Goodman looking at record portfolio revaluation

The Goodman Property Trust’s property portfolio has been revalued upward by over 4%, or $110 million, to about $2.7 billion.

Trust manager Goodman (NZ) Ltd’s chief executive, John Dakin, said yesterday draft valuation reports from independent valuers indicated the record annual gain for the year ending this Sunday, 31 March.

Mr Dakin said: “It’s a significant revaluation that reflects the quality of our repositioned portfolio. We have achieved outstanding leasing results over the last 12 months, with strong growth in market rental rates across our assets. Sustained investor demand has also driven further cap rate compression, which has contributed to the uplift.”

“The gain is expected to add around 9c/unit to the trust’s net tangible asset backing, which was $1.30 at 30 September 2017.”

The trust’s unit price was steady this week on $1.33, down from a $1.36 high reached twice this month.

The revaluation remains subject to finalisation & independent audit. The trust will announce its annual result on 17 May.

Attribution: Company release.

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