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


Goodman Property Trust Delivers $247.9 million Profit

Goodman Property Trust Delivers $247.9 million Profit

Goodman Property Trust recorded its strongest ever financial result in 2016 with rising property values contributing more than half of the $247.9 million pre-tax profit.

The $145.8 million or 6.7% revaluation gain reflects a buoyant property market, characterised by greater levels of transactional activity and record pricing.

Keith Smith, Chairman and Independent Director said, “A more active operational strategy has been pursued in recent years to take advantage of the positive economic environment and strong property market conditions that exist.”

The focus has been on maximising the performance of the $2.3 billion property portfolio and advancing the development programme.

Chief Executive Officer, John Dakin said, “With more than $350 million of new development projects secured in the last three years, it’s a strategy that is transforming the Trust’s land holdings into high quality, income producing assets.”

Funded through property sales, with the Trust completing more than $300 million of asset disposals over the last three years, it is a sustainable business activity that is renewing and refining the wider portfolio.

John Dakin said, “Following the completion of the current work book the Trust’s land weighting will reduce to just 8.3% of total property assets, while investment in the favoured Auckland Industrial and Business Park sectors will increase to 67.8%.”

This is a deliberate reweighting that is consistent with a long-term ownership strategy that the Board and Management Team are confident will deliver the greatest returns to Unitholders.

Keith Smith said, “With an active sales programme funding new investment and development opportunities, GMT’s strong balance sheet position has been maintained. New treasury initiatives have also enhanced GMT’s capital structure with improvements to the diversity and tenor of the Trust’s debt facilities.”

At 31 March 2016 GMT’s look through loan to value ratio was 33.9%, a reduction from the 34.2% reported last year and significantly below the 50% threshold permitted under its debt and Trust Deed covenants.

With a combination of bank debt, wholesale bonds, retail bonds and US Private Placement Notes, GMT has a very diverse debt book.

John Dakin said, “With stable property market fundamentals and low interest rates stimulating business growth, the immediate outlook for GMT remains positive.”

The Board expects GMT’s operating earnings before tax to increase to around 9.5 cents per unit in 2017. Cash distributions are forecast to be at least 6.65 cents per unit.

A comprehensive summary of GMT’s financial performance is contained within the 2016 Annual Report. The report was released today and is available online at


© Scoop Media

Business Headlines | Sci-Tech Headlines


Government: David McLean Appointed As KiwiRail Chair

David McLean has been appointed as Chair of KiwiRail Holdings Ltd, the Minister for State Owned Enterprises Dr David Clark and Minister of Finance Grant Robertson announced today... More>>

Dairy NZ: ‘More Milk From Fewer Cows’ Trend Continues In A Record Year
Vodafone says it has 10,000 customers using its Wi-Fi Calling service. It took less than three months to reach that milestone; the service began operating in September... More>>

Statistics: Consents Remain At Record Levels
There were 47,715 new homes consented in the year ended October 2021, up 26 percent compared with the year ended October 2020, Stats NZ said today. "The year ended October 2021 marks another record for the annual number of new homes consented,” construction statistics manager Michael Heslop said... More>>

Fonterra: Lifts Forecast Farmgate Milk Price Range And Revises Earnings Guidance At First Quarter Update

Fonterra Co-operative Group today lifted its 2021/22 forecast Farmgate Milk Price range, reported a solid start to the 2022 financial year and revised its earnings guidance... More>>

Canterbury Museum: New Research - Bald Haast's Eagle Feasted On Moa Guts

New Zealand’s extinct Haast’s Eagle (Hieraaetus moorei), the largest known eagle, gulped down viscera like a vulture and may even have been bald, new research suggests... More>>

ABC Business Sales: Demand High For Covid-proof Businesses
Despite the continuing challenges facing businesses in this Covid environment, right now there are more buyers looking for a small-medium sized business than there are sellers in the market... More>>

PriceSpy: Producer Prices Increase
New Black Friday and Covid-19 Report* released by PriceSpy says people’s fear of stepping inside physical shops during big sales events like Black Friday has risen since last year; Kiwis are still planning to shop, but more than ever will do it online this year... More>>