Overview Key strengths Key risks Large portfolio of high-quality retail and office assets, with a leading position in Singapore. Higher leverage compared with peers. Diverse rental income and tenant base. Smaller scale and less geographically diversified compared with similarly rated global peers. Stable earnings with above-average operating metrics. Sectoral disruption from e-commerce and hybrid work trends. Track record of good operational management. Assets within its portfolio are well-located and typically possess premium specifications such as green features and flexible space offerings. Its higher quality retail and office assets relative to the wider market enables it to outperform in terms of occupancy. Portfolio occupancy remained stable at 94% as of June 30, 2022. This supports our forecast of adjusted revenue increasing
