
following climate-
related losses
Insurance
premiums
Transition
COST OF
CAPITAL
Increase investment
case in GMT
Funding
costs
Develop and
implement
sustainability
strategy
Failure to meet ESG
expectations and
climate standards
Funding
costs
Transition
ENERGY
Provide energy
efficient and grid
resilient properties
Leasability
Rental
income
Solar upgrade
programme
Not material
Transition
COST OF
DEVELOPMENT
Not materialSupplier
engagement
Construction sector
slow to decarbonise
/ supply chain
disruption
Cost of
carbon,
material &
labour
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Climate-related Disclosures (continued)
Our process for establishing GMT’s
seven most material climate-related
impacts is set out in the 2024
Climate-related Disclosures along
with detail on how they relate to our
environmental sustainability objectives.
OpportunitiesStrategyRisks
EXTREME
W E AT H E R
We do not consider opportunities
arising from more extreme weather
to be material to GMT.
+Enhance asset resilience
through adaptation, landscaping
practices and updated
development specifications.
+Plan redevelopment for high-risk
buildings.
+Focus on expanding resilient
locations through intensified
development.
+Assess and mitigate physical
risks in new investments
while implementing proactive
maintenance plans and
supporting infrastructure to
prevent future damage.
+Monitor planning and
infrastructure changes across
regions of interest.
Physical Risk – Acute/Chronic
Hothouse (Long-term).
Few susceptible assets.
New Zealand’s climate is evolving,
with more extreme weather
patterns expected, including
hotter days, fewer frost days, and
more intense rainfall. Coastal
areas will face rising sea levels,
heightening the risk of flooding and
storm damage. As these climate
challenges intensify, GMT’s
assets in vulnerable locations
will be increasingly exposed
to operational disruptions and
physical damage requiring more
capital expenditure.
CUSTOMER
PREFERENCES
Transition – Market
Disorderly (Short term).
Hothouse (Short & Medium term)
core portfolio & development.
Eight of GMT’s ten largest
customers have public carbon
reduction targets, with more
expected to follow. As supply of
sustainable properties continues to
lag, leading occupiers are expected
to favour energy-efficient, climate-
resilient properties. Investing in
these assets supports customers
in meeting their carbon goals and
underpins stronger rental growth.
+Partner with customers to cut
emissions using submetering
data.
+Deliver energy-efficient, Green
Star-certified or equivalent
spaces and introduce green
leases.
+Support customer demand for
on-site solar.
+Future-proof assets with
EV infrastructure.
Transition – Market
Orderly (Short term).
Disorderly (Medium term).
Whole portfolio.
Shifting consumption and global
trade patterns may also reduce
logistics demand. These factors
risk suppressing rental growth.
STRANDED
ASSETS
Transition – Market / Resilience
Hothouse (Long-term).
Value-add assets.
An increasing mismatch between
outdated building stock and
evolving occupier needs is
emerging. This dynamic may
drive rent repricing and open
opportunities for GMT to reposition,
acquire, and redevelop assets
– unlocking new revenue and
strengthening the portfolio.
+Enhance development and
maintenance strategies to
withstand extreme weather and
safeguard assets from physical
climate risks.
+Embed both physical and
transitional consideration into all
investment decisions.
+ Design and invest in resource-
flexible buildings that support
adaptive reuse at the end of their
economic life.
+ Prepare assets for electrification,
including scalable EV
infrastructure.
+ Reduce reliance on external
utilities through efficient systems.
Transition – Market/Regulatory
Hothouse (Long-term).
All properties.
Climate change may render
some buildings obsolete or
too expensive to upgrade. Not
adapting our base build and
building upgrade works to meet
sustainability and resilience
standards; could greatly reduce
demand and lead to stranded
assets.
OpportunitiesStrategyRisks
COST OF
INSURANCE
Transition – Market
Hothouse (Long-term).
All lower-risk properties.
As insurance premiums
increasingly reflect physical risk
exposure, a multi-tiered market is
likely to emerge. Lower-risk assets
will benefit from reduced insurance
costs, translating to lower operating
expenses for tenants and stronger
rental growth potential.
+Assess and address both
physical and transition risks in
new investments.
+Enhance existing assets and
development specifications to
improve resilience against the
growing frequency and severity
of extreme weather events.
Transition – Market
Hothouse (Long-term).
All properties.
The growing frequency and
intensity of extreme weather
events linked to climate change
are expected to significantly
impact the insurance and
reinsurance sectors. This may
drive up premiums across the
board, even for low-risk assets,
while high-risk assets could face
steep premium hikes or difficulty
securing coverage.
COST OF
CAPITAL
Transition – Market
Disorderly (Short-term).
Hothouse
(Short/Medium/Long-term).
Whole portfolio.
Form a robust sustainability
strategy that positions our business
for a low-emissions, climate-
resilient future, aligned with investor
direction. Meeting investor demand
for these assets can attract more
capital, potentially at a lower cost.
+Leverage our Sustainable
Finance Framework to fund
sustainable property initiatives.
+Develop energy-efficient, high-
quality workplaces targeting
Green Star certification.
+Incorporate site-specific nature
and biodiversity targets into
project planning.
Transition – Reputation
Orderly
(Short/Medium/Long-term).
Disorderly (Medium/Long-term).
Whole portfolio.
ESG performance is increasingly
integral to investor decision-
making, influencing WACC and
target price. As energy and
carbon regulations tighten,
failure to keep pace may
directly impact GMT’s access to
competitively priced funding.
ENERGY
Transition
– Resilience/Energy Source
Orderly (Short-term).
Disorderly (Medium-term)
Hothouse (Long-term)
core portfolio & developments.
Blackouts caused by aging energy
infrastructure will drive demand
for energy-efficient, grid-resilient
properties. Assets with onsite
renewable energy will experience
fewer disruptions, boosting leasing
demand and rental growth.
+Create energy-efficient,
Green Star-certified workplaces.
+Tailor solar installations to meet
customer energy needs.
+Prepare assets for electrification,
including EV charging
infrastructure.
While there are energy-
related risks to our customers
operations, we do not consider
these to be a material risk
t o G M T.
COST OF
DEVELOPMENT
We do not consider opportunities
relating to development costs to be
material to GMT.
+Collaborate with the construction
sector to identify, test, and adopt
lower-carbon alternatives to
traditional building materials
through GMT’s Embodied
Carbon Innovation Fund.
+Prioritise brownfield
opportunities by conserving,
reusing, and recycling materials,
and exploring circular economy
solutions in value-add properties
before deconstruction.
+Invest in resource-flexible
buildings designed for easy
repurposing at the end of their
economic life.
Transition – Market
Orderly (Short/Medium-term).
Disorderly (Medium-term).
Developments.
The construction sector
faces challenges in rapidly
decarbonising. As climate-resilient
materials and designs emerge to
meet stricter regulations, limited
supply will drive up material and
labour costs.
Where considered material, the table below shows the risk
or opportunity type (e.g. Transition – Market), the impacted
scenario and timeframe (e.g. Orderly, Short term), the scope
of the impact (e.g. Whole portfolio) and the primary impact
assessment. The table also shows the strategy we have
adopted to realise these opportunities and mitigate these risks.
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Climate-related Disclosures (continued)
TRANSITION PLAN
Goodman’s first emission reduction plan in FY21 set out a
clear pathway for lowering corporate emissions to meet a
19.4% reduction target by FY25. This target was revised to
21.5% in FY23, by FY25 we have delivered a reduction of
41.4% through a number of targeted projects.
With corporate emissions making up less than 2% of
total emissions our focus has widened to include the
entire value chain. This includes the upfront embodied
carbon within development projects and the operational
emissions of the buildings within the portfolio.
In 2025 the Board set new Scope 3 emission reduction
targets, covering around 80% of GMT’s greenhouse gas
inventory.
The climate transition plan below summarises our strategic
response to the preceding climate risks. It is grouped into
four categories, Corporate Activity, Building Materials,
Customer Footprints, Climate Resilience.
Corporate ActivityBuilding MaterialsCustomer FootprintsClimate Resilience
AIM
Reduce emissions within
Goodman’s direct control.
Use materials
and construction
techniques focused
on reducing upfront
embodied carbon.
Support the reduction of
customers’ carbon and
other footprints.
Decarbonise, adapt
assets, and mitigate
risks to be resilient to
the impacts of climate
change.
SIGNIFICANCE
The most significant corporate
emission sources have
been diesel, electricity, staff
commuting and refrigerant
loss, accounting for over 80%.
Embodied carbon from
our developments
accounted for 64%
of our total emissions
in F Y25.
Our customers
operational energy use
accounted for 16% of
total FY25 emissions.
3.2% of GMT’s assets
by rental income have
been assessed to be at
risk to moderate or high
potential for damage from
extreme weather events.
STRATEGY
Reduce fugitive emissions by
renewing older HVAC systems.
Reduce the use of fossil fuels
through renewable energy and
electrification of company
transport.
Measure embodied
carbon for all
developments.
Specify lower GWP
materials and minimise
waste to landfill.
Measure in-use emissions.
Create energy efficient
workplaces with more
advanced lighting,
electrical submetering
and on-site solar.
Invest in low risk
locations.
Mitigate and adapt
climate risks.
Adapt at risk assets.
TA R G E T S
Reduce corporate emissions
by 43% by FY30 from a base
year of FY20.
Reduce upfront
embodied emissions
intensity by 30% by
FY30 from a base year
of F Y25.
Reduce in-use emissions
intensity by 31% by FY30
using a market-based
approach.
Reduce warehouse in-use
emissions intensity by
21% by 2030 using a
location-based approach.
Minimise number of at
risk assets.
EXECUTION
Refrigerant replacement
programme now 96%
complete.
Electrification of vehicle
fleet and employee incentive
scheme has resulted in 40%
of staff driving EVs.
GWP targets have
been added to build
specification.
Completions in FY25
averaged 27.0% lower
GWP than reference
buildings.
Reuse brownfield
demolition materials.
Energy benchmarking
commenced for core
assets.
Collaborate with
customers to understand
and reduce footprint.
Upgrade or redevelop
buildings to improve
energy efficiency.
Complete physical
climate risk assessments
on each new investment.
Adapt or redevelop
assets that are at risk.
CAPITAL
DEPLOYMENT
We have spent $4.5m in
FY23-25 replacing older
refrigerant systems with
lower GWP refrigerant.
Rebates totalling $285,000
have been issued to staff
through the EV incentive
scheme.
Establishment of an
Embodied Carbon
Innovation Fund, using
an internal cost of
carbon to fund trials of
early-stage techniques
and materials.
A four year $25+ million
building upgrade
programme to retrofit
our core portfolio.
Investment in Green Star
development programme
of $409m since 2021.
Budgeting for risk
assessments on
acquisitions.
Redevelop brownfield
sites that are at risk.
CHALLENGES
Lower GWP HVAC systems
still produce fugitive emissions.
The technology to eliminate
fugitive emissions is still in its
early stages.
Heavily reliant on
the advancement,
availability and
lower cost of supply
chain technologies,
specifically around
concrete and steel.
Occupier operations are
outside of our control. Will
rely on collaborating with
customers around the use
of smart building features.
Adaptation reliant
on the viability of
redevelopment of at
risk sites.
We have published policies for these sustainability objectives at https://nz.goodman.com/about-goodman/corporate-governance
A summary of Goodman’s FY25 greenhouse
gas (GHG) emissions is presented below,
together with FY30 emission reduction targets.
38,322
TONNES CO
2
e
CORPORATE EMISSIONS
1 .7 % 654.4 tCO
2
e
Direct and indirect emissions — Scope 1, 2 and 3
+Fuel, fugitive refrigerants
+Purchased electricity
+Waste generated in operations
+Business travel
+Couriers
+Employee commuting
+Transmission and
distribution losses
FY30 Target
+43% reduction against a 2020 base year
INDIRECT EMISSIONS
16.2% 6 , 247.7 tCO
2
e
Downstream emissions — Scope 3
+Customer energy consumption +Public EV charging
FY30 Target
+Whole portfolio:
31% intensity reduction against
a FY25 base year using a
market-based approach
+Warehousing assets
1
:
21% intensity reduction
against a FY25 base year
using a location-based
approach
INDIRECT EMISSIONS
82.0% 31,419.7 tCO
2
e
Upstream emissions — Scope 3
+ Purchased goods and services
+ Capital expenditure on portfolio
+ Upfront embodied
carbon on developments
FY30 Target
+30% intensity reduction against a FY25 base year
METRICS & TARGETS
1
Warehousing assets excludes users classified as data centers, cold storage, manufacturing, retail, office, cafeteria and parking.
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Climate-related Disclosures (continued)
INVENTORY OVERVIEW
Embodied carbon, Scope 3 Category 2
Embodied carbon is the largest contributor to our
emissions profile, representing 64% of our GHG
inventory. It refers to the greenhouse gas emissions
generated with the extraction, production and transport
of materials used during construction.
We use Life Cycle Assessments (LCAs) for each
development to measure this upfront carbon and assess
the emissions intensity of core building materials. Concrete
and steel are the most carbon-intensive, together
contributing 87% of total embodied carbon in FY25.
Embodied carbon emissions will vary from year to
year, depending on the volume, type, and timing of
development completions.
In-use emissions, Scope 3 Category 13
In-use emissions are our second-largest source of
emissions, generated from electricity and gas consumed
by customers in leased spaces outside our operational
control. These emissions vary depending on customer
activity and operating hours.
In FY25, 61% of in-use emissions data were sourced from
utility bills and submeter readings. Where direct data was
unavailable, estimates were derived using benchmarks
from the New Zealand Green Building Council (NZGBC) or
data from U.S. commercial building surveys. Further detail
on this methodology can be found on page 88.
The following table summarises in-use emissions by
property type:
FULL GREENHOUSE GAS EMISSION INVENTORY
Below is our complete FY25 inventory, covering our Scope 1, Scope 2, and Scope 3 greenhouse gas emissions.
Where available, the data includes comparisons to both the prior year and our FY20 base year. The FY25 emissions
figures have been assured by PwC
1
.
Additional details on Goodman’s calculation approach, organisational boundary and consolidation approach, base year
and restatements, assurance report and assumptions and methodologies can be found in the ‘Measuring our Emissions’
section on page 83.
ScopeCorporate
emissionsScope 1 and 2 emissions
Absolute tCO
2
e
F Y25F Y24F Y20
1Direct emissionsIncludes stationary diesel,
refrigerants
192.3 255.0 482.0
2
2Purchased electricityLocation-based method16 4.5 159.2 199.2
2Purchased electricityMarket-based method0.02.4 n/a
Total Scope 1 & 2 (location-based) emissions3 5 6 .7 414.2 681.2
Total Scope 1 & 2 (market-based) emissions192.3 2 5 7. 4 n/a
CatScope 3 emissions
1Purchased goods
and services
Operating expenses across
the stabilised portfolio
1,498.81 , 2 3 6 .7 n/a
2Capital goods (stabilised)Capital expenditure across
the stabilised portfolio
5,350.9 5 , 8 8 2 .7 n/a
3Transmission and
distribution losses
9.5 18.4 n/a
4Freight transport agenciesCouriers0.3n/an/a
5Waste generated in operations7 2 .7 33.9 4 0.6
6Business travelIncludes flights, taxis, rideshares5 7. 2 6 7. 9 181.9
2
7Employee commutingIncludes working from home 158.0 104.3 212.3
3
11Use of sold productsPublic EV charging on Goodman
owned chargers
32.4 22.6n/a
13Downstream leased assetsCustomer consumption across
GMT’s stabilised portfolio
6,215.36,104.2 n/a
Total Scope 3 emissions excluding upfront
embodied carbon on developments
13,395.113 , 470 .7n/a
2Capital goods (developments)Upfront embodied carbon for
development completions
24,570.0 26,436.8
4
n/a
Total Scope 3 emissions 3 7, 9 6 5 . 13 9 , 9 0 7. 6 n/a
Total emissions (location-based)38,321.8 40,321.8 n/a
Total corporate emissions (location-based)654.46 3 8 .71,116.0
Total corporate emissions (market-based) 490.0481.9n/a
1
PwC has provided limited assurance over the FY25 total scope 1, scope 2 (location-based), scope 2 (market-based) and scope 3 emissions.
The PwC assurance report is on page 90.
2
Employee vehicle travel emissions were reclassified from Scope 1 to Scope 3 (Category 6) this year, adding 114 tCO
2
e to Scope 3 and
reducing Scope 1 accordingly. More details on this can be found on page 83.
3
Employee commuting emissions in FY20 were added to Scope 3 (Category 7) in FY25, increasing the base year total by 212.3 tCO
2
e.
Work-from-home emissions were assessed as immaterial in FY20 and excluded. More details on this can be found on page 83.
4
Development capital goods have been restated for FY24 due to the to the finalisation of documents. In FY24 we reported 26,067.8 tCO
2
e,
this figure has been increased by 369 tCO
2
e to 26,436.8 tCO
2
e this year. More details on this can be found on page 83.
FY25 SCOPE 3 CATEGORY 13 SUMMARY
To t a l
% CO
2
e% NLA
Intensity
Area (sqm)
1
tCO
2
ekgCO
2
e/sqm
Warehousing916,8292,8964 6.6%75.8%3.2
Manufacturing202,6381,95231.4%16 .7 %9.6
High intensity
2
26,57598015.8%2.2%36.9
Office36,2082864.6%3.0%7. 9
Other28,2621011.6%2.3%3.6
To t a l1,210,5126,2155.1
Total (market-based)
3
1,210,5126,2925.2
1
This figure differs from GMT’s reported NLA as it reflects only leased space. It also includes Great South Road Estate which is excluded from
NLA due to the ground lease nature of the improvements.
2
Includes data centre and cool store uses.
3
PwC have not provided assurance over Scope 3 Category 13 market-based emissions.
Market-based vs. location-based methodologies
+Following GHG Protocol Guidance, Scope 2 electricity emissions results shown using both the location-based
method and market-based method; this is known as dual reporting.
+Goodman consumed 2,261 MWh of electricity in FY25. Through its purchase of Emission Adjustment Certificates
(EACs) from Meridian Energy’s Certified Renewable Energy product, it is able to utilise an emission factor of zero,
as EACs reflect electricity sourced from renewable sources. According to this market-based method, electricity
emissions totalled zero. Alternatively, using the location-based method (grid average emissions factor) emissions
are 164.5 tCO
2
e.
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Climate-related Disclosures (continued)
Public amenity, Highbrook Business Park
Walking and cycling paths, urban ngahere, and public
spaces provide recreational opportunities for the people
working at Highbrook as well as the wider community.
Emissions intensity and trends
Emissions intensity is shown using denominators that reflect the net lettable area (NLA) and revenue of our properties.
For developments’ upfront embodied carbon (Scope 3 Category 2) from completed developments, we use NLA and
rental income from those development completions. For all other intensity metrics we use NLA and rental income from
the total portfolio.
EMISSIONS INTENSITY BY SCOPE
kgCO
2
e per sqm NLAtCO
2
e per $m rental income
F Y25F Y24F Y20F Y25F Y24F Y20
Scope 10.160.22 0.46 0.81.33.3
Scope 20.14 0.14 0.19 0 .70.81.4
Scope 331.39 34.63 n/a16 4 .7196.5n/a
Total emissions31.68 34.98 n/a166.3 198.6n/a
Total emissions excluding embodied 11.07 11.69 n/a58.166.3n/a
KEY EMISSIONS INTENSITY METRICS
Corporate emissions0.54 0.55 1.05 2.83.17.7
Embodied emissions, Scope 3 cat 2489 428 n/a2,392 2,188 n/a
In use emissions, Scope 3 cat 13
Whole portfolio, location-based5.1 5.3 n/a27.030.1n/a
Warehousing, location-based3.2 3.4 n/an/an/an/a
Whole portfolio, market-based5.2n/an/an/an/an/a
BASIS FOR CALCULATING INTENSITY
NLA (sqm)Rental income ($m)
F Y25F Y24F Y20F Y25F Y24F Y20
Total portfolio1,209,581 1,152,546 1,059,263 230.520 3.114 5.3
Development completions50,286 6 1,73 7 n/a10.3 12.1 n/a
EMISSIONS TRENDS AND DRIVERS
Scope 160.1% below FY20 base year on an absolute basis. Subject to fluctuation due to timing of
refrigerant leaks and use of diesel generators. The trend downwards has principally been
due to replacement of higher GWP HVAC systems and fleet electrification.
Scope 217.4% below FY20 base year on an absolute basis. The reduction is attributed to solar
installations on office assets’ common areas and lower emission factors for purchased
energy due to a higher percentage of renewable generation in New Zealand’s power grid.
Scope 3Subject to fluctuation due to volume and timing of development completions and reporting
of their embodied carbon. The 4.9% reduction in absolute emissions from FY24 was due
to lower development volumes. An increase in intensity was due to the typology of the
buildings completing in FY25.
Total emissionsCombination of the above – most influenced by Scope 3 emissions which make up 99.1%
of total emissions. Intensity (over NLA) was 9.4% lower than FY24 due to lower embodied
carbon from fewer development completions.
Total emissions
excluding embodied
Likely to be most influenced by customers’ in use emissions and portfolio capex and opex.
The reduction in FY25 from FY24 was mostly due to lower capex in the period.
CORPORATE EMISSIONS TARGETS
CORPORATE EMISSIONS (ABSOLUTE)
Ta r g e t s
REDUCE BY
21.5% by F Y25
REDUCE BY
43%by F Y30
Coverage
Scope 1, Scope 2, Scope 3 Categories 3, 4, 5, 6, and 7
– 1.7% of all GHG emissions for FY25.
Progress
In FY25, Goodman achieved a 41.4% reduction in
corporate emissions from its FY20 base year, resulting in
total gross emissions of 654.4 tCO
2
e. This achievement
surpasses our interim target of a 21.5% reduction by
FY25 and aligns with our goal of limiting global warming
to 1.5°C.
As part of our commitment to reducing corporate
emissions, we have obtained Toitū net carbonzero
certification for FY25. This certification provides
independent assurance that our emissions have been
accurately measured and verified in accordance with
the ISO 14064-1:2018 standard. These emissions have
been matched with a combination of locally sourced
carbon credits for residual Scope 1 and 3 emissions, and
market-based renewable energy certificates (RECs) from
Meridian to cover Scope 2 electricity use.
Approach
We are continuing to reduce corporate emissions through
targeted operational improvements. Our vehicle fleet is
fully electric, and we’re continuing support for our employee
EV incentive programme, which has resulted in 40% of
staff driving electric vehicles. We are actively phasing out
R22 refrigerants in our HVAC systems and replacing them
with alternatives that have a lower GWP. This transition is
being supported by regular system upgrades, to minimise
refrigerant leakages. To support low-carbon commuting,
our office buildings are equipped with showers and bike
storage for employees who walk or cycle to work.
The target is to reduce corporate emissions by 21.5%
by the end of FY25, and by 43% by FY30.
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Climate-related Disclosures (continued)
Solar Energy Systems, Highbrook Business Park
Rooftop solar arrays, provide renewable energy to
support customers own climate objectives.
NEW SCIENCE-ALIGNED TARGETS
EMBODIED EMISSIONS INTENSITY
Ta r g e t
REDUCE BY
30.4% by F Y30
Coverage and Baseline
Scope 3 Category 2 – Capital goods (developments)
– 64.1% of all GHG emissions for FY25.
FY25 baseline intensity: 489.1 kgCO
2
e per sqm.
Approach
Achieving this target is heavily reliant on the advancement,
availability and reduced cost of lower carbon products from
our supply chain. Concrete and steel made up 87% of our
embodied emissions for FY25. We are encouraged by the
progress being made by suppliers to reduce embodied
carbon in these materials. We are specifying lower GWP
materials in our procurement for new development projects.
The establishment of an Embodied Carbon Innovation Fund
aims to accelerate the adoption of innovative materials and
techniques designed to lower upfront embodied carbon.
The target includes reducing the upfront embodied
GHG emissions intensity of new building developments
by 30.4% by FY30, from a base year of FY25.
The Board has set the following near-term science-aligned reduction targets for GMT’s Scope 3 emissions.
Our absolute emissions may increase as a result of increasing development activity or a growing property portfolio.
We have adopted targets that focus on reducing the intensity of our emissions. Toitū has provided an independent
review confirming that these targets have been set using the SBTi’s Building Sector Science-Based Target
Setting Criteria. Our targets do not rely on offsets, except for our market-based approach target, as explained below.
Quarterly Board reporting includes progress updates against these emission reduction targets.
IN-USE EMISSIONS INTENSITY
Ta r g e t
REDUCE BY
30.5%
by F Y30
using a market-based approach
Coverage and Baseline
Scope 3 Category 13 – Downstream leased assets
(whole portfolio) – 16.2% of all GHG emissions for FY25.
FY25 baseline intensity: 5.2 kgCO
2
e per sqm.
This is equivalent to 71.3 kWh per sqm (electricity).
Approach
Achieving this target is reliant on collaboration with our
customers and understanding their energy use profiles.
We are supporting our customers to reduce emissions
through a range of targeted upgrade programmes.
The ongoing transition of our core portfolio to LED lighting
continues to deliver energy savings for our customers.
Our submetering programme is enhancing visibility
of energy use, enabling more efficient operations. In
addition, our support for customer driven solar arrays and
commitment to a minimum 5 Green Star rating for all new
developments ensure our properties are energy-efficient,
sustainable, and built to the highest standards.
The biggest risk to achieving these in use emissions
targets is from more energy intensive uses in our
buildings. This may result from increasing levels of
automation or from more space used for data centres,
manufacturing or cold storage.
Ta r g e t
REDUCE FOR WAREHOUSING BY
20.6%
by F Y30
using a location-based approach
Coverage and Baseline
Scope 3 Category 13 – Downstream leased assets
(warehouse portfolio) – 7.6% of all GHG emissions for
FY25. 46.6% of all Scope 3 Category 13. 75.7%
of whole property portfolio area.
FY25 baseline intensity: 3.2 kgCO
2
e per sqm.
This is to equivalent 43.9 kWh per sqm (electricity).
Approach
As outlined previously, upgrading to LED lighting, installing
submetering, supporting solar, and committing to 5 Green
Star ratings are key initiatives in helping our customers
reduce emissions and build more resilient operations.
The target is to reduce in-use operational GHG
emissions intensity for the leased building portfolio by
30.5% by the end of FY30, from a base year of FY25
and applying a market-based approach.
The target is to reduce in-use GHG emissions intensity
for the leased warehouse portfolio by 20.6% by the
end of FY30, from a base year of FY25 and applying a
location-based approach.
Why location-based and market-based?
The location-based approach has been chosen
for warehousing assets as energy intensity in these
buildings is more influenced by the landlord’s
specification for fittings such as lighting and HVAC.
For higher energy intensity uses, like manufacturing,
cool stores and data centres, a building’s fittings
have significantly less influence on energy intensity.
Meaningful emissions reduction for these buildings
will require contracted renewable energy agreements
(recognised using the market-based approach).
What is a Science-aligned target?
These targets have been established using SBTi’s Building Sector guidance and target-setting criteria and are
required to cover a minimum 67% of Scope 3 emissions. Targets can relate to absolute emissions or the intensity
of emissions. Our targets focus on intensity and the parts of our value chain where we have influence. The targeted
reductions reflect the latest climate science and are consistent with SBTi’s ambition to limit global warming to 1.5 ̊C
above pre-industrial levels. The targets have been peer-reviewed by Toitū and have not been validated by SBTi.
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Climate-related Disclosures (continued)
Phil Crampsie, Goodman Head of Projects,
and Rakesh Nauhria, Nauhria CEO
Concrete with lower Global Warming Potential
(GWP) is specified for all new developments.
It has up to 25% less embodied carbon than
standard practice concrete.
DELIVERING LOWER EMISSION
DEVELOPMENTS REQUIRES DESIGN
INNOVATION AND PROJECT
DELIVERY EXPERTS
— LIKE OURS
Capital deployment
In FY25, we invested in projects addressing climate risks and opportunities, focusing on energy efficiency, carbon
reduction, and climate resilience. The table below outlines our progress and capital allocation, which align with our transition
plan to capture climate-related opportunities and manage associated risks. Total capital deployment in FY24 was
$167.8 million, decreasing to $52.8 million total in FY25 due to fewer development projects.
TargetFY25 progressFY25 spendAlignment with transition plan
Minimum 5 Green Star
rating targeted for all
new developments
Three development projects
completed in FY25 – all achieved at
least a 5 Green Star design rating.
$46.0 mThis spend promotes low-carbon
construction methods and delivers
high quality developments that
are better equipped to withstand
climate-related risks.
Reduction in upfront
embodied carbon of
10% to 20% for new
developments compared
to similar reference
building
Independently assessed by Beca,
developments completing in FY25
achieved an embodied carbon
reduction against reference
buildings of at least 21.1% and an
average across all three projects
of 27.0%.
Included in
construction
costs above
This aligns with the use of lower
GWP materials and promotes
innovation in construction practices.
Replace 100% of R22
HVAC systems with
lower GWP alternatives
by end of 2025
Removal of higher-GWP HVAC
systems reduces the risk of
assets becoming stranded. Over
42 upgrades have completed,
representing 96% of the renewal
programme.
$1.9mThis spend reduces the GWP
associated with refrigerant leaks,
which is currently a significant
source of Goodman’s corporate
emissions.
Submetering for 100%
of the core portfolio
The submetering programme helps
customers measure energy use and
identify opportunities for emission
reduction. Including completed
developments, over 424,000 sqm
of space now has submetering
installed, equating to 42% of the
core portfolio.
$2.8mThis helps customers measure
energy use and identify
opportunities for emission
reduction.
LED lighting for 100%
of core portfolio by end
of 2025
By ensuring that the core portfolio
is more energy efficient, customers
can reduce their operational
emissions. 97% of the portfolio
now features LED lighting, with
65 properties upgraded as of
31 March 2025.
$4.5mThis expenditure improves energy
efficiency across the core portfolio.
Solar installations total
at least 2.0 MWp by end
of 2025
Over 333,000 sqm of GMT’s
portfolio now benefit from over
2.7 MWp onsite renewable
generation, ensuring reduced
reliance on the grid and more
energy resilience for customers.
$0.3mThis initiative reduces reliance
on grid electricity and enhances
energy resilience.
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Climate-related Disclosures (continued)
OTHER CLIMATE-RELATED METRICS
developments, initially set at $50 per tCO
2
e, to fund early
stage materials and techniques that target lower upfront
embodied carbon intensity over the longer term. The
ECIF and associated internal cost of carbon replace the
use of carbon credits for upfront embodied carbon from
developments from FY26 onwards.
Developments that completed up to the end of FY25
will have their embodied carbon matched with high
quality carbon credits when peer reviewed Life Cycle
Assessments have been finalised.
Toitū net carbonzero certification includes a plan to
reduce corporate emissions with Goodman purchasing
and retiring carbon credits to match what remains.
The cost of these New Zealand Permanent Forest Sink
Initiative carbon credits in FY25 was $97.62 per tCO
2
e.
Performance linked remuneration
Sustainability is one of our four core values as a business
and an area of individual and collective responsibility. All
67 employees are assessed against these values as part
of the annual performance review process. There are 15
individuals within the business (including five managers and
executives) that have specific environmental sustainability
responsibilities assigned to their roles. This is unchanged
f r o m F Y24.
Delivering the annual business plan, which includes
sustainability and climate linked targets, is the responsibility
of the Chief Executive Officer and Chief Financial Officer.
Individual performance and the demonstration of
Goodman values is considered in determining elements of
the discretionary performance-based remuneration for our
people. More details on remuneration can be found in the
Remuneration Report on page 168 .
Climate-related risks
We have undertaken an assessment of assets’
vulnerability to physical and transitional risks, and the
opportunities arising. A quantitative approach for physical
risks, and a qualitative approach for transition risks and
opportunities has been used.
Climate-related opportunities
The identification of climate-related risks for our business
also highlighted corresponding opportunities to build a
more resource efficient and resilient property portfolio,
boost customer productivity and grow our business
sustainably through green financing initiatives. These
are all strategic objectives, that if achieved would make
GMT a leader in sustainable warehouse and logistics
property solutions.
By integrating sustainability features such as solar panels,
electrical submetering, and LED lighting, and prioritising
the reduction of embodied carbon through the use of
lower-carbon materials and innovative building methods,
Goodman continues to strengthen its commitment
to climate-related opportunities across both new
developments and existing assets.
Approximately 74% of the core portfolio has been
upgraded with new LEDs, HVAC, electrical submetering
and solar over the last four years. In addition, 12% of the
core portfolio has achieved a minimum 5 Star Green Star
certification.
Internal emissions price
Goodman has been purchasing and retiring carbon credits
to match the upstream Scope 3 emissions attributable to
our developments. The cost of these carbon credits has
been incorporated into our project feasibility assessments,
with the Board approving a budgeted amount calculated
using an internal emissions price. This internal price, set at
$50 per tCO
2
e for the past four years, has been used to
guide investment decisions and manage climate-related
risks and opportunities.
The actual cost of the carbon credits that have been
acquired on completion of development projects, once
independent Life Cycle Assessments are finalised,
may differ from the budgeted amount due to market
movements. For the projects that have been finalised
in FY25, the actual cost of the 23,656 carbon credits
purchased
1
averaged A$41.14 per tCO
2
e.
In 2025 the Board established a new Embodied Carbon
Innovation Fund (ECIF). The ECIF uses an internal
cost of carbon for all upfront embodied carbon from
Exclusions
Scope + CategoryGHG Emissions SourceReason for Exclusion
Included in other categories
Scope 1 & 2Development Related Gas
& Energy Consumption
Related to development activity contained within Scope 3
– Category 2 (Upfront embodied carbon for development
completions).
Scope 3 – Category 4Upstream Transportation
and Distribution
Related to development activity contained within Scope 3
– Category 2 (Upfront embodied carbon for development
completions).
Scope 3 – Category 5Development WasteNo demolition waste to landfill projects fell within the
reporting period.
Scope 3 – Category 8Upstream Leased AssetsElectricity use contained within Scope 2.
Excluded as not applicable to GMT’s business activities
Scope 3 – Category 9Downstream Transportation
& Distribution
Scope 3 – Category 10Processing of Sold Products
Scope 3 – Category 12End of life treatment of Sold Products
Scope 3 – Category 14Franchises
Scope 3 – Category 15Investments
Excluded due to other reasons
Scope 1Leakage of Refrigerants
– City Office
Excluded due to lack of operational control. Under the lease,
HVAC systems are managed by the landlord, and refrigerant
data is not accessible or reliable.
Scope 3 – Category 6Hotel StaysExcluded due to lack of available dataset.
Scope 3 – Category 13Tenant WasteExcluded due to unavailable and unreliable data.
1
Credits were sourced from Tasman Environmental Markets. They included a combination of Australian Native Bush Regeneration (HIR)
and New Zealand Forestry (NZU) credits.
MetricEvaluationCommentaryResponse
Assets vulnerable
to physical risks
Physical climate-risk
assessment conducted
by Aon Risk Consultants
Climate change is expected to increase hazard levels, with pluvial
(rainfall-induced) flooding identified as the most prevalent physical
risk to Goodman’s portfolio. Under the most extreme scenario,
Aon modelled four assets susceptible to damage impacts with
‘moderate or high exposure’. These assets represent 3.8% of the
portfolio by Net Lettable Area (NLA), unchanged from FY24. By rental
income the exposure reduced from 3.6% in FY24 to 3.2% in FY25.
To mitigate these risks, Goodman have
implemented comprehensive building
and income protection insurance, regular
maintenance programmes, and plans for future
resilient developments. These measures are
part of a broader strategy to build long-term
climate risk readiness.
Assets vulnerable
to transitional risks
As analysed in the strategy
section of this report
(pages 64 – 70), Goodman
faces one or more transition
risks, identified in its risk
assessment
Among the risks identified, market and regulatory risks were the most
significant, influencing property investment choices, development
processes, and portfolio and supply chain management. Value-add
assets are considered most at risk of becoming stranded due to
these transitional risks. However, as developments have completed,
the proportion of value-add assets has decreased from 15.4% in
FY24 to 14.5% of NLA this year.
Goodman will address these transition risks
by implementing the transition plan and
actions outlined on p a ge 70. By prioritising the
development of low-carbon, energy-efficient
assets, we believe Goodman is well-positioned
to manage the identified transition risks.
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DELIVERING ESSENTIAL SUPPLY
CHAIN INFRASTRUCTURE REQUIRES
FACILITIES THAT CAN SUPPORT
ELECTRIC VEHICLES
— LIKE OURS
Windrose electric truck, Highbrook Business Park
The innovative Windrose electric truck was demonstrated
to customers at a special event promoting the latest
advancements in vehicle technology.
MEASURING OUR EMISSIONS
Calculation Approach
Our GHG emissions have been calculated in accordance
with the Greenhouse Gas Protocol – A Corporate
Accounting and Reporting Standard (2004) (‘GHG
Protocol’). Additionally, as we have held Toitū net
carbonzero certification since 2020, our corporate
emissions meet the ISO 74064-1:2018 (Specification
with Guidance at the Organization Level for Quantification
and Reporting of Greenhouse Gas Emissions and
Removals) standard required to retain this certification.
To calculate our corporate emissions, we employed
Toitū’s carbon emissions assessment and reporting tool,
eManage. Within this system, a mix of emission factors
were utilised, including:
1 Ministry for the Environment. Measuring emissions:
A guide for organisations: 2024 detailed guide
1
.
2 New Zealand Energy Certificate System.
Administered and developed by Certified Energy,
New Zealand.
3 Greenhouse gas emission factors for recycling of
source-segregated waste materials. Resources,
Conservation and Recycling. 2015, pages 186-191.
4 Market Economics Limited (2023). Consumption
Emissions Modelling, report prepared for
Auckland Council.
Remaining emissions, not calculated in eManage were
calculated using the following emission factors:
5 Ministry for the Environment. Measuring emissions:
A guide for organisations: 2024 detailed guide
1
.
6 Market Economics Limited (2023). Consumption
Emissions Modelling, report prepared for
Auckland Council.
7 New Zealand Energy Certificate System
(2024/2025).
8 Emissions for embodied carbon were sourced
from OneClick’s LCA Database.
Emission factors use the 100-year time horizon GWP
values from the IPCC Fourth Assessment Report and
IPCC Fifth Assessment Report.
Organisational Boundary
and Consolidation Approach
Goodman applies an operational control approach
to define the boundary of its greenhouse gas (GHG)
emissions reporting. Under this approach, we account for
emissions and removals from facilities where we have the
authority to implement policies. This allows us to focus on
emission sources we can directly influence and take action
on, ensuring our emissions reduction efforts align with
Goodman’s broader sustainability strategy.
Our organisational boundary includes all facilities and
activities over which Goodman has operational control. This
includes all operations managed by Goodman-managed
entities involved in the NZX-listed Goodman Property Trust,
covering investment, development, and property services.
Base Year and Restatements
Our base year for is the 12-month period from 1 April
2019 to 31 March 2020, in alignment with New Zealand’s
standard financial reporting calendar.
Our base year for upfront embodied carbon (Scope 3,
Category 2) and in-use emissions (Scope 3 Category
13) is 1 April 2024 to 31 March 2025, as this reporting
period aligns with the new targets established.
In FY25, we restated two categories within our base
year and one category in FY24 to improve accuracy,
and comparability of our emissions data. These updates
correct misclassifications and include additional Scope 3
categories, resulting in a more representative baseline.
Details of the FY20 Base Year Restatement
Scope 3 Category 6 (Business Travel):
+Emissions from some employee-owned vehicle travel
were previously misclassified under Scope 1. These
have now been correctly reported under Scope 3,
Category 6, adding 114 tCO
2
e to Scope 3 and
reducing Scope 1 emissions accordingly.
Scope 3 Category 7 (Employee Commuting
and Working From Home):
+Employee commuting emissions, previously excluded,
have now been included in the base year (FY20)
using data from our 2024 commuting survey. This
adds 212.3 tCO
2
e to the base year under Scope 3,
Category 7. Work-from-home emissions were assessed
as immaterial and have not been included.
Details of the FY24 Restatement
Scope 3 Category 2 (Capital Goods – Developments)
Due to the finalisation of documents, Scope 3 Category
2 for development capital goods has been restated for
FY24. This revision follows a increase of 369 tCO
2
e
realised after the LCA was finalised and independently
peer-reviewed in May 2025. In FY24 we reported
2 6 , 0 6 7. 8 t C O
2
e and we are stating 26,436.8 this year.
1
Ministry for the Environment released their 2025 guide in May 2025, after completion of our FY25 inventory. It includes emission factors that are
materially different to their 2024 guide and would likely have a material impact on our GHG emission disclosures. The emission factors in their
2025 guidance have not been used in the preparation of this year’s inventory.
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Climate-related Disclosures (continued)
Inclusions and Methodologies
CategoryGHG Emissions SourceData Source Assumptions and Methodology
Emission
Factor
Data
QualityUncertainty
Scope 1
Fugitive
emissions
Leakage and
replacement
quantities to top up
the refrigerants of air
conditioning systems.
Supplier recordsBuilding managers meet with HVAC contractors monthly and
report on refrigerant leak data, specifying the refrigerant type
and quantity. For any data gaps, the supplier is approached
directly. All properties within the portfolio where the HVAC is
owned and maintained by Goodman are recorded. An emission
factor is then applied against the kg recorded.
1
MEDIUM:
Supplier-provided records are considered generally
reliable, however, accuracy in the monthly reports may
be affected by manual data entry.
MEDIUM:
Relies on manual reporting by the contractor.
Stationary
combustion
Diesel fuel used to top
up sprinkler systems.
Internal property
management
system
For properties within the portfolio where Goodman owns and
maintains diesel-powered sprinkler systems, jobs are extracted
from the asset management software, with descriptions that
include the volume (litres) of diesel used. Emissions from these
diesel top-ups are recognised based on the Work Order entry
date, which is when the job is logged in the financial system,
rather than the physical refuelling date. This approach aligns with
Goodman’s methodology from previous reporting years and
provides a consistent basis for emissions reporting. An emission
factor is then applied against the litres recorded.
1
MEDIUM:
Internal asset management system is generally accurate,
however accuracy may be affected by manual data entry.
MEDIUM:
Relies on manually entered job descriptions.
Scope 2
Purchased
electricity
(location-based)
Electricity used in
common areas,
Goodman offices and
vacant property space.
Supplier records
managed by third
party
Records of electricity consumed sourced from an independent
third party. Data from public EV charging is removed from this
report as is captured under Scope 3, Cat 11. An emission factor
is then applied against this kWh.
1
HIGH:
Supplier-provided records are considered generally reliable.
LOW:
Actual kWh is recorded, there is a low reliance on
estimation.
Purchased
electricity
(market-based)
Electricity used in
common areas,
Goodman offices and
vacant property space.
Supplier records
and New Zealand
Energy Attribute
Certificates
Records of electricity consumed sourced from an independent
third party. Data from public EV charging is removed from this
report as is captured under Scope 3, Cat 11. New Zealand
Energy Attribute Certificates (EACs) were issued through the
New Zealand Energy Certificate System (NZECS) against the
kWh consumed. This resulted in a zero emission factor using a
market-based approach.
7
HIGH:
Supplier-provided records are considered generally reliable.
LOW:
Actual kWh is recorded, there is a low reliance on
estimation.
Purchased
electricity
(location-based)
Electricity used
to charge electric
vehicles.
Supplier reportRecords of electricity consumed in pool car charging are
downloaded from both supplier websites. An emission factor
is applied against this kWh.
1
HIGH:
Supplier-provided reports are considered generally reliable.
LOW:
Actual kWh is recorded, there is a low reliance on
estimation.
Scope 3
Category 1:
Purchased goods
and services
Emissions related to
goods and services
purchased.
Expenses
report for FY25
extracted from
Goodman’s
accounting
software
A third-party consultant developed the methodology for
Goodman’s expenditure on purchased goods and services not
already included in other scopes or other Scope 3 categories
in FY24. This same approach was used in FY25. Spend data
is extracted from the finance system and categorised as
operational (purchased goods and services). Emission factors
derived from a consumption-based model are multiplied against
the operational spend. The NZ consumption-based model
provides an estimate only, and this model relies on the quality of
the statistical data used to calculate emissions factors and the
categories aligning with Goodman’s accounting codes.
6
HIGH:
Internal finance system is considered reliable.
HIGH:
Spend-based model relies on assumptions around
categorisations.
Category 2:
Capital goods
(stabilised)
Emissions related to
capital expenditure at
Goodman’s properties.
Expenses
report for FY25
extracted from
Goodman’s
accounting
software
A third-party consultant developed the methodology for
Goodman’s expenditure on capital goods not already included
in other scopes or other Scope 3 categories in FY24. This same
approach was used in FY25. Spend data is extracted from the
finance system and categorised as capital goods. Emission
factors derived from a consumption-based model are multiplied
against the operational spend. The NZ consumption-based
model provides an estimate only, and this model relies on the
quality of the statistical data used to calculate emissions factors
and the categories aligning with Goodman’s accounting codes.
6
HIGH:
Internal finance system is considered reliable.
HIGH:
Spend-based model relies on assumptions around
categorisations.
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Climate-related Disclosures (continued)
CategoryGHG Emissions SourceData Source Assumptions and Methodology
Emission
Factor
Data
QualityUncertainty
Scope 3 (continued)
Category 2:
Capital goods
(developments)
Upfront embodied
carbon in
developments.
Third party
Life Cycle
Assessments
(LCAs)
A whole-of-life carbon assessment is used to quantify the
potential carbon emissions impacts of a project including its
upfront embodied carbon. This comprises emissions from
the extraction of raw materials, transport of these materials
and construction. The upfront carbon emissions are derived
from the OneClick LCA Database and follow the ISO 14040,
ISO 14044 and EN 15978 standards. Contractors provide
Environmental Product Declarations (EPDs) for materials
where possible to improve data integrity which is relayed to
a third party and reviewed. Emissions are recognised for a
development in the period in which it completes.
8
HIGH:
Data is prepared by industry experts and subject to
peer review.
LOW:
An independent industry expert used building
quantities and a reputable embodied carbon database.
Category 3:
Transmission and
distribution losses
Electricity lost
during the process
of transporting and
distributing.
Supplier reportsElectricity usage (kWh) from supplier records is multiplied
by the national average emissions factor for losses.
1
HIGH:
Supplier-provided records are considered generally reliable.
MEDIUM:
Calculated using supplier data and standard emissions
factors. Minimal estimation required.
Category 4:
Freight transport
agencies
CouriersInternal finance
system
Total spend from courier invoices are extracted from
our internal finance system multiplied by the relevant
emission factor.
4
HIGH:
Internal finance system is considered reliable.
HIGH:
Spend-based model relies on assumptions around
categorisations.
Category 5:
Waste generated
in operations
Waste from
Goodman’s head
offices.
Supplier reportsQuantities of waste (tonnes) from the two office sites are sourced
from supplier records. All other landfill sites are assumed to
utilise landfill gas recovery. At one office with multiple tenancies,
the waste data is pro-rated on a floor area basis. The relevant
emission factor is then applied to this tonnage.
1
3
HIGH:
Supplier-provided records are considered generally reliable.
MEDIUM:
Floor area has apportioned data, introducing
estimation.
Category 6:
Business travel
FlightsSupplier reportsRecords from invoices and travelcards confirm the destination
travelled to/from and number of passengers. Using the my
climate flight calculator, distance each way is obtained, and an
emission factor is applied against this.
1
HIGH:
Supplier invoices and the myclimate website is generally
considered reliable.
LOW:
Based on actual travel data and class of travel known.
Minimal estimation required.
Category 6:
Business travel
Ta x i sInternal finance
system
Total spend from supplier invoices are extracted from our
internal finance system and is multiplied by the relevant
emission factor.
1
HIGH:
Internal finance system is considered reliable.
HIGH:
Spend-based model relies on assumptions around
categorisations and vehicle type not captured.
Category 6:
Business travel
RidesharesSupplier reportReport downloaded directly from supplier website. Distance
is recorded in miles, which is converted to km and an emission
factor is applied against this.
1
HIGH:
Supplier invoices and summaries are generally
considered reliable.
LOW:
Based on actual distance data. Minimal estimation
required.
Category 6:
Business travel
MileageInternal finance
system
A report detailing the costs of mileage claims is downloaded.
These costs are converted into kilometres travelled using the
IRD’s published kilometre rates, and an average car emission
factor is then applied to calculate emissions.
1
HIGH:
Internal finance system is considered reliable when
calculating kilometres travelled.
MEDIUM:
Based on IRD rates and average emission factors,
as actual car type is not known.
Category 6:
Business travel
Fuel cardsSupplier reportMonthly reports are generated by the supplier, detailing
the total volume and type of fuel used by employees.
The appropriate emission factor is then applied to this literage.
1
HIGH:
Supplier invoices and summaries are generally
considered reliable.
LOW:
Based on actual fuel volumes with minimal estimation.
Category 7:
Employee
commuting
Employee commutingEmployee surveyA 2024 staff survey captured commuting distance, mode,
and frequency. Responses were used to estimate FY25
behaviour, with average annual distances by transport mode
extrapolated across all staff. Emissions were then calculated
using relevant emissions factors.
1
MEDIUM:
Impacted by number of responses and interpretation
of survey questions.
MEDIUM:
Based on survey responses and extrapolation.
Category 11:
Use of sold
products
Public EV charging
on Goodman owned
chargers
Supplier reportsReport downloaded directly from supplier website.
Electricity (kWh) is recorded and an emission factor is
applied against this.
5
HIGH:
Supplier invoices and summaries are generally
considered reliable.
LOW:
Based on actual electricity consumption data with
minimal assumptions.
Inclusions and Methodologies (continued)
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Climate-related Disclosures (continued)
Inclusions and Methodologies (continued)
CategoryGHG Emissions SourceData Source Assumptions and Methodology
Emission
Factor
Data
QualityUncertainty
Scope 3 (continued)
Category 13:
Downstream
leased assets
Customer electricity
consumption
Data downloaded
from online
submetering
system.
For properties that have submetering, data is extracted from
the online platform, which gives a kWh usage monthly. An
emission factor is applied against this.
5
HIGH:
Assumed submetering records are correct.
LOW:
Actual submetered data is used with minimal
estimation.
Category 13:
Downstream
leased assets
Customer electricity
and gas consumption
Supplier records
managed by third
party
In most cases, for properties that are not submetered and
we have permission to access their utility records, this data is
used. A third party collates this data for us and uploads it to
an online portal. kWh usage can directly be downloaded by
property, and an emission factor is applied against this for gas
and electricity. For properties where data was not available for
the full year, data from FY24 was used where available. If this
data was not available, an average of FY23 data was used.
5
HIGH:
Assumed utility data records are correct.
MEDIUM:
Based on partial year data and use of prior year
averages where current data was unavailable.
Category 13:
Downstream
leased assets
Customer gas
consumption
Supplier recordsIn most cases, for properties where gas supplier records were
not recorded by the third party (above), we asked the building
managers to identify if gas was within the site or not. Where
they identified there was gas and we had permission to reach
out to the supplier, we directly reached out to the supplier
to gain usage data. The relevant emission factor was then
applied to this.
5
HIGH:
Assumed utility data records are correct.
MEDIUM:
Reliance on building manager input and assumptions
where supplier data was incomplete.
Category 13:
Downstream
leased assets
Customer electricity
consumption
Benchmarks from
NZGBC
In most cases, for properties where neither of the above
options was available, electricity consumption was estimated
using industrial benchmarks from the New Zealand Green
Building Council (NZGBC) for average kWh/m²/year. Properties
were classified as either non-refrigeration or distribution types,
and the corresponding benchmark was applied based on this
classification. Net Lettable Area (NLA), obtained from internal
lease tracking software, was used to calculate the estimated
electricity usage. The relevant emission factor was then
applied to this.
5
MEDIUM:
National benchmarks are generally considered reliable,
however, they will not reflect the usage of customers as
accurately as real data.
HIGH:
Due to use of industry benchmarks and assumptions
based on property classification and floor area.
Category 13:
Downstream
leased assets
Customer electricity
and gas consumption
Study from
U.S. Energy
Information
Administration
(EIA)
In most cases, for properties where none of the above
options were available, electricity and gas consumption
were estimated using data from a study by the U.S. Energy
Information Administration (EIA), based on a methodology
adopted from Goodman Group.
Each property was classified into one of 13 categories aligned
with those defined in the EIA study. Energy intensities were
converted from kWh per square foot to kWh/sqm for electricity,
and from thousand Btu per square foot to kWh/sqm for gas.
These intensity estimates were refined, where appropriate, by
our Engineering and Building Services Manager, who used local
knowledge of New Zealand warehouse operations to manually
override certain values. Total energy consumption was then
estimated using floor area data, with appropriate emission
factors applied to calculate emissions.
5
LOW:
While the estimates are generally considered reliable, in
this case they are based on international building data and
may not reflect the specific characteristics of the actual
buildings. As such, they are less accurate than estimates
derived from site-specific data.
HIGH:
This approach relies on international benchmarks,
adjusted intensity factors, and assumptions regarding
building classification and energy use intensity.
For Scope 3, Category 13 in FY25, 7.9% of electricity data was from submetering, 53.2% was from supplier records,
5.2% was from NZGBC benchmarking and 33.8% was from EIA estimates.
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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
ASSURANCE REPORT
To the Directors of Goodman Property Services (NZ) Limited (the Manager)
Limited Assurance Report on Greenhouse Gas (GHG) Disclosures and
the Scope 2 Market-based Indicator for Goodman Property Trust
Our conclusion
We have undertaken a limited assurance engagement on:
1) the gross GHG emissions, additional required disclosures of gross GHG emissions, and gross GHG emissions
methods, assumptions and estimation uncertainty (together, the GHG Disclosures); and
2) the Scope 2 GHG emissions (calculated using the market-based method) and related disclosures (together,
the Scope 2 Market-based Indicator)
as detailed within the Scope of our Limited Assurance Engagement section below, included in the Annual Report
(the Annual Report) prepared by the Manager in respect of Goodman Property Trust (the Trust) and its subsidiaries
(the Group) for the year ended 31 March 2025.
Based on the procedures we have performed and the evidence we have obtained, nothing has come to our attention that
causes us to believe that the GHG Disclosures and the Scope 2 Market-based Indicator are not fairly presented and are
not prepared, in all material respects, in accordance with the Aotearoa New Zealand Climate Standards (NZ CSs) issued
by the External Reporting Board (XRB), as explained on page 59 of the Annual Report.
Scope of our Limited Assurance Engagement
We have undertaken a limited assurance engagement over the following GHG Disclosures, which are required under
section 461ZH of the Financial Markets Conduct Act 2013 to be the subject of an assurance engagement on pages 59
to 61, 72, 73, 81 and 83 to 89 of the Annual Report for the year ended 31 March 2025:
—gross GHG emissions:
−GHG Emissions Total Scope 1 of 192.3 tonnes CO
2
e (tCO
2
e) on p a g e 72
−GHG Emissions Total Scope 2 (location-based method) of 164.5 tCO
2
e on p a g e 72
−GHG Emissions Total Scope 3 of 37,965.1 tCO
2
e on page 72;
—additional required disclosures of gross Scope 1, Scope 2 (location-based method) and Scope 3 GHG emissions on
pages 81 and 83; and
—gross Scope 1, Scope 2 (location-based method) and Scope 3 GHG emissions methods, assumptions and
estimation uncertainty on pages 83 to 89.
We have also undertaken a limited assurance engagement over the Scope 2 Market-based Indicator for the year ended
31 March 2025 as follows:
—GHG Emissions Total Scope 2 (market-based method) of 0 tCO
2
e on p a g e 72; and
—related disclosures on pages 73 and 83 to 85.
Our assurance engagement does not extend to any other information included, or referred to, in the Annual Report.
The comparative information for the years ended 31 March 2024 and 31 March 2020 disclosed in the Group’s Annual
Report are not covered by our assurance conclusion. We have not performed any procedures with respect to the
excluded information and, therefore, no conclusion is expressed on it.
Key Matters to the GHG assurance engagement
In this section we present those matters that, in our professional judgement, were most significant in undertaking the
assurance engagement over the GHG Disclosures. These matters were addressed in the context of our assurance
engagement, and in forming our conclusion. We did not reach a separate assurance conclusion on each individual key matter.
Description of the key matterHow our assurance engagement addressed the key matter
Scope 3 (Category 2):
Capital goods (developments)
As disclosed on p a g e s 72, 73, 86 and 87 of the Annual
Report, emissions from the upfront embodied carbon
for development completions (Embodied Carbon)
comprise 64% of total GHG emissions for the year
ended 31 March 2025.
A whole-of-life carbon assessment was conducted by
an independent industry expert (Management’s Expert)
to quantify the potential carbon emission impacts of a
project including its Embodied Carbon. Management’s
Expert used inputs including building quantities, and
made assumptions and estimates utilising environmental
product declarations where available.
Management reviews the whole-of-life carbon
assessment for each development completion before
adopting the sum of the emissions from the Embodied
Carbon of each development, recognised at completion
date, as their Scope 3 (Category 2) GHG emissions.
We considered the emissions from the Embodied
Carbon a key matter due to the significant attention
required in assessing the work of Management’s
Expert and the quantum of the emissions.
We designed our limited assurance procedures to
respond to the key matter as follows:
—Obtained an understanding of the control environment
relevant to the calculation of the emissions from the
Embodied Carbon, including the whole-of-life carbon
assessment and management’s review process;
—Made enquiries with management and Management’s
Expert to obtain an understanding of, and then
assessed whether the following were appropriate in
the circumstances:
−Management’s Expert’s qualifications, relevant
expertise and objectivity;
−the key inputs, assumptions and estimates used to
conduct the whole-of life carbon assessment; and
−the methodology applied to calculate the
emissions.
—We agreed the total emissions disclosed to the sum
of the emissions from the Embodied Carbon included
in the whole-of-life carbon assessment for each
development completion; and
—We considered the appropriateness of disclosures
made in respect of the emissions from the Embodied
Carbon in the GHG Disclosures.
Emphasis of matter
We draw attention to the following disclosure on page 83 which, in our judgement, is of such importance that it is fundamental
to the user’s understanding of the GHG Disclosures. Our assurance conclusion is not modified in respect of this matter.
—Ministry for the Environment released their Measuring emissions guide: 2025 in May 2025, after completion of
our FY25 inventory. It includes emission factors that are materially different to their Measuring emissions: A guide
for organisations: 2024 detailed guide and would likely have a material impact on our GHG emission disclosures.
The emission factors in their 2025 guidance have not been used in the preparation of this year's inventory.
Other matter – comparative information
The comparative GHG Disclosures and the comparative Scope 2 Market-based Indicator (that is, the comparative
information presented for the years ended 31 March 2024 and 31 March 2020) prepared in accordance with
NZ CSs have not been subject to an assurance engagement performed in accordance with Standard on Assurance
Engagements 1 Assurance Engagements over Greenhouse Gas Emissions Disclosures (NZ SAE 1), issued by the
External Reporting Board (XRB) or International Standard on Assurance Engagements (New Zealand) 3410 Assurance
Engagements on Greenhouse Gas Statements (ISAE (NZ) 3410), issued by the XRB. Those comparative disclosures are
not covered by our assurance engagement or assurance conclusion.
Climate-related Disclosures (continued)
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Climate-related Disclosures (continued)
PwCPwC
Directors’ responsibilities
The Directors of the Manager are responsible for the preparation and fair presentation of the GHG Disclosures and the
Scope 2 Market-based Indicator in accordance with NZ CSs. This responsibility includes the design, implementation and
maintenance of internal controls relevant to the preparation of GHG Disclosures and the Scope 2 Market-based Indicator
that are free from material misstatement whether due to fraud or error.
Inherent Uncertainty in preparing GHG Disclosures and the Scope 2 Market-based Indicator
As discussed on pages 84 to 89 of the Annual Report, the GHG quantification is subject to inherent uncertainty because
of incomplete scientific knowledge used to determine emissions factors and the values needed to combine emissions of
different gases.
Our independence and quality management
The assurance engagement was undertaken in accordance with NZ SAE 1 and the assurance engagement on the
Scope 2 Market-based Indicator was undertaken in accordance with ISAE (NZ) 3410. NZ SAE 1 and ISAE (NZ) 3410 are
founded on the fundamental principles of independence, integrity, objectivity, professional competence and due care,
confidentiality and professional behaviour.
We have also complied with the following professional and ethical standards and accreditation body requirements:
—Professional and Ethical Standard 1: International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand);
—Professional and Ethical Standard 3: Quality Management for Firms that Perform Audits or Reviews of Financial
Statements, or Other Assurance or Related Services Engagements; and
—Professional and Ethical Standard 4: Engagement Quality Reviews.
We are independent of the Group. In addition to our role as financial statement auditor and as assurance practitioners,
our firm carries out other services for the Group in the areas of 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 provision of these services and these relationships has
not impaired our independence as assurance practitioners of the Group and the firm has no other relationship with,
or interests in the Group.
Assurance practitioner’s responsibilities
Our responsibility is to express a conclusion on the GHG Disclosures and the Scope 2 Market-based Indicator based
on the procedures we have performed and the evidence we have obtained. NZ SAE 1 and ISAE (NZ) 3410 require us
to plan and perform the engagement to obtain the intended level of assurance about whether anything has come to
our attention that causes us to believe that the GHG Disclosures and the Scope 2 Market-based Indicator are not fairly
presented and are not prepared, in all material respects, in accordance NZ CSs, whether due to fraud or error, and to
report our conclusion to the Directors of the Manager.
As we are engaged to form an independent conclusion on the GHG Disclosures and the Scope 2 Market-based Indicator
prepared by management, we are not permitted to be involved in the preparation of the GHG information as doing so
may compromise our independence.
Summary of work performed
Our limited assurance engagement was performed in accordance with NZ SAE 1 and ISAE (NZ) 3410. This involves
assessing the suitability in the circumstances of the Group’s use of NZ CSs as the basis for the preparation of the
GHG Disclosures and the Scope 2 Market-based Indicator, assessing the risks of material misstatement of the GHG
Disclosures and the Scope 2 Market-based Indicator whether due to fraud or error, responding to the assessed risks
as necessary in the circumstances, and evaluating the overall presentation of the GHG Disclosures and the Scope 2
Market-based Indicator.
A limited assurance engagement is substantially less in scope than a reasonable assurance engagement in relation to
both the risk assessment procedures, including an understanding of internal control, and the procedures performed
in response to the assessed risks.
The procedures we performed were based on our professional judgement and included enquiries, observation of
processes performed, inspection of documents, analytical procedures, evaluating the appropriateness of quantification
methods and reporting policies, and agreeing or reconciling with underlying records. In undertaking our limited assurance
engagement on the GHG Disclosures and the Scope 2 Market-based Indicator, we:
—Obtained, through enquiries, an understanding of the Manager’s control environment, processes and information
systems relevant to the preparation of the GHG Disclosures and the Scope 2 Market-based Indicator. We did not
evaluate the design of particular control activities, or obtain evidence about their implementation;
—Gained an understanding of and evaluated whether the Group’s methodology for developing estimates had been
consistently applied. Our procedures did not include testing the data on which the estimates are based or separately
developing our own estimates against which to evaluate the Group’s estimates;
—Tested a limited number of items to, or from, supporting records;
—Assessed a limited number of emission factor sources and reperformed a limited number of emissions calculations
for mathematical accuracy;
—Performed analytical procedures on particular emission categories by comparing the expected GHGs emitted to
actual GHGs emitted and made inquiries of management to obtain explanations for any significant differences we
identified; and
—Considered the presentation and disclosure of the GHG Disclosures and the Scope 2 Market-based Indicator.
The procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than
for, a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement
is substantially lower than the assurance that would have been obtained had we performed a reasonable assurance
engagement and does not enable us to obtain assurance that we would become aware of all significant matters that we
otherwise might identify. Accordingly, we do not express a reasonable assurance opinion on these GHG Disclosures or the
Scope 2 Market-based Indicator.
Inherent limitations
Because of the inherent limitations of an assurance engagement, together with the internal control structure, it is possible
that fraud, error or non-compliance with the compliance requirements may occur and not be detected.
Who we report to
This report is made solely to the Manager’s Directors, as a body. Our work has been undertaken so that we might state
those matters which we are required to state to them in our assurance 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 Manager and the Manager’s
Directors, as a body, for our procedures, for this report, or for the conclusions we have formed.
The engagement leader on the engagement resulting in this independent assurance report is Mathew McQueen.
For and on behalf of:
PricewaterhouseCoopers Auckland
23 June 2025
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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 Logistics, Westney Industry Park
The intermodal logistics specialist utilises
automation and a sophisticated warehouse system
to support its 3PL (third party logistics) services.
FINANCIAL
RESULTS
CONTENTS
STATEMENT OF COMPREHENSIVE INCOME 96
BALANCE SHEET 97
STATEMENT OF CASH FLOWS 98
STATEMENT OF CHANGES IN EQUITY 99
GENERAL INFORMATION 100
NOTES TO THE FINANCIAL STATEMENTS 102
1. Investment property 102
2. Borrowings 109
3. Earnings per unit and net tangible assets 114
4. Internalisation transaction 116
5. Transaction costs 117
6. Derivative financial instruments 118
7. Net corporate costs 119
8. Related party assets 120
9. Employee benefits liabilities 121
10. Employee compensation reserve 123
11. Debtors and other assets 125
12. Creditors and other liabilities 125
13. Tax 126
14. Related party disclosures 128
15. Commitments and contingencies 130
16. Reconciliation of profit / (loss) after tax to net cash flows
from operating activities 130
17. Financial risk management 131
18. Major customer disclosure 133
19. Operating segments 133
INDEPENDENT AUDITOR’S REPORT 134–139
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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
9697
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
9899
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
10 0101
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
102103
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
10 4105
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
106107
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
10810 9
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
110111
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
112113
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
114115
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
1161 17
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
118119
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
120121
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
122123
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
124125
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
126127
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
128129
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
130131
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
132133
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
134135
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
136137
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
138139
GMT BOND
ISSUER LIMITED
FINANCIAL STATEMENTS
For the year ended 31 March 2025
The Board of GMT Bond Issuer Limited, authorised these financial statements
for issue 28 May 2025. For and on behalf of the Board:
John Dakin
Chair
Laurissa Cooney
Chair, Audit Committee
Sika New Zealand, Roma Road Estate
Operating in New Zealand for over 60 years the
building product supplier is the latest customer
to lease space at Roma Road Estate.
CONTENTS
STATEMENT OF COMPREHENSIVE INCOME 142
BALANCE SHEET 142
STATEMENT OF CASH FLOWS 143
STATEMENT OF CHANGES IN EQUITY 143
GENERAL INFORMATION 144
NOTES TO THE FINANCIAL STATEMENTS 145
1. Borrowings 145
2. Advances to related parties 145
3. Administrative expenses 146
4. Commitments and contingencies 146
5. Reconciliation of profit after tax to net cash flows
from operating activities 146
6. Financial risk management 147
7. Equity 149
INDEPENDENT AUDITOR’S REPORT 150–153
141
GMT Bond Issuer Limited Financial Statements 2025
STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2025
$ millionNote20252024
Interest income223.825.6
Interest cost1(23.8)(25.6)
Profit before tax––
Ta x––
Profit after tax attributable to shareholder––
Other comprehensive income––
Total comprehensive income for the year attributable to shareholder––
BALANCE SHEET
As at 31 March 2025
$ millionNote20252024
Non-current assets
Advances to related parties 270 0.0 550.0
Current assets
Advances to related parties2–10 0.0
Interest receivable from related parties9.3 7. 1
Cash0.1 0.1
To t a l a s s e t s709.4 6 5 7. 2
Non-current liabilities
Borrowings170 0.0 550.0
Current liabilities
Borrowings1– 10 0.0
Interest payable9.4 7. 2
Total liabilities709.4 6 5 7. 2
Net assets––
Equity
Contributed equity7––
Retained earnings ––
Total equity––
The above statement should be read in conjunction with the accompanying notes.
STATEMENT OF CASH FLOWS
For the year ended 31 March 2025
$ millionNote20252024
Cash flows from operating activities
Interest income received221.6 26.0
Interest costs paid1(21.6)(26.0)
Net cash flows from operating activities5– –
Cash flows from investing activities
Repayment of related party advances10 0.010 0.0
Related party advances made(150.0)–
Net cash flows from investing activities(50.0)100.0
Cash flows from financing activities
Proceeds received from issue of green retail bonds150.0–
Repayment of retail bonds(10 0.0)(10 0.0)
Net cash flows from financing activities50.0 (100.0)
Net movement in cash––
Cash at the beginning of the year0.10.1
Cash at the end of the year0.10.1
STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2025
$ million
Contributed
equity
Retained
earningsTo t a l
As at 1 April 2023–––
As at 31 March 2024–––
Total comprehensive income for the year–––
As at 31 March 2025–––
The above statement should be read in conjunction with the accompanying notes.
GMT Bond Issuer Limited Financial Statements 2025
GMT Bond Issuer Limited Financial Statements 2025
14214 3
GENERAL INFORMATION
For the year ended 31 March 2025
Reporting entity
GMT Bond Issuer Limited (“the Company”) was
incorporated on 5 November 2009. The address of its
registered office is Level 2, 18 Viaduct Harbour Avenue,
Auckland. GMT Bond Issuer Limited is an issuer for the
purposes of the Financial Reporting Act 2013 as its
issued retail bonds and green retail bonds are listed on the
New Zealand Debt Exchange (“NZDX”). GMT Bond Issuer
Limited is a registered company under the Companies
Act 1993.
GMT Bond Issuer Limited is a profit-oriented company
incorporated and domiciled in New Zealand. The
Company was incorporated to undertake issues of debt
securities with the purpose of on lending the proceeds
to Goodman Property Trust (“GMT”) by way of interest
bearing advances.
Basis of preparation and measurement
The principal accounting policies applied in the
preparation of the financial report are set out below.
These policies have been consistently applied to all
periods presented unless otherwise stated.
The financial statements of the Company have been
prepared in accordance with the requirements of Part 7
of the Financial Markets Conduct Act 2013. 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 Company 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.
The financial statements are in New Zealand dollars,
the Company’s functional currency.
Significant estimates and judgements
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 Company has no significant estimates or judgement
that are applicable to these financial statements.
Material accounting policies
Interest income
Interest income from advances to related parties is
recognised using the effective interest method.
Interest cost
Interest expense charged on borrowings is recognised
as incurred using the effective interest method.
Advances to related parties
Advances to related parties are recorded initially at fair
value, net of transaction costs. Subsequent to initial
recognition, they are carried at amortised cost using the
effective interest method.
Interest receivable from related parties
These amounts represent the value of interest income
recognised but not yet due for payment. They are
recognised at amortised cost using effective interest
rate method.
Borrowings
Borrowings are recorded initially at fair value, net of
transaction costs. Subsequent to initial recognition,
borrowings are carried at amortised cost using the
effective interest method.
Interest payable
Interest payable represents interest costs recognised
as an expense but not yet due for payment.
Financial risk management
Financial instruments are classified dependent on the
purpose for which the financial instrument was acquired
or assumed. Management determine the classification of
its financial instruments at amortised cost. Instruments
recorded at amortised cost are those with fixed or
determined receipts / payments that are recorded at
their expected value at balance date.
Changes in accounting policy
There have been no changes in accounting policies made
during the financial year.
New accounting standards now adopted
The Company has adopted the following new accounting
pronouncements that are applicable to these financial
statements.
+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.
NOTES TO THE FINANCIAL STATEMENTS
For the year ended 31 March 2025
1. Borrowings
1.1 Composition of borrowings
Carried atDate issuedMaturityInterest rate
2025
$ million
2024
$ million
Retail bonds – GMB040Amortised costM a y 17M ay 244.54 0%–10 0.0
Green retail bonds – GMB060Amortised costApr 22A p r 274 .74 0 %150.0150.0
Wholesale bonds – 8 yearsAmortised costSep 20Sep 282.262%50.050.0
Wholesale bonds – 10 yearsAmortised costSep 20Sep 302.559%150.0150.0
Wholesale bonds – 6 yearsAmortised costDec 21Dec 273.656%200.0200.0
Wholesale bonds – 5 yearsAmortised costO c t 24Oct 295.012%150.0–
To t a l700.0650.0
1.2 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the assets of the wholly-owned subsidiaries of the
Company’s parent entity, Goodman Property Trust. A loan to value covenant restricts total borrowings incurred by the
Goodman Property Trust Group to 50% of the value of the secured property portfolio.
The Goodman Property Trust Group has given a negative pledge which provides that it will not create or permit any
security interest over its assets. The principal financial ratio which must be met is the ratio of financial indebtedness to
the value of the property portfolio. Further negative and positive undertakings have been given as to the nature of the
Goodman Property Trust Group’s business.
2. Advances to related parties
GMT Bond Issuer Limited is a wholly-owned subsidiary of GMT with GMT being the ultimate parent. All members of the
Goodman Property Trust Group are considered to be related parties of the Company.
2.1 Composition of advances to related parties
Carried atDate issuedMaturityInterest rate
2025
$ million
2024
$ million
Advance made to Goodman
Property Trust in May 2017
Amortised costM a y 17M ay 244.54 0%–10 0.0
Advance made to Goodman
Property Trust in April 2022
Amortised costApr 22A p r 274 .74 0 %150.0150.0
Advance made to Goodman
Property Trust in September 2020
Amortised costSep 20Sep 282.262%50.050.0
Advance made to Goodman
Property Trust in September 2020
Amortised costSep 20Sep 302.559%150.0150.0
Advance made to Goodman
Property Trust in December 2021
Amortised costDec 21Dec 273.656%200.0200.0
Advance made to Goodman
Property Trust in October 2024
Amortised costO c t 24Oct 295.012%150.0–
To t a l700.0650.0
GMT Bond Issuer Limited Financial Statements 2025
GMT Bond Issuer Limited Financial Statements 2025
14 414 5
2. Advances to related parties (continued)
2.2 Guarantee
Covenant Trustee Services Limited (as Trustee for Goodman Property Trust) has entered into a guarantee under which
Goodman Property Trust unconditionally and irrevocably guarantees all of the obligations of GMT Bond Issuer Limited
under its Bond Trust Documents.
3. Administrative expenses
Goodman Property Trust, the Company’s parent, paid all fees for audit services provided to the Company (2025: $19,200,
2024: $18,300) and audit related services of reporting to the Supervisor (2025: $3,800, 2024: $3,600). There are no
other services provided.
4. Commitments and contingencies
4.1 Capital commitments payable
GMT Bond Issuer Limited has no capital commitments.
4.2 Contingent liabilities
GMT Bond Issuer Limited has no material contingent liabilities.
5. Reconciliation of profit after tax to net cash flows
from operating activities
$ million20252024
Profit after tax– –
Movements in working capital from:
Interest receivable from related parties(2.2)0.4
Interest payable2.2(0.4)
Movements in working capital– –
Net cash flows from operating activities– –
6. Financial risk management
The Company is 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.
The Board has delegated to the Audit Committee of the Manager of GMT the responsibility to review the effectiveness
and efficiency of management processes, risk management and internal financial controls and systems as part of their
duties. The Manager of GMT is Goodman Property Services (NZ) Limited.
6.1 Financial instruments
The following items in the Balance Sheet are classified as financial instruments: Advances to related parties, cash,
interest receivable from related parties, borrowings and interest payable. All items are recorded at amortised cost.
6.2 Interest rate risk
Interest rate risk is the risk that the value or future value of cash flows of a financial instrument will fluctuate because of
changes in interest rates. The Board is responsible for the management of the interest rate risk arising from the external
borrowings.
To mitigate interest rate risk all advances to related parties have fixed interest rates receivable that match the fixed
interest rates payable on borrowings.
6.3 Credit risk
Credit risk is the risk of loss that arises from a counterparty failing to meet their contractual commitment in full and on
time, or from losses arising from the change in value of a trading financial instrument as a result of changes in credit risk of
that instrument.
The Company’s exposure to credit risk is limited to cash and deposits held with banks and credit exposure for the
advances to related parties.
The credit quality of financial assets that are neither past due nor impaired can be assessed by reference to external
credit ratings (if applicable) or to historical information about counterparty default rates. All financial assets are with
Goodman Property Trust. Goodman Property Trust has a rating of BBB with S&P Global Ratings.
6.4 Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations from its financial liabilities.
The Company’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 Company’s reputation.
Notes to the Financial Statements (continued)
GMT Bond Issuer Limited Financial Statements 2025
GMT Bond Issuer Limited Financial Statements 2025
14 6147
6. Financial risk management (continued)
6.4. Liquidity risk (continued)
The following table outlines the Company’s financial assets and 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
Cash0.1 – ––––0.1 0.1
Financial assets
– Advances to related parties26.826.9368.061.81 5 7. 81 51 .7793.070 9.3
Financial liabilities
– Borrowings(26.9)(26.9)(368.0)(61.8)( 1 5 7. 8 )( 1 51 .7 )(793.1)(70 9.4)
To t a l––––––––
2024
Cash0.1 – ––––0.1 0.1
Financial assets
– Advances to related parties120.119.419.4360.554.3155.5729.26 5 7. 1
Financial liabilities
– Borrowings(120.2)(19.4)(19.4)(360.5)(54.3)(155.5)(729.3)( 6 5 7. 2 )
To t a l––––––––
6.5 Capital management risk
The Company’s policy is to match the value, term and maturity of external borrowings to the value, term and maturity of
advances made to related parties. This minimises capital management risk for the Company.
6.6 Fair value of financial instruments
The fair value of financial instruments has been estimated as follows:
$ millionFair value hierarchy20252024
Related party receivablesLevel 2664.3592.8
Retail bondsLevel 1–( 9 9 .7 )
Green retail bondsLevel 1(150.2)(14 4.5)
Green wholesale bondsLevel 2(14 6.1)–
Wholesale bondsLevel 2(368.0)(350.5)
For instruments where there is no active market, the Company may use internally developed models which are usually
based on valuation methods and techniques generally recognised as standard within the industry. Some of the inputs to
these models may not be market observable and are therefore estimated based on assumptions.
6. Financial risk management (continued)
6.6. Fair value of financial instruments (continued)
The Company 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 wholesale bonds and green wholesale bonds, classified as Level 2, is measured using a present value
calculation of the future cash flows using the relevant term swap rate as the discount factor. The fair value of related party
receivables, classified as Level 2, is measured using the quoted prices of the retail bonds liability, the green retail bonds
liability, the fair value of the wholesale bonds and the fair value of the green wholesale bonds.
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. All other financial instruments
fair value approximates carrying value due to short term nature (i.e. cash, interest receivable and interest payable).
The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels as of 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.
7. Equity
As at 31 March 2025, 100 ordinary shares had been issued for nil consideration (2024: 100 ordinary shares for nil
consideration). All shares rank equally with one vote attached to each share.
The Company’s net assets are nil. Consequently, the net tangible assets per bond at 31 March 2025 are nil (2024: nil).
Notes to the Financial Statements (continued)
GMT Bond Issuer Limited Financial Statements 2025
GMT Bond Issuer Limited Financial Statements 2025
14 814 9
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 shareholder of GMT Bond Issuer Limited
Our opinion
In our opinion, the accompanying financial statements of GMT Bond Issuer Limited (the Company), present fairly in all
material respects, the financial position of the Company 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 Company’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 Company 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, our firm provides agreed-upon procedures services. The firm has no other relationship with,
or interests in, the Company.
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. The Company obtains funds from the issue of debt securities and then lends the
proceeds to Goodman Property Trust at the same cost. Given the nature of the Company’s operations, we determined
that there were no key audit matters to communicate in our report.
Our audit approach
Overview
MaterialityOverall materiality: $238,000, which represents 1% of interest cost.
We chose interest cost as the benchmark because, in our view, it is the benchmark against
which the performance of the Company is most commonly measured by users.
Key audit mattersAs reported above, we have not identified any key audit matters from our audit. Refer to the
Key Audit Matters section of our report.
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.
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 Company, the accounting processes and controls, and the
industry in which the Company operates.
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
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.
Other information
The Directors 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 and use our professional judgement to determine the appropriate
action to take.
GMT Bond Issuer Limited Financial Statements 2025
GMT Bond Issuer Limited Financial Statements 2025
150151
Independent Auditor’s Report (continued)
PwCPwC
Responsibilities of the Directors for the financial statements
The Directors are responsible, on behalf of the Company, 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
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 are responsible for assessing the Company’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 either intend to liquidate the Company or to cease operations, or have no realistic
alternative but to do so.
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
entity’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 entity’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
entity to cease to continue as a going concern; and
— 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.
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 the auditor identifies
during the audit.
We also provide those charged with governance with a statement that the auditor has 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 the auditor’s report unless law or regulation precludes public disclosure about the matter or
when, in extremely rare circumstances, the auditor determines that a matter should not be communicated in the 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 Company’s shareholder. 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 Company and the Company’s
shareholder, 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
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GMT Bond Issuer Limited Financial Statements 2025
152153
OTHER
INFORMATION
Highbrook Business Park
NABERSNZ rated office buildings provide energy efficient
space for customers.
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CORPORATE
GOVERNANCE
Introduction
Corporate governance is the system by which
organisations are directed and managed. It influences
how an organisation’s objectives are achieved, how
its risks are monitored and assessed, and how its
performance is optimised.
The Board has adopted an overall corporate governance
framework that is designed to meet best practice standards
and recognises that an effective corporate governance
culture is critical to success. The Board annually reviews
and assesses GMT’s governance structures to ensure they
are consistent with best practice.
At all times, the Board strives to achieve governance
outcomes which effectively balance the needs of GMT
and GMB investors, regulators and the wider market.
The governance section of the GMT website contains
all the relevant policies, charters and other documents
described in this report.
GMT and GMT Bond Issuer Limited
GMT is an NZX listed unit trust created by the Trust Deed
and administered under the Financial Markets Conduct
Act 2013 (FMCA). Covenant Trustee Services Limited
is the Trustee and Supervisor of GMT and is appointed
to hold the assets of GMT on trust for Unitholders. The
Trustee has the rights and powers in respect of the assets
of GMT it could exercise as if it was the absolute owner of
such assets, but subject to the FMCA and the rights given
to the Manager by the FMCA and the Trust Deed.
GMB is a wholly owned subsidiary of GMT and issuer
of Goodman+Bonds, Green Bonds and Wholesale
Bonds. The Goodman+Bonds and Green Bonds are
debt securities listed on the NZDX. All the bonds issued
by GMT Bond Issuer Limited are direct, secured,
unsubordinated obligations of the issuer, ranking equally
with debt owed to GMT’s main banking syndicate. Public
Trust is the Bond Trustee.
GMB has no activities other than those necessary or
incidental to the issuing of bonds and complying with its
obligations at law.
Relationship with Goodman Group
Goodman Group is GMT’s largest investor, owning
approximately 31.8% of Units on issue as at
31 March 2025.
GMT, through GPS, and Goodman Group are also parties
to the following long-term agreements which were put in
place on completion of the Internalisation:
+A co-operation and services agreement for the
provision of certain investment management,
information technology, insurance, human resources,
marketing, treasury and risk services by Goodman
Group to GPS and GMT; and
+A brand licence agreement, granting GPS a non-
exclusive, non-transferable licence to use the
“Goodman” brand.
Goodman Group’s cornerstone investment and long-
term contractual arrangements with GMT support close
alignment of interests between Goodman Group and
other Unitholders.
Goodman Group holds no bonds issued by GMB.
NZX Corporate Governance Code
GMT is required to report against the NZX Corporate
Governance Code (NZX Code). The following section
assesses GMT’s corporate governance framework
against the principles and recommendations set out
in the NZX Code as at 31 March 2025. Other than as
identified below, GMT complies in all material respects
with the principles and recommendations set out in the
NZX Code.
PRINCIPLE 1
ETHICAL STANDARDS
Code of Ethical Behaviour
The highest standards of behaviour are expected from
the Directors and employees of the Manager. These
expectations are formalised in the following policies,
practices and processes. Induction training and regular
refresher sessions are provided to Directors and
employees on these policies, practices and processes.
Code of Conduct
The Code of Conduct establishes the standards of
ethical and personal conduct expected of Directors
and employees. It is consistent with the wider corporate
values of the Manager and compliance with the policy is a
condition of employment.
The policy requires all Directors and employees to act
with honesty and integrity in a professional and respectful
manner and in accordance with the law. Directors and
employees are required to advise the CEO or General
Counsel of any actual, apparent or perceived conflicts,
maintain confidentiality and ensure proper use of non-
public information.
In accordance with the Ethical Concerns (Whistleblower)
Policy, all Directors and employees are responsible
for reporting unethical or corrupt behaviour and the
Manager will take whatever disciplinary action it considers
appropriate in the circumstances, including dismissal.
Ethical Concerns (Whistleblower) Policy
This policy sets out the common principles and minimum
standards for the disclosure and investigation of improper
conduct. All Directors and employees are required to
comply with this policy.
Political Donations Policy
This policy sets out the procedure for the giving of gifts
and political donations. All Directors and employees are
required to comply with this policy.
Financial Products Trading Policy
This policy raises awareness about the insider trading
provisions in the FMCA and strengthens those
requirements with additional compliance standards and
procedures which Directors and employees who wish to
trade in GMT Units or Bonds must comply with.
The Manager imposes trading windows through this policy
as well as requiring written approval of the CEO or Chair
prior to any trade. Speculative trading is also prohibited
with a minimum holding period of three months imposed.
The Manager provides email advice of trading window
status (and a constant reminder to employees via the
home page of the Manager’s intranet site).
PRINCIPLE 2
BOARD COMPOSITION & PERFORMANCE
Board Composition & Performance
The Board works with Management to formulate and
implement its strategy for GMT, monitoring its performance
against set objectives. The Board is also responsible
for ensuring business risks are appropriately identified
and managed and that the statutory, financial and social
responsibilities of the Manager are complied with.
The performance of the Board is reviewed regularly with
such process being managed by the Chair. As part of the
review, the Board assesses if appropriate training has been
received by the Board.
Board Charter
The Board Charter sets out the roles and responsibilities
of the Board, while a statement of investment policies and
objectives provides the strategic framework.
To facilitate the effective execution of its responsibilities, the
Board has developed a statement of delegated authority
for Management. This statement clarifies which matters
are dealt with by the Board and which matters are the
responsibility of Management and includes areas such as
finance, corporate matters and property transactions.
A copy of the Board’s approved mandate and Board
Charter can be found on GMT’s website within the
corporate governance section.
Board Composition
The Board of the Manager comprises six Directors, with a
majority being independent (as defined in the Listing Rules).
John Dakin and Gregory Goodman are not considered
independent due to their relationship with Goodman Group.
The Board regularly reviews the independence of each of
the Directors, based on information provided by Directors.
The factors the Board considers when determining the
independence of a Director, including the requirements of
the NZX Corporate Governance Code, are set out in full
in the Board Charter. Directors are expected to volunteer
information as and when it becomes available to them.
The biographies of the Directors can be found on page 30
of this report and online at: https://nz.goodman.com/about-
goodman/board-of-directors.
Directors have an average tenure of 12.8 years at
31 March 2025. They are encouraged to undertake
training to ensure they have the market knowledge
and governance expertise to perform their roles and
duties, including completing the continuing education
requirements of the Institute of Directors New Zealand and
other relevant professional bodies. Both Gregory Goodman
and John Dakin, as employees of Goodman Group, also
participate in, and have access to, training and development
opportunities provided by Goodman Group. Any new
Director receives a comprehensive induction that includes
a tour of the Trust’s assets.
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All Directors are appointed for three-year terms (with
the exception that shorter terms were provided for
Gregory Goodman and John Dakin at the time of the
Internalisation as more particularly described in the table
below), after which they are eligible for reappointment.
Following completion of the Internalisation, all Directors
are appointed by Unitholders in the manner described in
the Trust Deed. The Listing Rules also apply in relation to
the appointment, rotation and removal of Directors.
There are written agreements with each Director setting
out the terms and conditions of their appointment.
The Board during the year included:
Inclusion and Diversity
As a Unit Trust, GMT does not have any employees.
The Directors and staff are instead employed / engaged
by the Manager.
An Inclusion and Diversity policy was originally adopted
in FY18 and was refreshed in FY23 and again on
completion of the Internalisation. It recognises that an
inclusive and diverse culture provides a greater variety of
views and ideas that lead to better business outcomes.
Under this policy, the Manager undertakes to measure
gender, ethnicity, and age on a regular basis and to report
progress against future targets.
Strategies to broaden representation across the business
have delivered positive results, although with a stable
team it has been a graduated change.
The lower table shows the gender split between the various
business segments and compares this against the FY30
targets, included in the Inclusion and Diversity policy.
The Manager seeks to maintain a diverse Board with
the appropriate mix of skills, gender and geographic
representation. Specifically in relation to diversity, the
Manager has a target of achieving greater than 40%
female representation on the Board by 2030. As at
31 March 2025, of the six Directors that comprise the
Board, two identify as female and four identify as male.
This is unchanged from last year.
Of the nine executives, three identify as female and six
identify as male. This is unchanged from last year. Included
in the group of nine executives are the three Officers of
the company, being the Chief Executive Officer, the Chief
Financial Officer and the General Counsel and Company
Secretary. All three Officers identify as male and this is
unchanged from last year.
Of the 67 people that make up the business, 52.2% identify
as female and 43.3% identify as male,1.5% identified as
‘other identity’ and 3% chose not to answer. 7.5% of our
people identify as being part of the rainbow community.
On average, a Goodman team member has been with the
business for nine years and is approximately 41 years
old. It’s a team that includes 13 different ethnicities, with
speakers of 14 different languages.
The Chair and the Chief Executive Officer
As recommended by the NZX Code, the roles of Chair and
Chief Executive Officer are separated. This separation
avoids concentrations of influence and increases
accountability. John Dakin is the Chair and James Spence
is the Chief Executive Officer of the Manager.
The NZX Code further recommends that an issuer has an
independent chair of the board. GMT does not adopt this
recommendation, as John Dakin, who has been the chair of
the Board since 29 May 2023, is an employee of Goodman
Group and therefore is not an Independent Director.
This decision was made on the basis that John Dakin
was considered the best candidate for the role, due to his
tenure and expertise in the property sector and that the
objectives of the NZX Code are achieved by the Board
maintaining a majority of Independent Directors, as
required under the Trust Deed, and by the appointment of
David Gibson, Independent Director, as Deputy Chair.
Board Meetings
The Board typically has five scheduled meetings a year,
with one of those meetings focused on business planning and
strategy. In addition, there are ad-hoc meetings as required.
During FY25, all Directors attended each Board meeting
they were entitled to attend. The Board also had a 100%
attendance record in FY24.
The Independent Directors are encouraged to meet
separately when necessary and, in any event, not less than
once a year. They are also entitled to take independent
legal advice at the Manager’s expense should they believe
it necessary to adequately perform their role.
Company Secretary
The company secretarial function is performed by
Anton Shead, the Manager’s General Counsel and
Company Secretary.
Refer to p a g e 31 for Anton’s biography.
PRINCIPLE 3
BOARD COMMITTEES
Board Committees
The Board establishes committees to assist in the
exercise of its functions and duties and to ensure that all
risks are effectively monitored and managed.
Audit Committee
The Audit Committee is a permanent committee which
meets at least three times a year. As at the date of this
Report, the Audit Committee only comprises Independent
non-executive Directors, being Laurissa Cooney (Chair),
Leonie Freeman, David Gibson and Keith Smith. The Board
has determined that Laurissa Cooney has an adequate
accounting or financial background as recommended
under the NZX Code.
The Audit Committee operates under the terms of a formal
charter, a copy of which is available on GMT’s website
within the corporate governance section. The duties and
responsibilities of the Audit Committee include the following:
+Reviewing with the external auditor the audit plan,
their evaluation of the system of internal accounting
controls, their audit report, and their management
letter (if any) and Management’s response.
+Reviewing the assistance given by Management to
the external auditor.
+Reviewing and monitoring the scope and results
of the audit, its cost effectiveness, and the
independence and objectivity of the external auditor.
+Reviewing and discussing with the external auditor
any suspected fraud, irregularity, or break-
down of GMT’s internal controls or suspected
infringement of any law, rules, or regulations, which
has or is likely to have a material impact on GMT’s
financial performance, or financial position, and
management’s response.
+Approving the annual plan and associated fees to be
paid to the auditor.
Corporate Governance (continued)
BOARD COMPOSITION AT 31 MARCH 2025
1
NameClassificationOriginal appointmentExpiry of current term
John Dakin (Chair)Non-executive Director1 July 2012The date of the annual meeting of
unitholders in 2025
Laurissa CooneyIndependent Director4 November 2020The date of the annual meeting of
unitholders in 2027
Leonie FreemanIndependent Director11 O c t o b e r 2011The date of the annual meeting of
unitholders in 2027
David GibsonIndependent Director2 February 2021The date of the annual meeting of
unitholders in 2027
Keith SmithIndependent Director13 May 2004The date of the annual meeting of
unitholders in 2025
2
Gregory GoodmanNon-executive Director23 December 2003The date of the annual meeting of
unitholders in 2025
1
As previously communicated to the market, Steve Jurkovich has been appointed as an independent director of Goodman Property Services (NZ)
Limited and GMT Bond Issuer Limited, effective 1 July 2025.
2
As previously communicated to the market, Keith Smith intends to retire from his position as Director prior to the expiry of his term in 2025.
DIVERSITY AND INCLUSION
Gender diversityTotal persons
Survey ResultsRepresentation Targets
MaleFemaleFemale
F Y25F Y24F Y25F Y24F Y30
Board66 6 .7 %6 6 .7 %33.3%33.3%>40%
Executive96 6 .7 %6 6 .7 %33.3%33.3%>45%
Managerial1163.6%50.0%36.4%33.3%>45%
Note: The proportion of male and female team members may not sum to 100% as individuals may identify as ‘other identity’ or choose not to answer.
PRINCIPLE 2
BOARD COMPOSITION & PERFORMANCE (CONTINUED)
PRINCIPLE 2
BOARD COMPOSITION & PERFORMANCE (CONTINUED)
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+Considering and recommending to the Board the
appointment or re-appointment of the independent
external auditor and matters relating to the
resignation or dismissal of the auditor and ensuring
that the lead audit partner is changed at least every
5 years.
+Reviewing the half-year and annual financial
statements before submission to the Board for
approval and overseeing the auditing and compliance
of GMT’s annual financial statements (including the
financial statements of GMT Bond Issuer Limited).
+Developing and monitoring related party procedures,
the internal audit programme, and arrangements by
which employees may raise concerns about financial
improprieties, and investigating certain matters.
+Reviewing corporate governance issues.
+Advising the Board in relation to accounting, audit,
and certain risk management matters.
Management and other employees may only attend an
Audit Committee meeting at the invitation of the Audit
Committee.
Remuneration Committee
The Board has established a Remuneration Committee,
which meets at least twice a year. As at the date of this
Report, the Remuneration Committee has a majority of
Independent Directors, and comprises David Gibson
(Chair), Keith Smith and Gregory Goodman.
All Directors are entitled to attend the Remuneration
Committee meetings. Management and other employees
may only attend a Remuneration Committee meeting in
accordance with the Remuneration Committee Charter
or at the invitation of the Remuneration Committee.
The duties and responsibilities of the Remuneration
Committee include the following:
+Overseeing and reviewing the implementation of,
and recommending any changes to, the Manager’s
remuneration policy and practices, including for
remuneration of directors and employees.
+Reviewing and recommending to the Board for
approval the design and structure of employee and
executive discretionary short-term incentive structure
and equity long-term incentive plans.
+Overseeing disclosure obligations in relation to
remuneration.
Management and other employees may only attend a
Remuneration Committee meeting at the invitation of the
Remuneration Committee.
Nomination Committee
The Manager is a wholly owned subsidiary of GMT
Shareholder Nominee Limited (itself a wholly owned
subsidiary of Public Trust, rather than being owned
by Unitholders). Public Trust has granted rights to the
Unitholders to nominate and appoint Directors.
Nomination and appointment of Directors is managed
by the Board rather than a committee. Should the Board
decide to add a Director (whether as the result of a
retirement or otherwise), then the Board may constitute a
committee to consider and administer that appointment,
including consideration of any Director candidate’s
independence. A committee was formed during the
period to identify and recommend a new director for
appointment. As previously announced, Steve Jurkovich
will join the Board from 1 July 2025.
Other committees
The Board may from time to time establish other
committees for a specific purpose. These committees
are ad-hoc committees and the terms of reference for
each committee is agreed by the Board as part of the
establishment process. Examples include:
+Due Diligence Committee
The Board will typically establish a Due Diligence
Committee to oversee and report to the Board on
the due diligence process for any transaction of a
significant size and/or complexity. Examples of such
transactions are major acquisitions funded by an
equity raising or a new issuance of bonds by GMT
Bond Issuer Limited.
A Due Diligence Committee will usually include at least
one Independent Director, relevant external consultants
and members of Management considered appropriate
for the transaction in question.
+Independent Board Committee
An Independent Board Committee comprising the
Independent Directors will be established when
considered appropriate by the Board. For example,
an Independent Board Committee was established
to consider and negotiate with Goodman Group the
internalisation of GMT on behalf of Unitholders.
Takeover protocol
The Board has approved a Takeover Response Manual,
which establishes the procedure to be followed if there
is a ‘control transaction’
1
, including the procedure for any
communication between the Board and management,
and the bidder, and establishment of an independent
committee to manage the response obligations for the
control transaction.
1
A ‘control transaction’ includes a Restricted Transfer under
Appendix 3 of the Listing Rules.
PRINCIPLE 4
REPORTING & DISCLOSURE
Reporting & Disclosure
A fully informed and efficient market builds investor
confidence which ultimately contributes to the investment
performance of GMT and its ability to raise capital.
The Manager is committed to keeping Unitholders,
regulators and other stakeholders fully and promptly
informed of all material information relevant to the
Manager, GMT and GMT Bond Issuer Limited. The
Manager has policies and procedures that govern the
behaviour of the Directors and employees, ensuring
balanced and timely information is provided to the
market. These policies can be viewed on GMT’s website
in the corporate governance section.
Continuous Disclosure Policy
The Manager has a Continuous Disclosure Policy, which
explains the relevant legal requirements and sets out
the procedures put in place by the Manager to ensure
compliance with them.
Related Party Policy
The Manager believes that having a Board with a majority
of experienced Independent Directors effectively
manages any related party issues or conflicts that
could arise.
A comprehensive Related Party Policy summarises the
relevant restrictions contained in the Listing Rules, the law
and relevant contractual commitments, and how these
issues are managed.
The Manager uses this policy as a tool to ensure that:
+Management and the Board are properly briefed
and educated on the relevant restrictions and the
processes put in place to ensure compliance with
these restrictions.
+Unitholders and the investment market recognise
that the Manager deals with related party issues in
an appropriate, transparent and robust manner.
Other reporting
The Manager has extended GMT’s corporate reporting
in recent years to provide a broader overview of the
business, explaining how GMT creates long-term value
for all its stakeholders. It includes additional information
about the Manager’s investment strategy and how its
sustainability objectives are integrated into the business.
This year’s annual report also features the mandatory
disclosures required under the Aotearoa New Zealand
Climate Standards. Beginning on page 59, these climate
disclosures include the emissions inventory of the
business, the three climate scenarios we have evaluated,
the risks and opportunities that have been identified,
the emission reduction targets that we have adopted and
the transition plan that has been developed.
Our disclosures are also available online as a separate,
standalone document here: https://nz.goodman.com/
sustainability/reports.
We have also included a comprehensive remuneration
report this year, following Internalisation, see page 168 .
Access to key governance documents
The governance section of the website, https://nz.goodman.
com/about-goodman/corporate-governance contains
all the relevant policies, charters and other documents
described in this report including:
+Constitution of Goodman Property Services
(NZ) Limited
+Trust Deed of Goodman Property Trust
(including Supplemental Trust Deed)
+Trust Deed of GMT Bond Issuer Limited
(including Supplemental Trust Deed)
+Goodman Property Services (NZ) Limited Audit
Committee Charter
+Goodman Property Services (NZ) Limited Board
Charter
+Goodman Property Services (NZ) Limited
Remuneration Committee Charter
+Building Materials Policy
+Climate Resilience Policy
+Code of Conduct
+Continuous Disclosure Policy
+Customer Footprints Policy
+Embodied Carbon Innovation Policy
+Ethical Conduct Policy
+Financial Products Trading Policy
+Health and Safety Policy Statement
+Inclusion and Diversity Policy
+Modern Slavery Policy
+Nature and Biodiversity Policy
+Related Party Policy
+Remuneration Framework
+Remuneration Policy
+Statement of Investment Policies and Objectives
for Goodman Property Trust
+Goodman Property Services (NZ) Limited Board
Mandate
+PwC Benchmark Report
Corporate Governance (continued)
PRINCIPLE 3
BOARD COMMITTEES (CONTINUED)
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PRINCIPLE 4
REPORTING & DISCLOSURE (CONTINUED)
The governance section of the website also contains the
Trust Deed of GMT Bond Issuer Limited (including the
Supplemental Trust Deeds).
Financial reporting
Effective management of all types of risk (financial and
non-financial) is a fundamental part of the Manager’s
business strategy.
The Manager maintains a risk management framework for
GMT which includes regular reporting to both the Audit
Committee and the Board and the undertaking of an
annual risk assessment for GMT.
Non-financial disclosure
Please refer to the sustainability section and the
Climate-related Disclosures within this report for GMT’s
non-financial disclosure on environmental, economic and
social sustainability risks, measurement of those risks
and risk management.
PRINCIPLE 5
REMUNERATION
Remuneration
The Remuneration Committee has responsibility for
managing the remuneration of Directors and employees.
The FY25 Remuneration Report on page 168 details
the remuneration framework that has been adopted
by the Manager in respect of Directors, executives and
employees and the amounts paid by the Manager during
the year ended 31 March 2025, including details of
the nature and amount of each major element of the
remuneration of the CEO. By aligning individual outcomes
with the interests of GMT and its Unitholders, we believe
the remuneration framework provides a transparent, fair
and reasonable structure.
Director remuneration was benchmarked during FY25
by independent advisers, PwC. At GMT’s Annual Meeting
of Unitholders in July 2024, Unitholders approved
an increase in the fee pool available to directors from
$815,000 to $1,070,000.
These remuneration practices and disclosures are
compliant with the NZX Code recommendations.
As no remuneration payments are made by GMT Bond
Issuer Limited it does not maintain a remuneration policy.
PRINCIPLE 6
RISK MANAGEMENT
Risk Management
Effective management of all types of risk (financial and
non-financial) is a fundamental part of the Manager’s
business strategy.
The Manager maintains a risk management framework
for GMT that includes regular reporting to both the Audit
Committee and the Board and the undertaking of an
annual risk assessment for GMT. Further detail in relation
to this assessment is provided below.
The Board has the overall responsibility for ensuring that
risk is managed effectively. This includes consideration
of all material risks to the business. The Audit Committee
reviews the effectiveness of the risk management
process, including through the internal audit programme.
Risk register
The register identifies the material risks to the business,
assessing the impact and likelihood of each risk along
with the steps taken to mitigate possible adverse
impacts. Climate, compliance, financial, health and safety,
operational, people, regulatory, strategic and other risks
are all considered.
Risk assessment
The Manager undertakes a comprehensive annual risk
review process for GMT. This process commences
with an initial assessment being undertaken by the
Manager’s business risk function, which then presents
to Management for comment and review. The process
is intended to identify key risks to the business. Existing
risks are reassessed, and new risks considered during
the review.
These assessments include consideration of the impact
and likelihood of each material risk, and the agreed
mitigation approach.
The outcome of the annual risk assessment process is
presented to the Board for approval.
Management also engages external consultants from
time to time to assess, through survey and engagement
with key stakeholders, the key risks that are relevant
to GMT stakeholders to ensure that the Manager
understands the perspective of all stakeholders.
PRINCIPLE 6
RISK MANAGEMENT (CONTINUED)
Financial Risk Management policy
The Financial Risk Management policy reflects the
Board’s approach to managing financial risks. It includes
policies, controls relating to:
+Liquidity risk
+Interest rate risk
+Foreign exchange risk
+Counterparty credit risk
+Operational risk
This policy is reviewed by the Board annually.
Health and Safety
The health, safety and wellbeing of employees,
customers, contractors and the wider community is a
business priority of the Manager. The Manager maintains
an Operational Committee and a Leadership Committee
with a focus on reducing harm.
Since the introduction of the Health and Safety at Work
Act 2015 the Manager has worked closely with the Board,
staff and contractors to develop a culture of greater
safety awareness. The emphasis on proper processes,
vigilance and personal responsibility is consistent with the
aim of being free of serious harm accidents.
The Manager’s health and safety programme includes
regular training for all relevant staff.
Detailed reporting of health and safety incidents, including
trend analysis, is provided to management and the Board
on a regular basis and used to identify and mitigate future
health and safety risks.
There were no serious harm accidents recorded in the
last financial year.
Further information on GMT’s management and
initiatives in relation to health and safety is included in the
sustainability section of this report.
PRINCIPLE 7
AUDITORS
External auditor
The Audit Committee charter establishes a framework
for the issuer’s relationship with its external auditor.
Please refer to commentary under Principle 3 (Board
Committees) for the composition and duties of the
Audit Committee.
The Audit Committee ensures the quality and
independence of the external audit process. The
Committee ensures the annual audit is carried out
independently and without impairment, maintaining the
credibility and reliability of GMT’s financial reporting.
PricewaterhouseCoopers have been auditor of GMT
since FY04. Lisa Crooke has been the lead audit partner
since FY23.
Annual meeting attendance
To maximise the effectiveness of communication at
the annual meeting, the Manager requires the auditor
to attend the annual meeting to answer Unitholders’
questions about the conduct of the audit, as well
as the preparation and content of the independent
auditor’s report.
Internal audit
The internal audit programme for GMT is agreed annually
by BDO (as internal auditor), Management, and the Audit
Committee Chair, before being submitted to the Audit
Committee for approval.
The content of the internal audit programme varies
from year to year depending on the outcome of the risk
assessment process described in Principle 6.
The outcome of each internal audit review is presented
to the Audit Committee. Each member of management
responsible for the area of the business in question is
required (at the invitation of the Audit Committee) to
attend the Audit Committee meeting to discuss the
findings of the report and respond to queries.
Any recommendations for improvement are discussed
and the responsible member of management is
required to agree a timetable for the implementation
of the changes. The internal auditor reports back on
implementation of the agreed improvements.
Corporate Governance (continued)
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PRINCIPLE 8
UNITHOLDER RIGHTS AND RELATIONS
Unitholder Rights & Relations
Ensuring investors are well informed and easily able to
manage their investment is a key priority of the Manager’s
investor relations team.
The Board and Manager encourage investor engagement
and facilitate this through regular communication (either
printed or by email) and meeting opportunities. The
Manager’s investor relations resource is responsible for
delivering this programme. It typically includes:
+An annual meeting
+Investor tours and open days throughout the year
+Annual reports
+Live webcasts of the interim and annual result
presentations
+Regular institutional investor and analyst meetings
+Investor briefings
Information
The investor relations section of GMT’s website is the
repository of important information about GMT and
GMT Bond Issuer Limited. It includes NZX releases,
financial result and meeting presentations, reports and
newsletters, and distribution histories. It also allows
investors to view current prices and link to the Registrar to
check their holding, update details and download forms.
Investors have the option of receiving communication
in printed or electronic format and live webcasting is
provided for the annual meeting and financial result
presentations. For Unitholders and Bondholders who
elect to receive a printed copy, the Annual Report is
typically mailed around June of each year. The Interim
Report is provided electronically and is usually released
in November of each year,
A dedicated toll-free investor line is also available for
any investment related queries, 0800 000 656
(+64 9 375 6073 from outside New Zealand).
Transactions
Under the terms of GMT’s Trust Deed, the Manager must
obtain the approval of Unitholders before entering into
any transaction which would change the essential nature
of its business.
No capital raising transactions were conducted by
GMT during the year ended 31 March 2025.
GMT did issue units to Goodman Funds Management
Limited, as responsible entity of Goodman Industrial Trust,
on 31 March 2024 pursuant to a placement, however, those
units were issued in connection with the Internalisation
and not for the primary purpose of raising capital.
Annual meeting of Unitholders
The Trust Deed requires an annual meeting of Unitholders
every year. The Board encourages the participation of
Unitholders at these meetings to ensure accountability and
familiarity with the objectives of its investment strategy.
The next annual meeting is to be held on or around
28 August 2025.
Further details will be contained in the Notice of Meeting,
which is expected to be distributed on or around 30 July
2025, consistent with the NZX recommendation of being
at least 20 working days ahead of the meeting.
When required, voting on resolutions is done by poll and
online proxy voting is provided for investors unable to
attend. Unitholders have one vote per unit they hold.
OTHER STATUTORY
AND LISTING RULE DISCLOSURES
NZX Waivers
NZX has granted waivers to GMT and GMT Bond Issuer
Limited at various times, some of which have been relied
upon by GMT and GMT Bond Issuer Limited during the
year ended 31 March 2025.
GMT
On 28 March 2024, being the date of completion of the
Internalisation, NZ RegCo granted GMT a waiver from
Listing Rule 2.10 to the extent that Directors of the new
Manager, GPS, are “interested” in transactions that the
Manager is entering for the purposes of the day-to-day
management of GMT, solely due to those Directors
being a Director of the Manager. Without this waiver,
the Directors of the Manager could be deemed to be
“interested” in every decision relating to the investments
by GMT due to the relationship between the Manager,
GMT and Unitholders, with the Directors therefore unable
to vote on these decisions. The waiver from Listing Rule
2.10 has been granted on the following conditions:
(a) any Director abstain from voting on any transactions
entered into by the Manager on behalf of GMT with
another entity in respect of which the Director would
be otherwise “interested”; and
(b) GMT has a Non-Standard (NS) designation in
accordance with Listing Rule 1.18.1.
On 29 May 2025, being the date a new capital
partnership with Mercer and Goodman Group was
announced, NZ RegCo granted GMT a waiver from NZX
Listing Rule (Rule) 5.2.1. The implication of the waiver is to
allow GMT to enter into agreements with GMG (a “Related
Party” of GMT, as defined under the Listing Rules), to
effect the Fund Establishment without having to obtain
unitholder approval in accordance with Listing Rule 5.2.1.
The purpose behind Listing Rule 5.2.1 is to provide
unitholders with the opportunity to consider, and vote
on, Material Transactions (as defined in the Listing Rules)
where there is, or may be a perception of, the potential
for undue influence by a Related Party on an issuer’s
decision to enter into a transaction or agree to its terms.
In applying for the waiver, GMT submitted that the policy
behind Listing Rule 5.2.1 is not offended by granting a
waiver as the Fund Establishment had been negotiated on
arm’s length terms and while GMG is a Related Party of
GMT, GMG has not influenced the terms of, or the value
of, the transaction, nor GMT’s decision to enter into it.
The waiver was granted on the following conditions:
(a) the non-interested directors of GPSNZ certify to
NZX that:
i) the terms of the Fund Establishment have been
entered into, and negotiated, on an arm’s length
commercial basis;
ii) GMT was not influenced to enter into the Fund
Establishment by GMG;
(b) the non-interested directors of GPSNZ certifying
to NZX that the granting of the waiver is in the best
interests of:
i) GMT; and
ii) GMT’s unitholders who are not precluded from
voting under Rule 6.3;
(c) the non-interested directors of GPSNZ certifying to
NZX that the entry into the Fund Establishment is in
the best interests of:
i) GMT;
ii) GMT’s unitholders; and
iii) GMT’s unitholders who are not precluded from
voting under Rule 6.3;
(d) the non-interested directors of GPSNZ including in
the certificate a summary of the core grounds of the
certifications given under each limb of conditions (a),
(b) and (c) described above; and
(e) the waiver, its conditions and implications being
disclosed in GMT’s next annual report.
GMT Bond Issuer Limited
No waivers were relied upon during the period.
A complete copy of the waivers provided by NZX can be
found at www.nzx.com under the GMT code.
Register of Directors’ holdings as at the
Balance Date (to 31 March 2025)
The table below shows all relevant interests of Directors in
Units and Bonds under the FMCA, which include legal and
beneficial interests in Units.
REGISTER OF DIRECTORS HOLDINGS
DirectorUnitsBonds
John Dakin (Chair)
1
2 ,70 3, 4 5 8 . 0 0Nil
Laurissa Cooney
2
58,872.48Nil
Leonie Freeman
3
4 0 8 ,75 0 . 0 0Nil
David Gibson
4
127,579.54Nil
Keith Smith
5
4 6 7,7 3 3 . 0 0Nil
Gregory GoodmanNilNil
1
John holds his units through the SGH Investment Trust of which he is
a trustee and beneficiary.
2
Laurissa has a beneficial interest in 58,872.48 GMT units through
Craigs KiwiSaver Scheme on behalf of the New Zealand Guardian
Trust Company Ltd of which she is a beneficiary.
3
Leonie holds a beneficial interest in 173,750 GMT units through the
Wave Trust. She is a trustee of that trust. Leonie has an interest in a
further 235,000 units held in her own name.
4
David has an interest in GMT units held in a custodial account by
New Zealand Guardian Trust Ltd as trustee for Craigs Investment
Partners KiwiSaver Scheme.
5
Keith holds a beneficial interest in 378,460 GMT units through
The Selwyn Trust. He is also a trustee of that trust. Keith has an
interest as a trustee only (i.e. no beneficial interest) in a further
89,273 units, through being trustee of The Gwendoline Trust.
Summary of recent Trust Deed
amendments
During the year ended 31 March 2025, there were no
amendments to GMT’s Trust Deed.
GMT’s Trust Deed is available on the Corporate
Governance section of the Goodman Property Trust
Website at https://nz.goodman.com. It is also available
on the Disclose Register accessible on the Companies
Office website (https://www.companiesoffice.govt.nz/
disclose).
Corporate Governance (continued)
OTHER STATUTORY
AND LISTING RULE DISCLOSURES (CONTINUED)
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OTHER STATUTORY
AND LISTING RULE DISCLOSURES (CONTINUED)
Other Disclosures
for GMT Bond Issuer Limited
Interests register
GMT Bond Issuer Limited is required to maintain an
interests register in which the particulars of certain
transactions and matters involving the Directors must be
recorded. The interests register is available for inspection
on request.
Specific disclosures of interests
During the financial year, GMT Bond Issuer Limited did not
enter into any transactions in which its Directors had an
interest. Accordingly, no disclosures of interest were made.
Indemnity and insurance
In accordance with section 162 of the Companies Act
1993 and its constitution, GMT Bond Issuer Limited has
provided insurance for, and indemnities to, Directors
for losses from actions undertaken in the course of
their duties. The insurance includes indemnity costs
and expenses incurred to defend an action that falls
outside the scope of the indemnity. The cost of such
insurance has been certified as fair by the Directors of
GMT Bond Issuer Limited. Particulars have been entered
in the interests register pursuant to section 162 of the
Companies Act 1993.
Use of company information by Directors
No member of the Board issued a notice requesting
to use information received in his or her capacity as a
Director which would not have otherwise been available
to that Director.
Donations
GMT Bond Issuer Limited did not make any donations
during the financial year.
Audit fees
All audit fees and fees for other services provided by
PricewaterhouseCoopers are paid by GMT.
Directors’ disclosure
During the year ended 31 March 2025, Directors
disclosed interests or cessation of interests (indicated
by (C)), in the following entities pursuant to section 140
of the Companies Act 1993.
Laurissa Cooney Rabobank New Zealand Limited
Accordant Group Limited (C)
David Gibson NZME Limited (C)
Gregory Goodman Glen Nevis Finance Limited
Kingston Village Finance Limited
Trevally Finance Limited
Trevally Investments Limited
Corporate Governance (continued)
Highbrook Business Park
Strategically located next to SH1,
there are over 30,000 vehicle
movements a day along Highbrook Drive.
DELIVERING NIGHT AND DAY
IS ONLY MADE POSSIBLE WITH
STRATEGICALLY LOCATED
LOGISTICS FACILITIES
— LIKE OURS
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REMUNERATION
GOVERNANCE
Employees are employed by GPS as the Manager of GMT.
Accordingly, remuneration disclosures will be made for GPS.
Remuneration Committee
The Board has established a Remuneration Committee,
which meets at least twice a year. As at the date of this
Report, the Remuneration Committee has a majority of
Independent Directors, and comprises David Gibson
(Chair), Keith Smith, and Gregory Goodman. All Directors
are entitled to attend the Remuneration Committee
meetings. Management and other employees may
only attend a Remuneration Committee meeting in
accordance with the Remuneration Committee Charter
or at the invitation of the Remuneration Committee.
The duties and responsibilities of the Remuneration
Committee include the following:
+Overseeing and reviewing the implementation of,
and recommending any changes to, the Manager’s
remuneration policy and practices, including for
remuneration of directors, executives and employees.
+Reviewing and recommending to the Board for
approval the design and structure of employee
and executive discretionary short-term incentive
structure and equity long-term incentive plans.
+Overseeing disclosure obligations in relation to
remuneration.
Since its formation in March 2024, the Committee has
convened five times, primarily focusing on the refinement
of the remuneration structure and the outcomes of
the 2024 remuneration review. The Remuneration
Committee operates under the terms of a formal charter
and has established a Remuneration Policy for GPS
directors, executives and employees, these are available
on GMT’s website https://nz.goodman.com/about-
goodman/corporate-governance.
In November 2024, the Directors’ Securities Acquisition
Policy was updated. This requires that within three years
of appointment to the Board, an Independent Director
is expected to accumulate and hold a stake in GMT
with a value equivalent to their pre-tax annual base fee.
Non-Independent Directors are employees of Goodman
Group and are considered aligned with the interests of
unitholders due to the investment in GMT by Goodman
Group, a substantial product holder, which has resulted in
the Director being deemed not Independent. In the event
that the base fees are adjusted at any time, the Directors
shall have a period of three-months from the date of the
adjustment to ensure their continued compliance with
this policy.
REMUNERATION
POLICY
GMT as a managed investment scheme does not have
any directors or employees, but rather directors and
employees are engaged by its Manager, GPS. All costs of
GPS are met by GMT.
GMT’s Remuneration Framework
Total remuneration for all permanent employees
comprises fixed remuneration, discretionary short-term
incentive (‘STI’), discretionary long-term incentive (‘LTI’),
and other benefits.
Across all levels there is a high weighting towards
performance-based and at-risk remuneration
components which are linked to the successful delivery
of GMT’s strategy. The performance hurdles for the GMT
LTIP are reviewed by the Board on an annual basis prior
to each grant, to ensure the hurdles are ambitious and
require significant financial performance for GMT before
any vesting to employees occurs. This structure drives
strong performance outcomes and aligns the interests of
our people with those of Unitholders.
The weightings for each remuneration component for
the CEO, executives, and all other employees during the
reporting period are illustrated on page 17 0 .
Fixed Remuneration
Fixed remuneration is determined with consideration
of the scope, complexity, experience, individual
performance, and market comparisons for individual
roles. Fixed remuneration is kept low relative to market
on average and is reviewed annually (nine-monthly in the
transition period following internalisation).
Short-Term Incentive
STI remuneration is a fully discretionary cash reward
for performance against performance objectives of
the individual employee, GMT and GPS. In addition,
employees must meet behavioural expectations in line
with Goodman’s values and the Code of Conduct.
STI outcomes for the CEO during the reporting period
were determined with consideration of the achievement
of GMT’s strategy, the financial performance of GMT
outlined on page 21 and progress towards sustainability
targets outlined on page 36.
From 1 April 2025, the revised STI framework will provide a
robust and transparent structure for the Board to recognise
and reward performance with a discretionary cash payment
to eligible employees. All potential individual STI outcomes
are wholly discretionary and reflect the achievement
of business and individual performance measures. The
STI structure is detailed on page 172 and the business
performance targets and weightings for the CEO and
executives for FY26 are outlined on page 173 .
Our people are key to our long-term success. We look for individuals who want to realise their
ambitions, challenge the status quo, drive change, and develop new ideas that deliver a sustainable
business. Our remuneration framework supports the attraction and retention of talent with the
skills and knowledge to deliver our strategy for sustainable growth and long-term value creation.
Remuneration Strategy
Following internalisation, GMT now has responsibility
for its own people. A Remuneration Committee was
established in March 2024 to assist the Board in setting
GMT’s remuneration strategy and framework. The Board
recognises the need to attract, retain, and incentivise our
people who deliver GMT’s strategy, while meeting the
expectations of our stakeholders. A detailed overview of
employee remuneration is set out in GMT’s Remuneration
Framework which can be found at https://nz.goodman.
com/about-goodman/corporate-governance.
Transition to GMT’s Financial Year
Previously, our people were remunerated on a July
to June year. The Short-Term Incentive (‘STI’) paid in
September 2024, reflected the performance period
1 July 2023 to 30 June 2024. As part of internalisation,
Goodman Group met nine months of this cost.
To align remuneration timings with GMT’s financial
year, a base salary review and a nine-month STI for
the period 1 July 2024 to 31 March 2025 was paid
to eligible employees in May 2025. The nine-month
transitional period STI is a fully discretionary cash reward
for performance against objectives of the individual
employee, and the performance of GPS and GMT
during FY25.
Short-Term Incentive
In 2024, the Remuneration Committee undertook a
review of the STI framework. The revised framework
provides our people with greater transparency over the
link between business and individual performance and
STI outcomes and was implemented on 1 April 2025.
Additional details regarding the structure and business
performance measures for the FY26 STI are provided on
page 172 and page 173.
Establishment of the GMT Long-Term
Incentive Plan
Previously, all permanent employees were eligible to
participate in the Goodman Group and GNZ Long-Term
Incentive Plans (‘LTIP’). To continue to reward long-
term performance and retention of talent, the Board
established a new GMT LTIP in 2024 which will reward
success with new GMT Units if the performance hurdles
are met. The 2024 performance hurdles are ambitious
and require significant performance from GMT for vesting
to occur at threshold and upper levels. Further detail of
the new scheme can be found on page 174 and page 175.
The Board is mindful of overall remuneration levels
and has spent considerable time determining the
remuneration outcomes. The Board considers employee
remuneration to be appropriate and well aligned with the
interests of our stakeholders.
On behalf of the Remuneration Committee, I am pleased
to present GMT’s Remuneration Report for the financial
year ended 31 March 2025.
David Gibson
Independent Director
and Chair of the Remuneration Committee
REMUNERATION
REPORT
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REMUNERATION FRAMEWORK
In 2024, GMT’s remuneration framework was reviewed, with a particular
focus on equity-based reward to generate and reward long-term
performance, retention of talent, and a strong culture. The framework
demonstrates the strong link between performance and reward, with
long-term alignment of our people and key stakeholders.
REMUNERATION FRAMEWORK Effective 1 April 2025
BASE
SALARIES
At-risk and performance based remuneration
SHORT-TERM
INCENTIVE
Annual and
awarded in cash
LONG-TERM
INCENTIVE
Tested over three
years and vests
over three years
Base salaries for the CEO and executives were benchmarked in August 2024.
Base salaries are reviewed annually (nine-monthly in the transition period following
internalisation). FY26 base salary changes will be effective from 1 April 2025.
Overall Board discretion and cash earnings gate (90% of budget)
FY26 Maximum
Potential STI %
base salary
FY26 Performance Pillars and Weightings
Cash Earnings
per Unit to
budget
Strategic
Objectives
Individual
Performance
Chief Executive Officer110%50%50%–
Executives 55% to 120%30%30%40%
Other team members10% to 85%15% to 30%15% to 30%40% to 70%
FY26 Performance Hurdles
Cash Earnings per Unit (‘EPU’)
– 75% weighting
Relative Total Unitholder Return (‘TUR’)
– 25%
GMT’s cash earnings growth.
For the FY26 grant, this is 5% to 7%
CAGR over the three-year
performance testing period.
GMT’s TUR compared with the total
Shareholder / Unitholder returns of
participants of the S&P / NZX50.
Performance rights are a “right” to receive GMT units for nil consideration if the
vesting conditions are met. Vesting is subject to the satisfaction of the performance
hurdles over a three-year testing period, with vesting in three equal tranches,
annually, from the end of year three to the end of year five.
FY26 Grant Testing period 1 April 2025 to 31 March 2028
FY26 Grant Vesting period 1 June 2028, 1 June 2029,
or 1 June 2030 (or the next business day)
Remuneration Report (continued)
Long-Term Incentive
The Board considers that the grandfathered LTI
plans have been fundamental in rewarding long-term
performance and have been a powerful incentive and
driver of operational resilience and retention of talent.
The establishment of a new GMT Long Term Incentive
Plan (‘GMT LTIP’), in which all permanent employees are
eligible to participate, now fully aligns our people’s LTI
outcomes with those of GMT Unitholders and remains a
key component of GMT’s remuneration strategy.
Eligible employees are awarded performance rights, which
are a “right” to receive GMT units for nil consideration if the
vesting conditions are met. 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. The
LTI will be a material component of remuneration for all
employees if the hurdles are met or exceeded.
The first grant of performance rights under the new GMT
LTIP was made in September 2024. The FY25 grant will
be tested against the relative total Unitholder returns
(‘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 from 1 April 2024
to 31 March 2027. Further details relating to the
performance hurdles for the FY25 and FY26 LTI grants
are outlined on page 174 and page 175.
Other Benefits
Employees are eligible for non-cash benefits which
may include life, total permanent disability and salary
continuance insurance. Employees enrolled in KiwiSaver
receive employer contributions of 3% on top of base salary
and any discretionary cash STI received. Some employees
are also eligible for a car park and company vehicle.
External Benchmarking
During 2024, the Board engaged PwC to provide
benchmark data for CEO and executive remuneration.
All benchmark data was extracted from comparator
groups selected by the Remuneration Committee
with a range of NZX-listed comparators of a similar
size, complexity, and scale to GMT selected. This
benchmarking data was used to support the Board in
establishing the 2024 remuneration outcomes for the
CEO and Executives (being those persons noted on
p a g e 31 of this report).
Strategic Pay were engaged during the year to provide
benchmark data for other roles within the business
and to provide external and independent advice on the
weightings and banding for roles as part of the design and
establishment of the revised STI framework.
1
Base salaries effective from 1 July 2024.
2
STI paid in September 2024, reflecting the performance period 1 July 2023 to 30 June 2024.
3
GMT LTIP grant for FY25 made to employees in September 2024. The value is based on the number of performance rights granted and the GMT
Unit price of $2.05 on 27 September 2024, the date the grant was made to employees.
CEO
REMUNERATION MIX
3.5%
7 .7%
4.8%
EXECUTIVE
REMUNERATION MIX
5.5%
70.7%
3.8%
OTHER EMPLOYEE
REMUNERATION MIX
3 7. %
52.5%
0.4%
LT I G r a nt
3
Base Salary
1
STI
2
Remuneration Mix and Timing
The Board believes that the alignment between remuneration and long-term performance is evidenced by the significant
portion of total remuneration that is made up of LTI. The charts below illustrate the potential total remuneration for the
CEO, executives, and all other permanent employees and the significant weighting towards long-term and performance-
based remuneration outcomes. The information contained below comprises the outcomes from the remuneration review
undertaken during the reporting period and includes base salaries, discretionary short-term incentive, and the FY25 LTI grant.
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SHORT-TERM INCENTIVE FRAMEWORK
Overall Board discretion and cash earnings gate
Business Performance
Cash earnings per unit to budget
Business Performance
Strategic objectives
Individual
Performance Objectives
Cash earnings budget determined
by the Board each year.
Strategic objectives set by the Board
each year.
The level of achievement will be determined
by the Board at the end of the financial year.
Objectives set each year and
measured as part of the end of
year performance review process.
Achieved at or above budget – 100%
Partially achieved at 97% to
99.9% of budget – 75%
Not achieved at less than
97% of budget – 0%
Outstanding performance – 90% to 100%
Solid performance – 80 to 89%
Partially achieved – 0 to 79%
Did not meet – Nil
The portion of the STI outcome
measured by individual
performance will be determined
based on the individual
performance rating from
the annual reviews.
FY26 Short-Term Incentive Scorecard
For FY26, GMT achieving cash earnings per unit at 90% of the budget or above is the gate for establishing an STI pool.
Subject to the Board exercising its discretion to make a pool available and the STI gate being met, the STI quantum will be
assessed based on the level of business performance and individual performance.
The table below outlines the business performance metrics for FY26. These metrics will be used to determine the level of
payment for the business performance component of the discretionary STI for the CEO and other eligible employees.
FY26 CASH EARNINGS
Business
Performance Measure Weighting Level of Achievement
Cash Earnings
budget
CEO – 50%
All other employees
– determined by band
Cash
Earnings
Not achieved Partially achieved Achieved
At less than 97%
of budget
97% to 99.9%
of budget
At or above
budget
Potential
STI outcome
0% 75%10 0%
FY26 STRATEGIC OBJECTIVES
Strategic ObjectivesDescription
GMT Portfolio
Performance
Maintaining high occupancy and customer retention, while capturing underlying reversion
and cash flow growth. Completion of core sustainability upgrades.
DevelopmentWhere appropriate, commence and execute on value-add developments within GMT.
Progress towards GMT’s data centre strategy.
Capital
Transactions
Continue to refine and enhance GMT’s portfolio through targeted acquisitions and where
appropriate, disposals.
Funds and Capital
Management
Establish the Investment Management platform and ensure key fund performance measures
are achieved. Effective delivery of the debt strategy to be driven by GMT’s asset and fund
management strategy.
Financial Decisions and outcomes should consider market conditions at the time and reflect the best
interests of GMT unitholders.
People and Safety Attraction and retention of talent with the skills and knowledge to deliver GMT’s strategy.
Active participation in health and safety to enhance culture and strive towards safety
excellence.
SustainabilityAdvancing sustainability upgrades across the core portfolio while making measurable
progress toward FY30 embodied and in-use emission reduction targets.
Remuneration Report (continued)
Short-Term Incentive Framework
(effective 1 April 2025)
The Remuneration Committee undertook a review of the
STI framework in 2024. From 1 April 2025, the revised
STI framework will provide a robust and transparent
structure for the Board to recognise and reward
performance with a discretionary cash payment to
employees. The structure of the STI framework is outlined
on page 171 .
Board discretion and gate
The Board maintains absolute discretion as to whether to
make an STI pool available, the value of any payment or not
to make any payment at all, even if performance targets are
met or not met. Achieving cash earnings per unit at 90%
of the budget or above is the gate to the establishment of a
total STI pool, unless the Board, at its absolute discretion,
determines there are exceptional circumstances.
STI Determination
All eligible employees have a maximum potential STI
based on their role and band. The actual STI payable
to eligible employees under the framework will be
determined based on the level of achievement of
business outcomes and individual performance, with the
weighting towards business and individual performance
determined based on bands.
For the CEO in FY26, the Board have approved a
maximum potential STI of 110% of base salary, weighted
50% against cash earnings per unit and 50% against
achievement of strategic objectives.
The FY26 cash earnings budget is 7.97 cents per unit.
Details of the strategic objectives set by the Board for
the determination of the business performance pillar for
FY26 STIs are outlined on page 173.
The chart above illustrates the three key remuneration components, the performance period the reward relates to,
and the timing each component is received by eligible employees. Prior to internalisation, the performance period
was based on a July to June year, consistent with Goodman Group, the owner of GPS at that time. From 1 April 2025,
the performance period will reflect GMT’s financial year April to March. The GMT LTIP performance testing period
and vesting timings will be the same as the now grandfathered Goodman NZ LTIP.
REMUNERATION TIMINGS
Fixed
Remuneration
100% of fixed pay
(awarded in cash)
At-risk and performance based remuneration
STI
Performance period
(awarded in cash)
LT IPerformance period
(grant of performance
rights)
75% of award tested against a cash
earnings per unit hurdle over the three
year performance testing period.
25% of award tested against a relative
TSR hurdle measured at the end of the
three year performance
testing period.
34% of the LTI award (subject to the level
of achievement against the performance
hurdles and service requirements) vests
shortly after the end of year three.
33% of the LTI award (subject to the level of achievement
against the performance hurdles and service
requirements) vests shortly after the end of year four.
33% of the LTI award (subject to the level of achievement against the
performance hurdles and service requirements) vests shortly after
the end of year five.
F Y26Ye a r O n eYe a r Tw oYe a r T h r e eYear FourYear Five
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Relative Total Unitholder Return
(‘TUR’) – 25% weighting
The relative TUR for GMT
compared with the total
Shareholder / Unitholder returns of
participants of the S&P/NZX50.
The vesting of performance rights
tested against the relative TUR
performance hurdle will be based
upon the following formula:
+Less than 51
st
percentile
– 0% vests
+A t 51
st
percentile
– 50% vests
+At 90
th
percentile or above
– 100% vests
With a straight-line scale of vesting
in between the 51
st
and 90
th
percentile.
For the TUR portion of the grant,
GMT will need to outperform half
the participants of the S&P/NZX50
over the performance testing
period (three years) for any vesting
to occur.
Cash Earnings Per Unit (‘EPU’)
– 75% weighting
The Board believes cash earnings
is one of the key measures of the
successful execution of GMT’s
strategy and therefore employee
performance. The vesting of
performance rights tested against
the EPU performance hurdle after
the three-year period will be based
upon the following formula:
At Threshold Level of performance
5% CAG R
1
in EPU 8.74 cpu
– 25% vests
At Target Level of performance
6% CAGR
1
in EPU 8.99 cpu
– 62.5% vests
At Upper Level of performance
7% CAG R
1
in EPU 9.25 cpu
– 100% vests
With straight-line scale of vesting
in between.
1
CAGR is based on a start point of FY25
cash earnings of 7.55 cpu.
Quantum
With a five-day VWAP price
of $1.942 cents per unit,
11.25 million performance rights
are expected to be granted to
eligible employees. As at the date
of the Board’s approval of the
grant, the face value of this award
was $21.8 million.
Combined with the number of
performance rights granted
in FY25, there are currently
21.4 million performance rights
outstanding to employees, which
is 1.4% of issued capital, under
the policy cap of 3%.
FY26 GMT LTIP GRANT PERFORMANCE HURDLES
A grant of performance rights under the GMT LTIP was made to eligible employees in June 2025. The Board has
approved the performance hurdles associated with the FY26 grant, and these are outlined below. The testing period
for this grant is from 1 April 2025 to 31 March 2028.
Remuneration Report (continued)
Long-Term Incentive
Prior to internalisation, all permanent employees were
eligible to participate in the Goodman Group and
GNZ LTIPs. Post internalisation, these LTIPs have been
grandfathered with the obligation for any vesting to be met
by Goodman Group (not GMT). Continued employment
is a condition of vesting, so these schemes provide an
employee retention benefit to GMT.
A new GMT LTIP was established in 2024, ensuring
our people are now fully aligned to the strategy and
performance of GMT. Under the GMT LTIP, performance
rights may be granted to eligible employees on an annual
basis at the discretion of the Board (see Financial Markets
Conduct Act 2023, GMT / GPS Exemption Notice 2025).
The key features of the GMT LTIP include:
+Performance rights are granted to eligible employees
for nil consideration
+Vesting is subject to the satisfaction of certain
performance hurdles and employment conditions
+Performance rights do not confer voting rights or the
right to participate in bonus issues or rights issues
by GMT
+The Board has set a policy cap for the maximum
potential Performance Rights which can be issued
and outstanding to employees under the GMT LTIP,
which equates to 3% of GMT Units on issue.
Relative Total Unitholder Return
(‘TUR’) – 25% weighting
The relative TUR for GMT
compared with the total
Shareholder / Unitholder returns
of participants of the S&P/NZX50
over the performance testing
period.
The vesting of performance rights
tested against the relative TUR
performance hurdle will be based
upon the following formula:
+Less than 51
st
percentile
– 0% vests
+A t 51
st
percentile
– 50% vests
+At 90
th
percentile or above
– 100% vests
With a straight-line scale of vesting
in between the 51
st
and 90
th
percentile.
For the TUR portion of the grant,
GMT will need to outperform half
the participants of the S&P/NZX50
over the performance testing
period (three years) for any vesting
to occur.
Cash Earnings Per Unit (‘EPU’)
– 75% weighting
The Board believes cash earnings
is one of the key measures of the
successful execution of GMT’s
strategy and therefore employee
performance. The vesting of
performance rights tested against
the cash EPU performance hurdle
after the three-year period will be
based upon the following formula:
At Threshold Level of performance
5% CAG R
1
in EPU (8.31 cpu)
– 25% vests
At Target Level of performance
6% CAGR
1
in EPU (8.55 cpu)
– 62.5% vests
At Upper Level of performance
7% CAG R
1
in EPU (8.80 cpu)
– 100% vests
With straight-line scale of vesting
in between.
1
Cash earnings growth targets have been
calculated off a starting point of restated
FY24 cash earnings of 7.18 cpu
(normalised for the removal of building
deprecation tax deductions from FY25
onwards) and assume no further GMT
units issued in the testing period.
Quantum
The face value of the FY25
LTI award was consistent with
the 2023 awards made pre-
internalisation under the combined
grandfathered Goodman Group
and Goodman NZ LTIPs.
The FY25 grant equates to
0.7% of units on issue as at
31 March 2025.
FY25 GMT LTIP GRANT PERFORMANCE HURDLES
In 2024, the first grant under the GMT LTIP was made with 10.1 million performance rights granted to eligible employees.
The performance hurdles associated with this grant are outlined in the table below.
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Prior to internalisation, the CEO participated in two
LTI plans designed to maximise long-term alignment with
unitholders of GMT (“GNZ LTIP”) and the security holders
of Goodman Group (“GMG LTIP”). Under the GMG LTIP,
25% of each grant was tested against a relative total
securityholder return (“TSR”) performance hurdle and
75% of each grant against an operating earnings per
security (“EPS”) performance hurdle.
Under the GNZ LTIP, 25% of each grant was tested
against a relative total unitholder return (“TUR”)
performance hurdle and the remaining 75% of each grant
against an aggregate operating earnings before tax per
Unit (“EPU”) performance hurdle.
LT I Ve s t e d
GMG LTIPG N Z LT I PTo t a l
Grant year and
tranche vested
Number of
performance
rights vested
% of
maximum
awarded
Market price
at vesting date
AU$
Number of
performance
rights vested
% of
maximum
awarded
Market price
at vesting
date
NZ$
Fixed Rem +
STI paid +
KiwiSaver +
LT I v e s t e d
$
31 March 2025
James Spence
2019
Tranche Three9,38996%79,55698.5%
2020
Tranche Two8,6 0688%54,83475%
2021
Tranche One9,66710 0%94,22710 0%
To t a l 2 7, 6 6 295%33.332 2 8 ,6 1792%2.1562,571,829
LTI vested in the period ending 31 March 2025 comprises 27,662 GMG performance rights valued at $1,002,647 on
vesting date, based on the GMG market price of AUD33.33 and the AUD/NZD exchange rate of 1.0875 on vesting date,
plus 228,617 performance rights under the GNZ LTIP valued at $492,898 on vesting date, based on the GMT market
price of $2.156.
Remuneration Report (continued)
CEO REMUNERATION
ARRANGEMENTS AND OUTCOMES
Chief Executive Officer Remuneration
James Spence is the Chief Executive Officer of GPS.
The CEO’s remuneration comprises fixed remuneration,
discretionary STI, and participation in the LTI schemes.
Details of the specific remuneration arrangements in place
for the CEO during the reporting period are outlined in the
following tables.
PwC were engaged to provide benchmark data for CEO
remuneration in 2024, extracted from comparators
selected by the Remuneration Committee. In establishing
the remuneration arrangements for the CEO, the Board has
considered a range of NZX-listed comparators of a similar
size, complexity, and scale to GMT.
The CEO’s remuneration arrangements reflect the Board’s
philosophy of keeping fixed remuneration low compared
to market and placing a stronger focus and weighting on
performance-based and at-risk remuneration components.
Whilst the CEO’s potential total remuneration is higher than
market, there is a very material portion of remuneration
linked to the LTI grant, requiring significant performance by
GMT for maximum total remuneration to be achieved.
The total remuneration arrangements for the CEO comprises:
+Base salary of $500,000 effective 1 July 2024.
+A cash STI of $550,000 paid in September 2024,
reflecting performance for the period 1 July 2023
to 30 June 2024.
+LTI grant of 1,296,435 performance rights in
September 2024, which equates to $2.74m face value
based on GMT’s one-day VWAP on 30 August 2024.
Subject to the level of performance against the hurdles,
the FY25 LTIP grant will vest in three equal tranches in
June 2027, 2028, and 2029.
+Other benefits include car park, insurances, and
mobile phone valued at $7,857.
Details of the actual remuneration received by the CEO in the
year ending 31 March 2025 are outlined in the table below.
Chief Executive Officer Remuneration
Arrangements for FY26
The total remuneration for the CEO for FY26 comprises:
+$500,000 base salary, which remains unchanged.
+A cash STI of $386,720 was paid in May 2025,
reflecting the CEO’s level of performance during
the nine-month period 1 July 2024 to 31 March
2025. The CEO’s STI was determined based on the
following considerations:
—Cash earnings of 7.55 cpu.
—Underlying portfolio performance has been
strong and in line with budget in FY25, with
a growth in NPI by 13.5% from $203.1m to
$230.5m .
—Significant progress towards the setup of GMT’s
Investment Management platform.
—Solid capital management in line and well
within covenant while still achieving financial
performance measures.
—Transition to the new remuneration structure,
while retention remains high, and our people
remain engaged and aligned to GMT’s strategy.
From 1 April 2025, the CEO’s STI will be determined
in accordance with the revised STI framework. The
maximum achievable STI for the CEO in FY26 is 110% of
base salary. Details of the business performance targets
which will determine 100% of the CEO’s STI outcome for
FY26 are outlined on page 173 .
Chief Executive Officer Remuneration Outcomes
The following disclosures relate to actual remuneration
paid to James Spence for his time as CEO in the year
to 31 March 2025 and the one-year prior comparative
information. STI paid to the CEO during the year ended
31 March 2024 and 2025 relate to performance during
the years ended 30 June 2023 and 30 June 2024.
Base Salary
$
Other Benefits
$
Short-Term
Incentive paid
(cash) $
KiwiSaver
$
Fixed Remuneration +
STI paid +
KiwiSaver
$
31 March 2025
James Spence4 8 7, 3 0 87, 8 5 7550,00031,1191,076,284
31 March 2024
James Spence4 3 7, 5 0 014,816450,0002 7, 0 6 9929,385
LT I Ve s t e d
GMG LTIPG N Z LT I PTo t a l
Grant year and
tranche vested
Number of
performance
rights vested
% of
maximum
awarded
Market price
at vesting date
AU$
Number of
performance
rights vested
% of
maximum
awarded
Market price
at vesting
date
NZ$
(Fixed Rem +
STI paid +
KiwiSaver +
LTI vested)
$
31 March 2024
James Spence
2018
Tranche Three14,66610 0%
23.03
112,84 610 0%
2 .17 52,283,066
2019
Tranche Two9,38896%79,55698.5%
2020
Tranche One8,6 0688%54,83475%
To t a l 32,66095%2 4 7, 2 3 693%
LTI vested in the period ending 31 March 2024 comprises 32,660 GMG performance rights valued at $815,942 on
vesting date, based on the GMG market price and the AUD/NZD exchange rate of 1.0848 on vesting date, plus 247,236
performance rights under the GNZ LTIP valued at $537,738 on vesting date, based on the GMT market price of $2.175.
In September 2024, the Board made the first grant to the CEO under the new GMT LTIP. The face value per unit for
the 2024 LTI grant is GMT’s one-day VWAP of $2.1158 on 30 August 2024, the date the Board approved the grant
to the CEO. The performance hurdles for the FY25 grant are outlined on page 174 of this report.
LTI Awarded
GMT LTIP
Number of
performance
rights
Face value
per unit
1
$Testing PeriodVesting Period
31 March 2025
James Spence1,296,4352.11581 April 2024 to 31 March 2027
Three equal tranches
1 June 2027, 2028, and 2029
1
One-day VWAP on 30 August 2024.
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Chief Executive Officer – Outstanding Performance Rights
LTI Plan
Shares vesting and lapsed during FY24
Grant dateVesting Date
Opening
balance
31 March
2024
Number of
performance
rights vested
Market price
at vesting date
AU$Lapsed
Closing
balance
31 March
2025
GMG LTIP
(grandfathered)
30 September
2019
1 September
20249,3899,38933.33–
30 September
2020
1 September
20248,6 068,6 0633.33–
1 September
20258,6 07–8,6 07
30 September
2021
1 September
20249,6679,66733.33–
1 September
20259,667–9,667
1 September
20269,666–9,666
29 September
2022
1 September
202533,33333,333
1 September
202633,33333,333
1 September
202733,33433,334
29 September
2023
1 September
20263 7, 5 0 03 7, 5 0 0
1 September
20273 7, 5 0 03 7, 5 0 0
1 September
20283 7, 5 0 03 7, 5 0 0
To t a l268,1022 7, 6 6 2240,440
CEO to Worker Pay Ratio
The pay ratio represents the number of times greater the Chief Executive Officer’s remuneration is to the remuneration
of an employee paid at the median of all other employees. For the purposes of determining the median paid to all
employees all permanent full-time, permanent part-time, and fixed-term employees are included, with part-time
employee remuneration adjusted to a full-time equivalent amount.
As at 31 March 2025, the Chief Executive Officer’s base salary of $500,000 was 4.2 times that of the median
employee at $120,000 per annum.
Remuneration Report (continued)
Chief Executive Officer Potential Remuneration FY26
The Board has elected, in the interests of transparency, to disclose in advance the structure and package that will apply
to the CEO for FY26.
Base
Salary
$
Other
Benefits
$
Maximum
Potential
Short-Term
Incentive
(cash) $
Total potential
cash-based
remuneration
1
$
GMT LTIP Awarded
2
Total Potential
Remuneration
$
Number of
Performance
Rights
Face value
per unit
$
31 March 2026
James Spence500,0007, 8 5 7550,0001,089,3571,412,4601.9423,832,354
1
Total potential cash-based remuneration includes KiwiSaver of 3% on base salary and STI.
2
Testing Period 1 April 2025 to 31 March 2028
Vesting Period Three equal tranches. 1 June 2028, 2029, 2030
Face Value $1.942 per unit based on the five-day VWAP on 20 May 2025
Chief Executive Officer – Outstanding Performance Rights
LTI Plan
Shares vesting and lapsed during FY24
Grant dateVesting Date
Opening
balance
31 March
2024
Number of
performance
rights vested
Market price
at vesting date
NZ$ Lapsed
Closing
balance
31 March
2025
GNZ LTIP
(grandfathered)
28 August 20191 June 202479,55679,5562.156 0–
28 August 20201 June 202454,83454,8342.156 0–
1 June 202554,835–2.156 054,835
30 August 20211 June 202494,22794,2272.156 0–
1 June 202594,227–94,227
1 June 202694,228–94,228
29 August 20221 June 2025342,455–342,455
1 June 2026342,455–342,455
1 June 2027342,456–342,456
30 August 20231 June 2026363,986–363,986
1 June 2027363,986–363,986
1 June 2028363,987–363,987
To t a l2,591,2322 2 8 ,6 172.15602,362,615
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A proposed increase in Directors’ fees was put to
Unitholders for approval in July 2024 to reflect the
changing regulatory landscape in which GMT and the
Manager operate, with increased risk and obligations
(particularly with respect to sustainability, carbon
emissions, and climate change), resulting in increased
demand on Directors’ time and broadening the scope of
their responsibilities in monitoring and assessing legal and
regulatory compliance. Since Internalisation, the Board
has assumed responsibility of a new business (GPS), with
increased risk and complexity, including the creation of a
new Remuneration Committee.
At the 2024 Annual Meeting, Unitholders approved the
maximum aggregate amount of remuneration payable by
the Manager to Directors (in their capacity as Directors)
of $1,070,000 per annum, with effect from 1 September
2024. The schedule of fees paid to Directors is presented
in the lower table. It includes a pool of $150,000 from
which Directors are paid $500 per hour for any time
spent in relation to ad hoc committees, such as a due
diligence committees or a one-off project committees.
None of the Directors were paid performance related
fees relating to their directorships. Any amount of the pool
which is unused is not carried forward to future years.
Gregory Goodman and John Dakin are remunerated by
way of salary paid by Goodman Group for their executive
roles in Goodman Group. Whilst entitled to Directors fees,
they do not claim any remuneration for their positions as
Directors on the Board. Although Gregory Goodman and
John Dakin do not currently receive any Director’s fees
for their roles on the Board, the Manager is required to
allocate an amount of Director’s fees to their positions in
the event that replacement Directors (or a new chair) are
appointed and choose to claim their Director’s fees, e.g.
if Gregory or John was not re-elected or needed to be
replaced due to illness or other incapacitation.
Director Remuneration Outcomes
Details of the total remuneration paid to each director for the reporting period are as follows:
Directors
Board
Fees
$
Audit
Committee
$
Remuneration
Committee
$
Ad hoc
committee
Fees
$
To t a l
Remuneration
Received
$
Laurissa Cooney 111,66725,000––136,667
Leonie Freeman111,6675,833––1 17, 5 0 0
David Gibson150,0005,8335,833–161,667
Keith Smith111,6675,8334,375–121,875
John Dakin–––––
Gregory Goodman–––––
To t a l485,00042,50010,208–5 3 7,7 0 8
Director Fee Entitlement
Schedule of fees approved at the Annual Meeting of Unitholders on 27 July 2024.
Governance BodyPositionFee entitlement from 1 September 2024
BoardChair $210,000
Deputy Chair$150,000
Director$120,000
Audit CommitteeChair $25,000
Member$10,000
Remuneration CommitteeChair $10,000
Member$ 7, 5 0 0
Ad hoc committee rolesAvailable pool$150,000
Remuneration Report (continued)
REMUNERATION
BANDS
The table alongside notes the number of employees or
former employees of GPS, not being directors of GPS,
who, during the reporting period, received remuneration
and any other benefits in their capacity as employees,
the value of which was or exceeded $100,000 per
annum, in brackets of $10,000. For the purposes of this
table, remuneration comprises base salary for the period,
STI paid during the period, LTI vested during the period,
KiwiSaver contributions and other contractual benefits
including insurances, allowances, car parks, company
vehicle personal use, and business fuel card personal use.
The CEO is not included in this table as his remuneration
is detailed elsewhere.
Of the $26.4m of total remuneration paid to current and
past employees earning over $100,000 and included
in the table below, $14.4m was LTIP vested under the
grandfathered GNZ LTIP and GMG LTIP with the cost met
by Goodman Group under the terms of the Internalisation
of GMT in 2024.
Remuneration BandEmployees
$100,000 – $109,9992
$110,0 0 0 – $119,9992
$120,0 0 0 – $129,9996
$130,0 0 0 – $139,9991
$14 0,0 0 0 – $14 9,9991
$150,0 0 0 – $159,9993
$16 0,0 0 0 – $16 9,9992
$ 17 0 , 0 0 0 – $ 17 9, 9 9 91
$180,000 – $189,9992
$190,000 – $199,9992*
$200,000 – $209,9993
$210,000 – $219,9994
$230,000 – $239,9991
$260,000 – $269,9992
$340,000 – $349,9991
$360,000 – $369,9992*
$390,000 – $399,9991
$450,000 – $459,9991
$ 470,0 0 0 – $ 479,9992
$500,000 – $509,9991
$570,000 – $579,9991
$640,000 – $649,9991
$680,000 – $689,9991
$690,000 – $699,9991
$720,0 0 0 – $729,9991
$730,0 0 0 – $739,9991
$880,000 – $889,9991*
$890,000 – $899,9991
$910,0 0 0 – $919,9991
$920,000 – $929,9992
$1,010,000 – $1,019,9991
$1,570,0 0 0 – $1,579,9991
$2,040,000 – $2,049,9991
$2,130,0 0 0 – $2,139,9991
$2,210,000 – $2,219,9991
To t a l56
* Includes one former employee.
DIRECTOR
REMUNERATION
Director Remuneration Policy
The Directors are paid fees that reflect the responsibility
of governing GPS and GMT and implementing a strategy
that creates value for GMT investors. Goodman considers
it desirable to attract and retain high performing Directors
whose skills and experience are well suited to business
requirements and reflective of market conditions.
The policy for Directors’ remuneration is an aggregate
fee pool which comprises a base fee for non-executive
directors, together with additional fees for the Chair
of the Board and for the Chair and members of the
following Committees:
+Audit Committee
+Remuneration Committee
+Ad-hoc Committees
The Board determines the fees paid to Directors
from the approved aggregate fee pool. A copy of the
remuneration policy relating to Directors is available on
the Corporate governance section of the GMT website.
The Board considers that alignment of Director’s fees to
market is important in order for the Manager to be able to
continue to attract and retain high performing Directors
whose skills and experience are well-suited to GMT’s
and the Manager’s requirements. The Manager engaged
PwC to provide New Zealand listed company benchmark
data with comparators selected by the Remuneration
Committee. A copy of PwC’s report, including benchmark
data, is available on the Corporate governance section of
the GMT website.
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INVESTOR
RELATIONS
UNITHOLDER DISTRIBUTION As at 30 April 2025
Unitholding Range
Number of
Unitholders
Number
of Units
1 to 9,9992,6 421 2 ,10 3 ,73 5
10,000 to 49,9993,01265,4 0 3,16 3
50,000 to 99,99939826,302,536
100,000 to 499,99926950,264,0 01
500,000 to 999,999171 0 , 9 9 7, 0 0 4
1,000,000 and above 411,373,698,096
To t a l6,3791,538,768,535
SUBSTANTIAL UNITHOLDERS As at 31 March 2025
It is a requirement of the Financial Markets Conduct Act 2013
1
that each listed issuer makes available the following
information in its Annual Report.
Unitholder
Number of
Units Held
2
Goodman Funds Management Limited247,071,396
3
Goodman Investment Holdings (NZ) Limited241,86 3,312
3
Accident Compensation Corporation84,378,208
ANZ New Zealand Investments Limited76,943,007
1
The numbers of Units listed above are as at 31 March 2025 according to disclosures made under section 280(1)(b) of the Financial Markets
Conduct Act 2013. As these disclosures and notices are required to be filed only if the total holding of a Unitholder changes by 1% or more since
the last notice filed, the numbers noted in this table may differ from those shown in the list of top 20 Unitholders. The list of top 20 Unitholders is
shown as at 30 April 2025, rather than 31 March 2025.
2
The total number of Units on issue as at 31 March 2025 was 1,538,768,535.
3
Due to the breadth of the definition of ‘Substantial Product Holder’ in the Financial Markets Conduct Act 2013 and the nature of Goodman Group’s
corporate structure, the list above requires Goodman Group’s holding in GMT to be shown through multiple entities each holding differing (i.e. legal
or beneficial) interests. The total holding of Goodman Group as at 31 March 2025 was 488,934,708 Units.
BONDHOLDER DISTRIBUTION As at 30 April 2025
GMB060
Number of
Bondholders
Number
of Bonds
1 to 9,999 51279,000
10,000 to 49,999 2725,585,000
50,000 to 99,999 301,804,000
100,000 to 499,999 245,582,000
500,000 to 999,999 1520,000
1,000,000 and above 12136,230,000
To t a l 390150,000,000
Introduction
Ensuring Unitholders and Bondholders are well informed
and easily able to manage their investment is a key priority
of the investor relations team. Regular meetings and
communications, its website and a dedicated toll-free
contact number provide investors with the means to make
informed decisions.
Investor centre
The website, https://nz.goodman.com enables Unitholders
and Bondholders to view information about their
investment, check current prices and view publications
and announcements.
Helpline
A dedicated toll-free number, 0800 000 656
(+64 9 375 6073 from outside New Zealand), will
connect Unitholders and Bondholders directly with the
investor relations team who will assist with any queries.
TOP 20 UNITHOLDERS As at 30 April 2025
Rank Registered nameHolding balancePercentage
1Goodman Funds Management Limited 2 4 7, 0 7 1 , 3 9 6 16.06
2Goodman Investment Holdings (NZ) Limited 241,863,312 15.72
3HSBC Nominees (New Zealand) Limited 96,477,455 6.27
4Accident Compensation Corporation 93,034,388 6.05
5HSBC Nominees (New Zealand) Limited A/C State Street 64,052,067 4.16
6BNP Paribas Nominees (NZ) Limited 6 1 , 2 6 7, 3 6 6 3.98
7Tea Custodians Limited Client Property Trust Account 5 9 , 6 4 7,7 8 3 3.88
8Custodial Services Limited 5 5 ,176 , 471 3.59
9FNZ Custodians Limited 51,921,398 3.37
10JPMorgan Chase Bank NA NZ Branch -Segregated Clients Acct 4 6 , 2 0 9,7 76 3.00
11ANZ Wholesale Trans-Tasman Property Securities Fund 4 5 , 1 8 7, 6 7 8 2.94
12Citibank Nominees (New Zealand) Limited 4 4,189,059 2.87
13Forsyth Barr Custodians Limited 29,0 0 9,302 1.89
14New Zealand Depository Nominee Limited 27,939,091 1.82
15HSBC Nominees A/C NZ Superannuation Fund Nominees Limited 25,563,814 1.66
16Generate KiwiSaver Public Trust Nominees Limited 23,060,254 1.50
17JBWere (NZ) Nominees Limited 18,610,125 1.21
18BNP Paribas Nominees (NZ) Limited 15,826,599 1.03
19Simplicity Nominees Limited 1 3 ,7 9 7, 4 7 6 0.90
20ANZ Wholesale Wholesale Australasian Share Fund 12,822,577 0.83
Units held by top 20 Unitholders 1,272,727,387 8 2 .71
Balance of Units held 266,041,148 17. 2 9
Total of issued Units 1,538,768,535 100.00
Registrar
Computershare Investor Services Limited is the registrar
with responsibility for administering and maintaining the
Trust’s Unit and Bond Registers.
If you have a question about the administration of your
investment, Computershare can be contacted directly:
+by phone, on their toll-free number 0800 359 999
(+64 9 488 8777 from outside New Zealand)
+by email, to enquiry@computershare.co.nz
+by mail, to Computershare Investor Services Limited,
Private Bag 92119, Auckland 1142.
Complaints procedure
As a financial service provider registered under the
Financial Service Providers (Registration and Dispute
Resolution) Act 2008, the Manager is a member of
an approved dispute resolution scheme (registration
number FSP36542).
Complaints may be made to the Manager or through the
financial dispute resolution scheme.
Contact details of both are included in the corporate
directory at the end of this document.
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GRI INDEX
General disclosures
Disclosure titleGRILocation or reference
Organisational details2 -1Pages 100, 187
Entities included in the organisation’s sustainability reporting2-2Pages 60, 187
Reporting period, frequency and contact point2-31 April 2024 to 31 March 2025
Annual
info-nz@goodman.com
Restatements of information2- 4Page 83
External assurance2-5Page 90
Activities, value chain and other business relationships2-6https://nz.goodman.com/who-we-are/about-us
Pa ges 24-29, 60, 128-129
Employees2-7Pa g e s 4 0 - 42, 158-159
Workers who are not employees2-8All staff are employees on individual contracts
Governance structure and composition2-9Pages 30-31, 156-160
Nomination and selection of the highest governance body2 -1 0Pages 159-160
Trust Deed, https://nz.goodman.com/about-
goodman/corporate-governance
Chair of the highest governance body2 -1 1Page 30
Role of the highest governance body in overseeing
the management of impacts
2 -1 2Pages 60-63
Delegation of responsibility for managing impacts2 -1 3Pages 60-63
Role of the highest governance body in sustainability
reporting
2 -14Pages 60-63
Conflicts of interest2 -1 5Pages 157, 161, 165
Communication of critical concerns2 -1 6Regular Board reporting from the Sustainability,
and Health and Safety committees
Collective knowledge of the highest governance body2 -17Pages 36-38
Evaluation of the performance of the highest
governance body
2 -1 8Pages 36, 40, 44, 157, 159-160
Remuneration policies2 -1 9Pages 80, 168-181
Process to determine remuneration2-20P a g e s 1 6 8 -1 8 1
Annual total compensation ratio2-21P a g e 17 9
Statement on sustainable development strategy2-22Pages 36-38, 70
Policy commitments2-23Pages 63-70, 157-162
Embedding policy commitments2-24Pages 40-42, 62-63
Processes to remediate negative impacts2-25Pages 36-38, 70
Mechanisms for seeking advice and raising concerns2-26Ethical Concerns (Whistleblower) Policy,
https://nz.goodman.com/about-goodman/
corporate-governance
Compliance with laws and regulations2-27No non-compliance
Membership associations2-28Page 45
Approach to stakeholder engagement2-29Pages 34-35, 44-46
Collective bargaining agreements2-30No collective agreements, individual
employment contracts
Topic specific disclosures
Disclosure titleGRILocation or reference
Material Topics
Process to determine material topics3 -1Pages 34-35
List of material topics3-2Pages 34-35
Biodiversity
Disclosure on management approach3-3Pages 24, 36, 38
Management of biodiversity impacts10 1-2 Page 69
Energy
Disclosure on management approach3-3Pages 36-38, 70-81
Energy intensity302-3P a g e 74
Emissions
Disclosure on management approach3-3Pages 36-38, 70-81
GHG emissions intensity305-4P a g e 74
Occupational health & safety
Disclosure on management approach3-3Pages 40-42, 163
Work related injuries403-9 Pa ge 42
Diversity and equal opportunity
Disclosure on management approach3-3Pages 40-42
Diversity of governance bodies and employees4 0 5 -1Pa g e s 158-159
Sustainable design and management – non GRI
Disclosure on management approach3-3Pages 34-38
Customer attraction and retention – non GRI
Disclosure on management approach3-3Pages 34-38
Flexible, adaptable and resilient properties – non GRI
Disclosure on management approach3-3Pages 34-38, 70
Social equity – non GRI
Disclosure on management approach3-3Pages 34-35, 40-42, 48-55
Sustainable structure, operations and results
– non GRI
Disclosure on management approach3-3Pages 34-35, 44-46
Responsible and environmentally sensitive investment
– non GRI
Disclosure on management approach 3-3Pages 34-35, 44-46, 70
ESG reporting and stakeholder engagement – non GRI
Disclosure on management approach3-3Pages 34-35, 44-46
The GRI Standards are the world’s most widely used sustainability reporting standard. The GRI INDEX shows
where information can be found about the indicators that are relevant to our business operations.
Goodman has chosen to prepare its 2025 Annual Report in accordance with the Global Reporting Initiative (GRI) Universal Standards.
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$ and cents
New Zealand currency.
Balance date
31 March 2025.
Board
the Board of Directors of the Manager and GMT
Bond Issuer Limited.
Bondholder
a person whose name is recorded in the register
as a holder of a Green Bond.
Cash earnings
Cash earnings is a non-GAAP measure that
assesses free cash flow, on a per unit basis,
after adjusting for certain items. Calculation
of GMT’s cash earnings is set out on page 21.
Capex
Capital expenditure to acquire, upgrade, or
extend the life of property assets
CEO
the Chief Executive Officer of the Manager.
CFO
Chief Financial Officer.
Chair
the Chair of the Board of the Manager.
Core Portfolio
those estates within the portfolio which largely
consist of modern, high-quality warehouse and
logistics properties.
CPU or cpu
cents per unit.
Disclose Register
the Disclose Register is a register for offers of
financial products and managed investment
schemes under the Financial Markets Conduct
Ac t 2013.
Director
a director of the Manager and GMT Bond Issuer
Limited.
ESG
Environmental, Social, Governance.
Executives or Management
the senior executives of the Manager.
FMCA
Financial Markets Conduct Act 2013.
Fund Establishment
The new fund to be established as a
New Zealand limited partnership that will
own Highbrook Business Park, with GMT,
Mercer and GMG as investors.
FY
Financial Year.
GHG Protocol
a Corporate Accounting and Reporting
Standard and Greenhouse Gas Protocol:
Corporate Value Chain (Scope 3) Accounting
and Reporting Standard.
GIT
Goodman Industrial Trust and its controlled
entities, as the context requires.
GL
Goodman Limited and its controlled entities, as
the context requires.
GMB
GMT Bond Issuer Limited, a wholly owned
subsidiary of Goodman Property Trust.
G M G LT I P
Goodman Group Long Term Incentive Plan,
grandfathered following Internalisation.
G N Z LT I P
Goodman New Zealand Long Term Incentive
Plan, grandfathered following Internalisation.
GMT LTIP
Goodman Property Trust Long Term Incentive
Plan.
Goodman or GPS
means Goodman Property Services (NZ)
Limited as the Manager of the Trust.
Goodman Group or GMG
means Goodman Limited, Goodman Funds
Management Limited as responsible entity for
GIT, Goodman Logistics (HK) Limited and each
of their respective related entities, operating
together as a stapled group.
Goodman (NZ) Limited or GNZ
the former Manager of GMT prior to
Internalisation.
Green Bond or Bond
a bond issued by GMB.
Green Star
Green Star is a voluntary sustainability rating
system for non-residential buildings, fitouts
and communities. Administered by the NZGBC
the system provides a rating of up to six
stars based on a building’s key sustainability
credentials.
GWP
Global Warming Potential.
H VAC
Heating, Ventilation and Air Conditioning.
Independent Director
has the meaning given to that term in the Listing
Rules which, for the Manager, are those persons
listed on the following page.
Internalisation
means the internalisation of the rights to
manage GMT approved by Unitholders at the
Special Meeting held on 26 March 2024.
Internalisation Proposal
means the proposal for Internalisation to occur.
ISO
International Organisation for Standardisation.
I SO 14064-1:2018
standard for quantification and reporting of
greenhouse gas emissions and removals.
kgCO
2
e
Kilogrammes of Carbon Dioxide Equivalent.
KPI
Key Performance Indicators.
LED
Light Emitting Diode.
Listing Rules
This Annual Report has been prepared in
accordance with the Listing Rules dated
31 January 2025 and ‘LR’ is a reference to
any of those rules.
Loan to value ratio or LVR
Loan to value ratio is a non-GAAP financial
measure used to assess the strength of GMT’s
balance sheet. The calculation is set out in
note 2.6 of GMT’s financial statements.
Manager or GPS
the Manager of the Trust, Goodman Property
Services (NZ) Limited.
MWh
Megawatt hours.
MWp
Megawatt peak.
NGFS
Network for Greening the Financial System.
NLA
Net Lettable Area.
N TA
net tangible assets.
NZ IFRS
New Zealand equivalents to International
Financial Reporting Standards.
NZDX
the New Zealand debt market operated
by NZX.
NZGBC
New Zealand Green Building Council.
NZ RegCo
NZX Regulation Limited
NZX
means NZX Limited.
NZX Code
means the NZX Corporate Governance Code
dated 31 January 2025.
Operating earnings
Operating earnings is a non-GAAP financial
measure included to provide an assessment
of the performance of GMT’s principal
operating activities. Calculation of operating
earnings is as set out in GMT’s Statement of
Comprehensive Income and in note 3.1 of the
financial statements.
Opex
Operating expenses incurred to run and
maintain property operations.
Registrar
the unit registrar for GMT and bond
registrar for GMB which, at the date of this
Annual Report, is Computershare Investor
Services Limited.
RECs
Renewable Energy Certificates.
SBTi
Science Based Targets initiative.
Stabilised Portfolio
includes the properties or estates within the
portfolio that are developed and able to be
leased, ie not under active development.
sqm
square metres.
tCO
2
e
Tonnes of Carbon Dioxide Equivalent.
To i t ū
Toitū Envirocare, is a provider of carbon
management and neutral certifications for
New Zealand businesses. The organisation
is a subsidiary of Crown Research Institute,
Manaaki Whenua – Landcare Research.
Trust Deed
the GMT trust deed dated 23 April 1999,
as amended from time to time.
Trust or GMT
Goodman Property Trust and its controlled
entities, including GMB, as the context requires.
Tr u s t e e
the trustee of the Trust, Covenant Trustee
Services Limited.
Unitholder or unitholder
any holder of a Unit whose name is recorded
in the register.
Unit or unit
a unit in GMT.
Value-add
those properties or estates within the portfolio
which generally consist of older improvements,
offering future redevelopment opportunity.
V WAP
Volume weighted average price.
WACC
Weighted Average Cost of Capital.
GLOSSARYBUSINESS
DIRECTORY
MANAGER OF GOODMAN
PROPERTY TRUST
Goodman Property Services
(NZ) Limited
Level 2, 18 Viaduct Harbour Avenue
Au c k l a n d 1010
PO Box 90940
Victoria Street West
Auckland 1142
Toll free: 0800 000 656
Telephone: +64 9 375 6060
Email: info-nz@goodman.com
Website: https://nz.goodman.com
ISSUER OF BONDS
GMT Bond Issuer Limited
Level 2, 18 Viaduct Harbour Avenue
Au c k l a n d 1010
PO Box 90940
Victoria Street West
Auckland 1142
Toll free: 0800 000 656
Telephone: +64 9 375 6060
Email: info-nz@goodman.com
Website: https://nz.goodman.com
COMPLAINT PROCEDURE
Financial Dispute Resolution Service
Freepost 231075
PO Box 2272
Wellington 6140
Toll free: 0508 337 337
Telephone: +64 4 910 9952
Email: enquiries@fdr.org.nz
AUDITOR
PricewaterhouseCoopers
PwC Tower
15 Customs Street West
Au c k l a n d 1010
Private Bag 92162
Auckland
Telephone: +64 9 355 8000
Facsimile: +64 9 355 8001
REGISTRAR
Computershare Investor
Services Limited
Level 2, 159 Hurstmere Road
Takapuna
Private Bag 92119
Victoria Street West
Auckland 1142
Toll free: 0800 359 999
Telephone: +64 9 488 8777
Facsimile: +64 9 488 8787
Email: enquiry@computershare.co.nz
LEGAL ADVISORS
Russell McVeagh
Level 30, Vero Centre
48 Shortland Street
PO Box 8
Auckland 1140
Telephone: +64 9 367 8000
Facsimile: +64 9 367 8163
TRUSTEE AND SUPERVISOR FOR
GOODMAN PROPERTY TRUST
Covenant Trustee Services Limited
Level 6, Crombie Lockwood Building
191 Queen Street
PO Box 4243
Auckland 1140
Telephone: +64 9 302 0638
BOND TRUSTEE
Public Trust
Level 9
34 Shortland Street
PO Box 1598
Shortland Street
Auckland 1140
Toll free: 0800 371 471
Telephone: +64 9 985 5300
DIRECTORS OF
GOODMAN PROPERTY
SERVICES (NZ) LIMITED AND
GMT BOND ISSUER LIMITED
Chair and Non-executive Director
John Dakin
Independent Directors
Laurissa Cooney
Leonie Freeman
David Gibson
Keith Smith
Non-executive Director
Gregory Goodman
EXECUTIVES OF
GOODMAN PROPERTY
SERVICES (NZ) LIMITED AND
GMT BOND ISSUER LIMITED
Chief Executive Officer
James Spence
Chief Financial Officer
Andy Eakin
General Counsel and Company Secretary
Anton Shead
General Manager – Property Services
Evan Sanders
General Manager – Development
Mike Gimblett
Director Investment Management
and Capital Transactions
Kimberley Richards
Head of Corporate Affairs
Jonathan Simpson
Marketing Director
Mandy Waldin
General Manager – People
Sophie Bowden
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This document is printed on FSC®-certified paper that was
manufactured carbon neutral at the mill by offsetting the
emissions generated from its production. FSC®-certified
forests are managed with consideration for people, wildlife and
the environment. They are independently audited to ensure
they meet FSC’s Principles and Criteria for Forest Management.
https://nz.goodman.com/
---
Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | https://nz.goodman.com
nzx release+
GMT and GMT Bond Issuer Limited 2025 Annual Report
Date
24 June 2025
Release
Immediate
Goodman Property Services (NZ) Limited has provided NZX with the Goodman
Property Trust and GMT Bond Issuer Limited 2025 Annual Report. It incorporates
GMT’s Climate-related Disclosures and features a new remuneration report
following internalisation of GMT’s management functions last year.
Chief Executive Officer James Spence said, “Our latest report provides a comprehensive
overview of all our business activities. It highlights the strength of our recent financial
results and provides further insight into our development-led growth strategy and the
benefits of internalisation with the establishment of the new capital partnership investing
in Highbrook Business Park.
Governance enhancements and a new remuneration framework, together with expanded
and extended carbon reduction targets further reinforce our commitment to building a
responsible and sustainable long-term business.”
The report encompasses GMT, its subsidiaries Goodman Property Services (NZ) Limited
and GMT Bond Issuer Limited and all other property owning and management related
entities. The report is available online at https://goodmanreport.co.nz/
For further information please contact:
James Spence Andy Eakin
Chief Executive Officer Chief Financial Officer
Goodman Property Services (NZ) Limited Goodman Property Services (NZ) Limited
(09) 903 3269 (09) 375 6077
Attachments provided to NZX:
1. GMT and GMT Bond Issuer Limited 2025 Annual Report
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.
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.