Summary: Goodman Australia Industrial Partnership

Diversified portfolio of industrial and office-park assets Solid market position and experienced property management team Exposure to cyclical industrial real estate market Supportive financial policies Potential for increased exposure to property development Prudent capital management to fund developments The stable outlook reflects our view that Goodman Australia Industrial Partnership (GAIP) (formerly known as Goodman Australia Industrial Fund) 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. The partnership is likely to maintain fully adjusted EBITDA interest coverage of more than 2.4x and funds from operations (FFO)-to-debt ratio of more than 9%. Downward pressure on the rating could occur if GAIP adopted a more-aggressive

Summary