Goodman, Stockland & Mirvac Deliver Strong FY26 Growth as GMG Locks In 20-Year Tokyo Data Centre Lease

These companies have advanced their investment case, led by the fundamental strength, despite the market struggling due to interest rate hikes.

Goodman Group (ASX: GMG) 

Announced on 18 August 2026 that they have signed a 20-year lease with a hyperscale customer for the first 50 MW phase of Tsukuba Tech Central, Goodman’s 1 W campus in Greater Tokyo. GMG acquired the 45-hectare site in 2022 and will be fully fitted and operated by Goodman. It will be ready to service in early 2028.

The campus has secured power from TEPCO and exclusive dark fibre connectivity, providing the infrastructure needed to support large-scale AI and cloud workloads. It has an efficient cooling design, minimum noise and energy performance exceeding Japan’s latest efficiency supply. GMG continues to work with its customers and local utilities on renewable electricity supply for the campus.

The binding constraint in those markets is grid connection capacity where data centres are required, which takes years to secure, making Tsukuba Tech Central unique.

Stockland (ASX: SGP) 

Announced on 19 August 2026 its FY26 result for the period ending in June 2026, delivering strong results led by strong FFO and NTA uplift. FFO increased by 10.4% YoY to $892M, making FFO per security up by 9.1% YoY to 36.9 cps. Management fees income grew at a 3-year CAGR growth of 25.1% to $119M, led by an expanded partnering platform driving high fees.

Development FFO increased by 17.3% YoY to $540M driven by materially higher settlement volumes and fee income. Masterplanned Communities (MPC) lot settlements rose by 30% to 8,902, with net sales rising by 49% to 8,541. The Land Lease Communities (LLC) increased by 48% to 777, and net sales reached 1,080 (+885 YoY). Commercial development continues the same path, with $0.8B completed and $1.2B commenced in projects.

SGP reported a statutory profit of $994M, up 20.2% YoY. Operating cash flow reached $876M and reported a net operating cash inflow of $1.19B in 2H FY 2026. SGP has declared a distribution of 25.2 cps with a 69% payout ratio. Total AUM and Stockland reached 21.9M, reporting a 3-year GAFR growth of 14.2%, making a recurring ROIC of 7% and a development ROIC of 17%. The available liquidity increased to $3.2B, and gearing declined to 22.7%. SGP's average debt maturity reached 5.3 years, and the cost of debt remained flat at 5.3%.

Mirvac Group (ASX: MGR) 

Announced on 19 August 2026 its FY26 result for the period ending in June 2026. Group EBIT increased by 12% to $826M, operating profit after tax increased by 7% to $508M and statutory profit increased by a massive 8.96x to 667M, highlighting strong operational performance and cost management.

MGR has reported an EPS of 12.9 cps, an increase of 7% YoY, and declared a DPS of 9.5 cps, up 6% YoY.   Mirvac's third-party capital under management increased by +12% YoY to $18.1B. The residential exchanges increased by 15% YoY to 2,425 lots, with residential gross margin up 9% YoY to 23.9%. Total assets under management reached $23.7B, the investment portfolio increased by $10.5B, and the development pipeline reached $27B.

Mirvac is targeting an operating EPS of 13.2-13.4 cps, representing ~2-4% growth, and a distribution of 9.9 cps for FY27.

Conclusion

Despite having a rate increase and house prices going down, these companies have delivered strong results, supported by new revenue streams, growth and operational efficiency. The recent announcement strengthens the investors' confidence and makes a mid- to long-term investment case for these companies, supported by the companies' fundamentals.

(Source: Company Announcements)