SYDNEY, June 8, 2026, 01:03 (AEST)
- Goodman closed at A$31.10 on Friday, dropping 0.38% for the session and off 1.8% for the week before the ASX holiday.
- Data centres accounted for 73% of Goodman’s A$14.5 billion development pipeline as of March 31. The company is still aiming for at least 9% growth in operating earnings per security for FY26.
- Leasing is the question, Morningstar analyst Yingqi Tan said, calling the “lack of clarity on leasing” the main issue after the March-quarter results. Morningstar
Goodman Group shares are out of action Monday, so the country’s top listed property stock heads into the short week with a weak close. Investors are still looking at its push into AI-focused data centres.
The Australian Securities Exchange is shut for the King’s Birthday, and there’s no settlement. Goodman and other stocks will see their first moves when trading starts again Tuesday. Normal ASX hours are roughly 10 a.m. to 4:10 p.m. Sydney time on business days.
Goodman finished Friday at A$31.10, slipping A$0.12 in the session, down 0.38%. Shares were off 1.8% from a week ago. The market cap showed about A$63.6 billion.
S&P/ASX 200 fell back Friday, closing at 8,625.10, with pressure from banks and miners pulling the main index lower. The benchmark covers large ASX stocks, using free-float market value to measure the value of shares that can be traded.
There wasn’t much of a move in the shares. The timing told the story. Goodman is pushing to get investors to see warehouses, logistics and data centres as a single infrastructure play, not as separate property cycles that happen to overlap.
Goodman said in a May 26 operational update that development work in progress had reached A$14.5 billion, with the company guiding towards about A$18 billion by June. Data centres make up 73% of that pipeline. The group’s global power bank came in at 6.4 gigawatts.
Chief Executive Greg Goodman said the company is “a major global provider of the physical infrastructure” tied to the technology shift. He also pointed to “hyperscale capex is accelerating,” referring to capital spending by large cloud and AI clients. Goodman said the company was on track for at least 9% growth in operating earnings per security, a per-share profit metric.
Here is the tension for Goodman. The company says customer talks are advanced and it expects contracted commitments through the rest of the calendar year. But it has also started some data-centre projects before locking in final customer contracts.
Morningstar’s Tan stuck with a A$29 fair value on Goodman, saying “a lot needs to be done, and quickly,” and that the market is still looking for delivery. Most data-centre sites won’t be finished until 2028 or 2029, she wrote. Morningstar
The peer read has been mixed. Charter Hall, another Australian property fund manager and developer, added 4.73% in the past week to close at A$20.37. Goodman was down. On the digital-infrastructure side, investors often bring up NEXTDC, which runs independent data centres in Australia and the Asia-Pacific.
Goodman is still getting noticed, with the sector in focus. Reuters said last week private infrastructure and real estate capital could take on more of AI data-centre financing. Another Reuters story pointed out UN researchers now expect AI data centres to use twice as much power and water by 2030.
But the trade risks turning south if customer deals fall through, approvals for power or water drag out, or borrowing costs head higher. Put simply, having idle capacity, slower grid hookups or pricier capital would make it harder to justify paying up for future profits—especially after the stretch in AI infrastructure names.
The real focus is on Tuesday’s market open, not Monday. ASX 200 stability would help, but what matters for Goodman is if investors call its A$14.5 billion development plan essential infrastructure, or just a property bet that needs more tenants to sign up.
