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Goodman Property Trust (NZX: GMT) Delivers Profit of $648.9 Million Before Tax

Thursday 13th May 2021

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Goodman (NZ) Limited, the manager of Goodman Property Trust (GMT or Trust) is pleased to announce the Trust’s financial results for the year ended 31 March 2021.

GMT has demonstrated its resilience over the last 12 months, adapting to the operational challenges of COVID-19 while continuing to execute an investment strategy focused on the Auckland urban logistics market.

Highlights include:

+ Statutory profit of $648.9 million before tax (including significant investment property valuation gains of $560.0 million), up 128.2% on FY20.

+ 23.0% increase in net tangible assets, from 172.7 cents per unit at 31 March 2020, to 212.5 cents per unit at 31 March 2021.

+ Operating earnings of $114.9 million before tax, an increase of 4.7% from FY20.

+ Cash earnings of 6.40 cents per unit and cash distributions of 5.30 cents per unit, reflecting a payout ratio of 82.8%.

+ Substantial balance sheet capacity, with a loan to value ratio of 19.2% and $339 million of available liquidity at 31 March 2021.

+ $200 million of wholesale bond issuance adding further tenor and diversity to the Trust’s debt book.

+ $250.1 million of development work in progress (total project cost) at 13 May 2021.

+ $83 million of strategic acquisitions, with the purchase of properties adjoining the Trust’s Mt Wellington and Savill Link estates.

+ Over 146,500 sqm of new leasing (13.4% of the portfolio), with an average occupancy rate across the portfolio of 99% during the year.

Looking ahead

By delivering a strong operating performance in a year disrupted by COVID-19, GMT has shown that it is a robust and resilient property business.

GMT’s high-quality portfolio focused on urban logistics should continue to benefit from the structural trends that are driving demand for distribution facilities close to consumers.

While economic and pandemic risks remain, the quality, scale and location of the portfolio, together with low gearing and focused investment strategy gives the Board and Management confidence that the Trust remains well positioned into FY22.

Please see the links below for details

NZX GMT Result Announcement

Goodman Property Trust and GMT Bond Issuer Annual Report 2021

GMT Annual Result Presentation 2021

GMT delivers profit of $648.9 million before tax

Source: Goodman Property Trust

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