Morningstar | Auckland Industrial Market to Firm Further, Benefiting Goodman. FVE Increases 9% to NZD 1.70
With the New Zealand economy appearing to be on an upward trajectory, the outlook for market-based rents remains positive for the foreseeable future. We anticipate growth in earnings and distributions in the medium term, with high occupancy levels and rental increases, both fixed and linked to the consumer price index, across most of the portfolio. We expect asset values to remain competitively bid over 2018-19, particularly from offshore investors faced with low yields on their domestic bonds. Goodman is taking advantage of tight markets to sell its office buildings and lower-quality industrial assets. Goodman Property Trust has historically paid distributions in excess of adjusted funds from operations, with the cash shortfall funded by a dividend reinvestment plan. The firm has made substantial inroads to narrow the gap and align distributions with what we consider are underlying cash earnings.Goodman Property Trust is engaged in investment in real estate in New Zealand.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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