Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 

Overwhelming support for GMT’s new business initiatives

Overwhelming support for GMT’s new business initiatives

The Annual Meeting of Goodman Property Trust was held today at Highbrook Business Park.

The meeting reviewed the Trust’s recent annual result, considered its current strategy and voted overwhelmingly in support of new business initiatives.

Keith Smith, Chairman of Goodman (NZ) Limited, the Manager of the Trust said, “It has been a very positive 12 months for GMT with a growing economy and rising business confidence contributing to a record profit result of $146.8 million before tax.

To ensure that the future investment performance of the Trust is maximised, we have refined our strategy and enhanced the management and governance structures of the Trust.”

Unitholders voted 99.79% in support of a new management fee structure.

Keith Smith said, “GMT has one of the most efficient and cost effective management structures of any listed property entity. The changes that were endorsed today reduce the quantum of fees paid by GMT while enhancing its operational and financial performance.”

The benefits to Unitholders are expected to include a lower management expense ratio, an improved earnings profile, a reduced development land weighting and even greater alignment between between Goodman Group and other investors.

Keith Smith said, “The changes to the fee structure and other new business initiatives are positive enhancements that will improve the investment performance of the Trust.”

A more active capital management strategy was also announced with asset sales being used to fund future development activity.

John Dakin, Chief Executive Officer of the Manager said, “Accelerating GMT’s development programme and realising the value in its strategic land holdings remains a key focus. Asset recycling will help fund the $100 million plus of projects that we are expecting to secure this year.”

John Dakin, concluded, “There is a growing momentum in our business at present and the benefits earlier investment decisions mean the Trust is extremely well placed to capitalise on rising customer demand.”


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Wainui: Major Infrastructure Partnership For North Auckland

Minister of Housing and Urban Development Phil Twyford and Auckland Mayor Phil Goff today announced a partnership that will fund $91 million of roading and wastewater infrastructure to support the building of 9000 homes... More>>

ALSO:

NZ's Space Programme: Rocket Lab Reaches Orbit Again

Rocket Lab has continued the success of its 2018 orbital launch program with the launch of seven payloads to orbit. The mission marks Rocket Lab’s second successful orbital launch and deployment of customer satellites. More>>

ALSO:

Supreme Court: Labelling Swamp Kauri Slab A Tabletop Doesn't Make It One

New Zealand's highest court has ruled that exporting slabs of swamp kauri as "tabletops" or swamp kauri logs as "totem or temple poles" is illegal under the Forests Act. More>>

ALSO:

Starting Ending Offshore Drilling: Green Party Celebrate Passing Of Oil And Gas Bill

“This Bill is an essential first step in winding down offshore exploration for new sources of fossil fuels. We are in Government together to do this work, to create the change our people and our planet need to flourish." More>>

ALSO:

Reserve Bank: Official Cash Rate Unchanged

The Official Cash Rate (OCR) remains at 1.75 percent. We expect to keep the OCR at this level through 2019 and into 2020. More>>