This report does not constitute a rating action. Overview Key strengths Key risks High-quality and diversified portfolio comprising Australian office (48%), retail (33%), and industrial (19%) property assets. Higher debt-financing costs amid maturity of lower interest rate hedges. Earnings and rental growth supported by solid lease-maturity profile, high occupancy, and tenant diversity. Execution, pre-lease commitments, and delays associated with North Tower, Waterfront Precinct, Horizon 3023, Ravenhall, Airds Road, Minto, developments. Prudent capital management consistent with conservative policies, including long-term target gearing range of 10%-20%. A diverse portfolio of high-quality property assets underpins Dexus Wholesale Property Fund's (DWPF) credit quality. The fund benefits from a A$13 billion portfolio, comprising 39 assets across office, retail, and industrial property sectors as of June
