Goodman's portfolio value drops 5.4% to $4.5 billion

Goodman (NZ) Limited, advises that draft reports from independent valuers indicate that GMT’s portfolio will be valued at around $4.5 billion at 31 March 2024.

This reflects a $258 million or 5.4% reduction in the fair value of GMT’s property assets since 30 September 2023, and an annual reduction of $484.5 million or 9.7%.

The weighted average capitalisation rate of GMT’s investment portfolio is forecast to be 6.0%, compared to 5.2% at 31 March 2023.

With $226.5 million of the forecast $484.5 million full year reduction already recognised in GMT’s interim financial statements, the impact to net tangible assets (from $2.305 per unit at 30 September 2023) is a decrease of around 18 cents per unit.

The result remains subject to finalisation of valuation reports and audit of GMT’s financial statements.

Further details will be provided with the Trust’s FY24 annual result expected to be released in May 2024.