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- Release Date: 18/04/12 11:18
- Summary: GENERAL: GMT: GMT's Preliminary Valuation Result
- Price Sensitive: No
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GMT
18/04/2012 09:18
GENERAL
REL: 0918 HRS Goodman Property Trust
GENERAL: GMT: GMT's Preliminary Valuation Result
Goodman (NZ) Limited, the Manager of Goodman Property Trust ("GMT" or
"Trust") has announced GMT's preliminary valuation result.
The independent valuation of the Trust's $1.6 billion property portfolio,
undertaken for year-end reporting purposes, has resulted in a devaluation of
1.2% or $20.4 million.
The overall valuation movement reflects a $3.0 million gain in the value of
the Trust's stabilised portfolio offset by a $23.4 million reduction in the
carrying value of its development land assets.
The weighted average capitalisation rate across the investment portfolio is
now 8.5%, compared to 8.6% last year.
John Dakin, Chief Executive Officer of Goodman (NZ) Limited said, "We're
encouraged by improving investor sentiment and strengthening investment
markets with the stabilised portfolio recording its first gain since 2008.
Development activity is also increasing which has supported underlying land
values, the devaluation being largely attributable to written off holding
costs."
The valuation movement remains subject to finalisation and audit of GMT's
financial statements.
Net borrowings are 35.7% of total property assets at 31 March 2012, well
within the Boards target band of 35% to 40% and the 50% limit of GMT's Trust
Deed and banking covenants.
For further information please contact:
John Dakin
Chief Executive Officer
Goodman (NZ) Limited
(09) 375 6063
(021) 321 541
Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(09) 375 6077
(021) 305 316
End CA:00221936 For:GMT Type:GENERAL Time:2012-04-18 09:18:04
