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 A business strategy that is focused on a total return derived from predominantly income-generating assets Ongoing refurbishment and development exposure The stable outlook on GPT Group reflects our expectation that the group will continue to grow its high-quality asset base consistent with its diversified strategy, produce solid rental income, and adopt a moderate operating strategy. We believe that GPT's commitment to disciplined financial policies and financing strategy will maintain its credit metrics consistent with funds from operations (FFO)-to-debt greater than 12% and statutory net debt-to-assets not breaching 35%. The rating could
