By David Winning


SYDNEY--Goodman Group said it expects operating earnings per security to increase by 23% during the 12 months through June, as it continues to benefit from tight supply and demand for industrial property.

Goodman's earnings outlook is markedly higher than its original projection of 10% growth at the start of its fiscal year, and its forecast of 20% growth provided at the time of its half-year result in February.

Management stuck with earlier guidance for an annual distribution of 30.0 Australian cents (US$0.21) per security.

"The business environment is changing, with increased interest rates, inflation, geopolitical risks and the ongoing impacts of the pandemic," said Chief Executive Greg Goodman. "However, the long-term structural drivers of demand have not changed."

Assets under management totalled A$68.7 billion at the end of March, compared to A$68.2 billion three months earlier.

Goodman said its property was 98.7% occupied at the end of March, improving from 98.4% at the end of December. Like-for-like net property income growth in its fiscal third quarter was 3.7%.

The company also reported another increase in its development work in progress, which now totals A$13.4 billion, up from A$12.7 billion at the end of December.


Write to David Winning at david.winning@wsj.com


(END) Dow Jones Newswires

05-15-22 1913ET