GPT ANNUAL RESULT 2 010

GPT Annual Result Data Pack

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Charlestown Square, Newcastle

GPT Overview ...............................................................3 Financial Performance...................................................7 Retail Portfolio ............................................................21 Office Portfolio ............................................................56 Industrial Portfolio .......................................................89 Development .............................................................110 Funds Management...................................................118

All information included in this pack includes GPT owned assets and GPT’s interest in the Wholesale Funds (GWSCF and GWOF), unless otherwise stated

GPT ANNUAL RESULT 2 010 GPT Overview

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GPT Overview

GPT’s core portfolio consists of high quality properties in the Retail, Office and Industrial sectors. The portfolio includes some of the most iconic buildings in Australia and award winning developments. GPT’s investment management team is focused on maximising returns across the portfolio.

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GPT Core Portfolio Diversity
9% Industrial
Highpoint Shopping Centre, Melbourne Darling Park 1,2 and 3, Sydney Quad Business Park, Sydney
Retail Portfolio Industrial Portfolio
Office Portfolio
17 Shopping Centres 20 Assets 19 Assets
32% Office 59% Retail
1.17m Sqm GLA 865,000 Sqm NLA 578,000 Sqm NLA
3,500+ Tenants 300+ Tenants 50 Tenants
$5.2b Portfolio $2.8b Portfolio $792m Portfolio
10.7% IRR 10.0% IRR 9.7% IRR
Note: IRR is unlevered, based on annual cash flows, and excludes Newcastle and industrial surplus land.
Excludes wholesale fund assets, Homemaker centres and any divestments. As at 31 December 2010.
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Note: IRR is unlevered, based on annual cash flows, and excludes Newcastle and industrial surplus land. Excludes wholesale fund assets, Homemaker centres and any divestments. As at 31 December 2010.

Core Portfolio

Comparable income growth of 4.7% in Retail, 1.6% in Office and 2.7% in Industrial was delivered in 2010.

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Highpoint Shopping Centre, Victoria
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Core portfolio performance Year Ending 31 Dec 2010	Investments1	Comparable income growth	Weighted average lease expiry2 (years)	Weighted average cap rate	Occupancy3
Retail	55.0%	4.7%	n/a	6.21%	99.9%
Offce3	29.3%	1.6%	5.2years	7.14%	97.8%
Industrial Portfolio	8.4%	2.7%	6.5years	8.48%	98.4%
Total	92.7%	3.2%
1. Retail excludes Homemaker City Portfolio (non-core). Retail and Offce include GPT’s equity interest in each Fund. Remaining 7% mainly comprises of Ayers Rock Resort, US Seniors Housing and Homemaker City Portfolio. 2. WALE and occupancy by income. 3. Occupancy represents committed space.

Valuation movement ($m)	2010 12 months to 31 Dec	2010 6 months to 30 Jun	2009 12 months to 31 Dec	2009 6 months to 30 Jun
Retail	84.8	14.5	(348.0)	(140.5)
Offce	23.6	17.9	(295.3)	(42.1)
Industrial Portfolios	(1.7)	(4.1)	(69.2)	(2.4)
Total	106.7	28.3	(712.5)	(185.0)
Note: Includes GPT’s interest in GWOF and GWSCF. Includes Industrial development assets.

Non-Core Assets

GPT made considerable progress in its program of exiting non-core assets, with $1.2 billion of assets sold during 2010 and early 2011. With the vast majority of non-core assets now divested, GPT is focused on optimising its portfolio of high quality Australian properties.

The sale of Ayers Rock Resort announced in October, subject to settlement expected in the first quarter of 2011, has completed GPT’s exit from the Hotel and Tourism sector.

In addition, GPT recently announced the sale of its US Seniors Housing Portfolio for $890 million substantially completing GPT’s exit from its offshore portfolio.

Together these transactions deliver on GPT’s commitment to return to the ownership, management and development of high quality Australian real estate. The remaining noncore assets include four high quality Homemaker Centres, which GPT will look to divest when market conditions improve, and small interests in two European funds.

Remaining Non-Core Assets as at 31 December 2010	Remaining Non-Core Assets as at 31 December 2010
Asset	($m)
RemainingHomemaker CityPortfolio	195.4
Interest in DAF/GRP	23.0
Total	218.4

Composition Pre Asset Sales

Composition Post Asset Sales

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as at 31 December 2010
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as at 31 December 2010 as at 31 December 2010
7% 0%
15%
14%
9%
8% 51% 55%
21%
20%
Retail Funds Management Retail Funds Management
Office Non-Core Office Non-Core
Industrial Industrial
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GPT ANNUAL RESULT 2 010 Financial Performance

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Results Summary

GPT returned to delivering earnings growth in 2010, with a 9.1% increase in realised operating income compared to the previous year and a return to a statutory A-IFRS net profit of $707.3 million.

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Results Summary 31 Dec 10 31 Dec 09 Change
Year Ending 31 December
Realised Operating Income (ROI) from continuing 530.8 534.2 q0.6%
operations ($m)
Discontinuing operations ($m) 57.7 49.9 p16%
Finance and Corporate Overheads (178.5) (208.3) q14%
Total Realised Operating Income ($m) 410.0 375.8 p9%
A-IFRS net profit/(loss) ($m) 707.3 (1,070.6) p166%
ROI per ordinary security (cents) [1] 20.7 23.8 q13%
Distribution per ordinary security (cents) [1] 16.3 22.5 q28%
1. Includes the impact of the 5 for 1 security consolidation effective 19 May 2010 and an additional 4,810,220,943 stapled securities issued over 2009
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ROI per ordinary security (adjusted) [1] 31 Dec 10
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ROI per ordinary security (adjusted)1	31 Dec 10

Weighted average number of securities	1,855.5m
Realised operating income (ROI)	$410.0m
Less distribution on exchangeable securities	$25.0m
Total	$385.0m
ROI per ordinary security	20.7 cents
Distribution per ordinary security2	16.3 cents
1. Number of securities has been adjusted for the 5 to 1 security consolidation effective 19 May 2010 2. Represents 80% payout ratio.

Segment Performance

The segment analysis shows significant savings in corporate overheads and solid performance from Retail and Industrial.

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Segment Performance 31 Dec 10 31 Dec 09 Comment
Year ending 31 December ($m)
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Segment Performance Year ending 31 December ($m)	31 Dec 10	31 Dec 09	Comment

Retail	267.3	268.3	Comparable income up 4.7%
Offce	114.8	115.4	Comparable income up 1.6%
Industrial	54.4	49.9	Comparable income up 2.7%
Funds Management3	94.3	98.6	Equity stakes sold down Dec 10
Hotel/Tourism	29.6	53.3	Reduced number of assets
US Seniors Housing	23.7	18.6	Higher occupancy
European Funds Management	4.4	(21.0)	GPT Halverton sold in 2009
Other2	0.0	1.5
Corporate
- Interest expense	(149.8)	(175.1)	Reduced debt level
- Corporate overheads	(28.7)	(33.7)	Achieved effciencies
Total Realised Operating Income (ROI)1	410.0	375.8
1. Realised Operating Income is pre distribution on exchangeable securities. 2. Other includes development proft and Joint Venture in 2009. 3. Comprises $22.7m in funds managment fees and $86.8m in distribution income less $11.5m in costs and a tax expense of $3.7m.

Realised Operating Income to Statutory Results

The statutory results analysis shows the effects of valuation movements, disposals and financial instruments. The 2010 statutory profit improved significantly following major valuation write downs in 2009 as a result of the global financial crisis.

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Realised Operating Income (ROI) to Statutory Results ($m) 31 Dec 10 31 Dec 09
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Realised Operating Income (ROI) to Statutory Results ($m)	31 Dec 10	31 Dec 09

Core Business1	530.8	534.2
Non-core Operations ROI	57.7	49.9
Financing and corporate overheads	(178.5)	(208.3)
Realised Operating Income	410.0	375.8
Changes in Fair Value of Assets (non cash)
1.Valuation movements
Core Portfolios and Funds Management (Australia)	102.8	(774.5)
Hotel/Tourism Portfolio	(4.4)	(85.9)
European Funds Management	(9.5)	(79.3)
US Seniors Housing	245.9	(37.8)
Joint Venture Fund	4.8	(1,092.9)
2.Proft/Loss on disposals	12.1	(18.5)
3.Financial instruments marked to market value and foreign exchange gains	5.2	695.1
Other Items	(59.6)	(52.6)
Statutory net proft (loss) after tax	707.3	(1,070.6)
1. Includes development proft of $1.9 million in 2009

Investments and Income

Proportion of Real Estate investments

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as at 31 December
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Proportion of income
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as at 31 December

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2010 2009 2010 2009
7% 6% 10% 8%
4%
7%
10%
16%
8% 17%
8%
9%
9%
8%
51% 50% 45% 48%
20%
20%
20%
19%
Retail GWOF Retail GWOF Retail Funds Retail Funds
Office GWSCF Office GWSCF Office Management Office Management
Industrial Non-Core Industrial Non-Core Industrial Non-Core Industrial Non-Core
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NTA Movement

Net tangible assets per security increased to $3.60, including the impact of GPT’s 5 to 1 security consolidation completed in May 2010.

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Securities on Issue Number of NTA Movement Net Assets No. Securities NTA per security
Securities ($m) (million) ($)
Opening balance 1 Jan 2010 9,277,584,743 NTA position at 31 December 2009 [1] 6,636.0 9,599.5 0.69
5 to 1 security consolidation (7,422,055,312) Acquisitions 12.9
completed 19 May 2010 Additions 317.6
31 Dec 2010 balance post 1,855,529,431
consolidation [1] Disposals (133.3)
1. Excludes exchangeable securities, which if converted at current Revaluations 464.7
conversion rate of $3.883, would equate to 64.4 million securities. Movement in Cash/Receivables/Other (93.0)
Movement in Assets 568.9
Change in Debt (268.8)
Movement in Provisions (3.3)
Movement in Derivative and Other Liabilities [1] (30.1)
Movement in Liabilities (302.2)
5 to 1 security consolidation (19 May 2010) (7,422.1)
Adjustment to potential stapled securities from (257.5)
the conversion of Exchangeable Securities
NTA position at 31 Dec 2010 6,902.7 1,919.9 3.60
1. Number of securities include “potential stapled securities” assuming the conversion of exchangeable securities at an exchange price of $0.7766.
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Capital Management Summary

A major achievement in 2010 was a reduction in the Group’s cost of debt in the face of a rising interest rate environment. The average cost of borrowings in 2010 was 7.4%, further improving on the forecast of 8.2%.

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Gearing ($m) 31 Dec 10
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Gearing ($m)	31 Dec 10

Total assets	9,751.7
Less: intangible assets	(51.8)
Total tangible assets	9,699.9
Current borrowings	34.3
Non-current borrowings	2,418.2
Total borrowings	2,452.5
Headline Gearing	25.3%
Net Gearing1	24.9%

Average Cost of Debt

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8.2%
7.4%
6.9%
Fees
Margin
Floating rate
Fixed rate
Feb 10 Guidance Actual 2010 Guidance 2011
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Balance Sheet Overview 31 Dec 10 31 Dec 09
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Balance Sheet Overview	31 Dec 10	31 Dec 09

Total assets	$9,752m	$9,163m
Total debt	$2,453m	$2,184m
Net gearing1	24.9%	23.5%
Interest cover2	3.7x	2.9x
Weighted average cost of debt (incl fees and margins)	6.73%	6.83%
Weighted average term to maturity	5.0 years	3.3 years
Weighted average term of interest rate hedging	5.7 years	4.7 years
Credit ratings	A-/A3	BBB+/Baa1
1. Borrowings less cash/total tangible assets less cash. 2. The calculation of interest cover under GPT’s covenants excludes capitalised interest. Capitalised interest for 12 months to 31 December 2010 was $29.3 million.

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Interest Cover ($m) 31 Dec 10
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Interest Cover ($m)	31 Dec 10

Realised operating income	410.0
Less: tax credit	(6.6)
Add: Gross Finance Costs for the period (excluding capitalised interest)2	151.6
Earnings before Interest & Tax	555.0
Gross Finance Costs	151.6
Interest Cover	3.7x

Look Through Gearing

Look through gearing has reduced to 29.7%, down from 31.6% at December 2009.

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Look Through Gearing GPT Group GWOF GWSCF US Seniors European Other [2] 31 Dec 10
as at 31 Dec 2010 ($m) Housing Funds
Share of assets of non-consolidated entities
Group total tangible assets 9,699.9 9,699.9
(i) Plus: GPT share of assets of non-consolidated entities 0.0 1,070.8 452.8 881.0 101.8 894.5 3,401.0
(ii) Less: total equity investment in non-consolidated entities 0.0 (897.7) (393.9) (312.0) (13.5) (838.3) (2,455.4)
(iii) Less: GPT loans to non-consolidated entities 0.0 0.0 0.0 (60.0) 0.0 (13.2) (73.2)
Total look through assets 9,699.9 173.1 58.9 509.0 88.3 43.0 10,572.3
Group total borrowings 2,452.5 2,452.5
(iv) Plus: GPT share of external debt of non-consolidated entities 0.0 145.4 45.4 472.3 76.1 0.0 739.2
Total look through borrowings 2,452.5 145.4 45.4 472.3 76.1 0.0 3,191.7
Look through gearing 30.2%
Based on net debt [1] 29.7%
1. Net debt equals debt less cash/total tangible assets less cash. 2. Retail, Office, Hotels and master-planned communities (held in associates).
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Look Through Gearing Post US Seniors Housing Sale

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Pro Forma Look Through Gearing as at GPT Group GWOF GWSCF US Seniors European Other [2] 31 Dec 10
31 Dec 2010 - Post US Seniors Sale ($m) Housing Funds
Share of assets of non-consolidated entities
Group total tangible assets 9,348.0 9,348.0
(i) Plus: GPT share of assets of non-consolidated entities 0.0 1,070.8 452.8 0.0 101.8 894.5 2,520.0
(ii) Less: total equity investment in non-consolidated entities 0.0 (897.7) (393.9) 0.0 (13.5) (838.3) (2,143.4)
(iii) Less: GPT loans to non-consolidated entities 0.0 0.0 0.0 0.0 0.0 (13.2) (13.2)
Total look through assets 9,348.0 173.1 58.9 0.0 88.3 43.0 9,711.3
Group total borrowings 2,149.2 2,149.2
(iv) Plus: GPT share of external debt of non-consolidated entities 0.0 145.4 45.4 0.0 76.1 0.0 266.9
Total look through borrowings 2,149.2 145.4 45.4 0.0 76.1 0.0 2,416.1
Look through gearing 24.9%
Based on net debt [1] 24.3%
1. Net debt equals debt less cash/total tangible assets less cash. 2. Retail, Office, Hotels and master-planned communities (held in associates).
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Debt

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Debt Cost Debt ($m) Interest rate (%)
As at 31 Dec 2010
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Debt Cost As at 31 Dec 2010	Debt ($m)	Interest rate (%)

Hedged debt	1,995	5.13%
Floating debt	463	4.81%
Total debt	2,4571	4.94%
Margin		1.27%
Fees		0.52%
All-in cost of funds		6.73%
1. Face value excluding unamortised establishment fees.

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52%
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Sources of Drawn Debt

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3%
9%
36%
Domestic Bank Debt
Foreign bank debt
MTNs
CPI Bonds
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Debt Funded Capacity Current Gearing Investment Capacity ($m)
As at 31 Dec 2010
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Debt Funded Capacity As at 31 Dec 2010	Current Gearing	Investment Capacity ($m)

Balance Sheet	25%	700
Wholesale Funds
- Offce	11%	854
- Retail	10%	590
Total		2,144

Criteria for investment (IRR)	Criteria for investment (IRR)
Retail	8.5-9.5%
Offce	9-10%
Industrial	10-11%

Sources of Debt Facilities

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3%
6%
40%
Domestic Bank Debt
Foreign bank debt
MTNs
CPI Bonds
51%
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Debt Facilities

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Current Debt Facilities as at 31 Dec 2010
Outstanding Maturity Limit Available Start Date Maturity Limit
($m) (equiv) Date ($m) ($m) Date ($m)
(equiv)
(equiv) (equiv)
30 Nov 11 31 Oct 17 150
Multi Option Bilateral 175 22 Aug 11 175 0
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Current Debt Facilities as at 31 Dec 2010	Current Debt Facilities as at 31 Dec 2010	Current Debt Facilities as at 31 Dec 2010	Current Debt Facilities as at 31 Dec 2010	Current Debt Facilities as at 31 Dec 2010
	Outstanding ($m) (equiv)	Maturity Date	Limit ($m) (equiv)	Available ($m) (equiv)	Start Date	Maturity Date	Limit ($m) (equiv)
					30 Nov 11	31 Oct 17	150
Multi Option Bilateral	175	22 Aug 11	175	0
Bank Facility – 111 Eagle St	69	30 Nov 11	151	82	1 Oct 12	1 Oct 15	300
					26 Oct 12	26 Oct 16	200
Euro Multi Option Syndicated Facility1	1,361	26 Oct 12	1,315	(46)
					26 Oct 12	26 Oct 17	75
Bank Facility – Somerton	76	31 Mar 13	76	0	26 Oct 12	31 Oct 17	150
Bank Bilateral	140	31 Mar 13	140	0	26 Oct 12	26 Oct 18	150
Medium Term Notes	211	22 Aug 13	212	1	22 Aug 11	26 Oct 18	175
Bank Bilateral	97	31 Mar 15	220	123			1,200
Bank Bilateral	97	31 Mar 15	220	123
Bank Bilateral	147	26 Oct 15	200	53
CPI indexed bonds2	85	10 Dec 29	85	0
Total Borrowings	2,4573		2,793	336
1. The €1.05 billion limit at balance date is less than when the actual drawdowns occurred. The facility permits a 5% exchange rate overdrawn limit, which was not exceeded. 2. Swapped to fxed 5% 3. Face value excluding unamortised establishment fees.

Liquidity Profile

Liquidity has been reduced by $2.1 billion during 2010, reducing expensive line fees.

Liquidity Profile as at 31 December 2010[1]

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1.2
1.0
0.8
0.6
0.4
0.2
0.0
Cash balance Undrawn Current Fwd Start Reduced Asset 2011 Debt facility Excess liquidity
31 Dec 10 existing liquidity Facilities distribution sales Development expiries at 31 Dec 2011
facilities costs and
maintenance
capital
expenditure
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Post sale of US Seniors Housing

Hedging Profile

A number of the Group’s expensive hedges were restructured in December 2010.

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Hedging Profile as at 31 Dec 10
Hedging Average Rate on hedged Principal amount of derivative Principal amount of fixed rate
Position balance excl Margins financial instruments ($m) borrowings ($m)
31 Dec 10 5.13% 1,911 84
31 Dec 11 4.99% 1,680 84
31 Dec 12 5.07% 1,880 84
31 Dec 13 5.18% 1,840 85
31 Dec 14 5.09% 1,490 85
31 Dec 15 5.09% 840 85
31 Dec 16 4.91% 490 85
Hedging Profile as at 31 December 2010
3,000 6.0%
5.13% 5.03% 4.99% 5.08% 5.07% [5.11%] 5.18% 5.15% 5.09% 5.10% 5.09% 5.12% 4.91%
2,500 5.0%
2,000 Forecast Debt 4.0%
Hedges
1,500 WA fixed rate 3.0%
1,000 2.0%
500 1.0%
0 0 0.0%
Dec 10 Jnn 11 Dec 11 Jnn 12 Dec 12 Jnn 13 Dec 13 Jnn 14 Dec 14 Jnn 15 Dec 15 Jnn 16 Dec 16
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Other Key Information

Bond market snapshot

Global bond markets have performed strongly in 2011 YTD, driven by improved macroeconomic fundamentals and a scarcity of new corporate issuance
This dynamic could change if geopolitical risk or other negative newsflow intensifies
Recent bond issuance by A-REITs has focused on the A$ and US$ markets
Credit spreads have shown a tightening bias in recent months, although this has been offset by rising government bond yields

Australian Corporate Issuance

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10
8
6
4
2
0
2009 2010 2011
USD AUD EUR
Global Credit Spreads
170
160
150
140
130
120
110
100
90
80
70
Feb 10 Feb 10 Feb 10 Feb 10 Feb 10 Feb 10 Feb 10
USD AUD EUR GPT CDS
Volume (A$bn)
Jan Feb Mar Apr May Jun JUL Aug Sept Oct Nov Dec Jan Feb Mar Apr May Jun JUL Aug Sept Oct Nov Dec Jan Feb
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GPT ANNUAL RESULT 2 010

Retail Portfolio

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Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s Retail investments of $5.2 billion include a portfolio of assets held on the Group’s balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF), giving GPT access to a broad range of retail assets.

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1
4
10
Canberra
1
6
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Northern Territory

GPT Owned

Casuarina Square

Queensland

GPT Owned

Sunshine Plaza (50% with APPF)* Homemaker City Aspley Homemaker City Fortitude Valley Homemaker City Jindalee

Australian Capital Territory

GPT Owned

Westfield Woden (50% with Westfield)*

New South Wales GPT Owned

Charlestown Square (Hunter Region)

Erina Fair (Central Coast) (50% with APPF)*

Westfield Penrith (50% with Westfield)* Rouse Hill Town Centre Newcastle CBD Land Holdings

GWSCF Owned

Carlingford Court

Forestway Shopping Centre Macarthur Square (50% with APPF)*

Norton Plaza

Wollongong Central (Illawarra Region)

Victoria

GPT Owned

Dandenong Plaza Melbourne Central

Highpoint Shopping Centre (16.67%)

Homemaker City Maribyrnong (16.67%)

GWSCF Owned

Chirnside Park

Parkmore Shopping centre Highpoint Shopping Centre (50%) Homemaker City Maribyrnong (50%)

l Number of assets in each state

Not managed by GPT

Retail Portfolio Summary

A key feature of GPT’s Retail Portfolio is the quality of the assets, which attracts both tenants and customers. This is evidenced by the high level of occupancy at 99.9% and low level of arrears which underpins the income performance of the Portfolio.

Top Ten Tenants

As at 31 December 2010

Portfolio by sub-sector As at 31 December 2010

Asset Quality

As at 31 December 2010

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Name Income
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Name	Income

Woolworths	5.8%
Wesfarmers	5.4%
Myer	3.6%
Just Group	2.4%
Hoyts	1.9%
Colorado Group	1.3%
Prouds	1.2%
Luxottica Group	1.2%
Sussan	1.1%
Cotton On Clothing	1.1%
1. Based on gross rent (including turnover rent).

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5%
1%
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94%
Regional
Sub Regional
Other
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100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
GPT Peer 1 Peer 2 Peer 3 Peer 4
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Regional Sub Regional Other
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Retail Portfolio Summary

The high quality Retail Portfolio, has been built over approximately 40 years and currently consists of interests in 17 shopping centres and 4 Homemaker City (bulky goods) centres. GPT intends to divest the Queensland Homemaker City assets over time.

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Property Ownership GLA (100% 31 Dec 31 Dec External or Retail 12 mths to Annual Occ Cost Specialty
interest) 2010 Fair 2010 Cap Directors Occupancy Dec 10 Sales (Specialty) Sales
(sqm) Value Rate Valuation Income Turnover ($psm)
($m) ($m) ($m)
GPT Portfolio
Casuarina Square, NT 100% 52,700 448.1 6.00% Directors 100.0% 28.4 375.4 14.1% 10,473
Charlestown Square, NSW 100% 86,300 827.4 6.00% External n/a 12.9 244.1 16.6% 8,449
Dandenong Plaza, VIC 100% 62,000 190.0 8.50% Directors 100.0% 19.2 239.4 17.7% 6,381
Erina Fair, NSW 50% 113,500 376.7 6.25% Directors 99.6% 23.1 615.2 17.5% 7,541
Melbourne Central, VIC 100% 55,100 812.5 5.75% Directors 100.0% 48.4 352.2 18.3% 9,259
Highpoint Shopping Centre,VIC 16.67% 123,000 208.3 6.00% Directors 99.9% 12.3 778.1 20.8% 9,151
Homemaker City, Maribrynong, VIC 16.67% 21,200 9.2 9.00% Directors 100.0% 0.8 n/a n/a n/a
Homemaker City Portfolio, QLD 100% 84,600 195.4 9.48% [1] Directors 98.1% 17.4 n/a n/a n/a
Rouse Hill Town Centre, NSW 100% 69,400 481.1 6.25% Directors 100.0% 32.8 354.0 16.3% 6,153
Sunshine Plaza, QLD 50% 72,600 343.1 6.00% Directors 99.9% 21.7 509.4 17.3% 10,642
Westfeld Penrith, NSW 50% 92,200 516.5 6.00% External 100.0% 30.3 579.2 19.3% 10,013
Westfeld Woden, QLD 50% 71,800 320.0 6.25% External 99.1% 19.6 427.2 17.8% 9,338
GSWCF Portfolio
Carlingford Court, NSW 100% 33,000 165.5 7.50% External 99.8% 12.7 180.5 16.2% 8,628
Chirnside Park, VIC 100% 37,900 200.2 7.00% Directors 100.0% 14.7 274.1 14.2% 9,965
Forestway Shopping Centre, NSW 100% 9,600 72.1 7.75% Directors 100.0% 5.7 98.3 14.2% 10,041
Highpoint Shopping Centre, VIC 50% 123,000 626.6 6.00% Directors 99.9% 36.9 778.1 20.8% 9,151
Homemaker City, Maribyrnong, VIC 50% 21,200 27.5 9.00% External 100.0% 2.4 n/a n/a n/a
Macarthur Square, NSW 50% 94,800 385.8 6.25% Directors 99.9% 23.3 535.7 17.7% 8,657
Norton Plaza, NSW 100% 11,900 97.2 7.00% Directors 100.0% 6.7 98.0 10.0% 12,960
Parkmore Shopping Centre, VIC 100% 36,800 178.6 7.75% Directors 100.0% 14.1 230.5 14.7% 7,663
Wollongong Central, NSW 100% 38,000 294.9 6.75% External 99.9% 16.7 166.7 17.3% 8,725
Total 1,166,400 6.21% [2] 99.9% [2] 6,058.0 17.7% [3] 8,801 [3]
1. Weighted average Homemaker City portfolio capitalisation rate. 2. Includes GPT shopping centres (excludes QLD Homemaker City Portfolio) and GPT interest in GWSCF. 3. GPT & GWSCF, excludes centres under development (Wollongong and
Charlestown Square), and Norton Plaza NOTE: Excludes Newcastle CBD land holdings.
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Retail Sales Summary

The Retail portfolio achieved comparable income growth of 4.7% from its shopping centres relative to 2009. This was despite relatively subdued sales growth across the industry in 2010.

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Moving Annual Turnover Occupancy Costs
Centre Name Centre MAT ($psm) Comparable Centre Specialty MAT Comparable Specialty Centre Specialty
MAT Growth ($psm) MAT Growth
GPT Owned
Casuarina Square [1] 7,871 2.9% 10,473 2.4% 9.2% 14.1%
Dandenong Plaza 4,091 0.6% 6,381 0.6% 11.0% 17.7%
Erina Fair 6,062 4.3% 7,541 4.5% 9.2% 17.5%
Melbourne Central Retail 7,148 (0.6%) 9,259 (1.1%) 15.9% 18.3%
Rouse Hill Town Centre 5,767 3.4% 6,153 7.3% 9.7% 16.3%
Sunshine Plaza [1] 8,229 0.9% 10,642 (1.3%) 10.0% 17.3%
Westfield Penrith 6,908 (2.2%) 10,013 (2.4%) 12.0% 19.3%
Westfield Woden 6,860 (1.3%) 9,338 1.6% 10.1% 17.8%
GWSCF Owned
Carlingford Court 6,686 (1.8%) 8,628 (2.4%) 8.4% 16.2%
Chirnside Park 8,153 1.9% 9,965 4.9% 6.4% 14.2%
Forestway 13,182 5.3% 10,041 8.0% 6.6% 14.2%
Highpoint 6,860 (1.0%) 9,151 (1.7%) 12.1% 20.8%
Parkmore 6,665 4.1% 7,663 4.4% 7.7% 14.7%
Macarthur Square 6,072 (0.4%) 8,657 (1.1%) 10.8% 17.7%
Total Portfolio 6,680 0.7% 8,801 0.5% 10.4% 17.7%
Centres Under Development
GPT Owned
Charlestown Square [1] 5,804 1.7% 8,449 (1.2%) 10.8% 16.6%
GWSCF Owned
Wollongong Central 5,601 15.6% 8,725 8.9% 12.4% 17.3%
Norton Plaza [2] 14,264 n/a 12,960 n/a 5.0% 10.0%
1.Casuarina does not include Monterey House; Charlestown does not include Pacific Hwy properties; Sunshine includes Plaza Parade, does not include Maroochydore Superstore or Horton Parade.
2.Norton Plaza, whilst not under development, has been excluded because it does not have a full 24 months of reported sales data. GPT reports in accordance with the Shopping Centre Council of Australia (SCCA) guidelines.
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Comparable Change in Retail Sales By Category

Sales were flat over 2010, as the effect of the previous year’s stimulus spending impacted comparable numbers and rising interest rates impacted consumer confidence.

Amongst the major retailers, cinemas showed the strongest growth comparable moving annual turnover (MAT) up 5.0%. Comparable MAT for department stores and supermarkets showed solid growth up 2.7% and 2.4% respectively. Discount department stores were the weakest performers, with comparable MAT down 4.6%. Amongst the specialty commodity groups, the strongest performers included mobile phone, jewellery and food catering. Homewares, general retail and leisure were the weakest performers throughout the year.

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Comparable Change in Retail Sales by Category 12 Months 6 Months
as at 31 Dec 2010
Department Store 2.7% 1.9%
Discount Department Store (4.6%) (3.8%)
Large format (2.1%) (1.6%)
Mini Major’s (3.3%) (2.7%)
Supermarkets 2.4% 3.5%
Cinemas 5.0% (4.7%)
Food Retail (0.8%) 0.8%
Food Catering 4.4% 5.0%
Apparel 0.4% 1.9%
Jewellery 4.5% 7.0%
Leisure (1.0%) 0.0%
General Retail (4.1%) (5.0%)
Homewares (7.2%) (4.5%)
Mobile Phone 5.9% 5.9%
Retail Services 3.6% 4.2%
Total Specialties 0.5% 1.6%
Total Centre 0.7% 1.0%
Excludes development and Norton Plaza
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Weighted Average Capitalisation Rate (WACR) – Retail

The Weighted Average Capitalisation Rate of the Retail Portfolio declined by five basis points over the past 12 months to 6.21% at 31 December 2010.

Weighted Average Capitalisation Rate (WACR as at 31 December 2010)[1]

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6.26% 6.26% 6.25%
6.21%
6.04%
5.84%
5.72%
5.63%
30 Jun 07 31 Dec 07 30 Jun 08 31 Dec 08 30 Jun 09 31 Dec 09 30 Jun 10 31 Dec 10
1. Excludes Newcastle landholdings and the QLD homemaker portfolio.
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Retail Occupancy Cost Analysis

GPT’s occupancy costs for the retail portfolio at 31 December 2010 were 17.7% compared with 16.8% at 31 December 2009.

Low arrears (0.3%) and high occupancy (99.9%) across GPT centres indicate that occupancy cost levels are not causing significant retailer distress. Over the last decade retailer profitability has grown in excess of sales so retailers have enjoyed even higher EBIT margins.

Quality regional centres will have greater capacity to increase rents above sales growth over the medium term. This is due to:

l Lack of greenfield sites for new developments;

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l Continued underlying population
growth in metropolitan markets; and
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l Ongoing retailer demand for premium sites,co-located with large anchors eg department stores.

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EBIT Margins for Listed Retailers versus GPT Occupancy Costs [1]
20.0%
6.0%
5.0% 17.5%
4.0%
15.0%
3.0%
2.0% 12.5%
FY04 FY05 FY06 FY07 FY08 FY09 FY10
Average EBIT Margins (LHS) GPT Occupancy Costs (RHS)
1. Source: Merrill Lynch and GPT
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Retail Valuation Summary

During 2010 46% of the GPT retail portfolio and 100% of the GWSCF portfolio was valued externally.

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Retail GPT Owned State Date Valuer Valuation Interest Discount Rate Terminal Current Capitalisation
($m) (%) Capitalisation Rate (%) Rate (%)
Casuarina Square NT 31 Jun 10 KF 444.0 100% 9.25 6.25 6.00
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Retail GPT Owned	State	Date	Valuer	Valuation ($m)	Interest	Discount Rate (%)	Terminal Capitalisation Rate(%)	Current Capitalisation Rate(%)
Casuarina Square	NT	31 Jun 10	KF	444.0	100%	9.25	6.25	6.00
Charlestown Square1	NSW	31 Dec 10	JLL	827.4	100%	9.00	6.25	6.00
DandenongPlaza	VIC	31 Oct 09	CBRE	201.0	100%	9.50	8.75	8.50
Erina Fair1	NSW	31 Oct 09	CBRE	375.0	50%	8.75	6.30	6.25
Melbourne Central2	VIC	30 Jun 09	Colliers	1,033.0	100%	Retail: 9.00	6.00	5.75
						Offce: 9.25	7.75	7.50
						Carpark: 10.75	8.25	8.00
Highpoint ShoppingCentre	VIC	n/a			16.67%	n/a
Homemaker CityMaribyrnong	VIC	n/a			16.67%	n/a
Newcastle CBD	NSW	31 Dec 08	KF	66.5	100%
Rouse Hill Town Centre	NSW	31 Dec 09	CBRE	475.0	100%	9.75	6.25	6.25
Sunshine Plaza1	QLD	30 Sep09	CBRE	341.2	50%	9.00	6.00	6.00
Westfeld Penrith1	NSW	31 Dec 10	CBRE	516.5	50%	8.75	6.00	6.00
Westfeld Woden1	ACT	31 Dec 10	KF	320.0	50%	9.00	6.50	6.25

Retail GWSCF owned	Retail GWSCF owned	Retail GWSCF owned	Retail GWSCF owned	Retail GWSCF owned	Retail GWSCF owned	Retail GWSCF owned	Retail GWSCF owned	Retail GWSCF owned
Carlingford Court1	NSW	31 Dec 10	Colliers	165.5	100%	9.50	7.75	7.50
Chirnside Park	VIC	31 Mar 10	Colliers	200.0	100%	9.50	7.25	7.00
ForestwayShoppingCentre	NSW	30 Jun 10	Colliers	72.0	100%	9.50	8.00	7.75
Highpoint ShoppingCentre	VIC	30 Sep10	JLL	625.0	50%	9.00	6.25	6.00
Homemaker CityMaribyrnong	VIC	31 Dec 10	JLL	27.5	50%	9.00	9.50	9.00
Macarthur Square1	NSW	30 Jun 10	CBRE	385.0	50%	9.00	6.25	6.25
Norton Plaza	NSW	31 Mar 10	Colliers	96.5	100%	9.50	7.25	7.00
Parkmore ShoppingCentre	VIC	31 Mar 10	JLL	178.0	100%	9.50	8.00	7.75
WollongongCentral1	NSW	31 Dec 10	KF	294.9	100%	9.25	7.00	6.75
1. Valuation includes ancillary assets. 2. Value includes retail, offce and car park.

Online Retailing

While online retailing is a large and growing market segment globally, the Australian online retail market is less established and has a much smaller market share than comparable overseas markets. GPT expects growth in internet retail sales in Australia to eventually accelerate to match overseas levels.

Customers will always need some level of interaction in their shopping experiences.

Market Share of Retail Sales Internet Retail Sales Market Share of Total Retail Sales

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by Channel
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GPT continued to focus on centres that offer a ‘shopping experience’ which will position it well to meet future changes in customer shopping needs.

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3% 2% 12%
4%
10%
8%
6%
4%
2%
91%
0%
Australia US Europe UK
Online Retailers Online Retailers
Australia Overseas
Traditional Retailers Traditional Retailers
Overseas Australia
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Retail Market Outlook

GPT expects sales growth of 3% in 2011 as the general economy and labour markets improve. This compares to the long term growth trend of 3.5%.

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Sales Growth v Trend
With almost full occupancy, a high
quality portfolio, and a high proportion of
structured rental increases, GPT is well
positioned to continue to deliver income
growth in 2011.
Structured rent increases
12%
Specialty MAT
Average 4.5% Specialty Cumulative MAT Trend Growth
increase
Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10
88% Source: GPT Sales Reports
Market
Fixed
Structured specialty rent increases for full year 2011.
Based on specialty base rent.
$’ Millions Moving Annual Turnover
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Retail Income and Fair Value Summary – GPT

GPT Portfolio ($m)	Income	Income	Income	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value
	Dec 09 (12 mths)	Dec 10 (12 mths)	Variance Dec 10	Fair Value Dec 09	Capex	Sales	Net Revaluations	Other Adjustments	Fair Value Dec 10
GPT Owned
Casuarina Square	27.2	28.4	1.2	433.4	10.5	0.0	4.4	(0.2)	448.1
Charlestown Square1	18.3	12.9	(5.4)	654.2	213.6	0.0	(39.7)	(0.7)	827.4
DandenongPlaza	18.7	19.2	0.5	201.0	1.8	0.0	(12.1)	(0.7)	190.0
Erina Fair2	21.9	23.1	1.2	375.4	1.4	0.0	2.2	(2.3)	376.7
Highpoint	4.2	12.3	8.1	200.0	1.9	0.0	6.4	0.0	208.3
Homemaker CityMaribyrnong	0.3	0.8	0.5	8.8	0.0	0.0	0.4	0.0	9.2
Westfeld Penrith	29.5	30.3	0.8	493.6	0.1	0.0	23.8	(1.0)	516.5
Sunshine Plaza3	20.9	21.7	0.8	341.4	1.8	0.0	1.0	(1.1)	343.1
Westfeld Woden	18.5	19.6	1.1	286.0	2.4	0.0	31.8	(0.2)	320.0
Homemaker CityAspley	4.7	4.2	(0.5)	47.0	1.3	0.0	(1.8)	0.0	46.5
Homemaker CityFortitude Valley1	3.0	3.0	0.0	32.0	0.0	0.0	(2.0)	0.0	30.0
Homemaker CityFortitude Valley2	2.7	2.5	(0.2)	35.0	0.0	0.0	(2.7)	(0.3)	32.0
Homemaker CityFortitude Valley3	3.9	3.3	(0.6)	35.0	0.4	0.0	3.1	(0.0)	38.5
Homemaker CityJindalee	4.8	4.5	(0.3)	49.0	1.1	0.0	(1.7)	(0.1)	48.4
Melbourne Central4	46.1	48.4	2.3	741.7	13.5	0.0	57.9	(0.6)	812.5
Rouse Hill Town Centre	30.5	32.8	2.3	475.0	6.1	0.0	4.1	(4.1)	481.1
Newcastle CBD	0.2	0.6	0.4	47.0	2.1	0.0	0.3	(0.3)	49.1
Asset Sold during theperiod
Floreat Forum	4.1	0.0	(4.1)	-	-	-	-	-	-
Homemaker CityCannon Hill	0.7	0.0	(0.7)	-	-	-	-	-	-
Homemaker CityMt Gravatt	2.0	0.0	(2.0)	-	-	-	-	-	-
Homemaker CityWindsor	1.3	0.0	(1.3)	-	-	-	-	-	-
Homemaker CityBankstown	3.2	1.2	(2.0)	24.0	0.7	(25.2)	0.3	0.2	-
GPT equity Interest in GWSCF	35.5	34.5	(1.0)	592.7	-	(207.9)	9.1	-	393.9
Total Retail	302.2	303.3	1.1	5,072.2	258.7	(233.1)	84.8	(11.3)	5,171.3
1. Includes Pacifc Highway, Charlestown 2. Includes	Erina Property Trust 3. Includes Plaza Parade and Horton 4. 50% of carpark transferred from offce to retail in Jan 2010. For comparative purposes Dec 09 income and fair value include 100% carpark.

Retail Income and Fair Value Summary – GWSCF

Portfolio valuations remained relatively flat over the year with the weighted average cap rate for the portfolio being 6.68%.

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GWSCF Portfolio Income Fair Value
Dec 09 Dec 10 Variance Fair Value Fair Value Cap Rate as Cap Rate as Latest External
$m $m Dec 10 Dec 09 Dec 10 at Dec 09 at Dec 10 Valuation
(12 mths) (12 mths) ($m) ($m) ($m) (%) (%)
Carlingford Court 12.7 12.7 0.0 167.8 165.5 7.50 7.50 31 Dec 10
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GWSCF Portfolio	Income	Income	Income	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value
	Dec 09 $m (12 mths)	Dec 10 $m (12 mths)	Variance Dec 10 ($m)	Fair Value Dec 09 ($m)	Fair Value Dec 10 ($m)	Cap Rate as at Dec 09 (%)	Cap Rate as at Dec 10 (%)	Latest External Valuation
Carlingford Court	12.7	12.7	0.0	167.8	165.5	7.50	7.50	31 Dec 10
Chirnside Park	13.7	14.7	1.0	197.6	200.2	6.75	7.00	31 Mar 10
ForestwayShoppingCentre	5.7	5.7	0.0	71.6	72.1	7.75	7.75	30 Jun 10
Parkmore ShoppingCentre	13.2	14.1	0.9	177.2	178.6	7.50	7.75	31 Mar 10
WollongongCentral	13.0	16.7	3.7	289.4	294.9	6.75	6.75	31 Dec 10
Macarthur Square	22.5	23.3	0.8	380.3	385.8	6.25	6.25	30 Jun 10
Highpoint ShoppingCentre	35.6	36.9	1.3	601.0	626.6	6.00	6.00	30 Sep10
Homemaker CityMaribyrnong	2.2	2.4	0.2	26.5	27.5	9.00	9.00	31 Dec 10
Norton Plaza/Berkeleow	6.3	6.7	0.4	98.0	97.2	6.75	7.00	31 Mar 10
Total	124.9	133.1	8.3	2,009.4	2,048.4	6.62	6.68

Sustainability

GPT continued to show improvement on its environmental performance for Retail in 2010 across all key performance measures.

Ongoing community and sustainability initiatives are a focus for the Retail portfolio. Engaging with our retailers and the communities in which our assets are located is an important area of competitive advantage for the Group.

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Water intensity (litres/m2) Energy MJ/m2
2,000 600
1,600 500
25% 27%
WATER 400 ENERGY
1,200
INTENSITY 300 INTENSITY
800 REducTIoN REducTIoN
SINcE 2005 200 SINcE 2005
400 100
0 0
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Operational Waste (%reused/recycled)
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Emissions Intensity (kg C02-e/m2)
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50% 130
40% 104 13%
40% EMISSIoNS
30% 78
REcYcLING INTENSITY
RATE REducTIoNS
20% 52
SINcE 2005
10% 26
0% 0
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Retail Sustainability

	Area	Water(Total)	Energy	Emissions	Waste
GPT Core Portfolio	GLA	Litres/m2	MJ/m2	kgCO2-e/m2	% Recycled
Casuarina Square	52,700	2,201	642	122	25%
Charlestown Square1	86,300	591	231	59	72%
DandenongPlaza	62,000	1,085	440	139	37%
Erina Fair	113,500	1,150	386	106	55%
Melbourne Central	55,100	2,066	805	231	25%
Rouse Hill Town Centre	69,400	1,235	350	93	78%
Sunshine Plaza	72,600	1,126	381	138	47%
Westfeld Penrith	92,200	1,497	489	121	25%
Westfeld Woden	71,800	1,856	392	107	25%
GWSCF Portfolio
Carlingford Court	33,000	1,834	392	97	24%
Chirnside Park	37,900	885	213	68	32%
ForestwayShoppingCentre	9,600	2,010	299	133	40%
Highpoint ShoppingCentre	123,050	1,018	385	110	28%
Macarthur Square	94,800	1,221	369	105	52%
Norton Plaza	11,900	1,543	475	117	23%
Parkmore ShoppingCentre	36,800	658	308	103	50%
WollongongCentral	38,000	892	403	86	46%
Total Portfolio		1,271	408	112	40%
1. Ex development

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Casuarina Square
Northern Territory
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casuarinasquare.com.au

Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The Centre includes two discount department stores, two supermarkets and a cinema entertainment offer.

Community Alcohol Accord

Liaising with the Department of the Chief Minister, the Centre Manager chairs an Alcohol Accord committee. Members of the committess include representatives from NT Police, Department of Justice, Darwin City Council, Centrelink, centre tenants, local businesses, property owners and liquor licencees. The objective of the Accord is to reduce alcohol related crime in the area. The group has done so via restrictions of certain types of alcohol.

Key Metrics as at 31 Dec 2010	Key Metrics as at 31 Dec 2010	Key Metrics as at 31 Dec 2010	Key Metrics as at 31 Dec 2010
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GPT)	October 1973	Construction/Refurbishment	Completed 1973/Refurbished 1998
Property Details
Retail	50,400 sqm	Other1	1,700 sqm
Offce	600 sqm	Total	52,700 sqm
Latest Valuation
Value	$444.0m	Current Capitalisation Rate	6.00%
Valuer	Knight Frank	Terminal Capitalisation Rate	6.25%
Valuation Date	30 June 2010	Discount Rate	9.25%
GPT Fair Value2	$448.1m	Income (12 Months)	$28.4m
Centre Details
Number of Tenancies	190	Retail Occupancy	100%
Car Parking Spaces	2,400
Expiry Profle by Base Rent3	2011: 20%	2012: 18%	2013: 17%
Sales Information4	Total Centre	Specialties
Sales Turnover per Square Metre	$7,871	$10,473
Occupancy Costs	9.2%	14.1%
Annual Sales Turnover	$375.4m
Key Tenants	Area (sqm)	Expiry Date
Kmart	7,450	March 20095
Big W	6,860	October 20105
Woolworths	5,020	June 2018
BCC Cinemas	4,120	December 2018
Coles	3,930	December 2020
1. Service station, health club. 2. GPT Fair Value based on cap rate of 6.00%. 3. Excludes tenancies over 400 sqm. 4. Casuarina Square only, excludes Monterey House. 5. New leases are currently in negotiation.

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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
2,400 124 35%
122
2,000 120 81% increasesince 2005 30%25%
1,600 118
116 20%
1,200 114 15%
800 37% reduction 112 10% Total recyclingrate of 25%
since 2005 110 in 2010
400 108 5%
0 106 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Dandenong Plaza

Victoria

dandenongplaza.com.au

Dandenong Plaza is located in South East Melbourne. Dandenong Plaza is the retail heart of Central Dandenong, a social and economic centre of southeast metropolitan Melbourne and a culturally diverse locality in Victoria. The Centre has been servicing its local region and community since 1989.

Community

Youth Information Centre

A joint initiative of Mission Australia and Dandenong Plaza, the Youth Information Centre provides information and a referral service to young people parents, families, retailers and the broader community. It also delivers a range of programs, events and activities that engage and promote positive images of young people.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%	Asset Type	Major Regional Centre
Acquired (by GPT)	December 1993	Construction/Refurbishment	Completed 1989/ Refurbished 1995
Property Details
Retail	61,800 sqm	Other1	200 sqm
Offce	n/a	Total	62,000 sqm
Latest Valuation
Value	$201.0m	Current Capitalisation Rate	8.50%
Valuer	CB Richard Ellis	Terminal Capitalisation Rate	8.75%
Valuation Date	31 October 2009	Discount Rate	9.50%
GPT Fair Value2	$190.0m	Income (12 Months)	$19.2m
Centre Details
Number of Tenancies	180	Retail Occupancy	100%
Car Parking Spaces	3,300
Expiry Profle by Base Rent3	2011: 15%	2012: 12%	2013: 20%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	$4,091	$6,381
Occupancy Costs	11.0%	17.7%
Annual Sales Turnover	$239.4m
Key Tenants	Area (sqm)	Expiry Date
Myer	15,080	July 2016
Target	6,660	July 2015
Kmart	5,790	July 2012
Safeway	3,890	December 2014
Coles	3,300	August 20104
Reading Cinemas	2,780	August 2023
1. Car Wash. 2. GPT Fair Value based on cap rate of 8.50%. 3. Excludes tenancies over 400 sqm. 4. New lease currently under negotiation.

Water intensity (litres/m2)*

Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)

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1,200 200 40%
1000 160 35%
30%
800
120 25%
600
400200 1% reduction since 2005 8040 18% reduction since 2005 20%15%10% Total recyclingrate of 37% in 2010
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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High visitor count and large food related outlets result in high consumption.

Erina Fair New South Wales

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Erina Fair is located on the NSW Central Coast. The Centre includes a large mix of major retailers, specialty shops, bulk retail, entertainment and restaurant precincts.Erina Fair is owned jointly with Australian Prime Property Fund Retail and is managed by Lend Lease.

Car Wash, Health Club and Ice Rink. 2. GPT Fair Value based on cap rate of 6.25% and includes surplus land. 3. Excludes tenancies over 400 sqm.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	50%	Asset Type	Super Regional Centre
Co-Owner	Australian Prime Property Fund Retail	Construction/Refurbishment	Completed 1987/Refurbished 2003, 2009
Acquired (by GPT)	June 1992
Property Details
Retail	104,300 sqm	Other1	9,200 sqm
Offce	n/a	Total	113,500 sqm
Latest Valuation
Value	$375.0m	Current Capitalisation Rate	6.25%
Valuer	CB Richard Ellis	Terminal Capitalisation Rate	6.30%
Valuation Date	31 October 2009	Discount Rate	8.75%
GPT Fair Value2	$376.7m	Income (12 Months)	$23.1m
Centre Details
Number of Tenancies	326	Retail Occupancy	99.6%
Car Parking Spaces	4,600
Expiry Profle by Base Rent3	2011: 12%	2012: 10%	2013: 30%
Sales Information	Total Centre	Specialities
Sales Turnover per Square Metre	$6,062	$7,541
Occupancy Costs	9.2%	17.5%
Annual Sales Turnover	$615.2m
Key Tenants	Area (sqm)	Expiry Date
Myer	12,130	August 2032
Big W	8,270	August 2028
Target	7,840	July 2013
Kmart	6,210	October 2029
Woolworths	4,850	November 2033
Coles	4,000	February 2018
Hoyts	3,800	November 2016

Water intensity (litres/m2)

Emissions Intensity (kg C02-e/m2)

Operational Waste (%reused/recycled)

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2,000 114 80%
1,600 30% reduction since 2005 95 70%
60% Total recycling
1,200 76 50% rate of 55% in 2010
57 40%
800 30%
38
20%
400 19
10%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Melbourne Central Victoria

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melbournecentral.com.au
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Melbourne Central is a landmark office and retail property located in the Melbourne CBD. GPT’s redevelopment of the retail component in 2005 converted a traditional regional shopping centre into Melbourne’s premier retail, leisure and lifestyle destination.

For information on the office tower which forms part of Melbourne Central, see the Office section of this document. For more information on further enhancements to the Centre which commenced in 2010, see the Development section of this document.

Community

Centre management has entered into a partnership with STREAT, a social enterprise providing homeless youth with a supported pathway to long-term careers in the hospitality industry. The STREAT coffee cart is located in Melbourne Central.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%	Asset Type	City Centre
Acquired [by GPT]	May 1999	Construction/Refurbishment	Completed 1991/ Refurbished 2005
Property Details
Retail	51,100 sqm	Other1	4,000 sqm
Offce	n/a	Total	55,100 sqm
Latest Valuation
Value2	$1,033.0m	Current Capitalisation Rate3	5.75%
Valuer	Colliers International	Terminal Capitalisation Rate3	6.00%
Valuation Date	30 June 2009	Discount Rate3	9.00%
GPT Fair Value4	$745.0m Retail $67.5m Car Park	Income (12 Months)5	$48.4m
Centre Details
Number of Tenancies	292	Retail Occupancy	100%
Car Parking Spaces	1,592
Expiry Profle by Base Rent6	2011:7%	2012:4%	2013:7%
Sales Information
Annual Sales Turnover	Total Centre	Specialties
Sales Turnover per Square Metre	$7,148	$9,259
Occupancy Costs	15.9%	18.3%
Annual Sales Turnover	$352.2m
Key Tenants	Area (sqm)	Expiry Date
Hoyts	7,710	September 2020
Coles	1,310	September 2014
1. Health club and bowling alley. 2. Includes offce, retail and car park. 3. Retail component only. 4. GPT fair value based on cap rates: Retail (5.75%); and Car Park (8.00%). 5. Includes retail and car park (100%) 6. Excludes tenancies over 400sqm.

Water intensity (litres/m2)

Emissions Intensity (kg C02-e/m2)

Operational Waste (%reused/recycled)

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2,300 300 35%
270
30%
1,840 240
210 25% Total recyclingrate of 25%
1,380 180 20% in 2010
150
920 120 15%
460 47% increase since 2005 9060 10% reduction since 2005 10%
30 5%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Charlestown Square New South Wales

charlestownsquare.com.au

The GPT Group’s Charlestown Square is the largest shopping centre in the Hunter Region, servicing the local area since 1979.

The $470 million expansion of Charlestown Square by 41,000 sqm was completed late 2010.

The Centre attracted both international and Australian brands, including brands never before found in the Hunter region.

Community

As part of the development of Charlestown square, GPT has delivered a range of new community facillities that include lawn bowling greens and club, new football fields, a youth and community centre and a new childcare facility.

Analysis excludes Charlestown ancillary properties unless otherwise stated. 2. Health club, bowling alley and car wash. 3. GPT Fair Value based on external valuation and includes value of ancillary properties. 4. Includes ancillary properties. 5. Development affected. 6. Excludes tenancies over 400 sqm. 7. Sales performance is affected by development works and includes Charlestown Square only.

Key Metrics as at 31 December 20101	Key Metrics as at 31 December 20101
Ownership Interest	100%	Asset Type	Super Regional Centre
Acquired (by GPT)	December 1977	Construction/Refurbishment	Completed 1979/Refurbished 1989, 2010
Property Details
Retail	83,300 sqm	Other2	2,700 sqm
Offce	300 sqm	Total	86,300 sqm
Latest Valuation
Value4	$827.35m	Current Capitalisation Rate	6.00%
Valuer	Jones Lang LaSalle	Terminal Capitalisation Rate	6.25%
Valuation Date	31 December 2010	Discount Rate	9.00%
GPT Fair Value3	$827.4m	Income (12 Months)4	$12.9m
Centre Details
Number of Tenancies	323	Retail Occupancy5	n/a
Car Parking Spaces	3440
Expiry Profle by Base Rent5	2011: 4%	2012: 1%	2013: 3%
Sales Information7	Total Centre	Specialties
Sales Turnover per Square Metre	$5,804	$8,449
Occupancy Costs	10.8%	16.6%
Annual Sales Turnover	$244.1m
Key Tenants	Area (sqm)	Expiry Date
Myer	12,840	October 2035
Target	5,585	July 2016
Woolworths	4,800	August 2030
Reading Cinema	4,580	October 2011
Coles	4,315	August 2030
Big W	7,751	October 2030

Water intensity (litres/m2)

Emissions Intensity (kg C02-e/m2)*

Operational Waste (%reused/recycled)

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1,600 120 120%
1,400 64% reduction 100 100%
1,200 since 2005
80 80%
1,000
800 60 60%
600 40 40% Total recycling
400 rate of 72%
20 20% in 2010
200
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Eco data affected by area operational for parts year.

Homemaker City Portfolio

Queensland

homemakercity.com.au

Following divestment of a number of assets, GPT’s Homemaker City Portfolio now consists of three Homemaker City centres located in Queensland, and one in Victoria adjacent to Highpoint Shopping Centre.

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Key Metrics as at 31 December 2010
Ownership Interest 100%
Acquired (by GPT) Various
Asset Type Bulky Goods Centres
Construction/Refurbishment Various
Property Details
Income (12 months) $17.4m Retail Occupancy 98.1%
GPT Fair Value $195.4m
Asset State Gross Lettable Number of Car Parking GPT Fair Value
Area (sqm) Tenancies Spaces Capitalisation Rate [1]
Aspley QLD 24,600 48 500 10.00%
Jindalee QLD 21,800 44 600 9.75%
Fortitude Valley QLD 38,200 38 660 9.11%
Total 84,600 130 1,760 9.48%
Key Tenants Area (sqm)
Domayne/Harvey Norman 7,380
Nick Scali 5,460
Freedom Furniture 4,570
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All major bulk retail categories are represented within the Portfolio and major retailers include the Freedom Group, Domayne/Harvey Norman, Forty Winks, Nick Scali and Snooze.

The remaining homemakers assets will be sold in due course.

No eco data available.

Rouse Hill Town Centre New South Wales

rhtc.com.au

Rouse Hill Town Centre is located approximately 35 kms north-west of the Sydney CBD. Rouse Hill Town Centre combines the traditional values and streetscape of a contemporary market town with the latest shopping, dining and lifestyle choices, and has set a new standard for sustainable retail development.

Developed by GPT and completed in March 2008, Rouse Hill Town Centre forms the centrepiece of a wider urban development, called The New Rouse Hill, a joint venture between GPT and Lend Lease in conjunction with Landcom and the NSW LPMA.

In October 2010 the Centre was recognised as a Winner in the 2010 Urban Land Institute (ULI) Global Awards for Excellence.

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Key Metrics as at 31 December 2010
Ownership Interest 100% Asset Type Regional Centre
Acquired (by GPT) Stage 1: September 2007 Construction/Refurbishment Completed 2008
Stage 2: March 2008
Property Details
Retail 63,600 sqm Other [1] 3,000 sqm
Offce 2,800 sqm Total 69,400 sqm
Latest Valuation
Value $475.0m Current Capitalisation Rate 6.25%
Valuer CB Richard Ellis Terminal Capitalisation Rate 6.25%
Valuation Date 31 December 2009 Discount Rate 9.75%
GPT Fair Value [2] $481.1 Income (12 Months) $32.8m
Centre Details
Number of Tenancies 231 Retail Occupancy 100%
Car Parking Spaces 2,900
Expiry Profle by Base Rent [3] 2011: 2% 2012:15% 2013: 46%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $5,767 $6,153
Occupancy Costs 9.7% 16.3%
Annual Sales Turnover $354.0m
Key Tenants Area (sqm) Expiry Date
Big W 8,560 March 2028
Target 6,820 March 2028
Reading Cinemas 5,780 April 2023
Woolworths 4,610 September 2027
Coles 4,120 September 2027
1. Car Wash, Learning and Community. 2. GPT Fair Value based on cap rate of 6.25%. 3. Excludes tenancies over 400 sqm.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
1,400 100 90%
1,200 80%
80
1,000 70%
800600 6040 50%40%30% Total recyclingrate of 78% in 2010
400
20%
20
200 10%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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The asset was not operational in the baseline year (2005).

Sunshine Plaza

Queensland

sunshineplaza.com

Sunshine Plaza is located in Maroochydore on Queensland’s Sunshine Coast.

Sunshine Plaza includes the region’s only Myer department store, two discount department stores and two full line supermarkets. In addition, the Centre has a strong entertainment, leisure and lifestyle component.

Sunshine Plaza is owned jointly with Australian Prime Property Fund Retail and is managed by Lend Lease.

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Key Metrics as at 31 December 2010
Ownership Interest 50% Asset Type Major Regional Centre
Co-Owner Australian Prime Property Fund Construction/Refurbishment [Completed 1994/]
Retail (50%) Refurbished 2002
Acquired (by GPT) December 1992
Property Details
Retail 71,700 sqm Other [1] 700 sqm
Offce 200 sqm Total 72,600 sqm
Latest Valuation
Value $341.2m Current Capitalisation Rate 6.00%
Valuer CB Richard Ellis Terminal Capitalisation Rate 6.00%
Valuation Date 30 September 2009 Discount Rate 9.00%
GPT Fair Value [2] $343.1m Income (12 Months) $21.7m
Centre Details
Number of Tenancies 254 Retail Occupancy 99.9%
Car Parking Spaces 3,500
Expiry Profle by Base Rent [3] 2011: 14% 2012: 19% 2013: 19%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $8,229 $10,642
Occupancy Costs 10.0% 17.3%
Annual Sales Turnover $509.4m
Key Tenants Area (sqm) Expiry Date
Myer 12,890 July 2024
Target 6,900 July 2018
Kmart 6,590 September 2020
Coles 5,630 February 2019
BCC Cinemas 4,690 November 2022
Woolworths 3,880 November 2022
1. Tavern and Car Wash.2. GPT Fair Value based on cap rate of 6.00%. 3. Excludes tenancies over 400sqm.
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Water intensity (litres/m2)

Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)

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----- Start of picture text -----

2,000 160 50%
37% reduction 140 31% increase
1,500 since 2005 120 since 2005 40%
Total recycling
100 30% rate of 47%
1,000 80 in 2010
60 20%
500 40
10%
20
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Westfield Penrith New South Wales

westfield.com.au/penrith

Westfield Penrith is a regional shopping centre located in the heart of Penrith, one hour’s drive west of the Sydney CBD.

The Centre includes a Myer department store, two discount department stores, a cinema complex and two supermarkets. Westfield Penrith is owned jointly with, and managed by Westfield.

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Key Metrics as at 31 December 2010
Ownership Interest 50% Asset Type Super Regional Centre
Co-Owner Westfield (50%) Construction/Refurbishment Completed 1971/Refurbished 2005
Acquired (by GPT) Westfeld Penrith: June 1971, Riley Square: June 1994, Borec House: July 2002
Property Details
Retail 85,100 sqm Other [1] 2,600 sqm
Offce 4,500 sqm Total 92,200 sqm
Latest Valuation
Value $516.5m Current Capitalisation Rate 6.00%
Valuer CB Richard Ellis Terminal Capitalisation Rate 6.00%
Valuation Date 31 December 2010 Discount Rate 8.75%
GPT Fair Value [2] $516.5m Income (12 Months) $30.3m
Centre Details
Number of Tenancies 326 Retail Occupancy 100%
Car Parking Spaces 3,520
Expiry Profle by Base Rent [3] 2011: 14% 2012: 21% 2013: 11%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,908 $10,013
Occupancy Costs 12.0% 19.3%
Annual Sales Turnover $579.2m
Key Tenants Area (sqm) Expiry Date
Myer 20,110 July 2013
Big W 8,740 March 2012
Target 7,100 July 2019
Hoyts Cinema 4,790 April 2018
Woolworths 3,800 March 2012
Franklins 2,010 July 2016
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)

Tavern, Car Wash. 2. GPT Fair Value based on external valuation. 3. Excludes tenancies over 400sqm.

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2,500 160 35%
23% reduction 140 30%
2,000 since 2005
120
25%
1,500 100 20%
80
1,000 60 15%
500 40 20% reduction since 2005 10% Total recyclingrate of 25%
20 5% in 2010
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Westfield Woden Australian Capital Territory

westfield.com.au/woden

Westfield Woden is one of the largest shopping, leisure and lifestyle destinations in Canberra, and is approximately

10 minutes’ drive south of the CBD.

The Centre includes a strong retail offer, with a department store and discount department store, as well as a cinema complex and over 200 specialty retailers. Westfield Woden is owned jointly with and managed by, Westfield.

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Key Metrics as at 31 December 2010
Ownership Interest 50% Asset Type Major Regional Centre
Co-Owner Westfield (50%) Construction/Refurbishment [Completed 1972/] Refurbished 2000
Acquired (by GPT) February 1986
Property Details
Retail 64,600 sqm Other [1] 1,000 sqm
Offce 6,200 sqm Total 71,800 sqm
Latest Valuation
Value $320.0m Current Capitalisation Rate 6.25%
Valuer Knight Frank Terminal Capitalisation Rate 6.50%
Valuation Date 31 December 2010 Discount Rate 9.00%
GPT Fair Value [2] $ 320.0 Income (12 Months) $ 19.6m
Centre Details
Number of Tenancies 237 Retail Occupancy 99.1%
Car Parking Spaces 2,700
Expiry Profle by Base Rent [3] 2011: 18% 2012: 16% 2013: 15%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,860 $9,338
Occupancy Costs 10.1% 17.8%
Annual Sales Turnover $427.2m
Key Tenants Area (sqm) Expiry Date
David Jones 13,630 March 2030
Big W 8,490 August 2019
Woolworths 4,080 March 2019
Hoyts Cinemas 3,780 June 2020
Coles 3,400 March 2014
1. Health Club, Car Wash. 2. GPT Fair Value based on external valuation. 3. Excudes tenancies over 400sqm.
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Water intensity (litres/m2)

Emissions Intensity (kg C02-e/m2)

Operational Waste (%reused/recycled)

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2,000 125 40%
Total recycling
100 rate of 25%
1,500 30% in 2010
75
1,000 20%
7% increase 50 11% reduction
since 2005 since 2005
500 10%
25
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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GPT Wholesale Shopping Centre Fund

The GPT Wholesale Shopping Centre Fund (GWSCF) provides GPT with an important source of income through funds management, property management and development management fees.

In 2010, the Fund’s Portfolio continued to experience high levels of occupancy in excess of 99%.

Retail sales results showed slow growth in the first half, but positive improvement was evident in the second half on the back of increased consumer confidence, stable interest rates, continued retailer discounting and the comparative impact of the 2009 economic stimulus being greater than 12 months.

Portfolio valuations remained relatively flat over the year with the weighted average cap rate for the portfolio being 6.68% at 31 December 2010 relative to 6.62% at 31 December 2009.

Top Ten Tenants as at 31 December 2010

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Name Income (%) [1]
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Name	Income(%)1

Wesfarmers	7.1%
Woolworths	5.7%
Myer	2.2%
Just Group	1.8%
Fitness First	1.4%
Priceline	1.3%
Hoyts	1.2%
David Jones	1.2%
Colorado Group	1.2%
SpecialtyFashion Group	1.1%
1. Based on total rent.

Portfolio Diversity

as at 31 December 2010

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14%
19%
1%
8%
19%
8% 31%
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Major Regional Regional Sub Regional Bulky goods centre Super Regional City centre Neighbourhood

Carlingford Court New South Wales

carlingfordcourt.com.au

Carlingford Court is located in a well established market approximately 20 kilometres north-west of the Sydney CBD. The Centre is convenience and everyday needs focused, with a strong social and neighbourhood feel. The Centre includes two supermarkets, a two–level Target discount department store and a restaurant precinct.

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Key Metrics as at 31 December 2010
Ownership Interest 100% Asset Type Sub Regional Centre
Completed 1965/
Acquired (by GWSCF) March 2007 Construction/Refurbishment Refurbished 1971,
1978, 1989, 2000, 2007
Property Details
Retail 28,700 sqm Other [1] 4,100 sqm
Offce 200 sqm Total 33,000 sqm
Latest Valuation
Value $165.5m Current Capitalisation Rate 7.50%
Valuer Colliers International Terminal Capitalisation Rate 7.75%
Valuation Date 31 December 2010 Discount Rate 9.50%
GWSCF Fair Value [2] $165.5m Income (12 Months) $12.7m
Centre Details
Number of Tenancies 107 Retail Occupancy 99.8%
Car Parking Spaces 1,440
Expiry Profle by Base Rent [3] 2011: 16% 2012: 11% 2013: 14%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,686 $8,628
Occupancy Costs 8.4% 16.2%
Annual Sales Turnover $180.5m
Key Tenants Area (sqm) Expiry Date
Target 8,010 November 2026
Woolworths 3,870 November 2018
Coles 3,500 November 2015
1. Health Club, Car Wash. 2. GWSCF Fair Value based on external valuation. 3. Excudes tenancies over 400sqm.
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Water intensity (litres/m2)

Emissions Intensity (kg C02-e/m2)

Operational Waste (%reused/recycled)

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3,000 140 100%
2,500 34% reduction since 2005 120100 80% Total recyclingrate of 24%
2,000 in 2010
80 60%
1,500
60 40%
1,000 40 35% reduction
since 2005
500 20 20%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Chirnside Park Victoria

chirnsidepark.com.au

Chirnside Park is a regional shopping centre situated approximately 30 kilometres north-east of Melbourne.

The Centre, which incorporates two discount department stores and three supermarkets, provides an excellent convenience offer in the north-eastern region of Melbourne.

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Key Metrics as at 31 December 2010
Ownership Interest 100% Asset Type Regional Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment [Completed 1979/] Refurbished 1999,2002
Property Details
Retail 36,800 sqm Other [1] 1,100 sqm
Offce n/a Total 37,900 sqm
Latest Valuation
Value $200.0m Current Capitalisation Rate 7.00%
Valuer Colliers International Terminal Capitalisation Rate 7.25%
Valuation Date 31 March 2010 Discount Rate 9.50%
GWSCF Fair Value [2] $200.2m Income (12 Months) $14.7m
Centre Details
Number of Tenancies 119 Retail Occupancy 100%
Car Parking Spaces 2,045
Expiry Profle by Base Rent [3] 2011: 18% 2012: 14% 2013: 18%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $8,153 $9,965
Occupancy Costs 6.4% 14.2%
Annual Sales Turnover $274.1m
Key Tenants Area (sqm) Expiry Date
Kmart 8,250 September 2014
Target 4,770 July 2018
Woolworths 4,180 September 2014
Reading Cinemas 3,500 May 2016
Coles 3,290 September 2014
Aldi 1,370 April 2013
1. Service Station. 2. GWSCF Fair Value based on capable rate of 7.00%. 3. Excudes tenancies over 400sqm.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
1,050 100 35%
1,000 80 30% Total recyclingrate of 32%
25% in 2010
950
60 20%
900 27% reduction
40 since 2005 15%
850
17% reduction 10%
800 since 2005 20 5%
750 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Forestway Shopping Centre New South Wales

==> picture [157 x 89] intentionally omitted <==

forestway.com.au

Forestway Shopping Centre is a convenience based shopping centre situated in an affluent market in the suburb of Frenchs Forest, approximately 13 kilometres north of the Sydney CBD.

Forestway Shopping Centre is a highly productive centre and includes two supermarkets and a strong service offer.

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Key Metrics as at 31 December 2010
Ownership Interest 100% Asset Type Neighbourhood Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment [Completed 1964/] Refurbished 2004
Property Details
Retail 8,300 sqm Other [1] 550 sqm
Offce 750 sqm Total 9,600 sqm
Latest Valuation
Value $72.0m Current Capitalisation Rate 7.75%
Valuer Colliers International Terminal Capitalisation Rate 8.00%
Valuation Date 30 June 2010 Discount Rate 9.50%
GWSCF Fair Value [2] $72.1 Income (12 Months) $5.7m
Centre Details
Number of Tenancies 55 Retail Occupancy 100%
Car Parking Spaces [3] 435
Expiry Profle by Base Rent [4] 2011:13% 2012:8% 2013:14%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $13,182 $10,041
Occupancy Costs 6.6% 14.2%
Annual Sales Turnover $98.3m
Key Tenants Area (sqm) Expiry Date
Woolworths 2,660 November 2028
Franklins 1,250 September 2018
1. Car Wash. 2. GWSCF Fair Value based on cap rate of 7.75%. 3. Including 99 council owned car spaces. 4. Excludes tenancies over 400 sqm.
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Water intensity (litres/m2)*

Emissions Intensity (kg C02-e/m2)

Operational Waste (%reused/recycled)

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----- Start of picture text -----

3,000 160 45%
140 40%
2,500
120 35%
2,000 100 30%
25%
1,500 80
1,000 60 20%15% Total recyclingrate of 40%
40 10% in 2010
500
20 5%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Smaller Centre with high proportion of food related tenants results in high water intensity.

Highpoint Shopping Centre Victoria

highpoint.com.au

Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north west of the Melbourne CBD and is one of Australia’s leading retail destinations. The Centre has a fashion and lifestyle focus.

Community

Victoria University has extended its reach into the community with the launch of The Learning Store @ Highpoint Shopping Centre. The Learning Store is located full time at Highpoint from November to February, offering free study and employment advice by trained counsellors in addition to courses in collaboration with a growing network of partners.

Health club, tavern, library, car wash. 2. GWSCF external valuation. 3. Fair Value based on cap rate of 6.00%. 4. Excludes tenancies over 400 sqm.

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Key Metrics as at 31 December 2010
Super Regional
Ownership Interest 50% (GWSCF) 16.67% (GPT) Asset Type Centre
Co-Owners Highpoint Property Group Construction/Refurbishment Completed 1975/
(33.33%) Refurbished 1989,
1995, 2006
Acquired August 2009 (GPT) March 2007 (GWSCF)
Property Details
Retail 114,000 sqm Other [1] 7,100 sqm
Offce 1,900 sqm Total 123,000 sqm
Latest Valuation
Value [2] $625.0m Current Capitalisation Rate 6.00%
Valuer Jones Lang LaSalle Terminal Capitalisation Rate 6.25%
Valuation Date 30 September 2010 Discount Rate 9.00%
Fair Value [3] $626.6m (GWSCF) Income (12 Months) $36.9m (GWSCF)
$208.3m (GPT) $12.3m (GPT)
Centre Details
Number of Tenancies 414 Retail Occupancy 99.9%
Car Parking Spaces [3] 6,200
Expiry Profle by Base Rent [4] 2011: 22% 2011: 16% 2013:21%
Sales information Total Centre Specialties
Sales Turnover per Square Metre $6,860 $9,151
Occupancy Costs 12.1% 20.8%
Annual Sales Turnover $778.1m
Key Tenants Area (sqm) Expiry Date
Myer 20,060 June 2021
Target 9,920 July 2015
Hoyts 9,030 April 2014
Big W 8,160 June 2025
Safeway 3,410 August 2015
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
1,400 160 45%
1,200 140 40%
1,000 120 35%30%
100
800 25%
80
600 18% reduction since 2005 60 26% reduction since 2005 20%15% Total recyclingrate of 28%
400 40 10% in 2010
200 20 5%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Homemaker City Maribyrnong Victoria

homemakercity.com.au

Homemaker City Maribyrnong is located adjacent to Highpoint Shopping Centre. This location offers synergies in management and the ability to integrate the retail offer with that of Highpoint Shopping Centre.

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Key Metrics as at 31 December 2010
Ownership Interest 50% (GWSCF) 16.67% (GPT) Asset Type Bulky Goods Centre
Co-Owners Highpoint Property Group (33.33%) [Construction/] Refurbishment Completed 1990
Acquired (by GWSCF) March 2007 (GWSCF) August 2009 (GPT)
Property Details
Retail 21,200 sqm Other NA
Offce n/a Total 21,200 sqm
Latest Valuation
Value [1] $27.5m Current Capitalisation Rate 9.00%
Valuer Jones Lang LaSalle Terminal Capitalisation Rate 9.50%
Valuation Date 31 December 2010 Discount Rate 9.00%
Fair Value [2] $27.5m (GWSCF) Income (12 Months) $2.4m (GWSCF)
$9.2m (GPT) $0.8m (GPT)
Centre Details
Number of Tenancies 19 Retail Occupancy 100%
Car Parking Spaces 500
Expiry Profle by Base Rent [3] 2011: 23% 2012: 18% 2013: 10%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre n/a n/a
Occupancy Costs n/a n/a
Annual Sales Turnover n/a
Key Tenants Area (sqm) Expiry Date
Fantastic Furniture 2,210 October 2011
Easy Living Furniture 2,210 April 2011
Retravision 1,500 July 2014
Mothercare 1,270 August 2015
BBQs Galore 1,170 August 2011
1. GWSCF external valuation. 2. Fair Value based on cap rate of 9.00%. 3. Includes all tenancies.
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Macarthur Square New South Wales

homemakercity.com.au

Macarthur Square is located in Campbelltown, 50 kilometres south-west of the Sydney CBD, in an area of strong population growth.

The Centre is the only regional centre in its trade area and enjoys a strong trading position. The Centre is jointly owned with Australian Prime Property Fund Retail and managed by Lend Lease.

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Key Metrics as at 31 December 2010
Ownership Interest 50% Asset Type Major Regional Centre
Co-Owner Australian Prime Property Retail Construction/Refurbishment [Completed 1979/]
Fund (50%) Refurbished 2006
Acquired (by GWSCF) March 2007
Property Details
Retail 85,000 sqm Other [1] 7,400 sqm
Offce 2,400 sqm Total 94,800 sqm
Latest Valuation
Value $385.0m Current Capitalisation Rate 6.25%
Valuer CB Richard Ellis Terminal Capitalisation Rate 6.25%
Valuation Date 30 June 2010 Discount Rate 9.00%
GWSCF Fair Value [2] $385.8m Income (12 Months) $23.3m
Centre Details
Number of Tenancies 304 Retail Occupancy 99.9%
Car Parking Spaces 3,600
Expiry Profle by Base Rent [3] 2011: 35% 2012: 16% 2013: 11%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,072 $8,657
Occupancy Costs 10.8% 17.7%
Annual Sales Turnover $535.7m
Key Tenants Area (sqm) Expiry Date
David Jones 12,240 April 2017
Big W 8,790 September 2019
Event Cinemas 6,090 March 2021
Target 4,450 April 2016
Woolworths 4,190 November 2015
Coles 3,760 November 2020
1. Bowling Alley, Service Station, Health Club, Car Wash and Swim School. 2. GWSCF Fair Value based on cap rate of 6.25%. 3. Excludes tenancies over 400 sqm.
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Water intensity (litres/m2)

Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)

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1,600 120
96
1,200
72
800
48
20% reduction 2% reduction
400 since 2005 since 2005
24
0 0
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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70%
60% Total recycling
rate of 52%
50% in 2010
40%
30%
20%
10%
0%
2006 2007 2008 2009 2010
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Norton Plaza

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New South Wales
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nortonplaza.com.au

Norton Plaza is a high performing neighbourhood shopping centre anchored by a full line Coles supermarket and Norton Street Grocer.

Community Norton Festa

Leichardt and surrounding suburbs have a strong link to the Italian community and the area is often referred to as ‘Little Italy’. Many Italian migrants that came to Australia between the 1930’s and 1960’s settled in these suburbs. The Norton Festa celebrates the unique cultural history of the community surrounding Norton Plaza.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%	Asset Type	Neighbourhood Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed late 1990s and 2000
Property Details
Retail	9,000 sqm	Other1	600 sqm
Offce	2,300 sqm	Total	11,900 sqm
Latest Valuation
Value	$96.5m	Current Capitalisation Rate	7.00%
Valuer	Colliers International	Terminal Capitalisation Rate	7.25%
Valuation Date	31 March 2010	Discount Rate	9.50%
GWSCF Fair Value2	$97.2	Income (12 Months)	$6.7m
Centre Details
Number of Tenancies	55	Retail Occupancy	100%
Car Parking Spaces	485
Expiry Profle by Base Rent3	2011: 12%	2012: 16%	2013: 16%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	$14,264	$12,960
Occupancy Costs	5.0%	10.0%
Annual Sales Turnover	$98.0m
Key Tenants	Area (sqm)	Expiry Date
Coles	3,770	November 2019
1.Car Wash and Tavern. 2. GWSCF Fair Value based on caprate of 7.00%. 3.Excludes tenancies over 400 sqm

Water intensity (litres/m2)*

Emissions Intensity (kg C02-e/m2)*

Operational Waste (%reused/recycled)

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2,500 135
2,000 108
1,500 81
1,000 54
500 27
0 0
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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25%
20% Total recycling
rate of 23%
15% in 2010
10%
5%
0%
2006 2007 2008 2009 2010
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This asset was not operational in the baseline year (2005).

Parkmore Shopping Centre Victoria

parkmoreshopping.com.au

Parkmore Shopping Centre is a regional shopping centre located approximately 35 kilometres south-east of the Melbourne CBD, in the suburb of Keysborough.

The Centre, which incorporates two discount department stores and two supermarkets, provides a strong convenience and service offer.

Community Parkmore Partners

Parkmore Partners is a community partnership program established by the Centre to provide financial assistance and promotional support to community groups and organisations within the City of Kingston and City of Dandenong Local Government areas.

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Key Metrics as at 31 December 2010
Ownership Interest 100% Asset Type Regional Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment Completed 1973/Refurbished 1995, 2007
Property Details
Retail 36,800 sqm Other n/a
Offce n/a Total 36,800 sqm
Latest Valuation
Value $178.0m Current Capitalisation Rate 7.75%
Valuer Jones Lang LaSalle Terminal Capitalisation Rate 8.00%
Valuation Date 31 March 2010 Discount Rate 9.50%
GWSCF Fair Value [1] $178.6m Income (12 Months) $14.1m
Centre Details
Number of Tenancies 129 Retail Occupancy 100%
Car Parking Spaces 2,600
Expiry Profle by Base Rent [2] 2011: 19% 2012: 17% 2013: 10%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,665 $7,663
Occupancy Costs 7.7% 14.7%
Annual Sales Turnover $230.5m
Key Tenants Area (sqm) Expiry Date
Kmart 8,390 September 2017
Big W 6,670 November 2015
Coles 3,850 August 2014
Safeway 3,490 July 2027
1. GWSCF Fair Value based on cap rate of 7.75%. 2. Excludes tenancies over 400 sqm.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
1,000 120 100%
800 96 80% Total recycling
rate of 50%
600 72 60% in 2010
400 33% reduction 48 12% reduction 40%
since 2005 since 2005
200 24 20%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Wollongong Central New South Wales

wollongongcentral.com.au

Wollongong Central is located in the CBD of Wollongong, approximately 90 kilometres south of Sydney. Refurbishment works to the north building were completed in December 2009 to improve the customer experience of the Centre and greatly improve the retail mix. The Centre has DA approval for the south building for an additional 30,000 sqm that will form part of a revitalisation of the CBD.

Community Top Gong Awards

The Top Gong Awards is a grants program designed to encourage, acknowledge and reward the special contributions made by everyday Wollongong residents while fostering and supporting emerging talent and skills.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%	Asset Type	City Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1975/ Refurbished 1985,2009
Property Details
Retail	32,300 sqm	Other1	2,600 sqm
Offce	3,100 sqm	Total	38,000 sqm
Latest Valuation
Value	$294.9m	Current Capitalisation Rate	6.75%
Valuer	Knight Frank	Terminal Capitalisation Rate	7.00%
Valuation Date	31 Dec 2010	Discount Rate	9.25%
GWSCF Fair Value2	$294.9m	Income (12 Months)	$16.7m
Centre Details
Number of Tenancies	157	Retail Occupancy	99.9%
Car Parking Spaces	1,429
Expiry Profle by Base Rent3	2011:13%	2012:18%	2013:2%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	$5,601	$8,725
Occupancy Costs	12.4%	17.3%
Annual Sales Turnover	$166.7m
Key Tenants	Area (sqm)	Expiry Date
Myer	12,150	October 2011
David Jones	1,840	October 2015
1. Health Club, Car Wash. 2. GWSCF Fair Value based on external valuation and includes ancillaryassets. 3. Excludes tenancies over 400sqm

Water intensity (litres/m2)

Emissions Intensity (kg C02-e/m2)

Operational Waste (%reused/recycled)

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1,600 120 50%
1,400 45% reduction 100 40%
1,200 since 2005
80
1,000 30%
800 60
600 40 26% reduction since 2005 20% Total recycling
rate of 46%
400 20 10% in 2010
200
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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GPT ANNUAL RESULT 2 010 Office Portfolio

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Office Portfolio Overview

GPT’s Office portfolio comprises ownership in 20 high quality assets with a total investment of $2.8 billion. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF), giving GPT access to the highest quality office portfolios in Australia.

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4
10
Canberra
1
5
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Queensland

GPT Owned

One One One Eagle Street (33% with GWOF (33%) and offshore investor (33%)) - (under construction)

GWOF Owned

Riverside Centre

Brisbane Transit Centre (50% with APPF)

545 Queen Street

One One One Eagle Street (33% with GPT (33%) and offshore investor (33%)) - (under construction)

Australian Capital Territory

GWOF Owned

New South Wales GPT Owned

Australia Square (50% with Dexus) MLC Centre (50% with QIC) Citigroup Centre (50% with Charterhall)

1 Farrer Place (25% with APPF (25%) and Dexus (50%))

GWOF Owned

Darling Park 1 and 2 (50% with Brookfield (30%) and AMP (20%))

Darling Park 3

HSBC Centre

The Zenith, Chatswood (50% with Dexus)

workplace[6]

161 Castlereagh Street, (50% with Grocon (25%) and

LIM (25%)) - (under construction)

Victoria

GPT Owned

Melbourne Central Tower 818 Bourke Street

GWOF Owned

530 Collins Street 800/808 Bourke Street 28 Freshwater Place (50% with Australand)

10-12 Mort Street, Canberra

l Number of assets in each state

Office Portfolio Summary

At 31 December 2010 the GPT managed portfolio had an average lease term of 5.2 years and a high level of occupancy, with 97.8% of space committed.

Top Ten Tenants

As at 31 December 2010

Asset Quality as at 31 December 2010

Geographic Weighting as at 31 December 2010

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Name Income [1]
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Name	Income1
Commonwealth of Australia	5.9%
Citibank	4.6%
National Australia Bank	3.9%
Origin Energy	3.5%
Freehills Services	3.3%
Commonwealth Bank of Australia	2.8%
Her Most Gracious Majesty	2.6%
PricewaterhouseCoopers	2.6%
Ericsson Australia	2.3%
Mallesons	2.2%
1. Based on gross rent (including turnover rent).

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100%
80%
60%
40%
20%
0%
GPT Peer 1 Peer 2 Peer 3 Peer 4 Peer 5
Premium A Grade Other
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25%
1% 66%
8%
Sydney Canberra
Brisbane Melbourne
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Office Portfolio Summary

Occupancy levels in GPT’s Office portfolio increased to 97.8% of space committed at 31 December 2010, well above market levels of 91.4%.

Property	Ownership	Offce NLA (100%) (sqm)	Retail NLA (100%) (sqm)	31 Dec 10 Fair Value ($m)	31 Dec 2010 Cap Rate1	External or Directors Valuation	Offce Occupancy	Inc signed leases	Inc HoA	12 mths to Dec 2010 Income ($m)	Weighted Average Lease Expiry (Years, by Income)2
GPT Portfolio
MLC Centre, Sydney, NSW	50%	68,292	5,239	385.0	7.13%	Directors	99.8%	100.0%	100.0%	26.4	4.2
Citigroup Centre, Sydney, NSW	50%	73,485	469	360.0	7.20%	Directors	97.5%	97.5%	97.5%	24.5	3.3
1 Farrer Place, Sydney, NSW	25%	86,444	314	321.5	6.44%	External	98.2%	98.2%	98.2%	19.4	4.0
Australia Square, Sydney, NSW	50%	51,360	1,577	272.8	7.13%	Directors	98.7%	98.7%	98.7%	17.7	3.4
Melbourne Central, Melbourne, VIC	100%	65,569	n/a	304.9	7.50%	Directors	86.7%	97.8%	100.0%	22.6	5.9
818 Bourke Street, Melbourne, VIC	100%	21,705	1,447	125.6	7.25%	Directors	100.0%	100.0%	100.0%	8.8	6.6
GWOF Portfolio
Darling Park 1 & 2, Sydney, NSW	50%	102,009	9,715	557.9	6.75%- 7.25%	Directors	97.8%	97.8%	97.8%	37.9	7.9
Darling Park 3, Sydney, NSW	100%	29,572	18	275.0	7.00%	Directors	98.0%	98.0%	98.0%	19.1	6.3
HSBC Centre, Sydney, NSW	100%	37,491	4,227	294.1	7.25%	Directors	98.7%	98.7%	98.9%	21.2	6.2
workplace6, Sydney, NSW	100%	16,304	1,892	155.0	7.13%	External	100.0%	100.0%	100.0%	11.4	8.9
The Zenith, Chatswood, NSW	50%	43,960	868	119.2	8.00%	Directors	98.0%	98.0%	98.0%	8.0	3.2
530 Collins Street, Melbourne, VIC	100%	66,036	1,755	344.3	7.25%	Directors	76.0%	84.5%	88.7%	14.9	6.2
800/808 Bourke Street, Melbourne, VIC	100%	59,623	1,600	336.6	7.25%	Directors	100.0%	100.0%	100.0%	24.1	5.4
Twenty8 Freshwater Place, Melbourne, VIC	50%	33,865	146	103.7	7.25%	Directors	100.0%	100.0%	100.0%	7.3	8.1
Riverside Centre, Brisbane, QLD	100%	51,654	4,633	470.0	7.25%	External	90.2%	91.0%	92.4%	39.1	5.5
Brisbane Transit Centre, Brisbane, QLD	50%	29,521	3,034	81.0	8.50%	External	38.7%	73.7%	80.7%	0.5	3.4
545 Queen Street, Brisbane, QLD	100%	13,129	475	81.0	8.25%	External	88.6%	88.6%	100%	6.5	6.1
10-12 Mort Street,Canberra,ACT	100%	15,360	78	41.3	9.25%	Directors	100.0%	100.0%	100.0%	5.2	0.9
Total		865,378	37,485	4,628.9			93.50%	96.80%	97.80%	195.2	5.2
1. Cap Rate used for Fair Value. 2. GPT owned assets and GPT’s interest in GWOF.

Over/Under-Renting by Asset – Office

With reduced supply in all markets and positive net absorption, market vacancies are generally improving, reinforcing expectations for solid rental and capital growth in 2011.

Market Overview

The CBD office markets experienced a soft first half for 2010 but lead indicators for office improved in the second half on the back of improved business confidence and strong employment levels.

Net absorption over the year was positive in all major CBD markets confirming that employment growth is starting to translate into improved demand for office space. Prime vacancy levels remained stable in Sydney and declined in Melbourne and Brisbane.

Competition for prime contiguous space combined with reduced supply is starting to put upward pressure on rents. Capitalisation rates are also showing signs of compression, with a large amount of transactions in the office sector throughout the year.

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Property Weighted Average Gross Passing Estimated Gross Over/Under-rented
Lease Expiry Rent Market Rent ($psm) [2]
(Years by Area) [1] ($psm)
GPT Portfolio
MLC Centre, Sydney 4.2 765 673 14%
Citigroup Centre, Sydney 3.2 738 630 17%
1 Farrer Place, Sydney 4.0 1,062 1,064 0%
Australia Square, Sydney 3.4 778 761 2%
Melbourne Central Tower, Melbourne 5.9 490 502 (2%)
818 Bourke Street, Melbourne 6.6 437 459 (5%)
GPT Core Portfolio 4.7 671 640 4.7%
GWOF Portfolio
Darling Park 1 & 2, Sydney 7.9 744 686 8%
Darling Park 3, Sydney 5.5 734 735 0%
HSBC Centre, Sydney 6.2 589 513 15%
workplace6, Sydney 8.9 672 649 4%
The Zenith, Chatswood 3.2 492 483 2%
530 Collins St, Melbourne 6.4 483 500 (3%)
800/808 Bourke Street, Melbourne 5.4 449 385 17%
Twenty8 Freshwater Pl, Melbourne 8.1 518 505 3%
Riverside Centre, Brisbane 5.7 814 703 16%
Transit Centre, Brisbane 3.4 467 455 3%
545 Queen Street, Brisbane 6.1 612 533 15%
10 & 12 Mort St, Canberra 0.9 377 323 17%
GWOF Portfolio 5.9 593 550 7.8%
Managed Portfolio (Weighted) 5.2 640 605 5.8%
1. Does not include signed Heads of Agreement.
2. Market rents apportioned for face and effective rents on same basis as existing leases.
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Office Income and Fair Value Summary – GPT

GPT’s Office portfolio delivered solid income performance throughout 2010 with comparable income growth of 1.6%.

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GPT Portfolio ($m) Income Fair Value
Dec 09 Dec 10 Variance Fair Value Capex Sales Book Purchases Net Other Fair Value
(12 mths) (12 mths) Dec 10 Dec 09 Profit/ Revaluations Adjustments Dec 10
(loss) on
Sale
GPT Owned
MLC Centre 24.9 26.5 1.6 379.5 5.5 0.0 0.0 0.0 1.5 (1.5) 385.0
Citigroup Centre 23.6 24.5 0.9 350.0 0.0 0.0 0.0 0.0 10.0 0.0 360.0
1 Farrer Place 19.8 19.4 (0.4) 310.0 2.6 0.0 0.0 0.0 8.9 0.0 321.5
Australia Square 17.4 17.7 0.3 269.1 3.8 0.0 0.0 0.0 0.0 (0.1) 272.8
Melbourne Central 23.6 22.6 (1.0) 299.7 4.1 0.0 0.0 0.0 0.3 0.8 304.9
818 Bourke Street 8.3 8.8 0.5 114.0 (0.2) 0.0 0.0 0.0 13.3 (1.5) 125.6
Asset under development
One One One Eagle Street 0.0 0.0 0.0 69.5 57.4 0.0 0.0 0.0 (26.9) 0.0 100.0
GPT equity interest in GWOF 53.8 52.3 (1.5) 753.3 (8.1) 0.0 135.9 16.5 0.0 897.6
Total Offce 171.4 171.9 0.5 2,545.1 73.2 (8.1) 0.0 135.9 23.6 (2.3) 2,767.4
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Office Income and Fair Value Summary – GWOF

Portfolio valuations showed positive improvement over the year with the weighted average cap rate for the Office Portfolio being 7.25%.

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GWOF Portfolio Income Fair Value
Dec 09 Dec 10 Variance Fair Value Fair Value Cap Rate as Cap Rate as Latest External
($m) ($m) Dec 10 Dec 09 Dec 10 at Dec 09 at Dec 10 Valuation
(12 mths) (12 mths) ($m) ($m) ($m) (%) (%)
Darling Park 1 & 2, Sydney 27.5 37.9 10.4 547.8 557.9 6.75-7.00 6.75-7.25 31 Mar 10
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GWOF Portfolio	Income	Income	Income	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value
	Dec 09 ($m) (12 mths)	Dec 10 ($m) (12 mths)	Variance Dec 10 ($m)	Fair Value Dec 09 ($m)	Fair Value Dec 10 ($m)	Cap Rate as at Dec 09 (%)	Cap Rate as at Dec 10 (%)	Latest External Valuation
DarlingPark 1 & 2,Sydney	27.5	37.9	10.4	547.8	557.9	6.75-7.00	6.75-7.25	31 Mar 10
DarlingPark 3,Sydney	18.6	19.1	0.5	275.0	275.0	7.00	7.00	31 Mar 10
Riverside Centre, Brisbane	37.5	39.1	1.6	440.0	470.0	7.50	7.25	31 Dec 10
800 & 808 Bourke Street, Melbourne	23.2	24.1	0.9	328.0	336.6	7.25	7.25	30 Sep 10
530 Collins Street, Melbourne	28.0	14.9	(13.1)	306.2	344.3	7.25	7.25	30 Jun 10
HSBC Centre, Sydney	21.4	21.2	(0.2)	275.2	294.1	7.25	7.25	30 Jun 10
Workplace6, Sydney	10.4	11.4	1.0	152.5	155.0	7.13	7.13	31 Dec 10
The Zenith, Chatswood	7.0	8.0	1.0	107.6	119.2	8.00	8.00	30 Sep 10
28 Freshwater Place, Melbourne	7.0	7.3	0.3	97.5	103.7	7.00	7.25	30 Sep 10
179 Elizabeth Street1, Sydney	7.0	4.8	(2.2)	93.0	-	7.63	-	31 Dec 09
545 Queen Street, Brisbane	5.6	6.5	0.9	80.3	81.0	8.00	8.25	31 Dec 10
Brisbane Transit Centre, Brisbane	5.3	0.5	(4.8)	78.4	81.0	8.25	8.50	31 Dec 10
10-12 Mort Street, Canberra	5.2	5.2	0.0	52.0	41.3	9.00	9.25	30 Sep 10
Total	203.7	200.0	(3.7)	2,833.5	2,859.1	7.40	7.25
1. The asset sold during the period.

Weighted Average Capitalisation Rate (WACR) – Office

The Weighted Average Capitalisation Rate of the office portfolio firmed by 0.13% to 7.14% at 31 December 2010.

Weighted Average Capitalisation Rate

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7.10% 7.27% 7.20% 7.14%
6.60%
6.10%
5.90%
31 Dec 07 30 Jun 08 31 Dec 08 30 Jun 09 31 Dec 09 30 Jun 10 31 Dec 10
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Office Market Outlook

With reduced supply in all markets and positive net absorption, market vacancies are generally reducing, reinforcing expectations for solid rental and capital growth in 2011.

The Office portfolio is well positioned to benefit from improving market conditions in 2011 with high quality well located assets, above average occupancy, and a diverse tenant base of high quality tenants across a range of sectors.

Income growth is underpinned by 87% of leases being on fixed rental increases of an average of 4%.

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Structured rent increases
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2%
11%
Average 4%
increase
87%
Market with Ratchet
Fixed
Market without Ratchet
Structured rent increases for leases subject to review for full year 2011
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Total Vacancy

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14%
12%
10%
8%
6%
4%
2%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Sydney CBD Melbourne Brisbane CBD Canberra
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Prime Incentives
35%
30%
25%
20%
15%
10%
5%
0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Sydney CBD Melbourne Brisbane CBD Canberra
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Office Valuation Summary

39% of the GPT office portfolio was externally valued throughout the year. The portfolio weighted average cap rate was 7.14% against an average of 7.27% at 31 December 2009.

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Office Portfolio GPT Owned Date Valuer GPT Share Interest Discount Rate (%) Terminal Capitalisation
Valuation Capitalisation Rate Rate (%)
($m) (%)
MLC Centre (Offce/Retail), Sydney, NSW 31 Mar 09 KF 378.5 50% 8.75 7.00 6.75-7.00
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Offce Portfolio GPT Owned	Date	Valuer	GPT Share Valuation ($m)	Interest	Discount Rate (%)	Terminal Capitalisation Rate (%)	Capitalisation Rate (%)
MLC Centre (Offce/Retail), Sydney, NSW	31 Mar 09	KF	378.5	50%	8.75	7.00	6.75-7.00
Citigroup Centre, Sydney, NSW	30 Jun 10	KF	360.0	50%	8.70	7.00	7.20
1 Farrer Place, Sydney, NSW	31 Dec 10	JLL	321.5	25%	8.63	6.54	6.44
Australia Square, Sydney, NSW	31 Mar 09	CBRE	267.0	50%	9.00%-9.25	6.90-7.25	6.90-7.25
Melbourne Central, NSW	30 Jun 09	Colliers	1,033.0	100%	Retail: 9.00	6.00	5.75
					Offce: 9.25	7.75	7.50
					Car park:10.75	8.25	8.00
818 Bourke Street, Melbourne,VIC	31 Dec 09	CBRE	114.0	100%	9.25	8.00	7.75
Offce Portfolio GWOF Owned
Darling Park 1&2, Sydney, NSW	31 Mar 10	KF	556.0	50%	8.78%-9.72%	7.00-7.75	6.75-7.25
Darling Park 3, Sydney, NSW	31 Mar 10	KF	275.0	100%	9.06	7.00	7.00
HSBC Centre, Sydney, NSW	30 Jun 10	Colliers	290.0	100%	9.11	7.50	7.25
workplace6, Sydney, NSW	31 Dec 10	Savills	155.0	100%	9.23	7.63	7.13
The Zenith, Chatswood, NSW	30 Sep 10	JLL	118.4	50%	9.00	8.25	8.00
530 Collins Street, Melbourne, VIC	30 Jun 10	CBRE	330.0	100%	9.62	7.50	7.25
800/808Bourke Street,Melbourne,VIC	30 Sep10	Colliers	336.5	100%	9.25	7.63	7.25
Twenty8 Freshwater Place, Melbourne, VIC	30 Sep 10	Colliers	103.8	50%	9.25	7.50	7.25
Riverside Centre, Brisbane, QLD	31 Dec 10	CBRE	470.0	100%	9.12	7.50	7.25
Transit Centre, Brisbane, QLD	31 Dec 10	KF	81.0	50%	9.40	8.75	8.50
545 Queen Street, Brisbane, QLD	31 Dec 10	Colliers	81.0	100%	9.28	8.50	8.25
10-12 Mort Street, Canberra, QLD	30 Sep 10	JLL	41.0	100%	11.25	9.50	9.25

Office Occupancy Summary

Occupancy levels in GPT’s portfolio are well above market levels and reflects the high quality portfolio of office assets.

GPT Owned Portfolio Occupancy as at 31 December 2010	GPT Owned Portfolio Occupancy as at 31 December 2010	GPT Owned Portfolio Occupancy as at 31 December 2010	GPT Owned Portfolio Occupancy as at 31 December 2010
Total NLA	Leased	Vacancy	%Oc
205,453	195,012	10,441	94.9%
Including Signed Leases for Future Occupation as at 31 December 2010
Total NLA	Leased	Vacancy	%Oc
205,453	202,327	3,126	98.5%
Including Signed Heads of Agreement
Total NLA	Leased	Vacancy	%Oc
205,453	203,782	1,671	99.2%

GWOF Owned Portfolio Occupancy as at 31 December 2010	GWOF Owned Portfolio Occupancy as at 31 December 2010	GWOF Owned Portfolio Occupancy as at 31 December 2010	GWOF Owned Portfolio Occupancy as at 31 December 2010
Total NLA	Leased	Vacancy	%Oc
393,846	359,787	34,059	91.4%
Including Signed Leases for Future Occupation as at 31 December 2010
Total NLA	Leased	Vacancy	%Oc
393,846	370,923	22,923	94.2%
Including Signed Heads of Agreement
Total NLA	Leased	Vacancy	%Oc
393,846	377,059	16,787	95.7%

GPT Managed Portfolio Occupancy (Weighted) as at 31 December 2010	GPT Managed Portfolio Occupancy (Weighted) as at 31 December 2010	GPT Managed Portfolio Occupancy (Weighted) as at 31 December 2010	GPT Managed Portfolio Occupancy (Weighted) as at 31 December 2010
Total NLA	Leased	Vacancy	%Oc
338,534	316,584	21,950	93.5%
Including Signed Leases for Future Occupation as at 31 December 2010
Total NLA	Leased	Vacancy	%Oc
338,534	327,662	10,872	96.8%
Including Signed Heads of Agreement
Total NLA	Leased	Vacancy	%Oc
338,534	331,190	7,344	97.8%

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Lease Expiry by Area GPT Owned Portfolio
30%
25%
20%
15%
10%
5%
0
Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
30% Lease Expiry by Area GWOF Owned Portfolio
25%
20%
15%
10%
5%
0
Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
Lease Expiry by Area GPT Managed Portfolio
30%
25%
20%
15%
10%
5%
0
Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
% by Area
% by Area
% by Area
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Office Sustainability

A key feature of GPT’s office portfolio are the high sustainability ratings achieved. Eco-efficiencies are embedded in the quality of the assets and reflects GPT’s market leading position in environmental performance.

During 2010, legislation was enacted to require any space for sale or lease greater than 2,000 sqm to disclose an energy rating. GPT has been disclosing the energy ratings of our buildings voluntarily for a number of years and as such this legislation has had no impact on our business.

At a site level we continue to focus on social engagement with our customers, with several sites hosting public art shows and conducting site tours of wind farms and waste recycling facilities to educate our community.

Emissions Intensity (kg C02-e/m2)

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Water intensity (litres/m2)
1,400
1,200
51%
1,000
WATER
800 INTENSITY
600 REducTIoN
SINcE 2005
400
200
0
2006 2007 2008 2009 2010
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45%
40%
35%
42%
30% EMISSIoNS
25% INTENSITY
20% REducTIoN
15% SINcE 2005
10%
5%
0%
2006 2007 2008 2009 2010
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Operational Waste (%reused/recycled)

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Energy MJ/m2
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700 160
600 140
500 74% 120 26%
REcYcLING 100 ENERGY
400 RATE INTENSITY
80
300 REducTIoN
60 SINcE 2005
200
40
100 20
0 0
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Office Sustainability

GPT has a projected average NABERS Energy rating (including Green Power) of 4.8 Stars for the year ended 31 December 2010.

1 to 5 stars, 1=star poor performance, 5=star exceptional performance

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Sustainability
NABERS Engergy Rating NABERS Water Rating
Property 2007 2008 2009 2010 2007 2008 2009 2010
Projected Projected
GPT Portfolio
MLC Centre, Sydney 4.5 4.5 5.0 5.0 2.0 2.5 3.0 3.0
Citigroup Centre, Sydney 4.0 4.5 5.0 5.0 3.5 4.0 4.0 4.0
1 Farrer Place, Sydney (GMT) - 3.0 3.0 4.5 - - 4.0 4.0
1 Farrer Place, Sydney (GPT) - 3.0 3.0 4.0 - - 3.0 3.0
Australia Square, Sydney (Tower) 3.5 4.0 4.5 4.5 3.5 3.5 3.5 3.5
Australia Square, Sydney (Plaza) 5.0 5.0 5.0 5.0 3.5 3.5 4.0 4.0
Melbourne Central, Melbourne 3.5 4.5 4.5 4.5 1.5 2.0 3.5 3.5
818 Bourke Street, Melbourne - 5.0 5.0 5.0 - - 5.0 5.0
GWOF Portfolio
Darling Park 1, Sydney 4.5 4.5 4.0 5.0 2.0 2.0 2.5 2.5
Darling Park 2, Sydney 5.0 5.0 5.0 5.0 3.0 3.0 3.0 3.0
Darling Park 3, Sydney 5.0 5.0 5.0 5.0 3.0 3.5 3.0 3.0
HSBC Centre, Sydney 2.5 3.5 3.5 4.0 2.5 3.0 3.0 3.0
workplace6, Sydney - - - 5.0 - - - 5.0
The Zenith, Chatswood 3.5 3.0 3.0 3.5 1.5 1.5 2.0 2.0
530 Collins Street, Melbourne 4.0 4.0 4.5 5.0 3.0 3.0 3.0 3.0
800/808 Bourke Street, 4.0 4.5 5.0 5.0 2.5 3.0 3.0 3.0
Melbourne
Twenty8 Freshwater Place, - - - 5.0 - - - 3.5
Melbourne
Riverside Centre, Brisbane 4.0 5.0 5.0 5.0 3.5 3.5 3.5 3.5
Brisbane Transit Centre, Brisbane - - - - - - - -
545 Queen Street, Brisbane - - 5.0 5.0 - - - 4.5
10 Mort Street, Canberra 5.0 4.5 4.5 4.5 3.5 3.5 4.0 4.0
12 Mort Street, Canberra 4.5 5.0 5.0 5.0 4.0 4.0 4.5 4.5
Portfolio Average 4.0 4.4 4.6 4.8 2.7 2.8 3.2 3.3
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Office Sustainability

GPT works closely with it’s property managers, Jones Lang LaSalle and Dexus, to achieve solid environmental outcomes. GPT is on track to achieve a weighted average NABERS Energy rating (excluding Green Power) of 4.5 Stars by the end of 2011.

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Area Water (Total) Energy Emissions Waste
GLA Litres/m2 MJ/m2 kgCO2-e/m2 % Recycled
GPT Core Portfolio
MLC Centre, Sydney 73,531 902 538 108 87%
Citigroup Centre, Sydney 73,954 697 439 83 88%
1 Farrer Place, Sydney 86,758 793 572 105 100%
Australia Square, Sydney 52,936 679 531 87 74%
Melbourne Central Tower, Melbourne 65,569 673 319 66 68%
818 Bourke Street, Melbourne 23,152 147 210 77 39%
GWOF Portfolio
Darling Park 1 Sydney 51,698 710 314 45 85%
Darling Park 2, Sydney 51,874 789 415 86 86%
Cockle Bay Wharf, Sydney 8,151 - 1,010 209 82%
Darling Park 3, Sydney 29,590 737 296 58 87%
HSBC Centre, Sydney 41,718 876 580 92 85%
workplace6, Sydney 18,196 536 399 62 52%
The Zenith, Chatswood 44,828 1,004 540 96 42%
530 Collins St, Melbourne 67,790 468 422 69 69%
800/808 Bourke Street, Melbourne 61,223 644 327 58 10%
Twenty8 Freshwater Pl, Melbourne 34,011 430 328 48 75%
Riverside Centre, Brisbane 56,287 811 441 83 53%
Transit Centre, Brisbane 32,555 792 406 87 36%
545 Queen Street, Brisbane 13,604 520 228 47 43%
10 Mort St, Canberra 7,880 428 291 38 -
12 Mort St, Canberra 7,558 346 261 42 -
Total Offce Portfolio 699 433 80 74%
Only recycled waste reported
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MLC Centre, 19 Martin Place Sydney

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The MLC Centre dominates the Sydney skyline, and is located in the core of the Sydney CBD, adjacent to the major city shopping precinct, Pitt Street Mall. The Centre comprises a 67-level tower, an extensive retail complex, expansive outdoor areas, car parking and the Theatre Royal.

The retail precinct comprises a dominant food court, a strong representation in the international brand fashion market, and the Harvey Norman Technology Superstore.

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Key Metrics as at 31 December 2010
Ownership Interest 50%
Acquired (by GPT) April 1987
Asset Quality Grade A
Construction/Refurbishment Completed 1978/Refurbished late 1990s
Property Details
Offce 68,292 sqm Typical Floor Plate 1,300 sqm
Retail 5,239 sqm Income (6 Months) $26.4m
Car Parking Spaces 300 GPT Fair Value $385.0m
Latest Valuation
Value $378.5m Current Capitalisation Rate 6.75%-7.00%
Valuer Knight Frank Terminal Capitalisation Rate 7.00%
Valuation Date 31 March 2009 Discount Rate 8.75%
Tenant Details
Number of Offce Tenants 51
Offce Occupancy (Inc Signed Leases) 100%
Offce Occupancy (Inc HoA) 100%
Weighted Average Lease Expiry 4.2 Years by Income
Key Tenants Area (sqm) Expiry Date
Freehills 20,137 December 2013
Dept of State & Regional Development 5,003 March 2012
GPT Fair Value based on cap rate of 7.13%.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
1,800 180 100%
1,600 160
1,400 46% reduction since 2005 140 32% reduction since 2005 80%
1,200 120
1,000 100 60%
800 80
600 60 40% Total recyclingrate of 87%
400 40 20% in 2010
200 20
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
9% 10% 40% 8% 3% 9% 2% 6% 6% 7%
2011 2012 2013 2014 2015 2017 2018 2019 2020 2021+
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Citigroup Centre, 2 Park Street

Sydney

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The Citigroup Centre at 2 Park Street is a landmark Premium-Grade office building located on the corner of George and Park Streets, Sydney.

Completed in 2000, the 47-level building dominates the Sydney skyline and has large, highly efficient floor plates and upper levels that command expansive city and harbour views.

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Key Metrics as at 31 December 2010
Ownership Interest 50%
Acquired (by GPT) December 2001
Asset Quality Premium Grade
Construction/Refurbishment Completed 2000
Property Details
Offce 73,485 sqm Typical Floor Plate 1,850 sqm
Retail 469 sqm Income $24.5m
Car Parking Spaces 280 GPT Fair Value $360m
Latest Valuation
Value $360.0m Current Capitalisation Rate 7.20%
Valuer Knight Frank Terminal Capitalisation Rate 7.00%
Valuation Date 30 June 2010 Discount Rate 8.70%
Tenant Details
Number of Offce Tenants 25
Offce Occupancy (Inc Signed Leases) 97.5%
Offce Occupancy (Inc HoA) 97.5%
Weighted Average Lease Expiry 3.3 Years by Income
Key Tenants Area (sqm) Expiry Date
Citigroup 34,210 July 2014
G&T Premises 9,280 November 2012
GPT Fair Value based on cap rate of 7.20%.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
1,000 140 100%
800 120 37% reduction since 2005 80%
100
600 80 60%
400 56% reduction 60 40% Total recycling
since 2005 40 rate of 88%
200 20% in 2010
20
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
3% 9% 21% 7% 58% 3%
Vacant 2011 2012 2013 2014 2016
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Governor Phillip & Governor Macquarie Towers, 1 Farrer Place Sydney

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1 Farrer Place is regarded as Sydney’s pre-eminent office building with expansive harbour views.

The complex consists of 86,000 sqm of Premium-Grade accommodation comprising Governor Phillip Tower, a 64-level office building, Governor Macquarie Tower, a 41-level office building; Philip Street Terraces, being five restored historic terraces; and nine levels of basement car parking for 650 cars.

GPT Fair Value based on external valuation.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	25%
Acquired (by GPT)	December 2003
Asset Quality	Premium Grade
Construction/Refurbishment	Completed 1993/1994
Property Details
Offce	86,444 sqm	Typical Floor Plate	GPT: 1,600 sqm GMT: 1,200 sqm
Retail	314 sqm	Income	$19.4m
Car Parking Spaces	650	GPT Fair Value	$321.5m
Latest Valuation
Value	$321.5m	Current Capitalisation Rate	6.44%
Valuer	JLL	Terminal Capitalisation Rate	6.54%
Valuation Date	31 December 2010	Discount Rate	8.63%
Tenant Details
Number of Offce Tenants	37
Offce Occupancy (Inc Signed Leases)	98.2%
Offce Occupancy (Inc HoA)	98.2%
Weighted Average Lease Expiry	4 Years by Income
Key Tenants	Area (sqm)	Expiry Date
HMGMQEII	20,989	December 2014
Mallesons Stephen Jacques	18,800	September 2016
Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry by Area 0 200 400 600 800 1,000 1,200 1,400 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 0 50 100 150 200 250 28% reduction since 2005 46% reduction since 2005 Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2)

Vacant 2011 2012

The Recycling rate for this asset is unavailable.

Australia Square, 264 George Street

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Sydney
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One of the most enduring prime office properties, Australia Square is situated in the core of Sydney’s CBD.

The complex comprises the 48-level circular Tower building, the adjacent 13-level Plaza building, the Summit revolving restaurant, a substantial car park, and external Plaza courtyard featuring a landmark fountain.

Community

Australia Square Turns Pink

Pink Ribbon Month is organised annually by the National Breast Cancer Foundation. To launch their corporate and community fundraising initiatives a gala event called Global Illumination is held annually.

This year Australia Square was a major Global Illumination destination and GPT was proud to turn Australia Square pink.

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Key Metrics as at 31 December 2010
Ownership Interest 50%
Acquired (by GPT) September 1981
Asset Quality Grade A
Construction/Refurbishment Completed 1967/Refurbished 2004
Property Details
Offce 41,266 sqm Typical Floor Plate 1,030 sqm
Plaza 10,094 sqm Income $17.7m
Retail 1,577 sqm GPT Fair Value $272.8m
Car Parking Spaces 385
Latest Valuation
Value $267.0m Current Capitalisation Rate 6.90%-7.25%
Valuer CBRE Terminal Capitalisation Rate 6.90%-7.25%
Valuation Date 31 March 2009 Discount Rate 9.00%-9.25%
Tenant Details
Number of Offce Tenants 60
Offce Occupancy (Inc Signed Leases) 98.7%
Offce Occupancy (Inc HoA) 98.7%
Weighted Average Lease Expiry 3.4 Years by Income
Key Tenants Area (sqm) Expiry Date
Origin Energy 5,937 February 2016
HWL Ebsworth Leasing 5,160 August 2014
GPT Fair Value based on cap rate of 7.13%.
1,000 Water intensity (litres/m2) 160 Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled) 100%
140 31% reduction
800 120 since 2005 80%
600 100 60%
80
400 48% reduction 60 40% Total recycling
200 since 2005 40 20% rate of 74% in 2010
20
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
1% 13% 19% 14% 24% 6% 10% 5% 4% 4%
Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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Melbourne Central Tower, 360 Elizabeth Street Melbourne

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Melbourne Central is a landmark office and retail property located in the Melbourne CBD.

Melbourne Central Tower is a 51-level, Premium-Grade office tower located adjacent to Melbourne Central’s retail component. Completed in 1991, the Tower is dominant in the Melbourne skyline and occupied by blue chip and government tenants such as Origin, Members Equity Bank, ACCC and Allianz.

For information about the retail component of Melbourne Central, see the Retail Section of this document.

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Key Metrics as at 31 December 2010
Ownership Interest 100%
Acquired (by GPT) May 1999
Asset Quality Premium Grade
Construction/Refurbishment Completed 1991
Property Details
Offce 65,569 sqm Typical Floor Plate 1,530 sqm
Retail NA Income $22.6m
Car Parking Spaces 1600 GPT Fair Value $304.9m
Latest Valuation
Value $1033.0m Current Capitalisation Rate 7.50%
Valuer Colliers International Terminal Capitalisation Rate 7.75%
Valuation Date 30 June 2009 Discount Rate 9.25%
Tenant Details
Number of Offce Tenants 16
Offce Occupancy (Inc Signed Leases) 97.8%
Offce Occupancy (Inc HoA) 100%
Weighted Average Lease Expiry 5.9 Years by Income
Key Tenants Area (sqm) Expiry Date
Origin Energy 12,236 November 2011
Members Equity Bank 9,863 April 2021
GPT Fair Value based on cap rate of 7.50%. See Retail section for retail component.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
1,000 140 80%
800 120 47% reduction since 2005 70%
100 60%
600 80 50%
40%
400 28% reduction since 2005 6040 30%20% Total recycling rate of 68%
200 20 10% in 2010
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
2% 12% 8% 3% 24% 2% 16% 11% 19.6%
Vacant 2011 2012 2013 2014 2016 2017 2018 2019
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818 Bourke Street Melbourne

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818 Bourke Street is a campus-style office building on the waterfront at Docklands, Melbourne, completed in 2006.

The building consists of approximately 21,700 sqm of office space over six levels fully leased to Ericsson, Infosys and AMP, parking for 175 cars and approximately 1,500 sqm of retail space.

The building is of Prime-Grade standard with expansive floor plates of 3,500 sqm, an energy efficient design and northerly water views from each floor.

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Key Metrics as at 31 December 2010
Ownership Interest 100%
Acquired (by GPT) December 2007
Asset Quality Grade A
Construction/Refurbishment Completed 2007
Property Details
Offce 21,705 sqm Typical Floor Plate 3,575 sqm
Retail 1,447 sqm Income $8.8m
Car Parking Spaces 175 GPT Fair Value $125.6m
Latest Valuation
Value $114.0m Current Capitalisation Rate 7.75%
Valuer CBRE Terminal Capitalisation Rate 8.00%
Valuation Date 31 December 2009 Discount Rate 9.25%
Tenant Details
Number of Offce Tenants 3
Offce Occupancy (Inc Signed Leases) 100.0%
Offce Occupancy (Inc HoA) 100.0%
Weighted Average Lease Expiry 6.6 Years by Income
Key Tenants Area (sqm) Expiry Date
Ericsson 12,212 December 2017
Infosys 5,678 July 2018
GPT Fair Value based on cap rate of 7.25%.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
200 90 50%
80
150 70 40%
60
50 30%
100
40
30 20% Total recycling rate of 39%
50 20 10% in 2010
10
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
7% 17% 33% 44%
2012 2015 2017 2018
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This asset was not operational in baseline year (2005).

GPT Wholesale Office Fund

The GPT Wholesale Office Fund (GWOF) provides GPT with an important source of income through management and development management fees. This provides investors with an income stream through exposure to high quality assets in addition to the income received from the funds.

Leasing activity was a key focus for the Office Fund during 2010, with occupancy increasing to 95.7% (including committed space). The portfolio maintains a long weighted average lease expiry of 5.9 years by area.

In April 2010 GWOF acquired a 50% interest in a premium grade office development at 161 Castlereagh Street in Sydney for $333 million. In line with GWOF’s strategy to divest smaller, lower quality assets, the fund divested 179 Elizabeth Street for $95 million in July 2010.

During the December quarter, GPT sold $8 million of equity as part of its selldown process in the Office Fund. This reduced GPT’s holding in the fund to 33.3%. GPT will continue to move toward reducing its holding in GWOF to 20% over time.

Top Ten Key Tenants as at 31 December 2010

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Name Income(%) [1]
National Australia Bank 10.2%
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Name	Income(%)1
National Australia Bank	10.2%
Commonwealth Bank of Australia	7.6%
Pricewaterhouse Coopers	7.2%
Marsh Mercer	5.9%
Allens Arthur Robinson	4.7%
Commonwealth of Australia	3.4%
HSBC Bank Australia	3.1%
Google	2.6%
Rabobank	2.4%
Accenture	1.7%
1 Based on gross rent.

Geographic Weighting as at 31 December 2010

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1%
24%
50%
25%
Sydney Melbourne
Brisbane Canberra
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Darling Park 1 & 2 and Cockle Bay Wharf 201 Sussex Street

Sydney

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Darling Park is a landmark commercial and retail complex located in Sydney’s popular Darling Harbour precinct.

The site comprises two PremiumGrade office buildings and a retail and entertainment complex, known as Cockle Bay Wharf. The towers and Cockle Bay Wharf are connected by plazas, galleries, business lounges and conference facilities.

Darling Park provides its tenants with a complete environment, including the crescent gardens, waterfront restaurants and cafes, and large, efficient, column-free floor plates and expansive water views.

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Key Metrics as at 31 December 2010
Ownership Interest 50%
Acquired (by GWOF) July 2006
Asset Quality Premium Grade
Construction/Refurbishment Tower 1 completed 1994, Tower 2 completed 1999
Property Details
Offce 102,009 sqm Typical Floor Plate 1,900 sqm
Retail 9,715 sqm Income $37.9m
Car Parking Spaces 680 GWOF Fair Value $557.9m
Latest Valuation
Value $556.0m Current Capitalisation Rate 6.75%-7.50%
Valuer Knight Frank Terminal Capitalisation Rate 7.00%-7.75%
Valuation Date 31 March 2010 Discount Rate 8.40%-9.70%
Tenant Details
Number of Offce Tenants 7
Offce Occupancy (Inc Signed Leases) 97.8%
Offce Occupancy (Inc HoA) 97.8%
Weighted Average Lease Expiry 7.9 Years by Income
Key Tenants Area (sqm) Expiry Date
Commonwealth Bank of Australia 48,898 December 2022
Pricewaterhouse Coopers 39,366 December 2015
GWOF Fair Value based on cap rate range of 6.75%-7.25%.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
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1,600 140 90%
1,400 42% reduction 120 41% reduction 80%
1,200 since 2005 100 since 2005 70%
1,000 60%
800 80 50%
60 40%
600
400 40 30%20% Total recycling rate of 83%
200 20 10% in 2010
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
2% 2% 44% 3% 17% 31%
Vacant 2013 2015 2019 2020 2021+
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Darling Park 3, 201 Sussex Street Sydney

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The Premium–Grade Darling Park 3, the third and final stage of the Darling Park complex, was completed in November 2005.

The 18-level building was the first office tower to be rated 5-Star Base Building under the NABERS Energy Rating, the highest rating available, and has major tenants Marsh Mercer and Rabobank.

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Key Metrics as at 31 December 2010
Ownership Interest 100%
Acquired (by GWOF) July 2006
Asset Quality Premium Grade
Construction/Refurbishment Completed 2005
Property Details
Offce 29,572 sqm Typical Floor Plate 1,500 sqm
Retail 18 sqm Income $19.1m
Car Parking Spaces 160 GWOF Fair Value $275.0m
Latest Valuation
Value $275.0m Current Capitalisation Rate 7.00%
Valuer Knight Frank Terminal Capitalisation Rate 7.00%
Valuation Date 31 March 2010 Discount Rate 9.06%
Tenant Details
Number of Offce Tenants 8
Offce Occupancy (Inc Signed Leases) 98.0%
Offce Occupancy (Inc HoA) 98.0%
Weighted Average Lease Expiry 5.5 Years by Income
Key Tenants Area (sqm) Expiry Date
Mash Mercer 17,779 November 2016
Rabobank 8,054 June 2016
GWOF Fair Value based on cap rate of 7%.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
1,200 90 90%
80 80%
1,000
70 70%
800 60 60%
50 50%
600
40 40%
400 30 30% Total recycling
20 20% rate of 87%
200 10 10% in 2010
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
2% 7% 3% 2% 86% 1%
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Vacant 2011 2013 2014 2016 2019
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Note: This asset was not operational in baseline year (2005).

HSBC Centre, 580 George Street

Sydney

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HSBC Centre comprises a landmark office and retail asset prominently located in the midtown precinct of the Sydney CBD.

The building comprises 33 office levels and a retail precinct which is linked by a pedestrian underpass to Town Hall railway station.

In 2009, HSBC extended their lease of 12,000 sqm for a further ten years to December 2020. As part of the lease agreement, works have commenced to upgrade the building to a 4.5 Star NABERS Energy rating.

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Key Metrics as at 31 December 2010
Ownership Interest 100%
Acquired (by GWOF) July 2006
Asset Quality Grade A
Construction/Refurbishment Completed 1988/Refurbished 2002
Property Details
Offce 37,491 sqm Typical Floor Plate 1,300 sqm
Retail 4,227 sqm Income $21.1m
Car Parking Spaces 140 GWOF Fair Value $294.1m
Latest Valuation
Value $290.0m Current Capitalisation Rate 7.25%
Valuer Colliers International Terminal Capitalisation Rate 7.50%
Valuation Date 30 June 2010 Discount Rate 9.11%
Tenant Details
Number of Offce Tenants 21
Offce Occupancy (Inc Signed Leases) 98.7%
Offce Occupancy (Inc HoA) 98.9%
Weighted Average Lease Expiry 6.3 Years by Income
Key Tenants Area (sqm) Expiry Date
HSBC Bank Australia 13,130 December 2020
Mission Australia 3,700 May 2017
GWOF Fair Value based on a cap rate of 7.25%.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
1,800 180 90%
1,600 160 80%
1,400 140 70%
1,200 120 60%
1,000 100 50%
800 80 40%
600 56% reduction 60 42% reduction 30% Total recycling
400 since 2005 40 since 2005 20% rate of 85%
200 20 10% in 2010
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
1% 2% 1% 9% 17% 7% 10% 20% 33%
Vacant 2011 2012 2013 2014 2015 2016 2017 2021+
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workplace[6] , 48 Pirrama Road

Sydney

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workplace[6] is a waterfront PrimeGrade office building achieving world leading standards in environmental design and resource efficiency. workplace[6] comprises 18,000 sqm of accommodation over six levels.

The building, which was developed by GPT, was the first office development to achieve a 6 Star Green Star rating for Design and also As Built in NSW. The asset features spectacular harbour views, large campus-style floor plates and two levels of basement parking with 135 car spaces. Accenture and Google occupy all of the office space with the award winning Doltone House function centre occupying the waterfront retail.

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Key Metrics as at 31 December 2010
Ownership Interest 100%
Acquired (by GWOF) December 2007
Asset Quality Grade A
Construction/Refurbishment Completed 2008
Property Details
Offce 16,304 sqm Typical Floor Plate 3,600 sqm
Retail 1,892 sqm Income $11.4m
Car Parking Spaces 135 GWOF Fair Value $155.0m
Latest Valuation
Value $155.0m Current Capitalisation Rate 7.13%
Valuer Savills Terminal Capitalisation Rate 7.63%
Valuation Date 31 December 2010 Discount Rate 9.23%
Tenant Details
Number of Offce Tenants 2
Offce Occupancy (Inc Signed Leases) 100.0%
Offce Occupancy (Inc HoA) 100.0%
Weighted Average Lease Expiry 8.9 Years by Income
Key Tenants Area (sqm) Expiry Date
Google 9,846 December 2018
Accenture 6,458 February 2021
GWOF Fair Value based on external valuation.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
900 100 90%
800 80%
700 80 70%
600 60%
60
500 50%
400 40 40% Total recycling
300 30% rate of 52%
200 20 20% in 2010
100 10%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
60% 40%
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2018 2021+
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Note: This asset was not operational in baseline year (2005).

The Zenith, 821 Pacific Highway Chatswood

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The Zenith is the pre-eminent A-Grade office complex located in the commercial heart of Chatswood CBD.

The asset consists of two prominent office towers, connected by a multistorey glass atrium. The asset features large and efficient floor plates and the Zenith Theatre.

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Key Metrics as at 31 December 2010
Ownership Interest 50%
Acquired (by GWOF) January 2007
Asset Quality Grade A
Construction/Refurbishment Completed 1987/Refurbished 2008
Property Details
Offce 43,960 sqm Typical Floor Plate 1,100 sqm
Retail 868 sqm Income $8.0m
Car Parking Spaces 800 GWOF Fair Value $119.2m
Latest Valuation
Value $118.4m Current Capitalisation Rate 8.00%
Valuer JLL Terminal Capitalisation Rate 8.25%
Valuation Date 30 September 2010 Discount Rate 9.00%
Tenant Details
Number of Offce Tenants 28
Offce Occupancy (Inc Signed Leases) 98.0%
Offce Occupancy (Inc HoA) 98.0%
Weighted Average Lease Expiry 3.2 Years by Income
Key Tenants Area (sqm) Expiry Date
Austrac 6,348 May 2012
Oracle 5,277 December 2013
GWOF Fair Value based on cap rate of 8%.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)

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1,800 250 45%
1,6001,400 36% reduction since 2005 200 45% reduction 40%35% Total recycling rate of 42%in 2010
1,200 since 2005 30%
150
1,000 25%
800 20%
100
600 15%
400 50 10%
200 5%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
2% 7% 13% 36% 11% 19% 10% 3%
Vacant 2011 2012 2013 2014 2016 2017 2018
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530 Collins Street Melbourne

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Located on the north east corner of Collins and King Streets in the Melbourne CBD, 530 Collins Street is a Premium-Grade commercial office building which was completed in 1991. The asset is a sought after property due to its large floor plates, prime location, spectacular city views and, more than ever, sustainability features.

530 Collins Street demonstrated GPT’s capability to reposition an asset to meet new standards in sustainability. In 2009, GPT repositioned the asset to improve its sustainability credentials from a 2.5 to 5.0 Star NABERS Energy rating and at the same time enhance the building’s ground floor lobby, retail and building services to attract new tenants.

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Key Metrics as at 31 December 2010
Ownership Interest 100%
Acquired (by GWOF) July 2006
Asset Quality Premium Grade
Construction/Refurbishment Completed 1991/Refurbished 2009
Property Details
Podium: 3,500 sqm
Office 66,036 sqm Typical Floor Plate Tower: 1,300 sqm
Retail 1,755 sqm Income $14.9m
Car Parking Spaces 320 GWOF Fair Value $344.3m
Latest Valuation
Value $330.0m Current Capitalisation Rate 7.25%
Valuer CBRE Terminal Capitalisation Rate 7.50%
Valuation Date 30 June 2010 Discount Rate 9.62%
Tenant Details
Number of Offce Tenants 18
Offce Occupancy (Inc Signed Leases) 84.5%
Offce Occupancy (Inc HoA) 88.7%
Weighted Average Lease Expiry 6.2 Years by Income
Key Tenants Area (sqm) Expiry Date
Allens Arthur Robinson 12,828 June 2012
St George Bank 7,027 December 2016
GWOF Fair Value based on cap rate of 7.25%.
Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
800 140 80%
700 120 70%
600 100 60%
500 50%
80
400 40%
60
300200100 35% reduction since 2005 4020 49% reduction since 2005 30%20%10% Total recycling rate of 69%in 2010
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
16% 1% 25% 2% 1% 11% 8% 8% 28%
Vacant 2011 2012 2013 2014 2016 2017 2018 2021+
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800/808 Bourke Street Melbourne

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800 and 808 Bourke Street were completed in 2004. This contemporary home to the Australian head office of the National Australia Bank (NAB) is located on a prime, north-facing waterfront site in the Docklands precinct in Melbourne.

The asset embodies the key design elements of a modern workplace such as large open plan floors, open atria, operable windows, balconies, terraces, sunshades and extensive use of natural light.

The building has received considerable local and international awards for its leading edge design including the Banksia Award for sustainable buildings in 2005.

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Key Metrics as at 31 December 2010
Ownership Interest 100%
Acquired (by GWOF) July 2006
Asset Quality Grade A
Construction/Refurbishment Completed 2004
Property Details
Offce 59,623 sqm Typical Floor Plate 3,500 sqm
Retail 1,600 sqm Income $24.1m
Car Parking Spaces 410 GWOF Fair Value $336.6m
Latest Valuation
Value $336.5m Current Capitalisation Rate 7.25%
Valuer Colliers Terminal Capitalisation Rate 7.63%
Valuation Date 30 September 2010 Discount Rate 9.25%
Tenant Details
Number of Offce Tenants 1
Offce Occupancy (Inc Signed Leases) 100.0%
Offce Occupancy (Inc HoA) 100.0%
Weighted Average Lease Expiry 5.4 Years by Income
Key Tenants Area (sqm) Expiry Date
National Australia Bank 59,623 February/June 2016
GWOF Fair Value based on cap rate of 7.25%.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
1,000 120 30%
800 100 37% reduction since 2005 25% Total recycling rate of 10%
80 20% in 2010
600
60 15%
400
22% reduction 40 10%
since 2005
200 20 5%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Lease Expiry by Area

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100%
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2016
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Major office tenant manages own waste collection and disposal.

Twenty8 Freshwater Place Melbourne

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Twenty8 Freshwater Place is a Prime-Grade development located in Melbourne’s Southbank, between the popular Crown Entertainment complex and Southgate.

The building comprises 34,000 sqm of contemporary office space built to a 4.5 NABERS and a 4 Star Green Star standard.

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Key Metrics as at 31 December 2010
Ownership Interest 50%
Acquired (by GWOF) August 2007
Asset Quality Grade A
Construction/Refurbishment Completed 2008
Property Details
Tower: 1,780
Office 33,865 sqm Typical Floor Plate Podium 2,270
Retail 146 sqm Income $7.3m
Car Parking Spaces 250 GWOF Fair Value $103.7m
Latest Valuation
Value $103.8m Current Capitalisation Rate 7.25%
Valuer Colliers Terminal Capitalisation Rate 7.50%
Valuation Date 30 September 2010 Discount Rate 9.25%
Tenant Details
Number of Offce Tenants 14
Offce Occupancy (Inc Signed Leases) 100.0%
Offce Occupancy (Inc HoA) 100.0%
Weighted Average Lease Expiry 8.1 Years by Income
Key Tenants Area (sqm) Expiry Date
MMG Group 7,120 March 2019
CPA 7,120 May 2021
GWOF Fair Value based on cap rate of 7.25%.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
500 60 80%
70%
400 50 Total recycling
60% rate of 75%
300 40 50% in 2010
30 40%
200 30%
20
20%
100 10
10%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
3% 18% 5% 53%
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2015 2016 2018 2019
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This asset was not operational in baseline year (2005).

Riverside Centre, 123 Eagle Street Brisbane

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This pre-eminent landmark complex comprises a 41-level Premium-Grade commercial building located in the heart of the Golden Triangle of the Brisbane CBD. Originally constructed in 1986, the complex has been periodically refurbished and upgraded.

The building incorporates approximately 50,000 sqm of quality office accommodation, waterfront restaurants and car parking for 539 cars. 4,700 sqm of retail accommodation surrounds an open plaza.

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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)

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1,800 160 80%
1,600 140
61% reduction 40% reduction
1,400 since 2005 120 since 2005 60%
1,200 100
1,000
80 40%
800
60
600 Total recycling
400 40 20% rate of 53%in 2010
200 20
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
9% 3% 5% 8% 13% 15% 10% 2% 4% 17%
Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019
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Brisbane Transit Centre, 151 - 171 Roma Street Brisbane

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The Brisbane Transit Centre comprises a multi-use complex with two office towers, three levels of retail, a car park and Holiday Inn Hotel.

During 2009 and early 2010, a refurbishment and services upgrade enhanced the office tower to a PrimeGrade rating. In addition, Brisbane City Council granted approval in December 2007 for the construction of an additional 32-level tower of 70,000 sqm (the Q Centre) on the vacant western end of the site. The development is subject to tenant pre-commitment.

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Key Metrics as at 31 December 2010
Ownership Interest 50%
Acquired (by GWOF) July 2006
Asset Quality Grade A
Construction/Refurbishment Completed 1988, with periodic refurbishment
Property Details
East Tower: 1,030
Office 29,521 sqm Typical Floor Plate West Tower 2,095
Retail 3,034 sqm Income $0.5m
Car Parking Spaces 790 GWOF Fair Value $81.0m
Latest Valuation
Value $81.0m Current Capitalisation Rate 8.50%
Valuer Knight Frank Terminal Capitalisation Rate 8.75%
Valuation Date 31 December 2010 Discount Rate 9.40%
Tenant Details
Number of Offce Tenants 3
Offce Occupancy (Inc Signed Leases) 73.7%
Offce Occupancy (Inc HoA) 80.7%
Weighted Average Lease Expiry 3.4 Years by Income
Key Tenants Area (sqm) Expiry Date
Brisbane City Council 8,324 July 2013
Queensland Rail 2,081 October 2015
GWOF Fair Value based on external valuation.
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Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)
3,500 100 45%
3,000 80% reduction since 2005 80 40%35% Total recycling rate of 36%in 2010
2,500 30%
2,000 60 25%
1,500 40 20%
15%
1,000
20 10%
500
5%
0 0 0%
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
Lease Expiry by Area
26% 56% 11% 7%
Vacant 2014 2015 2016
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*Prior to 2010 only retail base building energy reported. From 2010 office base building also reported.

545 Queen Street Brisbane

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545 Queen Street is situated on a prominent island site located in the north eastern fringe of the financial precinct of Brisbane CBD.

The site is located approximately 500 metres from the Brisbane Central Rail Station with good exposure to the high volumes of traffic on the northern entrance of Brisbane CBD.

In 2008, a substantial refurbishment was completed and provides 13,604 sqm of A-Grade office and retail space. Originally designed to a 4.5 Star NABERS Energy standard, the building has now achieved a 5 Star NABERS Energy rating.

GWOF Fair Value based on external valuation.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GWOF)	June 2007
Asset Quality	Grade A
Construction/Refurbishment	Completed 1991/ Re-developed 2008
Property Details
Offce	13,129 sqm		Typical Floor Plate		Podium:2,090 Tower 750
Retail	475 sqm		Income		$6.5m
Car Parking Spaces	100		GWOF Fair Value		$81.0m
Latest Valuation
Value	$81.0m		Current Capitalisation Rate		8.25%
Valuer	Colliers		Terminal Capitalisation Rate		8.50%
Valuation Date	31 December 2010		Discount Rate		9.28%
Tenant Details
Number of Offce Tenants	6
Offce Occupancy (Inc Signed Leases)	88.6%
Offce Occupancy (Inc HoA)	100.0%
Weighted Average Lease Expiry	6.1 Years by Income
Key Tenants	Area (sqm)		Expiry Date
Australian Op Co	7,358 (includes 944 sqm Flight Centre)		January 2017
Calibre Global	2,020		January 2017
6% 6% 71% 11% 6% Lease Expiry by Area 0 100 200 300 400 500 600 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 2006 2007 2008 2009 2010 0 10 20 30 40 50 0% 10% 20% 30% 40% 50% Total recycling rate of 43% in 2010 Water intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (%reused/recycled)**
				Total recycling rate of 43% in 2010
				6% 2006 2007 2008 2009 2010

V		acant 2015 2016 2017 2018

This asset was not operational in baseline year (2005).

10-12 Mort Street Canberra

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10-12 Mort Street, Canberra comprises adjoining A-Grade office buildings located in Canberra’s CBD.

The properties are interlinked and comprise six upper levels of office space, ground floor retail and basement car parking. During 2011 the buildings will be refurbished due to the expiry of the DEEWR leases.

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Key Metrics as at 31 December 2010
Ownership Interest 100%
Acquired (by GWOF) July 2006
Asset Quality Grade A
Construction/Refurbishment 10 Mort Street: Completed 1994/Refurbished 1988
12 Mort Street: Completed 1994/Refurbished 1999
Property Details
10 Mort: 1,250
Office 15,360 sqm Typical Floor Plate 12 Mort: 1,100
Retail 78 sqm Income $5.2m
Car Parking Spaces 170 GWOF Fair Value $41.3m
Latest Valuation
Value $41.0m Current Capitalisation Rate 9.25%
Valuer JLL Terminal Capitalisation Rate 9.50%
Valuation Date 30 September 2010 Discount Rate 11.25%
Tenant Details
Number of Offce Tenants 1
Offce Occupancy (Inc Signed Leases) 100.0%
Offce Occupancy (Inc HoA) 100.0%
Weighted Average Lease Expiry 0.9 Years by Income
Key Tenants Area (sqm) Expiry Date
Commonwealth of Australia 15,360 November 2011
GWOF Fair Value based on cap rate of 9.25%.
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Water intensity (litres/m2)*

Emissions Intensity (kg C02-e/m2)

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800 90
700 35% reduction 80
600 since 2005 70 55% reduction since 2005
60
500
50
400
40
300
30
200 20
100 10
0 0
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Lease Expiry by Area

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100%
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2011
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The recycling rate for this asset is unavailable.

GPT ANNUAL RESULT 2 010

Industrial Portfolio

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Industrial Portfolio Overview

GPT’s Industrial Portfolio consists of ownership in 19 high quality traditional industrial and business park assets located in Australia’s major industrial and business park areas.

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1
1
13
Canberra
3
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Queensland

92-116 Holt Street, Pinkenba

South Australia

Lots 42-44 Ocean Steamers Drive, Port Adelaide

Victoria

Austrak Business Park, Somerton Citiwest Industrial Estate, Altona North

134-140 Fairbairn Road, Sunshine West

New South Wales

18-24 Abbott Road, Seven Hills 15-17 Berry Street, Granville Connect@Erskine Park

5 Figtree Drive, Sydney Olympic Park

7 Figtree Drive, Sydney Olympic Park

2-4 Harvey Road, Kings Park

6 Herb Elliott Avenue, Sydney Olympic Park

8 Herb Elliott Avenue, Sydney Olympic Park
4 Holker Street, Newington

407 Pembroke Road, Minto

Park

7 Parkview Drive, Sydney Oympic Park

Quad Business Park, Sydney Oympic Park

Rosehill Business Park, Camellia

l Number of Assets in each state

372-374 Victoria Street, Wetherill

Industrial Portfolio Summary

The portfolio delivered stable income growth in 2010 of 2.7%, with occupancy increasing to 98.4% and supported by high quality tenants. The lease profile of the portfolio remains attractive with a long weighted average lease expiry of 6.5 years and limited near term lease expiries.

Top Ten Tenants as at 31 December 2010

Key Operating Metrics as at 31 December 2010

Geographic Weighting as at 31 December 2010

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Name % Income [1]
Coles Myer 17%
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Name	% Income1
Coles Myer	17%
Australian Pharmaceutical Industries	14%
Steinhoff Asia Pacifc	12%
Goodman Fielder	11%
Vodafone Australia	10%
SuperCheap Auto	9%
Mitsubishi Motors	8%
Effem foods	7%
Linfox	6%
Onesteel Trading Ltd	6%
Based on net rent

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31 Dec 10 31 Dec 09
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	31 Dec 10	31 Dec 09

Number of Assets	21	19
Portfolio Value	$792m	$780m
Comparable Income Growth	2.7%	2.5%
Occupancy	98.4%	96.5%
Weighted Average Lease Expiry	6.5yrs	7.2years

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2% 1%
32%
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66%
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NSW QLD
VIC SA
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Industrial Portfolio Summary Schedule

The Industrial portfolio had a total value of $792 million (including development assets) at 31 December 2010. The Portfolio’s high occupancy of 98.4% (by income) and long average lease term of 6.5 years are indicative of the quality of the assets and their attractiveness to tenants.

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Property Ownership GLA 31 Dec 2010 31 Dec External or Industrial 12 mths to Weighted
(100% Fair Value 2010 Cap Directors Occupancy Dec 2010 Average Lease
interest) ($m) Rate Valuation (By Income) Income ($m) Expiry (Years,
(sqm) by Income)
Quad 1, Sydney Olympic Park, NSW 100% 4,978 19.6 8.75% Directors 100% 1.7 3.8
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Property	Ownership	GLA (100% interest) (sqm)	31 Dec 2010 Fair Value ($m)	31 Dec 2010 Cap Rate	External or Directors Valuation	Industrial Occupancy (By Income)	12 mths to Dec 2010 Income ($m)	Weighted Average Lease Expiry (Years, by Income)
Quad 1, Sydney Olympic Park, NSW	100%	4,978	19.6	8.75%	Directors	100%	1.7	3.8
Quad 2, Sydney Olympic Park, NSW	100%	5,147	20.3	8.75%	Directors	92.4%	1.7	1.2
Quad 3, Sydney Olympic Park, NSW	100%	5,241	21.2	7.50%	Directors	100%	1.8	1.7
Quad 4, Sydney Olympic Park, NSW	100%	7,998	34.1	8.25%	Directors	100%	2.8	4.3
Rosehill Business Park, Camellia, NSW	100%	41,851	66.5	8.50%	Directors	83.4%	5.0	3.9
2-4 Harvey Road, Kings Park, NSW	100%	40,336	44.1	8.25%	Directors	100%	3.7	6.7
Erskine Park-Stage 1, NSW	100%	15,243	38.6	8.13%	Directors	100%	3.1	18.5
Erskine Park-Stage 2, NSW	100%	12,700	19.0	7.82%	Directors	100%	1.6	11.1
407 PembrokeRoad,Minto,NSW	50%	7,639	22.9	8.25%	External	100%	1.9	8.9
4 Holker Street,Newington,NSW	100%	7,430	30.1	8.50%	Directors	100%	2.8	6.5
15 BerrySt,Granville,NSW	100%	10,025	12.6	8.75%	Directors	100%	0.7	4.3
19 BerrySt,Granville,NSW	100%	19,632	25.7	8.75%	Directors	100%	2.2	7.2
5 Figtree Drive,SydneyOlympic Park,NSW	100%	9,018	18.7	8.50%	Directors	100%	1.5	0.7
7 Figtree Drive,SydneyOlympic Park,NSW	100%	3,457	10.0	8.50%	Directors	100%	1.1	4.7
372-374 Victoria Street,Wetherill Park,NSW	100%	20,462	18.1	9.50%	Directors	100%	1.6	4.2
7 Parkview Drive, Sydney Olympic Park, NSW	100%	2,312	17.5	n/a	Directors	100%	0.3	2.8
18-24 Abbott Road, Seven Hills, NSW	100%	19,380	14.0	10.00%	Directors	100%	1.4	4.8
6 Herb Elliott Avenue, Sydney Olympic Park, NSW	100%	4,144	12.0	n/a	External	100%	0.4	1.2
8 Herb Elliott Avenue, Sydney Olympic Park, NSW	100%	3,294	9.3	8.50%	Directors	100%	0.8	9.1
Austrak Business Park, Somerton, VIC	50%	96,813	140.0	8.10%	Directors	100%	10.9	10.4
Citiwest Industrial Estate, Altona North, VIC	100%	91,467	66.1	8.75%	Directors	100%	5.4	4.4
134-140 Fairbairn Road, Sunshine West, VIC	100%	16,824	13.0	8.50%	Directors	100%	1.1	7.1
92-116 Holt Street, Pinkenba, QLD	100%	15,429	13.4	9.25%	Directors	100%	1.1	7.1
Lots 42-44 Ocean Steamers Drive, Port Adelaide, SA	50%	6,175	6.0	10.00%	Directors	100%	0.5	2.3
Total		466,995	693	8.48%		98.4%	55.2	6.5

Weighted Average Capitalisation Rate and Lease Expiry Profile – Industrial

The weighted average capitalisation rate of the Industrial Portfolio was 8.48% at 31 December 2010. The Portfolio had an attractive lease expiry profile with a WALE of 6.5 years.

Weighted Average Capitalisation Rate (WACR) as at 31 December 2010

Weighted Average Lease Expiry (Years by income) as at 31 December 2010

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8.30% 8.43% 8.45% 8.48% 53.1%
7.90%
7.40% 7.50%
13.6%
11.1%
8.5% 7.0%
4.7%
1.6%
31 Dec 07 30 Jun 08 31 Dec 08 30 Jun 09 31 Dec 09 30 Jun 10 31 Dec 10 Vacant 2011 2012 2013 2014 2015 Beyond 2015
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Industrial Market Outlook

As market conditions improve, the outlook for 2011 remains positive, supported by increasing tenant demand, particularly from the freight and logistics market, and limited new supply.

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Container Throughput
Income security for the portfolio is 3,000,000
underpinned by 89% of structured or
fixed rent reviews with an average 2,500,000
increase of 3.3% for 2011. 2,000,000
In addition, GPT will look to enhance 1,500,000
returns through active management 1,000,000
of the portfolio to maintain high levels
of occupancy and the long weighted 500,000
average lease expiry. 0
1995/96 1997/98 1999/00 2001/02 2003/04 2005/06 2007/08 2009/10 2011/12 2013/14 2015/16
Structured rent increase
Container throughput Sydney Container throughput Melbourne Container throughput Brisbane
11%
Prime Rents
160
140
Average 3.3% 120
increase 100
80
60
40
89% 20
0
Market 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Fixed
Industrial Prime Net Rents Sydney Outer Central Industrial Prime Net Rents Melbourne West
Structured rent increases for leases subject to review for
full year 2011. Industrial Prime Net Rents Brisbane South
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Industrial Income and Fair Value Schedule

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Income Fair Value
GPT Property ($m) Dec Dec Variance Fair Capex Sales Book Net Other Fair Value
2010 2009 31 Dec Value Profit/ Purchases Revaluations Adjustments Dec 2010
(12 (12 2010 Dec 2009 (loss) on
mths) mths) Sale
Quad 1, Sydney Olympic Park 1.7 1.5 0.2 18.8 0.2 0.0 0.0 0.0 0.9 (0.2) 19.7
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GPT Property ($m)	Income	Income	Income	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value
	Dec 2010 (12 mths)	Dec 2009 (12 mths)	Variance 31 Dec 2010	Fair Value Dec 2009	Capex	Sales	Book Proft/ (loss) on Sale	Purchases	Net Revaluations	Other Adjustments	Fair Value Dec 2010
Quad 1, Sydney Olympic Park	1.7	1.5	0.2	18.8	0.2	0.0	0.0	0.0	0.9	(0.2)	19.7
Quad 2, Sydney Olympic Park	1.7	1.7	(0.0)	20.0	0.1	0.0	0.0	0.0	0.7	(0.5)	20.3
Quad 3, Sydney Olympic Park	1.8	1.7	0.1	20.2	0.2	0.0	0.0	0.0	1.1	(0.2)	21.3
Quad 4, Sydney Olympic Park	2.8	2.7	0.1	32.4	0.1	0.0	0.0	0.0	3.2	(1.6)	34.1
Rosehill Business Park, Camellia	5.0	5.7	(0.7)	64.0	0.2	0.0	0.0	0.0	2.3	0.0	66.5
2-4 Harvey Road, Kings Park	3.7	3.6	0.1	44.0	0.1	0.0	0.0	0.0	0.0	0.0	44.1
Erskine Park-Stage 1	3.1	1.4	1.7	36.0	(0.1)	0.0	0.0	0.0	2.7	0.0	38.6
Erskine Park-Stage 21	1.6	0.0	1.6	0.0	1.2	0.0	0.0	0.0	1.7	16.1	19.0
407 Pembroke Road, Minto	1.9	0.6	1.3	27.3	0.1	0.0	0.0	0.0	(4.5)	0.0	22.9
4 Holker Street, Newington	2.8	2.7	0.1	30.0	0.1	0.0	0.0	0.0	0.0	0.0	30.1
15 Berry Street, Granville	0.7	1.2	(0.5)	12.0	0.1	0.0	0.0	0.0	0.0	0.5	12.6
19 Berry Street, Granville	2.2	2.1	0.1	24.5	0.1	0.0	0.0	0.0	1.1	0.0	25.7
5 Figtree Drive, Sydney Olympic Park	1.6	1.6	0.0	18.6	0.1	0.0	0.0	0.0	0.0	0.0	18.7
7 Figtree Drive, Sydney Olympic Park	1.1	0.7	0.4	10.0	0.0	0.0	0.0	0.0	(0.2)	0.2	10.0
372-374 Victoria Street, Wetherill Park	1.6	1.8	(0.2)	18.0	0.1	0.0	0.0	0.0	0.0	0.0	18.1
7 Parkview Drive, Sydney Olympic Park	0.3	(0.1)	0.4	17.0	0.4	0.0	0.0	0.0	2.5	(2.4)	17.5
18-24 Abbott Road, Seven Hills	1.4	1.4	0.0	13.5	0.0	0.0	0.0	0.0	0.5	0.0	14.0
6 Herb Elliot Avenue, Sydney Olympic Park	0.4	0.0	0.4	0.0	0.0	0.0	0.0	12.6	(0.6)	0.0	12.0
8 Herb Elliot Avenue, Sydney Olympic Park	0.8	0.8	(0.0)	8.3	0.0	0.0	0.0	0.0	1.0	0.0	9.3
Austrak Business Park, Somerton	10.9	10.6	0.3	139.7	0.4	0.0	0.0	0.0	0.1	(0.2)	140.0
Citiwest Industrial Estate, Altona North	5.4	5.5	(0.1)	68.5	1.2	(3.1)	(0.1)	0.0	0.1	(0.5)	66.1
134-140 Fairbairn Road, Sunshine West	1.1	1.1	0.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0	13.0
92-116 Holt Street, Pinkenba	1.1	1.1	(0.0)	15.2	0.2	0.0	0.0	0.0	(2.0)	0.0	13.4
Lots 42-44 Ocean Steamers Drive, Port Adelaide	0.5	0.5	(0.0)	7.0	0.0	0.0	0.0	0.0	(1.0)	0.0	6.0
Assets under development
17 Berry Street, Granville	0.0	0.0	0.0	5.8	0.3	0.0	0.0	0.0	(1.1)	0.0	5.0
Austrak Business Park, Somerton	0.0	0.0	0.0	16.0	2.6	0.0	0.0	0.3	(1.3)	0.0	17.6
Erskine Park	0.0	0.0	0.0	81.5	3.2	0.0	0.0	0.0	(4.6)	(16.1)	64.0
407 Pembroke Road, Minto	0.0	0.0	0.0	7.1	0.0	0.0	0.0	0.0	(1.9)	0.0	5.2
7 Parkview Drive	0.0	0.0	0.0	0.0	4.6	0.0	0.0	0.0	0.0	2.5	7.1
Assets sold during the period
973 Fairfeld Road, Yeerongpilly	0.0	0.2	(0.2)	0.0	-	-	-	-	-	-	-
120 Miller Road, Villawood	0.0	0.2	(0.2)	0.0	-	-	-	-	-	-	-
31 Vision Drive, Burwood East	0.0	(0.1)	0.1	0.0	-	-	-	-	-	-	-
Talavera Road, Macquarie Park	0.3	0.3	0.0	12.2	0.5	(10.2)	(0.2)	-	(2.3)	-	-
Total Industrial Portfolio	55.5	50.6	4.9	780.6	16.0	(13.3)	(0.3)	12.9	(1.7)	(2.3)	791.9
1. Erskine Park Stage 2 has been completed during the period and transferred to investment properties from Assets under development

Industrial Portfolio Valuation Schedule

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Industrial Portfolio Date Valuer Valuation Interest Capitalisation Discount Rate Terminal
($m) Rate (%) Capitalisation
(%) Rate
(%)
Quad 1, Sydney Olympic Park, NSW 30 Jun 10 CBRE 19.5 100% 8.75 9.50 8.75
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Industrial Portfolio	Date	Valuer	Valuation ($m)	Interest	Capitalisation Rate (%)	Discount Rate (%)	Terminal Capitalisation Rate (%)
Quad 1, Sydney Olympic Park, NSW	30 Jun 10	CBRE	19.5	100%	8.75	9.50	8.75
Quad 2, Sydney Olympic Park, NSW	30 Jun 10	CBRE	19.6	100%	8.75	9.50	8.75
Quad 3, Sydney Olympic Park, NSW	31 Dec 09	JLL	20.2	100%	8.25	9.50	8.50
Quad 4, Sydney Olympic Park, NSW	31 Dec 09	JLL	32.4	100%	8.00	9.25	8.00
Rosehill Business Park, Camellia, NSW	30 Sep 09	CBRE	64.0	100%	8.50	9.75	8.75
2-4 Harvey Road, Kings Park, NSW	30 Jun 08	Colliers	47.5	100%	7.50	9.00	8.00
Erskine Park-Stage 1, NSW	30 Jun 09	KF	36.0	100%	7.75	9.75	8.00
Erskine Park-Stage 2, NSW	30 Sep 10	KF	19.0	100%	7.82	9.50	8.50
407 Pembroke Road, Minto , NSW	31 Dec 10	KF	22.9	50%	8.25	9.50	8.50
4 Holker Street, Silverwater, NSW	31 Dec 08	JLL	32.6	100%	8.25	9.75	8.75
15 Berry Street, Granville, NSW	30 Sep-09	CBRE	12.0	100%	8.75	9.75	9.00
19 Berry Street, Granville, NSW	30 Sep 09	CBRE	24.5	100%	8.50	9.75	8.75
5 Figtree Drive, Sydney Olympic Park, NSW	30 Jun 08	Colliers	20.0	100%	7.75	8.75	8.00
7 Figtree Drive, Sydney Olympic Park, NSW	30 Jun 10	CBRE	10.0	100%	8.50	9.50	8.50
372-374 Victoria Street, Wetherill Park, NSW	30 Jun 09	KF	18.0	100%	9.25-9.50	10.00	9.75
7 Parkview Drive, Sydney Olympic Park, NSW	31 Dec 09	JLL	17.0	100%	n/a
18-24 Abbott Road, Seven Hills, NSW	31 Dec 08	JLL	13.5	100%	10.00	10.50	10.25
6 Herb Elliot Ave, Sydney Olympic Park, NSW	31 Dec 10	JLL	12.0	100%	n/a
8 Herb Elliott Ave,SydneyOlympic Park,NSW	30 Jun 10	CBRE	8.9	100%	8.50	9.50	8.50
Austrak Business Park, Somerton, VIC	01 Oct 09	JLL	155.5	50%	8.10	9.50	8.70
Citiwest Industrial Estate, Altona North, VIC	31 Mar 09	JLL	70.0	100%	8.25-9.00	9.50-9.75	8.75-9.50
134-140 Fairbairn Road, Sunshine West, VIC	31 Dec 08	JLL	13.6	100%	8.00	9.00	8.50
92-116 Holt Street, Pinkenba, QLD	31 Dec 08	JLL	15.2	100%	9.00	10.25	9.75
Lots 42-44 Ocean Steamers Drive, Port Adelaide, SA	30 Jun 09	Colliers	7.0	100%	9.50	10.25	9.75

Industrial Portfolio Occupancy Schedule

Occupancy of 98.4% and a weighted average lease expiry of 6.5 years reflects the high quality of GPT’s Industrial portfolio. The lease profile of the portfolio remains attractive with a long weighted average lease expiry and limited near term lease expiries.

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Occupancy Schedule as at 31 Dec 2010
GLA (100% interest) Vacant (100% interest) Occupancy Leased Land
Ownership
(sqm) (sqm) (By income) (100% interest sqm)
Quad 1, Sydney Olympic Park, NSW 100% 4,978 0 100.0% 0
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Occupancy Schedule as at 31 Dec 2010	Occupancy Schedule as at 31 Dec 2010	Occupancy Schedule as at 31 Dec 2010	Occupancy Schedule as at 31 Dec 2010	Occupancy Schedule as at 31 Dec 2010	Occupancy Schedule as at 31 Dec 2010
	Ownership	GLA (100% interest) (sqm)	Vacant (100% interest) (sqm)	Occupancy (By income)	Leased Land (100% interest sqm)
Quad 1, Sydney Olympic Park, NSW	100%	4,978	0	100.0%	0
Quad 2, Sydney Olympic Park, NSW	100%	5,147	393	92.4%	0
Quad 3, Sydney Olympic Park, NSW	100%	5,241	0	100.0%	0
Quad 4, Sydney Olympic Park, NSW	100%	7,998	0	100.0%	0
Rosehill Business Park, Camellia, NSW	100%	41,851	6,970	83.4%	7,624
2-4 Harvey Road, Kings Park, NSW	100%	40,336	0	100.0%	0
Erskine Park-Stage 1, NSW	100%	15,243	0	100.0%	0
Erskine Park-Stage 2, NSW	100%	12,700	0	100.0%	0
407 Pembroke Road, Minto, NSW	50%	15,278	0	100.0%	0
4 Holker Street, Newington, NSW	100%	7,430	0	100.0%	0
15 Berry St, Granville, NSW	100%	10,025	0	100.0%	0
19 Berry St, Granville, NSW	100%	19,632	0	100.0%	0
5 Figtree Drive, Sydney Olympic Park, NSW	100%	9,018	0	100.0%	0
7 Figtree Drive, Sydney Olympic Park, NSW	100%	3,457	0	100.0%	0
372-374 Victoria Street, Wetherill Park, NSW	100%	20,462	0	100.0%	0
7 Parkview Drive, Sydney Olympic Park, NSW	100%	2,312	0	100.0%	0
18-24 Abbott Road,Seven Hills,NSW	100%	19,380	0	100.0%	0
6 Herb Elliott Avenue, Sydney Olympic Park, NSW	100%	4,144	0	100.0%	0
8 Herb Elliott Avenue, Sydney Olympic Park, NSW	100%	3,294	0	100.0%	0
Austrak Business Park, Somerton, VIC	50%	193,626	0	100.0%	140,581
Citiwest Industrial Estate, Altona North, VIC	100%	91,467	0	100.0%	0
134-140 Fairbairn Road, Sunshine West, VIC	100%	16,824	0	100.0%	0
92-116 Holt Street, Pinkenba, QLD	100%	15,429	0	100.0%	0
Lots 42-44 Ocean Steamers Drive, Port Adelaide, SA	50%	12,350	0	100.0%	0
Total		577,622	7,363	98.4%	148,205

Industrial Sustainability

Throughout the year the portfolio achieved good results in reductions in the use of energy, water and waste to landfill and was ahead of its targets in all areas.

Sustainability remains an important element of the Industrial portfolio strategy to attract and retain tenants, generate operational cost savings and enhance asset values. The Quad Business Park assets remain the only assets within the portfolio to receive a NABERS rating, [with a 5 star NABERS rating achieved for both water and energy].

GPT works closely with our Office and Industrial Business Park property managers, Jones Lang LaSalle, to achieve solid environmental outcomes. All the GPT property managers are Green Star Accredited Professionals and all the portfolio assets have a 25% Green Power target for 2012. GPT also continues to work with the Green Building Council of Australia to develop a green rating tool for industrial assets.

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Energy MJ/m2
Water intensity (litres/m2)
1,400 450
1,200 400
350
1,000
300
800
250
600 200
400 150
100
200
50
0 0
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Operational Waste (%reused/recycled)

Emissions Intensity (kg C02-e/m2)

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45% 80
40% 70
35%
60
30%
50
25%
40
20%
15% 30
10% 20
5% 10
0% 0
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
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Asset not operational in baseline year (2005)

Quad Business Park Sydney Olympic Park

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Quad Business Park is a four stage integrated office development, located at Sydney Olympic Park (SOP), close to significant infrastructure and public recreational amenities.

Property Details (Includes Quads 1-4)	Property Details (Includes Quads 1-4)	Property Details (Includes Quads 1-4)	Property Details (Includes Quads 1-4)	Property Details (Includes Quads 1-4)
Ownership Interest	100%
Acquired (by GPT)	June 2001 to March 2003
Property Details (Includes Quads 1-4)
Location	Sydney Olympic Park, NSW
Lettable Area	23,364 sqm
Site Area	31,910 sqm
Income (12 Months)	$7.9m
GPT Fair Value	$95.2m
Latest Valuation
Value	$91.7m
Valuer	CBRE (Quad 1 & 2), JLL (Quad 3 & 4)
Valuation date	Quad 1 & 2, 30 June 2010. Quad 3 & 4, 31 December 2009
Occupancy	98.3%
Weighted Average Lease Expiry	2.9 Years by Income
	Quad 1	Quad 2	Quad 3	Quad 4
Valuation Date	30 Jun 10	30 Jun 10	31 Dec 09	31 Dec 09
Current Capitalisation Rate	8.75%	8.75%	8.25%	8.00%
Terminal Capitalisation Rate	8.75%	8.75%	8.50%	8.00%
Discount Rate	9.50%	9.50%	9.50%	9.25%
GPT Fair Value based on cap rate range of 8.25% to 8.75%.

The business park comprises four office buildings, totalling 23,400 sqm of net lettable space, completed in stages between July 2001 and June 2007.

Winner of the 2009 PCA Industrial & Business Park Award, Quad 4 was the first speculative building in Sydney to be designed to Australian Best Practice environmental performance. The building was certified as a 5 Star Green Star - Office Design v2 rating and has been designed to the standards of a NABERS greenhouse rating of 5 Stars (the highest performance possible).

Rosehill Business Park

Camellia

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2-4 Harvey Road Kings Park

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Rosehill Business Park is a modern industrial development located in the established central west industrial area of Sydney.

The property features 41,900 sqm of lettable area and is located near to James Ruse Drive and the M4 motorway.

2-4 Harvey Road, Kings Park comprises a modern high clearance warehouse and associated high quality office accommodation. The site measures 6.5 ha and features 40,300 sqm of lettable area, including a recently completed warehouse extension.

Kings Park is located approximately 40 kilometres west of the Sydney CBD and approximately 15 kilometres northwest of the Parramatta CBD. The area is characterised by a large number of transport and distribution facilities due to its close proximity to the M2, M4 and M7 Motorways.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	May 1988
Property Details
Location	Camellia, NSW
Lettable Area	41,851 sqm
Site Area	79,744 sqm
Land Leased	7,624 sqm
Income (12 Months)	$5.0m
GPT Fair Value	$66.5m
Latest Valuation
Value	$64.0m
Valuer	CBRE
Valuation Date	30 September 2009
Current Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%
Occupancy	83.4%
Weighted Average Lease Expiry	3.9 Years by Income
GPT Fair Value based cap rate of 8.50%.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	May 1999
Property Details
Location	Kings Park, NSW
Lettable Area	40,336 sqm
Site Area	64,780 sqm
Income (12 Months)	$3.7m
GPT Fair Value	$44.1m
Latest Valuation
Value	$47.5m
Valuer	Colliers International
Valuation Date	30 June 2008
Current Capitalisation Rate	7.50%
Terminal Capitalisation Rate	8.00%
Discount Rate	9.00%
Occupancy	100%
Weighted Average Lease Expiry	6.7 Years by Income
GPT Fair Value based on cap rate of 8.25%.

100

Connect@Erskine Park, Cnr Lockwood and Templar Road

Erskine Park

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Erskine Park is a 37.6 ha site situated on the corner of Lockwood and Templar Road, Erskine Park. Erskine Park is located approximately 26 kilometres west of the Parramatta CBD and 46 kilometres west of the Sydney CBD with good access to Sydney’s major traffic arteries including the Great Western Highway, the M4 and M7 Motorways.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	May 2008
Location	Erskine Park, NSW
Site Area	37.6 ha
Property Details	Stage 1 (GoodmanFielder)1	Stage 2 (Target)2
Lettable Area	15,243 sqm	12,700 sqm
Site Area	39,735 sqm	22,981 sqm
Income (12 Months)	$3.1m	$1.6m
GPT Fair Value	$38.6m1	$19.0m2
Latest Valuation
Value	$36.0m	$19.0m2
Valuer	Knight Frank	Knight Frank
Valuation Date	30 June 2009	30 September 2010
Current Capitalisation Rate	8.00%	7.82%
Terminal Capitalisation Rate	8.00%	8.50%
Discount Rate	9.75%	9.50%
Occupancy	100%	100%
Weighted Average Lease Expiry	18.5 Years by Income	11.1 Years by Income
1. GPT Fair Value based on cap rate of 8.13%. 2. GPT Fair Value based on cap rate of 7.82%.

Stage 1 (15,243 sqm) reached practical completion in June 2009 and is leased to Goodman Fielder on a 20 year lease. Stage 2 (12,700 sqm) reached practical completion in February 2010 and is leased to Target Australia on a 12 year lease. Approximately 26.7 ha remains for future development.

101

407 Pembroke Road

Minto

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4 Holker Street

Newington

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The property is located within easy access to major road networks (M5 and M7 Motorways) and has the benefit of access to a railway siding from the Main Southern Railway.

Current improvements comprise 15,300 sqm of modern office, warehouse and cold storage and 6.7 ha of land remains for future development.

The property is co-owned with Austrak, GPT’s existing joint venture partner at both Austrak Business Park in Somerton, Victoria, and Port Adelaide, South Australia.

4 Holker Street, Newington comprises a modern hi-tech industrial property, purpose-built for Vodafone Australia Limited in 2002.

The property is well located close to major transport routes, approximately one kilometre north of the M4 Motorway, and in close proximity to Newington Shopping Centre and Sydney Olympic Park.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	50%
Co-owner	Austrak
Acquired (by GPT)	October 2008
Property Details
Location	Minto, NSW
Lettable Area (100%)	15,278 sqm
Site Area (100%)	2 ha
Income (12 Months)	$1.9m
GPT Fair Value	$22.9m
Latest Valuation
Value	$22.9m
Valuer	Knight Frank
Valuation Date	31-Dec-10
Current Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Occupancy	100%
Weighted Average Lease Expiry	8.9 Years by Income
GPT Fair Value based on external valuation.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	March 2006
Property Details
Location	Newington, NSW
Lettable Area	7,430 sqm
Site Area	8,065 sqm
Income (12 Months)	$2.8m
GPT Fair Value	$30.1m
Latest Valuation
Value	$32.6m
Valuer	Jones Lang LaSalle
Valuation Date	31 December 2008
Current Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%
Occupancy	100%
Weighted Average Lease Expiry	6.5 Years by Income
GPT Fair Value based on cap rate of 8.50%.

102

Granville Logistics Centre, 15-19 Berry Street

Granville

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5 Figtree Drive Sydney Olympic Park

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Granville Logistics Centre is at Berry Street Granville and comprises 29,700 sqm of high clearance warehouses and modern office accommodation. Together with DA approval for an additional 9,000 sqm of improvements.

Berry Street is a continuation of James Ruse Drive, a major north-south arterial road servicing Sydney’s central west. Other major road arteries in the near vicinity include Parramatta Road, and the M4 Motorway. Surrounding development is a mixture of industrial warehousing and distribution and bulky goods retailing.

5 Figtree Drive comprises a modern two-level office facility and attached high clearance warehouse.

The property is situated on the north western side of Figtree Drive between Olympic Boulevard and Australia Avenue, within Sydney Olympic Park. This precinct is located close to the majority of Olympic facilities, including the Sydney Aquatic Centre, the Sydney International Athletics Centre, the Olympic Stadium and Agricultural Society Showground.

The area is well serviced by an orbital road network and rail transport is available via Olympic Park Rail Station.

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Key Metrics as at 31
December 2010 15 Berry Street 19 Berry Street
Ownership Interest 100% 100%
Acquired (by GPT) November 2000 December 2000
Property Details
Location Granville, NSW Granville, NSW
Lettable Area 10,025 sqm 19,632 sqm
Site Area 20,600 sqm 38,000 sqm
Income (12 Months) $0.7m $2.2m
GPT Fair Value $12.6m $25.7m
Latest Valuation
Value $12.0m $24.5m
Valuer CBRE CBRE
Valuation Date 30 September 2009 30 September 2009
Current Capitalisation Rate 8.75% 8.50%
Terminal Capitalisation Rate 9.00% 8.75%
Discount Rate 9.75% 9.75%
Occupancy 100% 100%
Weighted Average Lease Expiry 4.3 Years by Income 7.2 Years by Income
GPT Fair Value based on cap rate of 8.75%.
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Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	July 2005
Property Details
Location	Sydney Olympic Park, NSW
Lettable Area	9,018 sqm
Site Area	12,890 sqm
Income (12 Months)	$1.5m
GPT Fair Value	$18.7m
Latest Valuation
Value	$20.0m
Valuer	Colliers International
Valuation Date	30 June 2008
Current Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.00%
Discount Rate	8.75%
Occupancy	100%
Weighted Average Lease Expiry	0.7 Years by Income
GPT Fair Value based on cap rate of 8.50%.

103

7 Figtree Drive

Sydney Olympic Park

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372-374 Victoria Street Wetherill Park

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7 Figtree Drive comprises a single level office and warehouse building located at Sydney Olympic Park.

The site is currently leased to BSA Limited and occupies a prime location on the corner of Figtree Drive and Olympic Boulevard. In conjunction with neighbouring GPT assets, the property forms part of a 4 ha consolidated holding.

372-374 Victoria Street comprises a high bay warehouse and associated offices secured under long term lease to OneSteel Trading.

Wetherill Park is a traditional industrial area popular with transport, storage and distribution users. Victoria Street provides direct access to the Cumberland Highway, and proximity to the M4 and M7 Motorways.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	July 2004
Property Details
Location	Sydney Olympic Park, NSW
Lettable Area	3,457 sqm
Site Area	9,602 sqm
Income (12 Months)	$1.1m
GPT Fair Value	$10.0m
Latest Valuation
Value	$10.0m
Valuer	CBRE
Valuation Date	30 June 2010
Current Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Occupancy	100%
Weighted Average Lease Expiry	4.7 Years by Income
GPT Fair Value based on cap rate of 8.50%.

Key Metrics as at 31 December 2010

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	July 2006
Property Details
Location	Wetherill Park, NSW
Lettable Area	20,462 sqm
Site Area	40,924 sqm
Income (12 Months)	$1.6m
GPT Fair Value	$18.1m
Latest Valuation
Value	$18.0m
Valuer	Knight Frank
Valuation Date	30 June 2009
Current Capitalisation Rate	9.25-9.50%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.00%
Occupancy	100%
Weighted Average Lease Expiry	4.2 Years by Income
GPT Fair Value based on cap rate of 9.50%.

104

7 Parkview Drive

Sydney Olympic Park

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18-24 Abbott Road

Seven Hills

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7 Parkview Drive forms part of the Sydney Olympic Park commercial precinct and is located in close proximity to key park amenities and infrastructure. Over the medium to longer term, existing site improvements will make way for a new campus style office park, forming part of GPT’s development at 5 Murray Rose Avenue.

Abbott Road, Seven Hills provides a strategic 4 ha land bank near the junction of the M2 and M7 Motorways.

The site, which is currently leased to Broens Industries until 2015, is suitable for a variety of future industrial development opportunities.

	Key Metrics as at 31 December 2010 Ownership Interest 100%	Key Metrics as at 31 December 2010 Ownership Interest 100%
	Acquired (by GPT) Property Details Location Lettable Area Site Area Income (12 Months)	May 2002 Sydney Olympic Park, NSW 2,312 sqm 24,500 sqm $0.3m
	GPT Fair Value	$17.5m
	Latest Valuation
	Value	$17.0m
	Valuer	Jones Lang LaSalle
	Valuation Date	31 December 2009
	Current Capitalisation Rate	n/a
	Terminal Capitalisation Rate	n/a
	Discount Rate	n/a
	Occupancy	100%
	Weighted Average Lease Expiry	2.8 Years by Income
	7 Parkview has been valued on a rate per sqm of Gross Floor Area (GFA). Costs such as demolition and
	deferrment of development have been deducted. The PV of the current lease income stream has then been
	added to the value.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	October 2006
Property Details
Location	Seven Hills, NSW
Lettable Area	19,380 sqm
Site Area	40,750 sqm
Income (12 Months)	$1.4m
GPT Fair Value	$14.0m
Latest Valuation
Value	$13.5m
Valuer	Jones Lang LaSalle
Valuation Date	31 December 2008
Current Capitalisation Rate	10.00%
Terminal Capitalisation Rate	10.25%
Discount Rate	10.50%
Occupancy	100%
Weighted Average Lease Expiry	4.8 Years by Income
GPT Fair Value based on cap rate of 10.0%.

105

6 Herb Elliott Avenue

Sydney Olympic Park

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8 Herb Elliott Avenue

Sydney Olympic Park

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6 Herb Elliott Avenue is situated opposite the Olympic Park Rail Station, midway between Australia Avenue and Olympic Boulevard.

Considerable upgrading of infrastructure has occurred throughout Sydney Olympic Park with improved road and rail transport increasing the amenity of the area.

8 Herb Elliott Avenue is situated opposite the Olympic Park Rail Station, between Australia Avenue and Olympic Boulevard.

Current site improvements comprise 3,300 sqm of high quality office and warehouse accommodation leased to Sapphicon.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	June 2010
Property Details
Location	Sydney Olympic Park, NSW
Lettable Area	4,144 sqm
Site Area	8,402 sqm
Income (12 Months)	$0.4m
GPT Fair Value	$12.0m
Latest Valuation
Value	$12.0m
Valuer	Jones Lang LaSalle
Valuation Date	31 December 2010
Current Capitalisation Rate	n/a
Terminal Capitalisation Rate	n/a
Discount Rate	n/a
Occupancy	100%
Weighted Average Lease Expiry	1.2 Years by Income
GPT Fair Value based on external valuation. 6 Herb Elliot has been valued on the basis of discounting the future value of the development potential of the site. The PV of the current lease income has then been added to the value.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	August 2004
Property Details
Location	Sydney Olympic Park, NSW
Lettable Area	3,294 sqm
Site Area	9,069 sqm
Income (12 Months)	$0.8m
GPT Fair Value	$9.3m
Latest Valuation
Value	$8.9m
Valuer	CBRE
Valuation Date	30 June 2010
Current Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Occupancy	100%
Weighted Average Lease Expiry	9.1 Years by Income
GPT Fair Value based on cap rate of 8.50%.

106

Austrak Business Park

Somerton

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Citiwest Industrial Estate Altona North

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Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	50%
Co-owner	Austrak
Acquired (by GPT)	October 2003
Location	Somerton, VIC
Property Details1
Lettable Area (100%)	193,626 sqm
Land Leases (100%)	281,162 sqm
Site Area (100%)	64.4 ha
Income (12 Months)	$10.9m
GPT Fair Value2	$140.0m
Latest Valuation
Value	$139.8m
Valuer	Jones Lang LaSalle
Valuation Date	1 October 2009
Current Capitalisation Rate	8.10%
Terminal Capitalisation Rate	8.70%
Discount Rate	9.50%
Occupancy	100.0%
Weighted Average Lease Expiry	10.4 Years by Income
1 Includes investment asset and land lease. 2 GPT Fair Value based on caprate of 8.10%.

Austrak Business Park comprises approximately 100 ha of industrially zoned land and is located 20 kilometres from the Melbourne CBD. The land offers a key point of difference for tenants with access to one of Australia’s first fully integrated inter-modal rail terminals.

GPT and Austrak have developed approximately 70% of the Park since acquisition, with average yields of approximately 8%. Recent developments include 74,700 sqm leased to Coles and a 43,300 sqm facility leased to Linfox.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	August 1994
Property Details
Location	Altona North, VIC
Lettable Area	91,467 sqm
Site Area	201,765 sqm
Income (12 Months)	$5.4m
GPT Fair Value	$66.1m
Latest Valuation
Value	$70.0m
Valuer	Jones Lang LaSalle
Valuation Date	31 March 2009
Current Capitalisation Rate	8.25%-9.00%
Terminal Capitalisation Rate	8.75%-9.50%
Discount Rate	9.50%-9.75%
Occupancy	100.00%
Weighted Average Lease Expiry	4.4 Years by Income
GPT Fair Value based on cap rate of 8.75%.

The Citiwest Industrial Estate comprises a complex of six modern high clearance warehouse distribution centres 15 kilometres south-west of the Melbourne CBD.

The estate is bounded by Dohertys Road to the north, Grieve Parade to the east and Pinnacle Road to the south. Access to the Westgate Freeway and the Western Ring Road are available from Grieve Parade.

107

134-140 Fairbairn Road

Sunshine West

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92–116 Holt Street Pinkenba

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134-140 Fairbairn Road comprises two high bay warehouses and extensive hardstand areas used for the storage and distribution of steel products. The industrial suburb of Sunshine West is located approximately 13 kilometres west of the Melbourne CBD and is an area popular with transport and logistics users due to its close proximity to the Western Ring Road and West Gate Freeway.	Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
	Ownership Interest	100%
	Acquired (by GPT)	March 2006
	Property Details
	Location	Sunshine West, VIC
	Lettable Area	16,824 sqm
	Site Area	52,010 sqm
	Income (12 Months)	$1.1m
	GPT Fair Value	$13.0m
	Latest Valuation
	Value	$13.6m
	Valuer	Jones Lang LaSalle
	Valuation Date	31 December 2008
	Current Capitalisation Rate	8.00%
	Terminal Capitalisation Rate	8.50%
	Discount Rate	9.00%
	Occupancy	100%
	Weighted Average Lease Expiry	7.1 Years by Income
	GPT Fair Value based on cap rate of 8.50%.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	100%
Acquired (by GPT)	March 2006
Property Details
Location	Pinkenba, QLD
Lettable Area	15,429 sqm
Site Area	32,800 sqm
Income (12 Months)	$1.1m
GPT Fair Value	$13.4m
Latest Valuation
Value	$15.2m
Valuer	Jones Lang LaSalle
Valuation Date	31 December 2008
Current Capitalisation Rate	9.00%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.25%
Occupancy	100%
Weighted Average Lease Expiry	7.1 Years by Income
GPT Fair Value based on cap rate of 9.25%.

92–116 Holt Street comprises two large high bay warehouses, leased to Smorgon Steel Distribution.

Pinkenba is adjacent to Eagle Farm in Brisbane’s industrial northern suburbs. The area benefits from easy access to the Gateway Motorway and Brisbane Airport, which is located approximately two kilometres to the north of the site.

108

Lots 42–44 Ocean Steamers Drive Port Adelaide

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Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest	50%
Co-owner	Austrak
Acquired (by GPT)	July 2006
Property Details
Location	Port Adelaide, SA
Lettable Area (100%)	12,350 sqm
Site Area (100%)	5.7 ha
Income (12 Months)	$0.5m
GPT Fair Value	$6.0m
Latest Valuation
Value	$7.0m
Valuer	Colliers International
Valuation Date	30 June 2009
Current Capitalisation Rate	9.50%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.25%
Occupancy	100%
Weighted Average Lease Expiry	2.3 Years by Income
GPT Fair Value based on cap rate of 10.0%.

Port Adelaide is a well established industrial suburb, located approximately one kilometre north of the Port River Expressway and 13 kilometres north-west of the Adelaide CBD.

The property is 100% leased and has approximately 2.6 ha of land for future development.

109

GPT ANNUAL RESULT ~~2~~ 010 Development

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Development Approach

Development is a core part of GPT’s business, adding value through improved income, development profits and increased fund management fees. Development is managed within GPT by a team of experienced executives whose core focus is to identify new opportunities and deliver projects aligned with GPT’s development goals and expectations.

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Melbourne Central, Melbourne
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Development case study

Melbourne Central

Asset IRR 17.7%[1]

Criteria for Investment

a[Earnings accretive]

a[Funding capacity]

a[Consistent with portfolio strategy] a[Appropriate risk profile]
a[Best use of investors capital ]

Development Targets	Development Targets
Accretive initialyield – IRR targets
Retail	10-13%
Offce	11-14%
Industrial	12-15%

Net Income CAGR 5.0%[2]

Development margin 33.8%[3]

Development Track Record

a[23 developments completed over the past 8 years worth $2.4 bn – 9 of these were over $100 million each]
5 year post development asset IRR. 2. Compound average growth rate of net income for 10 years from the first year post completion. 3. Development margin defined as increasing valuation on completion less project capital spent as a percentage of project capital.
a[Average $300m investment per year]
a[Value added to brownfield asset developments – average 46% uplift in IRR]
a[Development IRRs delivered in the target range, with development assets outperforming the overall portfolio]

111

Development Summary

GPT has a $3.3 billion development pipeline on behalf of assets held on the balance sheet and in GPT’s Wholesale Funds. This comprises $2.1 billion underway and planned and $1.25 billion in the future pipeline.

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5 Murray Rose Avenue, Sydney

==> picture [407 x 37] intentionally omitted <==

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Development summary Portfolio Total Forecast to Forecast to
GPT and Complete Complete
Funds ($m) GPT ($m) Funds ($m)
Underway
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Development summary	Portfolio	Total GPT and Funds ($m)	Forecast to Complete GPT ($m)	Forecast to Complete Funds ($m)
Underway
Charlestown Square	Retail	470	10	-
Melbourne Central-Eatery / Fashion Mall	Retail	30	20	-
111 Eagle Street1	Offce	696	109	109
161 Castlereagh Street2	Offce	380	-	270
5 Murray Rose-Sydney Olympic Park	Industrial	60	50
Planned
Highpoint Shopping Centre3	Retail	200	50	150
Casuarina Square	Retail	220	220	-
Melbourne Central-Lonsdale L3	Retail	45	45	-
Wollongong Central	Retail	250	-	250
Rouse Hill Town Centre Expansion	Retail	275	275	-
MLC Centre4	Offce	125	125	-
300 Lonsdale Street	Offce	170	170	-
1-3 Murray Rose-Sydney Olympic Park	Industrial	60	60	-
Erksine Park (NSW)	Industrial	90	90	-
Austrak Business Park-Somerton (VIC)5	Industrial	30	30	-
Austrak Business Park-Minto (NSW)5	Industrial	30	30	-
Berry St-Granville (NSW)	Industrial	15	15	-
Total underway and planned developments		3,150	1,300	780
Future pipeline Projects
There is a future pipeline of approximately $1.25b of projects including Chirnside Park, Rouse Hill Town Centre extension, Melbourne Central offce development and further stages of Erskine Park, Austrak Business Parks and Sydney Olympic Park.
Total underway, planned and future pipeline developments	3,330
1.One One One Eagle Street - represents approximately two thirds share for GPT and the Wholesale fund with approximately one third share from co-owner. 2. 161 Castlereagh Street - Grocon is the developer. 3. Highpoint - development is forecast at $300m including $100m share from external co-owner. 4. MLC Centre - development is forecast at $250m including$125m share from external co-owner. 5. Austrak Business Parks Somerton and Minto - Austrak is the developer.

112

Development Planning

Underway	Charlestown Sq	Retail
	Melbourne Central retail	Retail
	111 Eagle St	Offce
	161 Castlereagh St	Offce
	5 Murray Rose	Ind.
Planned	Highpoint	Retail
	Casuarina Sq	Retail
	Melbourne Central L3	Retail
	Wollongong Central	Retail
	Rouse Hill expansion	Retail
	MLC Centre	Offce
	300 Lonsdale St	Offce
	1 - 3 Murray Rose	Ind.
	Erskine Park (Syd)	Ind.
	Somerton Business Pk	Ind.
	Minto Business Pk	Ind.
	Berry St - Granville	Ind.

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Q1 Q1 Q4 Q1 Q4 Q1 Q4 Q1 Q4 Q4
2011 2012 2013 2014 2015
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113

Development Fair Value Schedule

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Development land Ownership Development Land (100% interest sqm) 31 December 2010 Fair Value ($m)
Industrial Development Land
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Development land	Ownership	Development Land (100% interest sqm)	31 December 2010 Fair Value ($m)
Industrial Development Land
connect@erskine Park, NSW	100%	267,400	64.0
17 Berry Street, Granville, NSW	100%	17,947	5.0
407 Pembroke Road, Minto, NSW	50%	64,186	5.2
Austrak Business Park, Somerton, VIC	50%	345,532	17.6

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Development Property Ownership GLA/NLA(100% 31 Dec 2010 Fair 31 Dec 2010 Cap External or
interest) Value ($m) Rate (%) Directors
(sqm) Valuation
GPT Portfolio
One One One Eagle Street, QLD 33% 64,000 100 6.75 Directors
1 Murray Rose Avenue, Sydney Olympic Park, NSW 100% 12,200 7.1 7.64 Directors
Highpoint Shopping Centre, VIC 16.67% 123,000 208.3 6.00 Directors
Melbourne Central, VIC 100% 55,100 812.5 5.75 Directors
GWOF Portfolio
One One One Eagle Street, QLD 33% 64,000 106.7 6.75 External
161 Castlereagh Street, NSW 50% 54,450 120.0 6.50 External
GWSCF Portfolio
Highpoint Shopping Centre, VIC 50% 123,000 626.6 6.00 Directors
Capitalisation Rate used in determining As if Complete Value
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114

One One One Eagle Street Brisbane

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One One One Eagle Street is a Premium–Grade 64,000 sqm, 54 level office tower development in Brisbane’s prime commercial ‘Golden Triangle’ precinct. Construction commenced in May 2008.

The new tower is designed to take advantage of the outstanding location and Brisbane River views and has achieved a 6 Star Green Star Design Rating and is targeting a 5 Star NABERS Energy rating.

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Key Metrics as at 31 December 2010
Ownership Interest 33.33% GPT
33.33% GWOF
33.33% Third Party Investor
Acquired May 2008
Asset Quality Premium Grade
Construction/Refurbishment Due for completion early 2012
Property Details
Offce 64,000 sqm
Retail 300 sqm
Car Parking Spaces 100
Typical Floor Plate 1,500 sqm
Latest Valuation [1]
Value (as if complete, 33.33% share) $ 220m Current Capitalisation Rate 6.75%
Value (as is, 33.33% share) $106.7m Terminal Capitalisation Rate 6.75%
Valuer JLL Discount Rate 9.00%
Valuation Date 31 December 2010
GPT and GWOF Fair Value based on cap rate 6.75%
1. GPT has adopted a Director’s valuation of $100 million.
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Sustainability

Vision

Development

The vision for One One One Eagle Street is to deliver a first class Premium–Grade office tower as part of the site’s Master Plan, which includes the Riverside Centre (owned by the GPT Wholesale Office Fund) and Riparian Plaza.

The unique design of the building, developed by architect Cox Rayner and engineer Arup, incorporates an organic structural frame working in harmony with a high-performance fully glazed façade, making for highly flexible floor plates and maximising the Brisbane River views, while using the latest technologies to optimise the building’s sustainability.

The building has achieved a 6 star Green Star Design rating from the Green Building Council of Australia through sustainable design focussed on indoor environment quality, and energy efficiency.

115

161 Castlereagh Street Sydney

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5 Murray Rose Avenue, Sydney Olympic Park Sydney

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161 Castlereagh Street, Sydney is a new Premium Grade office tower featuring 54,000 sqm of accommodation over 43 floors scheduled for completion in mid 2013.

GWOF has a 50% interest in the development. The development is being undertaken by Grocon.

Combined with unrivalled views and a landmark design, the asset will provide new and dynamic public spaces complete with 2,800 sqm of premium ground level retail, extensive transport, parking and wide range of amenities in a prominent Sydney CBD location.

5 Murray Rose Avenue forms part of the Sydney Olympic Park commercial precinct and is located in close proximity to the Olympic Park Rail Station.

GPT’s masterplan for the site provides a total of 60,500 sqm of campus style office space.

In October 2010 GPT commenced stage 1 of the development to deliver a 12,200 sqm 6 Green Star Campus Business Park building.

Key Metrics as at 31 December 2010	Key Metrics as at 31 December 2010
Ownership Interest (GWOF)	50%
Location	Sydney, NSW
Acquired	April 2010
Development Cost	$380m
Target Yield	6.6%
Target IRR	10.9%
Commencement	April 2010
Completion	Mid-2013

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Overview
Ownership Interest (GPT) 100%
Location Sydney Olympic Park, NSW
Acquired May 2002
Development Cost $60m
Target Yield 8.5%
Target IRR >12%
Commencement October 2010
Completion March 2012
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116

Highpoint Shopping Centre

Victoria

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Melbourne Central

Victoria

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Highpoint’s co-owners are planning a significant expansion for the centre to commence in early 2011 which will see the introduction of a second department store and approximately 100 specialty shops.

The $300 million development represents a greatly improved centre for customers and the western region of Melbourne with an enhanced retail offer, the creation of significant job opportunities, improved traffic flow, new public spaces and sustainability initiatives.

Work commenced in 2010 at Melbourne Central which will see the introduction of a unique food precinct and a new on-trend fashion offer featuring iconic international and Australian brands. It is anticipated the project is due for completion late-2011.

Key metrics as at 31 December 2010	Key metrics as at 31 December 2010
Ownership Interest	16.67% (GPT)
Location	Maribyrnong, VIC
Co-Owners	GWSCF (50%) Highpoint Property Group (33.33%)
Acquired (by GPT)	August 2009
Development Cost	$50.0m (GPT) $150.0m (GWSCF)
Target Yield	10% (GPT)1 7% (GWSCF)
Target IRR	13% (GPT)1 12% (GWSCF)
GPT returns include property management and fund management fees

Key metrics as at 31 December 2010	Key metrics as at 31 December 2010
Ownership Interest	100% (GPT)
Location	Melbourne, VIC
Acquired (by GPT)	May 1999
Development Cost	$30m
Target Yield	8%
Target IRR	10%
Commencement	September 2010
Completion	August 2011

117

GPT ANNUAL RESULT ~~2~~ 010 Funds Management

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GPT Wholesale Office Fund

GWOF provides wholesale investors with exposure to high quality office assets, located in Australia’s major office markets. At 31 December 2010, the Fund consisted of 14 office assets located across Australia’s key CBD office markets with a value of $3.1 billion.

Leasing activity was a key focus for the Fund for 2010, with occupancy increasing to 95.7% (including committed space).

Successful leasing campaigns at 530 Collins Street and Brisbane Transit Centre both contributed to this outcome.

The portfolio maintains a long weighted average lease expiry of 5.9 years by income.

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Year Ended Dec 2010 Dec 10 Dec 09
Number of Assets 14 14
Property Investments $3.1 b $2.9 b
Gearing 10.8% 21.2%
12 Month Total Return (post-fees) 8.6% (6.7%)
Fund Details as at 31 Dec 2010
GPT's Ownership Interest (%) 33.3%
GPT's Ownership Interest ($m) $897.7m
Established July 2006
Weighted Average Capitalisation Rate 7.25%
Portfolio Occupancy (Inc Signed Leases) 95.7%
Distributions Received ($m) $52.3m
GPT Base Fee ($m) $13.6m
GPT Performance Fee ($m) Nil
Wholesale Offce Fund
Total return 1 Jan 2010 to 31 Dec 2010 Inception to date
(annualised) 21 Jul
2006 to 31 Dec 2010
Post fees 8.6% 6.6%
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119

GWOF Capital Management

Total borrowings for the Fund were $338 million as at 31 December 2010 resulting in gearing of 10.8%. The Fund has $700 million of facilities in place in addition to a $150.5 million project based facility for the One One One Eagle Street development.

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Darling Park 1 & 2, Sydney
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GWOF Capital Management Summary as at 31 Dec 2010	GWOF Capital Management Summary as at 31 Dec 2010
Gearing	10.8%
Weighted Average Cost of Debt	7.8%
Fees and Margins	2.3%
Weighted Average Debt Term1	2.7 years
Drawn Debt Hedging	95%
Weighted Average Hedge Term	2.9 years
1. Proforma 30 June 2011

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GWOF: Loan Facilities Facility Limit Facility Expiry Amount Currently
($m) Drawn ($m)
Syndicated Facility $300 27 Jun 11 $114
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GWOF: Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Syndicated Facility	$300	27 Jun 11	$114
One One One Eagle Street Facility	$151	30 Nov 11	$74
Bilateral Facility	$150	30 Sep 13	-
Bilateral Facility	$150	30 Nov 13	$150
Bilateral Facility	$100	1 Jul 14	-
Total	$851		$338
The undrawn bilateral facilities repay the syndicated facility.

120

GWOF Capital Management

The Office Fund has $321 million of derivative instruments (being 95% hedged) and these have a weighted average term of 2.9 years.

GWOF Hedging Profile as at 31 December 2010

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800 7.0%
700 5.70% 5.66% [5.88%] [5.88%] 5.88% 5.88% 5.88% 5.88% 5.88% 5.88% 6.0%
600
5.0%
500 Forecast Debt
Hedges 4.0%
400 WA fixed rate
3.0%
300
2.0%
200
100 1.0%
0 0.0%
Dec 10 Jnn 11 Dec 11 Jnn 12 Dec 12 Jnn 13 Dec 13 Jnn 14 Dec 14 Jnn 15 Dec 15 Jnn 16 Dec 16
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530 Collins Street, Melbourne
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121

GPT Wholesale Shopping Centre Fund

GWSCF provides wholesale investors with exposure to high quality retail assets. At 31 December 2010, the Shopping Centre Fund consisted of 9 retail assets with a value of $2.1 billion.

The Fund’s Portfolio continued to experience high levels of occupancy of over 99%.

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Year Ended Dec 2010 Dec 10 Dec 09
Number of Assets 9 9
Property Investments $2.1 b $2.0 b
Gearing 10.0% 10.0%
12 Month Total Return (post-fees) 7.9% 1.0%
Fund Details as at 31 Dec 2010
GPT's Ownership Interest (%) 21.9%
GPT's Ownership Interest ($m) $393.9m
Established March 2007
Weighted Average Capitalisation Rate 6.68%
Portfolio Occupancy (committed space) 99.9%
Distributions Received ($m) $34.5m
GPT Base Fee ($m) $9.1m
GPT Performance Fee ($m) nil
Wholesale Shopping Centre Fund
Total return 1 Jan 2010 to Inception to date
31 Dec 2010 (annualised) 31 Mar 2007
to 31 Dec 2010
Post fees 7.9% 2.7%
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122

GWSCF Capital Management

Total borrowings for the Fund were $208 million as at 31 December 2010 resulting in gearing of 10.0%. The Fund has a debt facility in place totalling $300 million.

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Wollongong Central, Wollongong
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GWSCF Capital Management Summary as at 31 December 2010	GWSCF Capital Management Summary as at 31 December 2010
Gearing			10.0%
Weighted Average Cost of Debt				7.4%
Fees and Margins				1.6%
Weighted Average Debt Term1			4.8	years
Drawn Debt Hedging				65%
Weighted Average Hedge Term			4.0	years
1. Proforma 30 June 2011.

GWSCF: Loan Facilities		Facility Limit ($m)			Facility Expiry	Amount Currently Drawn ($m)
Syndicated Facility				$300	27 Jun 11	$208
Total				$300		$208

GWSCF Forward Start Debt Facilities
Start date	Maturity date				limit A$m (equiv)
27 Jun 11		24	Jun	16	200
30 Sep 11		31	Mar	15	50
31 Mar 12		31	Mar	15	100
Total Borrowings					350
The forward start bilateral loans repay the syndicated facility

123

GWSCF Capital Management

The Fund has $135 million of derivative instruments (being 65% hedged) and these have a weighted average term of 4 years.

GWSCF Hedging Profile as at 31 December 2010

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450 7.0%7
6.18% 6.13% 6.09% 6.09% 6.24% 6.24% 6.24% 6.24% 6.08%
400
6.0%
350
5.0%
300
Forecast Debt
250 Hedges 4.0%
WA fixed rate
200 3.0%
150
2.0%
100
1.0%
50
0 0.0%
Dec 10 Jnn 11 Dec 11 Jnn 12 Dec 12 Jnn 13 Dec 13 Jnn 14 Dec 14 Jnn 15 Dec 15 Jnn 16 Dec 16
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Highpoint Shopping Centre, Victoria
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124

Disclaimer

The information provided in this document has been prepared by the GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188).

The information provided in this document is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information described in this document to determine whether it is appropriate for you. You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. Furthermore, while every effort is made to provide accurate and complete information, the GPT Group does not represent or warrant that the information in this document is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in the information - such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent permitted by law, the GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this document.

Information is stated as at December 2010 unless otherwise indicated. All values are expressed in Australian currency unless otherwise indicated.

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AI assistant

GPT GROUP — Annual Report 2010

65009_rns_2011-02-24_a1941c9a-e317-4ebd-a283-e2086572da7b.pdf

GPT ANNUAL RESULT ~~2~~ 010

Contents

GPT ANNUAL RESULT ~~2~~ 010 GPT Overview

GPT Overview

Core Portfolio

Comparable income growth of 4.7% in Retail, 1.6% in Office and 2.7% in Industrial was delivered in 2010.

Non-Core Assets

Composition Pre Asset Sales

Composition Post Asset Sales

GPT ANNUAL RESULT ~~2~~ 010 Financial Performance

Results Summary

Segment Performance

Realised Operating Income to Statutory Results

Investments and Income

Proportion of Real Estate investments

NTA Movement

Capital Management Summary

Average Cost of Debt

Look Through Gearing

Look through gearing has reduced to 29.7%, down from 31.6% at December 2009.

Look Through Gearing Post US Seniors Housing Sale

Debt

Sources of Drawn Debt

Sources of Debt Facilities

Debt Facilities

Liquidity Profile

Liquidity Profile as at 31 December 2010[1]

Hedging Profile

A number of the Group’s expensive hedges were restructured in December 2010.

Other Key Information

Bond market snapshot

Australian Corporate Issuance

GPT ANNUAL RESULT ~~2~~ 010

Retail Portfolio

Retail Portfolio Overview

Northern Territory

Queensland

GPT Owned

Australian Capital Territory

GPT Owned

New South Wales GPT Owned

GWSCF Owned

Carlingford Court

Norton Plaza

Victoria

GPT Owned

GWSCF Owned

Chirnside Park

Retail Portfolio Summary

Top Ten Tenants

Asset Quality

Retail Portfolio Summary

Retail Sales Summary

Comparable Change in Retail Sales By Category

Weighted Average Capitalisation Rate (WACR) – Retail

Weighted Average Capitalisation Rate (WACR as at 31 December 2010)[1]

Retail Occupancy Cost Analysis

Retail Valuation Summary

During 2010 46% of the GPT retail portfolio and 100% of the GWSCF portfolio was valued externally.

Online Retailing

Retail Market Outlook

Retail Income and Fair Value Summary – GPT

Retail Income and Fair Value Summary – GWSCF

Sustainability

Retail Sustainability

Community Alcohol Accord

Dandenong Plaza

Victoria

Community

Youth Information Centre

Water intensity (litres/m2)*

Erina Fair New South Wales

Melbourne Central Victoria

Community

Water intensity (litres/m2)

Charlestown Square New South Wales

charlestownsquare.com.au

GPT GROUP Annual Report 2010

GPT ANNUAL RESULT 2 010

GPT ANNUAL RESULT 2 010 GPT Overview

GPT ANNUAL RESULT 2 010 Financial Performance

GPT ANNUAL RESULT 2 010

GPT ANNUAL RESULT 2 010 Office Portfolio