Goodman Group’s (GMG) first half result was strong with an operating profit before interest and tax of $452.3 million up 28% on the prior corresponding period. All divisions contributed but the development and asset management segments were the standout performers with reported EBIT growth of 39% and 66% respectively. The investment segment remains the largest contributor (43%) but growth was limited to 5.3% as the timing of asset sales impacted income over the period. Capitalisation rates continue to grind tighter (from 7.0 – 6.6%) meaning revaluation gains on the portfolio exceeded $600 million. Subscribers can access the updated Full Research Report and recommendation on Goodman Step-Up Preferred Units by clicking here.