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Goodman Group is an industrial-property investor, developer, landlord and manager. Its logistics business owns or co-invests in warehouses and distribution facilities, develops new sites, leases completed buildings to customers, and manages properties and development programs for capital partners. It is not a freight carrier or a retailer.
The group combines three earnings streams—investment, management and development—so its reported portfolio can include assets owned by Goodman, assets held with partners and projects being delivered for third parties.
What Goodman Group is
Goodman Group is an ASX-listed property group made up of three stapled entities: Goodman Limited, Goodman Industrial Trust and Goodman Logistics (HK) Limited. It operates internationally as a specialist industrial-property investor and manager.
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In practical terms, Goodman sits between real-estate ownership and property-services businesses. It can put its own capital into industrial sites, raise or deploy capital alongside investment partners, develop buildings, lease them, and provide investment, property and development management services to partnerships.
That structure matters because a figure described as Goodman’s “portfolio” is not automatically a list of buildings owned outright by the group.
How the logistics property business works
1. Select strategic industrial sites
The process starts with selecting land or existing industrial property that can serve distribution and supply-chain demand. Goodman invests directly and with capital partners. The facilities are generally positioned in urban or otherwise strategic locations where proximity to customers, transport links and population centres can support logistics use.
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Outbyte PC Repair FREEClear out junk files and repair common Windows errorsFree Scan →Outbyte Driver Updater FREEScan for outdated or missing drivers - takes under a minuteDriver Scan →At this stage, Goodman is making a property-investment decision rather than transporting goods itself. The value proposition is the location and physical infrastructure: land, building capacity, access and the ability to accommodate customers’ distribution operations.
2. Develop or redevelop facilities
Goodman develops logistics facilities for its own investment vehicles, for partnerships and for third parties. Development can involve new warehouses, distribution centres or other industrial formats, including multi-storey projects where land is constrained.
Development work is tracked through a work-in-progress pipeline. In the six months ended 31 December 2025 (HY26), Goodman reported AUD 14.4 billion of development work in progress across 51 projects in 12 countries. Forty percent of that pipeline was pre-committed, meaning a customer commitment existed for that portion before completion. The WIP portfolio had a weighted average lease expiry of 13.6 years.
The pipeline is therefore both a construction program and a future income source. Projects can generate development earnings as they progress, then add investment income after completion if Goodman or a related partnership retains the property.
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3. Lease and operate completed buildings
Once a facility is completed, customers occupy it under leases. Goodman reports operating indicators such as occupancy, property income and changes in rent. Customers may use the buildings for storage, fulfilment, distribution or other industrial purposes, but Goodman is the landlord and property manager rather than the customer’s logistics operator.
For HY26, Goodman reported 95.9% occupancy across the relevant portfolio and 4.2% like-for-like net property income growth. Like-for-like growth compares the performance of a comparable property set rather than simply adding newly acquired or newly completed buildings.
Goodman also estimated approximately 12% average future rent reversion to market rents. That is an estimate of potential rent uplift as leases renew or reset; it is not a guaranteed increase for every building or lease. Actual outcomes depend on lease terms, timing, location, tenant demand and market conditions.
4. Manage assets and projects for capital partners
Goodman invests alongside capital partners through an investment-management platform. It can manage partnership portfolios and provide investment management, property management and development management services.
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That arrangement lets a partnership own an interest in a warehouse while Goodman earns management-related fees and may also hold a co-investment. It also means the group can influence a larger pool of property than its directly owned balance-sheet assets alone would suggest.
5. Earn from the completed property and the services around it
The business model combines recurring property exposure with service and development income. A completed warehouse can produce investment income from rent. Managing a partnership can produce management earnings. Designing and delivering a project can produce development earnings. The proportions vary with construction completions, transactions, lease events and fee timing.
Does Goodman own all of its warehouses?
No. Goodman invests directly, but it also owns or develops property with partnerships and undertakes projects for third parties. The distinction is important when reading headline numbers.
| Measure | What it represents | Qualification |
|---|---|---|
| Total portfolio: AUD 87.4 billion | The Goodman Group and Partnerships portfolio reported for HY26 | Not equivalent to directly owned assets only; company-reported for the six months ended 31 December 2025 |
| External assets under management: AUD 75.2 billion | Assets managed for external investors through the investment-management platform | Distinct from total portfolio value; reported at 31 December 2025 |
| Development WIP: AUD 14.4 billion | Projects under development across 51 projects in 12 countries | 40% was pre-committed; includes work for Goodman, partnerships and third parties |
The AUD 87.4 billion portfolio includes Goodman and partnership assets. The AUD 75.2 billion external-AUM figure describes assets managed for outside investors. Neither number should casually be labelled “wholly owned Goodman property.”
How Goodman makes money
Goodman reports three principal operating activities: investment, management and development. For HY26, the proportional contributions to operating earnings were 27% from investment, 24% from management and 49% from development.
| Activity | How it works | HY26 proportional contribution to operating earnings |
|---|---|---|
| Investment | Income and value associated with Goodman’s interests in industrial property and partnerships | 27% |
| Management | Investment, property and development management services provided to partnerships and other capital vehicles | 24% |
| Development | Developing facilities for Goodman, partnerships or third parties and recognising development-related earnings | 49% |
These percentages are proportional contributions to operating earnings, not percentages of revenue, assets or cash flow. The mix can change from one reporting period to another because development completions, transactions and fees do not occur evenly.
For a separate full-year reference, Goodman’s FY25 annual report reported 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 percentages as though they covered the same period.
What the current operating figures show
The following figures come from Goodman’s HY26 reporting for the six months ended 31 December 2025. They are company-reported measures in Australian dollars.
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| Indicator | HY26 figure | How to read it |
|---|---|---|
| Total portfolio | AUD 87.4 billion | Goodman Group and Partnerships combined |
| Occupancy | 95.9% | Share of space occupied in the reported portfolio |
| Like-for-like net property income growth | 4.2% | Growth for a comparable property set |
| Average expected future rent reversion | Approximately 12% | Company estimate of potential movement toward market rents, not a guaranteed result |
| Development work in progress | AUD 14.4 billion | 51 projects in 12 countries |
| Pre-committed share of WIP | 40% | Portion with customer commitments before completion |
| WIP weighted average lease expiry | 13.6 years | Average lease term measure for the WIP portfolio |
| External assets under management | AUD 75.2 billion | Externally managed platform at 31 December 2025 |
These indicators answer different questions. Occupancy describes current use of space; like-for-like net property income growth describes operating income movement; rent reversion describes possible future repricing; WIP describes projects still being delivered; and AUM describes the externally managed platform.
Why capital partners are central to the model
Large industrial projects require substantial capital. By investing alongside pension funds, institutions or other capital providers, Goodman can participate in larger portfolios and development programs than a single balance sheet might support.
The partnership model also separates ownership from management. A partner may own an interest in a warehouse or development vehicle, while Goodman supplies the investment decisions, leasing and property oversight, and development expertise. Goodman can therefore earn management income even when it does not own 100% of the underlying asset.
In HY26, 38% of current development work in progress was being undertaken for partnerships or third parties. That statistic illustrates why the development pipeline should not be interpreted as a list of projects that Goodman will own outright after completion.
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The following sequence describes the business model, not a specific Goodman project:
- Identify a location. Goodman and its partners assess an urban or strategic industrial site for access, land economics and likely customer demand.
- Secure capital and control. The project may be funded by Goodman, a partnership, or a third-party arrangement.
- Design and build. Goodman’s development team delivers the warehouse or distribution facility and tracks it within development work in progress.
- Pre-commit or lease space. A customer may commit before completion, contributing to the pre-committed portion of the pipeline, or lease space after delivery.
- Operate the property. The building generates rental income while Goodman or its appointed managers oversee the property relationship.
- Manage the investment vehicle. If the building sits in a partnership, Goodman can continue providing investment, property and development management services.
This lifecycle explains why Goodman’s earnings do not come only from rent. The same project can create development earnings during delivery, management earnings through the partnership structure and investment income once the completed property is held and leased.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How to interpret Goodman’s logistics metrics
Occupancy is not the same as profitability
A 95.9% occupancy rate indicates that most reported space was occupied, but it does not by itself reveal rent levels, operating costs, debt costs or the profitability of individual properties.
Rent reversion is potential, not contracted revenue
The approximately 12% average expected reversion is a company estimate across the portfolio. It does not mean every lease will rise by 12%, nor does it specify that all increases will occur in the next year. Lease expiries, negotiations and market rents determine when and whether that potential is realised.
Portfolio value and AUM answer different ownership questions
Total portfolio value includes Goodman and Partnership assets. External AUM focuses on assets managed for external investors. Comparing the two without their definitions can make the group appear to own more property than it does directly.
Half-year and full-year figures cannot be mixed casually
HY26 covers the six months ended 31 December 2025. FY25 covers the year ended 30 June 2025. A half-year operating-earnings mix and a full-year dollar amount are not like-for-like measures.
What Goodman Group does not do
- It is not a freight carrier that transports customers’ goods.
- It is not a retailer selling the inventory stored in its facilities.
- It is not solely a warehouse owner; its portfolio also includes other industrial formats, business parks and data centres.
- It does not necessarily own every asset included in a reported portfolio or manage every project for its own account.
Its role is to provide industrial real estate and the investment, leasing, property and development capabilities surrounding that real estate.
Why the business mix can change
Investment income tends to reflect the properties and partnership interests being held. Management earnings depend on the assets and vehicles under management and the fees associated with them. Development earnings are influenced by the timing of construction, completions, customer commitments and transactions.
As a result, a period with many project completions can show a larger development contribution, while another period may show a different balance between investment, management and development. The HY26 split of 27%, 24% and 49% is a snapshot for that reporting period, not a permanent business ratio.
The practical answer
Goodman Group builds and invests in the physical infrastructure used by modern supply chains. It acquires or controls industrial sites, develops warehouses and distribution centres, leases them to customers, and manages properties and development programs for capital partners. Its logistics-property business is therefore an integrated platform rather than a simple warehouse-rental operation.
The clearest way to understand any Goodman figure is to ask three questions: Is the number about investment, management or development? Does it cover Goodman-owned assets, partnership assets or externally managed assets? And is it a HY26 or FY25 measure? Those distinctions explain both how the business works and why its headline portfolio, AUM and earnings figures are not interchangeable.
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