GMT signals $415 million second half 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


nzx release+
GMT signals $415 million second half portfolio
revaluation
Date 10 March 2021
Release Immediate
Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or
“Trust”), advises that GMT’s financial result for the year ending 31 March 2021 is
expected to contain a significant property revaluation gain.
Draft valuation reports from independent valuers indicate that GMT’s property portfolio
will post a second half gain of approximately $415 million or around 12.5%. The positive
outcome is in addition to the $140 million revaluation recorded in the first half, and as a
result, the portfolio is expected to have a value of around $3.8 billion at 31 March 2021.
Jo hn Dakin, Chief Executive Officer said, “We continue to see strong demand for space,
tight supply conditions, low vacancy and solid underlying rental growth across our
portfolio. This, combined with relatively low interest rates, has fuelled investor demand,
particularly for high-quality logistics and warehouse property. The market capitalisation
rate across the portfolio has strengthened 50bps from 30 September 2020 to 4.7%.”
The increase in portfolio value over the last six months is expected to add around 30
cents per unit to GMT’s NTA
1
, which was 182.4 cents per unit at 30 September 2020.
The revaluation remains subject to finalisation and independent audit. It is also
contingent on there being no material change in market conditions before 31 March
2021, the effective date of the valuation reports.

Further details will be provided with the Trust’s FY21 annual result announcement in
May 2021.
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 $3.0 billion, ranking it
in the top 20 of all listed investment vehicles. It is also New Zealand’s largest listed property investor. The Manager of
the Trust is a subsidiary of the ASX listed Goodman Group, Goodman Group is also the Trust’s largest unitholder with a
cornerstone investment of 21%.

GMT is New Zealand’s leading warehouse and logistics space provider. It has a substantial property portfolio, expected
to have a value of around $3.8 billion at 31 March 2021. The Trust holds an investment grade credit rating of BBB from
S&P Global Ratings.

1
Net Tangible Ass et backing