The stable outlook on GPT reflects our expectation that the group will over the next 12-24 months continue to grow its high-quality asset base in line with its diversified strategy, produce solid rental income, and adopt a moderate operating strategy. We believe GPT's commitment to disciplined financial policies and financing strategy will help the group maintain the ratio of FFO to debt at more than 12% and of adjusted net debt to adjusted total tangible assets at less than 35%. We could lower the rating if GPT's investment portfolio underperforms our expectations, or management adopts a less-diversified operating strategy. Downward pressure could also occur if GPT purchases weaker quality assets, or increases development activity that weaken its business risk profile.