GMT distribution payment

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



nzx release+
GMT Distribution Payment
Date 17 March 2022
Release Immediate
Further to the announcement of 10 February 2022, Goodman (NZ) Limited, the
Manager of Goodman Property Trust, is pleased to advise that the third quarter
distribution for the year ended 31 March 2022, will be paid to Unitholders today.
The latest edition of the Trust’s electronic newsletter, GoodResults, has also been
released. A copy of the newsletter is attached to this announcement and can be viewed
online at:
https://bit.ly/3t80ciJ
For further information, please contact:
Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(021) 305 316

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.3 billion, ranking it
in the top 20 of all listed investment vehicles. The Trust is New Zealand’s leading warehouse and logistics space
provider. It has a substantial property portfolio, with a value of $4.3 billion at 30 September 2021. The Trust also holds an
investment grade credit rating of BBB from S&P Global Ratings.

The Manager of the Trust is Goodman (NZ) Limited, a subsidiary of the ASX listed Goodman Group. Goodman Group is
a A$68.2 billion specialist global manager of warehouse and logistics real estate.

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




17 March 2022

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

Dear Unitholder

GOODMAN PROPERTY TRUST (“GMT” and “Trust”)
Goodman (NZ) Limited, the manager of GMT, is pleased to advise Unitholders that the
third quarter distribution, for the year ending 31 March 2022, has now been paid. The
distribution includes a cash component of 1.375000 cents per unit with 0.251616 cents
per unit of imputation credits attached.
If you have any questions about your distribution payment please contact our registrar,
Computershare, by telephone 0800 359 999 (within New Zealand) or +64 9 488 8777
(outside New Zealand).
GoodResults newsletter
The latest edition of the Trust’s electronic newsletter, GoodResults, is now available
online at https://bit.ly/3t80ciJ

I encourage you to read the newsletter. It includes further information on:
+ the development of a supersite facility for Mainfreight
+ recent acquisitions in Albany, Penrose and Mt Wellington
+ key portfolio metrics and other business indicators
+ the work of the Goodman Foundation
Yours faithfully,

Keith Smith
Chair

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WELCOME
GOODR E S U LT S
GOODMAN PROPERTY TRUST NEWSLETTER | MARCH 2022 | ISSUE 14
Nau Mai, Haere Mai

GOODMAN PROPERTY TRUST NEWSLETTER | MARCH 2022 | ISSUE 14
GOODR E S U LT S
Artists impression of the new supersite facility under development for Mainfreight.
2
Global logistics provider Mainfreight has
extended its relationship with Goodman,
committing to a long-term lease over a new
supersite facility to be built on Favona Road
in South Auckland.
Chief Executive Officer John Dakin said, “Mainfreight is
at the forefront of the growth in demand for logistics
and supply chain services globally. It’s need for a brand
new facility to service the growing demand in Auckland,
was the catalyst for the redevelopment of our Favona
property.”
The project is part of Goodman Property Trust’s
current $475 million development workbook.
Sustainable approach from demolition
to completion
At the Trust’s 6.1-hectare Favona property, work has
already commenced on turning this former tomato
growing and packing facility, into a high-quality
sustainable logistics hub.
The glasshouse structures previously on the site
have been disassembled and the site is being readied
for construction.
GMT’s commitment to sustainable development
ensures that all suitable building materials are
repurposed or recycled through the redevelopment
process, minimising the volume of waste going to
landfill.
John Dakin said, “While the demolition of this facility
has provided some unique challenges an impressive
90% of building material, over 2,500 tonnes was
recycled.”
The deconstruction of the 40,000 sqm glasshouses
included the sorting and transport of all aluminium
and steel framing, glass panels and concrete to
resource recovery operators.
The 6-metre-high structure required scissor lifts to
facilitate manual disassembly, with over 500 tonnes
of metal and 400 tonnes of glass being recycled.
The concrete slab foundations were also broken up,
creating 1,300 tonnes of aggregate to be used as
basecourse in other building and construction projects.
John Dakin said, “In total there were over
260 truckloads of material recovered from the site.
Carefully managed and monitored by specialist
contractor Phoenix Metal Recyclers, the demolition
phase of this development has demonstrated what is
possible in resource-recovery and waste minimisation.”
With site preparation complete, construction of the
new 35,860 sqm warehouse and logistics facility is now
underway. Targeting a 5 Green Star Built rating the new
supersite will be Mainfreight’s largest New Zealand
logistics facility.
As part of the development, Mainfreight have
prioritised health and wellbeing amenities for its
employees. The property includes a dedicated café
and recreational area, together with end of trip facilities.
Following completion of the development (expected
to be May 2023) Mainfreight will be GMT’s second
largest customer, occupying over 55,000 sqm of
space across five facilities.
Developing long-term
partnerships
Click here to see an animation of the
Mainfreight Supersite development

The growth of Auckland and demand for
e-commerce has seen fulfilment and
delivery service providers expanding their
operations in key locations across the city.
John Dakin said, “A growing digital economy, driven by
changing consumer behaviour, is contributing to a
rapid increase in parcel volumes across Auckland.
We’re increasing our investment in strategic locations
to accommodate customer demand for highly efficient
distribution space, close to these consumers.”
NZ Post is at the forefront of these structural changes,
developing its future delivery network to accommodate
this growth. A key element in this plan is a new
17,992 sqm parcel processing centre, GMT is
developing on Bush Road in Albany. The expected
completion date of the parcel processing centre is
June 2024, with construction to commence in 2023
following the expiry of existing leases.
John Dakin said, “GMT has acquired the 3.2-hectare
brownfield site and secured a development agreement
and 20-year lease with NZ Post. It’s an ideal location
for fulfilment and delivery service providers like
NZ Post.”
The North Shore property is close to large consumer
catchments in the north and west of the city and
offers easy access to the new motorway interchange
that will link SH1 with SH18.
The new design-build project follows an earlier
commitment from the customer, currently under
construction at the Trust’s Roma Road estate in
Mt Roskill.
Like all new Goodman development projects both
these new facilities are targeting a 5 Green Star Built
rating, using lower carbon construction methods.
They will also be carbon neutral, with all unavoidable
embodied emissions being offset.
Long term investment opportunities
In separate sale and leaseback transactions the Trust
has also acquired two additional properties for a
combined $1 16.5 million. They include;
1. Oji Fibre Solutions facility at 35 Hugo Johnston
Drive in Penrose
2. Sky Network Television Campus in Mt Wellington
John Dakin said,” Both these purchases complement
our existing portfolio and are consistent with our
strategy of investing in well-located brownfield sites,
suitable for future redevelopment.”
Pulp and paper supplier Oji has a long-term lease over
the 17,843 sqm facility that adjoins the Gate Industry
Park (an existing GMT property). Amalgamating the
two properties creates an expanded estate with a
combined site area of 21.2 hectares.
The Sky Network Television (SKT) Campus purchase
includes adjoining properties at 10-16 Panorama Road
and 34 Leonard Road with a total site area of
4.45 hectares. SKT is committing to a lease-back over
a proportion of the 17,251 sqm facility.
John Dakin, said, “We expect the remaining space
within the Sky Network Television Campus to lease
quickly but ultimately these sites will be amalgamated
and redeveloped into an urban logistics estate that
maximises the value of the central Auckland location.”
With committed gearing of just 25.8%, around the
middle of the Board’s preferred 20%-30% range and
new debt facilities providing additional liquidity, GMT
remains well placed to take advantage of new
investment and development opportunities.
GOODMAN PROPERTY TRUST NEWSLETTER | MARCH 2022 | ISSUE 14
GOODR E S U LT S
Roma Estate, Mt Roskill, Auckland
Artists impression of the four new warehouse facilities to be developed on this brownfield site.
3
Investing in proven locations
“ A growing digital economy,
driven by changing consumer
behaviour, is contributing to a
rapid increase in parcel
volumes across Auckland.
We’re increasing our
investment in strategic
locations to accommodate
customer demand for highly
efficient distribution space,
close to these consumers.”
John Dakin

GOODMAN PROPERTY TRUST NEWSLETTER | MARCH 2022 | ISSUE 14
GOODR E S U LT S
4
Asset value
$4.3 bn
The value of the portfolio at 30 September 2021,
following a 13.2% interim revaluation. The portfolio
includes more than 150 individual buildings.
Occupancy
99.5%
Demand for well-located warehouse and logistics
space has accelerated over the last few years with
portfolio occupancy near capacity.
New leasing
225,262 sqm
Around 20% of the investment portfolio has been
leased on new or revised terms since 1 April 2021.
The new leasing has maintained the weighted
average lease term at more than five years.
Work in progress
$475 million
There are nine active projects, including a new
twin warehouse development (totalling 7,770 sqm)
at 65 Business Parade North, Highbrook.
Project completions
180,76 8 sqm
36 projects, representing around 16.5% of the
total portfolio, have been completed over the last five
years. With a total project cost of $513.4 million they
have provided a yield on cost of more than 6%.
Future pipeline
99.1 ha land
Acquiring strategic infill sites in Māngere, Penrose
and Albany, has added to GMT’s future pipeline,
with around 500,000 sqm of urban logistics space
able to be developed over time.
Portfolio size
1,095,969 sqm
Exclusively invested in the urban logistics segment
of the Auckland industrial market the portfolio is
equivalent in size to around 150 rugby fields.
Customers
215
GMT’s customers are predominantly warehouse and
distribution focused businesses. In the first 6 months
of FY22 the portfolio generated over $85 million of
rental income.
Local ownership
55.2%
GMT is mainly owned by local retail and institutional
investors. Goodman Group, The Trust’s Manager,
has a 24.8% cornerstone while other offshore investors
hold the remaining 20%.
GMT
at a glance
OwnManageDevelop

GOODMAN PROPERTY TRUST NEWSLETTER | MARCH 2022 | ISSUE 14
GOODR E S U LT S
5
Improving our climate rating score
Goodman’s sustainability focus has been reflected
in an improved climate rating score in CDP’s 2021
annual survey. The Trust achieved a B rating, up from
B- in 2020. This was the highest rating achieved by a
New Zealand organisation in 2021 with the Trust
sharing the top honour with several other leading
local companies.
There were 23 New Zealand companies that
submitted data with CDP evaluating over
13,000 organisations worldwide.
You can find out more about
CDP and the rating process here.
EV CHARGER
ROLLOUT
Acknowledging the environmental and
economic benefits of electric vehicles,
EV chargers are now being installed in all new
GMT developments. An increasing number of
customers are also requesting that these be
retrofitted to existing facilities, as these
businesses convert to EVs.
To complement these dedicated customer
chargers, the Trust is also installing public
150kW DC fast chargers at Highbrook
Business Park in East Tāmaki and
M20 Business Park in Wiri.
The chargers were co-funded by ECCA and
are managed on GMT’s behalf by ChargeNet,
forming part of their nationwide EV charging
network. It complements other corporate
initiatives that include the full electrification of
Goodman’s fleet and subsidies for staff
purchasing private electric vehicles.
New debt funding for the future
GMT issued a new $200 million, six-year wholesale bond in December 2021
through its subsidiary, GMT Bond Issuer Limited.
At the time of issue Andy Eakin, Chief Financial Officer,
said “We’ve taken advantage of very strong demand
from local institutions to further diversify our debt
book. Achieved at a competitive margin, the new issue
adds further tenor to the Trust’s debt facilities.”
The fixed rate bonds pay an interest rate of 3.656%
per annum.
In March 2022 the Trust increased its main bank
facility, from $400 million to $570 million.
Andy Eakin said, “With a weighted average term to
expiry of almost five years across all its drawn debt,
and substantial liquidity following the bond issue and
bank financing, GMT is well placed to take advantage
of any new investment and development
opportunities.”

GOODMAN PROPERTY TRUST NEWSLETTER | MARCH 2022 | ISSUE 14
GOODR E S U LT S
Papakura Marae vaxathon initiative.
Image credit: Nicole Lawton/Stuff.co.nz
6
JD wins award
Congratulations to our very own
John Dakin, one of two individuals
honoured as Property Council
New Zealand Members’ Laureate at
the 2021 Property Industry Awards.
The award is recognition of a 30+ year career
that has included property and corporate
transactions, valuations, research, asset
management and investment management.
Since 2003 John has been CEO of Goodman
(NZ) Limited and under his leadership GMT
has grown to become New Zealand’s largest
listed property entity.
John has also been actively involved with the
Property Council of New Zealand as a
member supporter, Industry Leader, National
Councillor and National Chair (2018 to 2020).
The Goodman Foundation has extended
its community support to include social
initiatives promoting the COVID-19
vaccination programme and other
health and wellbeing initiatives.
Targeting at risk groups, a significant donation
was made to each of the following organisations to
help make a tangible difference in the community.
Papakura Marae
Manukau Urban Māori Authority
Rākau Tautoko
In addition to these, the Goodman Foundation also
contributed to the NZME led, 90% Project in support
of its #rollupyoursleevesNZ campaign. It was
complemented by promotional advertising on
Goodman’s digital signs and social media platforms.
Other organisations benefitting from the work
of the Goodman Foundation include:
Doing good
at Christmas
The Life Centre Trust is behind
the Christmas Box initiative,
providing families in need
with Christmas hampers
made up of donated food
and other goods.
Last Christmas volunteers helped pack hampers in
Auckland, Kaikohe, Whangarei, Hamilton, Tauranga,
Rotorua, Palmerston North, Wellington, Christchurch
and Dunedin.
Goodman was pleased to play its part, providing
warehousing space at M20 Business Park in Wiri for
the annual event. Operating as a distribution hub for
the other centres over 260 tonnes of food was
processed with around half of this packed into
12,000 hampers for the wider Auckland region.
In total there were 25,000 Christmas Boxes
distributed to families in need, from Kaitaia to Bluff.
Boosting our communities

GOODMAN PROPERTY TRUST NEWSLETTER | MARCH 2022 | ISSUE 14
GOODR E S U LT S
7
FREQUENTLY ASKED QUESTIONS
How does GMT pay
its distributions?
GMT pays quarterly distributions, usually in the third month that follows
each quarter. With the phasing out of cheques these payments are now
exclusively made by direct credit, in NZ$.
For offshore investors without a local bank account the Trust’s Registrar, Computershare
Investor Services, has partnered with Hyperwallet to allow NZ$ distributions to be
converted into various foreign currencies and paid into offshore accounts. The service is
called InvestorPay, with investors available to sign up through the online portal.
ONLINE INFORMATION
The Trust’s website www.goodman.com/nz enables Unitholders to check the current stock
price and view publications and announcements.
Unitholders should login to Computershare’s Investor Centre, www.investorcentre.com/nz
to manage their investment, download distribution statements or update personal details.
INVESTOR CENTRE
Disclaimer: This document has been prepared by Goodman (NZ) Limited as manager of Goodman Property Trust. The information in this document is general information only. It is not intended as investment or financial
advice and must not be relied upon as such. You should obtain independent professional advice prior to making any decision relating to your investment or financial needs. This document is not an offer or invitation
for subscription or purchase of securities or other financial products. Past performance is no indication of future performance. All values are expressed in New Zealand currency unless otherwise stated. March 2022
2022 KEY DATES
DATES BELOW ARE INDICATIVE ONLY AND REMAIN SUBJECT TO CHANGE.
May 2022 FY22 Annual Result Announcement
June 2022 Fourth Quarter Distribution Payment
July 2022 Annual Meeting of Unitholders
September 2022 First Quarter Distribution Payment
November 2022 FY23 Interim Result Announcement
December 2022 Second Quarter Distribution Payment