Overview Key strengths Key risks Portfolio comprising high-quality retail assets. Asset concentration (a single asset comprises 57% of total portfolio) combined with limited geographic diversity. Supportive financial policies with a robust net gearing position (16% at Sept. 30, 2023). Weaker consumer sentiment and lower discretionary spending due to cost-of-living pressures. Earnings visibility driven by top 10 tenants accounting for 25% of total rent. Higher borrowing costs because of increased interest rates. Asset upgrades and refurbishment initiatives to improve asset quality. The fund has maintained low net gearing (16% as of Sept. 30, 2023) following debt reductions funded by asset divestments made across fiscal 2022 (year ended June 30, 2022). This compares with its targeted gearing of 10%-30%. GWSCF's current gearing
