Goodman Group shares lower on mixed outlook
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More news: Shares in Goodman Group edged down at market open on the ASX after the property investor flagged that customer demand "remains moderate" due to the impact lower global growth.
Goodman shares were down 0.6% to $36.08 by 11am AEDT, having jumped more than 40% since the start of the year.
Goodman Group reiterates FY guidance amid 'moderate' demand
The news: Industrial property investor Goodman Group has reiterated its full-year earnings and distribution guidance, but flagged that customer demand "remains moderate" due to the impact of lower global growth.
The numbers: Goodman reaffirmed its forecast for operating earnings-per-share growth of 9% in FY25 and a full-year distribution of 30 cents per share.
The value of Goodman's total portfolio edged up from $78.7 billion to $78.8 billion during the month.
The context: Goodman chief executive Greg Goodman noted that customer demand remains moderate due to the impact of lower global growth, but the group expects the "underlying property fundamentals of our assets to remain strong".
The company is being supported by low vacancy rates and minimal new supply, as industrial developers have reduced their activity in the market, he said.
What they said: "Our development capabilities and financial capacity position the group to capitalise on significant opportunities, including orienting the development workbook towards data centres and higher intensity use outcomes, with a number of additional starts expected in calendar 2025," Goodman said.
"The global demand for data centres has created an opportunity for the group to service the need for powered infrastructure.
"We have continued to expand and secure our global power bank to meet this demand, and we've evolved our delivery capabilities to offer a range of options, which now include fully fitted facilities, with operational solutions."
The source: ASX announcement
