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Goodman Group is an ASX-listed industrial-property investor, developer, landlord and manager. It owns or co-invests in logistics facilities, develops warehouses and distribution centres, leases them to customers, and manages property and development programs for capital partners. Its reported portfolio includes assets owned by Goodman and by partnerships, so the headline portfolio value is not the same as property wholly owned by the group.
What Goodman Group is
Goodman Group is a specialist industrial-property business rather than a freight carrier, retailer or warehouse-equipment company. The group invests in, develops and manages real estate used by businesses for logistics, distribution, manufacturing-related activity and other industrial purposes.
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Legally, the group comprises three stapled entities: Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited. A stapled structure means the securities of the entities are linked and traded together, while each entity retains its own legal identity. Operationally, Goodman presents the group as one international industrial-property platform.
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Its portfolio is broader than warehouses alone. The company says it includes logistics and distribution centres, warehouses, light-industrial buildings, multi-storey industrial properties, business parks and data centres. Data centres are a significant growth area, but they are a distinct property type; they should not be treated as interchangeable with ordinary logistics facilities.
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How the logistics-property model works
Goodman’s logistics business follows a cycle: identify strategic sites, secure capital, develop or acquire facilities, lease the space, operate the properties and recycle capital into additional projects. The group can perform several roles in the same project, but it does not necessarily own every asset outright.
1. Selecting strategic industrial sites
Logistics buildings are valuable because of location as much as floor area. Goodman targets urban and other strategic locations where occupiers need access to customers, transport networks and labour. A site may be acquired as an existing income-producing property or assembled for a future development.
The group invests directly and alongside capital partners. Direct investment gives Goodman exposure to property income and changes in asset value. Partnership investment lets it deploy its development and management expertise while sharing ownership and capital requirements with other investors.
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Goodman develops new industrial properties for its own balance sheet, for partnerships or for third-party clients. Development work can include site acquisition, planning, construction, leasing and handover to an occupier.
The company reports a development work-in-progress pipeline. In the six months ended 31 December 2025 (HY26), that pipeline was worth AUD 14.4 billion across 51 projects in 12 countries. Forty per cent was pre-committed, meaning an occupier commitment existed before completion for that portion of the pipeline. The WIP portfolio had a 13.6-year weighted average lease expiry. These figures describe the pipeline at that reporting date, not a promise that every project will proceed unchanged.
Some projects are undertaken for partnerships or third parties rather than for Goodman alone. The HY26 release said 38% of current WIP was being undertaken for partnerships or third parties. This is why development activity can be substantial even when the completed buildings will not all sit on Goodman’s wholly owned balance sheet.
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3. Leasing and operating completed properties
Once a facility is complete, customers occupy it under leases. Goodman receives property income from leased space and tracks operating indicators such as occupancy, rent changes and like-for-like net property income.
For HY26, Goodman reported 95.9% occupancy and 4.2% like-for-like net property income growth. Like-for-like growth compares properties held in both periods, helping separate underlying performance from acquisitions, disposals and newly completed developments.
Goodman also estimated approximately 12% average future rent reversion to market rents across the portfolio. Rent reversion is the potential difference between existing rents and market rents when leases renew or space is re-leased. It is an estimate across the portfolio, not a guaranteed increase for every building, customer or lease. Actual outcomes depend on market conditions, incentives, vacancy, refurbishment costs and lease negotiations.
4. Managing properties and capital for partners
Goodman operates an investment-management platform in addition to owning and developing property. Capital partners may provide equity for portfolios or projects, while Goodman contributes capital, sourcing, development capability, leasing expertise and ongoing management.
Services to partnerships can include investment management, property management and development management. Goodman may therefore earn fees and other management income even when a partnership owns the underlying warehouse. Its staff can oversee leasing, maintenance coordination, development delivery, reporting and portfolio strategy on behalf of those investors.
This structure creates two important measures that readers should keep separate:
| Measure | What it describes | What it does not prove |
|---|---|---|
| Total portfolio | The value of property across Goodman and its partnerships. | That Goodman owns every asset directly. |
| External assets under management (AUM) | Assets managed for external investors through the investment-management platform. | The value of Goodman’s wholly owned property or its consolidated balance sheet. |
At 31 December 2025, Goodman reported AUD 87.4 billion of total portfolio value across the group and partnerships, and AUD 75.2 billion of external AUM. Those numbers answer different questions and should not be added together or described as wholly owned Goodman warehouses.
How Goodman makes money
The business combines three operating sources: investment earnings, management earnings and development earnings. Their relative importance changes with property values, leasing conditions, project completions, transactions and the timing of fees.
| Activity | Economic role | HY26 proportional contribution to operating earnings |
|---|---|---|
| Investment | Income and value exposure from Goodman’s property investments, including interests held with partners. | 27% |
| Management | Fees and related earnings from managing investments, properties and development programs for partnerships and other capital providers. | 24% |
| Development | Earnings generated by developing and delivering industrial property for Goodman, partnerships or third parties. | 49% |
The 27%, 24% and 49% figures are proportional contributions to operating earnings for HY26, not percentages of revenue, assets or cash flow. Development was the largest contributor in that six-month period, but the mix can move from one reporting period to another.
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Does Goodman own its warehouses?
Some properties are held directly by Goodman, but the group’s logistics model is not limited to wholly owned buildings. It invests through partnerships in which outside capital providers share ownership, and it manages assets that belong to those partnerships.
The answer depends on which property or measure is being discussed:
- Direct holdings: Goodman has its own investment exposure and receives the associated property income and value changes.
- Partnership holdings: Goodman and capital partners invest together; the partnership owns the asset and Goodman may also manage it.
- Managed assets: Goodman provides investment, property or development management for assets that may be owned entirely or partly by external investors.
- Development projects: A project may be built for Goodman, a partnership or a third party, so the eventual owner can differ from the developer and manager.
Consequently, a statement such as “Goodman owns AUD 87.4 billion of warehouses” would be too broad. The more accurate description is that Goodman’s reported portfolio across the group and partnerships was AUD 87.4 billion in HY26.
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What the latest operating figures show
The following figures come from Goodman’s results for the six months ended 31 December 2025, released in February 2026. They are company-reported interim measures in Australian dollars.
| Indicator | HY26 figure | How to interpret it |
|---|---|---|
| Total portfolio | AUD 87.4 billion | Property across Goodman and partnerships; not direct ownership only. |
| Occupancy | 95.9% | The reported share of space occupied at the reporting date. |
| Like-for-like net property income growth | 4.2% | Growth from comparable properties held across the periods. |
| Average expected future rent reversion | Approximately 12% | Company estimate of potential uplift to market rents; not guaranteed. |
| Development work in progress | AUD 14.4 billion | 51 projects in 12 countries at the reporting date. |
| WIP pre-commitment | 40% | Portion of the pipeline with an occupier commitment. |
| WIP weighted average lease expiry | 13.6 years | Average remaining lease term for the WIP portfolio as reported. |
| External AUM | AUD 75.2 billion | Assets managed for external investors at 31 December 2025. |
These statistics are snapshots tied to a specific reporting period. Occupancy, pipeline value, pre-commitments, rent expectations and AUM can change as leases expire, projects complete, assets are acquired or sold, and valuations move.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why capital partnerships matter
Industrial developments require large amounts of land, construction funding and long-term operating capability. Partnerships allow Goodman to work with investors that want exposure to logistics real estate without building an operating platform themselves.
For Goodman, the arrangement can provide several benefits:
- Access to more equity for acquisitions and developments.
- Risk sharing on individual assets and projects.
- Recurring management income from investment and property services.
- Opportunities to retain an investment stake while managing the wider portfolio.
For capital partners, the value proposition is access to Goodman’s sourcing, development, leasing and asset-management capabilities. The arrangement also means the partner bears its share of property, financing, construction and market risk. Partnership structures, fees and ownership percentages vary by vehicle and are not established by the portfolio totals alone.
How to read Goodman’s reporting without mixing measures
Separate portfolio value from external AUM
Portfolio value covers property across Goodman and partnerships. External AUM refers to assets managed for outside investors. AUM is a measure of the management platform, not a second pool of wholly owned property.
Label the reporting period
HY26 means the six months ended 31 December 2025. FY25 means the year ended 30 June 2025. A half-year operating-earnings mix and a full-year earnings amount describe different periods and cannot be compared as if they were the same interval.
Distinguish earnings from revenue and assets
The 27% investment, 24% management and 49% development split is a proportional operating-earnings contribution. It is not a breakdown of total revenue, portfolio value or assets under management.
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An estimated 12% average reversion indicates a gap between current and market rents in the company’s portfolio assumptions. It does not mean every tenant will pay 12% more at renewal, nor does it remove vacancy and leasing-cost risk.
What Goodman is—and is not
| Goodman is | Goodman is not |
|---|---|
| An industrial-property investor | A freight carrier moving customers’ goods |
| A developer of logistics and other industrial facilities | A retailer selling the inventory stored in those facilities |
| A landlord leasing space to business customers | A guarantee that every building in its portfolio is directly owned |
| An investment, property and development manager for partnerships | An operator whose portfolio consists only of warehouses; data centres and other property types are included |
Typical risks and operational dependencies
Goodman’s model links earnings to several conditions. Lower occupancy or weaker rents can reduce property income. Construction delays, higher costs or planning problems can affect development earnings. Rising interest rates and changes in property valuations can influence investment returns and partner appetite. Lease expiries create both opportunity, through rent reversion, and risk, if space cannot be renewed promptly.
Partnership exposure adds another layer: assets may be managed by Goodman but funded and owned with other investors. The group’s results therefore reflect not only its own properties but also the timing of development completions, transactions and management fees from partnership platforms.
The practical answer in one sentence
Goodman Group finds and funds strategic industrial sites, develops and leases logistics facilities, invests directly and with capital partners, and earns investment, management and development income from operating that property platform.
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