SYDNEY, June 29, 2026, 02:01 (AEST)
- Goodman finished Friday at A$32.01, off 0.56% for the session. Shares are still up 1.62% from last week’s close at A$31.50.
- ASX cash equities were not in normal trading at the dateline. Normal session hours are from 09:59:45 to 16:00 Sydney time.
- The stock trades ex a 15-cent payout on Monday, which is 0.47% of the price at Friday’s close.
- Goodman said its development work in progress was A$14.5 billion as of March 31, with 73% in data centres. The company expects WIP to reach about A$18 billion in June.
Goodman Group ASX:GMG starts the ASX week with shares still viewed as a low-yield property name. The stock trades near levels seen in data-centre plays, not typical income stocks.
ASX’s 2026 trading calendar doesn’t show June 29 as a holiday, and Goodman’s site has Monday as the ex-date for its half-year distribution to June 30. Record date falls on Tuesday.
Goodman closed Friday at A$32.01, slipping A$0.18, or 0.56%. About 2.71 million shares changed hands, below the 4.89 million average. Google Finance gave the company a market cap of A$65.45 billion and a price-to-earnings ratio of 38.59.
Goodman outperformed the market last week, gaining 1.62% to A$31.50 while the S&P/ASX 200 (INDEXASX:XJO) slipped 0.73%, dropping from 8,828.70 on June 19 to 8,764.20 by Friday.
Payout isn’t big here. The 15-cent distribution comes in at 0.47% of Friday’s close. Goodman’s outlook for a 30-cent distribution in FY26 is 0.94%. Near-term, the stock is about delivering projects and lifting earnings, not cash yield.
Goodman’s Q3 update put work in progress at A$14.5 billion as of March 31. Yield on cost came in at 8.0%. Data centres made up 73% of WIP, which puts data-centre builds at roughly A$10.6 billion.
The 37% pre-committed rate on WIP is important. Goodman pointed to the lower number coming from the data-centre workbook. In that part of the business, most projects start before customers sign on. For completions in the nine months to March 31, 89% were pre-committed.
Chief Executive Greg Goodman said in the Q3 update that supply is still tight, with limits from grid capacity, water, site issues and capital needs. Customer talks are progressing, and Goodman said the group remains “on track to deliver at least this level of performance” for its 9% FY26 operating EPS growth target.
Goodman’s project list lets investors track progress. The company forecasted 0.5 GW of powered shells and fully fitted projects in work-in-progress by June 2026, with total data-centre WIP surpassing A$14 billion. The table listed 497 MW of projected data-centre WIP for FY26 and 1,332 MW of secured pipeline for after FY26.
Logistics is still helping. Goodman showed 4.1% year-on-year like-for-like net property income growth, portfolio occupancy at 95.7%, and average expected rent reversion of 11.3% as of March 31. China was the drag. Rent reversion there was negative in the quarter and could stay down as rents reset.
Funding is another key focus. Goodman said it pulled in over A$12 billion through equity and debt deals with its partners in the nine months ended March 31. That total included A$9.3 billion from debt and upwards of A$3 billion from third-party equity. It also tapped the bond market, issuing US$1.2 billion and 600 million euros of bonds.
Monday’s 15-cent ex-distribution move barely registers next to those figures. Goodman’s market cap stands at A$65.45 billion, which is roughly 3.6 times the A$18 billion June WIP target. That isn’t a net asset value comparison—WIP takes in partnership assets and estimated end value—but it does show how big the execution bet is.
