Goodman Property Trust (NZE:GMT) said draft valuation reports from independent valuers indicate an expected increase of around NZ$112 million, or around 2.7% in the fair value of Goodman's property assets as of March 31, and as a result, Goodman's property funds under management are expected to be valued at around NZ$4.9 billion, according to a Tuesday New Zealand bourse filing.
The forecast valuation movement is expected to increase net tangible assets by around NZ$0.07 per unit. It also reaffirmed its expectation for cash earnings of around NZ$0.08 per unit and distributions of NZ$0.06825 per unit for the fiscal year 2026.
It also declared an on-market buyback program to purchase a maximum aggregate of NZ$125 million of units in the Trust, commencing on Feb. 20.
It is also advancing workstreams to move to a corporatized and stapled structure for the business, and it is proposed that the corporatization will result in two companies: one that will hold passive real estate, and the other that will pursue more active investment opportunities and provide property management and funds management.