GMT valuation adds $110 million to portfolio value

Level 2, 18 Viaduct Harbour Avenue, Auckland | PO Box 90940, Victoria Street West, Auckland 1142
Tel +64 9 375 6060 | www.goodman.com/nz

nzx release+
GMT valuation adds $110 million to portfolio value
Date 28 March 2018
Release Immediate

Goodman (NZ) Limited, the Manager of Goodman Property Trust (“GMT” or
“Trust”), has confirmed that GMT’s financial result for the year ending 31 March
2018 will include a portfolio revaluation of around $110 million.

Draft valuation reports from independent valuers indicate that GMT’s property portfolio
will record an annual gain of around $110 million, or over 4%.

The positive result means GMT’s property portfolio has a current value of around $2.7
billion
1
.

John Dakin, Chief Executive Officer said, “It’s a significant revaluation that reflects the
quality of our repositioned portfolio. We have achieved outstanding leasing results over
the last 12 months with strong growth in market rental rates across our assets.
Sustained investor demand has also driven further cap rate compression, which has
contributed to the uplift.”

The gain is expected to add around nine cents per unit to GMT’s Net Tangible Asset
backing, which was $1.30 at 30 September 2017.”

The revaluation remains subject to finalisation and independent audit. Further details
will be provided with the Trust’s FY18 annual result announcement on 17 May 2018.
For further information please contact:
John Dakin Andy Eakin
Chief Executive Officer Chief Financial Officer
Goodman (NZ) Limited Goodman (NZ) Limited
(09) 375 6063 (09) 375 6077
(021) 321 541 (021) 305 316

James Spence
Director Investment Management
Goodman (NZ) Limited
(09) 903 3269
(021) 538 934

About Goodman Property Trust:
GMT is an externally managed unit trust, listed on the NZX. It has a market capitalisation of around $1.7 billion, ranking it
in the top 20 of all listed investment vehicles. The Manager of the Trust is a subsidiary of the ASX listed Goodman
Group, Goodman Group is also the Trust’s largest investor with a cornerstone unitholding of 21%.
GMT is New Zealand’s leading industrial and business space provider. It has a substantial property portfolio, with a value
of $2.7 billion, which accommodates around 200 customers. The Trust holds an investment grade credit rating of BBB
from Standard & Poor’s.


1
On a proportionately consolidated basis, including GMT’s 51% interest in the Wynyard Precinct Holdings Limited joint
venture and including properties contracted for sale.