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Goodman Group Reaffirms Earnings Guidance Amid COVID-19 Crisis

Goodman Group Reaffirms Earnings Guidance Amid COVID-19 Crisis

May 8, 2020 — Goodman Group announced that it has reviewed the impact of COVID-19 on its business and said it remains in a “sound position” and reaffirmed its FY20 earnings and distribution guidance.

Despite the challenging global environment, Goodman said customer demand in the online, logistics, food, consumer goods and digital economy, is supporting their portfolio fundamentals and development activity.

“We acknowledge the unprecedented times we’re experiencing and the terrible impact COVID-19 is having on people’s lives and livelihoods around the world. The markets we’re in have been affected at various times and to varying degrees. Throughout, our priority continues to be the safety and wellbeing of our people, customers and Partners,” Goodman CEO Greg Goodman said.

The company’s focus on urban infill locations to efficiently service consumers is providing resilient cashflows across their global portfolio. Goodman said this is particularly important in uncertain times, with their assets providing critical infrastructure for delivery of essential goods and services.

“We have experienced increased demand for both temporary and permanent space from customers in the food, consumer goods and logistics sectors, particularly related to e-commerce operators and those transitioning to online. Our portfolio occupancy remains stable at 97.5% and in general, Goodman has experienced relatively limited closure or disruption of warehouse facilities over the past few months,” the company said.

Read more here

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