- Industrial property major Goodman Group (GMG) has reaffirmed its 2021 financial year operating profit forecast of $1.2 billion after a strong quarter
- If met, this operating profit would represent an earnings per share growth of 12 per cent on FY20
- Meanwhile in its most recent quarterly report, the company grew its like-for-like net property income by 3.3 per cent and held a 98 per cent occupancy rate
- As of March 31, 2021, the company had $52.9 billion total assets under management and $9.6 billion of development work in the pipeline
- Goodman Group leased 2.8 million square metres across the platform over the nine months leading to the end of Match, equating to $374.3 million of rent per annum with a weighted average lease expiry of 4.5 years
- Goodman Group shares are up 0.89 per cent, trading at $19.35 cents
Industrial property major Goodman Group (GMG) has reaffirmed its 2021 financial year operating profit forecast of $1.2 billion after a strong quarter.
If met, this operating profit would represent an earnings per share growth of 12 per cent on FY20.
Changes in consumption patterns across physical and digital spaces were having a significant effect on demand, according to the group, and it was responding by developing new space, especially multi-story and higher-intensity buildings in its urban locations.
Meanwhile in its most recent quarterly report, the company grew its like-for-like net property income by 3.3 per cent and held a 98 per cent occupancy rate.
As of March 31, 2021, the company had $52.9 billion total assets under management and $9.6 billion of development work in the pipeline.
Goodman Group leased 2.8 million square metres across the platform over the nine months leading to the end of March, equating to $374.3 million of rent per annum with a weighted average lease expiry of 4.5 years.
“We have concentrated our portfolio in high barrier to entry markets where land is scarce and use is intensifying,” Goodman Group CEO Greg Goodman said.
“With a focus on long-term customer requirements, we are developing to meet demand in these consumer markets, providing essential real estate infrastructure for our customers,” he added.
“Our results demonstrate resilience and growth in cashflows underpinned by this approach. The convergence of structural change, strong fundamentals and quality investments should continue to deliver positive performance and profitability for Goodman,” he concluded.
High barriers to entry and limited supply in infill locations are underpinning occupancy and resilience of cash flow growth in their portfolio, according to the company, who said it should also translate into growth in asset value.
Goodman Group has properties in Australia, New Zealand, the Americas, Europe and Asia.
Goodman Group shares are up 0.89 per cent, trading at $19.35 cents at 12:49 pm AEST.