Goodman sees strong growth from digital economy boomWilliam...

Goodman sees strong growth from digital economy boom

William McInnes

Goodman Group says it is seeing strong consumer demand as COVID-19 accelerates the adoption of physical infrastructure necessary to support e-commerce, including warehouse and data centre space.

The company said at the end of the September quarter, it had $51.7 billion total assets under management, with 2.9 per cent like-for-like net property income (NPI)
growth in its managed partnerships.

Goodman Group has been a key beneficiary of a shit to e-commerce. Michel O'Sullivan

It said it had $7.3 billion of development work in progress with 83 per cent undertaken in partnerships.

"COVID-19 continues to disrupt markets. We have adapted the way our business is operating to meet these changes. Importantly we are well positioned to provide opportunities for our customers to meet supply chain requirements," said chief executive Greg Goodman.

"Customers demand for our sites globally has seen the scale and quality of our development program increase. Development work in progress has doubled over the past 12 months with strong levels of pre-commitment and long lease terms being sought by our customers, as they secure essential infrastructure to support their operations.

"The group remains on track for a strong FY21."

The company reaffirmed its 2021 financial year operating earnings per security of 62.7¢, up 9 per cent on the previous financial year