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Goodman Group is an international industrial-property investor, developer, landlord and manager. It owns some assets directly, invests alongside capital partners, develops logistics facilities, leases them to customers and manages property and development programs for partnerships. Its logistics business is therefore broader than simply owning warehouses: earnings come from investment, management and development activities, and the assets shown in its portfolio are not all wholly owned by Goodman.
What Goodman Group is
Goodman Group is listed on the Australian Securities Exchange and operates as a specialist industrial-property group. It comprises three stapled entities: Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited.
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The group’s portfolio covers several types of industrial and related real estate:
- Logistics and distribution centres
- Warehouses
- Light-industrial properties
- Multi-storey industrial buildings
- Business parks
- Data centres
Logistics facilities and warehouses are the focus of this explanation. Data centres are part of the wider portfolio, but they are a distinct property category rather than another name for warehouse operations.
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Goodman is not a freight carrier, retailer or logistics operator that delivers customers’ goods. Its role is to provide and manage the buildings and sites used by businesses that store, sort or distribute goods. Depending on the asset and the ownership vehicle, Goodman may be the investor, developer, property manager, development manager or a combination of those roles.
How the logistics property business works
Goodman’s logistics model follows a property lifecycle. The group identifies strategically useful locations, secures capital, develops or acquires facilities, leases them, operates the property platform and earns income from several related activities.
1. Selecting locations and investing in property
Logistics buildings are valuable because of where they sit as well as what they contain. Goodman invests in industrial property in urban and other strategic locations, where customers need access to population centres, transport links, suppliers and distribution networks.
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The investment can be made directly by the group or through partnerships with capital providers. A direct investment gives Goodman exposure to the property’s income and performance. A partnership lets Goodman invest alongside other owners while providing the platform and expertise needed to acquire, develop and manage the assets.
2. Developing new facilities
Goodman develops logistics and other industrial properties for different ownership structures. A project may be undertaken for Goodman itself, for a partnership or for a third party. Development work can include securing a site, obtaining approvals, designing the facility, arranging construction and preparing the building for a tenant.
The development pipeline is measured as work in progress (WIP). WIP is not the same as completed property already producing rent. It represents projects still being developed and, in some cases, projects with construction or leasing milestones yet to be completed.
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3. Leasing and operating the buildings
Once a facility is completed, customers occupy it under leases. Goodman reports operating indicators such as occupancy, property income and changes in rent. Those measures show how much of the portfolio is being used, how rental income is moving and whether existing buildings are generating more or less income over time.
Leases also determine how quickly a property can respond to market conditions. A long lease can provide income visibility, while a lease expiring later gives the owner fewer immediate opportunities to reset rent. Goodman’s reports therefore include lease-duration and rent-reversion measures alongside occupancy.
4. Managing assets and capital for partners
Goodman provides investment, property and development management services to partnerships. In practical terms, the group can source and manage investments, oversee tenants and buildings, and deliver development programs even when another capital provider owns part or all of the relevant asset.
This is why Goodman’s reported portfolio value and assets under management should not automatically be read as the value of buildings owned outright by the group. Some assets are partner-owned but managed through Goodman’s platform.
5. Earning from the whole platform
The business combines recurring property-related income with management fees and development earnings. The balance changes according to development completions, transactions and the timing of fees. A period with many projects completing can look different from a period dominated by leasing or asset management.
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How Goodman makes money
Goodman describes its operating earnings through three broad activities: investment, management and development. For the six months ended 31 December 2025 (HY26), the proportional contribution to operating earnings was:
| Activity | Share of HY26 operating earnings | What it represents |
|---|---|---|
| Investment | 27% | Income associated with Goodman’s property investment exposure, including assets held directly and through the group’s investment structures. |
| Management | 24% | Fees and earnings from investment, property and development management services provided to partnerships and other managed vehicles. |
| Development | 49% | Earnings generated by developing industrial property for Goodman, partnerships or third parties. |
These are proportional contributions to operating earnings, not percentages of revenue, portfolio value or total assets. Development was the largest contributor in the cited half-year period, but that mix can move as projects finish and management or investment income changes.
Investment earnings
Investment earnings reflect Goodman’s role as a property investor. The group has exposure to rental income and property performance through assets it owns directly and interests it holds with capital partners. Investment income should not be confused with the value of every property managed on behalf of others.
Management earnings
Management earnings come from running the investment and property platform for partnerships. Services can cover investment management, day-to-day property management and development management. This model allows Goodman to earn from assets without needing to own every building outright.
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Development earnings arise when Goodman delivers new property. The economic result depends on the projects under construction, their leasing status, completion timing and whether the work is being done for Goodman, a partnership or a third party.
For a full-year reference point, Goodman’s FY25 annual report recorded AUD 837.4 million in management earnings and AUD 1,338.5 million in development earnings for the year ended 30 June 2025. Those figures are full-year FY25 amounts and should not be combined with the HY26 percentage mix as though they covered the same period.
Does Goodman own its warehouses?
Some Goodman property is held directly by the group, but the answer is not “all of it.” Goodman also invests with capital partners and manages partnership-owned assets. The group’s headline portfolio measures can therefore include:
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- Assets held by Goodman entities
- Assets held jointly with capital partners
- Assets owned by partnerships that Goodman manages
- Properties being developed for third parties
The correct description is that Goodman invests in, develops and manages logistics property through both group-owned and partnership structures. Calling the entire reported portfolio wholly owned Goodman property would overstate the group’s direct ownership.
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The following figures come from Goodman’s HY26 results for the six months ended 31 December 2025, unless a different date is shown. Amounts are in Australian dollars.
| Measure | Reported figure | How to interpret it |
|---|---|---|
| Total portfolio | AUD 87.4 billion | The portfolio across Goodman and its partnerships; it is not a measure of directly owned assets only. |
| Occupancy | 95.9% | The proportion of the reported portfolio occupied under the company’s measure. |
| Like-for-like net property income growth | 4.2% | Growth in net property income from comparable property, rather than growth created simply by adding new assets. |
| Average expected future rent reversion | Approximately 12% | Goodman’s estimate of potential uplift toward market rents across the portfolio; it is not a guaranteed increase for every lease. |
| Development work in progress | AUD 14.4 billion | Projects under development across 51 projects in 12 countries. |
| WIP pre-commitment | 40% | The share of the WIP portfolio pre-committed to customers, according to Goodman’s report. |
| Average WALE for WIP | 13.6 years | The average weighted average lease expiry reported for the WIP portfolio. |
| External assets under management | AUD 75.2 billion | Externally managed assets at 31 December 2025; this is separate from total portfolio value. |
What these logistics metrics tell you
Occupancy
Occupancy is a measure of how much space is leased. A high occupancy rate generally supports property income, but it does not by itself reveal rental rates, lease costs, tenant quality or the timing of upcoming expiries.
Like-for-like net property income
Like-for-like net property income growth attempts to show how comparable properties are performing without attributing the increase simply to buying or completing more buildings. It is useful for assessing the operating performance of the existing portfolio.
Rent reversion
Rent reversion compares current contractual rents with estimated market rents. A positive reversion can indicate that leases signed in the past are below current market levels. Realising that potential depends on lease expiries, renewals, incentives, vacancy periods and market conditions, so the estimate is not a promise of a future cash increase.
Development WIP and pre-commitment
WIP shows the amount of development underway. Pre-commitment indicates that a customer has agreed to lease part of the future project before completion. A pre-committed project can have clearer leasing visibility than a completely speculative development, but construction, financing and delivery risks still remain.
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WALE
Weighted average lease expiry summarizes the remaining lease term across a portfolio, weighted by value or another reporting basis. A longer WALE can make near-term income more predictable, while reducing the number of leases available for immediate rent resets.
Portfolio value versus external AUM
Total portfolio value and external assets under management answer different questions. Portfolio value describes the broader set of assets across Goodman and partnerships. External AUM focuses on assets managed for outside capital. Neither figure should be presented as Goodman’s directly owned property value.
Why capital partners matter
Capital partners allow Goodman to participate in larger or more numerous projects than a direct-only ownership model would permit. Partners supply investment capital, while Goodman can contribute its industrial-property platform, development capability and management services.
The arrangement also changes how the financial statements should be read. Goodman can earn management and development income from a partnership while owning only part of the underlying property. Conversely, a property can appear in a managed portfolio even though the partner bears most of the direct ownership exposure.
In HY26, 38% of Goodman’s current development WIP was being undertaken for partnerships or third parties. That figure illustrates why development activity and direct ownership are not interchangeable concepts.
How to compare Goodman’s reporting periods
Goodman reports both interim and full-year information. The HY26 operational figures above cover the six months ended 31 December 2025. FY25 figures cover the full year ended 30 June 2025. They should be kept separate when assessing growth, earnings mix or development activity.
A sensible comparison should identify:
- The reporting period and end date
- Whether a figure covers Goodman alone or Goodman plus partnerships
- Whether an amount is portfolio value, external AUM, revenue or operating earnings
- Whether a percentage is a contribution mix or a growth rate
- Whether a development number refers to completed projects or WIP
What Goodman Group does not do
Goodman does not operate as a parcel-delivery company or sell the inventory stored in its buildings. Its customers use the facilities for logistics, distribution, manufacturing support and related business activities. Goodman supplies the real estate, manages the assets and develops new capacity; the tenants run their own commercial and supply-chain operations.
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What to remember about the business model
- Goodman is an industrial-property investor, developer, landlord and manager.
- Logistics centres and warehouses are part of a broader portfolio that also includes other industrial properties, business parks and data centres.
- The group invests directly and alongside capital partners.
- It can develop and manage a facility without owning all of the underlying asset.
- Investment, management and development earnings give Goodman several sources of operating income.
- Portfolio value, external AUM and directly owned assets are different measures.
- Occupancy, rent growth, rent reversion, WIP, pre-commitment and lease expiry help explain operating performance, but each measures a different aspect of the property platform.
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