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GMT signals interim portfolio revaluation

Thursday, 23 September 2021

Goodman (NZ) Limited, the Manager of Goodman Property Trust (GMT or Trust), has confirmed that GMT’s interim financial result will include a revaluation of around $500 million.

Draft valuation reports from independent valuers indicate that GMT’s property portfolio will record a first half gain of approximately $500 million (around 13%). As a result, the portfolio is expected to be valued at approximately $4.3 billion as at 30 September 2021.

John Dakin, Chief Executive Officer of the Manager, said “The results reflect the strong property fundamentals and the buoyant investment market for prime warehouse and logistics sector assets. Underpinned by a growing digital economy, customer demand for distribution space close to consumers is exceeding supply in the locations where we invest.”

The positive market dynamics are reflected in the Trust’s portfolio capitalisation rate, which has strengthened 50bps (since 31 March 2021) to 4.2%.

The revaluation will also add around 36 cents per unit to the Trust’s Net Tangible Asset backing (212.5 cents per unit at 31 March 2021), subject to finalisation of GMT’s interim financial statements. 

Further details will be provided with the interim result on 11 November 2021.

For further information please contact:

John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(021) 321 541

James Spence
Director Investment Management
Goodman (NZ) Limited
(021) 538 934

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(021) 305 316