Goodman Property Trust Records $13.2 m Profit
5th November 2009
Goodman Property Trust Records $13.2 million Profit
And Announces Quarterly
Distribution of 2.125 cents per
‘Active management’ has contributed to Goodman Property Trust (‘GMT’ or ‘Trust’) achieving a $24.6 million increase in its net profit position and recording a net profit of $13.2 million for the six months ending September 30, 2009.
“This is a pleasing result within the context of the business environment that existed,” said John Dakin, the Chief Executive of Goodman (NZ) Limited.
“It is right in line with expectations.”
The Trust generated distributable earnings of $38.5 million in the six month period ($42.7 million for the comparable period) and will pay a second quarter cash distribution of 2.125 cents plus 0.065 cents in imputation credits on December 17 2009, making distribution for the first six months 4.54 cents.
Mr Dakin said distributable earnings were down 9.9 percent due mainly to higher finance costs following the Trusts refinancing in December. It was also a reflection of a more subdued leasing market.
Mr Dakin said the outlook for the second half of the year, while challenging, “remained positive”.
“There is active interest in top-end industrial leasing and we are targeting distribution earnings for the full year in the range of 9 to 9.5 cents a unit.”
At period end the occupancy rate for the Trust’s portfolio was 95 percent and the average lease term 5.7 years.
“Following the completion of pending settlements around asset sales, our debt levels will equate to 35.5 percent of property assets, which is at the lower end of our 35 to 40 percent target range.”
Asset values during the past six months declined by $22 million with total property assets now totalling $1.5 billion.