GMT Signals Interim Portfolio Revaluation

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz


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GMT Signals Interim Portfolio Revaluation
Date 21 October 2020
Release Immediate

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or
“Trust”), has confirmed that GMT’s interim financial result will include a
revaluation of around $140 million.
Independent valuation advice indicates that GMT’s property portfolio will record a gain
of around 4.5%, over the six months to 30 September 2020. The positive result lifts the
value of the portfolio to $3.3 billion.
The revaluation will also add around 10 cents per unit to GMT’s Net Tangible Asset
backing (172.7 cents per unit at 31 March 2020).
John Dakin, Chief Executive Officer of the Manager, said “Strong real estate
fundamentals and lower interest rates have continued to fuel investor demand for prime
industrial assets, with a further strengthening in investment yields over the last six
months.”
The portfolio capitalisation rate has fir med 20 bps to 5.2%, since 31 March 2020.
The revaluation amount remains subject to finalisation of GMT’s interim financial
statements. Further details will be provided with the interim result which is to be
announced on 23 November 2020.
For further information please contact:
John Dakin James Spence
Chief Executive Officer Director Investment Management
Goodman (NZ) Limited Goodman (NZ) Limited
(021) 321 541 (021) 538 934

Andy Eakin
Chief Financial Officer
Goodman (NZ) Limited
(021) 305 316

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $3.3 bil lion, ranking it
in the top 20 of all listed investment vehicles and is New Zealand’s largest listed property investment vehicle. The
Manager of the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group is also the Trust’s largest
investor with a cornerstone unitholding of 21%.

GMT is New Zealand’s leading industrial space provider. It has a substantial property portfolio, with a value of $3.3 billion
at 30 September 2020. The Trust holds an investment grade credit rating of BBB from S&P Global Ratings.