KEY POINTS:
Goodman Property Trust posted a 7.4 per cent rise in annual net profit to $99.3 million this week, and said it was well-placed to withstand a property market slowdown.
The trust had achieved all its financial and operational objectives during the year, including exceeding the distribution forecast it made in its November prospectus, used to raise $275 million in new equity, chairman Jim McLay said.
Distributable profit of $68.7 million was up 25.8 per cent as a result of acquisitions, earnings from developments and rental growth.
Net tangible asset backing per unit at March 31 was $1.29, up 5 per cent.
The trust's assets rose by 29 per cent to $1.6 billion, including property revaluations of $29 million. Borrowings fell to 27 per cent of assets from 32 per cent a year earlier.
The trust's secure income streams made it well placed in a slowing market, chief executive John Dakin said.
The trust affirmed its forecast after-tax cash dividend for the current financial year of 10.25c per unit, up 3.5 per cent on this year's total payout of 9.9c.
