GPT GROUP — Annual Report 2008

Feb 26, 2009

GPT Group Appendix 4E

_______________

Appendix 4E

GPT Group (comprising General Property Trust and its controlled entities and GPT Management Holdings Limited and its controlled entities)

Annual Financial Report For the year ended 31 December 2008

Results for announcement to the market

(all comparisons to year ended 31 December 2007)

2.1 2.2 2.3	Total revenues and other income Profit from operations as assessed by Directors(1) Net loss after income tax expense attributable to stapled security holders	-75% $470.2 m -23% $468.8 m -375% ($3,253.5) m down down down to to to	-75% $470.2 m -23% $468.8 m -375% ($3,253.5) m down down down to to to
2.4	Distributions		Amount per stapled security
	December 2008 quarter This distribution was declared on 26 February 2009 and is expected to be paid on 27 March 2009.		2.1 cents
2.5	Record date for determining entitlement to the distributions		10 March 2009
2.6	Brief explanation of any figures in 2.1 to 2.4 necessary to enable the figures to be understood: Refer to the attached announcement for a detailed discussion on the performance of the GPT Group's results for the year ended 31 December 2008.
6.0	Details of individual and total dividends or distribution payments.	Amount per stapled security	Total
	December 2007 quarter paid 28 March 2008 March 2008 quarter paid 27 May 2008 June 2008 quarter paid 26 September 2008 September 2008 quarter paid 27 November 2008	7.3 cents 7.2 cents 4.2 cents 4.2 cents	$153.3 m $154.7 m $92.4 m $93.1 m
7.0	Details of any dividend or distribution reinvestment plans in operation Refer below and Note 18 of the Annual Financial Report. The DRP will not apply to the December 2008 quarterly distribution
9.0	Net tangible assets per security	$1.43 31 Dec 2008	$3.86 31 Dec 2007

(1) Profit from operation attributable to security holders of GPT represents Directors’ assessment of realised operating income which is profit/(loss) after taxation but before net gain from fair value adjustments to investment properties (including share of associates and joint venture), net foreign exchange gain, net gain on derivatives, impairment expense, revaluation of hotel properties, portfolio depreciation and amortisation expenses, net gain/(loss) on disposal of assets, non-cash revenue adjustments, the impact of external minority interests, the fair value changes in derivatives and the associated taxation impact.

GPT Group Appendix 4E

_______________

10.0	Details of entities over which control has been gained or lost during the period
	Refer to note 21 to the financial statements.
11.0	Details of associates and joint ventures entities
	The associate and joint ventures’ whose contribution to the GPT Group’s net profit	as at 31 December 2008 is considered most significant
	to understanding the financial statements are detailed below:
	Name of associate and joint venture entities	Contribution to GPT Group's
		net loss
		$M
	Joint Ventures
	Entities Incorporated in Australia
	2 Park Street	(24.3)
	1 Farrer Place	(14.2)
	Entities Incorporated in United States
	Benchmark GPT LLC	(143.6)
	B&B GPT REIT LLC	(43.1)
	B&B GPT Holdings (No.1) LLC (CWC)	(17.9)
	Entities Incorporated in Europe
	BGP Investments SARL	(279.1)
	Associates
	Entities Incorporated in Australia
	GPT Wholesale Shopping Centre Fund	(42.6)
	GPT Wholesale Office Fund	(52.4)

Refer to Note 11 of the Annual Financial Report for names and percentage holdings of each joint venture and associate.

Distribution Reinvestment Plan

GPT introduced a Distribution Reinvestment Plan (DRP) to eligible securityholders in March 2007. During 2008, the DRP was applied to the December 2007, March and June 2008 quarterly distribution. The DRP was suspended for the September 2008 quarter with the announcement of the $1.6 billion equity raising.

Under the terms of the DRP, eligible securityholders are able to elect to reinvest all or part of their quarterly distribution in additional stapled securities, free of any brokerage or other transaction costs, rather than being paid in cash. Securities are issued and/or transferred at a predetermined price, less any discount that the Directors may elect to apply from time to time. The DRP issue price was based on the arithmetic average of the daily volume weighted average price of GPT Group stapled securities traded on the Australian Securities Exchange for the ten business days preceding the relevant quarterly distribution record date, adjusted to an ex-dividend rate, of up to 1.5% discount rounded to the nearest cent.

Underwriting the Distribution Reinvestment Plan

GPT also entered into an underwriting agreement on 17 October 2007. Under this agreement GPT has the option to elect before each quarterly distribution payment whether to have that distribution underwritten. The terms of the agreement provide that the underwriter fully underwrites distribution payments in exchange for GPT stapled securities of the securityholders who had not elected to participate in the DRP. The stapled securities are to be issued at the same price as securities issued under the DRP to other GPT securityholders.

At 31 December 2008, 77,106,342 (Dec 2007: 22,219,109) new stapled securities relating to the distribution for the December 2007 and March 2008 quarters were issued under the underwriting agreement. The DRP for the June 2008 quarter was not underwritten.