GMT Managed Investment Scheme Annual Report

GOODMAN PROPERTY TRUST
MANAGED
INVESTMENT
SCHEME
ANNUAL REPORT 2025

WELCOMEWELCOME
MANAGED INVESTMENT SCHEME
ANNUAL REPORT 2025
DETAILS OF
THE SCHEME 3
DESCRIPTION OF
THE SCHEME 3
INFORMATION ON
COMPOSITION OF
THE SCHEME 3
CHANGES RELATING
TO THE SCHEME 3
FINANCIAL CONDITION
AND PERFORMANCE OF
THE SCHEME 4
FEES AND EXPENSES 5
SCHEME PROPERTY 5
CHANGES TO
PERSONS INVOLVED IN
THE SCHEME 6
HOW TO FIND
FURTHER INFORMATION 6
CONTACT DETAILS
AND COMPLAINTS 7
CONTENTS

DETAILS OF
THE SCHEME
The scheme is the Goodman Property Trust
(“Scheme” or “GMT”) which is a managed
investment scheme for the purposes of the
Financial Markets Conduct Act 2013 (“FMCA”).
The manager of the Scheme (“Manager”) is Goodman Property
Services (NZ) Limited (“GPS”), and the supervisor of the Scheme
(“Supervisor”) is Covenant Trustee Services Limited.
A Product Disclosure Statement has not been prepared for the
Scheme as no regulated offers of units in the Scheme (“Units”)
have been made pursuant to the FMCA.
The Scheme’s latest financial statements and the auditor’s report for
those statements were lodged with the Registrar on 1 July 2025.
Units are listed on the NZX with the code of GMT.
DESCRIPTION OF
THE SCHEME
The Scheme owns, develops and manages
commercial property and business real
estate space located in New Zealand.
The Scheme is a unit trust established by a trust deed dated
23 April 1999 (“Trust Deed”), under the Unit Trusts Act 1960.
INFORMATION ON
COMPOSITION
OF THE SCHEME
This Annual Report covers the accounting period
from 1 April 2024 to 31 March 2025.
The number of managed investment products, being Units, on issue
at the start of the accounting period was 1,538,768,535.
The number of Units on issue at the end of the accounting period
wa s 1,538,768,535.
CHANGES RELATING
TO THE SCHEME
Material changes to the nature of the Scheme,
the Scheme property, or the management of the
Scheme over the accounting period are as follows:
Statement of Investment Policies and Objections
(“SIPO”)
There have been no amendments to the SIPO during the period
from 1 April 2024 to 31 March 2025.
Tr u s t D e e d
There have been no amendments to GMT’s Trust Deed during the
period from 1 April 2024 to 31 March 2025.
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
(ht tp s: //www.companiesoffice.govt.nz/disclose).
Related party transactions
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.
GMT’s related party disclosures for the current and prior year can
be found in the financial statements lodged with the Registrar.
GMT has not entered into any material related party transactions that
are not on arms’ length terms during the period from 1 April 2024 to
31 March 2025.
During the period from 1 April 2024 to 31 March 2025 there were
no other material changes to:
(a) the terms under which Units are offered to Unitholders; or
(b) any valuation and pricing methodologies that might affect the
Scheme’s net asset value or the value of Units.
3
MANAGED INVESTMENT SCHEME
ANNUAL REPORT 2025

FINANCIAL CONDITION AND
PERFORMANCE OF THE SCHEME
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
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.
3
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 page 21 of the 2025 Annual Report.
GMT has delivered another strong operating result,
while strategic initiatives have refined the business and
laid the foundation for sustainable long-term growth.
As at 31 March 2025 the Scheme had total current assets
of $32.1 million, investment properties held for sale of
$2,165.1 million, total non-current assets of $2,588.2 million and
total liabilities of $1,674.4 million (net assets of $3,111.0 million).
Total comprehensive income for the 12 month period to
31 March 2025 was $109.6 million, and total distributions paid
to Unitholders during the period were $98.9 million, representing
6.425 cents per Unit.
Total comprehensive income for the 12 month period to
31 March 2024 was ($564.9) million, and total distributions
paid to Unitholders during the period were $85.9 million,
representing 6.125 cents per Unit.
You can find a copy of the Scheme’s financial statements,
including information on distributions made by the Scheme
on the Disclose Register at www.companies.govt.nz/disclose,
scheme number SCH11225.
Further information on the financial result is provided in GMT’s
Annual Report at: www.goodmanreport.co.nz.
HIGHLIGHTS INCLUDE
A $4.7 billion property portfolio providing over 1.2 million
sqm of warehouse and logistics space, with occupancy of
99% and a weighted average lease term of over five years.
Positive leasing results with over 122,000 sqm of space
secured on new or revised terms, which together with
recent rent reviews has contributed to like-for-like net
property income growth of 7.3%.
The completion of three fully leased development projects
providing 50,286 sqm of warehouse and logistics space.
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 13.8% increase in operating earnings
1

before tax, to $154.3 million (10.03 cents per Unit).
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.
Net tangible assets have increased 0.8 cents per unit from
31 March 2024 to 202.2 cents per unit.
At 31 March 2025, GMT had a loan to value ratio
2
of
31.8%. With settlement of the Rosedale Estate 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.
A 5.2% increase in cash earnings
3
to 7.55 cents per
Unit on a like-for-like basis and a 4.8% increase in cash
distributions declared for the period, to 6.5 cents per Unit
GMT’s 2025 Annual Report was released on 24 June 2025
and is available at www.goodmanreport.co.nz

It incorporates GMT’s Climate-related Disclosures
and features a new remuneration report following
internalisation of GMT’s management functions last year.
MANAGED INVESTMENT SCHEME
ANNUAL REPORT 20254

FEES AND EXPENSES
The table alongside summarises the fees and expenses
charged in respect of the Scheme in the 12 months to
31 March 2025. These amounts are also presented
as a percentage of the Scheme’s net assets.
Following internalisation of GMT’s management functions, GPS
became the Manager of GMT with services provided directly on a
cost recovery basis from 28 March 2024.
For more information in respect of the fees and expenses incurred,
please refer to the Scheme’s financial statements, on the Disclose
Register at www.companies.govt.nz/disclose, scheme number
S C H11225.
Changes to fees and expenses
Fees and expenses charged by unrelated third parties are charged
at a market rate and subject to change as contracts are renewed
or changed.
Fees and expenses charged by the Manager and its associated
persons change as the costs incurred by GPS in relation to its
service providers change. As noted above, services are provided by
GPS directly on a cost recovery basis. Changes to these fees and
expenses are not notified to investors.
SCHEME PROPERTY
The table alongside summarises the assets of the
Scheme which is extracted from the balance sheet
as at 31 March 2025 and 31 March 2024:
Fees and expenses description
Value
($ million)
% of
Scheme’s
net assets
1
Other administrative expenses1.90.1
Auditor's fees1.00.0
Fees/expenses charged
by other persons
2.90.1
Salaries and other short term benefits13.40.4
Other administrative expenses5 .70.2
Share based payments expense1.20.0
Transitional services1.10.0
Fees/expenses charged by the
Manager and its associated persons21.40 .7
Total Fees and Expenses24.30.8
1
The Scheme had net assets of $3,111.0 million at 31 March 2025.
$ million20252024
Non-current assets
Investment property 2,524.04,533.9
Other assets–1.9
Investment property contracted for sale–1.4
Derivative financial instruments 5.138.4
Property, plant and equipment1.13.8
Tax receivable6.96.9
Deferred tax assets10.630.1
Related party assets4 0.556.5
Total non-current assets 2,588.24,672.9
Investment properties held for sale2,165.1–
Current assets
Cash 8.29.4
Derivative financial instruments0.23.8
Debtors and other assets 6 .79.1
Tax recievable0.92.3
Related party assets16.119.4
Total current assets 32.144.0
Total assets 4 ,78 5. 44 ,716 . 9
5
MANAGED INVESTMENT SCHEME
ANNUAL REPORT 2025

CHANGES TO PERSONS
INVOLVED IN THE SCHEME
There have been no changes to persons involved in the Scheme
during the accounting period.
As at 31 March 2025 the Board of GPS comprised:
Chair and Non-executive Director John Dakin
Independent Directors Laurissa Cooney
Leonie Freeman
David Gibson
Keith Smith
Non-executive Director Gregory Goodman
On 3 March 2025, it was announced that Keith Smith would
be retiring from the Board on 25 July 2025. Steve Jurkovich
was appointed as Independent Director, with an effective
commencement date of 1 July 2025.
HOW TO FIND FURTHER
INFORMATION
Copies of documents relating to the Scheme, such as the Trust
Deed, SIPO and the annual financial statements are available
on the Disclose Register at www.companies.govt.nz/disclose,
scheme number SCH11225.
You have the right, free of charge and during normal office hours,
to inspect that part of the Unit register that relates to your Units
on giving 5 working days’ notice to the Manager.
You also have the right, free of charge, on giving 5 working days’
notice to the Manager and during normal office hours, to inspect
a copy of the Trust Deed, SIPO and annual financial statements
at the Manager’s registered office, which is located at Level 2,
18 Viaduct Harbour Avenue, Auckland 1010.
Alternatively, you can obtain a copy free of charge by writing to us
at PO Box 90940, Auckland 1142.
MANAGED INVESTMENT SCHEME
ANNUAL REPORT 20256

MANAGER
Goodman Property Services (NZ) Limited
Level 2, 18 Viaduct Harbour Avenue, Auckland 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
HELPLINE
The Manager has a dedicated toll free number, 0800 000 656
(+64 9 375 6073), which will connect Unitholders directly with
the investor relations team who will assist with any queries.
TRUSTEE AND SUPERVISOR
Covenant Trustee Services Limited
Level 6, Perpetual Guardian Tower, 191 Queen Street
PO Box 4243, Auckland 1140
Telephone: +64 9 302 0638
SECURITIES 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
COMPLAINTS
Complaints may be made to the Manager or Supervisor.
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 FSP287465).
FINANCIAL DISPUTE RESOLUTION
Freepost 231075
PO Box 2272, Wellington 6140
Toll Free: 0508 337 337
Telephone: +64 4 910 9952
Email: enquiries@fdr.org.nz
There will be no fee charged to any complainant to investigate or
resolve a complaint.
CONTACT DETAILS
AND COMPLAINTS
7
MANAGED INVESTMENT SCHEME
ANNUAL REPORT 2025

nz.goodman.com

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Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz
nzx release+
GMT Managed Investment Scheme Annual Report
Date
22 July 2025
Release
Immediate

The 2025 Annual Report of Goodman Property Trust was released on 24 June 2025.
The report contained all the information that the Trust is required to provide to its
security holders under the NZX Listing Rules.
As a managed investment scheme, under the Financial Markets Conduct Act, Goodman
Property Trust is required to produce a second annual report in a format consistent with
that Act.
An electronic copy of this second report has been lodged with Disclose and is provided
to the NZX as an attachment to this announcement.
For further information please contact:

James Spence
Chief Executive Officer
Goodman Property Services (NZ) Limited
(09) 903 3269
Andy Eakin
Chief Financial Officer
Goodman Property Services (NZ) Limited
(09) 375 6077

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.

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




22 July 2025

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

Dear Security Holder
Goodman Property Trust (GMT)
Financial Markets Conduct Act – Reporting Requirements
The 2025 Annual Report of Goodman Property Trust was released on 24 June 2025.
The report contained all the information that the Trust is required to provide to its
security holders under the NZX Listing Rules.
A small number of security holders elected to receive a printed copy of this report
while many more chose to view it online at www.goodmanreport.co.nz.
As a Managed Investment Scheme, under the Financial Markets Conduct Act, GMT
is required to produce a second annual report in a format consistent with that Act. An
electronic copy of this second report has been registered on Disclose and provided to
the NZX.
Security Holders have the right to receive, by mail and free of charge, a printed
report. If you wish to receive a copy of this 8-page document, please tick the box
below and return this letter in the re-sealable envelope it was mailed in.


I/we would like to receive a printed copy of the 2025 Managed
Investment Scheme Annual Report for Goodman Property Trust.

Please contact our registrar if you have any questions about the Managed
Investment Scheme Annual Report. You can contact Computershare by email
enquiry@computershare.co.nz or by telephone 0800 359 999 (+64 9 488 8777 from
outside New Zealand).
Yours faithfully,




John Dakin
Chair