Goodman (NZ) Limited, the manager of Goodman Property Trust (GMT or Trust), is pleased to announce the Trust's financial results for the year ended 31 March 2022.
The Trust is benefiting from a growing digital economy and sustained demand for warehouse and logistics space close to consumers, resulting in a statutory profit of $763.8 million before tax (including fair value gains of $660.4 million from property valuations), up 17.7% on FY21, a 22.6% increase in net tangible assets from 212.5 cents per unit at 31 March 2021, to 260.6 cents per unit at 31 March 2022, operating earnings of $118.3 million before tax, an increase of 3.0% from FY21, cash earnings of 6.66 cents per unit and cash distributions of 5.50 cents per unit, reflecting a payout ratio of 82.6%, new capital management initiatives, substantial balance sheet capacity, a heightened level of development activity and $299.9 million of complementary acquisitions.
Guidance for FY23 includes a 4% increase in cash earnings to around 6.9 cpu, with a 7% increase in cash distributions to approximately 5.9 cpu.
The Manager is also targeting a 5 Green Star Built rating for all current and
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