Australian Prime Property Fund Retail

Overview Key strengths Key risks Portfolio of good-quality shopping centers in population growth corridors across Australia Financial headroom at the 'A-' rating remains under pressure Modest portfolio diversity by geography and tenant base Gearing to remain at the upper end of the fund's targeted range, and could increase as the fund progresses with its unitholder redemption plan Access to Lendlease's integrated end-to-end business model and experienced asset management team Exposure to discretionary consumer spending and tenant demand that is being affected by a shift to e-commerce The fund's portfolio of eight retail assets, excluding Harbour Town Gold Coast (HTGC),comprises primarily major and super-regional assets in population growth corridors across Australia. The fund also enjoys a high occupancy level--97.4% as of

...Australian Prime Property Fund Retail's (APPF Retail) portfolio of good-quality retail assets across Australia underpins its business position. The fund's portfolio of eight retail assets, excluding Harbour Town Gold Coast (HTGC),comprises primarily major and super- regional assets in population growth corridors across Australia. The fund also enjoys a high occupancy level--97.4% as of end- September 2021--and a reasonably well-spread lease expiry profile. The quality of the group's portfolio, together with proactive and effective management, should help temper structural industry risks associated with the ongoing migration of retail sales to online channels....

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