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Goodman (GMGAU: Baa1/BBB+): FY24 Results

REAL ESTATE

S&P already affirmed GMGAU on 13th so we weren’t expecting any surprises.

  • Occupancy 97.7%
  • Operating profit $2.05bn up 15% on FY23
  • ICR 11.9x on a look-through basis
  • Gearing 22.7% remains low (Debt/Assets)
  • Like-for-like NPI growth 4.9%
  • WALE 5.0yrs overall with new projects 12.9yrs
  • Data Centres now make up 40% of work-in-progress
  • Development pipeline of $13bn comprised of 80 projects in 12 countries
  • 99% of projects completed in FY24 were leased on completion.


GMGAU 1.375% 25 matures in September but has already been partially tendered/refinanced in April with the issuance of GMGAU 4.25% 30.

Logistics demand is stabilising back to pre-pandemic levels, but the clear focus is on data centres as a growth area.


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