Diversified portfolio of industrial and office park assets Solid market position and experienced property management team Exposure to cyclical real-estate-market conditions Supportive financial policies Potential for increased exposure to property development over time Prudent capital management to fund developments 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 maintain fully adjusted EBITDA interest coverage of more than 2.4x and funds from operations (FFO)-to-debt of more than 9%. Downward pressure on the rating could occur if GAIF adopted a more-aggressive growth strategy, or introduced more speculative
