Goodman Group delivered a positive operational performance for the quarter reflecting strong customer demand in urban locations around the world and tight supply in the markets it operates. As customers continue to increase investment in refining their supply chains, the demand for high-quality industrial facilities in key urban centres continues to strengthen. Goodman is benefiting from strong structural and macro trends, due to the quality and location of its portfolio. Key Highlights – 1st Quarter FY19 + $39.6 billion total assets under management + 3.3% like for like NPI growth + 98% occupancy across the Group and Partnerships + $3.6 billion of development work in progress + $0.9 billion of development commencements with 86% undertaken in Partnerships + Reaffirm forecast FY19 operating earnings per security of 50.0 cents, up 7% on FY18. Scarcity of sites in infill areas and growing competition from other uses is driving intensification of existing properties into multi-storey and higher value assets. Industrial occupiers are trying to get more costs out of their real estate and put more technology into their buildings in order to turn over stock more quickly and deliver it more swiftly. This tech driver plays into Goodman’s strengths, in particular in places like Shanghai, London, Sydney and Los Angeles, where there is a shortage of supply of modern logistics assets. These two themes continue to create a strong environment for Goodman’s platform with strong rental growth, occupancy and development volumes all evident. The structural trends have attracted strong capital investment to the sector, and the underlying strength of the asset class in key locations is clearly evident. #Goodman
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