Goodman Property Trust, managed by Goodman (NZ) Limited, has reported positive financial and operational results for the six months ending September 2023.
The Trust experienced significant revenue and earnings growth due to strong customer demand for warehouse and logistics space.
Key results include a 12.3% increase in operating earnings, a 6.5% increase in underlying cash earnings, and distributions consistent with full-year guidance.
The fair value of the property portfolio decreased by $226.5 million, resulting in a statutory loss.
However, the Trust maintains a strong balance sheet with a loan to value ratio of 28.7% and $538 million of available liquidity.
Customer demand remains high, with a high occupancy rate and new leasing.
The completion of three development projects and ongoing development work will provide additional warehouse and logistics space.
The Trust expects continued strong performance in the Auckland industrial market.
See more
