Goodman Increases Power Bank, Reaffirms Annual Earnings Guidance
By David Winning
SYDNEY--Goodman Group said its power bank had increased in its fiscal first quarter as it navigates a world-wide trend toward community disquiet over new data centers and uncertainty over the AI trade that has lifted stock markets.
Goodman said its global power bank was 6.6 gigawatts at the end of September, up from 6.4 gigawatts three months earlier. Management said it had 3.6 gigawatts of secured power entering its fiscal second quarter.
Chief Executive Greg Goodman said demand for data centers continues to grow, while constraints around power, land, planning, infrastructure delivery are limiting supply. He added that maintaining community engagement and managing environmental impacts are essential.
"As capital becomes more selective, the combination of reliable delivery, financial capacity and strategic capital partnerships becomes increasingly important," Goodman said.
Investors are seeking confirmation that customers are committing to data centers during the build phase. On Wednesday, Goodman said it had made strong progress in leasing sites, which reflected "significant customer demand and limited supply, advancing in parallel with project construction."
Goodman said advanced negotiations are underway to secure full building commitments to hyperscale customers on several sites.
In August, the company signed a 20-year lease with a global hyperscale customer for the first 50 megawatt phase of the Tsukuba Tech Central data-center campus in Greater Tokyo.
Goodman, which owns commercial property ranging from business parks to warehouses, also reported other metrics about the operational performance of its portfolio. Goodman said its property was 95.5% occupied at the end of September, with like-for-like net property income growth of 4.0%.
Total assets under management rose to A$90.0 billion.
Reaffirming guidance provided to investors in August, Goodman said it is targeting 9.0% growth in annual operating earnings per security in fiscal 2027 and an annual distribution of 30 Australian cents (US$0.21) per security.
Write to David Winning at david.winning@wsj.com
(END) Dow Jones Newswires
November 03, 2026 16:58 ET (21:58 GMT)
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