Goodman produced another strong result. I'm proud of our global team, with all regions consistently executing our strategy and delivering for our customers and Investment Partners. We are in a solid position for the year ahead.
The headline numbers in this year's results reflect the positive performance of our underlying operations.
Our portfolio is of high quality and our properties around the world continue to drive our operational result. We saw property fundamentals steadily improve during the year, achieving like-for-like net property income growth of 3.2% and 98% occupancy across the portfolio.
Strong customer demand globally is driving our development workbook and we've increased work in progress to $3.6 billion across 80 projects in 12 countries. Importantly, the majority of our development work is in our Partnerships, resulting in efficient capital deployment for Goodman and enhanced returns for our Partners.
Goodman's Partnerships continued to perform strongly, with 15% average return for our Partners this year. External assets under management also grew to $35.1 billion. This was driven by $2.8 billion in revaluation gains and $3.5 billion in development completions across the Group and Partnerships.
At Goodman, we make decisions for the long term. Our strong performance in FY18 is due to years of long-term decision-making by our people around the world.
By taking this approach in all we do from implementing our business strategy to selectively acquiring real estate and working with global stakeholders – we continue to build a sustainable business that can meet the expectations of our customers, team members, Partners, investors and the community, now and in the future.
Our positive results have not caused us to become complacent. We are constantly evaluating opportunities and keeping abreast of changes influenced by technology and other market drivers. To complement this, we have created an environment that enables us to be flexible and capitalise on the opportunities that will deliver on our long-term strategy.
We are constantly evaluating opportunities and keeping abreast of changes influenced by technology and other market drivers.
Change equals opportunity
Our industry as well as our customers' industries, are going through transformational change, providing challenges, but opportunities too.
Advances in technology, changes in consumer behaviour, and the concentration of our portfolio in key urban centres continue to drive customer demand for industrial space, while generating positive returns for our Investment Partners.
In this evolving environment, it is essential to be proactive, understand the market and provide flexible solutions to help our customers service their customers.
Having the right property in the right location is critical to our customers' success. They want to be close to consumers and operate at maximum efficiency. That's why we're seeing greater investment in warehouses – in technology, in seeking out premium locations and in commitment to extended leases.
The year ahead
To support future returns – as well as development activity and asset growth – we'll be looking to more intensive use of Goodman's existing sites and their timely development into higher value assets.
With market conditions expected to remain favourable for FY19, the outlook across our business is positive.
We're looking beyond the financial metrics to ensure we build a sustainable business for the long-term.
While we're pleased with our positive results, we always strive to do better. We're looking beyond the financial metrics to ensure we build a sustainable business for the long-term.
We're doing this in a number of ways. We're designing the best properties in the best locations, so our customers can do even better for their customers. We're creating a workplace where our people can reach their full potential. And we're sharing our resources with the Goodman Foundation partners to support charities in their own missions.
We're not content with good at Goodman - we strive to be great. And we want our stakeholders to achieve greatness too. This couldn't be achieved without the hard work and dedication of our people around the world. I would like to sincerely thank the team and, on behalf of them, extend my gratitude to all our stakeholders for their ongoing support.