https://www.nzx.com/announcements/411604

Goodman (NZ) Limited, the manager of Goodman Property Trust (GMT or Trust) is pleased to announce the Trust’s financial and operational results for the year ended 31 March 2023.

Customer demand for well-located warehouse and logistics space has ensured earnings targets were achieved, while new investment and capital management initiatives have made GMT a more sustainable and resilient business.

Highlights include:

+ Sustained customer demand contributing to a 6.9% increase in operating earnings to $126.5 million before tax
+ A $237.7 million reduction in the fair value of its property assets has contributed to a statutory loss of $135.4 million after tax compared to a profit of $748.6 million in FY22 (including fair value gains of $660.4 million from property valuations)
+ Net tangible assets of 245.2 cents per unit
+ Substantial balance sheet capacity, with a loan to value ratio of 25.9% and $739 million of available liquidity at 31 March 2023
+ A 6.6% increase in cash earnings to 7.1 cents per unit and a 7.3% increase in cash distributions, to 5.9 cents per unit
+ Guidance for FY24 includes a further 4% increase in cash earnings to around 7.4 cents per unit with a 5% increase in cash distributions to approximately 6.2 cents per unit
+ A $4.8 billion property portfolio providing over one million square metres of warehouse and logistics space, with occupancy of 99.5% and a weighted average lease term of more than six years
+ Positive progress in the sustainability programme with an improved climate score of A- from CDP and New Zealand’s first industrial 6 Green Star Design rating, awarded to two development projects at Highbrook Business Park
+ Further development activity with $209.7 million of new project commencements at Roma Road Estate in Mt Roskill and Savill Link in Ōtāhuhu, with $461.1 million of work in progress (total project cost)
+ New capital management initiatives including $450 million of green bonds and loans to support sustainable development.