Goodman Property Profit Up 23%

Wednesday, November 20th, 2013
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Goodman Property Trust
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Goodman Property Trust, New Zealand’s biggest listed property investor, says its distributable first-half earnings rose 23 per cent.

Distributable earnings, a measure of profit that strips out valuation movements, rose to $NZ50.3 million ($A45.05 million) in the six months ended September 30, from $NZ41m a year earlier, the Auckland-based trust said.

Net profit jumped 107 per cent to $NZ65.4m, reflecting pretax fair value gains on property and financial instruments of some $NZ20m.

Total revenue rose 24 per cent to $NZ79.2m, reflecting “strong rental cash flows from an expanded property portfolio,” while operating expenses were little changed from a year earlier.

Separately on Wednesday, Goodman’s manager said the trust has acquired an office building in Auckland’s Viaduct Precinct that is being developed by Goodman Group and Fletcher Building, which holds the lease for the site, for $NZ92.6m.

Tenants include Fonterra and the property has an initial cash yield of eight per cent, it said.

Goodman reaffirmed its guidance for full-year distributable earnings before tax of 8.2-8.4 NZ cents a unit and cash distributions of at least 6.25 NZ cents. It had earnings of 8.21 NZ cents a unit on that basis in 2013.

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