Goodman Upgrades Operating EPS Growth Guidance to 13%

By David Winning

SYDNEY--Industrial property owner Goodman upgraded its earnings outlook as it again called out the opportunity in data centers as the AI demand boom shows no sign of slowing down.

Goodman said it now expects operating earnings per security to increase by 13% in the 12 months through June. That represented an improvement on prior guidance for 11% growth.

Goodman said its properties were 98% occupied at the end of March, with like-for-like net property income growth of 4.9% in its fiscal third quarter. Total portfolio assets under management were A$80.5 billion at the end of March.

The company said its development work in progress totals A$12.9 billion across 82 projects at the end of March.

"Development WIP overall is forecast to provide attractive margins relative to risk, with the increasing weighting of the workbook towards data center development," said Chief Executive Greg Goodman.

Write to David Winning at david.winning@wsj.com

(END) Dow Jones Newswires

May 07, 2024 19:12 ET (23:12 GMT)

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