Overview Key strengths Key risks High-quality shopping center portfolio with geographic diversity primarily across Australia's east coast. Mixed consumer sentiment because of lackluster, volatile economic conditions. Disciplined management of development and enhancement projects consistent with the fund's growth strategy and revised financial policies. Rising interest rates resulting in higher debt financing costs in the short-to-medium term. Long-term investment mandate that supports income stability. Higher target gearing range resulting in weakened credit metrics. Management links with Queensland Investment Corp. Exposure to discretionary consumer spending and tenant demand cycles, including a shift to e-commerce. In our view, QPF's sizable and diversified retail portfolio is strategically located in growth corridors with defined catchment areas. The centers are prominent within their respective markets and
