The ratings on Goodman Australia Industrial Fund (GAIF), an unlisted Australia-based wholesale property trust, reflects our opinion of the fund's relatively stable cash flow generation derived from a high-quality portfolio of industrial and office park assets; GAIF's strong market position and experienced property management team; and the fund's high occupancy levels and solid lease-maturity profile. Partly tempering these strengths are the fund's high gearing level; potential for increased exposure to development; and susceptibility to cyclical real-estate-market conditions. The fund's strategy to invest in and develop 'prime' industrial and business space assets as well as its diversified tenant base underpin the portfolios' stable cash flows. At Sept. 30, 2011, GAIF had invested interests in 107 Australian industrial and office assets valued
