GPT GROUP - Annual Report 2011 | FinancialReports.eu

GPT Annual Result2011 Data Pack 45

Charlestown Square, Newcastle

Contents
GPT Overview	47
Financial Performance	52
Retail Portfolio	65
Office Portfolio	100
Industrial Portfolio	131
Development	151
Funds Management	158

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 Result2011 GPT Overview 47

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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Industrial
9%
Office
30%
GPT
Portfolio
Diversity
Retail
61%
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Melbourne Central, Melbourne
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Retail Portfolio

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One One One Eagle St, Brisbane
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Office Portfolio

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Quad Business Park, Sydney
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Industrial Portfolio

17 shopping centres 20 assets 25 assets 1.17m sqm GLA 870,000m sqm NLA 590,000m sqm GLA 3,700+ tenants 30+ tenants 50+ tenants $5.3b portfolio $2.6b portfolio $832m portfolio $7.6b AUM[1] $5.4b AUM[1] $0.8b AUM

Represents assets owned by GPT and the Funds and managed on behalf of third party investors.

GPT Securityholder Overview

GPT Securityholders by Geography as at 27 January 2012

GPT Securityholders by Type as at 27 January 2012

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Asia Retail
18% Investors
10%
Domestic
Institutions
43%
Australia
North 53%
America
21%
Foreign
Institutions
Europe 47%
(ex UK) UK
5%
3%
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Drivers of earnings and value

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Operational leverage Total returns equation
(hypothetical example) (hypothetical example)
Components of earnings % change
5%
Net Property Income +3.0%
3% 9%
Funds Mgt Income +3.0%
New revenue +0.0% 1%
Management Expenses +2.0%
Retained Net Asset Distributions
Interest Expense +0.0% Earnings Growth
NTA at beginning Total Return
Realised Operating Income [1] 3.9%
of year
Earnings per Ordinary Security [1] 4.2%
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1.Realised Operating Income is before payment of the exchangeable securities distribution. Earnings per ordinary security is after payment of the exchangeable securities distribution.

Strategy on a page

Our Purpose We create and sustain environments that enrich people’s lives

Our Strategy

We own and actively manage a diversified portfolio of quality Australian property assets , delivering long term benefits

For our Investors…

We are a secure , reliable investment targeting superior risk-adjusted returns over time

For our Customers… We provide well-designed, well-managed, sustainable properties that create great customer experiences

For our People…

We are a unified team with a culture of accountability and courage , equipping us to shape the future

Our Goal

To be Australia’s best performing property company

Total returns >9% per annum
Average EPS Growth > CPI +1% per annum[1]
Leading relative Total Shareholder Return (TSR)
EPS defined as Realised Operating Income (ROI) per ordinary security

GPT Annual Result2011 Financial Performance 52

Financial summary

As at 31 December	2011	2010	Change
Total Realised Operating Income ($m)	438.8	410.0	Up 7.0%
A-IFRS net profit/(loss)($m)	246.2	707.3	Down 65.2%
ROI per ordinary security (cents)	22.4	20.7	Up 8.1%
ROI yield (based on year end price)	7.3%	7.1%
Distribution per security (cents)	17.8	16.3	Up 9.2%
Distribution yield (based on year end price)	5.8%	5.5%
Total assets ($m)	9,278.8	9,751.7	Down 4.8%
Total borrowings ($m)	2,144.1	2,452.5	Down 12.6%
NTA per security ($)	$3.59	$3.60	Flat
Debt
Net gearing	22.9%	24.9%	Down 200 bps
Gearing covenant	40%
Look through gearing	24.4%	29.9%	Down 550 bps
Look through gearing covenant	55%
Weighted average term to maturity	5.3 years	5.0 years	Up 0.3 years
Credit ratings	A- (Stable)/A3 (Stable)	A- (Stable)/A3 (Stable)
Interest expense ($m)	131.9	149.8	Down 11.9%
Interest capitalised ($m)	13.3	29.3
Interest cover (x)	4.2x	3.7x
Interest cover covenant	2.0x
Weighted average cost of debt at year end (%)	5.92	6.73	Down 81 bps
Weighted average term of interest rate hedging	4.2 years	5.7 years	Down 1.5 years

Results Summary

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12 months to 31 December ($m) 2011 2010 Change
Realised Operating Income (ROI) from continuing operations 569.6 530.8  7.3%
ROI from discontinued operations 31.9 57.7  44.7%
Financing and corporate overheads (162.7) (178.5)  8.9%
Total Realised Operating Income 438.8 410.0  7.0%
Statutory net profit after tax 246.2 707.3  65.2%
ROI per ordinary security (cents) 22.4 20.7  8.1%
Distribution per ordinary security (cents) 17.8 16.3  9.2%
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12 Months to 31 December 2011
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12 Months to 31 December	2011

Weighted average number of securities (#)	1,845.2m
Realised Operating Income (ROI) ($m)	438.8
Less distribution on exchangeable securities ($m)	(25.0)
Total ($m)	413.8
ROI per ordinary security (cents)	22.4
Distribution per ordinary security (cents)	17.8

Segment Performance and Distributions

12 months to 31 December ($m)	2011	2010	Comment
Retail	310.1	267.3	Comparable income growth of 3.6%
Office	118.7	114.8	Comparable income growth of 4.0%
Industrial	56.6	54.4	Comparable income growth of 2.8%
Funds Management	84.2	94.3	GPT sell-down completed; distribution growth of 7.3%
Other	31.9	57.7	Divestment of Ayers Rock Resort and US Seniors Housing portfolio completed
Corporate
- Interest expense	(131.9)	(149.8)	Lower debt and lower cost of debt
- Corporate overheads1	(30.8)	(28.7)
Total Realised Operating Income (ROI)2	438.8	410.0
Less: distribution to exchangeable securities	(25.0)	(25.0)
ROI after exchangeable distribution	413.8	385.0
ROI per ordinary security (cents)3	22.4	20.7

Distribution per ordinary security	2011	2010 Change
Quarter 1 (cents)	4.2	3.5	 20.0%
Quarter 2 (cents)	4.3	4.1	 4.9%
Quarter 3 (cents)	4.4	4.1	 6.8%
Quarter 4 (cents)	4.9	4.6	 6.5%
Total ordinary distribution (cents)	17.8	16.3	 9.2%
Ordinary distribution ($m)	326.4	302.5	 7.9%
Exchangeable distribution ($m)	25.0	25.0
Total distribution ($m)	351.4	327.5	 7.3%

Includes corporate tax benefit. 2. Realised Operating Income is pre distribution on exchangeable securities. 3. ROI per ordinary security is post distribution on exchangeable securities. Number of ordinary stapled securities on issue was 1,813,767,108 at 31 December 2011 and 1,855,529,431 at 31 December 2010.

Realised Operating Income to Statutory A-IFRS Profit

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12 Months to 31 December ($m) 2011 2010
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12 Months to 31 December ($m)	2011	2010

Core operations ROI	569.6	530.8
Non-core operations ROI	31.9	57.7
Financing and corporate overheads	(162.7)	(178.5)
Realised Operating Income	438.8	410.0
Changes in fair value of assets (non cash)
1. Valuation movements
Core portfolios and Funds Management Australia	84.7	102.8
Hotel/Tourism portfolio	(24.7)	(4.4)
Funds Management Europe	(14.3)	(9.5)
US Seniors Housing	-	245.9
Joint Venture	-	4.8
2. Release of foreign currency translation reserve	(47.6)	39.6
3. Financial instruments mark to market value and foreign exchange gains movement	(150.3)	5.2
4. Other items1	(40.4)	(87.1)
Statutory net profit after tax	246.2	707.3

Other items include non-cash IFRS adjustments, depreciation/amortisation and impairment expense of assets in all other segments and tax impact.

Investments and Income

Proportion of Real Estate Investments as at 31 December

Proportion of Income as at 31 December

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3%
4% 7% 5% 10%
4%
7%
14%
10%
9% 16%
9%
55% 8% 51% 52% 45%
2011 2010 2011 2010
9%
22%
20%
20%
20%
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Retail Office Industrial GWOF GWSCF Non-Core[1]

Retail Office Industrial Funds Management Non-Core[1]

1.Non-Core assets represents the remaining Homemaker portfolio and an interst in DAF/GRP

NTA Movement

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Securities on Issue Number of NTA Movement Net Assets No. Securities¹ NTA Per
Securities ($m) (million) Security ($)
Opening balance 1 January 2011 1,855,529,431 NTA position as at 31 December 2010 6,902.7 1,919.9 3.60
Buy back [1] (41,762,323)
31 December 2011 [2] 1,813,767,108 ROI 438.8 0.23
1. GPT commenced an on-market buy-back of up to 5% of Core revaluation 84.7 0.04
issued capital in July 2011.
2. Excludes exchangeable securities. Non-Core revaluation (17.3) (0.01)
Capex for Ayers Rock Resort (25.0) (0.01)
Fair value movement of derivatives (147.0) (0.08)
Non-cash IFRS revenue adjustments (26.2) (0.01)
Other Statutory items (14.7) (0.01)
Distribution paid (incl Exchangeable Securities) (348.1) (0.18)
Buy back of securities (126.8) (41.8) 0.01
Movement of Reserves 13.5 0.01
Movement in net assets (168.1) (0.01)
Less intangibles - movement 0.5 0.00
NTA position as at 31 December 2011 6,735.1 1,878.1 3.59
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Includes conversion of exchangeable securities at conversion price of $3.883.

Capital Management Summary

Average cost of debt

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Gearing as at 31 December ($m) 2011
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Gearing as at 31 December ($m)	2011

Total assets	9,278.8
Less: intangible assets	(51.3)
Total tangible assets	9,227.5
Current borrowings	512.6
Non-current borrowings	1,631.5
Total borrowings	2,144.1
Headline gearing	23.2%
Net gearing	22.9%

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7.4%
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6.6%
6.2%
Fees
Margin
Floating rate
Fixed rate
Actual 2010 Actual 2011 Target 2012
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Balance Sheet Overview as at 31 December	2011	2010
Total assets	9,278.8	9,751.7
Total debt	2,144.1	2,452.5
Net gearing	22.9%	24.9%
Interest cover	4.2x	3.7x
Weighted average cost of debt (incl fees and margins)	5.92%	6.73%
Weighted average term to maturity	5.3 years	5.0 years
Weighted average term of interest rate hedging	4.2 years	5.7 years
Credit ratings	A- (Stable) / A3 (Stable)	A- (Stable) / A3 (Stable)

Interest Cover as at 31 December 2011 ($m)	Interest Cover as at 31 December 2011 ($m)
Realised Operating Income	438.8
Less: tax credit	(11.8)
Add: gross finance costs for the period (excluding capitalised interest)	133.9
Earnings before interest & tax	560.9
Gross finance costs	133.9
Interest cover	4.2x

Look Through Gearing

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Look Through Gearing as at 31 December 2011 ($m) GPT Group GWOF GWSCF US Seniors European Other [2] Total
Housing Funds
Share of assets of non-consolidated entities
Group total tangible assets 9,227.5 9,227.5
(i) Plus: GPT share of assets of non-consolidated entities 765.1 446.8 5.9 85.6 904.4 2,207.8
(ii) Less: total equity investment in non-consolidated entities (640.9) (380.8) (0.2) 0.0 (837.9) (1,859.8)
(iii) Less: GPT loans to non-consolidated entities (10.3) (10.3)
Total look through assets 9,227.5 124.2 66.0 5.7 85.6 56.2 9,565.2
Group total borrowings 2,144.1 2,144.1
(iv) Plus: GPT share of external debt of non-consolidated entities 98.2 50.2 72.4 220.8
Total look through borrowings 2,144.1 98.2 50.2 0.0 72.4 0.0 2,364.9
Look through gearing 24.7%
Look through gearing based on net debt [1] 24.4%
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Net debt equals debt less cash/total tangible assets less cash. 2. Retail, Office and master-planned communities (held in associates).

Debt

Debt Cost as at 31 December 2011	Debt ($m)	Interest rate (%)
Hedged debt	1,514	4.38%
Floating debt	630	4.55%
Total debt	2,144	4.47%
Margin		0.83%
Fees		0.62%
All-in cost of funds		5.92%

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Debt Funded Capacity Gearing Investment capacity [1]
as at 31 December 2011 (%) ($m)
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Debt Funded Capacity as at 31 December 2011	Gearing (%)	Investment capacity1 ($m)
Balance Sheet	22.9%	900
Wholesale Funds
- Office	12.9%	820
- Retail	11.3%	595
Total		2,315

Sources of Drawn Debt[2]

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CPI bonds
4%
Medium
Term Notes
17%
Domestic bank
debt 50%
Foreign
bank debt
29%
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Assumes gearing at 30% of gross assets.
Pro-forma for the issue of $150 million of Medium Term Notes in January 2012.

Debt Facilities

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Current Debt Facilities as at 31 December 2011
Outstanding [1] Maturity Date Limit Available
($m) (equiv) ($m) (equiv) ($m) (equiv)
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	Outstanding1 ($m) (equiv)	Maturity Date	Limit ($m) (equiv)	Available ($m) (equiv)

Euro Multi Option Syndicated Facility	530	26-Oct-12	530	0
Bank Bilateral	150	26-Oct-12	150	0
Bank Bilateral	150	11-Mar-13	150	0
Bank Facility - Somerton	76	31-Mar-15	76	0
Medium Term Notes	211	22-Aug-13	212	1
Bank Bilateral	225	15-Sep-14	225	0
Bank Bilateral	160	1-Apr-15	160	0
Bank Bilateral	166	26-Oct-15	200	34
Bank Bilateral	66	30-Nov-16	75	9
Bank Bilateral	0	11-Nov-17	150	150
Bank Bilateral	175	26-Oct-18	175	0
Bank Bilateral	150	26-Oct-18	150	0
CPI Indexed Bonds	85	10-Dec-29	85	0
Total Borrowings	2,144		2,338	194

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Current Forward Start Debt Facilities
Start Date Maturity Limit
Date ($m) (equiv)
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Start Date	Maturity Date	Limit ($m) (equiv)

1-Feb-12	1-Feb-13	100
1-Oct-12	1-Oct-15	250
26-Oct-12	1-Oct-15	50
26-Oct-12	1-Apr-16	140
26-Oct-12	26-Oct-16	200
26-Oct-12	26-Oct-17	75
26-Oct-12	11-Nov-17	150
24-Jan-12	24-Jan-19	150
		1,115

All facilities drawn in Australian dollars.

Liquidity Profile

Liquidity Profile as at 31 December 2011

1.8 1.6 1.4 1.2 1.0 ($bn) 0.8 0.6 0.4 0.2 0.0 Cash balance Undrawn Current Fwd Start New Reduced Asset 2012 Debt Excess 31 Dec 2011 existing liquidity Facilities Facilities distribution sales capex facility liquidity at facilities expiries 31 Dec 2012

Hedging Profile

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Hedging Profile as at Average rate on hedged Principal amount of derivative Principal amount of fixed
31 December 2011 balance excl Margins financial instruments ($m) rate borrowings ($m)
31-Dec-11 4.38% 1,430 84
31-Dec-12 4.44% 2,040 84
31-Dec-13 4.96% 1,780 85
31-Dec-14 4.76% 1,730 85
31-Dec-15 5.25% 1,180 235
31-Dec-16 5.52% 840 235
31-Dec-17 5.44% 790 235
3,500 5.25% [5.46%] [5.52%] 5.50% 5.44% 6%
4.96% 5.01%
4.85% 4.75% 4.76%
3,000 4.38% 4.37% 4.44% 5%
2,500
4%
2,000
($m) 3%
1,500
2%
1,000
1%
500
0 0%
Forecast Debt Weighted Average fixed rate Fixed rate debt
Short term "interest cost management" swaps Long term "interest rate risk management" swaps
Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17
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GPT Annual Result2011 Retail Portfolio 65

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $5.3 billion include a portfolio of assets held on the Group’s balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF).

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1
4
9
Canberra
1
6
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 Number of assets in each state

New South Wales GPT Owned

Northern Territory GPT Owned Casuarina Square

Charlestown Square (Hunter Region)

Erina Fair (Central Coast) (50%) Rouse Hill Town Centre Westfield Penrith (50%)

Queensland

GPT Owned

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

GWSCF Owned

Carlingford Court Forestway Shopping Centre Macarthur Square (50%)* Norton Plaza Wollongong Central (Illawarra Region)

Australian Capital Territory

GPT Owned Wesfield Woden (50%)*

Not managed by GPT Data Pack Definitions Specialty Tenants - includes tenancies with a GLA below 400sqm Mini-Major Tenants - includes tenancies with a GLA above 400sqm not classified as a Major Tenant Major Tenants - includes Supermarkets, Discount Department Stores, Department Stores and Cinemas Newcastle CBD land holdings excluded from all analysis Retail Sales-100% of GPT and GWSCF assets

Victoria

GPT Owned

Dandenong Plaza Melbourne Central Highpoint Shopping Centre (16.67%) Homemaker City Maribyrnong (16.67%)

GWSCF Owned

Chirnside Park

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

Retail Portfolio Summary

The GPT Retail portfolio is well positioned with a high level of occupancy at 99.4% and low arrears, reflecting the high quality of the portfolio.

Top Ten Tenants* As at 31 December 2011

Portfolio by Sub-Sector As at 31 December 2011

Asset Quality As at 31 December 2011

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100
80
60
(%)
40
20
Regional 0
95% GPT Peer Peer Peer Peer
1 2 3 4
Other
Sub Regional
Regional
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Premier Retail Sub Regional Other 4%
Woolworths Wesfarmers Myer (Just Group)
1%
5.7% 5.2%
3.1% 2.3%
Cotton On BB Retail Luxottica
Hoyts Clothing Capital Prouds Group Sussan
1.6% 1.3% 1.1% 1.1% 1.1% 1%
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*Based on gross rent (including turnover rent)

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.

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Property Ownership GLA 31 Dec 11 31 Dec 11 30 Jun 11 External Or Occupancy 12 months to Annual Occupancy Specialty
(100% Fair Value Cap Rate Cap Rate Directors 31 Dec 11 Centre Cost Sales
interest) ($m) (%) (%) Valuation Income ($m) Turnover Specialty ($psm)
(sqm) ($m)
GPT Portfolio
Casuarina Square, NT 100% 53,300 455.6 6.50% 6.00% Directors 99.8% 29.0 379.7 14.7% 10,513
Charlestown Square, NSW 100% 90,800 840.2 6.00% 6.00% Directors 97.5% 49.7 444.8 17.4% 8,209
Dandenong Plaza, VIC 100% 61,300 180.2 8.50% 8.50% Directors 100.0% 19.9 241.0 17.4% 6,736
Erina Fair, NSW 50% 113,500 378.4 6.25% 6.25% Directors 100.0% 23.6 623.6 18.0% 7,802
Highpoint Shopping Centre, VIC 16.67% 122,800 233.1 5.75% 6.00% Directors N/A 12.3 728.6 21.5% 9,259
Homemaker City, Maribyrnong, VIC 16.67% 21,200 9.1 9.00% 9.00% External 89.6% 0.8 N/A N/A N/A
Melbourne Central, VIC¹ 100% 54,400 945.2 5.75% 5.75% Directors 100.0% 51.9 355.2 20.1% 9,223
Rouse Hill Town Centre, NSW 100% 68,800 460.0 6.25% 6.25% Directors 100.0% 33.9 365.8 16.6% 6,352
Sunshine Plaza, QLD 50% 72,600 357.7 6.00% 6.00% Directors 99.7% 22.3 496.5 18.0% 10,676
Westfield Penrith, NSW 50% 92,200 519.2 6.00% 6.00% Directors 99.8% 31.2 582.6 19.7% 10,346
Westfield Woden, ACT 50% 72,300 321.5 6.25% 6.25% Directors 99.0% 19.8 416.6 18.1% 9,499
Homemaker City Portfolio, QLD 100% 84,600 197.9 9.66%² 9.49%² External 95.8% 18.4 N/A N/A N/A
GSWCF Portfolio
Carlingford Court, NSW 100% 33,000 171.0 7.50% 7.50% External 98.6% 12.6 178.1 16.4% 8,483
Chirnside Park, VIC 100% 37,900 218.0 7.00% 7.00% External 100.0% 15.5 278.1 13.8% 10,369
Forestway Shopping Centre, NSW 100% 9,800 78.4 7.50% 7.50% Directors 100.0% 5.8 100.8 14.6% 10,226
Highpoint Shopping Centre, VIC 50% 122,800 701.1 5.75% 6.00% Directors 100.0% 37.1 728.6 21.5% 9,259
Homemaker City, Maribyrnong, VIC 50% 21,200 27.4 9.00% 9.00% External 89.6% 2.4 N/A N/A N/A
Macarthur Square, NSW 50% 94,500 391.7 6.25% 6.25% Directors 98.8% 23.0 537.3 17.5% 8,996
Norton Plaza, NSW 100% 12,100 106.1 7.00% 7.00%³ External 100.0% 7.2 101.9 11.3% 12,305
Parkmore Shopping Centre, VIC 100% 36,800 199.0 7.50% 7.50% External 100.0% 14.6 239.4 14.1% 8,357
Wollongong Central, NSW 100% 37,900 306.0 6.50% 6.75% External 97.9% 17.4 171.8 17.7% 8,946
Total 1,169,700 6.21% [4] 6.19% [4] 99.4% [4] 6,241.8 17.6% 8,958
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Includes retail and 100% interest of car park. Car park cap rate of 8.00%. 2. Weighted average Homemaker City portfolio cap rate. 3. Excludes Norton Central. 4. Includes GPT shopping centres (excludes Homemaker City portfolio) and GPT interest in GWSCF.

Retail Sales Summary

The Retail portfolio delivered comparable income growth of 3.6% over the full year.

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Moving Annual Turnover Occupancy Costs
As at 31 December 2011
Centre Name Centre MAT ($psm) Comparable Centre Specialty MAT Comparable Spe- Centre Specialty
MAT Growth ($psm) cialty MAT Growth
GPT Portfolio
Casuarina Square 8,021 1.0% 10,513 0.2% 9.6% 14.7%
Dandenong Plaza 4,129 0.3% 6,736 5.2% 11.2% 17.4%
Erina Fair 6,116 1.2% 7,802 0.9% 9.3% 18.0%
Melbourne Central Retail 7,417 0.6% 9,223 0.9% 17.2% 20.1%
Rouse Hill Town Centre 6,105 3.1% 6,352 2.1% 9.5% 16.6%
Sunshine Plaza 8,026 (2.7%) 10,676 (0.2%) 10.6% 18.0%
Westfield Penrith [1] 6,976 0.6% 10,346 0.4% 12.1% 19.7%
Westfield Woden [1] 6,786 (2.7%) 9,499 0.2% 10.6% 18.1%
GWSCF Portfolio
Carlingford Court 6,630 (1.3%) 8,483 (1.1%) 8.5% 16.4%
Chirnside Park 8,310 1.4% 10,369 5.9% 6.5% 13.8%
Forestway Shopping Centre 13,624 2.4% 10,226 0.9% 6.6% 14.6%
Macarthur Square 6,165 (0.1%) 8,996 (0.2%) 10.7% 17.5%
Parkmore Shopping Centre 6,929 3.6% 8,357 8.9% 7.6% 14.1%
Total 6,737 0.3% 8,958 1.2% 10.4% 17.6%
Centres Under Development
GPT Portfolio
Charlestown Square 5,633 79.5% 8,209 87.5% 12.0% 17.4%
Highpoint Shopping Centre (16.67%) 6,606 (6.6%) 9,259 (2.5%) 12.9% 21.5%
GWSCF Portfolio
Highpoint Shopping Centre (50%) 6,606 (6.6%) 9,259 (2.5%) 12.9% 21.5%
Wollongong Central 5,612 2.9% 8,946 6.0% 13.0% 17.7%
Norton Plaza [2] 14,665 3.8% 12,305 (1.5%) 5.2% 11.3%
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Analysis provided by Westfield 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

Comparable Change in Retail Sales by Category

Retail sales showed marginally positive growth over the full year with total centre sales up 0.3% and specialties up 1.2%.

GPT’s Retail portfolio occupancy levels remain high at 99.4%, with a relatively high proportion of structured rental increases. This positions GPT well to continue to deliver income growth.

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Market [2]
17%
Structured
Rent
Increases
4.5%
Average
increase
Fixed
83%
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Comparable Change in Retail Sales byCategoryas at 31 Dec 2011	MAT ($m)	12 Months Growth
Department Store	$211	(10.1%)
Discount Department Store	$585	(2.2%)
Supermarket	$1,080	1.2%
Cinemas	$91	(7.4%)
Mini Major & Large Format	$594	(1.2%)
Non Retail	$273	12.3%
Total Specialties	$1,961	1.2%
Total Centre	$4,795	0.3%
Specialty Sales Split
Food Retail	$179	4.3%
Food Catering	$339	3.8%
Apparel	$669	0.6%
Jewellery	$144	1.0%
Leisure	$127	(4.0%)
General Retail	$203	(4.2%)
Homewares	$81	(4.0%)
Mobile Phone	$71	18.9%
Retail Services	$149	2.8%
Excludes Norton Plaza and development impacted centres. Excludes Homemaker centres.

Structured specialty rent increases for the full year 2012 Based on specialty base rent.

Market Reviews incude expiries in 2012.

Retail Sales

Specialty MAT Growth

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7.0%
6.0% 6.0%
5.8%
5.0%
4.8%
4.4%
4.0% 4.1% 4.0%
3.9%
3.6%
3.3% 3.2% 3.2% Average
3.0%
2.8%
2.3%
2.1%
2.0%
1.4%
1.2%
1.0%
0.5%
0.2%
0.0%
Dec 03 Jun 04 Dec 04 Jun 05 Dec 05 Jun 06 Dec 06 Jun 07 Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11
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100% of GPT & GWSCF assets, excludes homemaker centres, development impacted centres (Charlestown, Highpoint and Wollongong) and Norton Plaza

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the Retail portfolio remained stable over the past 12 months at 6.21% at 31 December 2011.

Weighted Average Capitalisation Rate

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6.26% 6.26% 6.25% 6.21% 6.19% 6.21%
6.04%
5.84%
5.72% 5.63%
Jun 07 Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11
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Lease Expiry Profile

Weighted Average Lease Expiry (by base rent)	Weighted Average Lease Expiry (by base rent)
Major Tenants	11.4 years
Mini-Major Tenants	4.9 years
Specialty Tenants	3.2 years
Weighted Total	4.7 years

Total Centres

Total Specialty Tenants

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16.9%
20.5%
14.7%
14.2%
17.3%
13.6% 16.6%15.9%
12.6%
13.7%
8.9%
8.5%
9.8%
5.1%
3.4%
3.6%
2%
0.7% [1.2%] 0.5%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+ 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
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Retail Portfolio External Valuation Summary

44% of the GPT Retail portfolio was valued externally in the 12 months to 31 December 2011

Property	Date	Valuer	Valuation ($m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
GPT Portfolio
Casuarina Square,NT	30-Jun-10	KF	444.0	100%	6.00%	6.25%	9.25%
Charlestown Square,NSW¹	31-Dec-10	JLL	827.4	100%	6.00%	6.25%	9.00%
DandenongPlaza,VIC	30-Jun-11	CBRE	180.0	100%	8.50%	8.75%	9.75%
Erina Fair,NSW	31-Oct-09	CBRE	375.0	50%	6.25%	6.30%	8.75%
Highpoint ShoppingCentre,VIC	30-Sep-11	CBRE	228.4	16.67%	5.75%	6.00%	9.00%
Homemaker City,Maribyrnong,VIC	31-Dec-11	CBRE	9.1	16.67%	9.00%	9.50%	10.00%
Melbourne Central,VIC²	30-Jun-11	CBRE	916.0	100%	5.75%	6.00%	9.00%
				Car Park: 8.25%		8.75%	9.75%
Rouse Hill Town Centre,NSW	31-Dec-09	CBRE	475.0	100%	6.25%	6.25%	9.75%
Sunshine Plaza,QLD	30-Jun-11	KF	356.5	50%	6.00%	6.25%	9.00%
Westfield Penrith,NSW	31-Dec-10	CBRE	516.5	50%	6.00%	6.00%	8.75%
Westfield Woden,ACT	31-Dec-10	KF	320.0	50%	6.25%	6.50%	9.00%
Homemaker City,Aspley,QLD	31-Dec-11	Colliers	47.8	100%	10.50%	10.75%	11.50%
Homemaker City,Fortitude Valley,QLD	31-Dec-11	JLL	100.1	100%	9.09%³	9.34%³	10.09%³
Homemaker City, Jindalee, QLD	31-Dec-11	Colliers	50.0	100%	10.00%	10.25%	11.00%
GWSCF Portfolio
Carlingford Court,NSW	31-Dec-11	Savills	171.0	100%	7.50%	7.75%	9.50%
Chirnside Park,VIC	31-Dec-11	JLL	218.0	100%	7.00%	7.25%	9.00%
ForestwayShoppingCentre,NSW	30-Jun-11	Savills	78.0	100%	7.50%	7.75%	9.50%
Highpoint ShoppingCentre,VIC	30-Sep-11	CBRE	685.0	50%	5.75%	6.00%	9.00%
Homemaker City,Maribyrnong,VIC	31-Dec-11	CBRE	27.4	50%	9.00%	9.50%	10.00%
Macarthur Square,NSW	30-Jun-11	KF	390.3	50%	6.25%	6.50%	9.25%
Norton Plaza,NSW	31-Dec-11	JLL	106.1	100%	7.00%4	7.25%4	9.50%
Parkmore ShoppingCentre,VIC	31-Dec-11	Colliers	199.0	100%	7.50%	7.75%	9.50%
WollongongCentral,NSW	31-Dec-11	Colliers	306.0	100%	6.50%	6.75%	9.00%

Valuation includes ancillary assets. 2. Valuation includes retail and car park. 3. Weighted average cap rate. 4. Excludes Norton Central cap rate 7.50%, terminal cap rate of 7.75% & discount rate of 9.75%.

Retail Portfolio Income and Fair Value Schedule

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Property Income Fair Value
12 months to 31 December Fair Value Capex Lease Acquisitions Sales Net Other Fair
($m) 31 Dec 10 ($m) Incentives ($m) ($m) Revaluations Adjustments Value
2010 2011 Variance ($m) ($m) ($m) ($m) 31 Dec 11
($m)
GPT Portfolio
Casuarina Square 28.4 29.0 0.6 448.1 4.8 3.6 0.0 0.0 0.0 (0.9) 455.6
Charlestown Square 12.9 49.7 36.8 827.3 12.3 0.9 0.0 0.0 0.0 (0.3) 840.2
Dandenong Plaza 19.2 19.9 0.7 190.0 0.7 0.3 0.0 0.0 (9.9) (0.9) 180.2
Erina Fair 23.1 23.6 0.6 376.7 0.6 0.1 0.0 0.0 0.8 0.1 378.4
Highpoint Shopping Centre 12.3 12.3 0.1 208.3 13.4 0.0 0.0 0.0 11.4 0.0 233.1
Homemaker City, Maribyrnong 0.8 0.8 0.0 9.2 0.0 0.0 0.0 0.0 (0.1) 0.0 9.1
Melbourne Central - Retail + Car Park 48.4 51.9 3.5 812.5 24.0 4.8 0.0 0.0 106.5 (2.6) 945.2
Rouse Hill Town Centre 32.8 33.9 1.0 481.1 5.4 0.9 0.0 0.0 (27.2) (0.2) 460.0
Sunshine Plaza 21.7 22.3 0.6 343.1 2.3 0.0 0.0 0.0 12.4 0.0 357.7
Westfield Penrith 30.3 31.2 0.9 516.5 2.6 0.0 0.0 0.0 0.0 0.0 519.2
Westfield Woden 19.6 19.8 0.2 320.0 1.5 0.0 0.0 0.0 0.0 0.0 321.5
Homemaker City, Aspley 4.2 4.6 0.4 46.5 0.4 0.1 0.0 0.0 0.7 0.0 47.7
Homemaker City, Fortitude Valley 8.8 8.5 (0.2) 100.5 1.6 0.5 0.0 0.0 (2.5) 0.0 100.1
Homemaker City, Jindalee 4.5 5.2 0.7 48.4 0.3 0.3 0.0 0.0 1.0 0.0 50.0
Equity Interests
GPT Equity Interest in GWSCF (20.2%) 34.5 22.8 (11.7) 393.9 0.0 0.0 5.7 (33.2) 14.4 0.0 380.8
Total Retail 301.4 [1] 335.7 34.2 5,122.2 70.0 11.6 5.7 (33.2) 107.5 (4.9) 5,278.8
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Excludes Homemaker City Bankstown divestment

Retail Sustainability

Sustainability is core to GPT’s portfolio, not only to operate its buildings as efficiently as possible but to create positive experiences for GPT’s people, tenants, customers and visitors.

NABERS[1] Retail

GPT’s retail centres have been rated using NABERS for the first time. Ratings can only be conducted on centres larger than 15,000sqm.

GPT supports NABERS in providing an industry wide, comparable benchmark and continues to work with the NSW Office of Environment and Heritage on further calibration of measuring tools.

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Centre NABERS NABERS
Energy Water
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Centre	NABERS Energy	NABERS Water

Casuarina	2.5	2.0
Carlingford	1.0	2.0
Chirnside	3.5	2.5
Parkmore	1.5	3.5
Rouse Hill Town Centre	2.5	3.0
Wollongong	2.5	3.5
Charlestown	Development impacted
Dandenong	1.0	2.5
Forestway	Not rated < 15,000 sqm
Norton Plaza	Not rated < 15,000 sqm

NABERS ratings:1 to 6 stars, 1 = poor performance,

6 = exceptional performance

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Water intensity
(litres/m2)
1,600
1,400
1,200
1,000
29%
800
Water Intensity
600 reduction
400 since 2005
200
0
2007 2008 2009 2010 2011
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Operational Waste (%reused/recycled)

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50%
40%
30%
Recycling rate
20%
38%
10%
0
2007 2008 2009 2010 2011
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Emissions Intensity
(kg C02-e/m2)
140
120
80
60 27%
Emissions Intensity
40 reduction
since 2005
20
0
2007 2008 2009 2010 2011
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Energy
(MJ/m2)
600
500
400
25%
300
Energy Intensity
200 reduction
since 2005
100
0
2007 2008 2009 2010 2011
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Retail Sustainability

Property	Area GLA	Water (Total) Litres/m2	Emissions kgCO2-e/m2	Waste % Recycled/Reused
GPT Portfolio
Casuarina Square	53,300	1,849	110	22%
Charlestown Square	90,800	1,191	86	82%
DandenongPlaza	61,300	1,028	138	23%
Erina Fair	113,500	1,053	79	30%
Highpoint ShoppingCentre	122,800	875	100	29%
Melbourne Central	54,400	1,966	206	22%
Rouse Hill Town Centre	68,800	948	60	83%
Sunshine Plaza	72,600	1,216	86	23%
Westfield Penrith	92,200	1,422	113	29%
Westfield Woden	72,300	1,487	91	22%
GWSCF Portfoilio
Carlingford Court	33,000	1,113	74	39%
Chirnside Park	37,900	832	68	43%
ForestwayShoppingCentre	9,800	2,413	86	43%
Highpoint ShoppingCentre	122,800	875	100	29%
Macarthur Square	94,500	1,161	81	41%
Norton Plaza	12,100	1,340	119	29%
Parkmore ShoppingCentre	36,800	685	109	45%
WollongongCentral	37,900	861	89	41%
Total		1,195	98	38%

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.

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Key Metrics as at 31 December 2011
Ownership Interest 100% Asset Type Regional Centre
Acquired (by GPT) October 1973 Construction/Refurbishment Completed 1973 / Refurbished 1998
Property Details
Retail 51,100 sqm Other 1,700 sqm
Office 600 sqm Total 53,300 sqm
Current Valuation Latest External Valuation
Fair Value $455.6m Value $444.0m
Capitalisation Rate 6.50% Capitalisation Rate 6.00%
Terminal Capitalisation Rate 6.75% Terminal Capitalisation Rate 6.25%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type Directors Valuer Knight Frank
Income (12 months) $29.0m Valuation Date 30 June 2010
Centre Details
Number of Tenancies 191 Retail Occupancy 99.8%
Car Parking Spaces 2,400
Specialty Expiry Profile by Base Rent 2012: 21% 2013: 18% 2014: 18%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $8,021 $10,513
Occupancy Costs 9.6% 14.7%
Annual Centre Turnover $379.7m
Key Tenants Area (sqm) Expiry Date
Kmart 8,150 September 2030
Big W 6,850 December 2030
Woolworths 5,020 June 2018
BCC Cinemas 4,120 December 2018
Coles 3,750 December 2020
Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
2,500 125 37% 40%
reduction
2,000 120 since 2005
30%
1,500 115
20%
1,000 47% 110 Recycling
reduction rate of
since 2005 10%
500 105
22%
0 100 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Charlestown Square New South Wales

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charlestownsquare.com.au

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

GPT’s $470 million Charlestown Square development, completed late 2010, has added approximately 41,000 sqm and provided a new retail, entertainment and community destination for the Hunter Region of NSW.

Refurbishment and remixing of the original part of the centre was completed at the end of 2011.

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Key Metrics as at 31 December 2011
Ownership Interest 100% Asset Type Super Regional Centre
Acquired (by GPT) December 1977 Construction/Refurbishment [Completed 1979 / ]
Refurbished 1989, 2010-11
Property Details
Retail 85,100 sqm Other 3,300 sqm
Office 2,400 sqm Total 90,800 sqm
Current Valuation Latest External Valuation
Fair Value $840.2m Value $827.4m
Capitalisation Rate 6.00% Capitalisation Rate 6.00%
Terminal Capitalisation Rate 6.25% Terminal Capitalisation Rate 6.25%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Jones Lang LaSalle
Income (12 months) $49.7m Valuation Date 31 December 2010
Centre Details
Number of Tenancies 318 Retail Occupancy 97.5%
Car Parking Spaces 3,450
Specialty Expiry Profile by Base Rent 2012: 2% 2013: 4% 2014: 2%
Sales Information¹ Total Centre Specialties Notes
Sales Turnover per Square Metre $5,633 $8,209 1. Development impacted
Occupancy Costs 12.0% 17.4%
Annual Centre Turnover $444.8m
Key Tenants Area (sqm) Expiry Date
Myer 12,840 October 2035
Big W 7,750 October 2030
Target 5,590 July 2016
Woolworths 4,800 August 2030
Reading Cinemas 4,580 October 2025
Coles 4,320 August 2030
Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,500 100 100%
28%
1,250 80 80%
reduction
1,000 since 2005
60 60%
750
40 11% 40% Recycling
500 reduction rate of
since 2005
20 20% 82%
250
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Dandenong Plaza Victoria

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dandenongplaza.com.au

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

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
Ownership Interest	100%	Asset Type	Major Regional Centre
Acquired (by GPT)	December 1993	Construction/Refurbishment	Completed 1989 / Refurbished 1995
Property Details
Retail	61,300 sqm	Other	100 sqm
Office	0 sqm	Total	61,300 sqm
Current Valuation		Latest External Valuation
Fair Value	$180.2m	Value	$180.0m
Capitalisation Rate	8.50%	Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%	Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%	Discount Rate	9.75%
Valuation Type	Directors	Valuer	CB Richard Ellis
Income (12 months)	$19.9m	Valuation Date	30 June 2011
Centre Details
Number of Tenancies	180	Retail Occupancy	100.0%
Car Parking Spaces	3,248
Specialty Expiry Profile by Base Rent	2012: 12%	2013: 20%	2014: 16%
Sales Information Total Centre		Specialties Notes
SalesTurnoverperSquareMetre	$4,129	$6,736
Occupancy Costs	11.2%	17.4%
Annual Centre Turnover	$241.0m
Key Tenants Area (sqm)
Myer	15,080	July2016
Target	6,660	July2015
Kmart	5,790	July2012
Safeway	3,890	December 2014
Coles¹	3,300	August 2010
Reading Cinemas	2,780	August 2023

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Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,100 200 40%
4% 35%
reduction
150 30%
since 2005
25%
1,000 100 20%
20% Recycling
15% rate of
reduction
50 since 2005 10%
23%
5%
900 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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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.

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Key Metrics as at 31 December 2011
Ownership Interest 50% Asset Type Super Regional Centre
Co-Owner Australian Prime Property Construction/Refurbishment [Completed 1987 / ]
Fund Retail (50%) Refurbished 2003, 2009
Acquired (by GPT) June 1992
Property Details
Retail 104,300 sqm Other 9,200 sqm
Office 0 sqm Total 113,500 sqm
Current Valuation Latest External Valuation
Fair Value $378.4m Value $375.0m
Capitalisation Rate 6.25% Capitalisation Rate 6.25%
Terminal Capitalisation Rate 6.30% Terminal Capitalisation Rate 6.30%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer CB Richard Ellis
Income (12 months) $23.6m Valuation Date 31 October 2009
Centre Details
Number of Tenancies 324 Retail Occupancy 100%
Car Parking Spaces 4,600
Specialty Expiry Profile by Base Rent 2012: 11% 2013: 30% 2014: 22%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,116 $7,802
Occupancy Costs 9.3% 18.0%
Annual Centre Turnover $623.6m
Key Tenants Area (sqm) Expiry Date
Myer 12,130 August 2032
Big W 8,270 August 2028
Target 7,840 July 2013
Kmart 6,220 October 2029
Woolworths 4,850 November 2033
Coles 4,000 February 2018
Hoyts 3,800 November 2016
Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,600 120 80%
100
1,200 60%
80
800 60 40%
36% 25% Recycling
reduction 40 reduction rate of
400 since 2005 20 since 2005 20% 30%
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Highpoint Shopping Centre Victoria

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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. A $300 million redevelopment of Highpoint Shopping Centre commenced in 2011 and will take approximately two years to complete. The expansion represents a greatly improved Highpoint for customers and the western region of Melbourne with an extensively enhanced retail offer, including the first David Jones to Melbourne’s west, the creation of significant job opportunities, improved traffic flow, new public spaces and sustainability initiatives.

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Key Metrics as at 31 December 2011
Ownership Interest GPT (16.67%) Asset Type Super Regional Centre
Co-Owner GWSCF (50%) Completed 1975/
Highpoint Property Group (33.33%) Construction/Refurbishment Refurbished 1989,
Acquired (by GPT) August 2009 1995, 2006
Property Details¹
Retail 113,900 sqm Other 7,100 sqm
Office 1,800 sqm Total 122,800 sqm
Current Valuation Latest External Valuation
Fair Value $233.1m Value $228.4m
Capitalisation Rate 5.75% Capitalisation Rate 5.75%
Terminal Capitalisation Rate 6.00% Terminal Capitalisation Rate 6.00%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer CB Richard Ellis
Income (12 months) $12.3m Valuation Date 30 September 2011
Centre Details
Number of Tenancies¹ 415 Retail Occupancy² N/A
Car Parking Spaces¹ 6,200
Specialty Expiry Profile by Base Rent 2012: 19% 2013: 24% 2014: 14%
Sales Information² Total Centre Specialties Notes
Sales Turnover per Square Metre $6,606 $9,259 1. Pre-development impact
Occupancy Costs 12.9% 21.5% 2. Development impacted
Annual Centre Turnover $728.6m
Key Tenants Area (sqm) Expiry Date
Myer 19,120 June 2021
Target 9,920 July 2015
Hoyts 9,030 April 2014
Big W 8,160 June 2025
Safeway¹ 3,410 N/A
Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,200 150 50%
Recycling
1,000 120 40% rate of
800 29%
90 30%
600
30% 60 34% 20%
400 reduction reduction
since 2005 since 2005
30 10%
200
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Homemaker City Maribyrnong Victoria

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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.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	GPT(16.67%)	Asset Type	BulkyGoods Centre
Co-Owner	GWSCF (50%) Highpoint PropertyGroup(33.33%)	Construction/Refurbishment	Completed 1990
Acquired (by GPT)	August 2009
Property Details
Retail	21,200 sqm	Other	0 sqm
Office	0 sqm	Total	21,200 sqm
Current Valuation		Latest External Valuation
Fair Value	$9.1m	Value	$9.1m
Capitalisation Rate	9.00%	Capitalisation Rate	9.00%
Terminal Capitalisation Rate	9.50%	Terminal Capitalisation Rate	9.50%
Discount Rate	10.00%	Discount Rate	10.00%
Valuation Type	External	Valuer	CB Richard Ellis
Income (12 months)	$0.8m	Valuation Date	31 December 2011
Centre Details
Number of Tenancies	19	Retail Occupancy	89.6%
Car ParkingSpaces	505
Expiry Profile by Base Rent¹	2012: 22%	2013: 7%	2014: 28%
Key Tenants Area (sqm)		Expiry Date Notes
EasyLivingFurniture	2,210	April 2016	1. Includes all tenancies
Retravision	1,500	July2014
Mothercare	1,270	August 2015
Furniture Galore	1,180	October 2015
Alex's Discount Furniture	1,180	November 2012
BBQs Galore	1,170	August 2016

Melbourne Central Victoria

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melbournecentral.com.au

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.

Work was completed at the end of 2011 on a new dining hall and specialty fashion precinct including iconic brands like Converse and Nike.

For information on the office tower which forms part of Melbourne Central, see the Office section of this document.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%	Asset Type	City Centre
Acquired (by GPT)	May 1999	Construction/Refurbishment	Completed 1991 / Refurbished 2005, 2011
Property Details
Retail	50,200 sqm	Other	4,000 sqm
Office	200 sqm	Total	54,400 sqm
Current Valuation		Latest External Valuation
Fair Value¹	$945.2m	Value	$916.0m
Capitalisation Rate²	5.75%	Capitalisation Rate²	5.75%
TerminalCapitalisation Rate²	6.00%	TerminalCapitalisation Rate²	6.00%
Discount Rate²	9.00%	Discount Rate²	9.00%
Valuation Type	Directors	Valuer	CB RichardEllis
Income (12 months)	$51.9m	Valuation Date	30 June 2011
Centre Details
Numberof Tenancies	303	RetailOccupancy	100.0%
Car Parking Spaces	1,592
Specialty Expiry Profile by Base Rent	2012: 5%	2013: 6%	2014: 21%
Sales Information Total Centre		Specialties Notes
SalesTurnoverperSquareMetre	$7,417	$9,223
Occupancy Costs	17.2%	20.1%
Annual Centre Turnover	$355.2m
Key Tenants Area (sqm)
Hoyts	7,710	September 2020
Coles	1,310	September 2014

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Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
2,400 300 40%
40% Recycling rate of
reduction 250
2,200 since 2005 30% 22%
200
2,000 150 20%
21%
100 reduction
1,800 since 2005 10%
50
1,600 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Rouse Hill Town Centre New South Wales

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rhtc.com.au

Rouse Hill Town Centre is located approximately 35km 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.

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Key Metrics as at 31 December 2011
Ownership Interest 100% Asset Type Regional Centre
Stage 1: September 2007
Acquired (by GPT) Construction/Refurbishment Completed 2008
Stage 2: March 2008
Property Details
Retail 61,600 sqm Other 4,400 sqm
Office 2,800 sqm Total 68,800 sqm
Current Valuation Latest External Valuation
Fair Value $460.0m Value $475.0m
Capitalisation Rate 6.25% Capitalisation Rate 6.25%
Terminal Capitalisation Rate 6.25% Terminal Capitalisation Rate 6.25%
Discount Rate 9.25% Discount Rate 9.75%
Valuation Type Directors Valuer CB Richard Ellis
Income (12 months) $33.9m Valuation Date 31 December 2009
Centre Details
Number of Tenancies 234 Retail Occupancy 100.0%
Car Parking Spaces 2,899
Specialty Expiry Profile by Base Rent 2012: 15% 2013: 46% 2014: 20%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,105 $6,352
Occupancy Costs 9.5% 16.6%
Annual Centre Turnover $365.8m
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
Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,500 100 100%
1,200 80 80%
900 60 60%
600 40 40% Recycling
rate of
300 20 20% 83%
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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*This asset not operational in baseline year (2005)

Sunshine Plaza Queensland

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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.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
Ownership Interest	50%	Asset Type	Major Regional Centre
Co-Owner	Australian Prime Property Fund Retail(50%)	Construction/Refurbishment	Completed 1994 / Refurbished 2002
Acquired (by GPT)	December 1992
Property Details
Retail	71,800 sqm	Other	700 sqm
Office	200 sqm	Total	72,600 sqm
Current Valuation		Latest External Valuation
Fair Value	$357.7m	Value	$356.5m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Knight Frank
Income (12 months)	$22.3m	Valuation Date	30 June 2011
Centre Details
Number of Tenancies	253	Retail Occupancy	99.7%
Car Parking Spaces	3,500
Specialty Expiry Profile by Base Rent	2012: 23%	2013: 21%	2014: 23%
Sales Information Total Centre		Specialties
Sales Turnover per Square Metre	$8,026	$10,676
Occupancy Costs	10.6%	18.0%
Annual Centre Turnover	$496.5m
Key Tenants Area (sqm)
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

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Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,800 150 50%
1,500 120 40% Recycling
rate of
1,200 90 30% 23%
900
32% 60 20% 20%
600 reduction reduction
since 2005 since 2005
30 10%
300
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Westfield Penrith New South Wales

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westfield.com.au/penrith

Westfield Penrith is a super 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.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
Ownership Interest	50%	Asset Type	Super Regional Centre
Co-Owners	Westfield Group (25%) Westfield Retail Trust(25%)	Construction/Refurbishment	Completed 1971 / Refurbished 2005
Acquired (by GPT)	Westfield Penrith: June 1971
Property Details
Retail	85,900 sqm	Other	2,600 sqm
Office	3,800 sqm	Total	92,200 sqm
Current Valuation		Latest External Valuation
Fair Value	$519.2m	Value	$516.5m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.00%	Terminal Capitalisation Rate	6.00%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	Directors	Valuer	CB Richard Ellis
Income (12 months)	$31.2m	Valuation Date	31 December 2010
Centre Details
Number of Tenancies	328	Retail Occupancy	99.8%
Car Parking Spaces	3,521
Specialty Expiry Profile by Base Rent	2012: 26%	2013: 11%	2014: 11%
Sales Information Total Centre		Specialties
Sales Turnover per Square Metre	$6,976	$10,346
Occupancy Costs	12.1%	19.7%
Annual Centre Turnover	$582.6m
Key Tenants Area (sqm)
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 Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
2,500 150 40%
2,000 120
30%
1,500 90
20%
1,000 27% 60 24% Recycling
rate of
reduction reduction
10%
500 since 2005 30 since 2005 29%
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Westfield Woden

Australian Capital Territory

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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 2011
Ownership Interest 50% Asset Type Major Regional Centre
Co-Owners Westfield Group (25%)Westfield Retail Trust (25%) [Construction/Refurbishment] Completed 1972 / Refurbished 2000
Acquired (by GPT) February 1986
Property Details
Retail 64,600 sqm Other 1,000 sqm
Office 6,600 sqm Total 72,300 sqm
Current Valuation Latest External Valuation
Fair Value $321.5m Value $320.0m
Capitalisation Rate 6.25% Capitalisation Rate 6.25%
Terminal Capitalisation Rate 6.50% Terminal Capitalisation Rate 6.50%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Knight Frank
Income (12 months) $19.8m Valuation Date 31 December 2010
Centre Details
Number of Tenancies 237 Retail Occupancy 99.0%
Car Parking Spaces 2,700
Specialty Expiry Profile by Base Rent 2012: 25% 2013: 19% 2014: 16%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,786 $9,499
Occupancy Costs 10.6% 18.1%
Annual Centre Turnover $416.6m
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
Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
2,000 150 40%
120
1,500 30%
90
1,000 20%
14% 60 23% Recycling
reduction reduction rate of
500 since 2005 since 2005 10%
30 22%
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Homemaker City Portfolio Queensland

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homemakercity.com.au

Following the divestment of a number of assets, GPT’s Homemaker City Portfolio now consists of three Homemaker City centres located in Queensland. All major bulk retail categories are represented within the portfolio and major retailers include the Freedom Group, Domayne/Harvey Norman and Nick Scali.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%	Asset Type	Bulky Goods Centres
Acquired (by GPT)	Various	Construction/Refurbishment	Various
PropertyDetails Aspley FortitudeValley Jindalee
GLA	24,600 sqm	38,300 sqm	21,800 sqm
Number of Tenancies	47	36	44
Car ParkingSpaces	500	660	600
Retail Occupancy	95.8%
Current Valuation Aspley Fortitude Valley Jindalee
Fair Value	$47.7m	$100.1m	$50.0m
Capitalisation Rate	10.50%	9.09%	10.00%
TerminalCapitalisation Rate	10.75%	9.34%	10.25%
Discount Rate	11.50%	10.09%	11.00%
Valuation Type	External	External	External
Valuer	Colliers	JonesLangLaSalle	Colliers
Income (12 months)	$4.6m	$8.5m	$5.2m
Key Tenants Area (sqm)
Domayne/Harvey Norman	7,380
NickScali	5,460
Freedom Furniture	4,570

The remaining Homemaker assets will be sold in due course.

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. This provides investors with a fee income stream through exposure to high quality assets in addition to the income received from the fund.

Since 2010, GPT has been reducing its stake in the GPT Wholesale Funds in order to achieve a higher return on capital invested.

In the year to 31 December 2011, GPT completed the sell-down of its holding in the GPT Wholesale Shopping Centre Fund (GWSCF) to 20.2%.

GPT’s sell-down in the funds attracted a mix of existing and new investors.

GWSCF - Top Ten Tenants* As at 31 December 2011

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Premier Retail
Wesfarmers Woolworths Myer (Just Group)
7.1% 5.8%
2.1% 1.9%
1.9%
Specialty Cotton
Fashion Fitness Commonwealth On
Group First Hoyts Bank Clothing Prouds
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GWSCF - Portfolio by Sub-Sector As at 31 December 2011

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Other
9%
Sub
Regional
8%
Regional
83%
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*Based on gross rent (including turnover rent)

Carlingford Court New South Wales

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carlingfordcourt.com.au

Carlingford Court is located in a wellestablished 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 2011
GWSCF Ownership Interest 100% Asset Type Sub Regional Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment [Completed 1965 / Refurbished 1971, ]
1978, 1989, 2000, 2007
Property Details
Retail 28,700 sqm Other 4,100 sqm
Office 200 sqm Total 33,000 sqm
Current Valuation Latest External Valuation
Fair Value $171.0m Value $171.0m
Capitalisation Rate 7.50% Capitalisation Rate 7.50%
Terminal Capitalisation Rate 7.75% Terminal Capitalisation Rate 7.75%
Discount Rate 9.50% Discount Rate 9.50%
Valuation Type External Valuer Savills
Income (12 months) $12.6m Valuation Date 31 December 2011
Centre Details
Number of Tenancies 106 Retail Occupancy 98.6%
Car Parking Spaces 1,443
Specialty Expiry Profile by Base Rent 2012: 13% 2013: 15% 2014: 17%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,630 $8,483
Occupancy Costs 8.5% 16.4%
Annual Centre Turnover $178.1m
Key Tenants Area (sqm) Expiry Date
Target 8,010 November 2026
Woolworths 3,870 November 2018
Coles 3,500 November 2015
Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
2,500 140 100%
120 Recycling
2,000 80% rate of
100 39%
1,500 80 60%
60
1,000 60% 50% 40%
reduction reduction
40
since 2005 since 2005
500 20%
20
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Chirnside Park Victoria

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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.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
GWSCF Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1979 / Refurbished 1999, 2002
Property Details
Retail	36,700 sqm	Other	1,100 sqm
Office	0 sqm	Total	37,900 sqm
Current Valuation		Latest External Valuation
Fair Value	$218.0m	Value	$218.0m
Capitalisation Rate	7.00%	Capitalisation Rate	7.00%
Terminal Capitalisation Rate	7.25%	Terminal Capitalisation Rate	7.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	Jones Lang LaSalle
Income (12 months)	$15.5m	Valuation Date	31 December 2011
Centre Details
Number of Tenancies	115	Retail Occupancy	100.0%
Car Parking Spaces	2,045
Specialty Expiry Profile by Base Rent	2012: 18%	2013: 22%	2014: 26%
Sales Information Total Centre		Specialties
SalesTurnoverperSquareMetre	$8,310	$10,369
Occupancy Costs	6.5%	13.8%
Annual Centre Turnover	$278.1m
Key Tenants Area (sqm)
Kmart	8,250	September 2014
Target	4,770	July2018
Woolworths	4,180	September 2014
Reading Cinemas	3,500	May2016
Coles	3,290	September 2014
Aldi	1,370	April 2013

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Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,000 100 50%
Recycling
800 80 40% rate of
43%
600 60 30%
400 22% 40 28% 20%
reduction reduction
since 2005 since 2005
200 20 10%
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Forestway Shopping Centre New South Wales

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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 2011
GWSCF Ownership Interest 100% Asset Type Neighbourhood Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment Completed 1964 / Refurbished 2004
Property Details
Retail 8,400 sqm Other 600 sqm
Office 800 sqm Total 9,800 sqm
Current Valuation Latest External Valuation
Fair Value $78.4m Value $78.0m
Capitalisation Rate 7.50% Capitalisation Rate 7.50%
Terminal Capitalisation Rate 7.75% Terminal Capitalisation Rate 7.75%
Discount Rate 9.50% Discount Rate 9.50%
Valuation Type Directors Valuer Savills
Income (12 months) $5.8m Valuation Date 30 June 2011
Centre Details
Number of Tenancies 56 Retail Occupancy 100.0%
Car Parking Spaces¹ 437
Specialty Expiry Profile by Base Rent 2012: 13% 2013: 17% 2014: 29%
Sales Information Total Centre Specialties Notes
Sales Turnover per Square Metre $13,624 $10,226 1. Includes 99 council owned car spaces
Occupancy Costs 6.6% 14.6%
Annual Centre Turnover $100.8m
Key Tenants Area (sqm) Expiry Date
Woolworths 2,660 November 2028
Franklins 1,250 September 2018
Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
3,000 150 50%
2,500 120 40%
2,000
90 30%
1,500
3% 60 16% 20% Recycling
1,000 reduction reduction rate of
since 2005 since 2005
500 30 10% 43%
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Highpoint Shopping Centre Victoria

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highpoint.com.au

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Key Metrics as at 31 December 2011
GWSCF Ownership Interest GWSCF (50%) Asset Type Super Regional Centre
Co-Owner GPT (16.67%) Completed 1975 /
Highpoint Property Group (33.33%) Construction/Refurbishment Refurbished 1989, 1995,
Acquired (by GWSCF) March 2007 2006
Property Details¹
Retail 113,900 sqm Other 7,100 sqm
Office 1,800 sqm Total 122,800 sqm
Current Valuation Latest External Valuation
Fair Value $701.1m Value $685.0m
Capitalisation Rate 5.75% Capitalisation Rate 5.75%
Terminal Capitalisation Rate 6.00% Terminal Capitalisation Rate 6.00%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer CB Richard Ellis
Income (12 months) $37.1m Valuation Date 30 September 2011
Centre Details
Number of Tenancies¹ 415 Retail Occupancy² N/A
Car Parking Spaces¹ 6,200
Specialty Expiry Profile by Base Rent 2012: 19% 2013: 24% 2014: 14%
Sales Information² Total Centre Specialties Notes
Sales Turnover per Square Metre $6,606 $9,259 1. Pre-development impact
Occupancy Costs 12.9% 21.5% 2. Development impacted
Annual Centre Turnover $728.6m
Key Tenants Area (sqm) Expiry Date
Myer 19,120 June 2021
Target 9,920 July 2015
Hoyts 9,030 April 2014
Big W 8,160 June 2025
Safeway¹ 3,410 N/A
Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,200 150 50%
Recycling
1,000 120 40% rate of
800 29%
90 30%
600
30% 60 34% 20%
400 reduction reduction
since 2005 since 2005
30 10%
200
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Homemaker City, Maribyrnong Victoria

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Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
GWSCFOwnershipInterest	GWSCF(50%)	Asset Type	Bulky Good Centre
Co-Owner	GPT (16.67%) Highpoint PropertyGroup (33.33%)	Construction/Refurbishment	Completed 1990
Acquired (by GWSCF)	March 2007
Property Details
Retail	21,200 sqm	Other	0 sqm
Office	0 sqm	Total	21,200 sqm
Current Valuation		Latest External Valuation
Fair Value	$27.4m	Value	$27.4m
Capitalisation Rate	9.00%	Capitalisation Rate	9.00%
Terminal Capitalisation Rate	9.50%	Terminal Capitalisation Rate	9.50%
Discount Rate	10.00%	Discount Rate	10.00%
Valuation Type	External	Valuer	CB Richard Ellis
Income (12 months)	$2.4m	Valuation Date	31 December 2011
Centre Details
Number of Tenancies	19	Retail Occupancy	89.6%
Car Parking Spaces	505
Expiry Profile by Base Rent¹	2012: 22%	2013: 7%	2014: 28%
Key Tenants Area (sqm)		Expiry Date Notes
EasyLivingFurniture	2,210	April 2016	1. Includes all tenancies
Retravision	1,500	July2014
Mothercare	1,270	August 2015
Furniture Galore	1,180	October 2015
Alex'sDiscount Furniture	1,180	November 2012
BBQs Galore	1,170	August 2016

Macarthur Square New South Wales

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macarthursquare.com.au

Macarthur Square is located in Campbelltown, 50 kilometres southwest 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 2011
GWSCF Ownership Interest 50% Asset Type Major Regional Centre
Co-Owners Australian Prime Property Construction/Refurbishment Completed 1979 /
Fund Retail (50%) Refurbished 2006
Acquired (by GWSCF) March 2007
Property Details
Retail 83,500 sqm Other 8,700 sqm
Office 2,200 sqm Total 94,500 sqm
Current Valuation Latest External Valuation
Fair Value $391.7m Value $390.3m
Capitalisation Rate 6.25% Capitalisation Rate 6.25%
Terminal Capitalisation Rate 6.50% Terminal Capitalisation Rate 6.50%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type Directors Valuer Knight Frank
Income (12 months) $23.0m Valuation Date 30 June 2011
Centre Details
Number of Tenancies 306 Retail Occupancy 98.8%
Car Parking Spaces 3,600
Specialty Expiry Profile by Base Rent 2012: 26% 2013: 14% 2014: 6%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,165 $8,996
Occupancy Costs 10.7% 17.5%
Annual Centre Turnover $537.3m
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
Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,500 140 60%
120
1,250 50%
100
1,000 40%
80
750 30%
60
24% 24% Recycling
500 reduction reduction 20% rate of
40
250 since 2005 since 2005 10% 41%
20
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Norton Plaza 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.

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Key Metrics as at 31 December 2011
GWSCF 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 Other 600 sqm
Office 2,500 sqm Total 12,100 sqm
Current Valuation Latest External Valuation
Fair Value¹ $106.1m Value $106.1m
Capitalisation Rate² 7.00% Capitalisation Rate² 7.00%
Terminal Capitalisation Rate² 7.25% Terminal Capitalisation Rate² 7.25%
Discount Rate² 9.50% Discount Rate² 9.50%
Valuation Type External Valuer Jones Lang LaSalle
Income (12 months) $7.2m Valuation Date 31 December 2011
Centre Details
Number of Tenancies 56 Retail Occupancy 100.0%
Car Parking Spaces 485
Specialty Expiry Profile by Base Rent 2012: 19% 2013: 9% 2014: 8%
Sales Information Total Centre Specialties Notes
Sales Turnover per Square Metre $14,665 $12,305 1. Includes Norton Plaza and
Occupancy Costs 5.2% 11.3% Norton Central
Annual Centre Turnover $101.9m 2. Norton Plaza only. Norton Central cap
rate 7.50%, terminal cap rate of 7.75%,
Key Tenants Area (sqm) Expiry Date discount rate of 9.75%
Coles 3,770 November 2019
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Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
2,500 135 40%
2,000 130 Recycling
30% rate of
1,500 125 29%
20%
1,000 120
10%
500 115
0 110 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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*This asset not operational in baseline year (2005)

Parkmore Shopping Centre Victoria

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parkmoreshopping.com.au

Parkmore Shopping Centre is a regional shopping centre located approximately 35 kilometres southeast 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.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
GWSCFOwnershipInterest	100%	Asset Type	RegionalCentre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1973 / Refurbished 1995, 2007
Property Details
Retail	36,600 sqm	Other	200 sqm
Office	0 sqm	Total	36,800 sqm
Current Valuation		Latest External Valuation
Fair Value	$199.0m	Value	$199.0m
Capitalisation Rate	7.50%	Capitalisation Rate	7.50%
TerminalCapitalisation Rate	7.75%	TerminalCapitalisation Rate	7.75%
Discount Rate	9.50%	Discount Rate	9.50%
Valuation Type	External	Valuer	Colliers
Income (12 months)	$14.6m	Valuation Date	31 December 2011
Centre Details
Numberof Tenancies	128	RetailOccupancy	100.0%
Car Parking Spaces	2,600
Specialty Expiry Profile by Base Rent	2012: 20%	2013: 12%	2014: 15%
Sales Information Total Centre		Specialties
SalesTurnoverperSquareMetre	$6,929	$8,357
Occupancy Costs	7.6%	14.1%
Annual Centre Turnover	$239.4m
Key Tenants Area (sqm)
Kmart	8,390	September 2017
BigW	6,670	November 2015
Coles	3,850	August 2014
Woolworths	3,490	July2027

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Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
800 120 60%
50%
115
600
40%
110
400 30%
31% 105 8% Recycling
reduction reduction 20% rate of
200 since 2005 since 2005
100 10% 45%
0 95 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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Wollongong Central New South Wales

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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.

Works commenced late 2011 on the $200 million extension of Wollongong Central on the West Kiera land holding. The 18,000sqm expansion will include an additional 80 specialty stores over three levels and 600 car spaces and will connect directly to the existing Wollongong Central. The project will be completed early 2014.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
GWSCFOwnershipInterest	100%	Asset Type	City Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1975 / Refurbished 1985, 2009
Property Details¹
Retail	32,100 sqm	Other	2,600 sqm
Office	3,100 sqm	Total	37,900 sqm
Current Valuation		Latest External Valuation
Fair Value²	$306.0m	Value²	$306.0m
Capitalisation Rate	6.50%	Capitalisation Rate	6.50%
TerminalCapitalisation Rate	6.75%	TerminalCapitalisation Rate	6.75%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	Colliers
Income (12 months)	$17.4m	Valuation Date	31 December 2011
Centre Details
Numberof Tenancies¹	153	RetailOccupancy	97.9%
Car Parking Spaces¹	1,429
Specialty Expiry Profile by Base Rent	2012: 24%	2013: 3%	2014: 20%
Sales Information³ Total Centre		Specialties Notes
SalesTurnoverperSquareMetre	$5,612	$8,946
Occupancy Costs	13.0%	17.7%
Annual Centre Turnover	$171.8m
Key Tenants Area (sqm)
Myer	12,150	October 2016
David Jones	1,840	October 2015

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Water intensity Emissions Intensity Operational Waste
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,500 120 50%
100
1,200 40%
80
900 30%
600 60 23% 20% Recycling rate of
47%
40 reduction
reduction since 2005 41%
300 since 2005 10%
20
0 0 0%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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GPT Annual Result2011 Office Portfolio 100

Office Portfolio Overview

GPT’s Office portfolio comprises ownership in 20 high quality assets with a total investment of $2.6 billion. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF).

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4
10
Canberra
1
5
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New South Wales GPT Owned

Australia Square (50%) Citigroup Centre (50%) MLC Centre (50%) 1 Farrer Place (25%)

GWOF Owned

Darling Park 1 and 2 (50%) Darling Park 3

HSBC Centre

workplace[6]

The Zenith, Chatswood (50%) 161 Castlereagh Street (50%)

Queensland GPT Owned

Victoria GPT Owned

One One One Eagle Street (33%)

Melbourne Central Tower 818 Bourke Street

GWOF Owned

Brisbane Transit Centre (50%) GWOF Owned Riverside Centre Twenty8 Freshwater Place (50%) 545 Queen Street 530 Collins Street One One One Eagle Street (33%) 800/808 Bourke Street

Australian Capital

Territory GWOF Owned

10 & 12 Mort Street, Canberra

 Number of assets in each state

101

Office Portfolio Summary

The GPT Office portfolio performed well with high occupancy levels, 96.5% of space committed and a high weighted average lease term of 4.7 years.

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Top Ten Tenants Asset Quality Geographic Weighting
As at 31 December 2011 As at 31 December 2011 As at 31 December 2011
100
Brisbane Canberra
Ericsson
Government Citibank Freehills NAB Australia 6% 1%
80
Melbourne
26%
6.3% 4.9% 3.6% 2.8% 2.5% 60
(%)
40
Price
Members Waterhouse Gilbert + Origin
CBA Equity Coopers Tobin Energy
20
2.1% 2.1% 1.9% 1.8% 1.8%
Sydney
0
67%
GPT Peer Peer Peer Peer Peer
1 2 3 4 5
Other
A Grade
Premium
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*Based on gross rent

102

Office Portfolio Summary

Property	Ownership	Office NLA (100% Interest) (sqm)	31 Dec 11 Fair Value ($m)	31 Dec 11 Cap Rate (%)	30 Jun 11 Cap Rate (%)	External Or Directors Valuation	Occupancy	Occupancy	Occupancy	WALE By Income (Years)	12 months to 31 Dec 11 Income ($m)
							Actual	Inc. Signed Leases	Inc. Heads of Agreement
GPT Portfolio
Australia Square,Sydney,NSW	50%	51,400	278.8	6.88%	7.13%	External	91.3%	91.3%	91.3%	3.1	19.0
CitigroupCentre,Sydney,NSW	50%	73,500	363.0	7.20%	7.20%	Directors	96.1%	99.3%	99.3%	3.8	25.4
MLC Centre,Sydney,NSW	50%	68,300	373.2	7.13%	7.13%	Directors	91.4%	91.4%	91.5%	3.8	28.7
1 Farrer Place,Sydney,NSW	25%	87,400	322.7	6.44%	6.44%	Directors	98.8%	99.0%	99.0%	3.5	20.4
Melbourne Central Tower,Melbourne,VIC	100%	65,600	334.0	7.25%	7.25%	Directors	93.0%	95.3%	95.3%	5.5	24.6
818 Bourke Street,Melbourne,VIC	100%	21,900	127.4	7.25%	7.25%	Directors	100.0%	100.0%	100.0%	5.6	9.4
GWOF Portfolio
DarlingPark 1 & 2,Sydney,NSW	50%	101,800	569.1	6.70% - 7.20%	6.70% - 7.20%	Directors	98.6%	98.6%	98.6%	7.2	38.2
DarlingPark 3,Sydney,NSW	100%	29,800	282.6	7.00%	7.00%	Directors	100.0%	100.0%	100.0%	4.8	20.6
HSBC Centre,Sydney,NSW	100%	37,300	312.1	7.25%	7.25%	Directors	99.2%	99.2%	99.2%	5.5	22.3
workplace6,Sydney,NSW	100%	16,300	160.0	7.00%	7.13%	External	100.0%	100.0%	100.0%	7.9	12.2
The Zenith,Chatswood,NSW	50%	44,000	118.1	8.25%	8.00%	Directors	99.2%	99.2%	99.5%	2.7	10.5
Twenty8 Freshwater Place,Melbourne,VIC	50%	33,900	110.5	7.00%	7.25%	Directors	100.0%	100.0%	100.0%	7.2	7.8
530 Collins Street,Melbourne,VIC	100%	66,000	361.2	7.25%	7.25%	Directors	90.6%	92.0%	92.6%	5.2	21.2
800/808 Bourke Street,Melbourne,VIC	100%	59,600	347.0	7.25%	7.25%	Directors	100.0%	100.0%	100.0%	4.1	25.4
Brisbane Transit Centre,Brisbane,QLD	50%	29,500	85.7	8.75%	8.50%	External	100.0%	100.0%	100.0%	2.8	4.9
Riverside Centre,Brisbane,QLD	100%	51,500	500.0	7.25%	7.25%	External	96.3%	97.9%	98.8%	5.5	35.2
545 Queen Street,Brisbane,QLD	100%	13,100	86.0	8.25%	8.25%	External	100.0%	100.0%	100.0%	5.4	7.5
10 & 12 Mort Street,Canberra,ACT	100%	15,400	53.8	8.75%	9.25%	External	0.0%	100.0%	100.0%	5.0	4.6
Total		866,300		7.07%	7.11%		94.2%	96.5%	96.5%	4.7

103

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the Office portfolio firmed by 7 basis points over the 12 months to 31 December 2011.

Weight Average Capitalisation Rate

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7.10% 7.27% 7.20% 7.14% 7.11% 7.07%
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 30 Jun 11 31 Dec 11
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104

Office Portfolio Lease Expiry Profile The GPT Office portfolio has a low lease expiry profile in the next two years.

Office Portfolio Lease Expiry Profile (by Area)

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20%
14%
12%
10%
8% 9% 8%
6%
3% 4%
3%
2%
Vacant 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
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105

Office Market Outlook

Despite subdued demand in core markets, fundamentals remain supportive with low supply and vacancy forecast to trend down in the prime markets.

GPT’s Office portfolio is well positioned due to high occupancy levels and a diverse tenant mix across a wide range of sectors. Income growth is underpinned by 83% of reviewed leases being subject to a fixed rental review with an average increase of 4.0%. The weighted Office portfolio is over-rented by 5.7%[1] .

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Market [2]
17%
Rent
Reviews
4%
Average
Increase
Fixed
83%
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1.Passing rents struck on effective deals “faced up” at current incentive levels 2.Market Reviews include expiries in 2012

Total Vacancy

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14%
14.4%
12%
10%
7.3%
8% 7.2%
6% 7.2%
4%
2%
0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Forecast
Sydney CBD Melbourne CBD Brisbane CBD Canberra 2012-2014
Average
Vacancy
Source: Jones Lang LaSalle Research, December 2011
Prime Incentives
30%
25%
21.7%
18.9%
20%
18.3%
15% 14.4%
10%
5%
0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Forecast
Sydney CBD Melbourne CBD Brisbane CBD Canberra 2012-2014
Average Prime
Incentives
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Source: Jones Lang LaSalle Research, December 2011

106

Office Portfolio External Valuation Summary 72% of the GPT Office portfolio was valued externally in the 12 months to 31 December 2011.

Property	State	Date	Valuer	Valuation ($m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
GPT Portfolio
Australia Square,Sydney	NSW	31-Dec-11	Savills	278.8	50%	6.88%	7.13%	9.00%
CitigroupCentre,Sydney	NSW	30-Jun-10	KF	360.0	50%	7.20%	7.00%	8.75%
MLC Centre,Sydney	NSW	30-Jun-11	Colliers	367.9	50%	7.13%	7.00%	9.00%
1 Farrer Place,Sydney	NSW	31-Dec-10	JLL	321.5	25%	6.44%	6.50%	8.63%
Melbourne Central Tower,Melbourne	VIC	30-Jun-11	CBRE	330.0	100%	7.25%	7.50%	9.25%
818 Bourke Street, Melbourne	VIC	31-Mar-11	Savills	126.6	100%	7.25%	7.50%	9.50%
GWOF Porfolio
Darling Park 1 & 2, Sydney	NSW	31-Mar-11	KF	566.5	50%	Office: 6.70%-7.20% Retail: 6.90%	Office: 7.00% Retail: 7.25%	Office: 8.75% Retail: 9.50%
DarlingPark 3,Sydney	NSW	31-Mar-11	KF	279.0	100%	7.00%	7.00%	9.00%
HSBC Centre,Sydney	NSW	30-Jun-11	JLL	310.0	100%	7.25%	7.50%	9.25%
workplace6,Sydney	NSW	31-Dec-11	JLL	160.0	100%	7.00%	7.50%	9.00%
The Zenith,Chatswood	NSW	30-Sep-11	JLL	118.0	50%	8.25%	8.50%	9.00%
Twenty8 Freshwater Place,Melbourne	VIC	30-Sep-11	JLL	110.5	50%	7.00%	7.50%	9.25%
530 Collins Street,Melbourne	VIC	30-Jun-11	CBRE	360.0	100%	7.25%	7.50%	9.25%
800/808 Bourke Street,Melbourne	VIC	30-Sep-11	CBRE	347.0	100%	7.25%	7.50%	9.25%
Brisbane Transit Centre,Brisbane	QLD	31-Dec-11	KF	85.7	50%	8.75%	9.25%	9.50%
Riverside Centre,Brisbane	QLD	31-Dec-11	JLL	500.0	100%	7.25%	7.50%	9.25%
545 Queen Street,Brisbane	QLD	31-Dec-11	CBRE	86.0	100%	8.25%	8.50%	9.50%
10 & 12 Mort Street,Canberra	ACT	31-Dec-11	KF	53.8	100%	8.75%	9.75%	10.00%

107

Office Portfolio Income and Fair Value Schedule With comparable net income growth of 4.0%, the GPT office portfolio continued to perform well.

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Property Income Fair Value
12 months to 31 December Fair Value Capex Lease Acquisitions Sales Net Other Fair Value
($m) Dec 10 ($m) Incentives ($m) ($m) Revaluations Adjustments Dec 11
2010 2011 Variance ($m) ($m) ($m) ($m) ($m)
GPT Portfolio
Australia Square, Sydney 17.7 19.0 1.3 272.8 3.8 0.9 0.0 0.0 1.4 (0.2) 278.8
Citigroup Centre, Sydney 24.5 25.4 0.9 360.0 0.3 3.7 0.0 0.0 0.7 (1.6) 363.0
MLC Centre, Sydney 26.5 28.7 2.2 385.0 5.7 5.6 0.0 0.0 (22.9) (0.2) 373.2
1 Farrer Place, Sydney 19.4 20.4 1.0 321.5 0.9 1.0 0.0 0.0 0.0 (0.6) 322.7
Melbourne Central Tower, Melbourne 22.6 24.6 2.0 304.9 8.2 10.3 0.0 0.0 10.7 (0.1) 334.0
818 Bourke Street, Melbourne 8.8 9.4 0.6 125.6 0.7 0.0 0.0 0.0 1.1 0.0 127.4
Assets Under Development
One One One Eagle Street, Brisbane 0.0 0.0 0.0 100.0 47.3 0.0 0.0 0.0 0.0 0.0 147.3
Equity Interests
GPT Equity Interest in GWOF (22.9%) 52.3 53.7 1.3 897.6 0.0 0.0 0.0 (267.8) 11.1 0.0 640.9
Total Office 171.9 181.2 9.4 2,767.4 66.9 21.4 0.0 (267.8) 2.2 (2.8) 2,587.4
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108

Office Sustainability

Sustainability is core to GPT’s portfolio, not only to operate its buildings as efficiently as possible but to create positive experiences for GPT’s people, tenants, customers and visitors.

Case study-530 Collins Street, Melbourne

Given its large floors areas, location, and views, 530 Collins Street is a popular and sought after property. However, more than ever, tenants are expecting buildings to respond to environmental imperatives. In fact, 91% of current tenants within GPT’s Office Portfolio rank sustainability as being ‘very important’ or ‘important to their business.

The upgrade of 530 Collins Street saw the replacement of plant equipment and services to meet contemporary standards and the introduction of energy saving initiatives, which will benefit GPT and the asset’s occupants for many years to come.

The asset has achieved a 59% reduction in emissions compared to 2005.

Water intensity (litres/m2)

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

,200
,000
800
50%
600
Water Intensity
400 reduction
since 2005
200
0
2007 2008 2009 2010 2011
----- End of picture text -----

Operational Waste (%reused/recycled)

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70%
60%
50%
40%
Recycling rate
30% 60%
20%
10%
0
2007 2008 2009 2010 2011
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Emissions Intensity (kg C02-e/m2)

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100
80
60 50%
Emissions Intensity
40 reduction
since 2005
20
0
2007 2008 2009 2010 2011
----- End of picture text -----

Energy (MJ/m2)

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

600
500
400 30%
300 Energy Intensity
reduction
200 since 2005
100
0
2007 2008 2009 2010 2011
----- End of picture text -----

109

Office Sustainability

A number of GPT office assets are recognised for exceptional performance with the extension of their NABERS rating[1] to 5.5 stars.

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workplace [6] , Sydney
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NABERS rating: 1 to 6 stars, 1=poor performance, 6=exceptional performance

Sustainability
Property	NABERS Engergy Rating (including Green Power)				NABERS Water Rating
	2008	2009	2010	2011	2008	2009	2010	2011
GPT Portfolio
Australia Square, Sydney (Tower)	4.0	4.5	4.5	4.0	3.5	3.5	3.5	4.0
Australia Square, Sydney (Plaza)	5.0	5.0	5.0	5.0	3.5	4.0	4.0	3.5
Citigroup Centre, Sydney	4.5	5.0	5.0	5.0	4.0	4.0	4.0	3.5
MLC Centre, Sydney	4.5	5.0	5.0	5.0	2.5	3.0	3.0	3.5
1 Farrer Place, Sydney, (GMT)	3.0	3.0	4.5	4.5	-	4.0	4.0	4.0
1 Farrer Place, Sydney (GPT)	3.0	3.0	4.0	4.0	-	3.0	3.0	3.0
Melbourne Central,Melbourne	4.5	4.5	4.5	5.0	2.0	3.5	3.5	2.5
818Bourke Street,Melbourne	5.0	5.0	5.0	5.0	-	5.0	5.0	5.0
GWOF Portfolio
DarlingPark 1, Sydney	4.5	4.0	5.0	5.5	2.0	2.5	2.5	3.5
DarlingPark 2, Sydney	5.0	5.0	5.0	5.0	3.0	3.0	3.0	3.5
DarlingPark3, Sydney	5.0	5.0	5.0	5.5	3.5	3.0	3.0	3.5
HSBC Centre, Sydney	3.5	3.5	4.0	4.0	3.0	3.0	3.0	2.5
workplace6, Sydney	-	-	5.0	5.5	-	-	5.0	5.0
TheZenith, Chatswood	3.0	3.0	3.5	3.5	1.5	2.0	2.0	2.0
530 Collins Street,Melbourne	4.0	4.5	5.0	5.0	3.0	3.0	3.0	3.5
800/808Bourke Street,Melbourne	4.5	5.0	5.0	5.0	3.0	3.0	3.0	2.5
Twenty8 Freshwater Place, Melbourne	-	-	5.0	5.0	-	-	3.5	4.5
Riverside Centre,Brisbane	5.0	5.0	5.0	5.0	3.5	3.5	3.5	3.5
BrisbaneTransitCentre,Brisbane	-	-	-	-	-	-	-	-
545 QueenStreet,Brisbane	-	5.0	5.0	5.0	-	-	4.5	4.5
10MortStreet, Canberra	4.5	4.5	4.5	5.0	3.5	4.0	4.0	3.5
12 MortStreet, Canberra	5.0	5.0	5.0	5.0	4.0	4.5	4.5	4.5
Portfolio Average	4.4	4.6	4.8	5.0	2.8	3.22	3.34	3.7

110

Office Sustainability

GPT is committed to carbon neutrality in areas within its control. GPT is also committed to supporting and encouraging its stakeholders to reduce greenhouse gas emissions and energy use in areas within its influence.

Property	Area NLA	Water (Total) Litres/m2	Emissions kgCO2-e/m2	Waste %Recycled
GPT Portfolio
Australia Square,Sydney	51,400	673	86	61%
CitigroupCentre,Sydney	73,500	676	84	75%
MLC Centre,Sydney	68,300	913	94	72%
1 Farrer Place,Sydney	87,400	850	99	57%
Melbourne Central Tower,Melbourne	65,600	590	68	61%
818 Bourke Street, Melbourne	21,900	177	42	36%
GWOF Portfolio
DarlingPark 1 & 2,Sydney	101,800	726	66	64%
DarlingPark 3,Sydney	29,800	816	48	76%
HSBC Centre,Sydney	37,300	836	91	73%
workplace6,Sydney	16,300	441	52	56%
The Zenith,Chatswood	44,000	836	61	48%
Twenty8 Freshwater Place,Melbourne	33,900	362	54	79%
530 Collins Street,Melbourne	66,000	484	58	69%
800/808 Bourke Street,Melbourne	59,600	685	(10)	17%
Brisbane Transit Centre,Brisbane	29,500	1,198	132	47%
Riverside Centre,Brisbane	51,500	826	78	54%
545 Queen Street,Brisbane	13,100	597	45	45%
10 & 12 Mort Street,Canberra	15,400	112	21	NA
Portfolio Average		706	69	60%

*Only recycled waste reported.

111

Australia Square, 264 George Street

Sydney

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One of the most iconic 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.

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Key Metrics as at 31 December 2011
Ownership Interest 50% Asset Quality A Grade
Co-Owner Dexus Property Group (50%) Construction/Refurbishment Completed 1967 / Refurbished 2004
Acquired (by GPT) September 1981
Property Details
Office 51,400 sqm Car Parking Spaces 385
Retail 1,600 sqm Typical Floor Plate 1,030 sqm
Current Valuation Latest External Valuation
Fair Value $278.8m Value $278.8m
Capitalisation Rate 6.88% Capitalisation Rate 6.88%
Terminal Capitalisation Rate 7.13% Terminal Capitalisation Rate 7.13%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type External Valuer Savills
Income (12 months) $19.0m Valuation Date 31 December 2011
Tenant Details Office Occupancy
Number of Office Tenants 55 Actual 91.3%
WALE (by income) 3.1 years Including Signed Leases 91.3%
Including Heads of Agreement 91.3%
Key Tenants Area (sqm) Expiry Date
Origin Energy 5,940 Aug-14
HWL Ebsworth 5,160 Feb-16
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Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,000 105 100% Vacant 9%
2012 19%
100 2013 14%
800 80%
2014 24%
95 2015 8%
600 60%
2016 10%
90
2017 5%
400 49% 31% 40% Recycling 2018 4%
85 rate of
reduction reduction 2019 4%
200 since 2005 since 2005 20% 61% 2020
80
2021 3%
0 75 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----

112

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 has large, highly efficient floor plates and upper levels that command expansive city and harbour views.

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

Key Metrics as at 31 December 2011
Ownership Interest 50% Asset Quality Premium Grade
Co-Owner Charter Hall Office REIT (50%) Construction/Refurbishment Completed 2000
Acquired (by GPT) December 2001
Property Details
Office 73,500 sqm Car Parking Spaces 284
Retail 500 sqm Typical Floor Plate 1,850 sqm
Current Valuation Latest External Valuation
Fair Value $363.0m Value $360.0m
Capitalisation Rate 7.20% Capitalisation Rate 7.20%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer Knight Frank
Income (12 months) $25.4m Valuation Date 30 June 2010
Tenant Details Office Occupancy
Number of Office Tenants 22 Actual 96.1%
WALE (by income) 3.8 years Including Signed Leases 99.3%
Including Heads of Agreement 99.3%
Key Tenants Area (sqm) Expiry Date
Citigroup 34,210 Jul-14
Gilbert + Tobin 9,280 Jun-16
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----- Start of picture text -----

Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
800 120 100% Vacant 1%
2012 3%
100 2013 7%
80%
700 2014 59%
80 2015
60%
2016 16%
600 60
2017 4%
57% 36% 40% Recycling 2018
40 rate of
reduction reduction 2019
500
since 2005 20 since 2005 20% 75% 2020 5%
2021 4%
400 0 0 2022+ 3%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----

113

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

Key Metrics as at 31 December 2011
Ownership Interest 50% Asset Quality A Grade
Co-Owner QIC (50%) Completed 1978/
Construction/Refurbishment
Acquired (by GPT) April 1987 Refurbished late 1990s
Property Details
Office 68,300 sqm Car Parking Spaces 311
Retail 5,200 sqm Typical Floor Plate 1,300 sqm
Current Valuation Latest External Valuation
Fair Value $373.2m Value $367.9m
Capitalisation Rate 7.13% Capitalisation Rate 7.13%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Colliers
Income (12 months) $28.7m Valuation Date 30 June 2011
Tenant Details Office Occupancy
Number of Office Tenants 42 Actual 91.4%
WALE (by income) 3.8 years Including Signed Leases 91.4%
Including Heads of Agreement 91.5%
Key Tenants Area (sqm) Expiry Date
Freehills 20,140 Dec-13
Government 5,000 Mar-16
----- End of picture text -----

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

Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,250 140 100% Vacant 9%
2012 4%
120 2013 40%
1000 80%
2014 9%
100
2015 3%
750 60%
80 2016 7%
60 Recycling 2017 9%
500 45% 40% 40% rate of 2018 2%
reduction 40 reduction 2019 6%
250 since 2005 since 2005 20% 2020 5%
20 2021 7%
0 0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
72%
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114

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 87,400 sqm of PremiumGrade 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.

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

Key Metrics as at 31 December 2011
Ownership Interest 25% Asset Quality Premium Grade
Co-Owners Dexus Property Group (50%)APPF Commercial (25%) Construction/Refurbishment Completed 1993/1994
Acquired (by GPT) December 2003
Property Details
Office 87,400 sqm Car Parking Spaces 654
Retail 300 sqm Typical Floor Plate GPT: 1,600 sqm / GMT: 1,200 sqm
Current Valuation Latest External Valuation
Fair Value $322.7m Value $321.5m
Capitalisation Rate 6.44% Capitalisation Rate 6.44%
Terminal Capitalisation Rate 6.53% Terminal Capitalisation Rate 6.50%
Discount Rate 8.63% Discount Rate 8.63%
Valuation Type Directors Valuer Jones Lang LaSalle
Income (12 months) $20.4m Valuation Date 31 December 2010
Tenant Details Office Occupancy
Number of Office Tenants 35 Actual 98.8%
WALE (by income) 3.5 years Including Signed Leases 99.0%
Including Heads of Agreement 99.0%
Key Tenants Area (sqm) Expiry Date
Government 20,990 Dec-14
Mallesons Stephen Jacques 18,800 Sep-16
----- End of picture text -----

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

Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,200 250 100% Vacant 1%
2012 14%
1,000 200 49% 80% 2013 7%
reduction 2014 36%
800 since 2005 2015 13%
150 60%
2016 18%
600 2017 4%
22% 100 40% Recycling 2018 3%
400 reduction rate of 2019 5%
200 since 2005 50 20% 57% 2020
2021
0 0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----*

*Change in recycling measure due to improved reporting by external manager.

115

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, PremiumGrade 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.

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

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

Key Metrics as at 31 December 2011
Ownership Interest 100% Asset Quality Premium Grade
Acquired (by GPT) May 1999 Construction/Refurbishment Completed 1991
Property Details
Office 65,600 sqm Car Parking Spaces N/A
Retail N/A Typical Floor Plate 1,530 sqm
Current Valuation Latest External Valuation
Fair Value $334.0m Value $330.0m
Capitalisation Rate 7.25% Capitalisation Rate 7.25%
Terminal Capitalisation Rate 7.50% Terminal Capitalisation Rate 7.50%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type Directors Valuer CB Richard Ellis
Income (12 months) $24.6m Valuation Date 30 June 2011
Tenant Details Office Occupancy
Number of Office Tenants 16 Actual 93.0%
WALE (by income) 5.5 years Including Signed Leases 95.3%
Including Heads of Agreement 95.3%
Key Tenants Area (sqm) Expiry Date
Members Equity Bank 13,660 Apr-21
Government 7,540 May-14
----- End of picture text -----

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

Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,000 120 100% Vacant 5%
2012 9%
100 2013 3%
800 80%
2014 24%
80 2015
600 60%
2016 2%
60
2017 19%
400 36% 47% 40% Recycling 2018 11%
reduction 40 reduction rate of 2019
since 2005 since 2005
200 20% 61% 2020
20
2021 27%
0 0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----

116

818 Bourke Street Melbourne

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818 Bourke Street is a campus-style office building on the waterfront at Docklands, Melbourne. The building consists of approximately 21,900 sqm of office space over six levels fully leased to Ericsson, Infosys and AMP, parking for 175 cars and approximately 1,400 sqm of retail space.

The building is of Prime-Grade standard with expansive floor plates of 3,600 sqm, an energy efficient design and northerly water views from each floor.

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

Key Metrics as at 31 December 2011
Ownership Interest 100% Asset Quality A Grade
Acquired (by GPT) December 2007 Construction/Refurbishment Completed 2007
Property Details
Office 21,900 sqm Car Parking Spaces 175
Retail 1,400 sqm Typical Floor Plate 3,600 sqm
Current Valuation Latest External Valuation
Fair Value $127.4m Value $126.6m
Capitalisation Rate 7.25% Capitalisation Rate 7.25%
Terminal Capitalisation Rate 7.50% Terminal Capitalisation Rate 7.50%
Discount Rate 9.25% Discount Rate 9.50%
Valuation Type Directors Valuer Savills
Income (12 months) $9.4m Valuation Date 31 March 2011
Tenant Details Office Occupancy
Number of Office Tenants 3 Actual 100.0%
WALE (by income) 5.6 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Ericsson 12,210 Dec-17
Infosys 5,680 Jul-18
Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
200 100 50% Vacant
2012 7%
2013
80 40%
150 2014
2015 16%
60 30%
2016
100 2017 33%
Recycling
40 20% 2018 43%
rate of
2019
50 20 10% 36% 2020
2021
0 0 0 2022+ 1%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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*This asset not operational in baseline year (2005)

117

GPT Wholesale Office Fund

The GPT Wholesale Office Fund (GWOF) provides GPT with an important source of income through funds 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 fund.

Since 2010, GPT has been reducing its stake in the GPT Wholesale Funds in order to achieve a higher return on capital invested.

In the year to 31 December 2011, GPT completed the sell-down of its holding in the GPT Wholesale Office Fund (GWOF) to 23%.

GPT’s sell-down in the funds attracted a mix of existing and new investors.

GWOF - Top Ten Key Tenants* As at 31 December 2011

GWOF - Geographic Weighting As at 31 December 2011

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

Allens Canberra 2%
Price Waterhouse Marsh Arthur
NAB CBA Coopers Mercer Robinson Brisbane
23%
10.0% 7.6% 6.9% 5.8% 4.1%
Flight
Government HSBC Rabobank Google Centre
3.9% 3.0% 2.6% 2.6% 1.9%
Melbourne Sydney
1.9%
27% 48%
----- End of picture text -----

*Based on gross rent

118

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

Key Metrics as at 31 December 2011
GWOF Ownership Interest 50% Asset Quality Premium Grade
Co-Owners AMP Capital Investors (25%) Construction/Refurbishment Tower 1 Completed 1994
Brookfield (25%) Tower 2 Completed 1999
Acquired (by GWOF) July 2006
Property Details
Office 101,800 sqm Car Parking Spaces 690
Retail 9,700 sqm Typical Floor Plate 1,900 sqm
Current Valuation Latest External Valuation
Fair Value $569.1m Value $566.5m
Office: 6.70%-7.20%,
Capitalisation Rate Office: 6.70%-7.20%, Retail: 6.90% Capitalisation Rate Retail: 6.90%
Terminal Capitalisation Rate Office: 7.00%, Retail: 7.25% Terminal Capitalisation Rate Office: 7.00%, Retail: 7.25%
Discount Rate Office: 8.75%, Retail: 9.50% Discount Rate Office: 8.75%, Retail: 9.50%
Valuation Type Directors Valuer Knight Frank
Income (12 months) $38.2m Valuation Date 31 March 2011
Tenant Details Office Occupancy
Number of Office Tenants 9 Actual 98.6%
WALE (by income) 7.2 years Including Signed Leases 98.6%
Including Heads of Agreement 98.6%
Key Tenants Area (sqm) Expiry Date
Commonwealth Bank of Australia 51,220 Dec-20/22
PricewaterhouseCoopers 39,370 Dec-15
----- End of picture text -----

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

Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,400 120 100% Vacant 1%
39% 2012
1,200 100 2013
reduction 80%
2014
1,000 since 2005
80 2015 44%
60%
800 2016 1%
60
2017
600 49% 40% Recycling 2018
400 40 reduction rate of 2019 3%
20 since 2005 20% 64% 2020 17%
200 2021 17%
0 0 0 2022+ 17%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----

119

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.

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

Key Metrics as at 31 December 2011
GWOF Ownership Interest 100% Asset Quality Premium Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 2005
Property Details
Office 29,800 sqm Car Parking Spaces 161
Retail 20 sqm Typical Floor Plate 1,500 sqm
Current Valuation Latest External Valuation
Fair Value $282.6m Value $279.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Knight Frank
Income (12 months) $20.6m Valuation Date 31 March 2011
Tenant Details Office Occupancy
Number of Office Tenants 3 Actual 100.0%
WALE (by income) 4.8 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Marsh Mercer 17,780 Nov-16
Rabobank 9,060 Jun-16
----- End of picture text -----

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

Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,200 60 100% Vacant
2012
1,000 50 2013
80%
2014
800 40 2015
60%
2016 99%
600 30
2017
Recycling
40% 2018
400 20 rate of
2019 1%
20% 76% 2020
200 10
2021
0 0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----

*This asset not operational in baseline year (2005)

120

HSBC Centre, 580 George Street Sydney

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HSBC Centre comprises a Prime-Grade 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.

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

Key Metrics as at 31 December 2011
GWOF Ownership Interest 100% Asset Quality A Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 1988 / Refurbished 2002
Property Details
Office 37,300 sqm Car Parking Spaces 141
Retail 4,200 sqm Typical Floor Plate 1,300 sqm
Current Valuation Latest External Valuation
Fair Value $312.1m Value $310.0m
Capitalisation Rate 7.25% Capitalisation Rate 7.25%
Terminal Capitalisation Rate 7.50% Terminal Capitalisation Rate 7.50%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type Directors Valuer Jones Lang LaSalle
Income (12 months) $22.3m Valuation Date 30 June 2011
Tenant Details Office Occupancy
Number of Office Tenants 23 Actual 99.2%
WALE (by income) 5.5 years Including Signed Leases 99.2%
Including Heads of Agreement 99.2%
Key Tenants Area (sqm) Expiry Date
HSBC Bank Australia 13,130 Dec-20
Mission Australia 3,700 May-17
----- End of picture text -----

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

Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,600 140 100% Vacant 1%
2012
1,400 120 2013 5%
80%
1,200 2014 18%
100
2015 12%
1,000 60%
80 2016 11%
800 2017 17%
60
600 58% 42% 40% Recycling 2018
reduction 40 reduction rate of 2019
400 since 2005 since 2005 20% 2020 32%
73%
200 20 2021 3%
0 0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----

121

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. 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 campusstyle 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.

==> picture [576 x 460] intentionally omitted <==

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

Key Metrics as at 31 December 2011
GWOF Ownership Interest 100% Asset Quality A Grade
Acquired (by GWOF) December 2007 Construction/Refurbishment Completed 2008
Property Details
Office 16,300 sqm Car Parking Spaces 135
Retail 1,900 sqm Typical Floor Plate 3,600 sqm
Current Valuation Latest External Valuation
Fair Value $160.0m Value $160.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.50% Terminal Capitalisation Rate 7.50%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type External Valuer Jones Lang LaSalle
Income (12 months) $12.2m Valuation Date 31 December 2011
Tenant Details Office Occupancy
Number of Office Tenants 2 Actual 100.0%
WALE (by income) 7.9 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Google Australia 9,850 Dec-18
Accenture 6,460 Feb-21
Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,000 70 80% Vacant
2012
60 2013
800
60% 2014
50
2015
600
40 2016
40%
2017
400 30 Recycling 2018 60%
rate of
20 2019
20%
200 56% 2020
10 2021 40%
0 0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----

*This asset not operational in baseline year (2005)

122

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.

==> picture [576 x 272] intentionally omitted <==

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

Key Metrics as at 31 December 2011
GWOF Ownership Interest 50% Asset Quality A Grade
Co-Owner Dexus Property Group (50%) Construction/Refurbishment Completed 1987 / Refurbished 2008
Acquired (by GWOF) January 2007
Property Details
Office 44,000 sqm Car Parking Spaces 801
Retail 900 sqm Typical Floor Plate 1,100 sqm
Current Valuation Latest External Valuation
Fair Value $118.1m Value $118.0m
Capitalisation Rate 8.25% Capitalisation Rate 8.25%
Terminal Capitalisation Rate 8.50% Terminal Capitalisation Rate 8.50%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Jones Lang LaSalle
Income (12 months) $10.5m Valuation Date 30 September 2011
Tenant Details Office Occupancy
Number of Office Tenants 35 Actual 99.2%
WALE (by income) 2.7 years Including Signed Leases 99.2%
Including Heads of Agreement 99.5%
Key Tenants Area (sqm) Expiry Date
Government 6,320 May-12
Government 5,250 Mar-13
----- End of picture text -----

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

Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,500 200 60% Vacant
64% 2012 12%
Recycling
1,250 160 reduction 50% rate of 2013 36%
2014 11%
since 2005
1,000 40% 48% 2015 19%
140
2016 6%
750 47% 80 30% 20172018 11%5%
500 reduction 20% 2019
since 2005
40 2020
250 10%
2021
0 0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----*

*2009 reporting data unreliable for waste

123

Twenty8 Freshwater Place Melbourne

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Twenty8 Freshwater Place is a PrimeGrade building located in Melbourne’s Southbank, between the Crown Entertainment complex and Southgate.

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

Key Metrics as at 31 December 2011
GWOF Ownership Interest 50% Asset Quality A Grade
Co-Owner Australand (50%) Construction/Refurbishment Completed 2008
Acquired (by GWOF) August 2007
Property Details
Office 33,900 sqm Car Parking Spaces 250
Retail 100 sqm Typical Floor Plate Tower: 1,780 sqm
Podium: 2,270 sqm
Current Valuation Latest External Valuation
Fair Value $110.5m Value $110.5m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.50% Terminal Capitalisation Rate 7.50%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type Directors Valuer Jones Lang LaSalle
Income (12 months) $7.8m Valuation Date 30 September 2011
Tenant Details Office Occupancy
Number of Office Tenants 14 Actual 100.0%
WALE (by income) 7.2 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
MMG Australia 7,120 Mar-19
CPA 7,120 May-21
----- End of picture text -----

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

Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
500 60 100% Vacant
2012
50 2013
400 80%
2014
40 2015 3%
300 60%
2016 18%
30
2017
Recycling
200 40% 2018 5%
20 rate of
2019 48%
100 20% 79% 2020 5%
10
2021 21%
0 0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----

*This asset not operational in baseline year (2005)

124

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, and spectacular city views.

==> picture [576 x 271] intentionally omitted <==

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

Key Metrics as at 31 December 2011
GWOF Ownership Interest 100% Asset Quality Premium Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 1991 / Refurbished 2009
Property Details
Office 66,000 sqm Car Parking Spaces 327
Retail 1,600 sqm Typical Floor Plate Tower: 1,300 sqm
Podium: 3,500 sqm
Current Valuation Latest External Valuation
Fair Value $361.2m Value $360.0m
Capitalisation Rate 7.25% Capitalisation Rate 7.25%
Terminal Capitalisation Rate 7.50% Terminal Capitalisation Rate 7.50%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type Directors Valuer CB Richard Ellis
Income (12 months) $21.2m Valuation Date 30 June 2011
Tenant Details Office Occupancy
Number of Office Tenants 23 Actual 90.6%
WALE (by income) 5.2 years Including Signed Leases 92.0%
Including Heads of Agreement 92.6%
Key Tenants Area (sqm) Expiry Date
Allens Arthur Robinson 12,830 Jun-12
St George Bank 7,030 Dec-16
----- End of picture text -----

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

Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
800 120 80% Vacant 7%
2012 25%
100 2013 4%
600 60% 2014 1%
80 2015
2016 12%
400 60 40% 2017 9%
33% 59% Recycling 2018 8%
reduction 40 reduction rate of 2019
200 since 2005 since 2005 20% 69% 2020 12%
20
2021 12%
0 0 0 2022+ 9%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
----- End of picture text -----

125

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.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
GWOFOwnershipInterest		100%			AssetQuality			AGrade
Acquired (by GWOF)		July 2006			Construction/Refurbishment			Completed 2004
Property Details
Office		59,600 sqm			Car Parking Spaces			416
Retail		1,600 sqm			Typical Floor Plate			3,500 sqm
Current Valuation Latest External Valuation
Fair Value		$347.0m			Value			$347.0m
Capitalisation Rate		7.25%			Capitalisation Rate			7.25%
TerminalCapitalisation Rate		7.50%			TerminalCapitalisation Rate			7.50%
Discount Rate		9.25%			Discount Rate			9.25%
Valuation Type		Directors			Valuer			CB RichardEllis
Income (12 months)		$25.4m			Valuation Date			30 September 2011
Tenant Details Office Occupancy
NumberofOfficeTenants		1			Actual			100.0%
WALE(byincome)		4.1years			Including SignedLeases			100.0%
					Including Heads of Agreement			100.0%
Key Tenants Area (sqm) Expiry Date
National Australia Bank		59,620			Feb-16
500 550 600 650 700 750	0 -20 20 40 60 80 17% reduction since 2005 Water intensity (litres/m2)			20% 25% 30% 35% Emissions Intensity* (kg C02-e/m2)			2007 2008 2009 2010 2011 100% 17% Recycling rate of Vacant 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+ Operational Waste (%reused/recycled) Lease Expiry by Area
	17% reduction since 2005						17% Recycling rate of
			0 -20			15% 10% 5%

	2007 2008 2009 2010 2011 -40			2007 2008 2009 2010 2011 0

*NAB has procured offsets for its emissions at 800/808 Bourke Street

126

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 the Holiday Inn hotel. During 2009 and early 2010, a refurbishment and services upgrade enhanced the office tower to a Prime-Grade rating.

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Key Metrics as at 31 December 2011
GWOF Ownership Interest 50% Asset Quality A Grade
Co-Owner APPF Commercial (50%) Completed 1988, with periodic
Construction/Refurbishment
Acquired (by GWOF) July 2006 refurbishment
Property Details
Office 29,500 sqm Car Parking Spaces 805
Retail 3,000 sqm Typical Floor Plate East Tower: 1,030 sqm
West Tower: 2,095 sqm
Current Valuation Latest External Valuation
Fair Value $85.7m Value $85.7m
Capitalisation Rate 8.75% Capitalisation Rate 8.75%
Terminal Capitalisation Rate 9.25% Terminal Capitalisation Rate 9.25%
Discount Rate 9.50% Discount Rate 9.50%
Valuation Type External Valuer Knight Frank
Income (12 months) $4.9m Valuation Date 31 December 2011
Tenant Details Office Occupancy
Number of Office Tenants 9 Actual 100.0%
WALE (by income) 2.8 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Brisbane City Council 8,320 Jul-14
Worley Parsons 8,240 Nov-14
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Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,750 140 50% Vacant
2012 3%
1,500 120 2013
40%
2014 56%
1,250 100
2015 20%
30%
1,000 80 2016 21%
2017
750 60
70% 20% Recycling 2018
500 reduction 40 rate of 2019
since 2005
10% 2020
47%
250 20
2021
0 0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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*Emissions increased with occupancy.

127

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 quality office accommodation, waterfront restaurants, a car park for 485 cars and an open plaza surrounded by retail accommodation.

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Key Metrics as at 31 December 2011
GWOF Ownership Interest 100% Asset Quality Premium Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 1986 / Refurbished 1998
Property Details
Office 51,500 sqm Car Parking Spaces 485
Retail 4,700 sqm Typical Floor Plate 1,500 sqm
Current Valuation Latest External Valuation
Fair Value $500.0m Value $500.0m
Capitalisation Rate 7.25% Capitalisation Rate 7.25%
Terminal Capitalisation Rate 7.50% Terminal Capitalisation Rate 7.50%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type External Valuer Jones Lang LaSalle
Income (12 months) $35.2m Valuation Date 31 December 2011
Tenant Details Office Occupancy
Number of Office Tenants 38 Actual 96.3%
WALE (by income) 5.5 years Including Signed Leases 97.9%
Including Heads of Agreement 98.8%
Key Tenants Area (sqm) Expiry Date
PriceWaterhouseCoopers 8,710 Jan-19
Allens Arthur Robinson 4,790 Sep-15
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Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
1,200 120 62% Vacant 1%
2012 6%
Recycling
1,000 100 60% rate of 2013 8%
2014 12%
58%
800 80 54% 2015 15%
56% 2016 3%
600 60 2017 3%
54%
61% 44% 2018 13%
400 reduction 40 reduction 52% 2019 18%
since 2005 since 2005 2020 14%
200 20
50% 2021 4%
0 0 48% 2022+ 1%
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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128

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.

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Key Metrics as at 31 December 2011
GWOF Ownership Interest 100% Asset Quality A Grade
Acquired (by GWOF) June 2007 Construction/Refurbishment Completed 1991 / Re-developed 2008
Property Details
Office 13,100 sqm Car Parking Spaces 100
Retail 500 sqm Typical Floor Plate Tower: 750 sqm
Podium: 2,090 sqm
Current Valuation Latest External Valuation
Fair Value $86.0m Value $86.0m
Capitalisation Rate 8.25% Capitalisation Rate 8.25%
Terminal Capitalisation Rate 8.50% Terminal Capitalisation Rate 8.50%
Discount Rate 9.50% Discount Rate 9.50%
Valuation Type External Valuer CB Richard Ellis
Income (12 months) $7.5m Valuation Date 31 December 2011
Tenant Details Office Occupancy
Number of Office Tenants 5 Actual 100.0%
WALE (by income) 5.4 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Flight Centre 8,110 Jan-17
Calibre Global 2,770 Jan-19
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Water intensity Emissions Intensity Operational Waste Lease Expiry by Area
(litres/m2) (kg C02-e/m2) (%reused/recycled)
700 50 50% Vacant
2012
600 2013
40 40%
2014
500
2015 6%
30 30%
400 2016 6%
300 Recycling 2017 62%
20 20% rate of 2018 6%
200 10 10% 45% 20192020 21%
100
2021
0 0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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*This asset not operational in baseline year (2005)

129

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 and basement car parking. The buildings were substantially refurbished in 2011.

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Key Metrics as at 31 December 2011
GWOF Ownership Interest 100% Asset Quality A Grade
10 Mort St: Completed 1994/
Refurbished 1998, 2011
Acquired (by GWOF) July 2006 Construction/Refurbishment
12 Mort St: Completed 1994/
Refurbished 1999, 2011
Property Details
Office 15,400 sqm Car Parking Spaces 170
Retail 0 sqm Typical Floor Plate 10 Mort St: 1,250 sqm
12 Mort St: 1,100 sqm
Current Valuation Latest External Valuation
Fair Value $53.8m Value $53.8m
Capitalisation Rate 8.75% Capitalisation Rate 8.75%
Terminal Capitalisation Rate 9.75% Terminal Capitalisation Rate 9.75%
Discount Rate 10.00% Discount Rate 10.00%
Valuation Type External Valuer Knight Frank
Income (12 months) $4.6m Valuation Date 31 December 2011
Tenant Details Office Occupancy
Number of Office Tenants 1 Actual 0.0%
WALE (by income) 5.0 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Government 15,360 Mar-17
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Water intensity Emissions Intensity Lease Expiry by Area
(litres/m2) (kg C02-e/m2)
700 60 Vacant
2012
600 50 2013
2014
500
40 2015
400 2016
30 2017 100%
300
81% 76% 2018
200 reduction 20 reduction 2019
since 2005 since 2005 2020
10
100
2021
0 0 2022+
2007 2008 2009 2010 2011 2007 2008 2009 2010 2011
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*The recyling rate for this asset is unavailable

130

GPT Annual Result2011 Industrial Portfolio 131

Industrial Portfolio Overview

GPT’s Industrial portfolio consists of ownership in 25 high quality traditional industrial and business park assets located in Australia’s major industrial and business park areas.

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1
1
20
3
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New South Wales

Rosehill Business Park, Camellia Connect@Erskine Park Stage 1 Connect@Erskine Park Stage 2 15 & 19 Berry St, Granville 2-4 Harvey Road, Kings Park 407 Pembroke Road, Minto (50%) 4 Holker Street, Newington 18-24 Abbott Road, Seven Hills 5 Figtree Drive, Sydney Olympic Park 7 Figtree Drive, Sydney Olympic Park 6 Herb Elliott Avenue, Sydney Olympic Park 8 Herb Elliott Avenue, Sydney Olympic Park Quads 1, 2, 3 and 4, Sydney Olympic Park 7 Parkview Drive, Sydney Olympic Park 372-374 Victoria Street, Wetherill Park 5 Murray Rose Avenue, Sydney Olympic Park

Victoria

Citiwest Industrial Estate, Altona North Austrak Business Park, Somerton (50%) 134-140 Fairbairn Road, Sunshine West

Queensland

92-116 Holt Street, Pinkenba

South Australia

Lots 42-44 Ocean Steamers Drive, Port Adelaide (50%)

 Number of Assets in each state

132

Industrial Portfolio Summary

The Industrial portfolio delivered solid income growth of 2.8%, maintaining high occupancy levels of 98.4% and a long dated weighted average lease expiry of 6.2 years.

Top Ten Tenants* As at 31 December 2011

Key Operating Metrics As at 31 December 2011

Geographic Weighting As at 31 December 2011

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Australian
Pharmaceutical Steinhoff Asia Goodman Super
Wesfarmers Industry Pacific Fielder Cheap Auto
8.6% 8.3% 7.2% 6.8% 5.6%
Vodafone Mitsubishi Samsung Mars
Australia Motors Electronics Australia OneSteel
Australia
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*Based on net rent

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2011 2010
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	2011	2010

Number of Assets1	25	25
Portfolio Value	$832.4m	$791.9m
Comparable Net Income Growth	2.8%	2.7%
Occupancy	98.4%	98.4%
Weighted Average Lease Expiry	6.2 years	6.5 years

1Consolidated properties are counted individually.

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QLD SA
2% 1%
VIC
31%
NSW
66%
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133

Industrial Portfolio Summary

The total value of the Industrial portfolio has increased to $832million (including development assets) as at 31 December 2011. The portfolio achieved strong leasing activity during the year.

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Property Ownership GLA (100% 31 Dec 11 31 Dec 11 30 Jun 11 External Or Occupancy WALE 12 months
Interest) Fair Value Cap Rate Cap Rate Directors (by Income) to 31 Dec
(sqm) ($m) (%) (%) Valuation (Years) 11 Income
($m)
Rosehill Business Park, Camellia, NSW 100% 49,500 67.3 8.48%¹ 8.50% Directors 89.1% 4.1 5.3
Connect@Erskine Park Stage 1, NSW 100% 15,200 39.0 8.00% 8.13% Directors 100.0% 15.5 3.4
Connect@Erskine Park Stage 2, NSW 100% 12,700 19.1 7.88% 7.85% Directors 100.0% 10.1 1.5
15 Berry Street, Granville, NSW 100% 10,000 12.9 8.75% 8.75% Directors 100.0% 3.3 1.1
19 Berry Street, Granville, NSW 100% 19,600 25.7 8.75% 8.75% Directors 100.0% 6.2 2.2
2-4 Harvey Road, Kings Park, NSW 100% 40,300 44.0 8.50% 8.50% Directors 100.0% 5.7 3.8
407 Pembroke Road, Minto, NSW 50% 15,300 22.9 8.25% 8.25% Directors 100.0% 7.9 1.9
4 Holker Street, Newington, NSW 100% 7,400 30.4 9.00% 8.50% External 100.0% 5.5 3.0
18-24 Abbott Road, Seven Hills, NSW 100% 19,400 13.6 10.00% 9.75% External 100.0% 3.8 1.5
5 Figtree Drive, Sydney Olympic Park, NSW 100% 9,000 18.8 8.75% 8.75% Directors 0.0% N/A 1.1
7 Figtree Drive, Sydney Olympic Park, NSW 100% 3,500 10.5 8.50% 8.50% Directors 100.0% 3.7 0.9
6 Herb Elliott Avenue, Sydney Olympic Park, NSW² 100% 4,100 12.1 N/A N/A Directors 100.0% 0.2 0.8
8 Herb Elliott Avenue, Sydney Olympic Park, NSW 100% 3,300 9.4 8.50% 8.50% Directors 100.0% 8.1 0.8
Quad 1, Sydney Olympic Park, NSW 100% 5,000 20.4 8.50% 8.50% Directors 100.0% 3.1 1.7
Quad 2, Sydney Olympic Park, NSW 100% 5,100 20.4 8.75% 8.75% Directors 98.7% 0.6 1.6
Quad 3, Sydney Olympic Park, NSW 100% 5,200 21.3 8.50% 8.50% Directors 100.0% 1.9 1.8
Quad 4, Sydney Olympic Park, NSW 100% 8,000 35.6 8.25% 8.25% Directors 100.0% 3.5 3.2
7 Parkview Drive, Sydney Olympic Park, NSW³ 100% 2,300 17.8 N/A N/A Directors 100.0% 1.8 0.6
372-374 Victoria Street, Wetherill Park, NSW 100% 20,500 18.1 9.50% 9.50% Directors 100.0% 3.2 1.7
Citiwest Industrial Estate, Altona North, VIC 100% 91,500 66.3 8.59%¹ 8.75% Directors 100.0% 3.5 5.7
Austrak Business Park, Somerton, VIC 50% 193,600 140.9 7.80%¹ 8.00% Directors 100.0% 9.3 11.3
134-140 Fairbairn Road, Sunshine West, VIC 100% 16,700 13.2 9.25% 8.50% External 100.0% 6.1 1.2
92-116 Holt Street, Pinkenba, QLD 100% 15,400 13.3 9.25% 9.25% Directors 100.0% 6.1 1.1
Lots 42-44 Ocean Steamers Drive, Port Adelaide, SA 50% 12,600 7.0 9.75% 9.75% Directors 100.0% 4.5 0.5
Sub Total 585,200 700.1 8.44% 8.47% 98.4% 6.2 57.7
Assets Under Development
Erskine Park - Land, NSW 100% 63.6 Directors
17 Berry Street, Granville - Land, NSW 100% 5.2 Directors
407 Pembroke Road, Minto - Land, NSW 50% 5.2 Directors
5 Murray Rose Avenue, Sydney Olympic Park, NSW 100% 41.0 Directors
Austrak Business Park, Somerton - Land, VIC 50% 17.5 Directors
Industrial Portfolio Total 832.4
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Represents weighted average cap rate of constituent properties.
6 Herb Elliott Avenue 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 beed added to the value.
7 Parkview Drive has been valued on a rate per sqm of Gross Floor Area (GFA). Costs such as demolotion and deferrment of development have been deducted. The PV of the current lease has then been added to the value.

134

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the Industrial portfolio firmed by 4 basis points over the past 12 months to 8.44% at 31 December 2011.

Weighted Average Capitalisation Rate

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8.43% 8.45% 8.48% 8.47% 8.44%
8.30%
7.90%
Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11
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135

Lease Expiry Profile

The portfolio has an attractive lease expiry profile with a weighted average lease expiry of 6.2 years.

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Lease Expiry Profile
(by Area)
27%
22%
11%
9% 9%
8%
7%
3%
2% 2%
Vacant 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
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136

Industrial Market Outlook

Whilst the pre-lease market remains soft, low vacancy and limited supply supports continued strong portfolio performance.

78% of the portfolio is subject to fixed rental increases with an average increase of 3.3% over the 2012 period with the balance subject to market review.

The Industrial portfolio is positioned well with occupancy levels at 98.4% and a long WALE of 6.2 years.

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Market [1]
22%
Rent
Reviews
3.3%
Average
increase
Fixed
78%
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Container Throughput Growth (TEU)

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Sydney Melbourne Brisbane
12%
8.0% 8.4%
9% 7.1% 7.1% 7.9%
6.6%
6% 4.8%
2.5% 2.5%
3%
0.3%
0%
2009
(3%)
2010
(4.3%)
(6%) (4.9%)
2011
10 Yr CAGR
Source: Bureau of Infrastructure, Transport and Regional Economics & respective port authorities
National Supply (m2)
1,800,000
1,350,000
10 Year Average
900,000
450,000
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
Supply (m2)
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Source: Bureau of Infrastructure, Transport and Regional Economics & respective port authorities

1.Market reviews include expiries in 2012

Source: Jones Lang LaSalle Research, December 2011

137

Industrial Portfolio External Valuation Schedule 23% of the GPT Industrial portfolio was valued externally in the 12 months to 31 December 2011.

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Property Date Valuer Valuation Interest Capitalisation Terminal Discount Rate
($m) (%) Rate Capitalisation Rate (%)
(%) (%)
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Property	Date	Valuer	Valuation ($m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
Rosehill Business Park,Camellia,NSW	30-Sep-09	CBRE	64.0	100%	8.50%	8.75%	9.75%
Connect@Erskine Park Stage 1,NSW	30-Jun-09	KF	36.0	100%	7.75%	8.00%	9.75%
Connect@Erskine Park Stage 2,NSW	30-Sep-10	KF	19.0	100%	7.82%	8.50%	9.50%
15 BerryStreet,Granville,NSW	30-Sep-09	CBRE	12.0	100%	8.75%	9.00%	9.75%
19 BerryStreet,Granville,NSW	30-Sep-09	CBRE	24.5	100%	8.50%	8.75%	9.75%
2-4 HarveyRoad,Kings Park,NSW	30-Jun-11	Savills	44.0	100%	8.50%	9.00%	9.75%
407 Pembroke Road,Minto,NSW	31-Dec-10	KF	22.9	50%	8.25%	8.50%	9.50%
4 Holker Street,Newington,NSW	31-Dec-11	CBRE	30.4	100%	9.00%	9.50%	10.50%
18-24 Abbott Road,Seven Hills,NSW	31-Dec-11	CBRE	13.6	100%	10.00%	N/A	N/A
5 Figtree Drive,SydneyOlympic Park,NSW	30-Jun-11	Colliers	18.8	100%	8.75%	9.00%	10.25%
7 Figtree Drive,SydneyOlympic Park,NSW	30-Jun-10	CBRE	10.0	100%	8.50%	8.50%	9.50%
6 Herb Elliott Avenue,SydneyOlympic Park,NSW¹	31-Dec-10	JLL	12.0	100%	N/A	N/A	N/A
8 Herb Elliott Avenue,SydneyOlympic Park,NSW	30-Jun-10	CBRE	8.9	100%	8.50%	8.50%	9.50%
Quad 1,SydneyOlympic Park,NSW	30-Jun-10	CBRE	19.5	100%	8.75%	8.75%	9.50%
Quad 2,SydneyOlympic Park,NSW	30-Jun-10	CBRE	19.6	100%	8.75%	8.75%	9.50%
Quad 3,SydneyOlympic Park,NSW	31-Dec-09	JLL	20.2	100%	8.25%	8.50%	9.50%
Quad 4,SydneyOlympic Park,NSW	31-Dec-09	JLL	32.4	100%	8.00%	8.00%	9.25%
7 Parkview Drive,SydneyOlympic Park,NSW²	30-Jun-11	JLL	17.5	100%	N/A	N/A	N/A
372-374 Victoria Street,Wetherill Park,NSW	30-Jun-09	KF	18.0	100%	9.38%	9.75%	10.00%
Citiwest Industrial Estate,Altona North,VIC	31-Mar-09	JLL	70.0	100%	8.25%-9.00%	8.75%-9.50%	9.50%-9.75%
Austrak Business Park,Somerton,VIC	1-Oct-09	JLL	139.7	50%	7.75%-8.75%	8.25%-9.25%	9.50%
134-140 Fairbairn Road,Sunshine West,VIC	31-Dec-11	CBRE	13.2	100%	9.25%	10.50%	10.00%
92-116 Holt Street,Pinkenba,QLD	30-Jun-11	JLL	13.0	100%	9.25%	9.25%	10.25%
Lots 42-44 Ocean Steamers Drive,Port Adelaide,SA	30-Jun-11	Colliers	6.1	50%	9.75%	10.00%	10.50%

6 Herb Elliott Avenue 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.
7 Parkview Drive 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 has then been added to the value.

138

Industrial Portfolio Income and Fair Value Schedule

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Property Income Fair Value
12 months to 31 December Fair Value Capex Lease Acquisi- Sales Net Re- Other Fair Value
($m) 31 Dec 10 ($m) Incen- tions ($m) valuations Adjustments 31 Dec 11
2010 2011 Variance ($m) tives ($m) ($m) ($m) ($m)
($m)
Rosehill Business Park, Camellia 5.0 5.3 0.3 66.5 0.2 0.4 0.0 0.0 0.0 0.2 67.3
Connect@Erskine Park Stage 1 3.1 3.4 0.3 38.6 0.4 0.0 0.0 0.0 0.0 0.0 39.0
Connect@Erskine Park Stage 2 1.6 1.5 (0.1) 19.0 0.1 0.0 0.0 0.0 0.0 0.0 19.1
15 Berry Street, Granville 1.1 1.1 0.0 12.6 0.4 0.0 0.0 0.0 0.0 0.0 12.9
19 Berry Street, Granville 2.2 2.2 0.1 25.7 0.1 0.0 0.0 0.0 0.0 0.0 25.7
2-4 Harvey Road, Kings Park 3.7 3.8 0.1 44.1 0.1 0.0 0.0 0.0 (0.2) 0.0 44.0
407 Pembroke Road, Minto 1.9 1.9 0.0 22.9 0.1 0.0 0.0 0.0 0.0 0.0 22.9
4 Holker Street, Newington 2.8 3.0 0.1 30.1 0.1 0.0 0.0 0.0 0.2 0.0 30.4
18-24 Abbott Road, Seven Hills 1.4 1.5 0.0 14.0 0.0 0.0 0.0 0.0 (0.5) 0.0 13.6
5 Figtree Drive, Sydney Olympic Park 1.5 1.1 (0.5) 18.7 0.1 0.0 0.0 0.0 0.0 0.0 18.8
7 Figtree Drive, Sydney Olympic Park 1.1 0.9 (0.2) 10.0 0.0 0.5 0.0 0.0 0.0 0.0 10.5
6 Herb Elliott Avenue, Sydney Olympic Park 0.4 0.8 0.4 12.0 0.1 0.0 0.0 0.0 0.0 0.0 12.1
8 Herb Elliott Avenue, Sydney Olympic Park 0.8 0.8 0.0 9.3 0.1 0.0 0.0 0.0 0.0 0.0 9.4
Quad 1, Sydney Olympic Park 1.7 1.7 0.1 19.7 0.0 0.0 0.0 0.0 0.8 0.0 20.4
Quad 2, Sydney Olympic Park 1.7 1.6 0.0 20.3 0.1 0.0 0.0 0.0 0.0 0.0 20.4
Quad 3, Sydney Olympic Park 1.8 1.8 0.0 21.3 0.0 0.0 0.0 0.0 0.0 0.0 21.3
Quad 4, Sydney Olympic Park 2.8 3.2 0.4 34.1 0.1 0.0 0.0 0.0 1.4 0.0 35.6
7 Parkview Drive, Sydney Olympic Park 0.5 0.6 0.1 17.5 0.5 0.2 0.0 0.0 (0.4) 0.0 17.8
372-374 Victoria Street, Wetherill Park 1.6 1.7 0.0 18.1 0.1 0.0 0.0 0.0 0.0 0.0 18.1
Citiwest Industrial Estate, Altona North 5.4 5.7 0.3 66.1 0.3 0.0 0.0 0.0 0.0 (0.1) 66.3
Austrak Business Park, Somerton 10.9 11.3 0.4 140.0 0.8 0.0 0.0 0.0 0.0 0.1 140.9
134-140 Fairbairn Road, Sunshine West 1.1 1.2 0.0 13.0 0.0 0.0 0.0 0.0 0.1 0.0 13.2
92-116 Holt Street, Pinkenba 1.1 1.1 0.1 13.4 0.3 0.0 0.0 0.0 (0.4) 0.0 13.3
Lots 42-44 Ocean Steamers Drive, Port Adelaide 0.5 0.5 0.0 6.0 0.0 0.0 0.0 0.0 0.9 0.0 7.0
Assets Under Development
Erskine Park - Land 0.0 64.0 1.6 0.0 0.0 0.0 (2.0) 0.0 63.6
17 Berry Street, Granville - Land 0.0 5.0 0.6 0.0 0.0 0.0 (0.4) 0.0 5.2
407 Pembroke Road, Minto - Land 0.0 5.2 0.0 0.0 0.0 0.0 0.0 0.0 5.2
5 Murray Rose Avenue, Sydney Olympic Park 0.0 7.1 33.9 0.0 0.0 0.0 0.0 0.0 41.0
Austrak Business Park, Somerton - Land 0.0 17.6 2.1 0.0 0.0 0.0 (2.2) 0.0 17.5
Total Industrial 55.9 [1] 57.7 1.8 791.9 42.2 1.0 0.0 0.0 (2.7) 0.1 832.4
----- End of picture text -----

Excludes Talavera Road divestment

139

Connect@Erskine Park, Cnr Lockwood and Templar Road Erskine Park

==> picture [221 x 141] intentionally omitted <==

Connect@Erskine Park is a 37.6 ha site situated on the corner of Lockwood and Templar Road, Erskine Park, located approximately 26 kilometres west of the Parramatta CBD and 46 kilometres west of the Sydney CBD with good access to the major M4 and M7 Motorways junctions.

KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	May 2008
Property Details
Asset	Stage1(Goodman Fielder)	Stage2(Target)
GLA	15,200 sqm	12,700 sqm
Site Area	39,700 sqm	22,900 sqm
Occupancy	100.0%	100.0%
WALE (By Income)	15.5 Years	10.1 Years
Current Valuation Stage 1 (Goodman Fielder) Stage 2 (Target)
GPT Fair Value	$39.0m	$19.1m
Capitalisation Rate	8.00%	7.88%
TerminalCapitalisation Rate	8.50%	8.50%
Discount Rate	9.75%	9.50%
Valuation Type	Directors	Directors
Income (12 months)	$3.4m	$1.5m
Latest External Valuation
Value	$36.0m	$19.0m
Capitalisation Rate	7.75%	7.82%
Terminal Capitalisation Rate	8.00%	8.50%
Discount Rate	9.75%	9.50%
Valuer	Knight Frank	Knight Frank
Valuation Date	30 June 2009	30 September 2010

Stage 1 (15,200 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.

140

Granville Logistics Centre, 15-19 Berry Street Granville

==> picture [221 x 142] intentionally omitted <==

Granville Logistics Centre comprises 29,700 sqm of high clearance warehouse and modern office accommodation across two separate buildings, 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.

KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	November 2000 (15 Berry), December 2000 (19 Berry)
Property Details
Asset	15Berry St	19 Berry St
GLA	10,000 sqm	19,600 sqm
Site Area	20,600 sqm	30,800 sqm
Occupancy	100.0%	100.0%
WALE (By Income)	3.3 Years	6.2 Years
Current Valuation 15 Berry St 19 Berry St
GPT Fair Value	$12.9m	$25.7m
Capitalisation Rate	8.75%	8.75%
TerminalCapitalisation Rate	9.00%	9.00%
Discount Rate	9.50%	9.75%
Valuation Type	Directors	Directors
Income (12 months)	$1.1m	$2.2m
Latest External Valuation
Value	$12.0m	$24.5m
Capitalisation Rate	8.75%	8.50%
Terminal Capitalisation Rate	9.00%	8.75%
Discount Rate	9.75%	9.75%
Valuer	CB Richard Ellis	CB Richard Ellis
Valuation Date	30 September 2009	30 September 2009

141

Rosehill Business Park

Camellia

Rosehill Business Park is a modern industrial asset located in the established central west industrial area of Sydney. The property features 49,500 sqm of lettable area across three buildings that were completed in separate stages. The property benefits from its close proximity to James Ruse Drive and the M4 motorway.

==> picture [189 x 146] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	May1998
PropertyDetails
GLA	49,500 sqm
SiteArea	79,700 sqm
Occupancy	89.1%
WALE (By Income)	4.1 Years
Current Valuation
GPT Fair Value	$67.3m
Capitalisation Rate	8.48%
TerminalCapitalisation Rate	8.73%
Discount Rate	9.71%
Valuation Type	Directors
Income (12 months)	$5.3m
Latest External Valuation
Value	$64.0m
Capitalisation Rate	8.50%
TerminalCapitalisation Rate	8.75%
Discount Rate	9.75%
Valuer	CB RichardEllis
Valuation Date	30 September 2009

2-4 Harvey Road Kings Park

2-4 Harvey Road, Kings Park comprises a modern high clearance warehouse and associated high quality office accommodation. Kings Park is located approximately 40 kilometres west of the Sydney CBD and 15 kilometres northwest of the Parramatta CBD. The area is well located to major transport routes.

==> picture [189 x 146] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	May1999
PropertyDetails
GLA	40,300 sqm
SiteArea	64,800 sqm
Occupancy	100.0%
WALE (By Income)	5.7 Years
Current Valuation
GPT Fair Value	$44.0m
Capitalisation Rate	8.50%
TerminalCapitalisation Rate	9.00%
Discount Rate	9.75%
Valuation Type	Directors
Income (12 months)	$3.8m
Latest External Valuation
Value	$44.0m
Capitalisation Rate	8.50%
TerminalCapitalisation Rate	9.00%
Discount Rate	9.75%
Valuer	Savills
Valuation Date	30 June2011

142

407 Pembroke Road

Minto

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.

==> picture [189 x 145] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	50%
Co-Owner	Austrak
Acquired (by GPT)	October 2008
PropertyDetails
GLA	15,300 sqm
SiteArea	21,100 sqm
Occupancy	100.0%
WALE (By Income)	7.9 Years
Current Valuation
GPT Fair Value	$22.9m
Capitalisation Rate	8.25%
TerminalCapitalisation Rate	8.25%
Discount Rate	9.50%
Valuation Type	Directors
Income (12 months)	$1.9m
Latest External Valuation
Value	$22.9m
Capitalisation Rate	8.25%
TerminalCapitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	Knight Frank
Valuation Date	31 December 2010

4 Holker Street Newington

4 Holker Street, Newington comprises a modern hi-tech data centre built 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.

==> picture [189 x 146] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	March 2006
PropertyDetails
GLA	7,400 sqm
SiteArea	6,800 sqm
Occupancy	100.0%
WALE (By Income)	5.5 Years
Current Valuation
GPT Fair Value	$30.4m
Capitalisation Rate	9.00%
TerminalCapitalisation Rate	9.50%
Discount Rate	10.50%
Valuation Type	External
Income (12 months)	$3.0m
Latest External Valuation
Value	$30.4m
Capitalisation Rate	9.00%
TerminalCapitalisation Rate	9.50%
Discount Rate	10.50%
Valuer	CB RichardEllis
Valuation Date	31 December 2011

143

18-24 Abbott Road

Seven Hills

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.

==> picture [189 x 142] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	October 2006
PropertyDetails
GLA	19,400 sqm
SiteArea	40,800 sqm
Occupancy	100.0%
WALE (By Income)	3.8 Years
Current Valuation
GPT Fair Value	$13.6m
Capitalisation Rate	10.00%
TerminalCapitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	External
Income (12 months)	$1.5m
Latest External Valuation
Value	$13.6m
Capitalisation Rate	10.00%
TerminalCapitalisation Rate	N/A
Discount Rate	N/A
Valuer	CB RichardEllis
Valuation Date	31 December 2011

5 Figtree Drive Sydney Olympic Park

5 Figtree Drive comprises a two-level office facility and high clearance warehouse. The property is situated on the north western side of Figtree Drive between Olympic Boulevard and Australia Avenue. The area is well serviced by an orbital road network and rail transport is available via Olympic Park Rail Station.

==> picture [189 x 141] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	July2005
PropertyDetails
GLA	9,000 sqm
SiteArea	12,900 sqm
Occupancy	0.0%
WALE (By Income)	N/A
Current Valuation
GPT Fair Value	$18.8m
Capitalisation Rate	8.75%
TerminalCapitalisation Rate	9.00%
Discount Rate	10.25%
Valuation Type	Directors
Income (12 months)	$1.1m
Latest External Valuation
Value	$18.8m
Capitalisation Rate	8.75%
TerminalCapitalisation Rate	9.00%
Discount Rate	10.25%
Valuer	Colliers
Valuation Date	30 June2011

144

7 Figtree Drive Sydney Olympic Park

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.

==> picture [190 x 141] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	July2004
PropertyDetails
GLA	3,500 sqm
SiteArea	9,600 sqm
Occupancy	100.0%
WALE (By Income)	3.7 Years
Current Valuation
GPT Fair Value	$10.5m
Capitalisation Rate	8.50%
TerminalCapitalisation Rate	8.50%
Discount Rate	9.50%
Valuation Type	Directors
Income (12 months)	$0.9m
Latest External Valuation
Value	$10.0m
Capitalisation Rate	8.50%
TerminalCapitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	CB RichardEllis
Valuation Date	30 June2010

6 Herb Elliott Avenue Sydney Olympic Park

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.

==> picture [189 x 142] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	June2010
PropertyDetails
GLA	4,100 sqm
SiteArea	8,400 sqm
Occupancy	100.0%
WALE (By Income)	0.2 Years
Current Valuation
GPT Fair Value	$12.1m
Capitalisation Rate	N/A
TerminalCapitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	Directors
Income (12 months)	$0.8m
Latest External Valuation
Value	$12.0m
Capitalisation Rate	N/A
TerminalCapitalisation Rate	N/A
Discount Rate	N/A
Valuer	JonesLangLaSalle
Valuation Date	31 December 2010

Note: 6 Herb Elliott Avenue 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.

145

8 Herb Elliott Avenue

Sydney Olympic Park

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 Silanna.

==> picture [189 x 142] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	August 2004
PropertyDetails
GLA	3,300 sqm
SiteArea	9,100 sqm
Occupancy	100.0%
WALE (By Income)	8.1 Years
Current Valuation
GPT Fair Value	$9.4m
Capitalisation Rate	8.50%
TerminalCapitalisation Rate	8.50%
Discount Rate	9.50%
Valuation Type	Directors
Income (12 months)	$0.8m
Latest External Valuation
Value	$8.9m
Capitalisation Rate	8.50%
TerminalCapitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	CB RichardEllis
Valuation Date	30 June2010

7 Parkview Drive Sydney Olympic Park

==> picture [189 x 142] intentionally omitted <==

7 Parkview Drive forms part of the Sydney Olympic Park (SOP) commercial precinct and is located in close proximity to key SOP 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.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	May2002
PropertyDetails
GLA	2,300 sqm
SiteArea	24,500 sqm
Occupancy	100.0%
WALE (By Income)	1.8 Years
Current Valuation
GPT Fair Value	$17.8m
Capitalisation Rate	N/A
TerminalCapitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	Directors
Income (12 months)	$0.6m
Latest External Valuation
Value	$17.5m
Capitalisation Rate	N/A
TerminalCapitalisation Rate	N/A
Discount Rate	N/A
Valuer	JonesLangLaSalle
Valuation Date	30 June2011

Note: 7 Parkview Drive 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 has then been added to the value.

146

Quad Business Park Sydney Olympic Park

==> picture [221 x 141] intentionally omitted <==

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

KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	June 2001 to March 2003
PropertyDetails Quad 1 Quad 2 Quad 3 Quad 4
GLA	5,000 sqm	5,100 sqm	5,200 sqm	8,000 sqm
Site Area	9,400 sqm	7,800 sqm	6,600 sqm	8,000 sqm
Occupancy	100.0%	98.7%	100.0%	100.0%
WALE (By Income)	3.1 Years	0.6 Years	1.9 Years	3.5 Years
Current Valuation Quad 1 Quad 2 Quad 3 Quad 4
GPT Fair Value	$20.4m	$20.4m	$21.3m	$35.6m
Capitalisation Rate	8.50%	8.75%	8.50%	8.25%
Terminal Capitalisation Rate	8.75%	8.75%	8.50%	8.50%
Discount Rate	9.50%	9.50%	9.50%	9.50%
Valuation Type	Directors	Directors	Directors	Directors
Income (12 months)	$1.7m	$1.6m	$1.8m	$3.2m
Latest External Valuation
Value	$19.5m	$19.6m	$20.2m	$32.4m
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%
Valuer	CB Richard Ellis	CB Richard Ellis	Jones LangLaSalle	Jones LangLaSalle
Valuation Date	30 June 2010	30 June 2010	31 December 2009	31 December 2009

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 Energy rating of 5 Stars.

147

372-374 Victoria Street Wetherill Park

The property comprises a high bay warehouse and associated offices. 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.

==> picture [193 x 142] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	July2006
PropertyDetails
GLA	20,500 sqm
SiteArea	40,900 sqm
Occupancy	100.0%
WALE (By Income)	3.2 Years
Current Valuation
GPT Fair Value	$18.1m
Capitalisation Rate	9.50%
TerminalCapitalisation Rate	9.75%
Discount Rate	10.25%
Valuation Type	Directors
Income (12 months)	$1.7m
Latest External Valuation
Value	$18.0m
Capitalisation Rate	9.38%
TerminalCapitalisation Rate	9.75%
Discount Rate	10.00%
Valuer	Knight Frank
Valuation Date	30 June2009

Citiwest Industrial Estate Altona North

The property comprises a complex of six 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.

==> picture [189 x 141] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	August 1994
PropertyDetails
GLA	91,500 sqm
SiteArea	201,800 sqm
Occupancy	100.0%
WALE (By Income)	3.5 Years
Current Valuation
GPT Fair Value	$66.3m
Capitalisation Rate	8.59%
TerminalCapitalisation Rate	9.40%
Discount Rate	8.61%
Valuation Type	Directors
Income (12 months)	$5.7m
Latest External Valuation
Value	$70.0m
Capitalisation Rate	8.25%-9.00%
TerminalCapitalisation Rate	8.75%-9.50%
Discount Rate	9.50%-9.75%
Valuer	JonesLangLaSalle
Valuation Date	31 March 2009

148

Austrak Business Park

Somerton

Austrak Business Park comprises approximately 65 ha of industrial zoned land, located 20 kilometres north of the Melbourne CBD. The land offers a key point of difference 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.

==> picture [189 x 141] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	50%
Co-Owner	Austrak
Acquired (by GPT)	October 2003
PropertyDetails
GLA	193,600 sqm
SiteArea	644,000 sqm
Occupancy	100.0%
WALE (By Income)	9.3 Years
Current Valuation
GPT Fair Value	$140.9m
Capitalisation Rate	7.80%
TerminalCapitalisation Rate	9.79%
Discount Rate	8.15%
Valuation Type	Directors
Income (12 months)	$11.3m
Latest External Valuation
Value	$139.7m
Capitalisation Rate	7.75%-8.75%
TerminalCapitalisation Rate	8.25%-9.25%
Discount Rate	9.50%
Valuer	JonesLangLaSalle
Valuation Date	1October 2009

134-140 Fairbairn Road Sunshine West

134-140 Fairbairn Road comprises two high bay warehouses and extensive hardstand areas used for the storage and distribution of steel products. The area is popular with transport and logistics users due to its close proximity to the Western Ring Road and West Gate Freeway.

==> picture [189 x 142] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	March 2006
PropertyDetails
GLA	16,700 sqm
SiteArea	52,000 sqm
Occupancy	100.0%
WALE (By Income)	6.1 Years
Current Valuation
GPT Fair Value	$13.2m
Capitalisation Rate	9.25%
TerminalCapitalisation Rate	10.50%
Discount Rate	10.00%
Valuation Type	External
Income (12 months)	$1.2m
Latest External Valuation
Value	$13.2m
Capitalisation Rate	9.25%
TerminalCapitalisation Rate	10.50%
Discount Rate	10.00%
Valuer	CB RichardEllis
Valuation Date	31 December 2011

149

92–116 Holt Street Pinkenba

92–116 Holt Street comprises two large high bay warehouses. 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.

==> picture [189 x 141] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	100%
Acquired (by GPT)	March 2006
PropertyDetails
GLA	15,400 sqm
SiteArea	32,800 sqm
Occupancy	100.0%
WALE (By Income)	6.1 Years
Current Valuation
GPT Fair Value	$13.3m
Capitalisation Rate	9.25%
TerminalCapitalisation Rate	9.25%
Discount Rate	10.25%
Valuation Type	Directors
Income (12 months)	$1.1m
Latest External Valuation
Value	$13.0m
Capitalisation Rate	9.25%
TerminalCapitalisation Rate	9.25%
Discount Rate	10.25%
Valuer	JonesLangLaSalle
Valuation Date	30 June2011

Lots 42–44 Ocean Steamers Drive Port Adelaide

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.

==> picture [189 x 141] intentionally omitted <==

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
OwnershipInterest	50%
Co-Owner	Austrak
Acquired (by GPT)	July2006
PropertyDetails
GLA	12,600 sqm
SiteArea	57,000 sqm
Occupancy	100.0%
WALE (By Income)	4.5 Years
Current Valuation
GPT Fair Value	$7.0m
Capitalisation Rate	9.75%
TerminalCapitalisation Rate	10.00%
Discount Rate	10.50%
Valuation Type	Directors
Income (12 months)	$0.5m
Latest External Valuation
Value	$6.1m
Capitalisation Rate	9.75%
TerminalCapitalisation Rate	10.00%
Discount Rate	10.50%
Valuer	Colliers
Valuation Date	30 June2011

Contracts for sale of this asset have been exchanged at a value of $7.0m

150

GPT Annual Result2011 Development 151

Development Overview

Development is a core part of GPT’s business, adding value through improved income, development profits and increased funds management fees. GPT has a $3.2 billion development pipeline of new developments and expansions on behalf of assets held on the balance sheet and in GPT’s wholesale funds.

==> picture [221 x 369] intentionally omitted <==

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

One One One Eagle Street
----- End of picture text -----

Retail

Underway

Highpoint Shopping Centre, VIC Wollongong Central - West Keira, NSW Planned

Casuarina Square, NT Rouse Hill Town Centre, NSW

Office

Underway

One One One Eagle Street, QLD 161 Castlereagh Street, NSW

Planned

300 Lonsdale Street, VIC

Industrial

Underway

5 Murray Rose Avenue, Sydney Olympic Park, NSW Planned

Austrak Business Park, Somerton, VIC Erskine Park, NSW

3 Murray Rose, Sydney Olympic Park, NSW Austrak Business Park, Minto, NSW Berry Street, Granville, NSW

==> picture [281 x 19] intentionally omitted <==

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

Pipeline Summary Forecast Cost ($bn)
----- End of picture text -----

Pipeline Summary	Forecast Cost ($bn)

Underway1	$0.7
Planned	$0.9
Future Pipeline	$1.6
Total Pipeline	$3.2

Costs to complete current projects

==> picture [281 x 19] intentionally omitted <==

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

Return Targets Development IRR
----- End of picture text -----

Return Targets	Development IRR

Retail	10%
Office	11%
Industrial	11%

152

Developments Underway

GPT has $1.3 billion of developments underway ($0.7 billion cost to complete) on behalf of assets owned on balance sheet and in GPT’s wholesale funds.

Highpoint Shopping Centre, VIC

==> picture [576 x 389] intentionally omitted <==

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

Development GLA/NLA Total Cost [1] Forecast Cost to Complete
Post Development ($m) GPT Share Fund’s Share
100% Interest (sqm)
($m) ($m)
Retail
Highpoint Shopping Centre, VIC 156,000 200² 34 102
Wollongong Central - West Keira, NSW 50,200 224 0 193
Office
One One One Eagle Street, QLD 64,000 464³ 60 61
161 Castlereagh Street, NSW 57,800 380 0 202
Industrial
5 Murray Rose Avenue , Sydney Olympic Park, NSW 12,400 60 19 0
Total Developments Underway 1,328 113 558
1. Includes the value of development land
2. Includes only GPT and GWSCF’s 66.67% share
3. Includes only GPT and GWOF’s 66.67% share
Development timeline - current projects
Highpoint Shopping Centre, NSW Retail
Wollongong Central - West Keira, NSW Retail
One One One Eagle Street, QLD Office
161 Castlereagh Street, NSW Office
5 Murray Rose Avenue , Sydney Olympic Park, NSW Industrial
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1
2012 2013 2014
----- End of picture text -----

153

Development Pipeline

The $3.2 billion pipeline includes $0.7 billion cost to complete and $2.5 billion of planned developments and future pipeline.

Planned Development	Ownership	Forecast Total Cost ($m)1	Estimated Development Period2	Comments
Retail - Planned
Rouse Hill Town Centre, NSW	100% GPT	275	~ 27 months	Expansion of existing centre
Casuarina Square, NT	100% GPT	220	~ 24 months	Expansion of existing centre
Melbourne Central, VIC (Level 3)	100% GPT	20	~ 21 months	Expansion of existing centre

Office - Planned
300 Lonsdale Street, VIC	100% GPT	170	~ 30 months	A grade office project above Melbourne Central subject to pre-lease commitment
Industrial - Planned
Sydney Olympic Park, NSW	100% GPT	65	~ 24 months	3 Murray Rose - business park development
Austrak Business Park, VIC	50% GPT	40	~ 18 months	Next stage of development in joint venture with Austrak (50%)
Erskine Park, NSW	100% GPT	50	~ 18 months	Next stage of development
Other Industrial Developments		55	~ 24 months	Next stage of development at Austrak Business Park, Minto and Berry Street Granville
Total Planned		895
Future Pipeline		1,600
Total Planned and Future Pipeline		2,495

Includes the value of development land. Estimates only.
From commencement of the project.

154

Highpoint Shopping Centre Victoria

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Wollongong Central - West Keira New South Wales

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The significant expansion of Highpoint commenced in March 2011 and will see the introduction of David Jones (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.

In November 2011 the West Keira development project met all conditions and early works commenced in December 2011. The development will deliver a unique retail experience with an extension of 18,000 sqm. This responds directly to the needs of the Wollongong community by addressing a significant undersupply of food retail in Wollongong’s city centre. Fresh, fast and slow food will feature in an offer that spans all three levels of the project, capitalising on the strength that the food commodity group continues to show.

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
Ownership Interest	GPT (16.67%) GWSCF (50%) Highpoint Property Group(33.33%)
GLA	156,000 sqm
	GPT Interest1 GWSCF Interest
Acquired	August 2009 March 2007
Development Cost	$50.0m $150.0m
Target Yield	10% 7%
Target Development IRR	15% 12%
Completion	March 2013

GPT returns include property management and funds management fees

KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011
OwnershipInterest	GWSCF (100%)
Acquired	March 2007
GLA	50,200 sqm
Development Cost	$224.0m
Target Yield	7%
Target Development IRR	11%
Completion	February2014

155

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 (without Green Power).

Key Metrics as at 31 December 2011	Key Metrics as at 31 December 2011
Ownership Interest	GPT (33.33%) GWOF (33.33%) Third Party (33.33%)	Asset Quality	Premium Grade
ProjectCommenced	May2008	Completion	April 2012
PropertyDetails
Office	64,000 sqm	Car Parking Spaces	115
Retail	200 sqm	Typical Floor Plate	1,500 sqm
Current Valuation - GPT Share (33.33%) Latest External Valuation - GPT Share (33.33%)
Value ('asifcomplete')	$220.0m	Value ('asifcomplete')	$220.0m
Fair Value ('asis')	$147.3m	Value ('asis')	$106.7m
Capitalisation Rate	6.75%	Capitalisation Rate	6.75%
TerminalCapitalisation Rate	6.75%	TerminalCapitalisation Rate	6.75%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	JonesLangLaSalle
		Valuation Date	31 December 2010

Leasing

Awards

One One One Eagle Street was named Australia’s Best Office Architecture project at the Asia Pacific International Commercial Property Awards in Shanghai on 31 May 2011. Established in 1995, the International Property Awards is the world’s most prestigious competition dedicated to finding the most outstanding property professionals across the globe. The panel of judges for 2011 was chaired by Lord Bates of Langbaurgh.

Leasing of One One One Eagle Street is progressing well with 53% of floor space committed under Heads of Agreement or Agreements for Lease, against a forecast of 40% by practical completion. There is a strong level of interest in the remaining area to be leased. Construction is on program for completion in April 2012.

156

161 Castlereagh Street Sydney

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5 Murray Rose Avenue Sydney Olympic Park New South Wales

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161 Castlereagh Street, Sydney is a new Premium Grade office tower featuring 54,800 sqm of accommodation over 43 floors scheduled for completion in mid-2013. The development is being undertaken by Grocon. The asset will provide new and dynamic public spaces complete with 3,000 sqm of premium ground level retail. The asset is located close to parking and a wide range of public transport 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 42,700 sqm of campus style business and retail space. In October 2010 GPT commenced stage 1 of the development to deliver a 12,400 sqm 6 Green Star Campus Business Park building. Late 2011, a Heads of Agreement was signed with The Lion Group to lease the entire office component of the building, well ahead of the forecast 40% commitment on completion.

KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011
OwnershipInterest	GWOF (50%)
Acquired	April 2010
NLA	57,800 sqm
Development Cost	$380.0m
Target Yield	6.7%
Target Development IRR	11%
Completion	Mid 2013

KeyMetrics as at 31 December 2011	KeyMetrics as at 31 December 2011
OwnershipInterest	GPT (100%)
Project Commenced	October 2010
NLA	12,400 sqm
Fair Value ('as is')	$41.0m
Development Cost	$60.0m
Target Yield	8.5%
Target Development IRR	> 12%
Completion	April 2012

157

GPT Annual Result2011 Funds Management 158

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 2011, the Fund consisted of 14 office assets located across Australia’s key CBD office markets with a value of $3.3 billion.

	Dec 2011	Jun 2011
Numberof Assets	14	14
Propertyinvestments	$3,318m	$3,176m
Gearing	12.9%	11.6%
OneYear Return(post-fees)	8.8%	8.8%

FundDetails as at31 December 2011
GPT's OwnershipInterest(%)	22.9%
GPT's OwnershipInterest($m)	$640.9m
Established	July 06
WeightedAverage Capitalisation Rate	7.24%
Portfolio Occupancy (%)	98.3%
DistributionsReceived ($m)	$53.7m
GPT BaseManagement Fee ($m)	$14.5m
GPT PerformanceFee ($m)	Nil

Total Return	1 Jan 2011 to 31 Dec 2011	Inception to Date (Annualised) 21 Jul 2006 to 31 Dec 2011
Post fees	8.8%	6.9%

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GWOF Ownership Composition
As at 31 December 2011
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Sovereign
Wealth Funds
GPT
8%
23%
Offshore
Pension Funds
15%
Domestic
Other
8%
Domestic
Super Funds
46%
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159

GWOF Capital Management Total borrowings for the Fund at 31 December 2011 were $432 million resulting in gearing of 12.9%.

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Darling Park 1 & 2, Sydney
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GWOF Capital Management Summaryas at 31 December 2011 Gearing 12.9% WeightedAverage Costof Debt 7.6% Fees andMargins 2.1% WeightedAverageDebt Term 3.0 years Drawn Debt Hedging 88% WeightedAverageHedgeTerm 4.5 years	GWOF Capital Management Summaryas at 31 December 2011 Gearing 12.9% WeightedAverage Costof Debt 7.6% Fees andMargins 2.1% WeightedAverageDebt Term 3.0 years Drawn Debt Hedging 88% WeightedAverageHedgeTerm 4.5 years	GWOF Capital Management Summaryas at 31 December 2011 Gearing 12.9% WeightedAverage Costof Debt 7.6% Fees andMargins 2.1% WeightedAverageDebt Term 3.0 years Drawn Debt Hedging 88% WeightedAverageHedgeTerm 4.5 years	GWOF Capital Management Summaryas at 31 December 2011 Gearing 12.9% WeightedAverage Costof Debt 7.6% Fees andMargins 2.1% WeightedAverageDebt Term 3.0 years Drawn Debt Hedging 88% WeightedAverageHedgeTerm 4.5 years
GWOF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn as at 31 Dec 11 ($m)
Bilateral Facility	150.0	30 Sep13	150.0
Bilateral Facility	150.0	30Nov 14	150.0
Bilateral Facility	100.0	1Jul 16	97.0
Bilateral Facility	100.0	1Jul 16	35.0
Total	500.0		432.0

GWOF Forward Start Debt Facilities	FacilityLimit($m)	Start Date	FacilityExpiry
Bilateral Facility	100.0	1Jun 12	1Jul 15
Bilateral Facility	50.0	1Jun 12	30Nov 14
Bilateral Facility	50.0	1Jan 13	30Nov 14
Bilateral Facility	50.0	1 May13	30Nov 14
Total	250.0

160

GWOF Capital Management

GWOF has $378 million of derivative instruments (being 88% hedged) and these have a weighted average term of 4.5 years.

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530 Collins Street, Melbourne
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GWOF Hedging Profile
as at 31 December 2011
5.68%
800 5.54% 5.51% 5.51% 5.51% 5.51% 5.45% 5.59% 5.45% 5.45% 6%
700
5%
600
500 Forecast Debt 4%
($m) Hedges
400 WA fixed rate 3%
300
2%
200
1%
100
0 0%
Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16
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161

GPT Wholesale Shopping Centre Fund

GWSCF provides wholesale investors with exposure to high quality retail assets. At 31 December 2011, the Fund consisted of 9 retail assets with a value of $2.2 billion.

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Dec 2011 Jun 2011
Number of Assets 9 9
Property investments $2,199m $2,103m
Gearing 11.3% 10.0%
One Year Return (post-fees) 10.3% 9.5%
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FundDetails as at31 December 2011	FundDetails as at31 December 2011
GPT's OwnershipInterest(%)	20.2%
GPT's OwnershipInterest($m)	$380.8m
Established	March07
WeightedAverage Capitalisation Rate	6.53%
Portfolio Occupancy (%)	99.2%
DistributionsReceived ($m)	$22.8m
GPT BaseManagement Fee ($m)	$9.4m
GPT PerformanceFee ($m)	Nil

Total Return	1 Jan 2011 to 31 Dec 2011	Inception to Date (Annualised) 31 Mar 2007 to 31 Dec 2011
Post fees	10.3%	4.1%

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GWSCF Ownership Composition
As at 31 December 2011
Sovereign
GPT
Wealth Funds
20%
13%
Offshore
Pension Funds
19%
Domestic
Domestic Super Funds
Other 32%
16%
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162

GWSCF Capital Management Total borrowings for the Fund at 31 December 2011 were $250 million resulting in gearing of 11.3%.

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Wollongong Central, Wollongong
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GWSCF Capital Management Summaryas at 31 December 2011	GWSCF Capital Management Summaryas at 31 December 2011
Gearing	11.3%
WeightedAverage Costof Debt	7.9%
Fees andMargins	2.2%
WeightedAverageDebt Term	4.2years
Drawn Debt Hedging	98%
WeightedAverageHedgeTerm	4.5 years

GWSCF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn as at 31 Dec 11 ($m)
Bilateral Facility	200.0	24Jun 16	200.0
Bilateral Facility	100.0	30 Sep15	5.0
Bilateral Facility	50.0	31 Mar 15	45.0
Total	350.0		250.0

GWSCF Forward Start Debt Facilities	FacilityLimit($m)	Start Date	FacilityExpiry
Bilateral Facility	100.0	31 Mar 12	31 Mar 15
Bilateral Facility	80.0	30Nov 12	30Nov 14
Bilateral Facility	100.0	30Nov 13	30Nov 14
Total	280.0

163

GWSCF Capital Management

GWSCF has $245 million of derivative instruments (being 98% hedged) and these have a weighted average term of 4.5 years.

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Highpoint Shopping Centre, Victoria
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GWSCF Hedging Profile
as at 31 December 2011
700 5.57% 5.54% 5.54% 5.46% 5.46% [5.53%] 5.43% 5.26% 5.45% 5.45% 5.39% 6%
600
5%
500
Forecast Debt 4%
400 Hedges
($m) WA fixed rate 3%
300
2%
200
100 1%
0 0%
Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17
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164

AI assistant

GPT GROUP — Annual Report 2011

65009_rns_2012-02-19_f1f09cda-c7a9-40a7-9273-ac3472fbd837.pdf

Charlestown Square, Newcastle

Contents

GPT Overview

Retail Portfolio

Office Portfolio

Industrial Portfolio

GPT Securityholder Overview

Drivers of earnings and value

Strategy on a page

Our Strategy

For our Investors…

For our People…

Our Goal

Financial summary

Results Summary

Segment Performance and Distributions

Realised Operating Income to Statutory A-IFRS Profit

Investments and Income

NTA Movement

Capital Management Summary

Average cost of debt

Look Through Gearing

Debt

Sources of Drawn Debt[2]

Debt Facilities

Liquidity Profile

Hedging Profile

Retail Portfolio Overview

Queensland

GWSCF Owned

Victoria

GPT Owned

GWSCF Owned

Retail Portfolio Summary

Retail Portfolio Summary

Retail Sales Summary

The Retail portfolio delivered comparable income growth of 3.6% over the full year.

Comparable Change in Retail Sales by Category

Retail Sales

Specialty MAT Growth

Weighted Average Capitalisation Rate

Weighted Average Capitalisation Rate

Lease Expiry Profile

Total Centres

Total Specialty Tenants

Retail Portfolio External Valuation Summary

44% of the GPT Retail portfolio was valued externally in the 12 months to 31 December 2011

Retail Portfolio Income and Fair Value Schedule

Retail Sustainability

NABERS[1] Retail

Retail Sustainability

Casuarina Square Northern Territory

casuarinasquare.com.au

Charlestown Square New South Wales

charlestownsquare.com.au

Dandenong Plaza Victoria

dandenongplaza.com.au

Erina Fair New South Wales

Highpoint Shopping Centre Victoria

highpoint.com.au

Homemaker City Maribyrnong Victoria

homemakercity.com.au

Melbourne Central Victoria

melbournecentral.com.au

Rouse Hill Town Centre New South Wales

Sunshine Plaza Queensland

sunshineplaza.com

Westfield Penrith New South Wales

westfield.com.au/penrith

Westfield Woden

Australian Capital Territory

westfield.com.au/woden

Homemaker City Portfolio Queensland

homemakercity.com.au

GPT Wholesale Shopping Centre Fund

Carlingford Court New South Wales

carlingfordcourt.com.au

GPT GROUP Annual Report 2011