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GMT Preliminary Valuation Result

GMT Preliminary Valuation Result

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or “Trust”) has confirmed that the independent valuation of the Trust’s property portfolio at 31 March 2010 has reduced its carrying value to $1.5 billion.

The Trust has recorded a 1.9% or $28.4 million devaluation in the six months ended 31 March 2010. The movement is principally attributable to a reduction in the carrying value of the development land portfolio.

John Dakin, Chief Executive Officer of Goodman (NZ) Limited said, “The resilience of GMT’s business model and the benefits of investing in high quality industrial and business space assets has been demonstrated over the last 18-24 months. The Trust has maintained its strong balance sheet position throughout this uncertain period and we’re encouraged by signs that investor confidence is returning.”

Asset values across the investment portfolio have remained stable since the interim valuation in September 2009 with the weighted average capitalisation rate strengthening 16 bps to 8.6%.

While values of the investment assets remained steady the development portfolio recorded a 13.0% reduction in its carrying value to $195.1 million. Despite the decline, GMT’s development business maintained its significant market share with two new pre-commitments secured in the last six months.

New facilities are currently under construction for IBM NZ at Highbrook Business Park in East Tamaki and Kmart NZ at M20 Business Park in Wiri. Encompassing 18,600 sqm of office and warehouse space these new developments are expected to have a combined value on completion of $29.8 million.

The valuation movement remains subject to the finalisation and audit of GMT’s annual accounts. It is expected to reduce net tangible assets by approximately 3 cents per unit, from $1.03 per unit at 30 September 2009 to $1.00 per unit.

Following the revaluation, net borrowings are expected to be 37.4% of total property assets. This is well within the 45% limit imposed by GMT’s banking covenants and compares to 35.5% at 30 September 2009.


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