Goodman Group keeps guidance after steady quarter

The news: Industrial property investor Goodman Group has maintained its full-year outlook after reporting a steady first quarter despite ongoing uncertainty in the sector.

The numbers: The group is still forecasting full-year operating earnings per share growth of 9% and a full-year distribution of 30 cents per share. In its first-quarter update, it reported $82.9 billion in assets under management and $12.7 billion of development work in progress.

The context: The steady first-quarter update follows a sharp drop in full-year profit amid lower growth in valuations, which had prompted the group to forecast lower EPS growth of 9%. On Monday, CEO Greg Goodman said interest rates, credit and inflation remained key drivers of uncertainty in the real estate sector: “We expect continued dislocation and volatility in real estate markets globally. However, the group and partnerships have strong balance sheets with low gearing, significant available liquidity and equity commitments.”