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Goodman forecasts 7.5% climb in operating earnings for FY'17

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Goodman forecasts 7.5% climb in operating earnings for FY'17

Goodman Group anticipates growth in its full-year 2017 operating earnings per security of 7.5% year over year.

The group forecasts operating earnings per security of 43.1 Australian cents for the period, a reaffirmation of its outlook announced in February, which represented a strengthening from the 42.5 cent-per-security figure that was floated in November 2016.

The operating earnings forecast came on the back of the group's view that demand for prime industrial assets across its global portfolio was going to remain firm and capitalize on an expected uptick in urbanization and consumerism.

Meanwhile, Goodman received A$296 million in annual net property income from the 2.5 million square meters of space it and its partners leased within the nine months to March. The group maintained a occupancy rate of 96% at its owned assets, as well as a retention rate of 81% among its tenants.

As part of its selective asset rotation strategy to pay for its development pipeline, Goodman also offloaded more than A$200 million worth of properties during the first quarter of 2017, including the A$120 million Macquarie Park plot disposal in Sydney. It added that the pace of its property sales would likely slow down, moving forward.

As of June 6, US$1 was equivalent to A$1.33.