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Goodman Property National Property valuations fall

Thursday 9th October 2008

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Goodman Property Trust and National Property Trust both recorded a decline in the value of their portfolios, reflecting a global softening of real estate markets.

Goodman's industrial and business property portfolio fell NZ$55.6 million, or 3.4%, to NZ$1.58 billion as at Sept. 30, according to a statement from the trust's manager, Goodman (NZ) Ltd. The valuation review is likely to reduce the trust's net tangible assets by 6.6 cents a unit, it said.

National Property portfolio value fell NZ$13.5 million, or 4.6%, to $280.2 million, according to its manager.

"There is volatility across all asset classes at present and property markets internationally are being affected," said John Dakin, chief executive of Goodman (NZ). Still, "property fundamental remain strong and quality assets continue to perform well."

Dakin said the occupancy rate across the trust's portfolio is 98%, with a weighted average lease term of 5.8 years.

Goodman Property's units rose 1.8% to NZ$1.14 today and have fallen 22% this year. National Property fell 2.3% to 43 cents and is down 24% this year.

By Jonathan Underhill

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