Stable cash flow from a diversified portfolio of high-quality Australian retail, office, and industrial property assets Exposure to discretionary consumer expenditure and the cyclical office and industrial property markets Target gearing policy range of 25%-to-35% A business strategy that is focused on the total return from income-generating assets in Australia Ongoing refurbishment and development exposure The positive outlook reflects our expectation that GPT Group will continue to grow its asset base and maintain high-quality assets while adhering to disciplined financial policies. We anticipate GPT will continue with its diversified strategy and ongoing healthy growth in its fund management businesses, which are supportive for its business risk profile. We expect that GPT will maintain funds from operations (FFO)-to-debt greater than 12%
