Overview Key strengths Key risks A diverse and high-quality asset portfolio that generates stable cash flow. Earnings growth eroded by an escalation in interest costs. Significant scale and diversity with geographic presence across major Australian cities. Office exposure faces challenges with low occupancy and hybrid working. Development pipeline concentrated in logistics sector that is expected to enhance diversity of earnings. Ongoing capital required for refurbishment and development. Our base case expectation is for cash flow growth in the fiscal year ending Dec. 31, 2024. Persistent and increasing interest costs will remain a drag on funds-from-operations. GPT's all-in-cost of debt will likely increase to above 5% from 4.7%. GPT's interest costs are relatively well protected from movements in rates, with 88%
