It has been put forward by the full year results out from Goodman Property Trust that in spite of a decline in portfolio value, it was successful in meeting its earnings target for the financial year ending 31 March 2009.

The value of the trust’s after tax distributable profit arrived at $83.8 million, with an annual cash distribution up 1% on the previous year at ten cents per unit.

It should be noted that this is more from $68.7 million last year, including the full year impact of the Trust’s investment in the Highbrook Development.

A fall in the value of Goodman’s properties has been noticed by $74.1 million in the 12 months to the end of March, a loss of 10.3%, in line with analyst predictions.

It has been confirmed by Goodman Property Trust chief executive John Dakin that the main concern for the trust over the past year has been refinancing.

More than $902 million was refinanced by the trust in the last financial year, including $220 million in available liquidity, with its next noteworthy maturity in October 2011.

The Trust sold 50.6 million of assets in the past year, and has a further $57 million under conditional contract.

 (via TopNews New Zealand. Contributed by Manish Verma)