Monday 23rd November 2020
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Goodman (NZ) Limited, the manager of Goodman Property Trust is pleased to announce the Trust’s financial results for the six months to 30 September 2020.
The quality of the Trust’s $3.3 billion Auckland warehouse and logistics portfolio and the strength of its customer relationships have continued to support consistent operating results. A well-capitalised balance sheet has also enabled GMT to pursue new investment opportunities.
A significant portfolio revaluation, ongoing leasing success, further development progress and strategic acquisitions have all contributed to an interim profit of $186.4 million, before tax.
The urban logistics market has been the most resilient of all the commercial property sectors, with demand for distribution services being maintained throughout the COVID-19 Alert Level restrictions.
A strong balance sheet has enabled GMT to take advantage of these new opportunities. With a loan to value ratio of just 21.5% and only partially drawn debt facilities the Trust retains around $400 million of funding capacity for future investment.
The issue of $200 million of eight- and ten-year fixed interest rate bonds to New Zealand wholesale investors in September 2020 was a continuation of the careful financial management that has facilitated GMT’s growth. Achieved at competitive margins, the successful new issue adds further tenor and diversity to the Trust’s debt book, which now includes bank borrowings, listed retail bonds, wholesale bonds and US Private Placement debt notes. GMT’s bank facilities were also refinanced following the interim balance date, with the first bank debt expiry extended out to November 2022. The weighted term to expiry across all the Trust’s drawn debt is now 5.1 years.
GMT has shown that it is a robust and resilient property business, able to perform through economic disruptions and market cycles. While the economic outlook is still uncertain, the quality and scale of the portfolio, together with the low level of gearing and targeted investment strategy gives the Board and management team confidence that the Trust remains well positioned for sustainable long-term growth.
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