GPT Wholesale Shopping Centre Fund

Overview Key strengths Key risks Portfolio of high-quality Australian retail assets Concentrated portfolio with largest asset representing 47% of total assets and limited geographic diversity Stable earnings and cash flow supported by long-term leases Exposure to discretionary consumer spending and tenant demand that is being affected by a shift to e-commerce Supportive financial policies Short-term volatility in earnings due to COVID-19 social-distancing measures and temporary renegotiation of tenant lease payments We expect continued recovery in earnings for the fund over the next 12 to 18 months as retail conditions normalize and return to pre-COVID-19 levels. The fund manager has taken several actions to support its financial health, including reducing the allocated capital expenditure (capex), and withholding distributions to unitholders for

...In our view, Australia-based GPT Wholesale Shopping Centre Fund (GWSCF) has some buffer in its credit metrics to absorb further disruptions from the COVID-19 pandemic. We expect continued recovery in earnings for the fund over the next 12 to 18 months as retail conditions normalize and return to pre-COVID-19 levels. The fund manager has taken several actions to support its financial health, including reducing the allocated capital expenditure (capex), and withholding distributions to unitholders for the March, June,...

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