The Goodman Property Trust made nearly as much from valuation gains in the year to March as it made from all sources in the previous year.
Trust manager Goodman (NZ) Ltd’s chief executive, John Dakin, releasing the annual result this morning, said: “An investment strategy focused exclusively on the Auckland industrial market is providing high quality property solutions for customers and record financial returns for investors.”
- A pretax statutory profit of up 61.6% to $334.8 million (including valuation gains of $201.9 million), compared to $207.2 million (including valuation gains of $83.8 million) the previous year
- After tax, the profit increased by 64.7% to $319.5 million ($194 million)
- A 13% increase in net tangible assets, from 138.9c/unit to 157c/unit
- Adjusted pretax operating earnings of $117 million, or 9.04c/unit
- Cash distributions of 6.65c/unit, representing around 95% of the trust’s cash earningsof 6.98c/unit
- Asset sales totalling $370.5 million, including the trust’s 51% share in the joint venture that owned the VXV office portfolio in Auckland’s Viaduct Harbour precinct
- Greater balance sheet capacity with a loan:value ratio of 19.7% and committed gearing of just 23.7%
- Continued development momentum with starts on 11 new projects, total project cost $160.5 million
- Strong operating results, with portfolio occupancy of 98% and a weighted average lease term of 5.2 years.
I’ll write more detail later today.
Attribution: Company release.