Diversified portfolio of industrial and office park assets Solid market position and experienced property management team Exposure to cyclical real-estate-market conditions Financial policies that are consistent with an "intermediate" financial risk profile, including target gearing (total debt to total assets) ratio of 30%-40% Potential for increased exposure to property development over time "Adequate" liquidity The stable outlook reflects our expectation that Goodman Australia Industrial Fund (GAIF) will prudently manage the timing and execution of its asset sales and equity issuance to fund its committed development pipeline and maintain gearing within target levels. We also expect the fund will operate at a financial profile that is commensurate with the 'BBB' rating, including gearing (total debt to total assets) at less than
