GMT interim portfolio valuation

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 interim portfolio valuation
Date 11 September 2023
Release Immediate
Goodman (NZ) Limited advises that GMT’s FY24 interim result is expected to include a
$230 million or 4.7% reduction in the fair value of its property assets. Draft valuation
reports from independent valuers indicate that the portfolio will be valued around
$4.7 billion on 30 September 2023.
The softening in real estate investment yields over the last six months is reflected in the
weighted average capitalisation rate of GMT’s investment portfolio, which has increased
from 5.2% at 31 March 2023, to a forecast 5.6% at 30 September 2023.
James Spence, Chief Executive Officer said, “While current investor sentiment is being
impacted by higher interest rates and macro-economic conditions, industrial property
market fundamentals remain strong. GMT’s portfolio is 99% leased, with low vacancy
and limited new supply across the sector contributing to very strong rental growth.”
Valuer assessed market rents for GMT have increased by a further 3.3% from
31 March 2023 (19% for FY23), partly mitigating the impact of higher capitalisation rates
on valuations.
Subject to finalisation of GMT’s interim financial statements, the forecast valuation
movement is expected to reduce net tangible assets by around 16 cents per unit
(245.2 cents per unit at 31 March 2023).
Further details will be provided with the FY24 interim result on 9 November 2023.
For further information, please contact:
James Spence Andy Eakin
Chief Executive Officer Chief Financial Officer
Goodman (NZ) Limited Goodman (NZ) Limited
(021) 538 934 (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 billion, ranking it
in the top 20 of all listed investment vehicles. The Trust is New Zealand’s leading warehouse and logistics space
provider. It has a substantial property portfolio, with an estimated value of $4.7 billion at 30 September 2023. The Trust
also holds an investment grade credit rating of BBB from S&P Global Ratings.

The Manager of the Trust is Goodman (NZ) Limited, a subsidiary of the ASX listed Goodman Group. Goodman Group is
an A$81 billion specialist global manager of warehouse, logistics and data centre real estate.