GPT GROUP - Annual Report 2012 | FinancialReports.eu

OPTIMISE & GROW OP TIMISE & GROW OPTIMISE & GROW OPT I M I S E & GROW OPTIMISE & G R O W GROW GROW OPTIMISE GROW OPTIMISE & GROW GROW OPTIMISE & GROW OPTIMISE & GROW OPTIMISE MISE & GROW OPTIMISE & GROW OPT I M I S E & GROW

GPT ANNUAL RESULT 14 FEBRUARY 2013

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ARTWORK TO COME
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Contents
GPT Overview	48
Financial Performance	52
Retail Portfolio	72
Office Portfolio	105
Logistics & Business Parks	137
Development	159
Funds Management	167

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

One One One Eagle Street, Brisbane

GPT ANNUAL RESULT 14 FEBRUARY 2013

GPT OVERVIEW

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.

GPT Portfolio Diversity

As at 31 December 2012

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Logistics
12%
Retail [1]
56%
Office
32% Melbourne Central, Melbourne One One One Eagle St, Brisbane 5 Murray Rose, Sydney
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Retail Portfolio

Office Portfolio

Logistics & Business Parks Portfolio

20 assets 910,000 sqm NLA 300+ tenants $2.8b portfolio

17 shopping centres 1,100,000 sqm GLA 3,700+ tenants

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1. Excludes Homemaker portfolio
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28 assets

640,000 sqm GLA 70+ tenants $990m portfolio

$5.0b portfolio
$7.9b AUM
$5.9b AUM
$1.0b AUM

GPT Portfolio Overview

Across the three sectors, GPT has maintained strong performance metrics. Income will continue to be supported by a high level of structured rental increases in 2013.

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Portfolio Size [1] Comparable Income WALE Occupancy WACR
Growth [2]
Retail $4.96b 3.0% 4.4 years 99.5% 6.07%
Office $2.76b 3.8% 5.4 years 95.8% 6.86%
Logistics & Business Parks $0.99b 2.7% 5.8 years 98.2% 8.30%
Total $8.71b 3.2% 4.9 years 98.1% 6.54%
Structured Rental Increases [3]
Other [1] Other [2] Other [1]
19% 25% 20%
4.5% Retail Office 3.4% Logistics &
IncreaseAverage 4.1%Average IncreaseAverage Business
Increase Parks
Fixed
Fixed Fixed
80%
81% 75%
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Assets as at 31 December 2012
Income for the year to 31 December 2012 compared to the previous corresponding period
For full year 2013

GPT Securityholder Overview

GPT Securityholders by Geography As at 31 December 2012

GPT Securityholders by Type As at 31 December 2012

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Retail
Asia Investors
18% 11%
Domestic
Institutions
Europe 43%
(ex UK)
6% Australia
49%
North
America Foreign
Institutions
22%
46%
UK
5%
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Drivers of Earnings and Value

Operational Leverage (hypothetical example)

Total Returns Equation (hypothetical example)

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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
Realised Operating Income [1] 3.9% NTA at beginning Total Return
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

EPS defined as Realised Operating Income (ROI) per ordinary security

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Megatrends

GPT has undertaken a study, in conjunction with the CSIRO, to identify the ‘megatrends’ that will impact the shape of the property sector in the next decade. The study identified six megatrends:

spaced out

Tech savvy generation changing the way people work and shop

So what?

Merging of online and physical retail New forms of office environments

behind the scenes

Globalisation driving sophistication of supply chains and offshoring

So what?

Demand for warehousing and logistics

more from less

Escalating demand for natural resources

So what?

Rising utility costs and the need for smarter, cost effective energy sources

tangible intangibles

Greater consumer preference for experiences more than ‘stuff’

So what? Focus on collaboration and community

forever young

Ageing population, living and working for longer

So what? Demand for healthcare Offices adapted for ageing workforce

the orient express

Shift in economic centre of gravity from West to East

So what? Opportunities for new tailored products and services

GPT’s New Profit Sources – LiquidSpace Case Study

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About LiquidSpace

LiquidSpace was founded in 2010 by two forward thinking US entrepreneurs who developed a real-time marketplace for people to find, book and pay for places to work or meet by the hour or day
LiquidSpace’s platform allows space providers to manage their inventory and list space when available at their desired price
Users can search for and book space on the web or on mobile devices
LiquidSpace generates revenue from a transaction fee charged to the providers of spaces listed on the exchange

About GPT’s Investment

GPT has made a small strategic investment in LiquidSpace, which has the potential to create significant value over time
It will provide GPT with insights about a key trend occurring in the property sector in relation to the way space is being used
GPT will look to establish the LiquidSpace marketplace in Australia, leveraging its property skills and assets, as well as providing strategic and operational value to GPT’s core operations

Example of a conference room listed on the LiquidSpace mobile app. Businesses, such as Zipcar are using LiquidSpace to obtain value from under-utilised space

Source: LiquidSpace smart phone app

Glossary

AREIT .................................................................Australian Real Estate Investment Trust AUM ...................................................................Assets under management Bps ....................................................................Basis Points Capex.................................................................Capital Expenditure CBD ..................................................................Central Business District CO2 ....................................................................Carbon Dioxide CPI .....................................................................Consumer Price Index DPS....................................................................Distribution per security EPS ....................................................................Earnings per security Gearing ..............................................................The level of borrowings relative to assets GFA ....................................................................Gross Floor Area GLA ....................................................................Gross Lettable Area GWOF.................................................................GPT Wholesale Office Fund GWSCF ..............................................................GPT Wholesale Shopping Centre Fund IFRS ...................................................................International Financial Reporting Standards IPD .....................................................................Investment Property Databank IRR .....................................................................Internal Rate of Return LBP ....................................................................Logistics & Business Parks Major Tenants ...................................................Retail tenancies including Supermarkets, Discount Department Stores, Department Stores and Cinemas MAT ...................................................................Moving Average Turnover Mini-Major Tenants ...........................................Retail tenancies with a GLA above 400 sqm not classified as a Major Tenant MTN ...................................................................Medium Term Notes N/A ....................................................................Not Applicable NABERS ............................................................National Australian Built Environment Rating System NLA ...................................................................Net Lettable Area NTA ....................................................................Net Tangible Assets PCA ....................................................................Property Council of Australia PV ......................................................................Present Value Retail Sales .......................................................100% of GPT and GWSCF assets. GPT reports retail sales in accordance with the Shopping Centre Council of Australia (SCCA) guidelines ROI .....................................................................Realised Operating Income Specialty Tenants ..............................................Retail tenancies with a GLA below 400 sqm Sqm ...................................................................Square metre WALE .................................................................Weighted Average Lease Expiry

GPT ANNUAL RESULT 14 FEBRUARY 2013

FINANCIAL PERFORMANCE

Financial Summary

Financial Performance	Financial Performance	Financial Performance	Financial Performance
12 months to 31 December	2012	2011	Change
Total Realised Operating Income ($m)	456.4	438.8	Up 4.0%
Net profit after tax ($m)	594.5	246.2	Up 141.5%
ROI per ordinary security (cents)	24.2	22.4	Up 8.0%
ROI yield (based on year end price)	6.6%	7.3%	Down 70 bps
Distribution per security (cents)	19.3	17.8	Up 8.4%
Distribution yield (based on year end price)	5.2%	5.8%	Down 60 bps
Interest expense ($m)	(103.5)	(131.8)	Down 21.5%
Interest capitalised ($m)	8.8	13.3	Down 33.8%
Interest cover (x)	5.1	4.2	Up 21.4%
	As at 31 Dec 12	As at 31 Dec 11	Change
Total assets ($m)	9,343.2	9,287.6	Up 0.6%
Total borrowings ($m)	2,143.6	2,144.1	Flat
NTA per security ($)	3.73	3.59	Up 3.9%
Net gearing	21.7%	22.9%	Down 120 bps
Net look through gearing	23.9%	24.4%	Down 50 bps
Weighted average term to maturity	5.4 years	5.3 years	Up 0.1 years
Credit ratings	A- (stable) / A3 (stable)	A- (stable) / A3 (stable)	No change
Weighted average cost of debt at year end (%)	5.08%	5.92%	Down 84 bps
Weighted average term of interest rate hedging	2.4 years	4.2 years	Down 1.8 years

Results Summary

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Realised Operating Income
12 months to 31 December 2012 2011 Change
Realised operating income (ROI) for core operations ($m) 566.3 555.8 p 1.9%
Non-core operations ($m) 14.5 31.9 q 54.5%
Finance and corporate overheads ($m) (124.4) (148.9) q 16.5%
Total realised operating income ($m) 456.4 438.8 p 4.0%
Net profit after tax ($m) 594.5 246.2 p 141.5%
ROI per ordinary security (cents) 24.2 22.4 p 8.0%
Distribution per ordinary security (cents) 19.3 17.8 p 8.4%
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Segment Performance 12 months to 31 December ($m) 2012 2011 Comment
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	2012	2011	2011

Retail	294.0	295.4	Comparable income growth of 3.0%
Office	125.9	123.0	Comparable income growth of 3.8%
Logistics & Business Parks	66.3	55.8	Comparable income growth of 2.7%
Funds Management	80.1	81.6	GPT sell-down completed. Distribution growth of 1.7%
Other (non-core)	14.5	31.9	Divestment of Ayers Rock Resort and US Seniors portfolio completed
Corporate
- Net interest expense	(103.5)	(131.8)	Reduced cost of debt
- Corporate overheads	(22.8)	(25.4)	Cost optimisation benefit
- Tax benefit	1.9	8.3	Significant reduction in 2012
Total Realised Operating Income (ROI)¹	456.4	438.8
Less: distribution to exchangeable securities	(25.0)	(25.0)
Total	431.4	413.8
ROI per ordinary security (cents)²	24.2	22.4

Realised Operating Income is pre distribution on exchangeable securities.
ROI per ordinary security is post distribution on exchangeable securities.

Number of ordinary stapled securities on issue was 1,780.6 million at 31 December 2012 and 1,845.2 million at 31 December 2011.

Segment Result for the Year

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12 Months to 31 December 2012 Investment Asset Development Funds Corporate Total Core Non-Core, Total
Management Management Management Operations Consolidation
& Eliminations
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Property net income (including share from joint venture entities and associates)	577.8					577.8	(3.8)	574.0
Management fees income		32.1	15.4	27.2		74.7	(23.3)	51.4

Management & Administrative Expenses	(13.0)	(38.1)	(24.4)	(11.2)	(22.3)	(109.0)	27.4	(81.6)
Net interest expense					(103.5)	(103.5)	15.5	(88.0)
Segment Result Before Tax	564.8	(6.0)	(9.0)	16.0	(125.8)	440.0	15.8	455.8
Income tax credit					1.9	1.9	(1.3)	0.6
Segment Result for the year	564.8	(6.0)	(9.0)	16.0	(123.9)	441.9	14.5	456.4

Fair value adjustments to investment properties and equity accounted investments	221.0					221.0	0.3	221.3
Financial instruments mark to market value movements and net foreign exchange loss					(39.8)	(39.8)	(0.6)	(40.4)
Non-cash IFRS revenue adjustments	(24.9)					(24.9)		(24.9)
Restructuring costs					(6.2)	(6.2)		(6.2)
Other	(7.5)	(0.3)			(10.7)	(18.5)	6.8	(11.7)
Net profit/(loss) for the year	753.4	(6.3)	(9.0)	16.0	(180.6)	573.5	21.0	594.5

Results Summary

Calculation of EPS and DPS 12 months to 31 December	2012	On-market Security Buy Back at 31 December	2012
Weighted average number of securities as at 31 December (#)	1,780.6m	Securities acquired	88.7m
Realised operating income (ROI) ($m)	456.4	% of securities on issue	4.8%
Less distribution on exchangeable securities ($m)	(25.0)	Cost	$274.7m
Total ($m)	431.4	Average price paid	$3.10
ROI per ordinary security (cents)	24.2	Average discount to NTA	15.1%
Distribution per ordinary security (cents)	19.3 Value created		$49.6m

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Distribution per ordinary security 2012 2011 Change
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Quarter 1 (cents)	4.6	4.2	p 9.5%
Quarter 2 (cents)	4.9	4.3	p 14.0%
Quarter 3 (cents)	4.7	4.4	p 6.8%
Quarter 4 (cents)	5.1	4.9	p 4.1%
Total ordinary distribution (cents)	19.3	17.8	p 8.4%
Ordinary distribution ($m)	341.9	326.4	p 4.7%
Exchangeable distribution ($m)	25.0	25.0	-
Total distribution ($m)	366.9	351.4	p 4.4%
Available for distribution ($m)	456.4	438.8	p 4.0%

Realised Operating Income to Statutory Results

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12 months to 31 December ($m) 2012 2011
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	2012	2012

Core operations	566.3	555.8
Non-core operations	14.5	31.9
Financing and corporate overheads	(124.4)	(148.9)
Realised operating income	456.4	438.8

Changes in fair value of assets (non cash):
1. Valuation movements
Core Portfolios and Funds Management (Australia)	221.0	89.8
Hotel/Tourism portfolio	-	(24.7)
Funds Management (Europe)	0.3	(14.3)
2. Loss on disposals	(3.1)	(49.1)
3. Financial instruments marked to market value movements and net foreign exchange loss	(40.4)	(150.3)
4. Other items	(39.7)	(44.0)
Net profit after tax	594.5	246.2

Investments and Income

Proportion of Real Estate Investments

Proportion of Income

As at 31 Dec 12 As at 31 Dec 11

12 months to Dec 12 12 months to Dec 11

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5% 1% 4% [3%] 2% 6%
14%
8% 7%
14%
11% 9% 11%
51% 55% 51% 9% 50%
24% 22% 22%
21%
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Retail Office Logistics & Business Parks GWOF GWSCF Non-Core

Retail Office Logistics & Business Parks Funds Management Non-Core

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 2012 1,813,767,108 NTA position as at 31 December 2011 6,735.1 1,878.2 3.59
Buy-back (46,982,033)
31 December 2012 Balance¹ 1,766,785,075 ROI 456.4 0.24
1. Excludes exchangeable securities Core revaluation 221.0 0.12
Non-Core revaluation 0.3 0.00
Fair value movement of derivatives (39.9) (0.02)
Non-cash IFRS revenue adjustments (24.9) (0.01)
Restructuring costs (6.2) 0.00
Other Statutory items (12.2) (0.01)
Distribution paid (incl Exchangeable Securities) (365.5) (0.19)
Buy-back of securities (147.9) (47.0) 0.01
Movement of Reserves 8.7 0.00
Movement in net assets 89.8 0.14
Less intangibles - movement 1.4 0.00
NTA position as at 31 December 2012 6,826.3 1,831.2 3.73
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Includes conversion of exchangeable securities at conversion price of $3.883

Capital Management Summary

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Balance Sheet Overview 31 December 2012 31 December 2011
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Total assets ($m)	9,343.2	9,287.6
Total debt ($m)	2,143.6	2,144.1
Net Gearing	21.7%	22.9%
Cost of debt (incl fees and margins)	5.08%	5.92%
Weighted average term to maturity	5.4 years	5.3 years
Weighted average term of interest rate hedging	2.4 years	4.2 years
Credit Ratings	A- (stable) / A3 (stable)	A- (stable) / A3 (stable)

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Gearing ($m) As at 31 December 2012
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Total assets	9,343.2
Less: intangible assets	(49.9)
Total tangible assets	9,293.3
Current borrowings	211.0
Non-current borrowings	1,932.6
Total borrowings	2,143.6
Headline Gearing	23.1%
Net Gearing	21.7%

Interest Cover ($m)	31 December 2012
Realised operating income	456.4
Less: tax credit	(0.6)
Add: Gross Finance Costs for the period (post capitalised interest)	111.0
Earnings before Interest & Tax	566.8
Gross Finance Costs	111.0
Interest Cover	5.1x

Look Through Gearing

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Look Through Gearing as at 31 December 2012 ($m) GPT Group GWOF GWSCF European Other² 31 Dec 12
Funds
Share of assets of non-consolidated entities
Group total tangible assets 9,293.3 9,293.3
(i) Plus: GPT share of assets of non-consolidated entities 748.2 690.0 67.7 918.5 2,424.4
(ii) Less: total equity investment in non-consolidated entities (671.6) (481.2) (858.0) (2,010.8)
(iii) Less: GPT loans to non-consolidated entities (7.9) (7.9)
Total look through assets 9,293.3 76.6 208.8 67.7 52.6 9,699.0
Group total borrowings 2,143.6 2,143.6
(iv) Plus: GPT share of external debt of non-consolidated entities 54.0 190.5 71.2 315.7
Total look through borrowings 2,143.6 54.0 190.5 71.2 0.0 2,459.3
Look through gearing 25.4%
Based on net debt [1] 23.9%
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Net debt equals debt less cash/total tangible assets less cash
Retail, office and other assets (held in associates)

Debt

Debt Cost as at 31 December 2012	Debt ($m)	Interest Rate (%)
Hedged debt	1,419	3.74%
Floating debt	725	3.20%
Total debt	2,144	3.55%
Margin		0.93%
Fees		0.60%
All-in cost of funds		5.08%

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Debt Funded Capacity Current Gearing Investment Capacity
as at 31 December 2012 (%) ($m)
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Balance Sheet	23%	920
Wholesale Funds
- Office	7%	1,190
- Retail	28%	100
Total		2,210

Sources of Drawn Debt

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CPI bonds
Foreign 4%
MTN’s 5%
Domestic
MTN’s 25% Domestic bank
debt 56%
Secured
bank debt 3%
Foreign
bank debt 7%
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Debt Facilities

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Current Debt Facilities as at 31 December 2012
Outstanding Maturity Date Limit Available
($m) (equiv) ($m) (equiv) ($m) (equiv)
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	Outstanding ($m) (equiv)	Maturity Date	Limit ($m) (equiv)	Limit ($m) (equiv)
Medium Term Notes	211	22 Aug 13	212	1
Bank Bilateral	150	11 Mar 14	150	0
Bank Bilateral	150	1 Apr 14	150	0
Bank Bilateral	225	15 Sep 14	225	0
Bank Bilateral	160	1 Apr 15	160	0
Bank Bilateral	198	26 Oct 15	200	2
Bank Facility - Somerton	76	31 Mar 16	76	0
Bank Bilateral	140	1 Apr 16	140	0
Bank Bilateral	26	30 Nov 16	75	49
Bank Bilateral	68	26 Oct 17	75	7
Medium Term Notes	30	19 Nov 17	30	0
Bank Bilateral	325	26 Oct 18	325	0
Medium Term Notes	250	24 Jan 19	250	0
Medium Term Notes	50	16 Aug 22	50	0
CPI Indexed Bonds	85	10 Dec 29	85	0
Total	2,144		2,203	59

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Current Forward Start Debt Facilities
Start Date Maturity Limit
Date ($m) (equiv)
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	Maturity Date	Maturity Date
5 Feb 13	5 Feb 28	100
22 Aug 13	11 Nov 17	150
22 Aug 13	11 Nov 17	150
11 Dec 13	11 Dec 14	150
31 Jan 14	31 Jan 18	100
31 Jul 14	31 Jul 18	100
Total		750

Liquidity Profile

Liquidity Profile As at 31 December 2012

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1.2
1.0
0.8
($bn) 0.6
0.4
0.2
0.0
Cash balance Undrawn Current MTN issue Fwd Start Reduced Sale of Capex Debt facility Excess
31 December existing liquidity Facilities distribution assets expiries liquidity at
2012 facilities 31 December
2013
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Hedging Profile

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Hedging Profile as at 31 December 2012
Hedging Position Average Rate on Hedged Principal Amount of Derivative Principal Amount of Fixed
Balance excl Margins Financial Instruments ($m) Rate Borrowings ($m)
31 December 2012 3.74% 1,185 234
31 December 2013 4.01% 1,400 235
31 December 2014 4.53% 850 235
31 December 2015 4.28% 700 385
31 December 2016 5.62% 0 385
31 December 2017 5.53% 0 385
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($m)

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3500 5.68% 5.62% 5.60% 5.53%
7%
3000 4.56% 4.53% 6%
4.19% 4.29% 4.28%
2500 3.74% 4.01% 5%
2000 4%
1500 3%
1000 2%
500 1%
0 0%
Forecast debt Weighted average fixed rate Fixed rate debt
Short term "interest cost management" swaps Long term "interest rate risk management" swaps
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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Capital Management

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Hedging Strategy
3,000 160%
140%
2,500
120%
2,000
100%
1,500 80%
60%
1,000
Funds’ sale Homemaker sale 40%
Funds’ sale
500 ARR sale
20%
USSH sale Retail assets sale & ARR instalment
0 0%
Debt balance (LHS) Hedge profile ex-terminations (RHS) Reported hedge profile (RHS)
Oct 10 Dec 10 Feb 11 Apr 11 Jun 11 Aug 11 Oct 11 Dec 11 Feb 12 Apr 12 Jun 12 Aug 12 Oct 12 Dec 12 Feb 13 Apr 13 Jun 13 Aug 13 Oct 13 Dec 13
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Additional loss GPT has avoided had hedges not been broken: $99 million
GPT would have been 127% hedged at 31 Dec 2012
GPT forecast to be 70% hedged 2013

GPT ANNUAL RESULT 14 FEBRUARY 2013

RETAIL PORTFOLIO

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $5.0 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 Darwin
NT Brisbane
QLD
2
WA
SA
Sydney
NSW
9
Canberra
1
VIC
5 Melbourne
TAS
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Number of assets in each state
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New South Wales GPT Owned

Northern Territory GPT Owned Casuarina Square (50%)

Charlestown Square (Hunter Region) Erina Fair (Central Coast) (50%) Rouse Hill Town Centre Westfield Penrith (50%)

GWSCF Owned Casuarina Square (50%)

GWSCF Owned

Queensland

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

GPT Owned

Sunshine Plaza (50%)* Homemaker City Fortitude Valley

Australian Capital Territory GWSCF Owned Westfield Woden (50%)*

Victoria

GPT Owned

Dandenong Plaza Melbourne Central Highpoint Shopping Centre (16.67%)

Not managed by GPT Retail Portfolio Definitions

Specialty Tenants - includes tenancies with a GLA below 400 sqm

Mini-Major Tenants - includes tenancies with a GLA above 400 sqm not classified as a Major Tenant Major Tenants - includes Supermarkets, Discount Department Stores, Department Stores and Cinemas Retail Sales - 100% of GPT and GWSCF assets GPT reports retail sales in accordance with the Shopping Centre Council of Australia (SCCA) guidelines

GWSCF Owned

Chirnside Park

Highpoint Shopping Centre (50%) Parkmore Shopping Centre

Retail Portfolio Summary

The GPT retail portfolio is well positioned with a high level of occupancy at 99.5%. The retail portfolio achieved comparable income growth of 3.0% over 2012.

Top Ten Tenants* As at 31 December 2012

Asset Quality As at 31 December 2012

Geographic Weighting As at 31 December 2012

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Wesfarmers Woolworths Myer Premier Retail (Just Group) 100 ACT 1% NT 6%
QLD 10%
80
5.3% 4.9%
2.9% 2.5% 60
(%)
Cotton On Country 40
Hoyts Clothing BB Retail Road Prouds Sussan
20 VIC 34% NSW 49%
1.6% 1.3% 1.2% 1.2% 1.2% 1.0%
0
GPT Peer Peer Peer Peer
Based on gross rent (including turnover rent) 1 2 3 4
Other
Regional Sub Regional
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*Based on gross rent (including turnover rent) Excludes Homemaker Portfolio

Retail Portfolio Summary

The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 17 shopping centres.

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Property Location Ownership GLA 31 Dec 31 Dec 30 Jun External or Occupancy Annual Occupancy Specialty
(100% 2012 2012 2012 Directors Centre Cost Sales
Interest) Fair Value Cap Rate Cap Rate Valuation Turnover Specialty ($psm)
(sqm) ($m) (%) (%) ($m)
GPT Portfolio
Casuarina Square NT 50% 53,500 239.5 6.00% 6.25% External 100.0% 388.8 14.9% 10,827
Charlestown Square NSW 100% 90,900 850.0 6.00% 6.00% Directors 99.5% 483.0 16.8% 8,913
Dandenong Plaza VIC 100% 61,300 170.0 8.50% 8.50% Directors 99.3% 233.3 18.0% 6,556
Erina Fair NSW 50% 113,500 393.2 6.00% 6.00% Directors 99.9% 632.7 18.7% 7,606
Highpoint Shopping Centre¹ VIC 16.67% 122,800 281.7 5.75% 5.75% Directors N/A 609.9 21.0% 9,440
Melbourne Central [2] VIC 100% 52,700 961.2 5.75% 5.75% External 99.6% 370.8 21.4% 9,064
Rouse Hill Town Centre NSW 100% 68,600 461.1 6.00% 6.00% Directors 99.1% 375.8 16.6% 6,666
Sunshine Plaza QLD 50% 72,600 381.2 5.75% 5.75% Directors 99.6% 500.8 18.3% 10,862
Westfield Penrith NSW 50% 92,100 546.4 5.85% 5.85% Directors 100.0% 593.6 20.1% 10,258
Homemaker City, Fortitude Valley QLD 100% 38,400 102.3 9.09% 9.09% Directors 98.9% N/A N/A N/A
GWSCF Portfolio
Carlingford Court NSW 100% 33,000 168.0 7.50% 7.50% External 100.0% 175.8 16.7% 8,737
Casuarina Square NT 50% 53,500 239.5 6.00% 6.25% External 100.0% 388.8 14.9% 10,827
Chirnside Park VIC 100% 37,900 228.4 7.00% 7.00% Directors 100.0% 278.6 14.5% 10,386
Forestway Shopping Centre NSW 100% 9,600 81.5 7.50% 7.50% Directors 100.0% 99.4 15.3% 9,998
Highpoint Shopping Centre¹ VIC 50% 122,800 845.0 5.75% 5.75% External N/A 609.9 21.0% 9,440
Macarthur Square NSW 50% 94,600 394.2 6.25% 6.25% Directors 99.7% 542.9 17.7% 9,014
Norton Plaza NSW 100% 11,800 105.6 7.00% 7.00% Directors 100.0% 115.5 12.7% 11,878
Parkmore Shopping Centre VIC 100% 36,800 200.2 7.50% 7.50% Directors 100.0% 240.4 14.7% 8,315
Westfield Woden ACT 50% 72,300 326.0 6.25% 6.25% Directors 95.7% 392.3 19.1% 9,125
Wollongong Central NSW 100% 37,900 351.7 6.50% 6.50% Directors N/A 166.8 18.3% 8,708
Total 1,100,300 6.07% [3] 6.10% [3] 99.5% [3] 6,200.3 17.9% [4] 8,964 [4]
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Fair value includes Homemaker City Maribyrnong. Cap rate of 9.00%
Fair value includes retail and 100% interest of car park. Car park cap rate of 7.50%
Includes GPT shopping centres (excludes Homemaker City Fortitude Valley) and GPT interest in GWSCF
Includes 100% interest in GPT and GWSCF assets. Excludes development impacted centres

Retail Sales Summary

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As at 31 December 2012 Moving Annual Turnover (MAT) Occupancy Costs
Property Ownership Centre MAT Comparable Centre Specialty MAT Comparable Specialty Centre Specialty
($psm) MAT Growth ($psm) MAT Growth
Carlingford Court GWSCF 6,620 (1.3%) 8,737 0.3% 8.7% 16.7%
Casuarina Square GWSCF/GPT 8,313 2.4% 10,827 3.1% 9.5% 14.9%
Charlestown Square GPT 5,926 8.9% 8,913 10.2% 11.5% 16.8%
Chirnside Park GWSCF 8,318 0.0% 10,386 0.1% 6.8% 14.5%
Dandenong Plaza GPT 4,022 (3.2%) 6,556 (1.3%) 11.1% 18.0%
Erina Fair GPT/APPF 6,118 1.4% 7,606 0.0% 9.7% 18.7%
Forestway Shopping Centre GWSCF 13,704 0.3% 9,998 (1.2%) 6.8% 15.3%
Melbourne Central Retail GPT 7,538 4.4% 9,064 3.0% 18.1% 21.4%
Macarthur Square GWSCF/APPF 6,190 1.0% 9,014 (0.2%) 10.8% 17.7%
Norton Plaza GWSCF 14,938 (0.8%) 11,878 (4.3%) 5.5% 12.7%
Parkmore Shopping Centre GWSCF 6,971 0.4% 8,315 (1.2%) 7.8% 14.7%
Rouse Hill Town Centre GPT 6,189 2.7% 6,666 3.1% 9.6% 16.6%
Sunshine Plaza GPT/APPF 8,122 0.9% 10,862 1.3% 10.8% 18.3%
Westfield Penrith¹ GPT/Westfield 7,063 1.9% 10,258 (0.1%) 12.4% 20.1%
Westfield Woden¹ GWSCF/Westfield 6,799 (5.8%) 9,125 (2.4%) 11.3% 19.1%
Total 6,777 1.3% 8,964 1.5% 10.7% 17.9%
Centres Under Development
Highpoint Shopping Centre GPT/GWSCF/HPG 5,781 (2.1%) 9,440 (1.1%) 14.8% 21.0%
Wollongong Central GWSCF 5,426 (2.9%) 8,708 (3.6%) 13.5% 18.3%
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Analysis provided by Westfield

Comparable Change in Retail Sales By Category

Retail sales showed positive growth over the 12 months to December 2012 with total centre sales up 1.3% and specialties up 1.5%.

GPT’s retail portfolio occupancy levels remain high at 99.5%, with a relatively high proportion of structured rental increases. This positions GPT well to continue to deliver income growth.

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Other [1]
19%
Structured
4.5%
Average Rent
Increase Increases
Fixed
81%
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Comparable Change in Retail Sales by Category as at 31 December 2012	MAT ($m)	12 Months Growth
Department Store	$242	(1.8%)
Discount Department Store	$627	(0.2%)
Supermarket	$1,217	1.1%
Mini Majors and Other Majors	$606	0.2%
Other Retail2	$500	6.1%
Total Specialties	$2,232	1.5%
Total Centre	$5,424	1.3%
Specialty Sales Split
Retail Services	$173	7.2%
Mobile Phone	$81	6.1%
Food Catering	$397	5.9%
Apparel	$769	2.2%
General Retail	$224	(0.6%)
Jewellery	$154	(1.8%)
Homewares	$108	(2.2%)
Food Retail	$195	(2.7%)
Leisure	$131	(7.5%)

Excludes development impacted centres. Excludes Homemaker centres

Other Retail includes travel agents, lotto, automotive accessories, cinemas, and other entertainment and other retail (including sales reporting pad sites)

Structured specialty rent increases for the full year to 31 December 2013.

Based on specialty base rent.

Other includes expiries in 2013.

Retail Sales

Retail sales have improved over the second half of 2012.

Specialty MAT Growth

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7.0%
6.0%
6.0% 5.8%
5.0% 4.8%
4.4%
4.0%
4.0% 3.9%
3.6%
3.3% 3.2%
3.0% 2.8%
2.3%
2.1%
2.0%
1.5%
1.4%
1.2%
1.0%
0.5% 0.4%
0.2%
0.0%
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 Jun 12 Dec 12
100% of GPT & GWSCF assets. Excludes Homemaker centres and development impacted centres
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Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the retail portfolio firmed by 14 basis points over the past 12 months to 6.07% at 31 December 2012.

Weighted Average Capitalisation Rate

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6.26% 6.26% 6.25% 6.21% 6.19% 6.21%
6.04% 6.10% 6.07%
5.84%
5.63%
Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12
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Lease Expiry Profile

Weighted Average Lease Expiry (by base rent) as at 31 December 2012	Weighted Average Lease Expiry (by base rent) as at 31 December 2012
Major Tenants	11.6 years
Mini-Major Tenants	4.7 years
Specialty Tenants	2.9 years
Weighted Total	4.4 years

Total Centres

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17.9%
16.5%
15.3%
13.3%
12.9%
9.6%
6.9%
2.9% [3.6%]
1.1%
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
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Total Specialty Tenants

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21.3%
18.6%
17.9%
15.7% 15.5%
6.0%
2.4%
1.4%
0.3% [0.8%]
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
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Retail Portfolio External Valuation Summary

78% of the GPT retail portfolio was valued externally in the 12 months to 31 December 2012.

Property as at 31 December 2012	State	Date	Valuer	Valuation ($m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
GPT Portfolio
Casuarina Square	NT	31-Dec-12	CBRE	239.5	50%	6.00%	6.25%	9.00%
Charlestown Square	NSW	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	30-Jun-12	Savills	392.9	50%	6.00%	6.25%	9.00%
Highpoint ShoppingCentre¹	VIC	30-Jun-12	CBRE	255.0	16.67%	5.75%	6.00%	8.75%
Melbourne Central2	VIC	31-Dec-12	CBRE	961.2	100%	5.75%	6.00%	8.75%
Rouse Hill Town Centre	NSW	30-Jun-12	CBRE	460.0	100%	6.00%	6.25%	9.00%
Sunshine Plaza	QLD	30-Jun-12	Savills	380.5	50%	5.75%	6.00%	8.75%
Westfield Penrith	NSW	30-Jun-12	KF	545.0	50%	5.85%	6.00%	8.75%
Homemaker City, Fortitude Valley	QLD	31-Dec-11	JLL	100.1	100%	9.09%	9.34%	10.09%
GWSCF Portfolio
Carlingford Court	NSW	31-Dec-12	Savills	168.0	100%	7.50%	7.75%	9.50%
Casuarina Square	NT	31-Dec-12	CBRE	239.5	50%	6.00%	6.25%	9.00%
Chirnside Park	VIC	30-Jun-12	Colliers	226.0	100%	7.00%	7.25%	9.00%
ForestwayShoppingCentre	NSW	31-Mar-12	Savills	81.0	100%	7.50%	7.75%	9.50%
Highpoint ShoppingCentre¹	VIC	31-Dec-12	Savills	845.0	50%	5.75%	6.00%	8.75%
Macarthur Square	NSW	31-Mar-12	KF	393.1	50%	6.25%	6.50%	9.25%
Norton Plaza	NSW	30-Jun-12	KF	104.8	100%	7.00%	7.25%	9.25%
Parkmore ShoppingCentre	VIC	30-Jun-12	JLL	199.0	100%	7.50%	7.75%	9.00%
Westfield Woden	ACT	30-Jun-12	CBRE	322.6	50%	6.25%	6.50%	9.00%
WollongongCentral	NSW	30-Sep-12	Colliers	337.0	100%	6.50%	6.75%	9.00%

Note: Valuations include ancillary assets.

Valuation includes Homemaker City Maribyrnong
Valuation includes Melbourne Central Retail and Car Park

Retail Portfolio Income and Fair Value Schedule

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Property Income Fair Value
12 months to Fair Value Capex Lease Acquisitions Sales Net Other Fair % of
31 December ($m) 31 Dec ($m) Incentives ($m) ($m) Revaluations Adjustments Value Portfolio
2011 2012 Variance 2011 ($m) ($m) ($m) 31 Dec (%)
($m) 2012
($m)
GPT Portfolio
Casuarina Square 29.0 21.9 (7.1) 455.6 4.2 0.6 0.0 (229.8) 8.8 0.0 239.5 4.8
Charlestown Square 49.7 49.4 (0.3) 840.2 6.4 3.7 0.0 (0.3) 0.0 0.0 850.0 17.1
Dandenong Plaza 19.9 18.4 (1.5) 180.2 1.5 0.3 0.0 0.0 (12.0) 0.0 170.0 3.4
Erina Fair 23.6 24.5 0.8 378.4 0.3 0.6 0.0 0.0 14.0 (0.1) 393.2 7.9
Highpoint Shopping Centre 13.1 14.0 0.8 242.2 27.9 0.1 0.0 0.0 11.5 0.0 281.7 5.7
Melbourne Central 51.9 56.9 5.0 945.2 2.0 2.5 0.0 (29.2) 40.7 0.0 961.2 19.4
Rouse Hill Town Centre 33.9 32.8 (1.1) 460.0 1.3 0.6 0.0 0.0 (0.9) 0.0 461.1 9.3
Sunshine Plaza 22.3 23.1 0.8 357.7 1.1 0.4 0.0 (0.1) 22.1 0.0 381.2 7.7
Westfield Penrith 31.2 32.0 0.8 519.2 1.8 0.0 0.0 0.0 25.4 0.0 546.4 11.0
Homemaker City, Fortitude Valley 8.5 8.2 (0.4) 100.1 0.5 0.6 0.0 0.0 1.1 0.1 102.3 2.1
Assets Sold During Period
Westfield Woden 19.8 9.8 (10.0) 321.5 1.0 0.0 0.0 (322.5) 0.0 0.0 0.0 0.0
Assets Held For Sale
Homemaker City, Aspley 4.6 4.5 (0.1) 47.7 0.6 0.2 0.0 0.0 (7.3) 0.0 41.2 0.8
Homemaker City, Jindalee 5.2 5.4 0.3 50.0 0.4 0.2 0.0 0.0 (0.2) 0.0 50.5 1.0
Equity Interests
GPT Equity Interest in GWSCF (23.3%) 22.8 24.1 1.3 380.8 0.0 0.0 100.0 0.0 0.4 0.0 481.2 9.7
Total Retail 335.7 324.9 (10.7) 5,278.7 49.0 9.8 100.0 (581.8) 103.6 0.1 4,959.5
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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.

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Water Intensity Emissions Intensity
1,400 (litres/m [2] ) 140 (kg CO2-e/m [2] )
1,200 120
1,000 100
800 33% 80 31%
600 Water Intensity 60 Emissions Intensity
reduction reduction
400 since 2005 40 since 2005
200 20
0 0
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Operational Waste Energy
(% reused/recycled) (MJ/m [2] )
50% 500
40% 400
30% 300
27%
Recycling rate
Energy Intensity
20% 200
37% reduction
since 2005
10% 100
0 0
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Retail Sustainability

Property	Area GLA	Water (Total) Litres/m2	Emissions kg CO2-e/m2	Waste % Recycled/Reused
GPT Portfolio
Casuarina Square	53,500	1,888	108	23%
Charlestown Square	90,900	847	60	83%
Dandenong Plaza	61,300	1,271	137	17%
Erina Fair	113,500	1,163	75	28%
Highpoint Shopping Centre	122,800	795	100	31%
Melbourne Central	52,700	1,942	199	26%
Rouse Hill Town Centre	68,600	712	55	81%
Sunshine Plaza	72,600	1,205	83	31%
Westfield Penrith	92,100	1,348	112	26%
GWSCF Portfolio
Carlingford Court	33,000	776	75	34%
Casuarina Square	53,500	1,888	108	23%
Chirnside Park	37,900	661	67	32%
Forestway Shopping Centre	9,600	1,568	148	26%
Highpoint Shopping Centre	122,800	795	100	31%
Macarthur Square	94,600	1,047	67	51%
Norton Plaza	11,800	1,343	98	31%
Parkmore Shopping Centre	36,800	769	102	40%
Westfield Woden	72,300	1,374	83	16%
Wollongong Central	37,900	749	83	46%
Total		1,116	92	37%

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Casuarina Square
Northern Territory
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casuarinasquare.com.au

Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The Centre includes two discount department stores, two supermarkets and a cinema entertainment offer. A 50% interest in the Centre was sold to GWSCF in June 2012.

Myer have agreed terms to open a store at Casuarina Square as part of a future development of the centre.

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Water Intensity Emissions Intensity Operational Waste
2,500 (litres/m [2] ) 125 (kg C02-e/m [2] ) 30% (% reused/recycled)
38%
2,000 120 reduction
since 2005
20%
1,500 115
1,000 46% 110 Recycling
reduction 10% rate of
500 since 2005 105 23%
0 100 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	50%	Asset Type	Regional Centre
Co-Owner	GWSCF(50%)	Construction/Refurbishment	Completed 1973/Refurbished 1998
Acquired (by GPT)	October 1973
Property Details
Retail	51,300 sqm	Other	1,700 sqm
Office	600 sqm	Total	53,500 sqm
Current Valuation Latest External Valuation
Fair Value	$239.5m	Value	$239.5m
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	External	Valuer	CB Richard Ellis
Income (12 months)	$21.9m	Valuation Date	31 December 2012
Centre Details
Number of Tenancies	190	Retail Occupancy	100.0%
Car Parking Spaces	2,400
Specialty Expiry Profile by Base Rent	2013: 24%	2014: 18%	2015: 17%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$8,313	$10,827
Occupancy Costs	9.5%	14.9%
Annual Centre Turnover	$388.8m
Key Tenants Area (sqm) Expiry Date
Kmart	8,150	September 2030
BigW	6,850	December 2030
Woolworths	5,020	June 2018
BCC Cinemas	4,120	December 2018
Coles	3,750	December 2020

Charlestown Square New South Wales

charlestownsquare.com.au

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

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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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 100 100%
800 80 80%
600 60 60%
400 49% 40 38% 40% Recycling rate of
reduction reduction
200 since 2005 20 since 2005 20% 83%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%	Asset Type	Super Regional Centre
Acquired (by GPT)	December 1977	Construction/Refurbishment	Completed 1979 / Refurbished 1989, 2010-11
Property Details
Retail	84,500 sqm	Other	3,900 sqm
Office	2,400 sqm	Total	90,900 sqm
Current Valuation Latest External Valuation
Fair Value	$850.0m	Value	$827.4m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	8.75%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Jones Lang LaSalle
Income (12 months)	$49.4m	Valuation Date	31 December 2010
Centre Details
Number of Tenancies	315	Retail Occupancy	99.5%
Car Parking Spaces	3,450
Specialty Expiry Profile by Base Rent	2013: 3%	2014: 2%	2015: 39%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$5,926	$8,913
Occupancy Costs	11.5%	16.8%
Annual Centre Turnover	$483.0m
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

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

20% reduction since 2005 0% 17% Recycling rate of 0 50 100 150 40% 35% 30% 25% 20% 15% 10% 5% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 0 400 200 600 800 1,000 1,200 1,400 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	20% reduction since 2005 0% 17% Recycling rate of 0 50 100 150 40% 35% 30% 25% 20% 15% 10% 5% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 0 400 200 600 800 1,000 1,200 1,400 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	20% reduction since 2005 0% 17% Recycling rate of 0 50 100 150 40% 35% 30% 25% 20% 15% 10% 5% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 0 400 200 600 800 1,000 1,200 1,400 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	20% reduction since 2005 0% 17% Recycling rate of 0 50 100 150 40% 35% 30% 25% 20% 15% 10% 5% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 0 400 200 600 800 1,000 1,200 1,400 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)
	0% 2008 2009 2010 2011 2012
Key Metrics as at 31 December 2012
Ownership Interest	100%	Asset Type	Major Regional Centre
Acquired (by GPT)	December 1993	Construction/Refurbishment	Completed 1989 / Refurbished 1995
Property Details
Retail	61,200 sqm	Other	100 sqm
Office	0 sqm	Total	61,300 sqm
Current Valuation	Latest External Valuation
Fair Value	$170.0m	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)	$18.4m	Valuation Date	30 June 2011
Centre Details
Number of Tenancies	180	Retail Occupancy	99.3%
Car Parking Spaces	3,248
Specialty Expiry Profile by Base Rent	2013:21%	2014: 18%	2015: 22%
Sales Information	Total Centre Specialties Notes
Sales Turnover per Square Metre	$4,022	$6,556	1. New lease currently under negotiation
Occupancy Costs	11.1%	18.0%
Annual Centre Turnover	$233.3m
Key Tenants	Area (sqm) Expiry Date
Myer	15,080	July 2016
Target	6,660	July 2015
Kmart¹	5,790	July 2022
Safeway	3,890	December 2014
Coles¹	3,300	August 2010
Reading Cinemas	2,780	August 2023

Erina Fair New South Wales

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.

29% reduction since 2005 29% reduction since 2005 0% 28% Recycling rate of 0 400 800 1,200 1,600 0 20 40 60 80 120 100 20% 40% 60% 80% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	29% reduction since 2005 29% reduction since 2005 0% 28% Recycling rate of 0 400 800 1,200 1,600 0 20 40 60 80 120 100 20% 40% 60% 80% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	29% reduction since 2005 29% reduction since 2005 0% 28% Recycling rate of 0 400 800 1,200 1,600 0 20 40 60 80 120 100 20% 40% 60% 80% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	29% reduction since 2005 29% reduction since 2005 0% 28% Recycling rate of 0 400 800 1,200 1,600 0 20 40 60 80 120 100 20% 40% 60% 80% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	29% reduction since 2005 29% reduction since 2005 0% 28% Recycling rate of 0 400 800 1,200 1,600 0 20 40 60 80 120 100 20% 40% 60% 80% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	29% reduction since 2005 29% reduction since 2005 0% 28% Recycling rate of 0 400 800 1,200 1,600 0 20 40 60 80 120 100 20% 40% 60% 80% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)
Key Metrics as at 31 December 2012
Ownership Interest		50%	Asset	Type	Super Regional Centre
Co-Owner		Australian Prime Property Fund Retail (50%)	Construction/Refurbishment		Completed 1987 / Refurbished 2003, 2009
Acquired (by GPT)		June 1992
Property Details
Retail		101,800 sqm	Other		11,700 sqm
Office		0 sqm	Total		113,500 sqm
Current Valuation	Latest External Valuation
Fair Value		$393.2m	Value		$392.9m
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		Savills
Income (12 months)		$24.5m	Valuation Date		30 June 2012
Centre Details
Number of Tenancies		323	Retail Occupancy		99.9%
Car Parking Spaces		4,600
Specialty Expiry Profile by Base Rent		2013: 32%	2014: 21%		2015: 18%
Sales Information	Total Centre Specialties
Sales Turnover per Square Metre		$6,118	$7,606
Occupancy Costs		9.7%	18.7%
Annual Centre Turnover		$632.7m
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
Aldi		1,300	October 2021

Highpoint Shopping Centre Victoria

highpoint.com.au

Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north-west of the Melbourne CBD and is one of Australia’s leading retail destinations. A $300 million redevelopment of Highpoint Shopping Centre commenced in 2011 and will be completed in March 2013. The expansion represents a greatly improved centre 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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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,200 150 50%
Recycling
1,000 120 40% rate of
31%
800
90 30%
600
36% 60 34% 20% Highpoint recently
400 reduction reduction released a
since 2005 30 since 2005 10% smartphone app,
200
part of GPT’s digital
0 0 0% strategy.
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Key Metrics as at 31 December 2012
Ownership Interest 16.67% Asset Type Super Regional Centre
Co-Owner GWSCF (50%) Main Centre: Completed
Highpoint Property Group (33.33%) Construction/ Refurbishment 1975 / Refurbished 1989,
Acquired (by GPT) August 2009 1995, 2006, 2012
Property Details¹
Retail 113,900 sqm Other 7,100 sqm
Office 1,800 sqm Total 122,800 sqm
Current Valuation² Latest External Valuation
Fair Value $281.7m Value $255.0m
Capitalisation Rate 5.75% Capitalisation Rate 5.75%
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) $14.0m Valuation Date 30 June 2012
Centre Details
Number of Tenancies¹ 415 Retail Occupancy¹ N/A
Car Parking Spaces¹ 6,200
Specialty Expiry Profile by Base Rent 2013: 24% 2014: 14% 2015: 15%
Sales Information [3] Total Centre Specialties Notes
Sales Turnover per Square Metre $5,781 $9,440 1. Pre-development impact
Occupancy Costs 14.8% 21.0% 2. Fair values and income
Annual Centre Turnover $609.9m include Homemaker City
Key Tenants Area (sqm) Expiry Date Maribyrnong
Myer 19,120 June 2021 3. Development impacted
Target 9,920 July 2015
Hoyts 9,030 April 2014
Big W 8,160 June 2025
Woolworths¹ 3,410 N/A
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Melbourne Central
Victoria
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melbournecentral.com.au
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Melbourne Central is a landmark office and retail property located in the Melbourne CBD. GPT’s redevelopment of the retail component in 2005 converted a traditional regional shopping centre into Melbourne’s premier retail, leisure and lifestyle destination.

Work was completed in 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.

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,200 240 40%
Recycling
rate of
180 30% 26%
2,000
120 24% 20% Melbourne Central
1,800 reduction recently released
60 since 2005 10% a smartphone app,
part of GPT’s digital
strategy.
1,600 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Key Metrics as at 31 December 2012
Ownership Interest 100% Asset Type City Centre
Acquired (by GPT) May 1999 Construction/Refurbishment Completed 1991 /
Refurbished 2005, 2011
Property Details
Retail 47,500 sqm Other 5,200 sqm
Office 0 sqm Total 52,700 sqm
Current Valuation Latest External Valuation
Fair Value¹ $961.2m Value ¹ $961.2m
Capitalisation Rate² 5.75% Capitalisation Rate² 5.75%
Terminal Capitalisation Rate² 6.00% Terminal Capitalisation Rate² 6.00%
Discount Rate² 8.75% Discount Rate² 8.75%
Valuation Type External Valuer CB Richard Ellis
Income (12 months) $56.9m Valuation Date 31 December 2012
Centre Details
Number of Tenancies 303 Retail Occupancy 99.6%
Car Parking Spaces 822
Specialty Expiry Profile by Base Rent 2013: 7% 2014: 18% 2015: 22%
Sales Information Total Centre Specialties Notes
Sales Turnover per Square Metre $7,538 $9,064 1. Includes retail and car park
Occupancy Costs 18.1% 21.4% 2. Retail component only
Annual Centre Turnover $370.8m
Key Tenants Area (sqm) Expiry Date
Hoyts 7,710 September 2020
Coles 1,310 September 2014
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Rouse Hill Town Centre New South Wales

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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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 100 100%
1,200 80 80%
900 60 60%
600 40 40% Recycling
rate of
300 20 20% 81%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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*This asset not operational in the baseline year (2005)

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GPT)	Stage 1: September 2007 Stage 2: March 2008	Construction/Refurbishment	Completed 2008
Property Details
Retail	61,800 sqm	Other	3,900 sqm
Office	2,800 sqm	Total	68,600 sqm
Current Valuation Latest External Valuation
Fair Value	$461.1m	Value	$460.0m
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	CB Richard Ellis
Income (12 months)	$32.8m	Valuation Date	30 June 2012
Centre Details
Number of Tenancies	238	Retail Occupancy	99.1%
Car Parking Spaces	2,939
Specialty Expiry Profile by Base Rent	2013: 44%	2014: 19%	2015: 10%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$6,189	$6,666
Occupancy Costs	9.6%	16.6%
Annual Centre Turnover	$375.8m
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

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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.

David Jones have agreed terms to open a store at Sunshine Plaza as part of a future development of the centre.

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,300 150 50%
120 40% Recycling
975 rate of
90 30% 31%
650
32% 60 22% 20%
325 reduction reduction
since 2005 30 since 2005 10%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
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	71,700 sqm	Other	700 sqm
Office	200 sqm	Total	72,600 sqm
Current Valuation Latest External Valuation
Fair Value	$381.2m	Value	$380.5m
Capitalisation Rate	5.75%	Capitalisation Rate	5.75%
Terminal Capitalisation Rate	6.00%	Terminal Capitalisation Rate	6.00%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	Directors	Valuer	Savills
Income (12 months)	$23.1m	Valuation Date	30 June 2012
Centre Details
Number of Tenancies	250	Retail Occupancy	99.6%
Car Parking Spaces	3,500
Specialty Expiry Profile by Base Rent	2013: 22%	2014: 26%	2015: 17%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$8,122	$10,862
Occupancy Costs	10.8%	18.3%
Annual Centre Turnover	$500.8m
Key Tenants Area (sqm) Expiry Date
Myer	12,890	July 2024
Target	6,900	July 2018
Kmart	6,590	September 2020
Coles	5,630	February 2019
BCC Cinemas	4,690	November 2022
Woolworths	3,880	November 2022

Westfield Penrith New South Wales

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.

31% reduction since 2005 25% reduction since 2005 0% 26% Recycling rate of 0 600 400 200 1,200 1,000 800 1,400 1,600 1,800 0 30 60 90 120 150 10% 20% 30% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	31% reduction since 2005 25% reduction since 2005 0% 26% Recycling rate of 0 600 400 200 1,200 1,000 800 1,400 1,600 1,800 0 30 60 90 120 150 10% 20% 30% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	31% reduction since 2005 25% reduction since 2005 0% 26% Recycling rate of 0 600 400 200 1,200 1,000 800 1,400 1,600 1,800 0 30 60 90 120 150 10% 20% 30% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	31% reduction since 2005 25% reduction since 2005 0% 26% Recycling rate of 0 600 400 200 1,200 1,000 800 1,400 1,600 1,800 0 30 60 90 120 150 10% 20% 30% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	31% reduction since 2005 25% reduction since 2005 0% 26% Recycling rate of 0 600 400 200 1,200 1,000 800 1,400 1,600 1,800 0 30 60 90 120 150 10% 20% 30% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)
				2008 2009 2010 2011 2012
Key Metrics as at 31 December 2012
Ownership Interest		50%	As	set Type	Super Regional Centre
Co-Owners		Westfield Group (25%) Westfield Retail Trust (25%)	Construction/Refurbishment		Completed 1971 / Refurbished 2005
Acquired (by GPT)		June 1971
Property Details
Retail		85,500 sqm	Other		2,600 sqm
Office		4,000 sqm	Total		92,100 sqm
Current Valuation	Latest External Valuation
Fair Value		$546.4m	Value		$545.0m
Capitalisation Rate		5.85%	Capitalisation Rate		5.85%
Terminal Capitalisation Rate		6.00%	Terminal Capitalisation Rate		6.00%
Discount Rate		8.75%	Discount Rate		8.75%
Valuation Type		Directors	Valuer		Knight Frank
Income (12 months)		$32.0m	Valuation Date		30 June 2012
Centre Details
Number of Tenancies		325	Retail Occupancy		100.0%
Car Parking Spaces		3,521
Specialty Expiry Profile by Base Rent		2013: 21%	2014: 14%		2015: 17%
Sales Information	Total Centre Specialties
Sales Turnover per Square Metre		$7,063	$10,258
Occupancy Costs		12.4%	20.1%
Annual Centre Turnover		$593.6m
Key Tenants	Area (sqm) Expiry Date
Myer		20,110	July 2013
Big W		8,740	March 2037
Target		7,100	July 2019
Hoyts Cinema		4,790	April 2018
Woolworths		3,800	March 2032
Franklins		2,010	July 2016

Homemaker City, Fortitude Valley Queensland

homemakercity.com.au

Homemaker City Fortitude Valley is one of Brisbane’s premier retail homemaker destinations, located approximately two kilometres northeast of the Brisbane CBD. The fully enclosed Centre comprises some 38,400 sqm and is securely leased to some of Australia’s leading brands in homemaker retailing.

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%	Asset Type	BulkyGoods Centre
Acquired (by GPT)	December 2001	Construction/Refurbishment	Completed: Stage 1 & 2 - 2002 Stage 3 - 2004
Property Details
Retail	29,800 sqm	Other	2,700 sqm
Office	5,800 sqm	Total	38,400 sqm
Current Valuation		Latest External Valuation
Fair Value	$102.3m	Fair Value	$100.1m
Capitalisation Rate	9.09%	Capitalisation Rate	9.09%
Terminal Capitalisation Rate	9.34%	Terminal Capitalisation Rate	9.34%
Discount Rate	10.09%	Discount Rate	10.09%
Valuation Type	Directors	Valuer	Jones LangLaSalle
Income (12 months)	$8.2m	Valuation Date	31 December 2011
Centre Details
Number of Tenancies	37	Retail Occupancy	98.9%
Car Parking Spaces	660
Key Tenants (Combined) Area (sqm)		Expiry
Domayne/HarveyNorman	7,380	September 2014
Australian Bureau of Statistics	4,380	August 2015
Freedom Furniture	2,220	December 2013
Trade Secret	2,200	April 2021
Nick Scali	2,080	December 2014

GPT Wholesale Shopping Centre Fund

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

GWSCF - Top Ten Tenants* As at 31 December 2012

GWSCF - Portfolio by Sub-Sector As at 31 December 2012

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Premier Retail
Wesfarmers Woolworths (Just Group) Myer
6.5% 6.2% 1.8% 1.7%
Cotton
On Luxottica
David Jones Hoyts Prouds Priceline Clothing Group
1.6% 1.4% 1.3% 1.2% 1.2% 1.2%
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Other
Sub 7%
Regional
6%
Regional
87%
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*Based on gross rent (including turnover rent)

Carlingford Court New South Wales

carlingfordcourt.com.au

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

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,000 120 100%
1,800
100
1,600 80%
1,400 80
1,200 60%
1,000 60
800 72% 49% 40% Recycling
600 reduction 40 reduction rate of
400 since 2005 20 since 2005 20% 34%
200
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
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	$168.0m	Value	$168.0m
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
		Valuation Date	31 December 2012
Centre Details
Number of Tenancies	107	Retail Occupancy	100.0%
Car Parking Spaces	1,443
Specialty Expiry Profile by Base Rent	2013: 15%	2014: 18%	2015: 26%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$6,620	$8,737
Occupancy Costs	8.7%	16.7%
Annual Centre Turnover	$175.8m

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Casuarina Square Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
Northern Territory 2,500 125 30%
38%
2,000 120 reduction
since 2005
20%
1,500 115
1,000 46% 110 Recycling
reduction 10% rate of
500 since 2005 105 23%
0 100 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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casuarinasquare.com.au

Myer have agreed terms to open a store at Casuarina Square as part of a future development of the centre.

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	50%	Asset Type	Regional Centre
Co-Owner	GPT (50%)	Construction/Refurbishment	Completed 1973 / Refurbished 1998
Acquired (by GWSCF)	June 2012
Property Details
Retail	51,300 sqm	Other	1,700 sqm
Office	600 sqm	Total	53,500 sqm
Current Valuation Latest External Valuation
Fair Value	$239.5m	Value	$239.5m
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	External	Valuer	CB Richard Ellis
		Valuation Date	31 December 2012
Centre Details
Number of Tenancies	190	Retail Occupancy	100.0%
Car Parking Spaces	2,400
Specialty Expiry Profile by Base Rent	2013: 24%	2014: 18%	2015: 17%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$8,313	$10,827
Occupancy Costs	9.5%	14.9%
Annual Centre Turnover	$388.8m
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

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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.

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Water Intensity Emissions Intensity Operational Waste
1,000 (litres/m [2] ) 100 (kg C02-e/m [2] ) 40% (% reused/recycled)
800 80
30%
600 60
20%
400 38% 40 29% Recycling
reduction reduction rate of
200 since 2005 20 since 2005 10% 32%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1979 / Refurbished 1999, 2002
Property Details
Retail	36,900 sqm	Other	1,000 sqm
Office	0 sqm	Total	37,900 sqm
Current Valuation Latest External Valuation
Fair Value	$228.4m	Value	$226.0m
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	Directors	Valuer	Colliers
		Valuation Date	30 June 2012
Centre Details
Number of Tenancies	114	Retail Occupancy	100.0%
Car Parking Spaces	2,045
Specialty Expiry Profile by Base Rent	2013: 27%	2014: 24%	2015: 13%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$8,318	$10,386
Occupancy Costs	6.8%	14.5%
Annual Centre Turnover	$278.6m
Key Tenants Area (sqm) Expiry Date
Kmart	8,250	September 2014
Target	4,770	July 2018
Woolworths	4,180	September 2014
Reading Cinemas	3,500	May 2016
Coles	3,290	September 2014
Aldi	1,370	April 2013

Forestway Shopping Centre New South Wales

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.

18% reduction since 2005 0% 26% Recycling rate of 0 500 1,000 1,500 2,000 3,000 2,500 0 30 60 90 120 150 180 10% 20% 30% 40% 50% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	18% reduction since 2005 0% 26% Recycling rate of 0 500 1,000 1,500 2,000 3,000 2,500 0 30 60 90 120 150 180 10% 20% 30% 40% 50% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	18% reduction since 2005 0% 26% Recycling rate of 0 500 1,000 1,500 2,000 3,000 2,500 0 30 60 90 120 150 180 10% 20% 30% 40% 50% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	18% reduction since 2005 0% 26% Recycling rate of 0 500 1,000 1,500 2,000 3,000 2,500 0 30 60 90 120 150 180 10% 20% 30% 40% 50% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)
Key Metrics as at 31 December 2012
Ownership Interest	100%	Asset Type	Neighbourhood Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1964 / Refurbished 2004
Property Details
Retail	8,300 sqm	Other	600 sqm
Office	800 sqm	Total	9,600 sqm
Current Valuation	Latest External Valuation
Fair Value	$81.5m	Value	$81.0m
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
		Valuation Date	31 March 2012
Centre Details
Number of Tenancies	54	Retail Occupancy	100.0%
Car Parking Spaces¹	437
Specialty Expiry Profile by Base Rent	2013: 24%	2014: 32%	2015: 12%
Sales Information	Total Centre Specialties		Notes
Sales Turnoverper Square Metre	$13,704	$9,998	1. Includes 99 council owned car spaces
Occupancy Costs	6.8%	15.3%
Annual Centre Turnover	$99.4m
Key Tenants	Area (sqm) Expiry Date
Woolworths	2,660	November 2028
Aldi	1,250	September 2023

Highpoint Shopping Centre Victoria

highpoint.com.au

==> picture [407 x 361] intentionally omitted <==

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,200 160 50%
Recycling
1,000 40% rate of
800 120 31%
30%
600 80
36% 34% 20% Highpoint recently
400 reduction reduction released a
since 2005 40 since 2005 10% smartphone app,
200 part of GPT’s digital
0 0 0% strategy.
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Key Metrics as at 31 December 2012
Ownership Interest 50% Asset Type Super Regional Centre
Co-Owner GPT (16.67%) Main Centre: Completed
Highpoint Property Group (33.33%) Construction/Refurbishment 1975 / Refurbished 1989,
Acquired (by GWSCF) March 2007 1995, 2006, 2012
Property Details¹
Retail 113,900 sqm Other 7,100 sqm
Office 1,800 sqm Total 122,800 sqm
Current Valuation² Latest External Valuation
Fair Value $845.0m Value $845.0m
Capitalisation Rate 5.75% Capitalisation Rate 5.75%
Terminal Capitalisation Rate 6.00% Terminal Capitalisation Rate 6.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type External Valuer Savills
Valuation Date 31 December 2012
Centre Details
Number of Tenancies¹ 415 Retail Occupancy¹ N/A
Car Parking Spaces¹ 6,200
Specialty Expiry Profile by Base Rent 2013: 24% 2014: 14% 2015: 15%
Sales Information [3] Total Centre Specialties Notes
Sales Turnover per Square Metre $5,781 $9,440 1. Pre-development impact
Occupancy Costs 14.8% 21.0% 2. Fair values and income
Annual Centre Turnover $609.9m include Homemaker City
Key Tenants Area (sqm) Expiry Date Maribyrnong
Myer 19,120 June 2021 3. Development impacted
Target 9,920 July 2015
Hoyts 9,030 April 2014
Big W 8,160 June 2025
Woolworths¹ 3,410 N/A
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Macarthur Square New South Wales

==> picture [157 x 163] intentionally omitted <==

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.

31% reduction since 2005 37% reduction since 2005 0% 51% Recycling rate of 0 250 500 750 1,000 1,500 1,250 0 20 40 60 100 80 140 120 10% 20% 30% 40% 60% 50% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	31% reduction since 2005 37% reduction since 2005 0% 51% Recycling rate of 0 250 500 750 1,000 1,500 1,250 0 20 40 60 100 80 140 120 10% 20% 30% 40% 60% 50% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	31% reduction since 2005 37% reduction since 2005 0% 51% Recycling rate of 0 250 500 750 1,000 1,500 1,250 0 20 40 60 100 80 140 120 10% 20% 30% 40% 60% 50% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	31% reduction since 2005 37% reduction since 2005 0% 51% Recycling rate of 0 250 500 750 1,000 1,500 1,250 0 20 40 60 100 80 140 120 10% 20% 30% 40% 60% 50% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	31% reduction since 2005 37% reduction since 2005 0% 51% Recycling rate of 0 250 500 750 1,000 1,500 1,250 0 20 40 60 100 80 140 120 10% 20% 30% 40% 60% 50% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)
Key Metrics as at 31 December 2012
Ownership Interest	50%	Asse	t Type	Major Regional Centre
Co-Owners	Australian Prime Property Fund Retail(50%)	Construction/Refurbishment		Completed 1979 / Refurbished 2006
Acquired (by GWSCF)	March 2007
Property Details
Retail	82,900 sqm	Other		9,200 sqm
Office	2,400 sqm	Total		94,600 sqm
Current Valuation	Latest External Valuation
Fair Value	$394.2m	Value		$393.1m
Capitalisation Rate	6.25%	Capitalisation Rate		6.25%
Terminal Capitalisation Rate	6.50%	Terminal Capitalisation Rate		6.50%
Discount Rate	9.00%	Discount Rate		9.25%
Valuation Type	Directors	Valuer		Knight Frank
		Valuation Date		31 March 2012
Centre Details
Number of Tenancies	308	Retail Occupancy		99.7%
Car Parking Spaces	3,600
Specialty Expiry Profile by Base Rent	2013: 22%	2014: 7%		2015: 21%
Sales Information	Total Centre Specialties
Sales Turnover per Square Metre	$6,190	$9,014
Occupancy Costs	10.8%	17.7%
Annual Centre Turnover	$542.9m
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

100

Norton Plaza New South Wales

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,000 140 40%
120 Recycling
rate of
1,500 100 30% 31%
80
1,000 20%
60
40
500 10%
20
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----*

This asset not operational in baseline year (2006)

nortonplaza.com.au

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

==> picture [407 x 199] intentionally omitted <==

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

Key Metrics as at 31 December 2012
Ownership Interest 100% Asset Type Neighbourhood Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment Completed late 1990s and 2000
Property Details
Retail 10,100 sqm Other 600 sqm
Office 1,100 sqm Total 11,800 sqm
Current Valuation Latest External Valuation
Fair Value $105.6m Value $104.8m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.25% Terminal Capitalisation Rate 7.25%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type Directors Valuer Knight Frank
Valuation Date 30 June 2012
Centre Details
Number of Tenancies 53 Retail Occupancy 100.0%
Car Parking Spaces 485
Specialty Expiry Profile by Base Rent 2013: 15% 2014: 8% 2015: 34%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $14,938 $11,878
Occupancy Costs 5.5% 12.7%
Annual Centre Turnover $115.5m
Key Tenants Area (sqm) Expiry Date
Coles 3,770 November 2019
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101

Parkmore Shopping Centre Victoria

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.

==> picture [318 x 121] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
800 120 60%
50%
600 90
40%
400 60 30%
22% 14% Recycling
reduction reduction 20% rate of
200 since 2005 30 since 2005 10% 40%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1973 / Refurbished 1995, 2007
Property Details
Retail	36,700 sqm	Other	200 sqm
Office	0 sqm	Total	36,800 sqm
Current Valuation Latest External Valuation
Fair Value	$200.2m	Value	$199.0m
Capitalisation Rate	7.50%	Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%	Terminal Capitalisation Rate	7.75%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Jones LangLaSalle
		Valuation Date	30 June 2012
Centre Details
Number of Tenancies	128	Retail Occupancy	100.0%
Car Parking Spaces	2,600
Specialty Expiry Profile by Base Rent	2013: 14%	2014: 16%	2015: 17%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$6,971	$8,315
Occupancy Costs	7.8%	14.7%
Annual Centre Turnover	$240.4m
Key Tenants Area (sqm) Expiry Date
Kmart	8,390	September 2017
BigW	6,670	November 2015
Coles	3,850	August 2014
Woolworths	3,490	July2027

102

Westfield Woden

Australian Capital Territory

==> picture [158 x 16] intentionally omitted <==

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

westfield.com.au/woden
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Westfield Woden is one of the largest shopping, leisure and lifestyle destinations in Canberra, and is an approximate 10 minute drive south of the CBD.

The Centre includes a strong retail offer, with a department store, discount department store and two supermarkets, as well as a cinema complex and over 200 specialty retailers.

Westfield Woden is owned jointly with, and managed by Westfield.

A 50% interest in the centre was acquired by GWSCF in June 2012.

Myer have agreed terms to open a store at Westfield Woden as part of a future development of the centre.

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,000 150 40%
120
1,500 30%
90
1,000 20%
21% 60 30% Recycling
reduction reduction rate of
500 since 2005 30 since 2005 10% 16%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
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 GWSCF)	June 2012
Property Details
Retail	64,700 sqm	Other	1,000 sqm
Office	6,600 sqm	Total	72,300 sqm
Current Valuation Latest External Valuation
Fair Value	$326.0m	Value	$322.6m
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	CB Richard Ellis
		Valuation Date	30 June 2012
Centre Details
Number of Tenancies	238	Retail Occupancy	95.7%
Car Parking Spaces	2,700
Specialty Expiry Profile by Base Rent	2013: 29%	2014: 16%	2015: 18%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$6,799	$9,125
Occupancy Costs	11.3%	19.1%
Annual Centre Turnover	$392.3m
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

103

Wollongong Central New South Wales wollongongcentral.com.au

Wollongong Central is located in the CBD of Wollongong, approximately 90 kilometres south of Sydney. Refurbishment works to the north building were completed in December 2009 to improve the customer experience of the Centre and greatly improve the retail mix.

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.

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,200 120 50%
100 40%
900
80
30%
600 60
54% 40 reduction 28% 20% Recycling rate of
reduction
300 since 2005
since 2005 20 10% 46%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%	Asset Type	CityCentre
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	$351.7m	Value²	$337.0m
Capitalisation Rate	6.50%	Capitalisation Rate	6.50%
Terminal Capitalisation Rate	6.75%	Terminal Capitalisation Rate	6.75%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Colliers
		Valuation Date	30 September 2012
Centre Details
Number of Tenancies¹	153	Retail Occupancy³	N/A
Car Parking Spaces¹	1,429
Specialty Expiry Profile by Base Rent	2013: 13%	2014: 24%	2015: 31%
Sales Information Total Centre Specialties			Notes
Sales Turnoverper Square Metre	$5,426	$8,708	1. Pre-development impact 2. Includes ancillary properties 3. Development impacted
Occupancy Costs	13.5%	18.3%
Annual Centre Turnover	$166.8m
Key Tenants Area (sqm) Expiry Date
Myer	12,150	October 2016
David Jones	1,840	October 2015

104

GPT ANNUAL RESULT 14 FEBRUARY 2013

OFFICE PORTFOLIO

105

Office Portfolio Overview

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

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

NT
QLD Brisbane
4
WA
SA
Sydney
NSW
10
VIC
6
Melbourne
TAS
----- End of picture text -----

New South Wales GPT Owned

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

GWOF Owned

Darling Park 1 & 2 (50%) Darling Park 3 HSBC Centre workplace[6]

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

Queensland

GPT Owned One One One Eagle Street (33%)

GWOF Owned

Brisbane Transit Centre (50%) Riverside Centre 545 Queen Street One One One Eagle Street (33%)

Victoria

GPT Owned

Melbourne Central Tower 818 Bourke Street

GWOF Owned

Twenty8 Freshwater Place (50%) 530 Collins Street 800/808 Bourke Street 150 Collins Street

l Number of assets in each state

106

Office Portfolio Summary

GPT has the highest exposure to Premium Grade office assets out of the listed AREIT sector. In 2012, the GPT office portfolio performed well with a high average occupancy level, and a long weighted average lease term of 5.4 years.

Top Ten Tenants* As at 31 December 2012

Asset Quality As at 31 December 2012

Geographic Weighting As at 31 December 2012

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100
Members Ericsson
Government Citibank Freehills Equity Australia Brisbane
80 14%
10.1% 4.9% 3.7% 2.9% 2.6% 60
(%)
Mallesons Price 40 Melbourne
Stephen Gilbert + Waterhouse 25%
NAB Jaques CBA Tobin Coopers
20
2.5% 2.1% 2.0% 1.9% 1.7% Sydney
61%
0
GPT Peer Peer Peer Peer Peer
Based on gross rent
1 2 3 4 5
Other
A Grade
Premium
----- End of picture text -----*

*Based on gross rent

107

Office Portfolio Summary

Property	Location	Ownership	Office NLA (100% Interest) (sqm)	31 Dec 12 Fair Value ($m)	31 Dec 12 Cap Rate (%)	30 Jun 12 Cap Rate (%)	External or Directors Valuation	Office Occupancy	Office Occupancy	Office Occupancy	WALE By Income (Years)
								Actual	Inc. Signed Leases	Inc. Heads of Agreement
GPT Portfolio
Australia Square,Sydney	NSW	50%	51,400	286.1	6.88%	6.88%	Directors	86.3%	86.3%	91.1%	3.4
CitigroupCentre,Sydney	NSW	50%	73,500	385.0	6.63%	7.20%	External	99.5%	99.5%	99.5%	5.3
MLC Centre,Sydney	NSW	50%	68,400	381.1	7.00%	7.00%	Directors	88.0%	93.0%	94.9%	4.1
1 Farrer Place,Sydney	NSW	25%	86,900	328.4	6.44%	6.44%	Directors	96.6%	96.6%	96.6%	3.4
Melbourne Central Tower,Melbourne	VIC	100%	65,600	375.0	7.00%	7.25%	External	93.9%	93.9%	94.9%	4.7
818 Bourke Street,Melbourne	VIC	100%	21,900	128.0	7.25%	7.25%	Directors	100.0%	100.0%	100.0%	5.8
One One One Eagle Street,Brisbane	QLD	33%	63,800	208.6	6.63%	6.63%	Directors	56.5%	82.0%	83.7%	10.0
GWOF Portfolio
DarlingPark 1 & 2,Sydney	NSW	50%	102,000	587.9	6.75% - 7.38%	6.75% - 7.38%	Directors	100.0%	100.0%	100.0%	6.2
DarlingPark 3,Sydney	NSW	100%	29,800	285.2	7.13%	7.13%	Directors	100.0%	100.0%	100.0%	3.8
HSBC Centre,Sydney	NSW	100%	37,300	323.5	7.25%	7.25%	Directors	100.0%	100.0%	100.0%	4.6
workplace6,Sydney	NSW	100%	16,300	167.0	7.00%	7.00%	External	100.0%	100.0%	100.0%	6.9
The Zenith,Chatswood	NSW	50%	44,300	116.6	8.50%	8.50%	Directors	99.7%	99.7%	99.7%	3.4
Twenty8 Freshwater Place,Melbourne	VIC	50%	33,900	115.0	7.00%	7.00%	Directors	100.0%	100.0%	100.0%	6.2
530 Collins Street,Melbourne	VIC	100%	66,000	410.0	6.88%	7.25%	External	74.8%	98.2%	98.2%	7.6
800/808 Bourke Street,Melbourne	VIC	100%	59,600	372.0	6.50%	7.25%	External	100.0%	100.0%	100.0%	14.6
Brisbane Transit Centre,Brisbane	QLD	50%	29,500	65.0	9.00%	8.75%	External	100.0%	100.0%	100.0%	1.8
One One One Eagle Street,Brisbane	QLD	33%	63,800	208.0	6.63%	6.63%	Directors	56.5%	82.0%	83.7%	10.0
Riverside Centre,Brisbane	QLD	100%	51,500	530.3	7.00%	7.00%	Directors	98.1%	98.1%	98.1%	5.0
545 Queen Street,Brisbane	QLD	100%	13,100	89.0	8.25%	8.25%	External	100.0%	100.0%	100.0%	4.4
Total			914,800		6.86%	7.01%		91.1%	94.8%	95.8%	5.4

108

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the office portfolio firmed by 21 basis points over the 12 months to 31 December 2012.

Weighted Average Capitalisation Rate

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

7.10% 7.27% 7.20% 7.14% 7.11% 7.07% 7.01%
6.86%
6.60%
6.10%
----- End of picture text -----

30 Jun 08 31 Dec 08 30 Jun 09 31 Dec 09 30 Jun 10 31 Dec 10 30 Jun 11 31 Dec 11 30 Jun 12 31 Dec 12

109

Office Portfolio Lease Expiry Profile

GPT continues to proactively manage its lease expiries, as evidenced by a reduction in lease expiries over 2014-16, from 40% down to 29%.

Office Portfolio Lease Expiry Profile (by Area)

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14%
13%
11%
10%
9% 9% 9%
8%
6%
4% 4%
3%
Vacant 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+
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110

Office Market Outlook

Despite slowing demand in CBD markets in 2012, medium term fundamentals remain supportive.

GPT’s office portfolio has a

diverse tenant mix across a wide range of sectors. Income growth is underpinned by 75% of reviewed leases being subject to a fixed rental review with an average increase of 4.1%. The weighted Office portfolio is over-rented by 3.1%[1] .

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

Other [2]
25%
Rent
4.1% Reviews
Average
Increase
----- End of picture text -----

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

Fixed
75%
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Passing rents struck on effective deals “faced up” at current incentive levels
Other includes market reviews, CPI reviews and expiries in 2013

Total Vacancy

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

14%
12%
10% 10.2%
9.4%
8%
8.4%
6%
4%
2%
0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Sydney CBD Melbourne CBD Brisbane CBD 2013-2015 Forecast
Average
Vacancy
Source: Jones Lang LaSalle Research, December 2012
----- End of picture text -----

Prime Incentives

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

30%
26.1%
25%
24.4%
23.3%
20%
15%
10%
5%
0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Forecast
Sydney CBD Melbourne CBD Brisbane CBD 2013-2015
Average Prime
Source: Jones Lang LaSalle Research, December 2012 Incentives
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Source: Jones Lang LaSalle Research, December 2012

111

Office Portfolio External Valuation Summary

59% of the GPT office portfolio was valued externally in the 12 months to 31 December 2012.

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	31-Dec-12	CBRE	385.0	50%	6.63%	6.88%	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	31-Dec-12	CBRE	375.0	100%	7.00%	7.25%	9.00%
818 Bourke Street,Melbourne	VIC	31-Mar-11	Savills	126.6	100%	7.25%	7.50%	9.50%
One One One Eagle Street, Brisbane	QLD	31-Mar-12	KF	185.0	33%	6.63%	6.88%	9.00%
GWOF Portfolio
Darling Park 1 & 2, Sydney	NSW	30-Jun-12	JLL	586.0	50%	Office: 6.75%-7.375% Retail: 7.00%	Office: 7.00% - 7.50% Retail: 7.25%	Office: 9.00% - 9.25% Retail: 9.00%
DarlingPark 3,Sydney	NSW	31-Mar-12	JLL	285.0	100%	7.13%	7.13%	9.00%
HSBC Centre,Sydney	NSW	30-Jun-12	JLL	321.0	100%	7.25%	7.25%	9.25%
workplace6,Sydney	NSW	31-Dec-12	JLL	167.0	100%	7.00%	7.25%	9.00%
The Zenith,Chatswood	NSW	30-Sep-12	Colliers	116.5	50%	8.50%	8.75%	9.50%
Twenty8 Freshwater Place,Melbourne	VIC	30-Sep-12	M3	115.0	50%	7.00%	7.00%	9.00%
530 Collins Street,Melbourne	VIC	31-Dec-12	JLL	410.0	100%	6.88%	7.00%	8.75%
800/808 Bourke Street,Melbourne	VIC	31-Dec-12	KF	372.0	100%	6.50%	7.00%	8.75%
Brisbane Transit Centre,Brisbane	QLD	31-Dec-12	Colliers	65.0	50%	9.00%	9.25%	9.25%
One One One Eagle Street,Brisbane	QLD	31-Mar-12	KF	185.0	33%	6.63%	6.88%	9.00%
Riverside Centre,Brisbane	QLD	30-Jun-12	JLL	524.0	100%	7.00%	7.25%	9.00%
545 Queen Street,Brisbane	QLD	31-Dec-12	CBRE	89.0	100%	8.25%	8.50%	9.50%

112

Office Portfolio Income and Fair Value Schedule

With comparable income growth of 3.8%, the GPT office portfolio continues to perform well.

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113

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.

Water Intensity (litres/m[2] )

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900
800
700
600
500 55%
400 Water Intensity
300 reduction
since 2005
200
100
0
2008 2009 2010 2011 2012
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Emissions Intensity (kg CO2-e/m[2] )

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100
80
60
49%
40 Emissions Intensity
reduction
since 2005
20
0
2008 2009 2010 2011 2012
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Operational Waste
(% reused/recycled)
70%
60%
50%
40%
Recycling rate
30%
56%
20%
10%
0
2008 2009 2010 2011 2012
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Energy
(MJ/m [2] )
600
500
400
35%
300
Energy Intensity
200 reduction
since 2005
100
0
2008 2009 2010 2011 2012
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114

Office Sustainability

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

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One One One Eagle Street, Brisbane
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Sustainability
Property	NABERS Energy Rating (includingGreen Power)					NABERS Water Rating
	2008	2009	2010	2011	2012	2008	2009	2010	2011	2012
GPT Portfolio
Australia Square,Sydney (Tower)	4.0	4.5	4.5	4.0	4.5	3.5	3.5	3.5	4.0	4.0
Australia Square,Sydney (Plaza)	5.0	5.0	5.0	5.0	5.0	3.5	4.0	4.0	3.5	4.0
CitigroupCentre,Sydney	4.5	5.0	5.0	5.0	5.0	4.0	4.0	4.0	3.5	3.5
MLC Centre,Sydney	4.5	5.0	5.0	5.0	5.5	2.5	3.0	3.0	3.5	3.0
1 Farrer Place,Sydney, (GMT)	3.0	3.0	4.5	4.5	4.5	-	4.0	4.0	4.0	4.0
1 Farrer Place,Sydney (GPT)	3.0	3.0	4.0	4.0	3.5	-	3.0	3.0	3.0	3.0
Melbourne Central,Melbourne	4.5	4.5	4.5	5.0	5.0	2.0	3.5	3.5	2.5	3.0
818 Bourke Street,Melbourne	5.0	5.0	5.0	5.0	5.5	-	5.0	5.0	5.0	5.5
One One One Eagle Street, Brisbane
GWOF Portfolio
DarlingPark 1,Sydney	4.5	4.0	5.0	5.5	5.5	2.0	2.5	2.5	3.5	3.5
DarlingPark 2,Sydney	5.0	5.0	5.0	5.0	5.0	3.0	3.0	3.0	3.5	3.5
DarlingPark 3,Sydney	5.0	5.0	5.0	5.5	5.5	3.5	3.0	3.0	3.5	3.5
HSBC Centre,Sydney	3.5	3.5	4.0	4.0	4.5	3.0	3.0	3.0	2.5	3.0
workplace6,Sydney	-	-	5.0	5.5	5.5	-	-	5.0	5.0	5.0
The Zenith,Chatswood	3.0	3.0	3.5	3.5	3.5	1.5	2.0	2.0	2.0	2.0
530 Collins Street,Melbourne	4.0	4.5	5.0	5.0	5.5	3.0	3.0	3.0	3.5	3.5
800/808 Bourke Street,Melbourne	4.5	5.0	5.0	5.0	4.5	3.0	3.0	3.0	2.5	2.5
Twenty8 Freshwater Place,Melbourne	-	-	5.0	5.0	5.0	-	-	3.5	4.5	4.5
One One One Eagle Street,Brisbane
Riverside Centre,Brisbane	5.0	5.0	5.0	5.0	5.0	3.5	3.5	3.5	3.5	3.0
Brisbane Transit Centre,Brisbane	-	-	-	-	-	-	-	-	-	-
545 Queen Street,Brisbane	-	5.0	5.0	5.0	5.0	-	-	4.5	4.5	4.5
10 Mort Street,Canberra	4.5	4.5	4.5	5.0	-	3.5	4.0	4.0	3.5	-
12 Mort Street,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	5.0	2.8	3.2	3.3	3.7	3.7

NABERS rating: 1 to 6 stars, 1=poor performance, 6=exceptional performance.

115

Australia Square, 264 George Street Sydney

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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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,000 110 100% Vacant 9%
2013 13%
2014 24%
800 100 80%
2015 8%
2016 12%
600 90 60% 2017 8%
400 53% 80 40% Recycling 20182019 13%7%
reduction 30% rate of 2020 2%
200 since 2005 70 since 2005reduction 20% 60% 2021 2%
2022 2%
0 60 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012
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 $286.1m 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 Directors Valuer Savills
Income (12 months) $18.7m Valuation Date 31 December 2011
Tenant Details Office Occupancy
Number of Office Tenants 54 Actual 86.3%
WALE (by income) 3.4 years Including Signed Leases 86.3%
Including Heads of Agreement 91.1%
Key Tenants Area (sqm) Expiry Date
HWL Ebsworth 5,160 February 2016
Origin Energy 5,150 August 2014
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116

Citigroup Centre, 2 Park Street Sydney

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 city and harbour views.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
800 100 100% Vacant 1%
2013 15%
90 80% 2014 23%
700 2015
2016 16%
80 60% 2017 4%
600 2018
57% 70 33% 40% Recycling 2019 3%
reduction reduction rate of 2020 7%
500 since 2005 60 since 2005 20% 79% 2021 4%
2022 3%
400 50 0 2023+ 25%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012
Ownership Interest 50% Asset Quality Premium Grade
Co-Owner Charter Hall Office Trust (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 $385.0m Value $385.0m
Capitalisation Rate 6.63% Capitalisation Rate 6.63%
Terminal Capitalisation Rate 6.88% Terminal Capitalisation Rate 6.88%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type External Valuer CB Richard Ellis
Income (12 months) $26.8m Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 30 Actual 99.5%
WALE (by income) 5.3 years Including Signed Leases 99.5%
Including Heads of Agreement 99.5%
Key Tenants Area (sqm) Expiry Date
Citigroup 18,470 July 2024
Gilbert + Tobin 9,280 June 2016
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117

MLC Centre, 19 Martin Place Sydney

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 includes a dominant food court and a number of international fashion brands.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,250 120 100% Vacant 5%
2013 34%
100 2014 8%
1000 80%
2015 3%
80 2016 8%
750 60% 2017 10%
500 reduction 64% 6040 reduction 46% 40% Recyclingrate of 201820192020 5%6%6%
250 since 2005 20 since 2005 20% 2021 7%
2022 5%
0 0 0 2023+ 4%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
48%
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Key Metrics as at 31 December 2012
Ownership Interest 50% Asset Quality A Grade
Co-Owner QIC (50%) Construction/Refurbishment Completed 1978 /
Acquired (by GPT) April 1987 Refurbished late 1990s
Property Details
Office 68,400 sqm Car Parking Spaces 311
Retail 5,200 sqm Typical Floor Plate 1,300 sqm
Current Valuation Latest External Valuation
Fair Value $381.1m Value $367.9m
Capitalisation Rate 7.00% 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) $28.1m Valuation Date 30 June 2011
Tenant Details Office Occupancy
Number of Office Tenants 42 Actual 88.0%
WALE (by income) 4.1 years Including Signed Leases 93.0%
Including Heads of Agreement 94.9%
Key Tenants Area (sqm) Expiry Date
Freehills 20,140 December 2013
Government 5,000 March 2016
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118

Governor Phillip & Governor Macquarie Towers, 1 Farrer Place Sydney

1 Farrer Place is regarded as Sydney’s pre-eminent office building with expansive harbour views. The complex consists of 87,200 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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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,200 180 100% Vacant 3%
160 2013 6%
1,000 140 80% 2014 36%
2015 13%
800 120 2016 21%
100 60% 2017 5%
600400 reduction 28% 8060 reduction 36% 40% Recyclingrate of 201820192020 4%
200 since 2005 40 since 2005 20% 59% 2021 2%
20 2022 9%
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012
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 86,900 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 $328.4m Value $321.5m
Capitalisation Rate 6.44% Capitalisation Rate 6.44%
Terminal Capitalisation Rate 6.50% Terminal Capitalisation Rate 6.50%
Discount Rate 8.63% Discount Rate 8.63%
Valuation Type Directors Valuer Jones Lang LaSalle
Income (12 months) $21.7m Valuation Date 31 December 2010
Tenant Details Office Occupancy
Number of Office Tenants 34 Actual 96.6%
WALE (by income) 3.4 years Including Signed Leases 96.6%
Including Heads of Agreement 96.6%
Key Tenants Area (sqm) Expiry Date
Government 20,990 December 2014
Mallesons Stephen Jacques 15,700 September 2016
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119

Melbourne Central Tower, 360 Elizabeth Street Melbourne

melbournecentraltower.com.au

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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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,000 100 100% Vacant 5%
2013 3%
800 80 80% 2014 21%
2015
2016 2%
600 60 60% 2017 21%
2018 11%
400 39% 40 51% 40% Recycling 2019 3%
rate of
reduction reduction 2020 4%
200 since 2005 20 since 2005 20% 64% 2021 28%
2022
0 0 0 2023+ 2%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012
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 $375.0m Value $375.0m
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 CB Richard Ellis
Income (12 months) $26.8m Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 16 Actual 93.9%
WALE (by income) 4.7 years Including Signed Leases 93.9%
Including Heads of Agreement 94.9%
Key Tenants Area (sqm) Expiry Date
Members Equity Bank 13,660 April 2021
Government 7,540 May 2014
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120

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818 Bourke Street
Melbourne
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818 Bourke Street is a campus-style office building on the waterfront at Docklands, Melbourne. 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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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
200 100 50% Vacant
2013
2014
80 40%
150 2015 16%
2016
60 30% 2017 33%
100 40 20% Recyclingrate of 20182019 17%43%
2020 33%
50 20 10% 28% 2021
2022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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*This asset not operational in the baseline year (2005)

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Key Metrics as at 31 December 2012
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 $128.0m 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) $9.9m Valuation Date 31 March 2011
Tenant Details Office Occupancy
Number of Office Tenants 3 Actual 100.0%
WALE (by income) 5.8 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Ericsson 10,740 December 2015/2017
Infosys 7,150 November 2020
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121

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. 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).

Sustainability

Lease Expiry by Area Vacant 16% 2013 2014 2015 2016 2017 1% 2018 100% 2019 5% 2020 2% 2021 27% 2022 5% 2023+ 45%

With practical completion in 2012, One One One Eagle Street has targeted and achieved the highest Green Star rating available. Featuring the latest Tri-generation technology, the building can generate its own power, reducing peak demand on energy supply and lowering greenhouse gas emissions.

The building’s design was focused on the reduction of energy and water consumption, providing long-term cost efficiencies without compromising functionality and facility.

Award winning

One One One Eagle Street was named Queensland’s Best Large Commercial Development and received the President’s Award for Overall Excellence at the Urban Development Institute of Australia (Qld) 2012 Awards for Excellence.

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Key Metrics as at 31 December 2012
Ownership Interest 33% Asset Quality Premium Grade
Co-Owner GWOF (33%) Third Party Investor (33%) Construction/Refurbishment Completed 2012
Property Details
Office 63,800 sqm Car Parking Spaces 115
Retail 400 sqm Typical Floor Plate 1,450 sqm
Current Valuation Latest External Valuation
Fair Value $208.6m Value $185.0m
Capitalisation Rate 6.63% Capitalisation Rate 6.63%
Terminal Capitalisation Rate 6.88% Terminal Capitalisation Rate 6.88%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Knight Frank
Income (12 months) $3.4m Valuation Date 31 March 2012
Tenant Details Office Occupancy
Number of Office Tenants 12 Actual 56.5%
WALE (by income) 10.0 years Including Signed Leases 82.0%
Including Heads of Agreement 83.7%
Key Tenants Area (sqm) Expiry Date
Arrow Energy 14,800 February 2021
Ernst & Young 9,000 June 2024
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122

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, in addition to the income received from the Fund.

GWOF - Top Ten Key Tenants* As at 31 December 2012

GWOF - Geographic Weighting As at 31 December 2012

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Price
Waterhouse Marsh
NAB CBA Government Coopers Mercer
9.8% 7.6% 7.1% 6.6% 5.7%
HWL
HSBC Google Rabobank Accenture Ebsworth
2.7% 2.6% 2.6% 1.6% 1.6%
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*Based on gross rent

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Brisbane
27%
Melbourne Sydney
27% 45%
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123

Darling Park 1 & 2 and Cockle Bay Wharf, 201 Sussex Street Sydney

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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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,200 100 100% Vacant
41% 2013
1,000 reduction 80 80% 2014
2015 45%
since 2005
800 2016 1%
60 60%
2017
600
2018
40 64% 40% Recycling 2019 5%
400 reduction rate of 2020 17%
200 20 since 2005 20% 60% 2021 17%
2022 17%
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012
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 102,000 sqm Car Parking Spaces 690
Retail 9,700 sqm Typical Floor Plate 1,900 sqm
Current Valuation Latest External Valuation
Fair Value $587.9m Value $586.0m
Office: 6.75%-7.375% Office: 6.75%-7.375%
Capitalisation Rate Retail: 7.00% Capitalisation Rate Retail: 7.00%
Office: 7.00%-7.50% Office: 7.00%-7.50%
Terminal Capitalisation Rate Retail: 7.25% Terminal Capitalisation Rate Retail: 7.25%
Office: 9.00%-9.25% Office: 9.00%-9.25%
Discount Rate Discount Rate
Retail: 9.00% Retail: 9.00%
Valuation Type Directors Valuer Jones Lang LaSalle
Valuation Date 30 June 2012
Tenant Details Office Occupancy
Number of Office Tenants 10 Actual 100.0%
WALE (by income) 6.2 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Commonwealth Bank of Australia 51,220 December 2020/2022
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124

Darling Park 3, 201 Sussex Street Sydney

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,200 60 100% Vacant
2013
1,000 50 2014
80%
2015
800 40 2016 100%
60% 2017
600400 3020 40% Recyclingrate of 20182019
2020
200 10 20% 63% 2021
2022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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*This asset not operational in baseline year (2005)

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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Key Metrics as at 31 December 2012
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 $285.2m Value $285.0m
Capitalisation Rate 7.13% Capitalisation Rate 7.13%
Terminal Capitalisation Rate 7.13% Terminal Capitalisation Rate 7.13%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Jones Lang LaSalle
Valuation Date 31 March 2012
Tenant Details Office Occupancy
Number of Office Tenants 3 Actual 100.0%
WALE (by income) 3.8 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Marsh Mercer 17,780 November 2016
Rabobank 9,060 June 2016
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125

HSBC Centre, 580 George Street Sydney

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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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,600 140 100% Vacant
2013 5%
1,400 120 2014 18%
80%
1,200 100 2015 12%
2016 14%
1,000 80 60% 2017 17%
800 2018 2%
600 62% 60 47% 40% Recycling 2019
reduction 40 reduction rate of 2020 29%
400200 since 2005 20 since 2005 20% 58% 20212022 3%
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012
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 $323.5m Value $321.0m
Capitalisation Rate 7.25% Capitalisation Rate 7.25%
Terminal Capitalisation Rate 7.25% Terminal Capitalisation Rate 7.25%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type Directors Valuer Jones Lang LaSalle
Valuation Date 30 June 2012
Tenant Details Office Occupancy
Number of Office Tenants 22 Actual 100.0%
WALE (by income) 4.6 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
HSBC Bank Australia 12,000 December 2020
Mission Australia 3,700 May 2017
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126

workplace[6] , 48 Pirrama Road Sydney

Water intensity Emissions intensity Operational Waste Lease Expiry (litres/m[2] ) (kg C02-e/m[2] ) (%reused/recycled) by Area

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1,000 70 80% Vacant
2013
60 2014
800
50 60% 2015
2016
600 40 2017
40% 2018 60%
400 30 Recycling 2019
rate of
20 2020
20%
200 53% 2021 40%
10 2022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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*This asset not operational in baseline year (2005)

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 campus style floor plates and two levels of basement parking with 135 car spaces. Accenture and Google occupy all of the office space with the award winning Doltone House function centre occupying the waterfront retail.

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Key Metrics as at 31 December 2012
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 $167.0m Value $167.0m
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
Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 2 Actual 100.0%
WALE (by income) 6.9 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Google Australia 9,850 December 2018
Accenture 6,460 February 2021
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127

The Zenith, 821 Pacific Highway Chatswood

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.

Operational Waste Lease Expiry (%reused/recycled) by Area

Water intensity Emissions intensity (litres/m[2] ) (kg C02-e/m[2] )

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1,250 200 60% Vacant
54% 2013 19%
1,000 160 reduction 50% 2014 14%
since 2005 2015 20%
40% 2016 4%
750 140 2017 12%
30% 2018 21%
500 62% 80 20% Recyclingrate of 2019
reduction 2020
250 since 2005 40 10% 42% 2021
2022 10%
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
2009 reporting data unreliable for waste
Key Metrics as at 31 December 2012
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 44,300 sqm Car Parking Spaces 801
Retail 900 sqm Typical Floor Plate 1,100 sqm
Current Valuation Latest External Valuation
Fair Value $116.6m Value $116.5m
Capitalisation Rate 8.50% Capitalisation Rate 8.50%
Terminal Capitalisation Rate 8.75% Terminal Capitalisation Rate 8.75%
Discount Rate 9.50% Discount Rate 9.50%
Valuation Type Directors Valuer Colliers
Valuation Date 30 September 2012
Tenant Details Office Occupancy
Number of Office Tenants 35 Actual 99.7%
WALE (by income) 3.4 years Including Signed Leases 99.7%
Including Heads of Agreement 99.7%
Key Tenants Area (sqm) Expiry Date
Government 6,320 March 2018
Government 5,270 May 2022
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128

Twenty8 Freshwater Place Melbourne

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
500 60 100% Vacant
2013
50 2014
400 80%
2015 3%
40 2016 18%
300 60% 2017
30 2018 5%
200 40% Recycling 2019 48%
20 rate of 2020 5%
100 20% 75% 2021 21%
10
2022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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This asset not operational in baseline year (2005)

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

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Key Metrics as at 31 December 2012
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 $115.0m Value $115.0m
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 M3
Valuation Date 30 September 2012
Tenant Details Office Occupancy
Number of Office Tenants 14 Actual 100.0%
WALE (by income) 6.2 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
MMG Australia 7,120 March 2019
CPA 7,120 May 2021
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129

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.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
800 100 80% Vacant 2%
2013 3%
2014 2%
80
600 60% 2015
2016 12%
60
2017 9%
400 40% 2018 8%
35% 40 62% Recycling 2019 2%
rate of
reduction reduction 2020 13%
200 since 2005 20 since 2005 20% 62% 2021 12%
2022 6%
0 0 0 2023+ 31%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012
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 324
Retail 1,600 sqm Typical Floor Plate Tower: 1,300 sqm
Podium: 3,500 sqm
Current Valuation Latest External Valuation
Fair Value $410.0m Value $410.0m
Capitalisation Rate 6.88% Capitalisation Rate 6.88%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type External Valuer Jones Lang LaSalle
Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 20 Actual 74.8%
WALE (by income) 7.6 years Including Signed Leases 98.2%
Including Heads of Agreement 98.2%
Key Tenants Area (sqm) Expiry Date
Suncorp 15,450 June 2023
St George Bank 7,030 December 2016
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130

800/808 Bourke Street Melbourne

818bourke.com.au

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.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
750 80 40% Vacant
2013
35%
60 Recycling 2014
700
30% rate of 2015
650 40 25% 35% 20162017
20 20% 2018
600 18% 15% 2019
0
reduction 2020
10%
550 since 2005 2021
-20
5% 2022
500 -40 0 2023+ 100%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012
Ownership Interest 100% Asset Quality A Grade
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 $372.0m Value $372.0m
Capitalisation Rate 6.50% Capitalisation Rate 6.50%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type External Valuer Knight Frank
Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 1 Actual 100.0%
WALE (by income) 14.6 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
National Australia Bank 59,600 August 2027
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131

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

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,500 140 50% Vacant
2013 32%
1,250 120 2014 28%
40%
2015 20%
100
1,000 2016 21%
80 30% 2017 21%
750 2018
73% 60 20% Recycling 2019
500 reduction 40 rate of 2020
250 since 2005 20 10% 42% 20212022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012
Ownership Interest 50% Asset Quality A Grade
Co-Owner APPF Commercial (50%) Construction/Refurbishment Completed 1988, with periodic refurbishment
Acquired (by GWOF) July 2006
Property Details
Office 29,500 sqm Car Parking Spaces 805
Retail 3,100 sqm Typical Floor Plate East Tower: 1,030 sqm
West Tower: 2,095 sqm
Current Valuation Latest External Valuation
Fair Value $65.0m Value $65.0m
Capitalisation Rate 9.00% Capitalisation Rate 9.00%
Terminal Capitalisation Rate 9.25% Terminal Capitalisation Rate 9.25%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type External Valuer Colliers
Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 8 Actual 100.0%
WALE (by income) 1.8 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Government 8,320 August 2013/June 2015
Worley Parsons 8,240 June 2013/November 2014
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132 3

One One One Eagle Street Brisbane

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Sustainability

Lease Expiry by Area Vacant 16% 2013 2014 2015 2016 2017 1% 2018 100% 2019 5% 2020 2% 2021 27% 2022 5% 2023+ 45%

The building’s design was focused on the reduction of energy and water consumption, providing long-term cost efficiencies without compromising functionality and facility.

Award winning

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Key Metrics as at 31 December 2012
Ownership Interest 33% Asset Quality Premium Grade
Co-Owner GPT (33%) Third Party Investor (33%) Construction/Refurbishment Completed 2012
Acquired (by GWOF) 2008
Property Details
Office 63,800 sqm Car Parking Spaces 115
Retail 400 sqm Typical Floor Plate 1,450 sqm
Current Valuation Latest External Valuation
Fair Value $208.0m Value $185.0m
Capitalisation Rate 6.63% Capitalisation Rate 6.63%
Terminal Capitalisation Rate 6.88% Terminal Capitalisation Rate 6.88%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Knight Frank
Valuation Date 31 March 2012
Tenant Details Office Occupancy
Number of Office Tenants 11 Actual 56.5%
WALE (by income) 10.0 years Including Signed Leases 82.0%
Including Heads of Agreement 83.7%
Key Tenants Area (sqm) Expiry Date
Arrow Energy 14,800 February 2021
Ernst & Young 9,000 June 2024
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133 134

Riverside Centre, 123 Eagle Street Brisbane

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 509 cars and an open plaza surrounded by retail accommodation.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,200 100 62% Vacant 2%
1,000 80 60% Recyclingrate of 20132014 8%12%
2015 15%
58%
800 55% 2016 3%
60
56% 2017 3%
600 2018 14%
63% 40 60% 54% 2019 21%
400 reduction reduction 52% 2020 15%
since 2005 20 since 2005 2021 4%
200 50% 2022 2%
0 0 48% 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Key Metrics as at 31 December 2012
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 509
Retail 4,700 sqm Typical Floor Plate 1,500 sqm
Current Valuation Latest External Valuation
Fair Value $530.3m Value $524.0m
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 Directors Valuer Jones Lang LaSalle
Valuation Date 30 June 2012
Tenant Details Office Occupancy
Number of Office Tenants 38 Actual 98.1%
WALE (by income) 5.0 years Including Signed Leases 98.1%
Including Heads of Agreement 98.1%
Key Tenants Area (sqm) Expiry Date
PricewaterhouseCoopers 8,710 January 2019
Allens Arthur Robinson 4,790 September 2015
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134 5

545 Queen Street Brisbane

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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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
600 60 50% Vacant
2013
500 50 2014
40%
2015 6%
400 40 2016 6%
30% 2017 62%
300 30 Recycling 2018 6%
200 20 20% rate of 2019 21%
10% 45% 20202021
100 10
2022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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This asset not operational in baseline year (2005)

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Key Metrics as at 31 December 2012
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 $89.0m Value $89.0m
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
Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 5 Actual 100.0%
WALE (by income) 4.4 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Flight Centre 8,110 January 2017
Calibre Global 2,770 January 2019
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135 136

GPT ANNUAL RESULT 14 FEBRUARY 2013

LOGISTICS & BUSINESS PARKS PORTFOLIO

137

Logistics & Business Parks Portfolio Overview

GPT’s logistics & business parks portfolio consists of ownership in 28 high quality traditional logistics and business park assets located in Australia’s major industrial and business park areas.

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NT Brisbane
QLD
2
WA
SA
Sydney
NSW
22
VIC
4 Melbourne
TAS
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New South Wales

Rosehill Business Park, Camellia 10 Interchange Drive, Eastern Creek Connect@Erskine Park Stage 1 Connect@Erskine Park Stage 2 15 & 19 Berry Street, Granville 2-4 Harvey Road, Kings Park 407 Pembroke Road, Minto (50%) 4 Holker Street, Newington 18-24 Abbott Road, Seven Hills 83 Derby Street, Silverwater

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 5 Murray Rose 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

Victoria

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

Queensland

92-116 Holt Street, Pinkenba Toll NQX, Karawatha

Number of assets in each state

138

Logistics & Business Parks Portfolio Summary

The logistics & business parks portfolio delivered solid income growth of 2.7%, maintaining a high occupancy level of 98% and a long weighted average lease expiry of 5.8 years.

Top Ten Tenants* As at 31 December 2012

Key Operating Metrics As at 31 December 2012

Geographic Weighting As at 31 December 2012

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Australian
Pharmaceutical Freedom Goodman
Wesfarmers Lion Group Industry Furniture Fielder
9.0% 6.3% 6.0% 5.3% 4.5%
Vodafone Super Toll Linfox
Australia Cheap Auto Bluescope Transport Armaguard
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*Based on net rent

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2012 2011
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Number of Assets¹	28	25
Portfolio Value	$989.5m	$832.4m
Comparable Net Income Growth	2.7%	2.8%
Occupancy	98.2%	98.4%
Weighted Average Lease Expiry	5.8 years	6.2 years

1Consolidated properties are counted individually.

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QLD
5%
VIC
30%
NSW
65%
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139

Logistics & Business Parks Portfolio Summary

The total value of the logistics & business parks portfolio has increased to $989 million (including development assets) as at 31 December 2012.

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Property Location Ownership GLA (100% 31 Dec 12 31 Dec 12 30 Jun 12 External or Occupancy WALE
Interest) Fair Value Cap Rate Cap Rate Directors By Income
(sqm) ($m) (%) (%) Valuation (Years)
Rosehill Business Park, Camellia NSW 100% 41,900 67.6 8.25%¹ 8.25%¹ Directors 89.1% 3.2
10 Interchange Drive, Eastern Creek NSW 100% 15,100 28.6 7.65% N/A Directors 100.0% 7.5
Connect@Erskine Park Stage 1 NSW 100% 15,200 38.8 7.50% 7.50% Directors 100.0% 16.5
Connect@Erskine Park Stage 2 NSW 100% 12,700 19.1 7.75% 7.75% Directors 100.0% 9.1
15 Berry Street, Granville NSW 100% 10,000 13.3 8.75% 8.75% Directors 100.0% 2.3
19 Berry Street, Granville NSW 100% 19,600 26.7 8.50% 8.50% Directors 100.0% 5.2
2-4 Harvey Road, Kings Park NSW 100% 40,300 44.1 8.50% 8.50% Directors 100.0% 4.7
407 Pembroke Road, Minto NSW 50% 15,300 23.0 8.25% 8.25% Directors 100.0% 6.9
4 Holker Street, Newington NSW 100% 7,400 30.4 9.00% 9.00% Directors 100.0% 4.5
18-24 Abbott Road, Seven Hills² NSW 100% 19,400 13.7 N/A 10.00% Directors 100.0% 4.9
83 Derby Street, Silverwater NSW 100% 17,000 25.2 8.60% N/A Directors 100.0% 4.9
5 Figtree Drive, Sydney Olympic Park NSW 100% 9,000 20.2 8.75% 8.75% Directors 100.0% 6.3
7 Figtree Drive, Sydney Olympic Park NSW 100% 3,500 10.6 8.50% 8.50% Directors 100.0% 2.7
6 Herb Elliott Avenue, Sydney Olympic Park [2] NSW 100% 4,100 12.1 N/A N/A Directors 100.0% 2.2
8 Herb Elliott Avenue, Sydney Olympic Park NSW 100% 3,300 9.4 8.50% 8.50% Directors 100.0% 7.1
5 Murray Rose Avenue, Sydney Olympic Park NSW 100% 12,400 68.5 7.50% 7.50% Directors 100.0% 11.3
Quad 1, Sydney Olympic Park NSW 100% 5,000 19.6 8.50% 8.50% External 37.9% 2.1
Quad 2, Sydney Olympic Park NSW 100% 5,100 22.5 8.50% 8.75% External 100.0% 5.8
Quad 3, Sydney Olympic Park NSW 100% 5,200 23.0 8.25% 8.50% External 67.5% 2.3
Quad 4, Sydney Olympic Park NSW 100% 8,000 36.1 8.25% 8.25% External 100.0% 2.7
7 Parkview Drive, Sydney Olympic Park [2] NSW 100% 2,300 19.4 N/A N/A Directors 100.0% 0.8
372-374 Victoria Street, Wetherill Park NSW 100% 20,500 18.4 9.25% 9.25% Directors 100.0% 2.1
Citiwest Industrial Estate, Altona North VIC 100% 90,000 66.7 8.56%¹ 8.56%¹ Directors 100.0% 3.0
Citiport Business Park, Port Melbourne VIC 100% 27,100 61.5 8.50% 8.50% Directors 93.3% 2.3
Austrak Business Park, Somerton VIC 50% 193,600 135.4 8.15% 8.15% Directors 100.0% 8.2
134-140 Fairbairn Road, Sunshine West VIC 100% 16,700 13.2 9.25% 9.25% Directors 100.0% 5.1
92-116 Holt Street, Pinkenba QLD 100% 15,400 13.4 9.25% 9.25% Directors 100.0% 5.1
Sub Total 635,100 880.5 8.30% 8.36% 98.2% 5.8
Assets under development
Erskine Park - Land NSW 100% 51.4 Directors
17 Berry Street, Granville - Land NSW 100% 2.9 Directors
407 Pembroke Road, Minto - Land NSW 50% 4.7 Directors
Austrak Business Park, Somerton - Land VIC 50% 21.7 Directors
Toll NQX, Karawatha QLD 100% 28.3 Directors
Total Logistics and Business Parks 989.5
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Represents weighted average cap rate of constituent properties.
Valued on a rate per sqm of potential Gross Floor Area (GFA). Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value.

140

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the logistics & business parks portfolio firmed by 14 basis points over the past 12 months to 8.30% as at 31 December 2012.

Weighted Average Capitalisation Rate

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8.30% 8.43% 8.45% 8.48% 8.47% 8.44% 8.36% 8.30%
Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12
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141

Lease Expiry Profile

The portfolio has an attractive lease expiry profile with a weighted average lease expiry of 5.8 years.

Lease Expiry Profile (by Area)

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31%
14%
11% 10% 10% 11%
3% 3%
2%
1% 1%
0%
Vacant 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+
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142

Industrial Market Outlook

Solid market fundamentals of steady demand and below average supply are supportive for continued low vacancy, rising rents and stable incentives.

80% of the portfolio is subject to fixed rental increases with an average increase of 3.4% over the 2013 period with the balance subject to market and CPI reviews.

The logistics & business parks portfolio is well positioned with occupancy levels at 98% and a long WALE of 5.8 years. The logistics & business parks portfolio is over-rented by 5.9%.

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Other [1]
20%
3.4% Rent
Average
Increase Reviews
Fixed
80%
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Other includes market reviews, CPI reviews and expiries in 2013

Prime Industrial Vacancy

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8.00% 7
7.00%
6.00% 55
5.00%
4.00% 3
3.00%
2.00% 1
1.00% 0
Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12
NSW VIC
----- End of picture text -----

Source: Savills Stock Survey, December 2012

National Supply (m[2] )

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

3,150,000
2,700,000
2,250,000
1,800,000 10 Year Average
1,350,000
900,000
450,000
0
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
)Supply (m2
----- End of picture text -----

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

Source: Jones Lang LaSalle Research, December 2012
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143

Logistics & Business Parks Portfolio External Valuation Summary

74% of the portfolio was valued externally in the 12 months to 31 December 2012.

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Property Location Date Valuer Valuation Interest Capitalisation Terminal Discount Rate
($m) (%) Rate Capitalisation (%)
(%) Rate (%)
Rosehill Business Park, Camellia NSW 30-Jun-12 JLL 67.5 100% 8.25% [1] 8.25% [1] 9.50% [1]
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Property Rosehill Business Park,Camellia	Location NSW	Date 30-Jun-12	Valuer JLL	Valuation ($m) 67.5	Interest (%) 100%	Capitalisation Rate (%) 8.25%1	Terminal Capitalisation Rate (%) 8.25%1	Discount Rate (%) 9.50%1
10 Interchange Drive,Eastern Creek	NSW	31-Jul-12	CBRE	28.6	100%	7.65%	7.90%	9.50%
Connect@Erskine Park Stage 1	NSW	30-Jun-12	KF	38.8	100%	7.50%	8.00%	9.50%
Connect@Erskine Park Stage 2	NSW	30-Sep-10	KF	19.0	100%	7.82%	8.50%	9.50%
15 BerryStreet,Granville	NSW	30-Jun-12	Savills	13.3	100%	8.75%	9.00%	9.50%
19 BerryStreet,Granville	NSW	30-Jun-12	Savills	26.7	100%	8.50%	8.75%	9.50%
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 Hills2	NSW	31-Dec-11	CBRE	13.6	100%	10.00%	N/A	N/A
83 DerbyStreet,Silverwater	NSW	30-Jun-12	KF	25.0	100%	8.62%	8.75%	10.00%
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 Park2	NSW	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%
5 MurrayRose Avenue,SydneyOlympic Park	NSW	30-Jun-12	M3	63.6	100%	7.50%	8.00%	9.50%
Quad 1,SydneyOlympic Park	NSW	31-Dec-12	KF	19.6	100%	8.50%	8.75%	9.25%
Quad 2,SydneyOlympic Park	NSW	31-Dec-12	KF	22.5	100%	8.50%	8.75%	9.25%
Quad 3,SydneyOlympic Park	NSW	31-Dec-12	JLL	23.0	100%	8.25%	8.75%	9.25%
Quad 4,SydneyOlympic Park	NSW	31-Dec-12	JLL	36.1	100%	8.25%	8.50%	9.25%
7 Parkview Drive,SydneyOlympic Park²	NSW	30-Jun-11	JLL	17.5	100%	N/A	N/A	N/A
372-374 Victoria Street,Wetherill Park	NSW	30-Jun-12	KF	18.3	100%	9.25%	9.75%	10.50%
Citiwest Industrial Estate,Altona North	VIC	31-Mar-12	JLL	66.6	100%	8.50%-8.75%	8.75%-9.00%	9.50%-9.75%
Citiport Business Park,Port Melbourne	VIC	1-Feb-12	JLL	61.0	100%	8.50%	8.75%	9.75%
Austrak Business Park,Somerton	VIC	30-Jun-12	CBRE	140.0	50%	8.15%	9.00%	10.00%
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%

Represents weighted average cap rate of constituent properties.
Valued on a rate per sqm of potential Gross Floor Area (GFA). Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value.

144

Logistics & Business Parks Portfolio Income and Fair Value Schedule

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Property Income Fair Value
12 months to Fair Value Capex Lease Acquisitions Sales Net Other Fair Value % of
31 December ($m) 31 Dec 11 ($m) Incentives ($m) ($m) Revaluations Adjustments 31 Dec 12 Portfolio
2011 2012 Variance ($m) ($m) ($m) ($m) ($m) (%)
Rosehill Business Park, Camellia 5.3 5.9 0.5 67.3 0.1 0.5 0.0 0.0 (0.5) 0.1 67.6 6.8
10 Interchange Drive, Eastern Creek 0.0 0.9 0.9 0.0 0.0 0.0 30.2 0.0 (1.6) 0.0 28.6 2.9
Connect@Erskine Park Stage 1 3.4 3.5 0.1 39.0 0.0 0.0 0.0 0.0 (0.3) 0.0 38.8 3.9
Connect@Erskine Park Stage 2 1.5 1.6 0.0 19.1 0.0 0.0 0.0 0.0 0.0 0.0 19.1 1.9
15 Berry Street, Granville 1.1 1.2 0.0 12.9 0.0 0.0 0.0 0.0 0.4 0.0 13.3 1.3
19 Berry Street, Granville 2.2 2.3 0.1 25.7 0.0 0.0 0.0 0.0 0.9 0.1 26.7 2.7
2-4 Harvey Road, Kings Park 3.8 3.9 0.1 44.0 0.1 0.0 0.0 0.0 0.0 0.0 44.1 4.5
407 Pembroke Road, Minto 1.9 2.1 0.2 22.9 0.0 0.0 0.0 0.0 0.0 0.0 23.0 2.3
4 Holker Street, Newington 3.0 3.2 0.2 30.4 0.0 0.0 0.0 0.0 0.0 0.0 30.4 3.1
18-24 Abbott Road, Seven Hills 1.5 1.5 0.1 13.6 0.1 0.0 0.0 0.0 0.0 0.0 13.7 1.4
83 Derby Street, Silverwater 0.0 0.9 0.9 0.0 0.0 0.0 26.4 0.0 (1.2) 0.0 25.2 2.5
5 Figtree Drive, Sydney Olympic Park 1.1 0.7 (0.4) 18.8 0.6 0.5 0.0 0.0 0.0 0.3 20.2 2.0
7 Figtree Drive, Sydney Olympic Park 0.9 0.9 0.0 10.5 0.0 0.0 0.0 0.0 0.0 0.1 10.6 1.1
6 Herb Elliott Avenue, Sydney Olympic Park 0.8 0.8 0.0 12.1 0.0 0.0 0.0 0.0 0.0 0.0 12.1 1.2
8 Herb Elliott Avenue, Sydney Olympic Park 0.8 0.8 0.0 9.4 0.0 0.0 0.0 0.0 0.0 0.0 9.4 1.0
5 Murray Rose Avenue, Sydney Olympic Park 0.0 3.4 3.4 41.0 21.5 1.0 0.0 0.0 5.0 0.0 68.5 6.9
Quad 1, Sydney Olympic Park 1.7 1.7 0.0 20.4 0.0 0.0 0.0 0.0 (0.9) 0.0 19.6 2.0
Quad 2, Sydney Olympic Park 1.6 1.7 0.1 20.4 0.0 0.9 0.0 0.0 1.0 0.1 22.5 2.3
Quad 3, Sydney Olympic Park 1.8 1.5 (0.3) 21.3 0.2 0.0 0.0 0.0 1.5 0.0 23.0 2.3
Quad 4, Sydney Olympic Park 3.2 2.9 (0.3) 35.6 0.0 0.0 0.0 0.0 0.5 0.0 36.1 3.6
7 Parkview Drive, Sydney Olympic Park 0.6 0.5 (0.1) 17.8 1.4 0.2 0.0 0.0 0.0 0.0 19.4 2.0
372-374 Victoria Street, Wetherill Park 1.7 1.7 0.1 18.1 0.1 0.0 0.0 0.0 0.1 0.0 18.4 1.9
Citiwest Industrial Estate, Altona North 5.7 5.6 (0.1) 66.3 0.1 0.0 0.0 0.0 0.2 0.1 66.7 6.7
Citiport Business Park, Port Melbourne 0.0 4.2 4.2 0.0 0.0 0.0 64.7 0.0 (3.2) 0.0 61.5 6.2
Austrak Business Park, Somerton 11.3 13.5 2.2 140.9 0.1 0.0 0.0 0.0 (0.9) (4.7) 135.4 13.7
134-140 Fairbairn Road, Sunshine West 1.2 1.2 0.0 13.2 0.0 0.0 0.0 0.0 0.0 0.0 13.2 1.3
92-116 Holt Street, Pinkenba 1.1 1.2 0.0 13.3 0.1 0.0 0.0 0.0 0.0 0.0 13.4 1.4
Assets Under Development
Erskine Park - Land 63.6 2.3 0.0 0.0 (9.8) (4.7) 0.0 51.4 5.2
17 Berry Street, Granville - Land 5.2 0.4 0.0 0.0 0.0 (2.7) 0.0 2.9 0.3
407 Pembroke Road, Minto - Land 5.2 0.0 0.0 0.0 0.0 (0.5) 0.0 4.7 0.5
Austrak Business Park, Somerton - Land 17.5 2.4 0.0 0.0 0.0 (2.8) 4.7 21.7 2.2
Toll NQX, Karawatha 0.0 0.1 0.0 30.1 0.0 (1.9) 0.0 28.3 2.9
Assets Sold During Period
Ocean Steamers Drive, Port Adelaide 0.5 0.1 (0.4) 7.0 0.0 0.0 0.0 (7.0) 0.0 0.0 0.0 0.0
Total Logistics and Business Parks 57.7 69.3 11.6 832.4 30.0 3.2 151.3 (16.7) (11.6) 0.8 989.5
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145

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 41,900 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.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	May1998
Property Details
GLA	41,900 sqm
Site Area	79,700 sqm
Occupancy	89.1%
WALE (By Income)	3.2 years
Current Valuation
Fair Value	$67.6m
Capitalisation Rate	8.25%1
Terminal Capitalisation Rate	8.25%1
Discount Rate	9.50%1
Valuation Type	Directors
Income (12 months)	$5.9m
Latest External Valuation
Value	$67.5m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.25%
Discount Rate	9.50%
Valuer	Jones LangLaSalle
Valuation Date	30 June 2012

10 Interchange Drive Eastern Creek

10 Interchange Drive is located at the intersection of the M4 and the M7 motorways, with direct exposure to the M7 motorway. The property comprises a modern, purpose built warehouse and office facility, that is fully leased to Asics, the property features undercover parking and a showroom.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired (by GPT)	August 2012
Property Details
GLA	15,100 sqm
Site Area	30,200 sqm
Occupancy	100.0%
WALE (By Income)	7.5 years
Current Valuation
Fair Value	$28.6m
Capitalisation Rate	7.65%
Terminal Capitalisation Rate	8.00%
Discount Rate	9.50%
Valuation Type	Directors
Income (12 months)	$0.9m
Latest External Valuation
Value	$28.6m
Capitalisation Rate	7.65%
Terminal Capitalisation Rate	7.90%
Discount Rate	9.50%
Valuer	CB Richard Ellis
Valuation Date	31 July2012

Represents weighted average cap rate of constituent properties.

146

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

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Connect@Erskine Park is a 27.8 hectare site situated on the corner of Lockwood and Templar Road, Erskine Park. It is 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.

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired (by GPT)	May 2008
PropertyDetails Stage 1 (Goodman Fielder) Stage 2 (Target)
GLA	15,200 sqm	12,700 sqm
Site Area	39,700 sqm	22,900 sqm
Occupancy	100.0%	100.0%
WALE (By Income)	16.5 years	9.1 years
Current Valuation
Fair Value	$38.8m	$19.1m
Capitalisation Rate	7.50%	7.75%
Terminal Capitalisation Rate	8.00%	8.25%
Discount Rate	9.50%	9.50%
Valuation Type	Directors	Directors
Income (12 months)	$3.5m	$1.6m
Latest External Valuation
Value	$38.8m	$19.0m
Capitalisation Rate	7.50%	7.82%
Terminal Capitalisation Rate	8.00%	8.50%
Discount Rate	9.50%	9.50%
Valuer	Knight Frank	Knight Frank
Valuation Date	30 June 2012	30 September 2010

Stage 1 is leased to Goodman Fielder on a 20 year lease. Stage 2 is leased to Target Australia on a 12 year lease.

Approximately 21.5 hectares remains for future development.

147

Granville Logistics Centre, 15-19 Berry Street Granville

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Granville Logistics Centre comprises 29,600 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.

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired (by GPT)	November 2000 (15 Berry Street), December 2000 (19 Berry Street)
PropertyDetails 15 BerryStreet 19 BerryStreet
GLA	10,000 sqm	19,600 sqm
Site Area	20,600 sqm	30,800 sqm
Occupancy	100.0%	100.0%
WALE (By Income)	2.3 years	5.2 years
Current Valuation
Fair Value	$13.3m	$26.7m
Capitalisation Rate	8.75%	8.50%
Terminal Capitalisation Rate	9.00%	8.75%
Discount Rate	9.50%	9.50%
Valuation Type	Directors	Directors
Income (12 months)	$1.2m	$2.3m
Latest External Valuation
Value	$13.3m	$26.7m
Capitalisation Rate	8.75%	8.50%
Terminal Capitalisation Rate	9.00%	8.75%
Discount Rate	9.50%	9.50%
Valuer	Savills	Savills
Valuation Date	30 June 2012	30 June 2012

148

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.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	May1999
Property Details
GLA	40,300 sqm
Site Area	64,800 sqm
Occupancy	100.0%
WALE (By Income)	4.7 years
Current Valuation
Fair Value	$44.1m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	9.00%
Discount Rate	9.75%
Valuation Type	Directors
Income (12 months)	$3.9m
Latest External Valuation
Value	$44.0m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	9.00%
Discount Rate	9.75%
Valuer	Savills
Valuation Date	30 June 2011

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 hectares of land remains for future development.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	50%
Co-Owner	Austrak
Acquired(by GPT)	October 2008
Property Details
GLA	15,300 sqm
Site Area	21,100 sqm
Occupancy	100.0%
WALE (By Income)	6.9 years
Current Valuation
Fair Value	$23.0m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuation Type	Directors
Income (12 months)	$2.1m
Latest External Valuation
Value	$22.9m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	Knight Frank
Valuation Date	31 December 2010

149

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.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	March 2006
Property Details
GLA	7,400 sqm
Site Area	6,800 sqm
Occupancy	100.0%
WALE (By Income)	4.5 years
Current Valuation
Fair Value	$30.4m
Capitalisation Rate	9.00%
Terminal Capitalisation Rate	9.50%
Discount Rate	10.50%
Valuation Type	Directors
Income (12 months)	$3.2m
Latest External Valuation
Value	$30.4m
Capitalisation Rate	9.00%
Terminal Capitalisation Rate	9.50%
Discount Rate	10.50%
Valuer	CB Richard Ellis
Valuation Date	31 December 2011

18-24 Abbott Road Seven Hills

Abbott Road, Seven Hills provides a strategic 4 hectare land bank near the junction of the M2 and M7 Motorways. The site, which is currently leased to Chassis Brakes International Castings until 2017, is suitable for a variety of future industrial development opportunities.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	October 2006
Property Details
GLA	19,400 sqm
Site Area	40,800 sqm
Occupancy	100.0%
WALE (By Income)	4.9 years
Current Valuation
Fair Value	$13.7m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	Directors
Income (12 months)	$1.5m
Latest External Valuation
Value	$13.6m
Capitalisation Rate	10.00%
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	CB Richard Ellis
Valuation Date	31 December 2011

Note: Valued on a rate per sqm of potential Gross Floor Area (GFA). Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value.

150

83 Derby Street

Silverwater

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A well located property comprising a freestanding warehouse, with associated office space. The warehouse is separated into three units, however is currently being leased in one-line to a single tenant. The improvements were completed between 2001 and 2003 and features 52% site coverage and 142 car spaces.

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired (by GPT)	August 2012
Property Details
GLA	17,000 sqm
Site Area	31,900 sqm
Occupancy	100.0%
WALE (By Income)	4.9 years
Current Valuation
Fair Value	$25.2m
Capitalisation Rate	8.60%
Terminal Capitalisation Rate	8.75%
Discount Rate	10.00%
Valuation Type	Directors
Income (12 months)	$0.9m
Latest External Valuation
Value	$25.0m
Capitalisation Rate	8.62%
Terminal Capitalisation Rate	8.75%
Discount Rate	10.00%
Valuer	Knight Frank
Valuation Date	30 June 2012

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.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	July2005
Property Details
GLA	9,000 sqm
Site Area	12,900 sqm
Occupancy	100.0%
WALE (By Income)	6.3 years
Current Valuation
Fair Value	$20.2m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.25%
Valuation Type	Directors
Income (12 months)	$0.7m
Latest External Valuation
Value	$18.8m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.25%
Valuer	Colliers
Valuation Date	30 June 2011

151

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 hectare consolidated holding.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	July2004
Property Details
GLA	3,500 sqm
Site Area	9,600 sqm
Occupancy	100.0%
WALE (By Income)	2.7 years
Current Valuation
Fair Value	$10.6m
Capitalisation Rate	8.50%
Terminal Capitalisation 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%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	CB Richard Ellis
Valuation Date	30 June 2010

6 Herb Elliott Avenue

Sydney Olympic Park

6 Herb Elliott Avenue is well located in the Sydney Olympic Park Precinct, being opposite the Railway Station. The property comprises a high quality office and warehouse building with a good level of ongrade car parking. In conjunction with neighbouring GPT assets, the property forms part of a 4 hectare consolidated holding.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	June 2010
Property Details
GLA	4,100 sqm
Site Area	8,400 sqm
Occupancy	100.0%
WALE (By Income)	2.2 years
Current Valuation
Fair Value	$12.1m
Capitalisation Rate	N/A
Terminal Capitalisation 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
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Jones LangLaSalle
Valuation Date	31 December 2010

152

8 Herb Elliott Avenue

Sydney Olympic Park

8 Herb Elliott Avenue is situated opposite the Olympic Park Railway Station, between Australia Avenue and Olympic Boulevard. Current site improvements comprise 3,300 sqm of high quality office and warehouse accommodation.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	August 2004
Property Details
GLA	3,300 sqm
Site Area	9,100 sqm
Occupancy	100.0%
WALE (By Income)	7.1 years
Current Valuation
Fair Value	$9.4m
Capitalisation Rate	8.50%
Terminal Capitalisation 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%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	CB Richard Ellis
Valuation Date	30 June 2010

7 Parkview Drive

Sydney Olympic Park

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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, including the recently completed 5 Murray Rose and the proposed 3 Murray Rose.

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	May2002
Property Details
GLA	2,300 sqm
Site Area	21,000 sqm
Occupancy	100.0%
WALE (By Income)	0.8 years
Current Valuation
Fair Value	$19.4m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	Directors
Income (12 months)	$0.5m
Latest External Valuation
Value	$17.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Jones LangLaSalle
Valuation Date	30 June 2011

Note: Valued on a rate per sqm of potential Gross Floor Area (GFA). Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the

153

5 Murray Rose Sydney Olympic Park

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5 Murray Rose forms part of the Sydney Olympic Park precinct and is a 12,400 sqm commercial building over 5 levels, with a 6 Green Star Rating and a target rating of 5 Star NABERS Energy and Water.

The 5 Murray Rose development is the first stage of GPT’s $200 million Murray Rose Business Park. GPT’s Masterplan for the site provides a total of 42,700 sqm of campus style business and retail accommodation.

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Construction/Refurbishment	Completed 2012
Property Details
GLA	12,400 sqm
Site Area	3,500 sqm
Occupancy	100.0%
WALE (By Income)	11.3 years
Current Valuation
Fair Value	$68.5m
Capitalisation Rate	7.50%
Terminal Capitalisation Rate	8.00%
Discount Rate	9.50%
Valuation Type	Directors
Income (12 months)	$3.4m
Latest External Valuation
Value	$63.6m
Capitalisation Rate	7.50%
Terminal Capitalisation Rate	8.00%
Discount Rate	9.50%
Valuer	m3 Property
Valuation Date	30 June 2012

Sustainability

Leasing Achievements

Developed to world’s leading practice, 5 Murray Rose features a solar installation that will contribute 25% of the base-building’s peak load, making it the largest solar installation in an Australian commercial building of this scale. In March 2012, GPT’s 5 Murray Rose development achieved a 6 Star Green Star - Office Design v2 certified rating.

The development’s leading environmental initiatives, the partnership approach of GPT and the lifestyle options provided by Sydney Olympic Park were all critical in the decision by the Lion Group to enter into a 12 year lease for 100% of the building area in February 2012. The building was fully occupied by October 2012.

154

Quad Business Park Sydney Olympic Park

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

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

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired (by GPT)	June 2001 to March 2003
Property Details 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	37.9%	100.0%	67.5%	100.0%
WALE (By Income)	2.1 years	5.8 years	2.3 years	2.7 years
Current Valuation
Fair Value	$19.6m	$22.5m	$23.0m	$36.1m
Capitalisation Rate	8.50%	8.50%	8.25%	8.25%
Terminal Capitalisation Rate	8.75%	8.75%	8.75%	8.50%
Discount Rate	9.25%	9.25%	9.25%	9.25%
Valuation Type	External	External	External	External
Income (12 months)	$1.7m	$1.7m	$1.5m	$2.9m
Latest External Valuation
Value	$19.6m	$22.5m	$23.0m	$36.1m
Capitalisation Rate	8.50%	8.50%	8.25%	8.25%
Terminal Capitalisation Rate	8.75%	8.75%	8.75%	8.50%
Discount Rate	9.25%	9.25%	9.25%	9.25%
Valuer	Knight Frank	Knight Frank	Jones LangLaSalle	Jones LangLaSalle
Valuation Date	31 December 2012	31 December 2012	31 December 2012	31 December 2012

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.

155

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.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	July2006
Property Details
GLA	20,500 sqm
Site Area	40,900 sqm
Occupancy	100.0%
WALE (By Income)	2.1 years
Current Valuation
Fair Value	$18.4m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.50%
Valuation Type	Directors
Income (12 months)	$1.7m
Latest External Valuation
Value	$18.3m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.50%
Valuer	Knight Frank
Valuation Date	30 June 2012

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.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	August 1994
Property Details
GLA	90,000 sqm
Site Area	201,800 sqm
Occupancy	100.0%
WALE (By Income)	3.0 years
Current Valuation
Fair Value	$66.7m
Capitalisation Rate	8.56%1
Terminal Capitalisation Rate	8.87%1
Discount Rate	9.60%1
Valuation Type	Directors
Income (12 months)	$5.6m
Latest External Valuation
Value	$66.6m
Capitalisation Rate	8.50%-8.75%
Terminal Capitalisation Rate	8.75%-9.00%
Discount Rate	9.50%-9.75%
Valuer	Jones LangLaSalle
Valuation Date	31 March 2012

Represents weighted average cap rate of constituent properties.

156

Citiport Business Park

Port Melbourne

Citiport Business Park is a well located office and warehouse estate comprising a low-rise office building and 10 warehouse office units with adjoining showrooms. The property is well located in the Port Melbourne precinct being opposite the Port, the property features a good level of underground and on grade parking.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	February2012
Property Details
GLA	27,100 sqm
Site Area	25,500 sqm
Occupancy	93.3%
WALE (By Income)	2.3 years
Current Valuation
Fair Value	$61.5m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%
Valuation Type	Directors
Income (12 months)	$4.2m
Latest External Valuation
Value	$61.0m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%
Valuer	Jones LangLaSalle
Valuation Date	1 February2012

Austrak Business Park Somerton

Austrak Business Park comprises approximately 65 hectare 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.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	50%
Co-Owner	Austrak
Acquired(by GPT)	October 2003
Property Details
GLA	193,600 sqm
Site Area	644,000 sqm
Occupancy	100.0%
WALE (By Income)	8.2 years
Current Valuation
Fair Value	$135.4m
Capitalisation Rate	8.15%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.00%
Valuation Type	Directors
Income (12 months)	$13.5m
Latest External Valuation
Value	$140.0m
Capitalisation Rate	8.15%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.00%
Valuer	CB Richard Ellis
Valuation Date	30 June 2012

157

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.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	March 2006
Property Details
GLA	16,700 sqm
Site Area	52,000 sqm
Occupancy	100.0%
WALE (By Income)	5.1 years
Current Valuation
Fair Value	$13.2m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	10.50%
Discount Rate	10.00%
Valuation Type	Directors
Income (12 months)	$1.2m
Latest External Valuation
Value	$13.2m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	10.50%
Discount Rate	10.00%
Valuer	CB Richard Ellis
Valuation Date	31 December 2011

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.

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Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	100%
Acquired(by GPT)	March 2006
Property Details
GLA	15,400 sqm
Site Area	32,800 sqm
Occupancy	100.0%
WALE (By Income)	5.1 years
Current Valuation
Fair Value	$13.4m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.25%
Discount Rate	10.25%
Valuation Type	Directors
Income (12 months)	$1.2m
Latest External Valuation
Value	$13.0m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.25%
Discount Rate	10.25%
Valuer	Jones LangLaSalle
Valuation Date	30 June 2011

158

GPT ANNUAL RESULT 14 FEBRUARY 2013

DEVELOPMENT

159

Development Overview

Development is a core part of GPT’s business, adding value through improved income, development profits and increased Fund Management fees. GPT’s focus is to enhance and preserve existing assets with a particular focus on Retail & Major Projects. GPT has also established a Logistics & Business Parks development business where it intends to develop assets which can be retained by GPT and its Funds or sold to third parties for a profit.

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Highpoint Shopping Centre, Melbourne
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Retail & Major Projects Logistics & Business Parks Underway Underway

Highpoint Shopping Centre, VIC Wollongong Central - West Keira, NSW 150 Collins Street, VIC 161 Castlereagh Street, NSW

Toll NQX, Karawatha, QLD

Planned

Sydney Olympic Park, NSW Erskine Park, NSW Austrak Business Park, Somerton, VIC

Planned

Casuarina Square, NT

Pipeline Summary	Retail & Major Projects Forecast Cost ($m)	Logistics & Busines Parks Forecast Cost ($m)	Total Forecast Cost ($m)
Underway1	$410	$55	$465
Planned	$250	$320	$570
Future Pipeline	$1,270	$0	$1,270
Total Pipeline	$1,930	$375	$2,305

Costs to complete current projects

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Return Targets [2] Development IRR [3]
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Return Targets2	Development IRR3
Retail	10% - 13%
Office	11% - 14%
Logistics & Business Parks	12% - 15%

Excluding fund-through developments
Development IRR is the Internal Rate of Return calculated from the commencement of a development project through to practical completion.

160

Developments Underway

GPT has $1.1 billion of developments underway ($0.5 billion cost to complete) on behalf of assets owned on balance sheet and in GPT’s wholesale funds.

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150 Collins Street, VIC
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Development GLA/NLA Total Cost Forecast Cost to Complete
Post Development ($m) GPT Share Fund’s Share
100% Interest (sqm) ($m) ($m)
Retail & Major Projects
Highpoint Shopping Centre, VIC 156,000 200 9 28
Wollongong Central - West Keira, NSW 53,000 200 0 153
150 Collins Street, VIC 20,150 181 0 134
161 Castlereagh Street, NSW 59,220 390 0 87
Logistics & Business Parks
Toll NQX, QLD 44,000 85 55 0
Total Developments Underway 1,056 65 402
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Development Timeline - Projects Underway

Highpoint Shopping Centre, VIC	Retail
Wollongong Central - West Keira, NSW	Retail
150 Collins Street, VIC	Office
161 Castlereagh Street, NSW	Office
Toll NQX, QLD	LBP

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2013 2014
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161

Development Pipeline

GPT has $0.6 billion of planned developments and a future pipeline of $1.3 billion.

Planned Development	Ownership	Forecast Total Cost¹ ($m)	Estimated Development Period	Comments
Retail & Major Projects - Planned
Casuarina Square, NT	50% GPT 50% GWSCF	250	~ 24 months	Expansion of existing centre
Logistics & Business Parks - Planned
Sydney Olympic Park, NSW	100% GPT	140	~ 36 months	Business parks
Erskine Park, NSW	100% GPT	100	~36 months	Next stages of development
Austrak Business Park, Somerton, VIC	50% GPT	70	~36 months	Next stage of development in joint venture with Austrak (50%)
Other Developments	Various	10	~ 12 - 36 months
Total Planned		570
Future Pipeline - Retail & Major Projects		1,270
Future Pipeline - Logistics & Business Parks		0
Total Planned and Future Pipeline		1,840

Excludes the value of development land

162

Highpoint Shopping Centre

Victoria

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Wollongong Central - West Keira New South Wales

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Highpoint is being expanded by 30,000 sqm bringing the first David Jones to Western Melbourne in addition to approximately 100 specialty shops. The $300 million project commenced in March 2011 and is programmed for completion in the first quarter of 2013. Leasing has progressed well with 100% of specialty shops leased. The first stage of the development opened fully leased on 18 October 2012 which included the Fresh Food Market and Eco Mall.

The Wollongong – West Keira 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. Anchor tenants have been secured (Coles supermarket and the relocation of JB HiFi) and leasing of the 80 additional specialty shops commenced at the end of 2012.

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	GPT (16.67%) GWSCF (50%) Highpoint Property Group (33.33%)
Additional GLA	31,000 sqm
	GPT Interest¹ GWSCF Interest
Acquired	August 2009 March 2007
Development Cost	$50.0m $150.0m
Target Yield	10% 7%
Targeted Development IRR²	15% 12%
Completion	March 2013

GPT returns include property management and funds management fees
IRR is blended return over 10 years from project commencement

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	GWSCF (100%)
Acquired	March 2007
Additional GLA	18,000 sqm
Development Cost	$200.0m
Target Yield	7%
Targeted Development IRR¹	11%
Completion	March 2014

IRR is blended return over 10 years from project commencement

163

161 Castlereagh Street

Sydney

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150 Collins Street Melbourne

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161 Castlereagh Street, Sydney is a new Premium Grade office precinct featuring 59,220 sqm of space across a 43 floor office tower and retail plaza. The project is scheduled for completion in mid-2013. The development is being undertaken by Grocon. The asset will provide new and dynamic public spaces, located close to parking and a wide range of public transport amenities in a prominent Sydney CBD location. Leasing commitments have now reached 96%. There is a 24 month rent guarantee from Grocon on the vacant space.

150 Collins Street, Melbourne is a new A-Grade development with Premium Grade services featuring 20,000 sqm of accommodation over 13 floors. The development is being undertaken by Grocon/APN and is scheduled for completion in mid 2014. The asset is located in the exclusive “Paris” end of Collins Street and is currently 71% precommitted to Westpac Group for 12 years. There is a 24 month rent guarantee from Grocon/APN on the vacant space.

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	GWOF (50%)
Acquired	April 2010
NLA	59,220 sqm
% Area Committed	96%
Development Cost	$390.0m
Target Yield	6.7%
Completion	Mid 2013

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	GWOF (100%)
Acquired	July2012
NLA	20,150 sqm
% Area Committed	71%
Development Cost	$181.0m
Target Yield	6.7%
Completion	Mid 2014

164

Toll NQX

Karawatha

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Toll NQX is a new, state-of-the-art logistics facility under construction at Karawatha in the Logan Motorway precinct of South East Queensland. Development is scheduled for completion in early 2014. The 44,000 sqm of warehouse and office is being developed for Toll Group on a 13.4 hectare site.

Key Metrics as at 31 December 2012	Key Metrics as at 31 December 2012
Ownership Interest	GPT (100%)
Acquired	December 2012
NLA	44,000 sqm
% Area Committed	100%
Development Cost	$55.0m
Target Yield	7.6%
Completion	Early2014

165

GPT ANNUAL RESULT 14 FEBRUARY 2013

FUNDS MANAGEMENT

166

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 2012, the Fund consisted of 14 office assets located across Australia’s key CBD office markets with a value of $3.6 billion.

	December 2012	June 2012
Number of Assets	14	14
PropertyInvestments	$3,637m	$3,518m
Gearing	7.3%	15.4%
One Year Return(post-fees)	12.0%	10.7%

Fund Details as at 31 December 2012
GPT's OwnershipInterest(%)	20.4%
GPT's OwnershipInterest($m)	$671.6m
Established	July2006
Weighted Average Capitalisation Rate	7.02%
Portfolio Occupancy (%)	98.6%
Distributions Received($m)	$44.2m
GPT Base Management Fee($m)	$15.6m
GPT Performance Fee($m)	Nil

Total Return	1 January 2012 to 31 December 2012	Inception to Date (Annualised) 21 July 2006 to 31 December 2012
Post fees	12.0%	7.6%

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GWOF Ownership Composition
As at 31 December 2012
Sovereign
Wealth Funds
Offshore
8%
Other
1% GPT
20%
Offshore
Pension Funds
14%
Domestic
Other
8% Domestic
Super Funds
49%
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167

GWOF Capital Management

Total borrowings for the Fund at 31 December 2012 were $267 million resulting in gearing of 7.3%.

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Darling Park 1, 2 & 3, Sydney
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GWOF Capital Management Summary as at 31 December 2012 Gearing 7.3% Weighted Average Cost of Debt 5.5% Fees and Margins(included in above) 2.5% Weighted Average Debt Term 3.2years Drawn Debt Hedging 99% Weighted Average Hedge Term 2.6years	GWOF Capital Management Summary as at 31 December 2012 Gearing 7.3% Weighted Average Cost of Debt 5.5% Fees and Margins(included in above) 2.5% Weighted Average Debt Term 3.2years Drawn Debt Hedging 99% Weighted Average Hedge Term 2.6years	GWOF Capital Management Summary as at 31 December 2012 Gearing 7.3% Weighted Average Cost of Debt 5.5% Fees and Margins(included in above) 2.5% Weighted Average Debt Term 3.2years Drawn Debt Hedging 99% Weighted Average Hedge Term 2.6years	GWOF Capital Management Summary as at 31 December 2012 Gearing 7.3% Weighted Average Cost of Debt 5.5% Fees and Margins(included in above) 2.5% Weighted Average Debt Term 3.2years Drawn Debt Hedging 99% Weighted Average Hedge Term 2.6years
GWOF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bank Bilateral	50.0	30 November 2014	28.0
Bank Bilateral	150.0	30 November 2014	150.0
Bank Bilateral	100.0	1 July2015	89.0
Bank Bilateral	200.0	1 July2016	0.0
Total	500.0		267.0

GWOF Forward Start Debt Facilities	Facility Limit ($m)	Start Date	Facility Expiry
Bank Bilateral	50.0	1 January2013	30 November 2014
Bank Bilateral	50.0	1 May2013	30 November 2014
Total	100.0

168

GWOF Capital Management

GWOF has $263 million of derivative instruments (being 99% hedged) and these have a weighted average term of 2.6 years.

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Twenty8 Freshwater Place, Melbourne
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GWOF Hedging Profile As at 31 December 2012

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600
2.96% 2.81% 2.81% 2.84% 2.84% 2.92% 2.92%
3%
500
400
($m) 2%
300
200
1%
100
0 0%
Forecast debt Hedges Weighted average fixed rate
(LHS) (LHS) (RHS)
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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169

GPT Wholesale Shopping Centre Fund

GWSCF provides wholesale investors with exposure to high quality retail assets. At 31 December 2012, the Fund consisted of 10 shopping centres with a value of $2.9 billion.

	December 2012	June 2012
Number of Assets	10	10
PropertyInvestments	$2,940m	$2,823m
Gearing	27.6%	30.8%
One Year Return(post-fees)	6.2%	6.3%

Fund Details as at 31 December 2012
GPT's OwnershipInterest(%)	23.3%
GPT's OwnershipInterest($m)	$481.2m
Established	March 2007
Weighted Average Capitalisation Rate	6.42%
Portfolio Occupancy (%)	99.3%
Distributions Received($m)	$24.1m
GPT Base Management Fee($m)	$11.4m
GPT Performance Fee($m)	Nil

Total Return	1 January 2012 to 31 December 2012	Inception to Date (Annualised) 31 March 2007 to 31 December 2012
Post fees	6.2%	4.4%

GWSCF Ownership Composition As at 31 December 2012

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Sovereign
Wealth Funds GPT
12%
23%
Offshore
Pension Funds
19%
Domestic Domestic Super
Other Funds
15% 30%
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170

GWSCF Capital Management

Total borrowings for the Fund at 31 December 2012 were $821 million resulting in gearing of 27.6%.

GWSCF Capital Management Summary as at 31 December 2012 Gearing 27.6% Weighted Average Cost of Debt 4.9% Fees and Margins(included in above) 1.8% Weighted Average Debt Term 3.1years Drawn Debt Hedging 59% Weighted Average Hedge Term 2.4years	GWSCF Capital Management Summary as at 31 December 2012 Gearing 27.6% Weighted Average Cost of Debt 4.9% Fees and Margins(included in above) 1.8% Weighted Average Debt Term 3.1years Drawn Debt Hedging 59% Weighted Average Hedge Term 2.4years	GWSCF Capital Management Summary as at 31 December 2012 Gearing 27.6% Weighted Average Cost of Debt 4.9% Fees and Margins(included in above) 1.8% Weighted Average Debt Term 3.1years Drawn Debt Hedging 59% Weighted Average Hedge Term 2.4years	GWSCF Capital Management Summary as at 31 December 2012 Gearing 27.6% Weighted Average Cost of Debt 4.9% Fees and Margins(included in above) 1.8% Weighted Average Debt Term 3.1years Drawn Debt Hedging 59% Weighted Average Hedge Term 2.4years
GWSCF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bank Bilateral	100.0	1 January2014	97.0
Bank Bilateral	100.0	22 June 2014	100.0
Bank Bilateral	80.0	30 November 2014	74.0
Bank Bilateral	150.0	31 March 2015	150.0
Bank Bilateral	50.0	22 June 2015	0.0
Bank Bilateral	100.0	30 September 2015	0.0
Bank Bilateral	200.0	12 January2016	200.0
Medium Term Notes	200.0	13 November 2017	200.0
Total	980.0		821.0

GWSCF Forward Start Debt Facilities	Facility Limit ($m)	Start Date	Facility Expiry
Bank Bilateral	100.0	30 November 2013	30 November 2014
Total	100.0

Wollongong Central, Wollongong

171

GWSCF Capital Management

GWSCF has $485 million of derivative instruments (being 59% hedged) and these have a weighted average term of 2.4 years.

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Highpoint Shopping Centre, Melbourne
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GWSCF Hedging Profile As at 31 December 2012

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2.92% 2.92% 2.91% 2.91% 2.92% 2.92% 2.93%
1200 3%
1000
800 2%
($m) 600
400 1%
200
0 0%
Forecast debt Hedges Weighted average fixed rate
(LHS) (LHS) (RHS)
Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18
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172

AI assistant

GPT GROUP — Annual Report 2012

65009_rns_2013-02-13_49e54587-a327-4c04-a212-75a50fbc885b.pdf

Contents

GPT Overview

GPT Portfolio Diversity

Retail Portfolio

Office Portfolio

Logistics & Business Parks Portfolio

GPT Portfolio Overview

GPT Securityholder Overview

Drivers of Earnings and Value

Strategy on a Page

Megatrends

spaced out

behind the scenes

more from less

tangible intangibles

forever young

the orient express

GPT’s New Profit Sources – LiquidSpace Case Study

About LiquidSpace

About GPT’s Investment

Glossary

Financial Summary

Results Summary

Segment Result for the Year

Results Summary

Realised Operating Income to Statutory Results

Investments and Income

NTA Movement

Capital Management Summary

Look Through Gearing

Sources of Drawn Debt

Debt Facilities

Liquidity Profile

Hedging Profile

Capital Management

Retail Portfolio Overview

New South Wales GPT Owned

Northern Territory GPT Owned Casuarina Square (50%)

GWSCF Owned

Queensland

GPT Owned

Australian Capital Territory GWSCF Owned Westfield Woden (50%)*

Victoria

GPT Owned

GWSCF Owned

Retail Portfolio Summary

Retail Portfolio Summary

Retail Sales Summary

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

78% of the GPT retail portfolio was valued externally in the 12 months to 31 December 2012.

Retail Portfolio Income and Fair Value Schedule

Retail Sustainability

Retail Sustainability

Highpoint Shopping Centre Victoria

Rouse Hill Town Centre New South Wales

sunshineplaza.com

Homemaker City, Fortitude Valley Queensland

GPT Wholesale Shopping Centre Fund

carlingfordcourt.com.au

chirnsidepark.com.au

Highpoint Shopping Centre Victoria

Macarthur Square New South Wales

nortonplaza.com.au

Parkmore Shopping Centre Victoria

parkmoreshopping.com.au

Westfield Woden

Office Portfolio Overview

New South Wales GPT Owned

GWOF Owned

GPT GROUP Annual Report 2012