DEXUS Wholesale Property Fund

Overview Key strengths Key risks High-quality, diversified portfolio of Australian retail, office, and industrial property assets. Exposure to potential structural changes in demand from office and retail tenants post COVID-19. Solid lease-maturity profile, high tenant occupancy, and good tenant diversity. Rental incentives likely to remain elevated over the next 12 months while tenant demand remains subdued. Conservative financial policies and prudent capital management with gearing within target range of 10%-20%. Office portfolio's geographic concentration with 57% weighting to Sydney markets. In our view, DWPF's diversified exposure across multiple property sectors provides some insulation to pandemic related headwinds in the retail and office sectors. The fund's A$10.9 billion portfolio as of Sept. 30, 2021, comprises 43 assets concentrated in the eastern

...Dexus Wholesale Property Fund's (DWPF) high-quality and diversified portfolio of office, retail, and industrial property assets underpin the fund's credit quality. In our view, DWPF's diversified exposure across multiple property sectors provides some insulation to pandemic related headwinds in the retail and office sectors. The fund's A$10.9 billion portfolio as of Sept. 30, 2021, comprises 43 assets concentrated in the eastern seaboard of Australia, with approximately 95.1% of assets in New South Wales, Victoria, and Queensland. The portfolio's solid lease maturity profile and ability to maintain high occupancy of a well-diversified tenancy base support the company's credit quality....

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