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 expectation that Goodman Australia Industrial Partnership (GAIP) would prudently manage the timing and execution of its asset sales or equity issuance to fund its committed development pipeline. As a result, we expect GAIP to maintain an adjusted debt to EBITDA below 6.0x and funds from operations (FFO) to debt consistently above 12% at the top of its leverage range. Downward pressure on the rating could occur if GAIP adopted a more-aggressive growth strategy, or introduced more-speculative development
