Overview Key strengths Key risks Portfolio comprises high-quality retail assets. Single-asset concentration (Highpoint Shopping Centre represents 57% of total assets) coupled with limited geographic diversity. Supportive financial policies with low net gearing (16.7% as of Sept. 30, 2024). Soft retail conditions and subdued consumer sentiment, albeit improving. Earnings visibility from long-term major tenant leases (top 10 tenants account for 23.8% of total rent). Higher borrowing costs that weigh on credit metrics. Asset upgrades and tenant remixing initiatives that improve asset quality. The fund has maintained low gearing, with a ratio of net debt to total assets of 16.7% as of Sept. 30, 2024. This follows debt repayments funded by divestment proceeds from Casuarina Square and Wollongong Central in fiscal 2022
