Goodman Property Trust reports strong earnings growth

Goodman Property Trust has reported strong revenue and earnings growth for the six months ended September 30, 2024.

Net property income increased by 11.3% to $111.4 million, driven by new development completions and like-for-like rental growth of 7.3%.

Operating earnings before tax also rose by 10.6% to $75.3m.

However, the effective tax rate increased to 17.5% from 10% due to the removal of tax deductions for building depreciation.

Operating earnings after tax were $62.1m, compared to $61.3m in the same period last year.

Goodman reaffirmed its full-year cash earnings guidance of 7.5 cents per unit and distributions of 6.5 cents per unit.

The company's $4.6 billion urban logistics portfolio, exclusively invested in the Auckland industrial market, provides essential supply chain infrastructure for over 215 customers.