This report does not constitute a rating action. Overview Key strengths Key risks Portfolio comprises high-quality retail assets Rising borrowing costs, partially mitigated by reasonably high interest-rate hedge coverage over the next 12 months Improved portfolio quality, diversification and scale via recent asset acquisitions Softer consumer spending from higher interest rates and cost-of-living pressures Supportive financial policies, with a track record of conservative gearing levels Single-asset concentration (Highpoint Shopping Centre represents 40% of total assets) and limited geographic diversity Earnings visibility from long-term major tenant leases (top 10 tenants account for 22% of total rent) GPT Wholesale Shopping Centre Fund (GWSCF) has improved its portfolio scale and diversification, in our view. We recently loosened our downside trigger ratios for the
