GMT achieves earnings targets and delivers $61.8m profit
1
nzx release+
GMT achieves earnings targets and delivers interim profit of $61.8 million
Date 20 November 2025
Release Immediate
Goodman Property Trust (GMT or Trust) has announced its interim results for the six
months ended 30 September 2025.
GMT has delivered another strong financial performance, demonstrating the resilience of its
warehouse and logistics portfolio in a challenging economic environment. It has also
progressed strategic growth initiatives, establishing a complementary property funds
management business with the successful launch and settlement of the new Highbrook
Fund.
Key results include:
+ Total portfolio value of $4.7 billion, including partnership AUM of $609 million
+ A 7.5% increase in net property income to $119.7 million, driven by earlier development
completions and like-for-like rental growth of 5.2%
+ Management fee income from the Highbrook Fund, diversifying revenue streams and
contributing to a 10.4% increase in operating earnings
1
before tax, to $83.1 million
+ An effective tax rate of 20.8% (1H25 17.5%) with operating earnings after tax of $65.8
million, compared to $62.1 million in 1H25
+ A 6.7% increase in cash earnings
2
to 3.99 cents per unit, with guidance for the full year
reaffirmed at around 8.0 cents per unit
+ A 5% increase in distributions to 3.4125 cents per unit, consistent with full year guidance
of 6.825 cents per unit (also reaffirmed)
+ Increased revenue and a lower total tax expense have contributed to a 35.8% increase
in statutory profit, to $61.8 million after tax
+ Greater financial flexibility with the sale of the Bush Road Centre in Rosedale and
settlement of the Highbrook Fund recycling almost $700 million of capital for reinvestment
+ Stable property values and a strong balance sheet, with net tangible assets
3
of 203.0
cents per unit and a look through loan to value ratio
4
of 19.6%
+ Solid leasing results with over 65,000 sqm of existing space secured on new or revised
terms, portfolio occupancy of 97.7% and a weighted average lease term of five years.
RESULT SUMMARY
GMT’s substantial 1.2 million sqm warehouse and logistics portfolio provides essential supply
chain infrastructure for more than 200 customers.
Chief Executive Officer James Spence said, “By remaining focused on the delivery of our
core property services and adapting to more demanding operating conditions we have
continued to grow both earnings and distributions. The establishment of the new Highbrook
Fund during the period is a major strategic initiative that creates a platform for sustained
business growth.”
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 note 4.1 of GMT’s 2026 interim financial statements.
2
Cash earnings is a non-GAAP financial measure that assesses free cash flow, on a per unit basis, after adjusting for
certain items. Calculation of GMT’s cash earnings is set out on page 10 of GMT’s Interim Report 2026.
3
Net tangible assets is a non-GAAP financial measure used to assess the value of GMT’s net assets available to
unitholders. It is calculated as being net assets, as per the balance sheet of GMT’s 2026 interim financial statements,
divided by the weighted average number of units on issue.
4
Loan to value ratio is a non-GAAP financial measure used to assess the strength of GMT’s balance sheet. The calculation
is set out on page 9 of GMT’s Interim Report 2026.
2
Cash earnings have increased 6.7% to 3.99 cents per unit, with management fee revenue,
increases in contracted rents and the impact of earlier development completions all
contributing to the strong growth.
Greater revenue and a lower total tax expense have also contributed to an improved interim
statutory result, with GMT recording a 35.8% increase in profit after tax, to $61.8 million.
James Spence said, “The resilience of the portfolio and strength of our interim financial
performance continues to support our full year cash earnings guidance of around 8.0 cents
per unit. We have also reaffirmed distributions for the year of 6.825 cents per unit, a 5%
increase and the fifth year of consecutive increases.”
BALANCE SHEET CAPACITY
Prudent financial management has enabled GMT to grow sustainably. Almost $700 million
of capital was recycled during the period, reducing GMT’s look through loan to value ratio to
19.6%, with committed gearing of 23.4%.
The capital inflows have also facilitated a restructuring of GMT’s bank debt facilities.
Retaining $700 million in wholesale and retail bonds, bank debt has been fully repaid and
undrawn facilities reduced to $100 million. GMT’s liquidity position is enhanced with more
than $530 million in cash providing greater financial flexibility.
James Spence said, “With low gearing and substantial liquidity, GMT is in a strong financial
position. We have the balance sheet capacity to pursue a range of growth opportunities.”
Further financial commentary is provided in GMT’s Interim Report 2026, which was released
today. The digital report is available online at:
https://nz.goodman.com
GROWTH INITIATIVES
James Spence said, “Establishing a complementary property funds management platform
18 months after internalising is a significant achievement. The launch of the new Highbrook
Fund extends our operations and adds momentum to our business.”
GMT’s new capital partners have acquired a 28.9% interest in the limited partnership that
now owns Highbrook Business Park with the Trust retaining a 71.1% interest.
The new partnership is an important first step in building a property funds management
business of real scale. It is already generating new revenue streams and has released over
$600 million of capital for reinvestment into higher-yielding opportunities, including GMT’s
own development pipeline.
James Spence said, “Given our strategic direction, we are also considering the
corporatisation of GMT and a move to a stapled structure.
Work is progressing, and we
expect to present a proposal for Unitholders to consider in 2026.”
DEVELOPMENT PROGRAMME
With new projects commencing during the period, GMT’s development programme
continues to extend the range of property solutions available to customers.
James Spence said, “With limited new supply in prime Auckland industrial locations, we are
well positioned with new development projects underway and a significant pipeline ahead of
us.”
To meet future demand and take advantage of favourable construction pricing, GMT is
commencing the first stage of the regeneration plan for its value-add estate in Mt Wellington.
The multi-unit development will feature around 21,850 sqm of high-quality, Green Star-rated
warehouse space. Undertaken on a build-to-lease basis, the project is expected to deliver a
yield on cost of around 6.7%, once fully leased and income producing.
Development is also progressing at Waitomokia in Māngere, where infrastructure and
enabling works are currently underway. Refinements to the masterplan together with design
changes to accommodate a new yard lease, means the greenfield estate is now expected
to support around 95,000 sqm of future development.
James Spence said, “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.”
3
To support potential data centre development at GMT’s Penrose Industrial Estate,
$20 million has been committed to preliminary design and infrastructure works. With the
resource consent process underway, workstreams are currently focused on the delivery of
power to the site, with a scalable solution that supports staged development.
James Spence said, “Completing this preliminary stage 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.”
BUSINESS OUTLOOK
The strength of GMT’s interim result reflects the resilience of its property portfolio, solid
leasing results and disciplined capital management.
James Spence said, “GMT is delivering sustained earnings and distribution growth, despite
ongoing economic volatility. With many businesses experiencing more challenging trading
conditions, we remain committed to our customers and the delivery of well-located,
sustainable property solutions that support their long-term success.”
The establishment of a property funds management platform and introduction of capital
partners during the period represents an important milestone, with the new business
initiative expected to be a major driver of future growth.
James Spence said, “With a robust balance sheet, substantial liquidity, and a significant
development pipeline, we are actively pursuing new growth opportunities, confident in our
investment strategy and ability to create value for Unitholders.”
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. NZX Interim Result Announcement
2. GMT’s Interim Result Presentation 2026
3. Goodman Property Trust and GMT Bond Issuer Limited Interim Report 2026
About Goodman Property Trust:
GMT is a managed investment scheme, listed on the NZX. It has a market capitalisation of around $3.1 billion,
ranking it in the top 15 of all listed investment entities. With $4.7 billion of assets under management, GMT’s
extensive warehouse and logistics portfolio provides essential supply chain infrastructure for more than 200
customers. GMT holds an investment grade credit rating of BBB from S&P Global Ratings.
---
nzx release+
GMT Interim Result Announcement
Results for announcement to the market
Name of issuer Goodman Property Trust (“GMT”)
Reporting Period 6 months to 30 September 2025
Previous Reporting Period 6 months to 30 September 2024
Currency New Zealand dollars
Amount (000s) Percentage change
Revenue from continuing operations $148,800 10.4% increase from
$134,800 pcp
Total Revenue $148,800 10.4% increase from
$134,800 pcp
Net profit/(loss) from continuing
operations
$61,800 35.8% increase from
$45,500 pcp
Total net profit/(loss) $61,800 35.8% increase from
$45,500 pcp
Distribution
Amount per Quoted Equity Security $0.01706250
Imputed amount per Quoted Equity
Security
$0.00000000
Record Date 4 December 2025
Dividend Payment Date 11 December 2025
Current period Prior comparable
period
Net tangible assets per Quoted Equity
Security
$2.03 $2.012
A brief explanation of any of the figures
above necessary to enable the figures
to be understood
A 7.2% increase in property income to $144.5
million, along with $4.3 million in management
fee income, contributed to a 10.4% increase in
revenue from continuing operations.
Greater revenue and a reduced tax expense
led to an improved statutory result, with profit
after tax increasing 35.8% to $61.8 million.
Authority for this announcement
Name of person
authorised to make
this announcement
Andy Eakin
Contact person for this announcement Andy Eakin
Contact phone number (09) 375 6077
Contact email address andy.eakin@goodman.com
Date of release through MAP
20 November 2025
Note
This announcement is extracted from the interim financial statements of Goodman Property
Trust. A copy of the interim financial statements together with the independent review report on
the interim financial statements is attached to this announcement.
---
Goodman Property Trust
Interim Report 2026
GMT Bond Issuer Limited
Interim Report 2026
CONTENTS
OVERVIEW
1H26 Result Highlights 3
Leadership Report 4
Financial Summary 8
OTHER INFORMATION
Investor Relations 50
Glossary 51
Business Directory 52
FINANCIAL RESULTS
Goodman Property Trust
Interim Financial Statements 11
GMT Bond Issuer Limited
Interim Financial Statements 40
DELIVERING THE THINGS WE RELY ON
IS ONLY MADE POSSIBLE WITH A NETWORK
OF ESSENTIAL INFRASTRUCTURE
THAT INCLUDES STRATEGICALLY LOCATED
LOGISTICS FACILITIES — LIKE OURS
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Interim Report 2026
2
1H26 RESULT
HIGHLIGHTS
GMT’s urban logistics portfolio provides
essential supply chain infrastructure for more
than 200 customers. By remaining focused
on the delivery of our core property services
and adapting to more demanding operating
conditions we have continued to grow both
earnings and distributions.
NET PROPERTY INCOME
7.5% increase in rental revenue
$ 1 19.7 M
TOTAL PORTFOLIO VALUE
Including partnership AUM
of $609 million
$ 4.7 BN
PROFIT AFTER TAX
35.8% increase
from $45.5 million
$61.8M
LOAN TO VALUE RATIO
On a look-through basis
1
19.6%
CASH EARNINGS
6.7% increase
from 3.74 cpu
3.99CPU
PORTFOLIO OCCUPANCY
1.2 million sqm
Total Portfolio size
9 7.7 %
FY26 GUIDANCE REAFFIRMED
5% increase in annual
distributions to
6.825CPU
PORTFOLIO UNDER-RENTING
Potential rent reversion to market
21%
Look-through measure that reflects GMT’s proportionate share of HLP, the limited partnership that owns Highbrook Business Park.
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BUILDING A
LONG-TERM
BUSINESS
GMT has delivered another strong financial
performance, demonstrating the resilience of its
warehouse and logistics portfolio in a challenging
economic environment. It has also progressed strategic
growth initiatives, with the successful launch and
settlement of the new Highbrook Fund establishing a
complementary property funds management business.
Cash earnings have increased by 6.7%
to 3.99 cents per unit, with management
fee revenue from the Highbrook Fund,
increases in contracted rentals and the
impact of earlier development completions
all contributing to the strong growth.
The resilience of the portfolio and strength
of GMT’s interim financial performance
continues to support annual cash earnings
guidance of around 8.0 cents per unit.
Full year distributions of 6.825 cents
per unit have also been reaffirmed,
representing a 5% increase on FY25 and
the fifth year of consecutive increases.
During the period, nearly $700 million of
capital was recycled through the settlement
of the new Highbrook Fund and the sale
of Bush Road Estate. With low gearing
and substantial liquidity, GMT is in an
exceptionally strong financial position with
the balance sheet capacity to pursue a
range of new investment opportunities.
A detailed summary of GMT’s 1H26
financial result is provided on page 8, with
the cash earnings calculation presented
on p a g e 10.
James Spence (left) Chief Executive Officer
John Dakin (right) Chair and Non-executive Director
Leadership Report
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Business growth initiatives
We have continually refined our business to
take advantage of new opportunities and
to build resilience.
Establishing a complementary property
funds management platform 18 months
after internalising GMT’s management
functions is a significant achievement. The
launch of the new Highbrook Fund extends
operations, enhances financial flexibility
and adds momentum to the business.
GMT’s new capital partners have acquired
a 28.9% interest in the limited partnership
that now owns Highbrook Business Park,
with GMT retaining a 71.1% interest.
A stapled structure will allow a greater
level of active investment opportunities
to be undertaken whilst retaining
Portfolio Investment Entity (PIE) status
for the investment property portion of
the business.
Work is progressing, and we expect to
present a proposal for Unitholders to
consider in 2026.
Customer demand
GMT’s warehouse and logistics 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.
A more uncertain economic outlook has
eased capacity constraints and moderated
short-term demand, as customers delay
making new property commitments and
prioritise cost control and productivity over
expansion. Despite the current market
dynamic, vacancy for prime space remains
low and GMT’s portfolio metrics continue to
reflect solid leasing results.
The table below summarises the portfolio
at 30 September 2025.
The new partnership is an important
first step in building a property funds
management business of real scale.
It is already generating new revenue
streams for GMT and has recycled over
$600 million of capital for reinvestment
into higher-yielding opportunities, including
its own development pipeline.
Given GMT’s strategic direction, we are
actively considering the corporatisation of
the Trust and a move to a stapled structure.
Corporatisation will provide a
contemporary governance structure and
ongoing cost savings to the business.
Over 65,000 sqm of warehouse and
logistics space, around 5.5% of the
portfolio, has been secured on new or
revised terms since 31 March 2025. This
leasing activity, and recent rent reviews
have contributed to like-for-like net property
income growth of 5.2% (1H25 7.3%).
The potential rent reversion within the
portfolio remains substantial at 21% and will
continue to be a key driver of GMT’s future
revenue and earnings growth, as rents are
reviewed to the higher market rates.
Development programme
With a shortage of appropriately zoned land
restricting new supply in prime Auckland
industrial locations, GMT benefits from
a significant development pipeline that
extends the range of property solutions
available to customers.
To meet future demand GMT is underway
with the first stage of the regeneration plan
for its value-add estate in Mt Wellington. The
multi-unit development will feature around
21,850 sqm of high-quality, Green Star-
rated warehouse space. Undertaken on a
build-to-lease basis, the project is expected
to deliver a yield on cost of around 6.7%,
once fully leased and income producing.
Mt Wellington Estate
Artist’s impression of the redevelopment
project underway at this value-add estate.
Valu e
($ billion)
Net lettable
area (sqm)
Occupancy
(%)
Weighted
average lease
term (years)
Customers
(number)
Direct portfolio
(incl developments and land)2.6682,536 96.95.5103
Highbrook Business Park2.1495,99599.24.3123
Total Portfolio 4 .71 , 17 8 , 5 319 7. 95.02 17
Look-through portfolio4.11 , 17 8 , 5 319 7.7 5.1 2 17
Note: Net lettable area and customer number metrics are absolute and not adjusted for GMT’s proportionate share of HLP.
Leadership report (continued)
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Development is also progressing
at Waitomokia in Māngere, where
infrastructure and enabling works are
currently underway. Refinements to the
masterplan together with design changes
to accommodate a new yard lease, means
the greenfield estate is now expected to
support around 95,000 sqm of future
development.
The first building platform is expected to be
ready in 2026.
We are also positioning GMT to capture
opportunities from the rapid technological
shift being driven by the growth in artificial
intelligence, cloud computing, and other
digital services. Data centres provide
the physical infrastructure necessary for
delivering these online services and have
evolved from information storage hubs, into
the digital engines of the global economy.
To support potential data centre
development, $20 million has been
committed to preliminary design and
infrastructure works at GMT’s Penrose
Industrial Estate. With the resource consent
process underway, workstreams are
currently focused on the delivery of power
to the site, with a scalable solution that
supports staged development.
Completing this preliminary stage provides
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.
Data centres provide the physical infrastructure
necessary for delivering these online services and
have evolved from information storage hubs, into
the digital engines of the global economy.
Director changes
Keith Smith retired from the Board on
25 July 2025 after 20 years of valued
service as an Independent Director,
including 13 years as Board Chair.
His tenure included the repositioning of
GMT as an industrial property specialist
and the internalisation of the Trust’s
management functions, both notable
business achievements.
Steve Jurkovich joined the Board as an
Independent Director on 1 July 2025. He is
CEO of Kiwibank and has over two decades
of leadership and governance experience
in New Zealand’s financial services sector.
Keith’s retirement and Steve’s appointment
during the period maintain the size of the
Board at six directors and, in line with
governance best practice, ensures it
continues to have a majority of Independent
Directors.
At the Annual Meeting on 28 August
2025, John Dakin, Greg Goodman, and
Steve Jurkovich were each reappointed
as Directors for a further three-years.
Leadership report (continued)
Kyndryl, Highbrook Business Park
With experience delivering a first-generation data centre at Highbrook Business Park
and benefitting from New Zealand’s global connectivity and renewable electricity grid,
GMT is preparing for potential data centre development at Penrose Industrial Estate.
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Business outlook
GMT’s strong interim result highlights the
resilience of its property portfolio, robust
leasing performance and disciplined
capital management. Despite ongoing
economic volatility, the business has
continued to deliver sustained earnings
and distribution growth.
With many business sectors experiencing
challenging trading conditions, we remain
committed to our customers and the
delivery of well-located, sustainable
property solutions that support their
long-term success.
The launch of a property funds
management platform and the introduction
of capital partners during the period
represents a major strategic milestone. This
new initiative is expected to be an important
contributor to GMT’s future growth.
Given GMT’s strategic direction, we are
actively considering the corporatisation of
the Trust and a move to a stapled structure.
Supported by low gearing, substantial
liquidity, and a significant future pipeline,
GMT is well-positioned to pursue new
investment and development opportunities.
With full year guidance reaffirmed and even
greater financial and operational flexibility,
we are confident in our strategy and our
ability to deliver long-term value creation
for Unitholders.
James Spence John Dakin
Chief Executive Officer Chair and Non-executive Director
Supported by low gearing,
substantial liquidity, and a
significant future pipeline,
GMT is well-positioned to
pursue new investment and
development opportunities.
Leadership report (continued)
Waitomokia, Māngere
Commencing development at Waitomokia has provided another opportunity
for team members to get involved with our environmental initiatives. A recent
working bee planted the first of 5,500 natives to be established at the estate.
Highbrook Crossing
Started last year, the $15.7 million upgrade of Highbrook Business Park’s
commercial services and hospitality precinct is nearing completion,
with the project scheduled to finish in December 2025.
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KEY PERFORMANCE INDICATORS1H261H25% change
Profit before tax ($m)62.253.117. 1
Profit after tax ($m)61.845.535.8
Operating earnings before tax ($m)
1
83.175.310.4
Operating earnings after tax ($m)
2
65.862.16.0
Cash earnings per unit (cpu) 3.993 .746 .7
Cash distribution per unit (cpu)3.41253.255.0
Net tangible assets (cpu)
3
203.0201.20.9
Loan to value ratio (%)
4
– look through19.632.4–
GMT – S&P Global Ratings credit ratingBBBBBB–
Bonds – S&P Global Ratings credit ratingBBB+BBB+–
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
note 4.1 of GMT’s 2026 interim financial statements.
2
Cash earnings is a non-GAAP financial 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
p a ge 10.
3
Net tangible assets is a non-GAAP financial measure that assesses the value of GMT’s net assets available to unitholders. It is calculated as being net assets, as per the balance
sheet of GMT’s 2026 interim financial statements, divided by the weighted average number of units on issue.
4
Loan to value ratio is a non-GAAP financial measure used to assess the strength of GMT’s balance sheet. Calculation of GMT’s loan to value ratio is set out on page 9.
1H26 FINANCIAL
SUMMARY
It has been a successful start to FY26, with GMT’s
first-half financial performance demonstrating that
it is a robust and resilient business. The launch and
settlement of the new Highbrook Fund during the
period has strengthened the balance sheet and
generated new revenue streams for GMT.
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Almost $700 million of capital was recycled during
the period, with the inflows facilitating a restructuring
of GMT’s bank debt facilities.
Robust and resilient
operating results
Net property income has increased by
7.5% to $119.7 million, driven by earlier
development completions, solid leasing
results and like-for-like rental growth of 5.2%.
With the new Highbrook Fund settling
on the last day of the period, GMT has
also earned management fee income.
The fees relate to debt arrangement and
establishment services in the setup of the
limited partnership.
GMT’s weighted average cost of debt
was 4.4% during the period, compared to
5.0% previously. While average borrowings
were lower over the period, a higher lease
liability provision and a lower proportion
of borrowing costs being capitalised (as
developments have reached completion),
have contributed to a 6.6% increase in net
interest costs, to $32.2 million.
Together with higher interest costs, the
recognition of share based payments
expense this period and an increase in
net corporate costs have all contributed
to a 13.0% increase in total expenses, to
$40.8 million.
Overall, the increase in total revenue has
more than offset higher total expenses
and GMT has recorded a 10.4% increase
in operating earnings before tax, to
$83.1 million. With an effective tax rate of
20.8%, operating earnings after tax have
increased 6.0% to $65.8 million.
Greater profitability
Adjusting for certain cash and non-cash
items provides the reconciliation between
GMT’s operating earnings result and its
statutory profit.
The movement in the fair value of
financial instruments and valuation of
pre-existing employee benefits (to be
settled by Goodman Group as part of
the internalisation transaction) were the
significant non-cash items.
Stable property market fundamentals
and recent sales evidence supported the
carrying value of GMT’s property assets at
30 September 2025, with an independent
desktop review confirming that portfolio
property values were unchanged at the
half year.
A reduced tax expense of $0.4 million,
compared to $7.6 million in the previous
corresponding period also contributed to an
improved statutory result, with profit after
tax increasing 35.8%, to $61.8 million.
A deferred tax release of $11.5 million,
following a reduction in the provision for
depreciation recovered for investment
property sold, was the main contributor
to the reduction in tax.
Net tangible assets (NTA) increased by
0.8 cents per unit from 31 March 2025
to 203.0 cents per unit at 30 September
2025.
1H26 Financial summary (continued)
Substantial balance sheet capacity
Prudent financial management has enabled
GMT to grow sustainably.
Almost $700 million of capital was recycled
during the period, with the inflows facilitating
a restructuring of GMT’s bank debt facilities.
While retaining $700 million in wholesale
and retail bonds, bank debt has been fully
repaid and undrawn facilities reduced to
$100 million. Liquidity is also enhanced,
with over $530 million in cash providing
GMT with greater financial flexibility.
At 30 September 2025, GMT had a loan
to value ratio of just 6.9%. On a look-
through basis, incorporating its 71.1%
proportionate share of the Highbrook
Fund, GMT’s loan to value ratio was 19.6%
with committed gearing of 23.4%. The
calculation is set out in the table below:
DSL Logistics, Westney Industry Park
The intermodal logistics specialist utilises
automation and a sophisticated warehouse system
to support its 3PL (third party logistics) services.
GMT GearingBalance sheetLook-through
Current LVR calculation
Net borrowings ($m) 167 76 8
As s et s ($m) 2,414 3,915
Current LVR6.9%19.6%
Committed LVR 13.9%23.4%
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Cash earnings have increased 6.7%, from
3.74 cents per unit to 3.99 cents per unit.
Quarterly cash distributions totalling
3.4125 cents per unit have been declared
for the first six months of FY26, 5.0%
higher than the 3.25 cents per unit
declared in 1H25. The level of distribution
represents 85.5% of cash earnings and
is consistent with full year distribution
guidance of 6.825 cents per unit.
Earnings and distributions
Cash earnings $m1H261H25% change
Operating earnings before tax83.175.310.4
Current tax on operating earnings( 17. 3 )(13.2)(31.1)
Operating earnings after tax65.862.16.0
Straight line rent adjustments(2.0)(2.2)9.1
Maintenance capex(1.8)(2.0)10.0
Capitalised borrowing costs – land(0.3)(0.4)25.0
Fee recognition adjustments(2.2)––
Share based payment expense1.9––
Cash earnings61.45 7. 56.8
Weighted units (m) 1,538.81,538.8–
Cash earnings (cpu)3.993 .746 .7
Distributions (cpu)3.41253.255.0
Distributions % of underlying cash earnings85.586.9–
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,
management fees, to recognise only the
third party portion, expenditure related to
building maintenance, to reverse straight
line rental adjustments, and to add back
share-based payment expenses.
1H26 Financial summary (continued)
Stanley Black & Decker, Highbrook Business Park
Completed in 2023 and recently achieving a 6 Green Star Built rating,
this facility sets a benchmark for industrial developments in New Zealand.
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GMT Bond Issuer Limited
Interim Report 2026
GOODMAN
PROPERTY TRUST
INTERIM FINANCIAL
STATEMENTS
For the six months ended 30 September 2025
The Board of Goodman Property Services (NZ) Limited, the Manager of
Goodman Property Trust, authorised these financial statements for issue
on 19 November 2025. For and on behalf of the Board:
John Dakin
Chair
Laurissa Cooney
Chair, Audit Committee
Mainfreight and Mainfreight 2Home, Savill Link, Ōtāhuhu
This twin warehouse facility provides the global logistics
specialist with a further 23,300 sqm of highly sustainable
and operationally efficient, warehouse and logistics space.
FINANCIAL
RESULTS
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Interim Financial Statements
For the six months ended 30 September 2025
11
CONTENTS
STATEMENT OF COMPREHENSIVE INCOME 12
BALANCE SHEET 13
STATEMENT OF CHANGES IN EQUITY 14
STATEMENT OF CASH FLOWS 15
GENERAL INFORMATION 16
NOTES TO THE FINANCIAL STATEMENTS
1. Investment property 18
2. Investment in associate 21
3. Borrowings 23
4. Earnings per unit 27
5. Derivative financial instruments 28
6. Net corporate costs 29
7. Related party assets 29
8. Employee benefits liabilities 30
9. Employee compensation reserve 32
10. Creditors and other liabilities 33
11. Tax 34
12. Related party disclosures 35
13. Commitments and contingencies 36
14. Financial risk management 37
15. Operating segments 37
INDEPENDENT AUDITOR’S REVIEW REPORT 38
$ millionNote
6 months
30 Sep 25
6 months
30 Sep 24
Property income1.114 4.5134.8
Property expenses(24.8)(23.4)
Net property income11 9.7111.4
Fee income124.3–
Interest cost3.1(32.4)(30.6)
Interest income3.10.20.4
Net interest cost(32.2)(30.2)
Net corporate costs6( 6 .7 )(5.9)
Share based payments expense9(1.9)–
Profit before other expenses and income tax83.275.3
Other expenses
Movement in fair value of investment property1.4–3.6
Movement in fair value of financial instruments5.1(8.1)(16.5)
Movement in fair value of pre-existing employee benefits8(9.1)(8.8)
Transitional services(0.6)(0.5)
Transaction costs(2.4)–
Share of loss from associate2(0.8)–
Profit before tax62.253.1
Tax expense11.1(0.4)( 7. 6 )
Profit after tax attributable to unitholders61.845.5
Other comprehensive income––
Total comprehensive income for the period attributable to unitholders61.845.5
CentsNote
6 months
30 Sep 25
6 months
30 Sep 24
Basic and diluted earnings per unit after tax4.14.022.96
The above statement should be read in conjunction with the accompanying notes.
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2025
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Interim Financial Statements
For the six months ended 30 September 2025
BALANCE SHEET
As at 30 September 2025
$ millionNote30 Sep 2531 Mar 25
Non-current assets
Investment property1.32,551.82,524.0
Investment in associate 2.2899.1–
Derivative financial instruments5.23.65.1
Property, plant and equipment3.40.2
Right-of-use asset6.60.9
Related party assets724.14 0.5
Tax receivable7. 06.9
Deferred tax assets10.910.6
Total non-current assets3,506.52,588.2
Investment properties held for sale1.5–2,165.1
Current assets
Cash531.88.2
Derivative financial instruments5.2–0.2
Debtors and other assets7. 36 .7
Related party assets717. 516.1
Tax receivable–0.9
Total current assets556.632.1
To t a l a s s e t s4,063.14 ,78 5. 4
Non-current liabilities
Borrowings3.2698.81,132.8
Lease liabilities3.414 4.1126.0
Derivative financial instruments5.2–14.3
Creditors and other liabilities104.9–
Employee benefits liabilities 81 0 .717. 8
Total non-current liabilities858.51,290.9
Current liabilities
Borrowings3.2–325.0
Creditors and other liabilities1059.938.9
Current tax payable2.51.8
Lease liabilities3.40 .70 .7
Employee benefits liabilities 818.117. 1
Total current liabilities81.2383.5
Total liabilities9 3 9.71 ,6 74 . 4
Net assets3,123.43,111.0
Equity
Units1,955.01,955.0
Retained earnings1,165.31,154.8
Employee compensation reserve93.11.2
Total equity3,123.43,111.0
The above statement should be read in conjunction with the accompanying notes.
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Interim Financial Statements
For the six months ended 30 September 2025
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 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 20241,538.81,955.0–1,14 4.13,0 99.1
Total comprehensive income for the year––10 9.610 9.6
Distributions paid to unitholders6.425––(98.9)(98.9)
Share based payment expense9–1.2–1.2
As at 31 March 20251,538.81,955.01.21,154.83,111.0
Total comprehensive income for the period––61.861.8
Distributions paid to unitholders3.331––(51.3)(51.3)
Share based payment expense9–1.9–1.9
As at 30 September 20251,538.81,955.03.11,165.33,123.4
The above statement should be read in conjunction with the accompanying notes.
Subsequent event
On 19 November 2025, a cash distribution of 1.70625 cents per unit was declared with no imputation credits attached. The record date for the distribution is 4 December 2025 and
payment will be made on 11 December 2025.
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Interim Financial Statements
For the six months ended 30 September 2025
STATEMENT OF CASH FLOWS
For the six months ended 30 September 2025
$ million
6 months
30 Sep 25
6 months
30 Sep 24
Cash flows from operating activities
Property income received142.5133.0
Property expenses paid(30.1)( 2 8 .7 )
Interest income received0.20.4
Fee income4.3–
Interest costs paid on borrowings(29.7)(29.0)
Interest costs paid on lease liabilities(2.8)(2.2)
Corporate costs paid(6.9)(5.5)
Net GST (paid) / received(0.1)1.9
Transaction costs(2.4)–
Tax refunds received0.9–
Net cash flows from operating activities75.969.9
Cash flows from investing activities
Proceeds from the sale of investment properties1 , 2 9 7. 31.4
Capital expenditure payments for investment properties(24.8)(56.1)
Expenditure on property, plant and equipment(3.2)–
Holding costs capitalised to investment properties(3.9)(9.2)
Net cash flows from investing activities1,265.4(63.9)
Cash flows from financing activities
Proceeds from borrowings380.0698.0
Repayments of borrowings(1,14 0.0)(638.7)
Settlement of derivative financial instruments(6.4)(14.9)
Distributions paid to unitholders(51.3)(48.9)
Net cash flows from financing activities(817.7)(4.5)
Net movement in cash523.61.5
Cash at the beginning of the period8.29.4
Cash at the end of the period531.810.9
The above statement should be read in conjunction with the accompanying notes.
Significant transactions
The proceeds from the sale of Highbrook and the investment in associate, as detailed in note 2, were net settled. Gross proceeds from the sale of Highbrook were $2,108.2 million, and
the investment in associate was $899.9 million.
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Interim Financial Statements
For the six months ended 30 September 2025
GENERAL INFORMATION
For the six months ended 30 September 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 8, 124 Halsey Street, Auckland.
The interim financial statements presented are consolidated financial statements for
Goodman Property Trust, its subsidiaries and its controlled entities (the “Group”). The
subsidiaries comprise 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, GMT NewCo
Limited, GMT Penrose Limited and Highbrook Limited. The Trust has control over GPS, a
wholly owned subsidiary of GMT Shareholder Nominee Limited (itself a subsidiary of Public
Trust). Pursuant to a shareholding deed between GMT Shareholder Nominee Limited and
Covenant Trustee Services Limited as trustee for Goodman Property Trust the shares in
GPS are controlled by Covenant Trustee Services Limited on behalf of GMT unitholders.
GMT’s investment in Goodman NZ Highbrook Limited Partnership (“HLP”) is accounted
for as an associate using the equity method of accounting.
GMT is listed on the New Zealand Stock Exchange (“NZX”), is an FMC reporting entity for the
purposes of the Financial Markets Conduct Act 2013 (“FMCA”) and the Financial Reporting
Act 2013 and is an Equity Security for the purposes of the NZX Main Board Listing Rules.
The Group’s principal activity is to invest in real estate in New Zealand.
Covenant Trustee Services Limited is the Trustee and Supervisor for GMT.
The interim financial statements for the six months ended 30 September 2025 are
unaudited. Comparative balances for 30 September 2024 are unaudited, whilst
comparative balances as at 31 March 2025 are audited.
Basis of preparation and measurement
The interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”) and comply with International
Accounting Standard 34 ‘Interim Financial Reporting’ and New Zealand Equivalent to
International Accounting Standard 34 ‘Interim Financial Reporting’.
The interim financial statements of the Group have been prepared in accordance with the
requirements of the NZX Main Board Listing Rules.
The interim financial statements do not include all of the notes included in the annual
financial statements. Accordingly, these notes should be read in conjunction with the
annual financial statements for the year ended 31 March 2025, prepared in accordance
with New Zealand Equivalents to International Financial Reporting Standards (“NZ IFRS”)
and International Financial Reporting Standards Accounting Standards (“IFRS Accounting
Standards”).
The interim financial statements have been prepared on the historical cost basis except for
assets and liabilities stated at fair value as disclosed.
The interim financial statements are in New Zealand dollars, the Group’s functional currency,
unless otherwise stated.
Basis of consolidation
The financial statements have eliminated in full all intercompany transactions, intercompany
balances and gains or losses on transactions between Group entities.
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Interim Financial Statements
For the six months ended 30 September 2025
Changes in accounting policy
The accounting policies and methods of computation used in the preparation of these
interim financial statements are consistent with those used in the financial statements for the
year ended 31 March 2025 unless otherwise stated.
New accounting policies
For the period ended 30 September 2025, there are new accounting policies as a result of
the Highbrook Business Park transaction. These new policies are set out below.
+Investments in associates (refer note 2).
+Fee income derived from investment and property management services is recognised
over time as the services are provided.
+Cash and cash equivalents comprise cash on hand, deposits held at call with banks,
and other short-term highly liquid investments.
New accounting standards now adopted
There have been no new accounting standards that are applicable to these financial
statements.
Significant transactions – sale of Highbrook Business Park
to Goodman NZ Highbrook Limited Partnership
On 30 September 2025, Goodman NZ Highbrook Limited Partnership was established
between GMT, Goodman Group and Mercer to co-invest in Highbrook Business Park. GMT
acquired a 71% interest in HLP, with Goodman Group and Mercer acquiring 16% and 13%
respectively. As part of the establishment of HLP, GMT sold Highbrook Business Park to HLP
for $2.1 billion in exchange for $1.3 billion of cash and to satisfy a capital contribution of
$899.9 million in HLP.
HLP is managed by Goodman Property Services (NZ) Limited under a long-term
management agreement. GPS provides investment and property management services
to HLP under agreed fee structures.
HLP is accounted for as an associate using the equity method of accounting.
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Interim Financial Statements
For the six months ended 30 September 2025
General Information (continued)
1. Investment property
Property income is earned from investment property leased to customers.
1.1 Property income
$ million
6 months
30 Sep 25
6 months
30 Sep 24
Gross lease receipts126.9119.2
Service charge income19.218.0
Straight-line rental adjustments2.02.2
Amortisation of capitalised lease incentives(3.6)(4.6)
Property income144.5134.8
1.2 Future contracted gross lease receipts
Gross lease receipts that the Group has contracted to receive in future years are set out below. These leases cannot be cancelled by the customer.
$ million30 Sep 2531 Mar 25
Ye a r 11 3 2 .72 3 7. 4
Ye a r 2125.4214.4
Ye a r 3112.1191.2
Ye a r 49 7. 2162.0
Ye a r 586.514 0.4
Year 6 and later359.0599.9
Total future contracted gross lease receipts912.91,545.3
Future contracted gross lease receipts at 30 September 2025 have decreased following the disposal of Highbrook Business Park estate to HLP on 30 September 2025.
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 30 September 2025
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Interim Financial Statements
For the six months ended 30 September 2025
1. Investment property (continued)
1.3 Total investment property
This table details the total investment property value.
$ million30 Sep 2531 Mar 25
Core1,835.01,818.9
Va lu e-ad d5 71 .7613.8
Total stabilised investment property2 , 4 0 6 .72 , 4 3 2 .7
Investment property under development14 5.191.3
Total investment property2,551.82,524.0
Included within stabilised properties is a gross-up equivalent to lease liabilities of $138.1 million (31 March 2025: $125.8 million). Included within investment property under development is
$13.6 million of land (31 March 2025: $13.3 million) and $131.5 million of developments (31 March 2025: $78.0 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.
Key judgement
Stabilised properties are recorded at their fair value.
Developments are recorded at their fair value.
Land is recorded at its fair value.
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
1. Investment property (continued)
1.4 Movement in fair value of investment property
Movement in fair value of investment property for the period is summarised below.
$ million
6 months
30 Sep 25
6 months
30 Sep 24
Stabilised properties––
Investment property under development–3.6
Total movement in fair value of investment property–3.6
1.5 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
movementDisposal
Carrying value
at end
30 September 20252,165.1––(2,165.1)–
31 March 2025–2,152.812.3–2,165.1
Significant transactions
In July 2025, GMT settled the disposal of a core property in Albany, Auckland for $89.0 million.
On 30 September 2025, GMT settled the disposal of Highbrook Business Park, Auckland for $2.1 billion.
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
2. Investment in associate
GMT owns 71% of Goodman NZ Highbrook Limited Partnership with international investors owning 29%. The terms of the Limited Partnership agreement for HLP ensure that GMT does not
have the unilateral power to direct the Limited Partnership and therefore does not control the Limited Partnership. Properties owned by HLP are managed by GPS, which is a controlled entity
of GMT.
2.1 HLP statement of comprehensive income
$ million
HLP
Acquisition
date –
30 Sep 25
GMT share
Acquisition
date –
30 Sep 25
Net property income–
Net interest cost(0.1)
Corporate costs(0.1)
Operating expenses(0.2)(0.1)
Movement in fair value of derivative financial instruments(1.0)
Other expenses(1.0)(0 .7 )
Net loss(1.2)(0.8)
Accounting policies
An associate is an entity over which the Group has significant influence, but neither control nor joint control, over the financial and operating policies of the entity.
Investments in associates are accounted for using the equity method. Under the equity method, the investment is initially recognised at cost, including any directly attributable
transaction costs.
After initial recognition, the carrying amount of the investment is adjusted to recognise the Group’s share of the associate’s profit or loss and other comprehensive income (“OCI”).
The Group’s share of the associate’s profit or loss and OCI is recognised in the consolidated statement of profit or loss and other comprehensive income, respectively.
Significant transactions
On 30 September 2025, HLP acquired the Highbrook Business Park estate from GMT for $2.1 billion. This was funded by equity from its partners along with $845.9 million of bank
borrowings. On acquisition, HLP entered into derivative financial instruments, which were subsequently fair valued at balance date.
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
2. Investment in associate (continued)
2.2 HLP balance sheet
$ million
HLP
30 Sep 25
GMT share
30 Sep 25
Non-current assets
Stabilised properties2,10 9.6
Derivative financial instruments1.1
Current assets
Cash1.4
Debtors and other assets1.3
To t a l a s s e t s2,113.4
Non-current liabilities
Borrowings845.9
Current liabilities
Creditors and other liabilities3.4
Derivative financial instruments0.4
Total liabilities8 4 9.7
Net assets1 , 2 6 3 .7
Partners’ capital1,26 4.9
Retained earnings(1.2)
Partners’ interests1 , 2 6 3 .7Investment in associate899.1
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
3. Borrowings
3.1 Interest
$ million
6 months
30 Sep 25
6 months
30 Sep 24
Interest expense on borrowings(28.4)(32.5)
Interest expense on lease liabilities(4.3)(1.8)
Amortisation of borrowing costs(2.6)(3.5)
Borrowing costs capitalised
(1)
2.97. 2
Total interest cost(32.4)(30.6)
Interest income0.20.4
Net interest cost(32.2)(30.2)
(1)
Borrowing costs are capitalised at the weighted average cost of borrowing of 4.4% (30 September 2024: 5.0%). Borrowing costs of $0.3 million were capitalised to land (30 September 2024: $0.4 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.
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
3. Borrowings (continued)
3.2 Borrowings
$ million30 Sep 2531 Mar 25
Current
Bilateral bank facilities–325.0
Total current borrowings–325.0
Non-current
Syndicated bank facilities–285.0
Bilateral bank facilities–150.0
Green retail bonds150.0150.0
Wholesale bonds4 00.04 00.0
Wholesale green bonds150.0150.0
Total non-current700.01,135.0
Unamortised borrowings establishment costs(1.2)(2.2)
Total non-current borrowings698.81,132.8
Total borrowings698.81,457.8
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.
Significant transactions
In June 2025, GMT cancelled a $150 million green bilateral bank facility, which had an expiry date of 31 December 2025.
In July 2025, GMT cancelled a $175 million bilateral bank facility, which had an expiry date of 31 March 2026.
On 30 September 2025, following the settlement of the Highbrook transaction, GMT cancelled its existing syndicated bank facilities ($590 million) and remaining green bilateral bank
facility ($150 million).
On 30 September 2025, $100 million of new syndicated bank facilities, expiring in September 2027, were provided by Bank of New Zealand and Westpac New Zealand Limited.
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
3. Borrowings (continued)
3.3 Composition of borrowings
$ million
30 Sep 25
Date
issuedExpiry
Weighted
average
remaining
term (years)Interest rate
Drawn
amount
Undrawn
facility
Syndicated bank facilities–S e p 272.0Floating–10 0.0
Green retail bonds – GMB060Apr 22A p r 271.54 .74 0 %150.0–
Wholesale bonds – 6 yearsDec 21Dec 272.23.656%200.0–
Wholesale bonds – 8 yearsSep 20Sep 282.92.262%50.0–
Wholesale bonds – 10 yearsSep 20Sep 304.92.559%150.0–
Green wholesale bonds – 5 yearsO c t 24Oct 294.05.012%150.0–
$ million
31 Mar 25
Date
issuedExpiry
Weighted
average
remaining
term (yearsInterest 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–
As at 30 September 2025, $100.0 million of syndicated bank facilities were provided to the Group by Westpac New Zealand Limited ($50.0 million) and Bank of New Zealand ($50.0 million).
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 by Bank of New Zealand ($250.0 million), Commonwealth Bank of Australia ($175.0 million)
and Westpac New Zealand Limited ($150.0 million).
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
3. Borrowings (continued)
As at 30 September 2025, GMT’s drawn borrowings had a weighted average remaining term of 3.0 years (31 Mar 2025: 2.5 years), with 100% being drawn from non-bank sources
(31 Mar 2025: 48%). For 31 March 2025, the calculation of the weighted average remaining term assumed syndicated bank facilities utilised the longest dated facilities.
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.
3.4 Lease liabilities
Investment properties Office leases
$ million30 Sep 2531 Mar 2530 Sep 2531 Mar 25
Opening balance125.863.60.92.6
Changes in liability12.362.36.3(0.9)
Interest expense on lease liabilities4.34.6–0.1
Payments(4.3)(4.8)(0.5)(0.9)
Amortisation of incentives received–0.1––
Total lease liabilities138.1125.86 .70.9
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
4. Earnings per unit
4.1 Earnings per unit
Earnings per unit measures are calculated as operating earnings before / after tax or profit after tax divided by the weighted number of issued units for the period. Operating earnings is a
non-GAAP financial measure included to provide an assessment of the performance of GMT’s principal operating activities. This non-GAAP financial measure may not be consistent with its
calculation by other similar entities.
The calculation of operating earnings is set out below.
$ millionNote
6 months
30 Sep 25
6 months
30 Sep 24
Profit before tax62.253.1
Adjusting items:
Movement in fair value of investment property–(3.6)
Movement in fair value of financial instruments8.116.5
Movement in fair value of pre-existing employee benefits9.18.8
Transitional services0.60.5
Transaction costs2.4–
Share of other expenses from associate2.10 .7–
Operating earnings before tax83.175.3
Current tax on operating earnings11.1( 17. 3 )(13.2)
Operating earnings after tax65.862.1
Weighted units1,538.81,538.8
Operating earnings per unit before tax (cents)5.4 04.89
Operating earnings per unit after tax (cents)4.284.04
$ million
6 months
30 Sep 25
6 months
30 Sep 24
Profit after tax attributable to unitholders 61.8 45.5
Weighted units 1,538.8 1,538.8
Basic and diluted profit per unit after tax (cents)4.022.96
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
5. Derivative financial instruments
Derivative financial instruments are used to manage exposure to interest rate risks and foreign exchange risks arising from GMT’s borrowings.
5.1 Movement in fair value of financial instruments
$ million
6 months
30 Sep 25
6 months
30 Sep 24
Interest rate derivatives(8.1)(30.3)
Cross currency interest rate derivatives relating to US Private Placement notes–(26.4)
Total movement in fair value of derivative financial instruments(8.1)(5 6 .7 )
Foreign exchange rate movement on US Private Placement notes–40.2
Total movement in fair value of financial instruments(8.1)(16.5)
Key judgement
The fair values of derivative financial instruments are determined from valuations using Level 2 valuation techniques. These are based on the present value of estimated future cash
flows, taking account of the terms and maturity of each contract and the current market interest rates at the reporting date. Fair values also reflect the creditworthiness of the derivative
counterparty and GMT at balance date. The valuations were based on market rates at 30 September 2025 of between 2.80% for the 90-day BKBM and 3.69% for the 10-year swap rate
(31 March 2025: 3.61% for the 90-day BKBM and 4.10% 10-year swap rate). There were no changes to these valuation techniques during the period.
5.2 Derivative financial instruments
$ million30 Sep 2531 Mar 25
Interest rate derivatives
Non-current assets3.65.1
Current assets–0.2
Non-current liabilities–(14.3)
Net derivative financial instruments3.6(9.0)
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
6. Net corporate costs
Net corporate costs are incurred to manage the operational activity of the Group.
$ million
6 Months
30 Sep 25
6 months
30 Sep 24
Salaries and other short-term benefits( 7. 4 )(6.8)
Other administrative expenses(4.9)(4.6)
Less: Costs recognised in property expenses3 .73.0
Less: Costs recognised in transaction costs0.80.5
Less: Costs capitalised to properties being developed1.12.0
Net corporate costs(6 .7 )(5.9)
Accounting policies
All costs directly associated with the acquisition and development of a property are capitalised.
7. 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.
$ million30 Sep 2531 Mar 25
Current
Co-operation Services Agreement1.11.1
Indemnification assets6.89.5
Prepayment assets9.65.5
Total current related party assets17. 516.1
Non-current
Co-operation Services Agreement8.49.0
Indemnification assets3.89 .7
Prepayment assets11.921.8
Total non-current related party assets24.140.5
Total related party assets41.656.6
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
8. Employee benefits liabilities
The pre-existing GMG LTIP employee benefit expense relates to performance rights previously awarded to employees under the Goodman Group (“GMG”) LTIP. All permanent employees
were eligible to participate. The performance rights entitle an employee to acquire GMG stapled securities for nil consideration, subject to the vesting conditions having been satisfied.
At vesting, settlement is made directly by GMG with no additional cash impact to the Group. The future performance and settlement of this award is a responsibility of GMG until the vesting
conditions around the service period cease.
The pre-existing GNZ LTIP share based payments expense relates to performance rights previously awarded to employees under the GNZ LTIP. All permanent employees were eligible to
participate. The performance rights entitle an employee to acquire GMT units for nil consideration, subject to the vesting conditions having been satisfied. These rights are vested subject to
meeting performance hurdles based on the achievement of operating earnings targets by GMT and the relevant total unitholder return from holding GMT units compared to other New Zealand
Stock Exchange (“NZX”) property vehicles. At vesting, settlement will be made by a cash payment equivalent to the value of units, with the cash impact to the Group to be reimbursed by GMG
as per the terms of the sale of GPS to GMT.
$ million30 Sep 2531 Mar 25
Current
Employee entitlements2.63.4
Employee benefits liabilities – pre-existing GMG LTIP9.58.4
Employee benefits liabilities – pre-existing GNZ LTIP6.05.3
Total current employee benefits liabilities18.117. 1
Non-current
Employee benefits liabilities – pre-existing GMG LTIP6.610.5
Employee benefits liabilities – pre-existing GNZ LTIP4.17. 3
Total non-current employee benefits liabilities10 .717. 8
Total employee benefits liabilities28.834.9
Key judgement
The fair value of services received in return for performance rights granted under the LTIP is measured by reference to the fair value of the performance rights granted. The fair value of
these pre-existing LTIP performance rights was measured as follows:
Operating EPS hurdles: are assessed using management’s estimates of achieving these targets. These estimates are based on information regarding the expected performance for GMG
as publicly reported and are consistent with the valuation approach taken by GMG for recognition of LTIPs in its financial statements or based on internal forecast information for GMT as
presented to the Board, both risk adjusted for the passage of time.
Relative TSR tranches: these rights are typically valued using a Monte Carlo model which simulate total returns for each of the ASX 100 stocks / NZX Property vehicle stocks and discount
the future value of any potential future vesting performance rights to arrive at a present value. The model uses statistical analysis to forecast total returns, based on expected parameters of
variance and co-variance. Management has assessed these targets as at 30 September 2025 using the valuation assessments obtained at 30 June 2025 for the pre-existing GMG LTIP
and 31 March 2025 for the pre-existing GNZ LTIP as a basis.
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
8. Employee benefits liabilities (continued)
The movement in the number of performance rights was as follows:
Number of rights
Pre-existing
GMG LTIP
30 Sep 25
Pre-existing
GMG LTIP
31 Mar 25
Pre-existing
G N Z LT I P
30 Sep 25
Pre-existing
G N Z LT I P
31 Mar 25
Outstanding at the beginning of the period1,189,8801,4 89,6 0111,521,51914,021,851
Performance rights vested during the period(329,388)(295,029)(3,070,695)(2,4 5 4,911)
Rights cancelled and forfeited during the period( 2 7, 5 6 4 )(4,692)(35,424)(45,421)
Outstanding at the end of the period832,9281,189,8808,415,40011,521,519
The model inputs for the remeasurement of the pre-existing GMG LTIPs at 30 September 2025 included the following:
Rights issued
in F Y24
Rights issued
in F Y23
Rights issued
in F Y22
Fair value at measurement date ($)18.933 7. 3 33 7. 3 3
Security price ($)3 7. 3 33 7. 3 33 7. 3 3
Exercise price ($)–––
Expected volatility (%)2 7. 6 224.39–
Rights’ expected weighted average life (years)1.90.9–
Dividend/distribution yield per annum (%)–––
NZD/AUD exchange rate1.141.141.14
Average risk free rate of interest per annum (%)3.263.34–
The model inputs for the remeasurement of the pre-existing GNZ LTIPs at 30 September 2025 included the following:
Rights issued
in F Y24
Rights issued
in F Y23
Rights issued
in F Y22
Fair value at measurement date ($)0.612.142.14
Unit price ($)2.142.142.14
Exercise price ($)–––
Expected volatility (%)13.99––
Rights’ expected weighted average life (years)1 .70 .7–
Dividend/distribution yield per annum (%)3 .7 5––
Average risk free rate of interest per annum (%)3.50––
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
9. Employee compensation reserve
GMT long-term incentive plan
The Group’s equity settled scheme offers performance 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 grant date.
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, except in special circumstances set out in the scheme rules.
+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
f ive.
— Relative Total Unitholder Return (“TUR”) – 25% weighting. The grants 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 over their relevant three-year performance testing period.
— Cash Earnings Per Unit (“EPU”) – 75% weighting. The EPU portion of the grants 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.
The movement in the number of performance rights was as follows:
Number of rights
GMT LTIP
30 Sep 25
GMT LTIP
31 Mar 25
Outstanding at the beginning of the period10,114,4 4 0–
Granted11,250,72510,144,440
Cancelled(89,975)–
Outstanding at the end of the period21,275,19010,114,440
The model inputs for the GMT LTIPs at issuance date included the following:
Rights issued
in F Y26
Rights issued
in F Y25
Fair value at measurement date0.800.81
Security price1.922.05
Exercise price ($)––
Expected volatility15.6716.58
Rights’ expected weighted average life (years)3 .72 .7
Distribution yield per annum3.903.84
Average risk free rate of interest per annum3.563 .76
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
10. Creditors and other liabilities
$ million30 Sep 2531 Mar 25
Non-current
Disposal provisions4.9–
Total non-current creditors and other liabilities4.9–
Current
Trade creditors–1.9
Interest payable10.213.1
Accrued capital expenditure15.212.8
Derivative payable14.8–
Disposal provisions5 .7–
Other liabilities14.011.1
Total current creditors and other liabilities59.938.9
Total creditors and other liabilities64.838.9
Accounting policies
Creditors and other liabilities 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.
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
11. Ta x
11.1 Tax expense
$ million
6 months
30 Sep 25
6 months
30 Sep 24
Profit before tax62.253.1
Tax at 28%( 17. 4 )(14.9)
Depreciation of investment property4.14 .7
Movement in fair value of investment property–1.0
Disposal of investment property(0.1)–
Deductible net expenditure for investment property2.02.8
Derivative financial instruments(2.4)(4.3)
Movement in fair value of pre-existing employee benefits(3.0)(2.5)
Transaction costs(0.5)–
Current tax on operating earnings( 17. 3 )(13.2)
Settlement of derivative financial instruments5.84.2
Depreciation recovery on disposed investment property(8.5)–
Current tax on non-operating earnings( 2 .7 )4.2
Total current tax(20.0)(9.0)
Depreciation of investment property(4.3)( 4 .7 )
Reduction of liability in respect of depreciation recovery income4.54.1
Depreciation released for investment property sold11.5–
Deferred expenses9 .7(0.6)
Derivative financial instruments(3.1)0.1
Borrowing issue costs–0.1
Employee benefits liabilities1.32.4
Deferred tax19.61.4
Total tax expense(0.4)( 7. 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.
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
12. Related party disclosures
Related party assets are disclosed in note 7. Goodman Group and its entities continue to be related parties of GMT as GIH and GIT are significant unitholders, with GMT being equity
accounted in the financial statements of Goodman Group.
EntityNature of related party relationship
Goodman Investment Holdings (NZ) LimitedGIHUnitholder in GMT
Goodman LimitedGLParent entity of GIH and provider of support services to GMT under a transitional services agreement
Goodman Industrial TrustGITUnitholder in GMT
Goodman NZ Highbrook Limited PartnershipHLPHighbrook Business Park owning Limited Partnership, in which GMT is a Partner and GPS is the Manager
12.1 Transactions with related parties
Recorded Capitalised Outstanding
$ millionRelated party
6 months
30 Sep 25
6 months
30 Sep 24
6 months
30 Sep 25
6 months
30 Sep 24
6 months
30 Sep 25
6 months
30 Sep 24
Fee incomeHLP4.3–––––
Total fees4.3–––––
Transitional servicesGL(0.6)(0.5)––––
Disposal provisionsHLP(10.6)–––(10.6)–
Distributions paidGIT(8.2)( 6 .7 )––––
Distributions paidGIH(8.1)(8.8)––––
Significant transactions
On 30 September 2025, HLP acquired the Highbrook Business Park estate from GMT for $2.1 billion. Refer to note 2.
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
12. Related party disclosures (continued)
12.2 Other related party transactions
Capital transactions
Capital transactions that occurred with related parties were approved only 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.
The key management personnel are considered to be the Directors, the Chief Executive Officer, the Chief Financial Officer and the General Counsel.
Related party investment in GMT
At 30 September 2025, Goodman Group, 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 2025: 241,863,312 units in GMT out of a total 1,538,768,535 units).
At 30 September 2025, Goodman Group, through Goodman Industrial Trust, held 247,071,396 units in GMT out of a total 1,538,768,535 units on issue (31 March 2025: 247,071,396 units
in GMT out of a total 1,538,768,535 units).
Licence to use Goodman brand
Goodman Group have granted GMT and GPS a non-exclusive, non-transferable licence to continue to use the “Goodman” brand for so long as Goodman Group holds at least 10% of the units
in GMT. There is no ongoing fee payable for use of the Goodman brand under the Brand Licence Agreement.
13. Commitments and contingencies
13.1 Capital commitments
These commitments are amounts payable for contractually agreed services for capital expenditure.
$ million30 Sep 2531 Mar 25
Completion of developments5.518.0
Office fit-out–1.5
Total capital commitments5.519.5
13.2 Contingent liabilities
The Group has no material contingent liabilities (31 March 2025: none).
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
14. 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.
At period end, cash balances were exposed to credit risk as they were held on floating interest rate terms. The Group has mitigated this risk by subsequently placing funds in fixed interest-
bearing term deposits.
14.1 Fair value of financial instruments
Except for the green retail bonds, wholesale bonds and green wholesale bonds, the carrying values of all Balance Sheet financial instruments approximate their estimated fair value. The fair
values of green retail bonds, wholesale bonds and green wholesale bonds are as follows:
$ millionFair value hierarchy30 Sep 2531 Mar 25
Green retail bondsLevel 1152.9150.2
Wholesale bondsLevel 2378.6368.0
Green wholesale bondsLevel 214 9.914 6.1
15. 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.
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
INDEPENDENT AUDITOR’S REVIEW REPORT
To the unitholders of Goodman Property Trust
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of Goodman Property Trust (the Trust) and its controlled entities (the Group), which comprise the balance sheet as
at 30 September 2025, and the statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the six months ended on
that date, and notes, comprising material accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements of the Group do not present fairly,
in all material respects, the financial position of the Group as at 30 September 2025, and its financial performance and cash flows for the six months then ended, in
accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting Standard 34
Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements Performed by the
Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for the review of the interim financial
statements section of our report.
We are independent of the Group in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial statements, and we
have fulfilled our other ethical responsibilities in accordance with these ethical requirements.
In our capacity as auditor and assurance practitioner, our firm also provides audit, other assurance, agreed-upon procedures services. Our firm carries out other
assignments in the areas of ground rent advisory services. The firm has no other relationship with, or interests in, the Group.
Responsibilities of Directors of the Manager for the interim financial statements
The Directors of Goodman Property Services (NZ) Limited (the Manager) are responsible on behalf of the Trust for the preparation and fair presentation of these interim
financial statements in accordance with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is necessary to enable the preparation and fair
presentation of the interim financial statements that are free from material misstatement, whether due to fraud or error.
PwC New Zealand, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
+64 9 355 8000
pwc.co.nz
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Interim Financial Statements
For the six months ended 30 September 2025
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to conclude whether
anything has come to our attention that causes us to believe that the interim financial statements, taken as a whole, are not prepared in all material respects,
in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform procedures, primarily
consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing
(New Zealand) and consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on
these interim financial statements.
Who we report to
This report is made solely to the Trust’s unitholders, as a body. Our review work has been undertaken so that we might state those matters which we are required to
state to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than
the Trust’s unitholders, as a body, for our review procedures, for this report or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Lisa Crooke.
For and on behalf of:
PricewaterhouseCoopers Auckland
19 November 2025
PwC
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Interim Financial Statements
For the six months ended 30 September 2025
Independent auditor’s review report To the unitholders of Goodman Property Trust Report (continued)
GMT BOND
ISSUER LIMITED
INTERIM FINANCIAL
STATEMENTS
For the six months ended 30 September 2025
The Board of GMT Bond Issuer Limited authorised these financial
statements for issue on 19 November 2025. For and on behalf of the Board:
John Dakin
Chair
Laurissa Cooney
Chair, Audit Committee
Sika New Zealand, Roma Road Estate, Mt Roskill
Operating in New Zealand for over 60 years the building product
supplier is located at the recently developed Roma Road Estate.
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Interim Financial Statements
For the six months ended 30 September 2025
40
CONTENTS
STATEMENT OF COMPREHENSIVE INCOME 41
BALANCE SHEET 42
STATEMENT OF CASH FLOWS 43
STATEMENT OF CHANGES IN EQUITY 44
GENERAL INFORMATION 45
NOTES TO THE FINANCIAL STATEMENTS
1. Borrowings 46
2. Advances to related parties 46
3. Commitments and contingencies 46
4. Financial risk management 47
5. Equity 47
INDEPENDENT AUDITOR’S REVIEW REPORT 48
$ million
6 months
30 Sep 25
6 months
30 Sep 24
Interest income13.510.5
Interest cost(13.5)(10.5)
Profit before tax––
Ta x––
Profit after tax attributable to shareholder––
Other comprehensive income––
Total comprehensive income for the period attributable to shareholder––
STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2025
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Interim Financial Statements
For the six months ended 30 September 2025
$ millionNote30 Sep 2531 Mar 25
Non-current assets
Advances to related parties 270 0.070 0.0
Current assets
Interest receivable from related parties9.39.3
Cash0.10.1
To t a l a s s e t s709.4709.4
Non-current liabilities
Borrowings170 0.070 0.0
Current liabilities
Interest payable9.49.4
Total liabilities709.4709.4
Net assets––
Equity
Contributed equity5––
Retained earnings ––
Total equity––
BALANCE SHEET
As at 30 September 2025
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Interim Financial Statements
For the six months ended 30 September 2025
$ million
6 months
30 Sep 25
6 months
30 Sep 24
Cash flows from operating activities
Interest income received13.511.9
Interest costs paid(13.5)(11.9)
Net cash flows from operating activities––
Cash flows from investing activities
Repayment of related party advances–10 0.0
Net cash flows from investing activities–100.0
Cash flows from financing activities
Repayment of retail bonds–(10 0.0)
Net cash flows from financing activities–(100.0)
Net movement in cash––
Cash at the beginning of the period0.10.1
Cash at the end of the period0.10.1
STATEMENT OF CASH FLOWS
For the six months ended 30 September 2025
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Interim Financial Statements
For the six months ended 30 September 2025
$ million
Contributed
equity
Retained
earningsTo t a l
As at 1 April 2024–––
Profit after tax–––
As at 31 March 2025–––
Profit after tax–––
As at 30 September 2025–––
There are no items of other comprehensive income to include within changes in equity, therefore profit after tax equals total comprehensive income.
STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2025
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Interim Financial Statements
For the six months ended 30 September 2025
GENERAL INFORMATION
For the six months ended 30 September 2025
Reporting entity
GMT Bond Issuer Limited (“the Company”) was incorporated on 5 November 2009.
The address of its registered office is Level 8, 124 Halsey Street, Auckland.
GMT Bond Issuer Limited is an issuer for the purposes of the Financial Reporting Act 2013
as its issued retail bonds are listed on the New Zealand Debt Exchange (“NZDX”). GMT Bond
Issuer Limited is a registered company under the Companies Act 1993.
GMT Bond Issuer Limited is a profit-oriented company incorporated and domiciled in
New Zealand. The Company was incorporated to undertake issues of debt securities with the
purpose of on lending the proceeds to Goodman Property Trust (“GMT”) by way of interest
bearing advances.
The interim financial statements for the six months ended 30 September 2025 are
unaudited. Comparative balances for 30 September 2024 are unaudited, whilst the
comparative balances as at 31 March 2025 are audited.
Basis of preparation and measurement
The interim financial statements have been prepared in accordance with New Zealand
Generally Accepted Accounting Practice (“NZ GAAP”) and comply with International
Accounting Standard 34 ‘Interim Financial Reporting’ and New Zealand Equivalent to
International Accounting Standard 34 ‘Interim Financial Reporting’.
The interim financial statements do not include all notes included in the annual financial
statements. Accordingly, these notes should be read in conjunction with the annual financial
statements for the year ended 31 March 2025, prepared in accordance with New Zealand
Equivalents to International Financial Reporting Standards (“NZ IFRS”) and International
Financial Reporting Standards Accounting Standards (“IFRS Accounting Standards”).
The accounting policies and methods of computation used in the preparation of these
interim financial statements are consistent with those used in the financial statements for the
year ended 31 March 2025.
The interim financial statements have been prepared on the historical cost basis.
The interim financial statements are in New Zealand dollars, the Company’s functional
currency.
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Interim Financial Statements
For the six months ended 30 September 2025
NOTES TO THE FINANCIAL STATEMENTS
For the six months ended 30 September 2025
1. Borrowings
1.1 Security and covenants
All borrowing facilities are secured on an equal ranking basis over the assets of the wholly owned subsidiaries of the Company’s parent entity, Goodman Property Trust. A loan to value covenant
restricts total borrowings incurred by Goodman Property Trust, its subsidiaries and its controlled entities (the “Goodman Property Trust Group”) to 50% of the value of the secured property
portfolio.
The Goodman Property Trust Group has given a negative pledge which provides that it will not create or permit any security interest over its assets. The principal financial ratio which must
be met is the ratio of financial indebtedness to the value of the property portfolio. Further negative and positive undertakings have been given as to the nature of the Goodman Property Trust
Group’s business.
All borrowings are classified as non-current with the earliest maturity being the green retail bonds in April 2027.
2. Advances to related parties
All advances and interest receivable are with Goodman Property Trust.
Covenant Trustee Services Limited (as Trustee for Goodman Property Trust) has entered into a guarantee under which Goodman Property Trust unconditionally and irrevocably guarantees all
the obligations of GMT Bond Issuer Limited under its bond trust documents.
3. Commitments and contingencies
GMT Bond Issuer Limited has no capital commitments and no material contingent liabilities.
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Interim Financial Statements
For the six months ended 30 September 2025
4. Financial risk management
4.1 Fair value of financial instruments
The fair value of financial instruments has been estimated as follows:
$ millionFair value hierarchy30 Sep 202531 Mar 2025
Related party receivablesLevel 2681.4664.3
Green wholesale bondsLevel 2(14 9.9)(14 6.1)
Wholesale bondsLevel 2(378.6)(368.0)
Green retail bondsLevel 1(152.9)(150.2)
Retail bondsLevel 1––
Total borrowings(681.4)(664.3)
5. Equity
As at 30 September 2025, 100 ordinary shares had been issued for nil consideration (31 March 2025: 100 ordinary shares for nil consideration). All shares rank equally with one vote
attached to each share.
The Company has tangible assets of $0.1 million, and its net assets are nil. Consequently, the net tangible assets per bond at 30 September 2025 are nil (31 March 2025: nil).
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Interim Financial Statements
For the six months ended 30 September 2025
Notes to the Financial Statements For the six months ended 30 September 2025 (continued)
INDEPENDENT AUDITOR’S REVIEW REPORT
To the shareholder of GMT Bond Issuer Limited
Report on the interim financial statements
Our conclusion
We have reviewed the interim financial statements of GMT Bond Issuer Limited (the Company), which comprise the balance sheet as at 30 September 2025, and the
statement of comprehensive income, the statement of changes in equity and the statement of cash flows for the six months ended on that date, and notes, comprising
material accounting policy information and other explanatory information.
Based on our review, nothing has come to our attention that causes us to believe that these accompanying interim financial statements of the Company do not present
fairly, in all material respects, the financial position of the Company as at 30 September 2025, and its financial performance and cash flows for the six month period
then ended, in accordance with International Accounting Standard 34 Interim Financial Reporting (IAS 34) and New Zealand Equivalent to International Accounting
Standard 34 Interim Financial Reporting (NZ IAS 34).
Basis for conclusion
We conducted our review in accordance with the New Zealand Standard on Review Engagements 2410 (Revised) Review of Financial Statements Performed by
the Independent Auditor of the Entity (NZ SRE 2410 (Revised)). Our responsibilities are further described in the Auditor’s responsibilities for the review of the interim
financial statements section of our report.
We are independent of the Company in accordance with the relevant ethical requirements in New Zealand relating to the audit of the annual financial statements,
and we have fulfilled our other ethical responsibilities in accordance with these ethical requirements.
In our capacity as auditor and assurance practitioner, our firm also provides agreed-upon procedures services. The firm has no other relationship with, or interests in,
the Company.
Responsibilities of Directors for the interim financial statements
The Directors of the Company are responsible on behalf of the Company for the preparation and fair presentation of these interim financial statements in accordance
with IAS 34 and NZ IAS 34 and for such internal control as the Directors determine is necessary to enable the preparation and fair presentation of the interim financial
statements that are free from material misstatement, whether due to fraud or error.
PwC New Zealand, PwC Tower, 15 Customs Street West, Private Bag 92162, Auckland 1142 New Zealand
+64 9 355 8000
pwc.co.nz
48
GMT Bond Issuer Limited
Interim Report 2026
|
Interim Financial Statements
For the six months ended 30 September 2025
PwC
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised) requires us to conclude whether
anything has come to our attention that causes us to believe that the interim financial statements, taken as a whole, are not prepared in all material respects,
in accordance with IAS 34 and NZ IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform procedures, primarily
consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
The procedures performed in a review are substantially less than those performed in an audit conducted in accordance with International Standards on Auditing
(New Zealand) and consequently does not enable us to obtain assurance that we might identify in an audit. Accordingly, we do not express an audit opinion on
these interim financial statements.
Who we report to
This report is made solely to the Company’s shareholder. Our review work has been undertaken so that we might state those matters which we are required to state
to them in our review report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the
Company and the Company’s shareholder, for our review procedures, for this report, or for the conclusion we have formed.
The engagement partner on the review resulting in this independent auditor’s review report is Lisa Crooke.
For and on behalf of:
PricewaterhouseCoopers Auckland
19 November 2025
49
GMT Bond Issuer Limited
Interim Report 2026
|
Interim Financial Statements
For the six months ended 30 September 2025
Independent auditor’s review report To the shareholder of GMT Bond Issuer Limited (continued)
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.
Annual Meeting
GMT’s Trust Deed requires at least one
meeting of Unitholders each financial year.
The most recent Annual Meeting was
held on 28 August 2025. The address
and presentation are available on GMT’s
website.
Investor centre
Our website, https://nz.goodman.com
enables Unitholders and Bondholders to
view information about their investment,
check current prices and view publications
and announcements.
Helpline
A dedicated toll-free number, 0800 000
656 (+64 9 375 6073 from outside NZ),
will connect securityholders directly with
the investor relations team.
Registrar
Computershare Investor Services Limited
is the registrar with responsibility for
administering and maintaining the Trust’s
Unit and Bond Registers.
If you have a question about the
administration of your investment,
Computershare can be contacted directly:
+by 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,
A u c k l a n d 114
Unitholder distributions
GMT typically pays its distributions quarterly, in the third month that follows each quarter end.
The table below shows the timing and composition of distributions paid (on a per unit basis)
in FY26.
Distribution for
quarter ended
Cash
distribution
Imputation
credits
To t a l
distribution
Payment
date
31- M a r-25 $0.0162500$ -$0.016250019-Jun-25
30-Jun-25$0.0170625$ -$0.0170625 18- S e p -25
30-Sep-25 $0.0170625$ -$0.017062511-Dec-25*
* Distribution announced but not yet paid at the date of this report.
Bondholder interest payments
Interest is paid semi-annually, each
year, until redemption. No dividends or
distributions have been paid by GMT Bond
Issuer Limited.
Complaints
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).
INVESTOR RELATIONS
OTHER
INFORMATION
50
Goodman Property Trust
Interim Report 2026
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GMT Bond Issuer Limited
Interim Report 2026
$ and cents
New Zealand currency.
1H25, 1H26
financial half year ended 30 September 2024,
financial half year ended 30 September 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 Goodman+Bond or Green Bond.
Cash earnings
a non-GAAP financial measure that assesses free
cash flow, on a per unit basis, after adjusting for
certain items. Calculation of GMT’s cash earnings
is set out on page 10.
CEO
the Chief Executive Officer of the Manager.
Chair
the Chair of the Board of the Manager.
CPU or cpu
cents per unit.
Disclose Register
a register for offers of financial products and
managed investment schemes under the Financial
Markets Conduct Act 2013.
Director
a director of the Manager and GMT Bond Issuer
Limited.
FY25, FY26
financial year ended 31 March 2025, financial year
ended 31 March 2026.
GIT
Goodman Industrial Trust and its controlled entities,
as the context requires.
GL
Goodman Limited and its controlled entities, as the
context requires.
GMB
GMT Bond Issuer Limited, a wholly owned subsidiary
of Goodman Property Trust.
Goodman or GPS
means Goodman Property Services (NZ) Limited as
the Manager of the Trust.
Goodman Group or GMG
means Goodman Limited, Goodman Funds
Management Limited as responsible entity for GIT,
Goodman Logistics (HK) Limited and each of their
respective related entities, operating together as a
stapled group.
Goodman (NZ) Limited or GNZ
the former Manager of GMT prior to Internalisation.
Goodman+Bond, Green Bond or Bond
a bond issued by GMB.
Highbrook Fund or HLP
means Goodman NZ Highbrook Limited Partnership,
the Highbrook Business Park owning entity, in which
GMT is a Partner and GPS is the Manager.
Independent Director
has the meaning given to that term in the Listing Rules
which, for the Manager are those persons listed on the
following page.
Interim Balance Date
30 September 2025.
Internalisation
means the internalisation of the rights to manage
GMT approved by Unitholders at the Special Meeting
held on 26 March 2024.
Internalisation Proposal
means the proposal for Internalisation to occur.
Listing Rules
this 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
a non-GAAP financial measure used to assess the
strength of GMT’s balance sheet. The calculation is
set out on page 9.
Look-through
Measures that include GMT’s proportionate share
of H L P. GMT’s portfolio metrics are presented on a
look-through basis with the exception of building
number, customer number, and net lettable area.
LT I P
Long Term Incentive Plan.
Manager or GPS
the Manager of the Trust, Goodman Property
Services (NZ) Limited.
Mercer
Mercer Investments (Australia) Limited acting on
behalf of Australian and New Zealand discretionary
funds.
Net tangible assets or NTA
a non-GAAP financial measure, being GMT’s net
assets per it’s balance sheet (p a ge 13) divided by the
weighted average number of units on issue.
NZ IFRS
New Zealand equivalents to International Financial
Reporting Standards.
NZDX
the New Zealand debt market operated by NZX.
NZX
means NZX Limited.
NZX Code
means the NZX Corporate Governance Code dated
31 January 2025.
Operating earnings
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 note 4.1 of GMT’s 2026 interim
financial statements.
Registrar
the unit registrar for GMT and Goodman+Bond
registrar for GMB which, at the date of this Interim
Report, is Computershare Investor Services Limited.
sqm
square metres.
Total Portfolio
total property portfolio, including partnership assets
under management
Trust Deed
the GMT trust deed dated 23 April 1999, as
amended from time to time.
Trust or GMT
Goodman Property Trust and its controlled entities,
including GMB, as the context requires.
Tr u s t e e
the trustee of the Trust, Covenant Trustee Services
Limited.
Unitholder or unitholder
any holder of a Unit whose name is recorded in the
reg iste r.
Unit or unit
a unit in GMT.
GLOSSARY
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DIRECTORS OF GOODMAN PROPERTY
SERVICES (NZ) LIMITED AND
GMT BOND ISSUER LIMITED
Non-executive Directors
John Dakin (Chair)
Gregory Goodman
Independent Directors
Laurissa Cooney (Chair, Audit Committee)
Leonie Freeman
David Gibson (Deputy Chair)
Steve Jurkovich (appointed 1 July 2025)
Keith Smith (retired 25 July 2025)
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
MANAGER OF
GOODMAN PROPERTY TRUST
Goodman Property Services (NZ) Limited
Level 8, Beca House
124 Halsey Street
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 8, Beca House
124 Halsey Street
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
BUSINESS
DIRECTORY
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Interim Report 2026
nz.goodman.com
---
20 NOVEMBER 2025
GOODMAN PROPERTY TRUST
OverviewInvestment
Portfolio
Financial ResultCapital
Management
SustainabilitySummary &
Outlook
QuestionsAppendix
All figures are in NZD.
OVERVIEW
PORTFOLIO
UPDATE
+Look-through portfolio occupancy of
97.7% and WALT of 5.1 years
+65,039 sqm of stabilised leasing
produced rental uplift of 23.0%
+Like-for-like rental growth of 5.2%,
with potential rent reversion to market
of 21%
+Minimal arrears reinforcing portfolio
resilience through prolonged
economic challenges
+$4.7 billion portfolio, including external
partnership AUM of $609 million
4
DELIVERING
STRATEGY
+Establishing the Highbrook Fund
+$98.8 million stage one regeneration
of Mt Wellington Estate
+Continuation of infrastructure at
Waitomokia with a revised master
plan
+$20 million investment into power
infrastructure and design at Penrose
FINANCIAL
R E S U LT
+10.4% increase in operating earnings
before tax to $83.1 million
+6.7% increase in cash earnings to
3.99 cents per unit
+Statutory profit after tax of
$61.8million
+Look-through gearing of 19.6% and
committed gearing of 23.4%
+Guidance is reaffirmed for the
fullyear, with cash earnings up 6%
and distributions up 5% on FY25
CUSTOMERS
Following a period of lower
investment activity, rate cuts may
trigger a new liquidity cycle, with
more capital flowing into
investment opportunities and
institutional investors returning to
real estate. Completion timelines
have lengthened, particularly for
larger investments where buyer and
seller expectations often remain
misaligned.
+Our strong liquidity position provides
financial flexibility to support capital
investment in our preferred markets.
SUPPLY
DATA CENTRES
INVESTMENT
Globally, exponential growth in
demand for data storage is
being further accelerated
through the growth in AI,
however data centre markets
are supply constrained.
+Securing land, power and network
infrastructure is the most complex and
time-consuming part of the value chain.
+Our priority is ensuring that all critical
prerequisites are addressed upfront. This
includes securing power connections,
obtaining planning approvals, and
establishing a robust delivery programme.
By resolving these time-intensive elements
early, we provide potential customers with
greater certainty around timing and
enhanced flexibility.
Auckland industrial rents have
been relatively stable this year
after five years of significant
growth (+6% CAGR) but are
forecast to recover through
2026 and return togrowth
1
.
+Planning has become more difficult,
projects are more intricate, and financial
market changes have led to constrained
competition and building supply.
+GMT will continue to optimise its portfolio,
in house expertise and the limited land
available in Auckland to regenerate sites
and provide customers with top-quality,
well connected properties. When
considering when and where to develop
sites in advance of customer
commitments, we will focus on the most
supply-constrained markets and the size of
the potential vacancy compared to the
wider GMT portfolio.
The structural shift towards
efficiency and proximity to end
consumers reinforces our
confidence in sustained
demand for well-located
warehouse space.
+Although decisions continue to take longer,
with many businesses adopting a measured
approach to new commitments amid
heightened uncertainty, many of our
logistics customers have made significant
capital investment in new technology, to
drive automation and productivity gains.
+E-commerce adoption continues to gain
momentum, with consumer focus shifting
to essentials and offshore value purchases.
With e-commerce penetration at just 10%
in New Zealand—compared to ~20% in
Australia and ~30% in the UK and USA—
there is considerable growth potential,
which we expect to drive momentum for
logistics demand over the medium to long
term.
5
1
CBRE Research
19.6%
23.4%
+1.0%
+2.4%
+0.4%
0%
10%
20%
30%
40%
50%
Look-through gearing
at 30 Sep 25
Mt Wellington
redevelopment
- stage one
Waitomokia infrastructure
and yard
Penrose data centre
design and power
Look-through committed
gearing at 30 Sep 25
Capital
partnering
Release of capital
from existing portfolio
Investment
management
Revenue growth and
income diversity
Capital
deployment
Targeted acquisition
and development
6
CAPITAL
RECYCLING
+GMT’s newly established property funds management platform unlocks access to new capital sources, resetting
GMT’s balance sheet and providing a unique ability to finance growth objectives
+After the sale of Bush Road and the launch of the Highbrook Fund, GMT’s look-through gearing has reduced to 19.6%,
with development spend at Mt Wellington, Waitomokia and Penrose increasing this to 23.4% on a committed basis
+GMT has ~$400 million in funding capacity before reaching look-through gearing of 30%, giving the ability to:
‒Fund our development pipeline
‒Target on balance sheet acquisitions within preferred markets
‒Contribute capital to participate in new partnerships
+After evaluating a number of market opportunities, current pricing does not often offer a compelling alternative to
investing in our development pipeline or existing portfolio. We will remain patient and await opportunities that
represent the appropriate risk adjusted returns
LOOK-THROUGH GEARING
Preferred look-through gearing range
LVR covenant
Property funds management platform established
+GMT’s new capital partners have acquired a 28.9% interest in the limited partnership that now owns
Highbrook Business Park, with GMT retaining a 71.1% interest
+The new partnership is an important first step in building a property funds management business of scale.
It is generating new revenue streams for GMT and has recycled over $600 million of capital, ready for
reinvestment into higher-yielding opportunities
+Our partnership strategy will continually evolve, with
decisions factoring in pricing and relativity to other
capital deployment opportunities
7
Next steps
HIGHBROOK BUSINESS PARK
INVESTMENT
PORTFOLIO
+65,039 sqm of stabilised space (5.5% of the Total Portfolio) was leased on new or
revised terms in the first half of FY26:
‒rental uplift of 23.0% achieved on these leases, with an average warehouse
rate of $219 per sqm on the Core Portfolio
‒average new lease term of 4.9 years and 0.8 months lease up period
‒average incentives of 2.8%
+Underlying like-for-like net property income growth on the stabilised portfolio of
5.2% ($5.0m) for the period
+Potential rent reversion to market of 21% at 30 September 2025
1
+6.2% of look-through portfolio income to expire in 2H26
+Total Portfolio arrears of 0.8% over 30 days
+A desktop review by independent valuers has confirmed stable property values
9
Property PortfolioOccupancy %WALT (years)Stabilised NLA (sqm)
Direct portfolio96.9%5.5682,536
Highbrook99.2%4.3495,995
Total Portfolio97.9%5.01,178,531
Look-through portfolio
2
97.7%5.11,178,531
30 SEPTEMBER 2025 KEY PROPERTY STATS
1
Difference between valuer assessed market rents and current passing rents, divided by current passing rent, as at 30 September 2025
2
Weighted based on GMT’s ownership interest except for NLA which reflects total unweighted lettable area
$4.7 bn
PROPERTY PORTFOLIO
Including partnership AUM of
$609 million
NPI GROWTH (%)
Underlying, like-for-like on the
stabilised portfolio
5.2%
NPI GROWTH ($)
Underlying, like-for-like on the
stabilised portfolio
$5.0 m
+Commencing stage one of the redevelopment of Mt Wellington
Estate, with a total project cost of $98.8 million and yield on cost of
6.7%
+The warehouses will incorporate sustainable and flexible design,
with small to medium requirements available across four tenancies
with a total NLA of 21,850 sqm
+The tender of this development has confirmed that construction
pricing is 20-30% below the peak, with forward workload for
contractors and sub-contractors remaining light
+The development is strategically located next to SH1 and Sylvia
Park and will regenerate a brownfield asset in a precinct that is
tightly held, with limited prime options, little to no land availability
and an embedded customer base occupying inefficient secondary
space
+The development will be undertaken on a build-to-lease basis,
however the exposure equates to just 1.9% of the Total Portfolio
10
Mt Wellington Stage One
Mt Wellington Highway
SH1
CBD
Sylvia Park
11
Waitomokia
+Infrastructure and enabling works are underway at Waitomokia, with the
first building platform expected to be ready late 2026
+Resource consent has been lodged with design changes and refinements
to the master plan, accommodating a 28,000 sqm yard lease
+Over the next 5 –7 years, approximately 95,000 sqm of warehouse space
is projected to be delivered within the precinct
Penrose
+$20 million has been committed to preliminary design and infrastructure works
at Penrose Industrial Estate for potential data centre (DC) development
+With the resource consent process underway, workstreams are focused on the
delivery of power to the site in 2027/28, with a scalable solution that supports
staged development
+Completing this preliminary stage 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
Potential DC
GXP
Precinct boundary
Development area
Indicative road
Flood storage/wetland
Leased as yard
Potential DC
GXP
FINANCIAL
RESULT
ROMA ROAD ESTATE
Cash earnings is a non-GAAP financial measure that assesses free cash flow, on a per unit basis, after adjusting for certain items.
Calculation of GMT’s cash earnings is set out on slide 16
Gearing (or loan to value ratio) is a non-GAAP financial measure used to assess the strength of GMT’s balance sheet. Look-through gearing
includes GMT’s proportionate share of HLP, while balance sheet gearing is a GMT only measure which excludes HLP.
$119.7m
NET PROPERTY INCOME
7.5% increase on 1H25
13
3.99 cpu
CASH EARNINGS
6.7% increase on 1H25
$531.8m
CASH
Ready for reinvestment into
developments and acquisitions
$61.8m
PROFIT AFTER TAX
Supported by stable property values
3.4125 cpu
DISTRIBUTIONS
5.0% increase on 1H25
23.4%
LOOK-THROUGH COMMITTED GEARING
With balance sheet committed
gearing of 13.9%
14
NET PROPERTY INCOME
$m
1
Net rental income on underlying portfolio, adjusted to remove vacancy, incentives & leasing costs,
straight line rent adjustments, turnover rent & fitout rent, operating expenses, provisions, additional
income and disposals
2
Other includes movements due vacancy, incentives & leasing costs, straight line rent adjustments,
turnover rent & fitout rent, operating expenses and provisions
111.4
119.7
+2.9
+5.0
+0.7
+0.3
-0.6
-
100
105
110
115
120
125
1H25Bush Road disposalDevelopmentsUnderlying portfolioAdditional incomeOther1H26
2
+Net property income increased $8.3 million
to $119.7 million, up 7.5% for the period
+Underlying like-for-like net property income
growth on the stabilised portfolio of 5.2% for
the period
1
+Prior year development completions at Savill
and Roma Road contributed a further
$2.9 million
15
OPERATING EARNINGS TO NET PROFIT RECONCILIATION
$m
1H261H25% Change
Net property income119.7111.47.5%
Fee income4.3--
Total revenue124.0111.411.3%
Net interest cost(32.2)(30.2)(6.6%)
Net corporate costs(6.7)(5.9)(13.6%)
Share based payment expense(1.9)--
Share of loss from associate – operating (0.1)--
Total expenses(40.9)(3 6.1 )(13.3%)
Operating earnings before tax8 3 .175.310.4%
Income tax on operating earnings ( 17. 3 )(13.2)(31.1%)
Operating earnings after tax65.86 2 .16.0%
Movement in fair value of investment properties-3.6-
Movement in fair value of financial instruments(8.1)(16.5)50.9%
Movement in valuation of pre-existing employee benefits(9.1)(8.8)(3.4% )
Transitional services(0.6)(0.5)(20.0%)
Transaction costs(2 .4 )--
Share of loss from associate – non-operating(0.7)--
Current tax on non-operating items(2 .7)4.2(164.3%)
Deferred tax19.61.41,300.0%
Net profit after tax61.845.535.8%
+Operating earnings before tax are 10.4% higher than the prior period, with the
combination of a 7.5% increase in net property income and the introduction of fee
revenue, outweighing the impact of higher interest costs and higher net corporate
costs
+GMT’s weighted average cost of debt was 4.4% during the period, compared to
5.0% in 1H25. While average borrowings were lower over the period, a higher lease
liability interest expense and a lower proportion of borrowing costs capitalised
contributed to an overall 6.6% increase in net interest costs
+Lower capitalised staff costs, due to lower development activity, and increases in
professional fees have driven the $0.8 million increase in net corporate costs
+Income tax on operating earnings is $4.1 million higher due to the impact of
increased operating earnings and lower depreciation deductions. This gives an
effective tax rate of 20.8% (1H25: 17.5%)
+Operating earnings after tax increased by 6.0%, with the increase in revenue more
than offsetting any increase in expenses
+Stable property valuations have supported a higher statutory result, with net profit
of $61.8 million for the period and net tangible assets of 203.0 cents per unit
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 note 4.1 of GMT’s 2026 interim financial statements.
16
1H261H25% Change
Operating earnings before tax83.175.3
10.4%
Current tax on operating earnings( 17. 3 )(13.2)
(31.1%)
Operating earnings after tax65.86 2 .1
6.0%
Straight line rent adjustments(2.0)(2.2)
9.1%
Maintenance capex(1.8)(2.0)
10.0%
Capitalised borrowing costs – land(0.3)(0.4 )
25.0%
Fee recognition adjustments(2.2)–
–
Share based payment expense1.9–
–
Cash earnings61.45 7. 5
6.8%
Weighted units on issue (million)1,538.81,538.8
–
Cash earnings per unit3.993 .74
6.7 %
Distributions per unit3.4 1253.25
5.0%
Distributions % underlying cash earnings85.5%86.9%
CASH EARNINGS
$m
+Fee recognition adjustments are included to eliminate GMT’s
71% share of fees received from HLP, net of tax, where the fee
expense in HLP does not impact cash earnings in the same
manner as the fee income recognition
+Cash earnings of 3.99 cents per unit are up 6.7% on the prior
period
+Distributions of 3.4125 cents per unit are up 5.0% from 1H25
andrepresent 85.5% of cash earnings
Full-year guidance
+Cash earnings guidance for FY26 is reaffirmed at around
8.0cents per unit, reflecting a 6% increase on FY25
+Full-year distributions expected to be 6.825 cents perunit, a
5% increase on FY25
CAPITAL
MANAGEMENT
18
HEDGING PROFILE
%
BORROWING METRICS
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Y1Y2Y3Y4Y5
30-Sept-2530-Sept-24
12 month forward hedging level 97%81%
Weighted average cost of debt (WACD)4.4%5.0%
Interest cover ratio (ICR) covenant (>1.75x)3.6x2 .6x
+GMT 97% hedged for the next 12 months
+Weighted average debt cost of 4.4% is favourable to the prior period
due to the lower interest rate environment
+ICR cover increased to 3.6x, well above covenant minimum
of 1.75x
1
+S&P Global Ratings reaffirmed GMT’s credit rating in October 2025
at BBB/stable with secured debt at BBB+
1
GMT’s new bank facilities established on 30 September 2025 have an ICR covenant of not less than 1.75x
19
MATURITY PROFILE
%
200
50
150
150
100
150
FY26FY27FY28FY29FY30FY31
Wholesale bondsGreen retail bondsBank facilities (undrawn)Green wholesale bonds
FUNDING METRICS
30-Sept-2530-Sept-24
Non-bank funding (% of debt drawn)100%47%
Available liquidity (cash & undrawn bank facilities)$632 million$385 million
Weighted average debt term (drawn)
1
3.1 years3.1 years
LVR covenant (<50%)
2
29.1%33.4%
1
Weighted average debt term is calculated on drawn debt assuming bank debt is drawn from the longest dated facility available
2
LVR covenant calculation differs from reported LVR principally through the exclusion of cash and development spend prior
to completion
+With all balance sheet bank debt repaid, GMT has significant liquidity,
with $531.8 million in cash and $100 million of undrawn bank facilities
+Retail and wholesale bonds will remain on issue until maturity with
further capital management activity to be considered over time
+Separately, the Highbrook Fund has $860 million of bank facilities,
drawn to $845.9 million
20
LOOK-THROUGH GEARING
%
19.6%
23.4%
+1.0%
+2.4%
+0.4%
0%
10%
20%
30%
40%
50%
Look-through gearing
at 30 Sep 25
Mt Wellington redevelopment -
stage one
Waitomokia infrastructure
and yard
Penrose data centre design
and power
Look-through committed
gearing at 30 Sep 25
Preferred look-through gearing range
LVR covenant
Gearing (or loan to value ratio) is a non-GAAP financial measure used to assess
the strength of GMT’s balance sheet. Look-through committed gearing
includes GMT’s proportionate share of HLP, while balance sheet committed
gearing is a GMT only measure which excludes HLP.
+Look-through gearing of 19.6% at
30 September 2025
+Look-through committed gearing of 23.4%
following new development
announcements
+GMT has ~$400 million of capacity before
reaching the top of the preferred look-
through gearing range of 30%
+GMT balance sheet committed gearing is
13.9%
SUSTAINABILITY
22
Embodied Carbon Innovation FundEnergy Efficient Spaces
+ECIF established, with over $800,000 available for deployment from
Mt Wellington and Waitomokia developments’ cost of carbon
+Fund proceeds to be invested in projects that accelerate the reduction of
embodied carbon
+First funded project included a review of standard structural specifications.
Initial results show a reduction in embodied carbon of at least 3% from previous
baseline specification
+Build specification now has GWP targets by element for near term and 2030
+HVAC: The HVAC renewal programme is complete with 100% of R22
refrigerants replaced across the Core Portfolio, meeting the 2025 target set
two years ago
+Lighting: 98% of the Core Portfolio now features LED lighting vs a target to
be 100% LED by the end of 2025. The final upgrades are expected in 2026
and will result in 99.6% of the Core Portfolio benefitting from LED lighting
+Solar: The portfolio now has 2.9 MWp of solar installations with 33% of the
Core Portfolio featuring on site solar generation
+Green Star: 13% of the Core Portfolio has been developed to a Green Star
Design and as Built rating. These properties have an energy intensity 48%
below the average for GMT’s non-Green Star rated warehouses
30%
intensity reduction by FY30
1
for
To t a l Portfolio on a
market-based approach
intensity reduction by FY30
1
for
warehousing on a
location-based approach
intensity reduction
by FY30
1
across
developments
31%
21%
1
FY30 intensity targets are against a FY25 base year
SUMMARY &
OUTLOOK
Positioned for growth
+GMT has demonstrated the resilience of its warehouse and logistics
portfolio in a volatile economic environment. It has also progressed
strategic growth initiatives, establishing a complementary property funds
management business with the successful launch and settlement of the
new Highbrook Fund
+The implementation of a property funds management platform unlocks
access to new capital sources, providing GMT with the ability to finance its
growth objectives without increasing the financial risk of the business
+We are positioning our business to capture opportunities from the rapid
technological shift being driven by the growth in artificial intelligence (AI),
cloud computing, and other digital services
Cash earnings guidance for FY26 is reaffirmed at around 8.0
cents per unit, reflecting a 6% increase on FY25
Distributions are expected to be 6.825 cents per unit, a 5%
increase on FY25
24
SIGNIFY – ROMA ROAD ESTATE
Corporatisation and stapling
+Given GMT’s strategic direction, we are actively considering the
corporatisation of the Trust and a move to a stapled structure
+Corporatisation will provide a contemporary governance structure and
ongoing cost savings to the business. A stapled structure will allow a
greater level of active investment opportunities to be undertaken whilst
retaining Portfolio Investment Entity (PIE) status for the passive
investment property portion of the business
+Work is progressing and we expect to present a proposal for Unitholders
to consider in 2026
QUESTIONS
The information and opinions in this presentation were prepared by Goodman Property Services (NZ) Limited on behalf of Goodman Property Trust or one of its subsidiaries (GMT).
GMT makes no representation or warranty as to the accuracy or completeness of the information in this presentation. Opinions including estimates and projections in this presentation
constitute the current judgment of GMT as at the date of this presentation and are subject to change without notice. Such opinions are not guarantees or predictions of future
performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond GMT’s control, and which may cause actual results to differ materially
from those expressed in this presentation. GMT undertakes no obligation to update any information or opinions whether as a result of new information, future events or otherwise. This
presentation is provided for information purposes only. No contract or other legal obligations shall arise between GMT and any recipient of this presentation. Neither GMT, nor any of the
Goodman Property Services (NZ) Limited Board members, officers, employees, advisers or other representatives will be liable (in contract or tort, including negligence, or otherwise) for
any direct or indirect damage, loss or cost (including legal costs) incurred or suffered by any recipient of this presentation or other person in connection with this presentation.
APPENDIX
28
$millionNote
6months
30Sep25
6months
30Sep24
Propertyincome1.1144.5134.8
Propertyexpenses(24.8)(23.4)
Netpropertyincome119.7111.4
Feeincome124.3–
Interestcost3.1(32.4)(30.6)
Interestincome3.10.20.4
Netinterestcost(32.2)(30.2)
Netcorporatecosts6(6.7)(5.9)
Sharebasedpaymentsexpense9(1.9)–
Profitbeforeotherexpensesandincometax83.275.3
Otherexpenses
Movementinfairvalueofinvestmentproperty1.4–3.6
Movementinfairvalueoffinancialinstruments5.1(8.1)(16.5)
Movementinfairvalueofpre-existingemployeebenefits8(9.1)(8.8)
Transitionalservices(0.6)(0.5)
Transactioncosts(2.4)–
Shareoflossfromassociate2(0.8)–
Profitbeforetax62.253.1
Taxexpense11.1(0.4)(7.6)
Profitaftertaxattributabletounitholders61.845.5
Other comprehensiveincome––
Totalcomprehensive income for the periodattributable to unitholders61.845.5
29
$millionNote30Sep2531Mar 25
Non-currentassets
Investmentproperty1.32,551.82,524.0
Investmentinassociate2.2899.1–
Derivativefinancialinstruments5.23.65.1
Property, plantand equipment3.40.2
Right-of-useasset6.60.9
Relatedpartyassets724.140.5
Taxreceivable7.06.9
Deferred taxassets10.910.6
Totalnon-currentassets3,506.52,588.2
Investmentpropertiesheldforsale1.5–2,165.1
Currentassets
Cash531.88.2
Derivativefinancialinstruments5.2–0.2
Debtors and other assets7.36.7
Relatedpartyassets717.516.1
Taxreceivable–0.9
Totalcurrentassets556.632.1
Totalassets4,063.14,785.4
Non-currentliabilities
Borrowings3.2698.81,132.8
Leaseliabilities3.4144.1126.0
Derivativefinancialinstruments5.2–14.3
Creditors and otherliabilities104.9–
Employeebenefitsliabilities810.717.8
Totalnon-currentliabilities858.51,290.9
Currentliabilities
Borrowings3.2–325.0
Creditors and otherliabilities1059.938.9
Currenttaxpayable2.51.8
Leaseliabilities3.40.70.7
Employeebenefitsliabilities818.117.1
Totalcurrentliabilities81.2383.5
Totalliabilities939.71,674.4
Netassets3,123.43,111.0
Equity
Units1,955.01,955.0
Retained earnings1,165.31,154.8
Employeecompensationreserve93.11.2
Totalequity3,123.43,111.0
30
$million
6months
30Sep25
6months
30Sep24
Cash flows fromoperating activities
Propertyincomereceived142.5133.0
Property expensespaid(30.1)(28.7)
Interestincomereceived0.20.4
Feeincome4.3–
Interest costs paid on borrowings(29.7)(29.0)
Interestcosts paid on lease liabilities(2.8)(2.2)
Corporatecostspaid(6.9)(5.5)
NetGST(paid)/ received(0.1)1.9
Transactioncosts(2.4)–
Taxrefundsreceived0.9–
Net cashflows fromoperating activities75.969.9
Cash flows from investingactivities
Proceedsfromthesaleofinvestmentproperties1,297.31.4
Capitalexpenditurepaymentsforinvestmentproperties(24.8)(56.1)
Expenditureonproperty,plantandequipment(3.2)–
Holdingcostscapitalised to investment properties(3.9)(9.2)
Netcash flows from investing activities1,265.4(63.9)
Cashflowsfromfinancingactivities
Proceedsfromborrowings380.0698.0
Repaymentsofborrowings(1,140.0)(638.7)
Settlement ofderivativefinancialinstruments(6.4)(14.9)
Distributionspaidtounitholders(51.3)(48.9)
Netcashflowsfromfinancingactivities(817.7)(4.5)
Netmovementincash523.61.5
Cash at thebeginning of theperiod8.29.4
Cash at the end ofthe period531.810.9
31
$ and cents
NewZealand currency.
1H25, 1H26
financial half year ended 30 September
2024, financial half year ended 30
September 2025.
AUM
Assets Under Management.
Cash earnings
a non-GAAP financial measure that
assesses free cash flow, on a per unit basis,
after adjusting for certain items. Calculation
of GMT’s cash earnings is set out on slide
16.
Core Portfolio
those estates within the Total Portfolio
which largely consist of modern, high-
quality warehouse and logistics properties.
cpu
cents per unit.
Embodied carbon
total carbon emissions involved in the
creation of a building including extraction
of materials from the ground, transport,
refining, processing and construction.
FY25, FY26
financial year ended 31 March 2025,
financial year ending 31 March 2026.
GMT
Goodman Property Trust and its
controlled entities, including Goodman
Bond Issuer Limited (GMB), as thecontext
requires.
Green Retail Bond or Bond
a bond issued by GMB.
Green Star
Green Star is a voluntary sustainability
rating system for non-residential buildings,
fitouts andcommunities. Administered by
the NZGBC the system provides a rating
of up to six stars based on a building’s key
sustainability credentials.
GWP
Global Warming Potential.
GXP
Grid Exit Point.
Highbrook Fund or HLP
means Goodman NZ Highbrook Limited
Partnership, the Highbrook Business Park
owning entity, in which GMT is a Partner
and Goodman Property Services (NZ)
Limited is the Manager.
HVAC
Heating, Ventilation and Air Conditioning.
Interim Balance date
30 September 2025.
Internalisation
means the internalisation of the rights to
manage GMT approved by Unitholders at
the Special Meeting held on 26 March
2024.
LED
Light Emitting Diode.
Loan to value ratio or LVR
a non-GAAP financial measure used to
assess the strength of GMT’s balance
sheet. Refer to slide 20.
Look-through
Measures that include GMT’s
proportionate share of HLP. GMT’s
portfolio metrics are presented on a look-
through basis with the exception of
number of buildings, number of customers,
and net lettable area.
MWp
Megawatt peak.
NLA
Net Lettable Area.
Net tangible assets or NTA
a non-GAAP financial measure, being
GMT’s net assets per it’s balance sheet
(slide 29) divided by the weighted average
number of units on issue (slide 16).
Operating earnings
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 note 4.1 of GMT’s
2026 interim financial statements.
Stabilised
includes the properties or estates within
the Total Portfolio that are developed and
able to be leased, i.e. not under active
development or land.
sqm
square metres.
Total Portfolio
total property portfolio, including external
partnership assets under management.
Trust or GMT
Goodman Property trust and its controlled
entities, including GMB, as the context
requires.
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.
WALT
Weighted Average Lease Term.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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