GMT Annual Meeting of Unitholders

Goodman Property Trust
Annual Meeting of Unitholders
28 August 2025

FY25 operating
results and our
strategy for growth
Sustainability
Questions Formal business

+Chair of meeting
+Notice formally given
+Quorum confirmed
+Emergency procedures

Laurissa Cooney
Independent Director
Greg Goodman
Non-executive Director
Leonie Freeman
Independent Director
John Dakin
Chair and
Non-executive Director
David Gibson
Deputy Chair
and Independent Director
James Spence
Chief Executive Officer
Andy Eakin
Chief Financial Officer
Steve Jurkovich
Independent Director

+FY25 is the first year as an internally
managed property investment business
+GMT has delivered strong operating results
and made significant progress toward wider
business objectives
+Distributions have increased by almost 5%,
and continue five years of consistent
growth
+Stable property valuations have supported
an improved statutory result
+The economic environment remains
challenging
Property portfolio
4.8%
Distribution growth
From 6.2 cpu to 6.5 cpu
$130.9m
Profit before tax
$4.7bn
Property portfolio
Supported by stable
property valuations
Invested in the Auckland
urban logistics market

+The new Highbrook Fund establishes a
complementary property funds management
business
+The limited partnership leverages existing
management capabilities and provides GMT
with alternative sources of capital
+Generating management fee income, it also
diversifies GMT’s revenue streams
+The ability to grow the property funds
management platform over time, provides GMT
with the financial flexibility to invest in higher
growth opportunities
$2.1bn
Highbrook Business Park
HIGHBROOK BUSINESS PARK
Estate value
72.3%
GMT cornerstone
$580m+
Capital recycling
Retaining majority
ownership
Reducing committed
gearing by around 10%

FY25 RESULTS
& STRATEGY

8
1.2m sqm
Portfolio size
215+
Customers
5.6 yrs
Weighted average
lease term
99%
Occupancy
As at 31 March 2025
GMT is exclusively invested in the urban logistics
sector of the Auckland property market.
Providing essential supply chain infrastructure and
supporting a growing digital economy, these properties
are modern, operationally efficient and positioned
close to transport and distribution infrastructure.
MT WELLINGTON
LEONARD
ŌTĀHUHU
FAVONA
ROMA
M20
TĀMAKI
CONNECT
THE GATE
WAITOMOKIA
WESTNEY
SAVILL LINK
PENROSE
AUCKLAND
CBD
PORTS OF
AUCKLAND
METRO
PORT
SH1
SH20
WIRI
INLAND
PORT
AUCKLAND
AIRPORT
TRAIN
HIGHBROOK
ROSEDALE

SIGNIFY – ROMA ROAD ESTATE
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
The investment in the new fund is expected to settle on receipt of certain financier and regulatory approvals and finalisation of
financing arrangements.
$230.5m
NET PROPERTY INCOME
13.5% increase on FY24 and
like-for-like growth of 7.3%
202.2cpu
NET TANGIBLE ASSETS
An 8 bps increase from 201.4 cpu
at 31 March 2024
$109.6m
PROFIT AFTER TAX
Including $11m of fair value gains
from property valuations
23.2%
COMMITTED LVR
on a look-through basis
$125.0m
OPERATING EARNINGS
1
AFTER TAX
3.0% increase on FY24
$670m+
FY26 CAPITAL RECYCLING
from the Highbrook partnership
2

and Bush Road disposal
9

FY25 results
+Cash earnings of 7.55 cents per unit
reflected 5% growth on a like-for-like basis
1

+Quarterly distributions totalling 6.5 cents
per unit were paid
FY26 guidance
+Cash earnings are expected to be around
8.0 cents per unit, reflecting a similar
increase to that achieved in FY25
+Distributions of 6.825 cents per unit, a 5%
increase on FY25, are expected to be paid
The first quarter distribution for FY26
was announced today, with the
payment of 1.70625 cents per unit to
be made on 18 September 2025
DSL - WESTNEY
10
1
FY24 restated to normalise for the removal of tax deductions relating to building depreciation from FY25.

$214.8m
Completion value
50,286 sqm
Net lettable area
8.0%
Yield on additional cost
9.4 years
W A LT
100%
Leased
SIKA, COTTON ON AND SIGNIFY – ROMA ROAD ESTATE
1
MAINFREIGHT AND MAINFREIGHT 2HOME – SAVILL LINK
1
NZ Post (back right) was completed in the previous financial year and Sika was leased post-balance date
11

+GMT is commencing stage one of the
regeneration plan
+The initial stage includes the development
of a standalone warehouse and adjoining
multi-unit facility totalling 21,143 sqm
+The project is being undertaken on a
build-to-lease basis to meet future
demand and take advantage of favourable
construction pricing
MT WELLINGTON ESTATE
STAGE ONE
12

WAITOMOKIA
Development has been a major contributor to
GMT’s growth, with around 90% of the core
portfolio developed since 2004
WAITOMOKIA
of expected total developed NLA
DATA CENTRE OPTIONALITY
For preliminary design work and
infrastructure upgrades at Penrose
MT WELLINGTON ESTATE
Stage one, total project cost
BROWNFIELD OPPORTUNITY
Strategic value-add sites
13

MACQUARIE PARK, SYDNEY, AUSTRALIALUTON, LONDON, ENGLAND
MASCOT, SYDNEY, AUSTRALIA
CRAIGEBURN, MELBOURNE AUSTRALIA

+To prepare for potential data centre development,
GMT is investing up to $20 million in preliminary
design work and infrastructure upgrades
+Completing this initial phase provides GMT with
greater optionality in a rapidly evolving sector
+A development-ready site—complete with power,
consents, and design flexibility—reduces delivery
risk and offers speed-to-market advantages
PENROSE INDUSTRIAL ESTATE
GRID EXIT
POINT
15

1.GMT’s investment strategy is delivering
strong operating results
2.A property funds management business
will contribute to GMT’S future growth
and superior returns
3.Guidance for FY26 is for 5% growth in
both GMT’s earnings and distributions

SUSTAINABILITY

18
+Sustainability is integrated into our
strategic planning and across our
business operations
+Our focus is on the built environment
and the delivery of sustainable
property solutions that meet the
evolving needs of our customers
+GMT’s 2025 annual report
incorporates its climate-related
disclosures including new 2030
emission reduction targets

+Total emissions of 38,322 tCO
2
e are 5%
lower than FY24 on an absolute basis
+Customer emissions from occupying
space represents 16.2% of total emissions
+Representing 82%, development activity
and portfolio capex present the greatest
opportunity to reduce emissions
38,322
tCO
2
e
Corporate emissions
1.7%
SCOPE 3
Downstream emissions
16.2%
SCOPE 3
Upstream emissions
82.0%

FY25 results
+Three development completions generated
24,500 tCO
2
e of upfront embodied carbon
+These projects are expected to achieve
a 5 Green Star Built rating
2030 targets
+To reduce the emissions intensity of new
development projects by 30% against a
2025 base year
+A new Embodied Carbon Innovation Fund
will invest in the development of
substantiable building technologies
Stanley Black and Decker is GMT’s third development to
achieve a 6 Green Star Built rating. Representing world
leadership standard, it reflects the sustainability attributes
and high quality of our development projects.
STANLEY BLACK AND DECKER – HIGHBROOK
20

+Ongoing upgrade projects improve the operational
and environmental performance of our portfolio
+Over the last 12 months we have invested
$10.3 million to improve resource efficiency
and add resilience to the portfolio
+Smart LED lighting, electrical submetering,
rooftop solar and more efficient HVAC systems are
lowering our customers’ emissions and reducing
their operating costs
2030 targets
+Our target for 2030 is for a 31% reduction in the
intensity of the in-use emissions, generated by
customers leasing space within the portfolio
97%
LED Lighting
2.7MWp
SOLAR
96%
HVAC Renewal
21
installed, covering 32% of
the core portfolio
of the core portfolio now
features LED lighting
of core assets have
been upgraded

We partner with community groups to improve social outcomes in the areas where we invest

QUESTIONS

FORMAL
BUSINESS

REAPPOINTMENT OF DIRECTORS
1.As an ordinary resolution, that Unitholders approve the
reappointment of John Dakin as a Director of the Manager
2.As an ordinary resolution, that Unitholders approve the
reappointment of Greg Goodman as a Director of the Manager
3.As an ordinary resolution, that Unitholders approve the
reappointment of Steve Jurkovich as a Director of the Manager

+We will now proceed to a poll and conclude the meeting
+Webcast participants please submit your votes now
+The result of the poll will be announced to the NZX

nz.goodman.com
The information and opinions in this presentation were prepared by Goodman Property Services (NZ) Limited on behalf of Goodman Property Trust or one of its subsidiaries (GMT). GMT makes no
representation or warranty as to the accuracy or completeness of the information in this presentation. Opinions including estimates and projections in this presentation constitute the current
judgment of GMT as at the date of this presentation and are subject to change without notice. Such opinions are not guarantees or predictions of future performance, and involve known and
unknown risks, uncertainties and other factors, many of which are beyond GMT’s control, and which may cause actual results to di ffer materially from those expressed in this presentation. GMT
undertakes no obligation to update any information or opinions whether as a result of new information, future events or otherwise. This presentation is provided for information purposes only. No
contract or other legal obligations shall arise between GMT and any recipient of this presentation. Neither GMT, nor any of the Goodman Property Services (NZ) Limited Board members, officers,
employees, advisers or other representatives will be liable (in contract or tort, including negligence, or otherwise) for any di rect or indirect damage, loss or cost (including legal costs) incurred or
suffered by any recipient of this presentation or other person in connection with this presentation.

---

1




nzx release+
GMT Annual Meeting of Unitholders
Date 28 August 2025
Release Immediate

Good afternoon, everyone and welcome to our 2025 annual meeting. I’m John Dakin,
Chair of Goodman Property Services (NZ) Limited, the Manager of GMT.
It’s a pleasure to be at the Sofitel again this year, engaging with our investors. Today’s
meeting has a hybrid format so for those in the room, please be aware there are
cameras and audio equipment streaming proceedings for our online participants.
Our presentations will focus on GMT’s 2025 operating results and the positive progress
we have made extending our business operations. We will also provide an update on
our sustainability initiatives, and the new 2030 emission reduction targets we have
adopted.
The formal business of the meeting includes three resolutions, these relate to the
reappointment of myself, Greg Goodman and Steve Jurkovich as Directors of the
Manager.
MEETING FORMALITIES
I would now like to cover off certain meeting formalities.
In accordance with the usual practice, I can confirm that I have been nominated as
Chair for the meeting, the meeting has been properly convened and the requirements
for a quorum have been satisfied.
For Unitholders joining us online, questions can be submitted through the webcast
portal at any stage, using the Q&A tab on the right side of your screen. These will be
moderated, and we have allocated time at the end of the meeting to answer these.

2

Should you need any help, please submit a query through the Q&A tab and a support
person will respond directly to you.
Polling has also opened, and votes can be cast by selecting the vote tab and following
the prompts. Votes can be amended up until the time the poll closes at the conclusion
of the meeting.
EMERGENCY PROCEDURES
In the unlikely event of an emergency here at the Sofitel, the meeting will be paused
and those of us in the room will be required to evacuate to a designated safe zone.
Should this occur please exit the room through the fire escape doors to the left and
right and the entrance to the room, following the directions of hotel staff to the outside
assembly area.
BOARD REPRESENTATION
I would now like to introduce the other directors of the Board and executives of the
Manager who are in attendance today.
Starting from the far left, your right, we have Leonie Freeman, Laurissa Cooney, Andy
Eakin, James Spence and David Gibson. Greg Goodman and Steve Jurkovich join us
online.
Also present are representatives from our Trustee, auditor, solicitors, and tax advisors.
These representatives will be available to answer any questions if required.
Before we move on to the presentations I’d like to formally welcome Steve, who has
recently joined the Board as an Independent Director. Many of you will recognise Steve
as the CEO of Kiwibank. We expect Steve’s extensive leadership and governance
experience in the financial services sector will be a real benefit to our business.
Steve’s appointment maintains the size of the Board at six directors and, in line with
governance best practice, ensures we continue to have a majority of Independent
Directors.

3

YEAR IN REVIEW
The 2025 financial year has been a defining 12 months for GMT. If I was writing a
report card, I would describe our first year as an internally managed property
investment business as transformative.
We have quickly adapted to the new corporate structure and have made significant
progress toward wider business objectives. GMT has also delivered another strong
operating result, demonstrating the resilience of its $4.7 billion urban logistics portfolio
in a more challenging and volatile economic environment.
Our focus on well-located warehouse and logistics space has continued to support
substantial revenue and earnings growth and there has been a corresponding 4.8%
increase in the distributions paid to our Unitholders. This continues a positive trend,
with five years of consistent growth.
Stable property valuations have also contributed to an improved statutory result, with
GMT recording a profit before tax of $130.9 million.
Despite the positive financial results, we remain mindful of the more challenging
operating conditions and the risks to New Zealand’s economic recovery. In this
environment, the team is actively supporting customers to improve productivity and
manage costs.
These efforts are focused on initiatives that are enhancing the efficiency of leased
facilities and also helping to lower utility expenses.
BUSINESS REFINEMENTS
We have refined our business over the 12 months, with new strategic initiatives
creating a platform for sustainable long-term growth.
The initiatives include governance changes, a new remuneration framework, and
extended sustainability reporting with new emission reduction targets. Following the
year end, we've also established a property funds management business, initiated new
development projects, and completed the sale of Bush Road Distribution Centre.

4

The establishment of a property funds management business is the most significant of
these recent initiatives.
Securing Mercer and Goodman Group as foundation capital partners in a new fund
investing in Highbrook Business Park is an important first step as we extend the scope
of our business.
Attracted by the strong fundamentals of the Auckland industrial market and the quality
and scale of Highbrook, our new capital partners are acquiring a minority share in the
limited partnership that will own the $2.1 billion estate.
The necessary regulatory approvals are progressing well, and we expect to settle the
transaction later next month.
Establishing a complementary funds management platform, just 18 months after
internalising is a significant achievement that provides real momentum to our business.
I can’t emphasis enough just how important this extension to our business strategy is
for our future growth. Leveraging existing management capabilities, it creates new
revenue streams for GMT and releases capital for reinvestment into higher yielding
opportunities, including our own development pipeline.
I’d now like to pass over to James Spence, who will review our financial and operational
performance and provide further commentary on the new investment and development
opportunities that will drive our business forward.

5

JAMES SPENCE ADDRESS
Thank you, John, and good afternoon, everyone. It’s a real pleasure to be here today
as we reflect on our recent achievements and share our vision for the future.
Focusing our investment strategy on the urban logistics sector of the Auckland property
market continues to deliver strong operating results for GMT. It is a strategy that is
creating long-term value for our Unitholders and positive outcomes for our other
stakeholders.
CORE BUSINESS FOCUS
If you’re familiar with any of the estates that make up GMT’s $4.7 billion portfolio, you’ll
recognise the essential role our warehouse and logistics properties perform in the
supply chain.
Supporting our everyday lives, these properties provide the physical infrastructure that
facilitates the efficient distribution of goods and materials, and the delivery of the digital
services we increasingly rely on.
The aerial image on the current slide shows the location of these estates, strategically
positioned across the Auckland region. The map also highlights the city’s geographic
constraints, and you’ll note the proximity of our properties close to major transport
networks and utility infrastructure.
These locational advantages are important features for logistics businesses operating
in a competitive market. It simplifies distribution and creates efficiencies that leverage
the growth in e-commerce, which now represents around 11% of New Zealand’s total
retail spend.
Our core business focus is the 215 customers that lease over 1.2 million sqm of space
within the portfolio. These relationships are managed by a dedicated team committed
to delivering property solutions that help these companies succeed.
The operating environment is evolving as customers adapt to the growing digital
economy, rising consumer expectations, and Auckland’s continued expansion.

6

We’ve positioned the portfolio to align with these trends—advancing our development
programme and investing in sustainable properties that enhance productivity, resource
efficiency, and supply chain resilience.
A more uncertain economic outlook has eased capacity constraints and moderated
short-term demand, as customers delay making new property commitments. Despite
this dynamic, vacancy for prime space remains low and our portfolio metrics continue
to reflect positive leasing results.
Limited land availability in central Auckland locations and elevated construction costs
have also contributed to a reduction in new industrial supply, with development
completions in 2025 expected to fall to a 10-year low. The lack of competing new
supply, combined with significant under-renting across the portfolio, has driven
continued growth in GMT’s contracted rents.
Facing rising occupancy costs, our customers are focused on selecting the right
location for their business and maximising the value of the space they lease. As I walk
around the portfolio I can see a significant amount of investment in automation, as an
increasing number of businesses look to technology to boost productivity.
FINANCIAL PERFORMANCE
The portfolio generated over $230 million of revenue last year, driven by like-for-like
net property income growth of 7.3% and additional rental cashflows from new
development completions.
GMT’s strong revenue growth and lower corporate expenses have outweighed the
impact of higher interest costs and a higher effective tax rate (following the removal of
tax deductions for building depreciation), contributing to a 3.0% increase in operating
earnings after tax, to $125 million.
As John has already noted, the strength of GMT’s underlying operating performance
is complemented by an improved statutory result.
Our after-tax profit of $110 million included $11 million of fair value gains following a
modest revaluation uplift.

7

Driven by a 10-bps firming in the portfolio capitalisation rate to 5.9%, the increase in
portfolio value is an encouraging sign that investment sentiment is improving.
EARNINGS AND DISTRIBUTION GUIDANCE
Cash earnings, our preferred measure of underlying operating performance, increased
by more than 5% last year to 7.55 cents per unit (on a like-for-like basis
1
). Quarterly
distributions totalling 6.5 cents per unit have also been paid.
Targeting growth of at least 5% per annum, our guidance for FY26 includes a further
increase in cash earnings to around 8.0 cents per unit. Cash distributions of 6.825
cents per unit are expected to be paid, also reflecting a 5% increase.
MAINTAINING BALANCE SHEET STRENGTH
Disciplined financial management has enabled us to grow the business sustainably,
with earlier asset sales providing the balance sheet capacity to fund investment in new
development projects and ongoing sustainability initiatives.
It has been a prudent approach that has enabled us to maintain gearing at an
appropriate level, through economic cycles and market disruptions.
We recently sold the Bush Road Centre in Rosedale for $89 million. With the
settlement of this sale, and the launch of the new Highbrook fund recycling over $670
million of capital, GMT’s committed gearing is just 23% (on a look-through basis).
It is well below the sector average of around 36% and provides us with significant
balance sheet capacity to take advantage of new opportunities.
I regard capital allocation as one of the most critical aspects of my role, given its direct
impact on our long-term performance and the investment returns we deliver to
Unitholders.
While we’re in a strong position, we remain disciplined in our decision-making—
pursuing value-enhancing investments only when the opportunity and timing are right.


1
FY24 restated to normalise for the removal of tax deductions relating to building depreciation from FY25.

8

ADVANCING THE DEVELOPMENT PROGRAMME
Maintaining a development pipeline extends the range of property solutions we can
offer our customers. It has been a major contributor to GMT’s growth, with over 90%
of the core portfolio constructed since 2004.
Over the last 12 months our delivery team completed three more highly sustainable
projects.
Shown on screen now, these new warehouse and logistics facilities in Mt Roskill and
Ōtāhuhu provide over 50,000 sqm of well-located and operationally efficient space.
Expected to achieve a 5 Green Star Built rating (once the independent assessment is
completed), the new facilities are fully leased with a weighted average lease term of
more than nine years.
While current enquiry for new design-build solutions remains subdued, we’re initiating
the first stage of the Mt Wellington Estate regeneration project to meet future demand
and leverage more favourable construction pricing. As with our other value-add
estates, the strategy for this property has been to maximise holding income ahead of
redevelopment.
The aerial image on screen highlights the benefits of the location, alongside SH1 and
the Mt Wellington Highway. The new multi-unit development will provide 21,143 sqm
of space, across four warehouses. With low vacancy and a lack of industrial zoned
land limiting new supply in prime Auckland locations, the $93.8 million project is being
undertaken on a build-to-lease basis. It’s a targeted approach that reflects the tight
supply dynamic in this central location.
We are also progressing development at Waitomokia in Māngere. Infrastructure and
enabling works are underway with construction of the first industrial facilities expected
to start in 2026. Over time we expect this estate will support up to 110,000 sqm of new
development.
Even with these new projects commencing there is still a significant pipeline
opportunity ahead of us. Value-add sites within the portfolio provide a further 50
hectares of well-located land for future development.

9

BUILDING OUR DATA CENTRE CAPABILITY
We are also positioning our business to capture opportunities from the rapid
technological shift being driven by the growth in artificial intelligence, cloud computing,
and other digital services.
The expected growth in AI is driving an exponential need for computational power, real
time processing capabilities and data storage. This is in addition to a sector that has
already seen significant demand driven by greater internet and smart device
penetration, media streaming and e-commerce.
Data centres provide the physical infrastructure necessary for delivering these services
and have evolved from information storage hubs, into the digital engines of the global
economy.
On screen now are artists impressions of new-generation data centres under
development by Goodman Group around the world. Resembling modern industrial
buildings in size and appearance, data centres are essentially vast server halls—
usually multi-levelled—containing rows of computer racks, raised flooring for cabling
and airflow, with sophisticated climate and security controls to safeguard the digital
infrastructure.
Given the scarcity of suitable sites and the complexity of development, data centres
offer enhanced returns for owners with the capital, land, and delivery capability.
With experience delivering a first-generation data centre for IBM in 2011 and
benefitting from New Zealand’s global connectivity and renewable electricity grid, we
are preparing for potential data centre development at Penrose Industrial Estate.
We have committed up to $20 million for preliminary design and infrastructure work,
with a key priority being the establishment of a primary power connection to the 8.8-
hectare estate.
Completing this initial phase provides us with greater optionality in a rapidly evolving
market. A development-ready site with power, consents, and design flexibility offers
speed-to-market advantages and reduced delivery risk for future data centre
customers.

10

KEY MESSAGES
That concludes my presentation, everyone. Before I hand over to Andy, I’d like to
reiterate the key messages.
Our recent strong financial performance—achieved in a challenging operating
environment—demonstrates the strength of our investment strategy and disciplined
capital management.
Internalisation has further enhanced our capital flexibility, allowing us to reduce
reliance on new debt and listed equity by partnering directly with institutional investors
to fund future growth.
With the launch of the new Highbrook Fund we are in a strong position to build a funds
management platform of real scale.
This strategy is expected to deliver superior long-
term returns—exceeding those of a traditional real estate investment trust—as capital
partnering not only provides a source of funding for growth but also generates
management fee income, diversifying our revenue streams.
Importantly - our property investment strategy will not change – we will continue to
focus our investment in our preferred Auckland industrial market – a market which
remains well positioned given its unique investment characteristics.
The combination of these new growth opportunities and solid underlying portfolio
performance is expected to support a 5% increase in both cash earnings and
distributions over the next 12 months. Its strong guidance that reflects our confidence
in this business.
Thank you for your continued support.

11

ANDY EAKIN ADDRESS
Thank you, James, and good afternoon, everyone. It’s great to be here today to reflect
on the performance of a business we are all passionate about.
At last year’s meeting, I shared insights into our sustainability initiatives—an area of
increasing focus from both regulators and stakeholders. The level of engagement was
encouraging, and I’m pleased to provide another update today.
As Chief Financial Officer and also Head of Sustainability, I oversee our response to
the risks and opportunities presented by climate change. I will explain how we integrate
these considerations into our business operations and strategic planning.
I will also highlight the work of Goodman Community and our partnerships with
organisations that are helping to improve social outcomes in the areas where we
invest.
GMT’S GREENHOUSE GAS EMISSIONS INVENTORY
The 2025 financial year was the second year of reporting under the new Aotearoa New
Zealand Climate Standards. We have incorporated these disclosure obligations into
our latest annual report, which was released in June.
The report outlines the practical steps we’re taking to reduce our emissions and
demonstrates how these actions contribute to long-term value creation for our
business.
As New Zealand’s leading industrial real estate investor our focus is on the built
environment and the delivery of sustainable property solutions that meet the evolving
needs of our customers.
By measuring the entire value chain, we've established a baseline for setting credible,
science-aligned targets. Independent assurance and timely disclosure of this data
allows stakeholders to evaluate the effectiveness of our emission reduction initiatives.
The graphic on screen summarises our 2025 greenhouse gas emissions. This is what
we refer to as the carbon footprint of the business.

12

On an absolute basis, our total emissions of 38,322 tonnes were 5% lower than the
previous year. You’ll see corporate emissions, which encompasses our operational
activities accounts for just 1.7% of the total.
It is Scope 3 emissions that present our biggest challenge—and also our greatest
opportunity. As a property investor, it is our development activity and maintenance
projects that are the main sources of our Scope 3 emissions. Together they accounted
for around 82% of our total emissions last year.
The emissions generated by our customers use of our buildings represents a further
16% of our total.
We’ve set a clear pathway to reduce our overall carbon footprint, with new emission
reduction targets adopted for 2030. Toitū has independently confirmed that these
commitments align with the Science Based Target initiative (SBTi) criteria for limiting
global warming to 1.5°C—providing confidence that we’re contributing to a more
climate resilient future.
DEVELOPING SUSTAINABLY
The three development projects that completed over the last 12 months generated
24,500 tonnes of upfront embodied carbon.
By developing to a minimum 5 Green Star Built rating standard and focusing on lower
emission materials and building systems, we have reduced the emissions intensity of
these projects by around 27%, compared to a reference building of a similar size.
It is a significant reduction, but we are working with consultants, contractors and
building product suppliers to deliver even more resource efficient and resilient
buildings.
Our target for 2030 is to reduce the emissions intensity of our development projects by
a further 30%. We expect to achieve this by a combination of more innovative design
and through the use of lower carbon steel, concrete, and other building materials.
Since 2023 we have matched the emissions from our development activity with globally
recognised carbon credits at a total cost of $3 million.

13

For future projects, the funds previously allocated to the purchase of these credits will
now be invested in the development of sustainable building technologies. Establishing
an Embodied Carbon Innovation Fund is a long-term approach with the goal of further
reducing our construction related emissions and lowering our carbon footprint.
A MORE EFFICIENT PORTFOLIO
Maintaining our properties to a high standard and investing in upgrade projects that
improve the operational and environmental performance of these buildings, also
helps attract and retain customers.
Over the past 12 months, we have invested an additional $10.3 million in targeted
projects, advancing our four-year, $25 million programme to improve resource
efficiency across the portfolio.
These upgrade projects deliver tangible benefits for our customers—providing lower-
emission and more efficient buildings that support greater productivity and reduced
operating costs.
Our target for 2030 is for a 31% reduction in the intensity of the in-use emissions,
generated by customers occupying space within the portfolio.
GOODMAN COMMUNITY
Our recent annual report also includes details of our community initiatives.
While the food rescue organisation, KiwiHarvest continues to be the largest of our
community partnerships, our support also extends to organisations focused on the
health and wellbeing of the young people living in the neighbourhoods around our
estates.
These include YMCA sports camps at Camp Hunua, Upside Youth Mentoring
Aotearoa and the establishment of the Waka Pacific Climb initiative in Manukau.
With around 15 organisations benefitting directly from Goodman Community support
these are just a few examples of the social initiatives that are making a real difference
to people’s lives in the locations where we invest.

14

I hope what I’ve discussed has given you a clearer understanding of our sustainability
programme. It is a core part of our broader strategy to build a lower-carbon, more
resilient business that delivers long-term value for all our stakeholders.
Thank you.

15

GENERAL BUSINESS
JOHN DAKIN
Thank you, Andy, and thank you, James.
Before we move to questions, I’d like to take a moment to sincerely thank our
customers, investors, and broader stakeholder community for their continued support.
I also want to acknowledge the contribution of the entire Goodman team during what
has been another dynamic yet rewarding year.
QUESTIONS FROM UNITHOLDERS
I’ll now open the floor for questions, please raise your hand and wait for the microphone
to be provided.
For those of you participating through the live webcast, please submit your questions
now. As I mentioned earlier, these need to be entered through the online portal and
will be moderated to avoid duplication.
[Address any questions in the room]
We’ll now move onto questions from our webcast participants.
[Address any online questions]
Thank you everyone, there don’t appear to be any further questions, I will now invite
our deputy chair David Gibson to conclude the formal business of the meeting.

16

FORMAL BUSINESS
DAVID GIBSON
Thank you, John.
The composition of the Board is carefully managed to ensure it includes a diverse
group of Directors with the required range of skills, knowledge and experience to
effectively manage our business.
Now that we have Internalised, Unitholders have the right to nominate and vote on all
Directors.
This year John Dakin, Greg Goodman and Steve Jurkovich are retiring in accordance
with our constitution and the NZX Listing Rules, and being eligible, have offered
themselves for reappointment.
Following the call for nominations, none were received, and the three Directors stand
unopposed. Before we conduct the poll, I will invite each Director to address the
meeting.
[John, Greg, and Steve to briefly address the Meeting]

Thank you, John, Greg, and Steve. We can now move on to the resolutions and any
further questions.
RESOLUTIONS
The Resolutions are set out in the Notice of Meeting and on the voting form you will
have received. As they have been notified, there is no requirement for a seconder. A
majority of not less than half of persons entitled to vote, and voting, is required to carry
each resolution.
Are there any questions on the Resolutions relating to the reappointment of John, Greg
or Steve as Directors of the Manager?
[Address any questions in the room]
Are there any questions online?
[Address any online questions]
Thank you everyone, as there are no further questions we’ll now procced to a poll.

17

POLLING
For those participating through the live webcast that have not already voted, please
submit your votes now. The poll will close in less than a minute. For those of you in the
room that have not already voted, please complete your voting and proxy form and
place it in the boxes provided.
The result of the poll will be announced to the NZX once it has been confirmed, and a
copy of the announcement will also be posted on our website.
On behalf of the Board, I’d like to thank you all for your participation today. I now
declare this meeting closed and invite those in the room to join us in the lobby for
refreshments.