The Goodman group result was strong across all main lines of business. The development pipeline has swelled to c$10bn, the net property income from directly held assets grew by over 3%, and assets under management (most of it external money) grew to c$58bn.
The balance sheet is strong, with leverage of ~8%, and look through gearing (which takes into account gearing within the trusts) at ~17%.
Occupancy remains strong across the portfolio, on updated numbers at over 98%.
The issue is that all this and more, is in the price. That development pipeline means that earnings growth will continue to be strong, but, is unlikely to surprise, and as such, doesn’t represent a compelling part of the thesis in and of itself.
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