GMG -0.41%: the global industrial property company was out with a 1Q update which was largely as expected, though shares were slightly lower up against a small gain for the broader Real Estate sector. They completed $1b of work in the quarter, Net Property Income was up 4.9% on a like-for-like basis and occupancy remained strong at 99%. Goodman maintained FY24 guidance of operating EPS growth of 9% and total distributions of 30cps. The update included more commentary on their plans for a push into data centres, seeing unprecedented demand in the space. Their industrial portfolio has been performing well and Goodman’s low gearing could see them well placed to pick up over-leveraged, distressed assets on the cheap to further support growth.
MM remains long and bullish GMG
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