The carrying value of Goodman Property Trust's property portfolio fell 1.9 percent or $28.4 million to $1.5 billion in the six months to the end of March.Trust manager Goodman (NZ) Ltd said the decline was mainly due to a reduction in the development land
The carrying value of Goodman Property Trust's property portfolio fell 1.9 percent or $28.4 million to $1.5 billion in the six months to the end of March.
Trust manager Goodman (NZ) Ltd said the decline was mainly due to a reduction in the development land portfolio, which had a 13 percent fall in its carrying value to $195.1m. Values of investment assets remained steady.
The valuation movement was subject to the finalisation and audit of Goodman Property's annual accounts. It was expected to reduce net tangible assets by about 3c per unit, from $1.03 per unit at September 30 to $1 per unit.
Following the revaluation, net borrowing was expected to be 37.4 percent of total property assets, well within the 45 percent limit imposed by the trust's banking covenants. At September 30 it had been 35.5 percent, Goodman (NZ) said.
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