Stable cash flow from a diversified portfolio of high-quality Australian retail, office, and industrial property assets Exposure to discretionary consumer spending trends and the cyclical office and industrial property markets Minimal development exposure Conservative financial policies Prudent capital management to fund developments Substantial flexibility to use debt The stable outlook reflects our expectation that DEXUS Wholesale Property Fund (DWPF) will continue to grow and manage its high-quality asset base. We anticipate that DWPF will maintain a conservative approach to development exposure and capital management to support the 'A' credit profile over the medium-to-long term. This includes maintaining funds from operations (FFO) to debt at more than 15%, which is consistent with the fund's targeted gearing range of 10%-20% (debt to
