Satisfying a global customer base

Last year, Goodman continued to meet the demands of a global customer base, with our overall property portfolio boasting occupancy of 96%, like-for-like rental growth of 1.9%, and $357 million in property income from 3.4 million sqm of space leased. Throughout the year, our proven customer offering, geographically diversified operating platform and extensive infrastructure all continued to play key roles in our strongly performing portfolio.

However, we also continued to add value for our global customers by staying focused on the quality of our properties and actively managing assets across our portfolio. We undertook upgrades to existing properties and pursued higher and better use opportunities to realise greater value for our assets. We also selectively disposed of properties where value had been maximised and better value was evident elsewhere.

Our urban renewal activities and gateway city strategy are two examples of where our focus on investing in quality and location were put into practice.

A stronger position

Maintaining our strategy of focusing on areas of urban renewal requires active management. Last year, the total value of the sites we sold and conditionally contracted was $1.6 billion. This activity is now returning capital to Goodman, strengthening our financial position.

We also took advantage of strong asset pricing with $2.2 billion of asset sales activity (excluding urban renewal sites) across the Group and our various Partnerships. This is consistent with our ongoing focus of improving the quality of our property portfolio and its income stream and providing capital to help develop our own new, higher quality properties.