Stable cash flow from a diversified portfolio of high-quality Australian retail, office, and industrial property assets Exposure to discretionary consumer expenditure and the cyclical office and industrial property markets Target gearing policy range of 25%-to-35% A business strategy that is focused on the total return from income-generating assets in Australia Ongoing refurbishment and development exposure The positive outlook on GPT Group (GPT) is based on our expectation that over the next two years the group will improve its competitive position and profitability by growing its domestic asset base consistent with its financial policies. We expect that GPT will maintain the following credit metrics: funds from operations (FFO)-to-debt greater than 9%, interest coverage of more than 2.4x, and statutory debt-to-assets not
