GPT GROUP - Annual Report 2013 | FinancialReports.eu

GPT 2013 ANNUAL RESULT DATAPACK

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Liberty Place, Sydney
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Contents
GPT Overview	54
Financial Performance	68
Retail Portfolio	84
Office Portfolio	118
Logistics Portfolio	154
Development	180
Funds Management	196

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

GPT 2013 ANNUAL RESULT GPT OVERVIEW

GPT Overview

GPT’s core portfolio consists of high quality properties in the retail, office and logistics 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 2013

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Logistics
14%
Retail
52%
Office
34%
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Highpoint Shopping Centre, VIC Liberty Place, Sydney 5 Murray Rose Avenue, NSW
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Retail Portfolio

Office Portfolio

Logistics Portfolio

30 assets 710,000 sqm GLA 80+ tenants $1.2bn portfolio

20 assets

15 shopping centres 940,000 sqm GLA 3,300+ tenants

1,020,000 sqm NLA 350+ tenants $2.9bn portfolio

$4.5bn portfolio
$7.5bn AUM
$6.4bn AUM
$1.3bn AUM

GPT Portfolio Overview

Total Return for the 12 months to 31 December 2013.

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IPD Total Return for the 12 months to December 2013
Retail Office Logistics Total
(Inc GWSCF Stake) (Inc GWOF Stake) Investment Portfolio Portfolio
9.0%
1.8% 8.8% 8.6%
1.1% 8.0%
1.0% 7.5%
6.9%
6.8%
6.4%
-0.4%
Income Return Capital Return Total Return
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Note: Total Return figures include equity interests in wholesale funds and exclude logistics development land. Variance in total is due to rounding.

GPT Portfolio Metrics

Across the three sectors, GPT has maintained high occupancy and a long WALE.

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Portfolio Size [1] Comparable Income WALE Occupancy WACR
Growth [2]
Retail $4.49bn 2.5% 4.1 years 99.6% 5.99%
Office $2.90bn 0.7% 5.8 years 90.6% 6.72%
Logistics $1.17bn 1.0% 5.1 years 96.2% 8.33%
Total $8.56bn 1.7% 4.8 years 95.9% 6.50%
Structured Rental Increases [3]
Other [1] Other [2] Other
21% 19% 21%
Retail Office Logistics
4.5% 4.0% 3.4%
Average Average Average
Increase Increase Increase
Fixed Fixed Fixed
79% 81% 79%
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Assets as at 31 December 2013.
Income for the 12 months to 31 December 2013 compared to the previous corresponding period.
For the full year to 31 December 2014.

GPT’s Capability

Sector specialists with scale and end to end capability in each sector.

ASSET Base	Group Portfolio	Retail Portfolio	Office Portfolio	Logistics Portfolio
No. Assets	65 assets	15 assets	20 assets	30 assets
GLA	2,670,000 sqm	940,000 sqm	1,020,000 sqm	710,000 sqm
No. Tenants	3,730+ tenants	3,300+ tenants	350+ tenants	80+ tenants
AUM	$15.2bn AUM	$7.5bn AUM	$6.4bn AUM	$1.3bn AUM
Platform	Employees
Investment Management	12
Funds Management	11			Under Development
Asset Management	212
Leasing	17
Development	25
Support Functions	152

GPT Securityholder Overview

GPT Securityholders by Geography As at 31 December 2013

GPT Securityholders by Type As at 31 December 2013

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Retail
Asia Investors
13% 10%
Europe Domestic
(ex UK) Institutions
6%
47%
UK
5% Australia
57%
Foreign
North
Institutions
America
43%
19%
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Drivers of Total Return

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WALE
For the 12 months to 31 December 2013. Retail: 4.1 years Retail: 79%
at 4.5% increase
Office: 5.8 years
Valuation Logistics: 5.1 years
Office: 81%
1.3% Cap Rates at 4.0% increase
Retail: 5.99%
Development Office: 6.72% Fixed Rental
Logistics: 8.33% Increases Logistics: 79%
Derivatives 80% at 4.2% at 3.4% increase
0.3% Acquisitions
$378m Retail: 99.6%
Portfolio Mix Occupancy Office: 90.6%
Retail: 52% Divestments 95.9% Logistics: 96.2%
Logistics: 14%Office: 34% $769m Development Fees 2014 ExpiriesRetail: 17%
NTA Change Asset Scrub Asset Management Office: 9%
1.6% Fees Logistics: 6%
WANOS [2] New Profit Sources
Existing Funds
Buy-back Income Funds Management New Funds
Total Return Fees
8.5%
Distribution EPS Yield Other Innogen
99% of AFFO
6.9% [1] Jaws LiquidSpace
Less Exchangeable MER < 45 bps
40 bps WACD [3]
5.00%
Less Capex
Expenses Interest Expense
100% AUD
Hedged
Maintenance Incentives
72% Hedged
Fixed
1. Includes final 2012 distribution of 5.1 cents
per security declared and paid in 2013. Debt Banks Average Term
2. Weighted average number of securities.3. Weighted average cost of debt. $2.3bn 64% 5.5 years
59 Gearing Bonds Refinancing
22.3% 36% 12 months: Nil
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Strategy on a Page

OUR PURPOSE

Property to Prosperity We maximise the financial potential of Australian property with solutions that fulfil the aspirations of our investors, tenants and communities.

FOR OUR FOR OUR FOR OUR FOR OUR FOR OUR INVESTORS TENANTS COMMUNITIES SECURITYHOLDERS PEOPLE We provide investors We provide property We are committed to We are a secure, We equip our people for with access to value in solutions, enabling being a highly trusted reliable investment, high performance, property to meet their businesses to prosper partner, creating value targeting superior creating a unified team investment needs. and connect. in our communities. risk adjusted returns with a culture of over time. achievement.

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OUR GOALS
Measured over 1, 3 and 5 years:
• Total return > 9%
• Leading relative total shareholder return
OUR ACHIEVEMENT CULTURE
ACCOUNTABLE EFFECTIVE AUTHENTIC FUTURE SHAPING CAN DO COURAGEOUS UNIFIED
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Our Strategy The journey ahead.

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Sustainability

A leader in sustainability.

Ranked top 1% of global real estate companies on the Dow Jones Sustainability Indices (DJSI)

Inclusion into the STOXX Global ESG Leaders Indices

GPT again in the top 10 globally in the 2013 Global Real Estate Sustainability Benchmark (GRESB), a position held for the past four years

GWOF named 2013 Global Leader for Sustainability Performance
GWSCF named 2013 Global Leader for Retail Sector Sustainability Performance

2013 Green Globe award winners for Business Sustainability and the Premier’s Award for Sustainability

GPT named 2013 APREA Best Practices Award winner

Member of FTSE4Good

Hosted annual company-wide Community Day

42% emissions intensity since 2005

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43%
water intensity
since 2005
45%
recycling rate
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Average NABERS Energy office portfolio rating of 5.0 stars

Glossary

A Grade...........................As per the Property Council of Australia’s ‘A Guide to Office Building Quality’ AFFO ............................... Adjusted Funds From Operations Adjusted Funds From Operations is defined as FFO less maintenance capex, leasing incentives and one-off items calculated in accordance with the PCA ‘Voluntary Best Practice Guidelines for Disclosing FFO and AFFO’. AREIT ..............................Australian Real Estate Investment Trust ASX .................................Australian Securities Exchange AUM ................................ Assets under management Assets under management includes interests in joint ventures. Bps .................................Basis Points Capex..............................Capital expenditure CBD ...............................Central Business District CO2 .................................Carbon Dioxide CPI ..................................Consumer Price Index cps ..................................Cents per security DPS.................................Distribution per security EBIT ................................Earning Before Interest and Tax EPS ................................. Earnings per security Earnings per security is defined as Realised Operating Income (less distribution to exchangeable securities) per ordinary security. FFO ................................. Funds From Operations Funds From Operations is defined as the underlying earnings calculated in accordance with the PCA ‘Voluntary Best Practice Guidelines for Disclosing FFO and AFFO’. FUM ................................Funds under management 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 HoA .................................Heads of Agreement IFRS ................................International Financial Reporting Standards IPD ..................................Investment Property Databank IRR ..................................Internal Rate of Return Jaws ...............................Jaws is defined as the combined benefit derived from the increase in income and the reduction in expenses. Major Tenants ................ Retail tenancies including Supermarkets, Discount Department Stores, Department Stores and Cinemas. MAT ................................Moving Annual Turnover MER ................................ Management Expense Ratio Management Expense Ratio is defined as management expenses divided by assets under management. 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 NAV .................................Net Asset Value NLA ................................Net Lettable Area NPAT ...............................Net Profit After Tax NTA .................................Net Tangible Assets Ordinary Securities ........ Ordinary securities are those that are most commonly traded on the ASX. The ASX defines ordinary securities as those securities that carry no special or preferred rights. Holders of ordinary securities will usually have the right to vote at a general meeting of the company, and to participate in any dividends or any distribution of assets on winding up of the company on the same basis as other ordinary securityholders. PCA .................................Property Council of Australia Premium Grade..............As per the Property Council of Australia’s ‘A Guide to Office Building Quality’ Prime Grade ...................Prime Grade includes assets of Premium and A Grade quality. psm ................................Per square metre 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. ROCE ..............................Return on capital expenditure ROI .................................. Realised operating income Realised operating income is pre distribution on exchangeable securities. Realised operating income per ordinary security is post distribution on exchangeable securities. Specialty Tenants ...........Retail tenancies with a GLA below 400 sqm. Sqm ................................Square metre TR ................................... Total Return Total Return is defined as the sum of the change in Net Tangible Assets, excluding movements in GPT’s equity base arising from capital raisings or capital returns, plus distributions over the Performance Period, divided by the NTA at the beginning of the Performance Period. TSR ................................. Total Securityholder Return

Total Securityholder Return is defined as distribution per security plus change in security price. Total Tangible Assets .....Total tangible assets is defined as per the Constitution of the Trust and equals Total Assets less Intangible Assets reporting in the Statement of Financial Position. USPP ..............................United States Private Placement VWAP ..............................Volume weighted average price WACD .............................Weighted average cost of debt WACR .............................Weighted average capitalisation rate WALE ..............................Weighted average lease expiry WANOS ...........................Weighted average number of securities

GPT 2013 ANNUAL RESULT FINANCIAL PERFORMANCE

Financial Summary

Financial Performance	Financial Performance	Financial Performance	Financial Performance
12 months to 31 December	2013	2012	Change
Total Realised Operating Income ($m)	471.8	456.4	Up 3.4%
Net profit after tax ($m)	571.5	594.5	Down 3.9%
ROI per ordinary security (cents)	25.7	24.2	Up 6.1%
ROI yield (based on year end price)	7.6%	6.6%	Up 10 bps
Distribution per security (cents)1	20.4	19.3	Up 5.7%
Distribution yield (based on period end price)	6.0%	5.2%	Up 8 bps
Net interest expense ($m)	(95.5)	(103.7)	Down 7.9%
Interest capitalised ($m)	3.0	8.8	Down 66.0%
Interest cover ratio (x)	5.5x	5.1x	Up 0.4x
	As at 31 Dec 13	As at 31 Dec 12	Change
Total assets ($m)	9,421.8	9,343.2	Up 0.8%
Total borrowings ($m)	2,310.4	2,143.6	Up 7.8%
NTA per security ($)	3.79	3.73	Up 1.6%
Net gearing	22.3%	21.7%	Up 60 bps
Net look through gearing	23.2%	23.9%	Down 70 bps
Weighted average term to maturity	5.5 years	5.4 years	Up 0.1 years
Credit ratings	A- (stable) / A3 (stable)	A- (stable) / A3 (stable)	No Change
Weighted average cost of debt	5.00%	5.08%	Down 8 bps
Weighted average term of interest rate hedging	5.9 years	2.4 years	Up 3.5 years

Represents the distribution declared in 2013. A 2012 distribution of 5.1 cents was also declared and paid in 2013.

Results Summary

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Realised Operating Income
12 months to 31 December 2013 2012 Change
Realised Operating Income (ROI) for continuing operations ($m) 580.9 566.0 p 2.6%
Non-core operations ($m) 11.2 14.5 q 22.8%
Finance and corporate overheads ($m) (120.3) (124.1) q 3.1%
Total Realised Operating Income ($m) 471.8 456.4 p 3.4%
Net profit after tax ($m) 571.5 594.5 q 3.9%
ROI per ordinary security (cents) 25.71 24.23 p 6.1%
Distribution per ordinary security (cents) [1] 20.4 19.3 p 5.7%
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Segment Performance 12 months to 31 December ($m) 2013 2012 Comment
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	2013	2012	2012

Retail NOI	264.3	300.9	Impact of assets sales offset bycomparable incomegrowth of 2.5%
Office NOI	144.1	135.6	Contribution from One One One Eagle Street combined with comparable incomegrowth of 0.7%
Logistics NOI	76.2	69.3	Contribution from recent acquisitions, inclusion of 5 Murray Rose combined with comparable incomegrowth of 1.0%
Funds Distributions	74.9	68.2	Strong performance in GWOF and GWSCF
Investment Management Expenses	(7.1)	(8.9)
Investment Management ROI	552.4	565.1
Asset Management ROI	5.8	(6.1)	Asset Management and Development - Retail & Major Projects profitable
Development - Retail & Major Projects ROI	2.8	(8.3)
Development - Logistics ROI	(1.8)	(0.7)	Investment ingrowth in Development - Logistics
Funds Management ROI	21.7	16.0	7.5%growth in funds under management
Net Interest Expense	(95.5)	(103.7)	50 basispoint reduction in average cost of debt
Unallocated Management Expenses	(22.1)	(22.3)
Tax Benefit / (Expense)	(2.7)	1.9
Non-Core ROI	11.2	14.5
Total Realised Operating Income (ROI)²	471.8	456.4
Less: distribution to exchangeable securities	(25.0)	(25.0)
Total	446.8	431.4
ROIper ordinarysecurity(cents)3	25.71	24.23

For 2013, represents the distribution declared in 2013. A 2012 distribution of 5.1 cents was also declared and paid in 2013.
69 2. Realised Operating Income is pre distribution on exchangeable securities. 3. ROI per ordinary security is post distribution on exchangeable securities. Number of ordinary stapled securities on issue was 1,694.9 million at 31 December 2013 and 1,766.8 million at 31 December 2012.

Results Summary

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Segment Result
12 months to Investment Asset Development Development Funds Corporate Total Core Non-Core, Total
31 December 2013 ($m) Management Management - Retail & - Logistics Management Operations Consolidation
Major Projects & Eliminations
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	Investment Management	Asset Management	Development - Retail & Major Projects	Development - Logistics	Funds Management	Corporate	Total Core Operations	Non-Core, Consolidation & Eliminations	Non-Core, Consolidation & Eliminations
Property net income (including share from joint venture entities and associates)	563.3				0.8		564.1	(3.8)	560.3
Management fees income		32.4			30.9		63.3	(17.0)	46.3
Development fees income (including share from joint venture entities and associates)			11.9	1.3			13.2	(5.7)	7.5
Management & Administrative Expenses	(10.9)	(26.6)	(9.1)	(3.1)	(10.0)	(22.1)	(81.8)	26.1	(55.7)
Net Interest Expense						(95.5)	(95.5)	13.6	(81.9)
Segment Result Before Tax	552.4	5.8	2.8	(1.8)	21.7	(117.6)	463.3	13.2	476.5
Income tax expense						(2.7)	(2.7)	(2.0)	(4.7)
Segment Result for the year	552.4	5.8	2.8	(1.8)	21.7	(120.3)	460.6	11.2	471.8

Fair value adjustments to investment properties and equity accounted investments	113.7						113.7		113.7
Financial instruments mark to market value movements and net foreign exchange loss						21.1	21.1	(0.8)	20.3
Non-cash IFRS revenue adjustments	(21.5)						(21.5)		(21.5)
Other	(2.8)	(0.3)				(10.9)	(14.0)	1.2	(12.8)
Net profit/(loss) for the year	641.8	5.5	2.8	(1.8)	21.7	(110.1)	559.9	11.6	571.5

Results Summary

Calculation of EPS and DPS 12 months to 31 December	2013	On-market Security Buy Back at 31 December	2013
Weighted average number of securities (#)	1,738.0m	Securities acquired	162.6m
Realised operating income (ROI) ($m)	471.8	% of securities on issue	8.8%
Less distribution on exchangeable securities ($m)	(25.0)	Cost	$544.4m
Total ($m)	446.8	Average price paid	$3.349
ROI per ordinary security (cents)	25.7	Average discount to NTA	9.9%
Distribution per ordinary security (cents)1	20.4 Value created		$59.8m
1. Represents the distribution declared in 2013. A 2012 distribution of 5.1 cents was also declared and paid in 2013.

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Distribution per ordinary security 2013 2012 Change
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Quarter 1 (cents)	5.1	4.6	p 10.9%
Quarter 2 (cents)	5.0	4.9	p 2.0%
Six months to 31 December (cents)	10.3	9.8	p 5.1%
Total ordinary distribution (cents)1	20.4	19.3	p 5.7%
Ordinary distribution ($m)	351.7	341.9	p 2.9%
Exchangeable distribution ($m)	25.0	25.0	-
Total distribution ($m)	376.7	366.9	p 2.7%
Available for distribution ($m)	471.8	456.4	p 3.4%

Represents the distribution declared in 2013. A 2012 distribution of 5.1 cents was also declared and paid in 2013.

Realised Operating Income to Statutory Results

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12 months to 31 December ($m) 2013 2012
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	2013	2013

Core business	580.9	566.0
Non-core operations	11.2	14.5
Financing and corporate overheads	(120.3)	(124.1)
Realised operating income	471.8	456.4
1. Valuation movements	92.2	196.1
2. Financial instruments marked to market and foreign exchange movements	20.3	(40.4)
3. Other items	(12.8)	(17.6)
Net profit after tax	571.5	594.5

Capital Expenditure Overview

Capital Expenditure ($m)	2013	2012
Maintenance capital expenditure	40.3	33.8
Lease incentives (including rent free)	50.7	40.7
Total operating capital expenditure	91.0	74.5
Development capital expenditure	81.1	72.7
Interest capitalised	3.0	8.8
Total property capital expenditure	84.1	81.5
Other corporate expenditure	11.9	3.0
Total capital expenditure	187.0	159.0

Realised Operating Income to Funds From Operations and Adjusted Funds From Operations

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12 months to 31 December ($m) 2013 2012
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	2013	2013

Core business	580.9	566.0
Non-core operations	11.2	14.5
Financing and corporate overheads	(120.3)	(124.1)
Realised operating income	471.8	456.4
Less: One-off items	0.9	(13.5)
Less: Distribution on exchangeable securities	(25.0)	(25.0)
Funds From Operations	447.7	417.9
Less Maintenance Capex and Leasing Incentives	(91.0)	(74.5)
Adjusted Funds From Operations	356.7	343.4

Investments and Income

Proportion of Real Estate Investments

Proportion of Income

As at As at 31 December 2013 31 December 2012

12 months to 12 months to 31 December2013 31 December 2012

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6% 1% 5% 1% 2% 2%
8% 8% 16% 14%
11%
12% 11%
15% 45% 51% 46% 51%
24%
22%
24%
25%
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Retail Office Logistics GWOF GWSCF Non-Core

Retail Office Logistics Funds Management Non-Core

NTA Movement

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Securities on Issue Number of NTA Movement Net Assets No. Securities [2] NTA per
Securities ($m) (million) Security ($)
(million)
NTA position as at 31 December 2012 6,826.3 1,831.2 3.73
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NTA position as at 31 December 2012 6,826.3 1,831.2 3.73	NTA position as at 31 December 2012 6,826.3 1,831.2 3.73	NTA position as at 31 December 2012 6,826.3 1,831.2 3.73	NTA position as at 31 December 2012 6,826.3 1,831.2 3.73

ROI	471.8		0.26
Core revaluation	92.2		0.05
Fair value movement of derivatives and foreign currency denominated borrowings	15.6		0.01
Distribution paid (incl exchangeable securities)	(466.8)		(0.26)
Buy back of securities	(269.7)	(73.8)	0.00
Issue of securities	0.0	1.9	0.00
Other	(4.5)		(0.00)
Movement in net assets	(161.4)		0.06

Less intangibles - movement	(0.8)		(0.00)
NTA position as at 31 December 2013	6,664.1	1,759.3	3.79

Includes conversion of exchangeable securities at conversion price of $3.883.

Capital Management Summary

Balance Sheet Overview	31 December 2013	31 December 2012
Total assets ($m)	9,421.8	9,343.2
Total debt ($m)1	2,310.4	2,143.6
Net Gearing	22.3%	21.7%
Weighted average cost of debt (incl fees and margins)	5.00%	5.08%
Weighted average term to maturity	5.5 years	5.4 years
Weighted average term of interest rate hedging	5.9 years	2.4 years
Credit Ratings	A- (stable) / A3 (stable)	A- (stable) / A3 (stable)

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Gearing ($m) As at 31 December 2013
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Total assets	9,421.8
Less: intangible assets	(50.7)
Total tangible assets	9,371.1
Current borrowings	205.0
Non-current borrowings	2,105.4
Total borrowings1	2,310.4
Headline Gearing	24.7%
Net Gearing	22.3%

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Interest Cover ($m) 31 December 2013
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Realised operating income	471.8
Plus: taxes deducted	4.7
Add: Gross Finance Costs for the period (post capitalised interest)	105.4
Earnings before Interest & Tax	581.9
Gross Finance Costs	105.4
Interest Cover	5.5x

Includes fair value adjustment. Drawn debt at 31 December 2013 is $2,303 million.

Look Through Gearing

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Look Through Gearing as at 31 December 2013 ($m) GPT Group GWOF GWSCF Other² Total
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Share of assets of non-consolidated entities
Group total tangible assets	9,371.1				9,371.1
(i) Plus: GPT share of assets of non-consolidated entities		839.7	606.7	808.8	2,255.2
(ii) Less: total equity investment in non-consolidated entities		(714.9)	(523.8)	(738.1)	(1,976.8)
(iii) Less: GPT loans to non-consolidated entities				(10.0)	(10.0)
Total look through assets	9,371.1	124.8	83.0	60.7	9,639.5
Group total borrowings	2,310.4				2,310.4
(iv) Plus: GPT share of external debt of non-consolidated entities		98.4	65.0	1.9	165.3
Total look through borrowings	2,310.4	98.4	65.0	1.9	2,475.7
Look through gearing					25.7%
Based on net debt1					23.2%

Calculated as debt less cash/total tangible assets less cash.
Retail, office and other assets (held in associates).

Debt

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Debt Cost Debt % of Total Interest Rate
as at 31 December 2013 ($m) Debt (%)
(%)
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	Debt ($m)	% of Total Debt (%)	% of Total Debt (%)
Hedged debt	1,650	72%	3.88%
Floating debt	653	28%	2.63%
Total debt	2,303		3.53%
Margin			1.00%
Fees			0.47%
All-in cost of funds			5.00%

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Debt Funded Capacity Current Gearing Investment Capacity
as at 31 December 2013 (%) ($m)
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Balance Sheet	24.7%	960
Wholesale Funds
- Office	11.7%	1,080
- Retail	10.7%	825
Total		2,865

Sources of Drawn Debt As at 31 December 2013

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CPI bonds
USPP 4%
10%
Foreign
MTN’s
4%
Domestic
MTN’s 18%
Domestic
Secured
bank
bank debt 3%
debt 52%
Foreign
bank debt 9%
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Debt Facilities

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Current Debt Facilities as at 31 December 2013
Outstanding Maturity Date Limit Available
($m) (equiv) ($m) (equiv) ($m) (equiv)
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	December 2013
	Outstanding ($m) (equiv)	Maturity Date	Limit ($m) (equiv)
Medium Term Notes	50	19 Feb 14	50	0
Medium Term Notes	30	24 Apr 14	30	0
Bank Bilateral	125	27 May 14	125	0
Bank Bilateral	0	15 Sep 14	100	100
Bank Bilateral	150	10 Mar 15	150	0
Bank Bilateral	200	11 Mar 15	200	0
Bank Bilateral	150	11 Mar 15	150	0
Bank Facility - Somerton	77	31 Mar 16	83	6
Bank Bilateral	140	1 Apr 16	140	0
Bank Bilateral	0	30 Nov 16	75	75
Bank Bilateral	300	30 Sep 17	300	0
Bank Bilateral	0	26 Oct 17	75	75
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
US Private Placement	146	19 Jun 25	146	0
Medium Term Notes	99	5 Feb 28	99	0
US Private Placement	97	19 Jun 28	97	0
CPI Indexed Bonds	85	10 Dec 29	85	0
Total Borrowings	2,303		2,560	256

Current Forward Start Debt Facilities	Current Forward Start Debt Facilities	Current Forward Start Debt Facilities
Start Date	Maturity Date	Limit ($m) (equiv)
31 Jan 14	31 Jan 18	100
31 Jul 14	31 Jul 18	100
Total		200

Liquidity Profile

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Liquidity Profile
As at 31 December 2013
1.2
1.0
0.8
($bn) 0.6
0.4
0.2
0.0
Cash balance Undrawn Current Forward Retained ROI Sale of Participation in Capex Debt facility Excess
31 Dec 2013 existing liquidity Start & impact of assets Funds’ DRP expiries liquidity at
facilities Facilities change in 31 Dec 2014
distribution
frequency
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Hedging Profile

Hedging Profile as at 31 December 2013	Hedging Profile as at 31 December 2013	Hedging Profile as at 31 December 2013	Hedging Profile as at 31 December 2013
Hedging Position	Average Rate on Hedged Balance excl Margins	Principal Amount of Derivative Financial Instruments ($m)	Principal Amount of Fixed Rate Borrowings ($m)
31 December 2013	3.88%	1,090	560
31 December 2014	3.74%	1,065	560
31 December 2015	3.77%	715	710
31 December 2016	3.72%	940	710
31 December 2017	3.71%	940	710
31 December 2018	3.96%	840	385

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3,500 6%
3,000
5%
4.02% 3.96%
2,500 3.88% 3.75% 3.74% 3.74% 3.77% 3.74% 3.72% 3.72% 3.71%
4%
2,000
($m) 3%
1,500
2%
1,000
500 1%
0 0%
Forecast debt Swaps Fixed rate debt Weighted average fixed rate
Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18
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GPT 2013 ANNUAL RESULT RETAIL PORTFOLIO

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $4.5 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
1
WA
SA
Sydney
NSW
7
Canberra
1
VIC
5 Melbourne
TAS
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) Rouse Hill Town Centre Westfield Penrith (50%)*

GWSCF Owned Casuarina Square (50%)

GWSCF Owned

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

Queensland

GPT Owned Sunshine Plaza (50%)*

Australian Capital Territory

Victoria

GWSCF Owned Westfield Woden (50%)*

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

GWSCF Owned

Chirnside Park

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

Highpoint Shopping Centre (50%) Parkmore Shopping Centre

Retail Portfolio Summary

The GPT retail portfolio is well positioned with a high level of occupancy at 99.6%. The retail portfolio achieved comparable income growth of 2.5% over the calendar year 2013.

Top Ten Tenants[1] As at 31 December 2013

Asset Quality As at 31 December 2013

Geographic Weighting As at 31 December 2013

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Premier Retail 100
Wesfarmers Woolworths Myer (Just Group) NT 7%
ACT 1%
80 QLD 9%
5.1% 4.5%
2.8% 2.6% 60
(%)
Cotton On Country James 40
Clothing Hoyts Road Grp BB Retail Westpac Pascoe Grp
20 VIC 38% NSW 45%
2.0% 1.5% 1.3% 1.3% 1.2% 1.2%
0
GPT Peer Peer Peer Peer
1 2 3 4
1. Based on gross rent (including turnover rent).
Other
Regional Sub Regional
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Retail Portfolio Summary

The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 15 shopping centres.

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Property Location Ownership GLA 31 Dec 13 31 Dec 13 30 Jun 13 External or Occupancy Annual Occupancy Specialty
(100% Fair Value Cap Rate Cap Rate Directors Centre Cost Sales
Interest) ($m) (%) (%) Valuation Turnover Specialty ($psm)
(sqm) ($m)
GPT Portfolio
Casuarina Square NT 50% 53,500 247.0 6.00% 6.00% External 99.7% 394.8 15.7% 10,737
Charlestown Square NSW 100% 89,300 829.9 6.00% 6.00% Directors 99.1% 501.6 16.9% 9,078
Dandenong Plaza VIC 100% 61,400 158.8 8.00% 8.00% Directors N/A 218.1 19.1% 6,261
Highpoint Shopping Centre¹ VIC 16.67% 153,900 307.2 5.50% 5.75% Directors 99.7% 836.5 20.6% 9,582
Melbourne Central [2] VIC 100% 52,700 998.2 5.75% 5.75% External 99.9% 381.4 21.6% 9,338
Rouse Hill Town Centre NSW 100% 68,900 470.0 6.00% 6.00% External 99.4% 394.5 15.6% 7,139
Sunshine Plaza QLD 50% 72,700 399.2 5.75% 5.75% Directors 99.9% 522.5 18.3% 11,269
Westfield Penrith NSW 50% 91,700 553.9 5.75% 5.75% Directors 99.7% 594.4 19.8% 10,453
GWSCF Portfolio
Casuarina Square NT 50% 53,500 247.0 6.00% 6.00% External 99.7% 394.8 15.7% 10,737
Chirnside Park VIC 100% 37,900 233.0 7.00% 7.00% Directors 100.0% 263.8 15.5% 10,032
Forestway Shopping Centre NSW 100% 9,600 84.9 7.50% 7.50% Directors 100.0% 98.3 15.3% 10,517
Highpoint Shopping Centre¹ VIC 50% 153,900 921.4 5.50% 5.75% Directors 99.7% 836.5 20.6% 9,582
Macarthur Square NSW 50% 94,100 403.5 6.25% 6.25% Directors 100.0% 544.5 17.8% 9,139
Norton Plaza NSW 100% 11,900 106.1 7.00% 7.00% Directors 100.0% 117.3 13.9% 10,908
Parkmore Shopping Centre VIC 100% 36,800 219.7 7.00% 7.25% Directors 99.5% 242.7 15.4% 8,326
Westfield Woden ACT 50% 72,300 312.1 6.25% 6.25% Directors 99.9% 369.0 20.1% 8,674
Wollongong Central NSW 100% 37,900 431.2 6.50% 6.50% Directors N/A 155.2 19.3% 8,471
Total 944,600 5.99% [3] 6.03% [3] 99.6% [4] 5,634.7 18.1% [5] 9,458 [5]
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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 7.25%.
Includes GPT shopping centres and GPT interest in GWSCF.
Excludes development impacted centres: Dandenong Plaza and Wollongong Central.
Includes 100% interest in GPT and GWSCF assets. Excludes development impacted centres: Highpoint, Dandenong Plaza and Wollongong Central.

Retail Sales Summary

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As at 31 December 2013 Moving Annual Turnover (MAT) Occupancy Costs
Property Ownership Centre MAT Comparable Centre Specialty MAT Comparable Specialty Centre Specialty
($psm) MAT Growth ($psm) MAT Growth
Casuarina Square GWSCF/GPT 8,400 1.6% 10,737 4.5% 9.8% 15.7%
Charlestown Square GPT 6,212 3.9% 9,078 3.2% 11.4% 16.9%
Chirnside Park GWSCF 7,880 (5.3%) 10,032 (3.6%) 7.5% 15.5%
Forestway Shopping Centre GWSCF 16,364 2.0% 10,517 (1.5%) 6.4% 15.3%
Melbourne Central Retail GPT 7,709 2.9% 9,338 1.9% 18.0% 21.6%
Macarthur Square GWSCF/APPF 6,210 0.3% 9,139 1.3% 11.0% 17.8%
Norton Plaza GWSCF 13,739 1.5% 10,908 (1.3%) 6.0% 13.9%
Parkmore Shopping Centre GWSCF 7,047 1.0% 8,326 (0.2%) 8.0% 15.4%
Rouse Hill Town Centre GPT 6,539 4.9% 7,139 5.5% 9.1% 15.6%
Sunshine Plaza GPT/APPF 8,473 4.3% 11,269 4.8% 10.9% 18.3%
Westfield Penrith¹ GPT/Westfield 7,197 0.2% 10,453 1.6% 12.3% 19.8%
Westfield Woden¹ GWSCF/Westfield 6,333 (5.9%) 8,674 (4.2%) 11.9% 20.1%
Total 7,251 1.1% 9,458 1.8% 11.0% 18.1%
Centres Under Development
Dandenong Plaza GPT 4,009 (6.5%) 6,261 (8.0%) 11.5% 19.1%
Highpoint Shopping Centre GPT/GWSCF/HPG 6,195 37.1% 9,582 27.2% 13.9% 20.6%
Wollongong Central GWSCF 5,091 (6.9%) 8,471 (6.8%) 14.4% 19.3%
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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 2013 with total centre sales up 1.1% and specialties up 1.8%.

GPT’s retail portfolio occupancy levels remain high at 99.6%, 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]
21%
Structured
4.5%
Rent
Average
Increase Increases
Fixed
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Comparable Change in Retail Sales by Category as at 31 December 2013	MAT ($m)	12 Months Growth
Department Store	$198	(0.8%)
Discount Department Store	$501	(1.7%)
Supermarket	$949	4.0%
Mini Majors and Other Majors	$480	(5.0%)
Other Retail1	$380	3.0%
Total Specialties	$1,917	1.8%
Total Centre	$4,425	1.1%
Specialty Sales Split
Retail Services	$154	9.5%
Food Catering	$351	4.8%
General Retail	$190	1.5%
Food Retail	$148	1.5%
Jewellery	$133	1.1%
Apparel	$669	1.0%
Leisure	$118	(1.8%)
Homewares	$89	(3.4%)
Mobile Phone	$65	(3.9%)

Excludes development impacted centres: Highpoint, Wollongong Central and Dandenong Plaza.

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 2014. Based on specialty base rent. 1. Other includes expiries in 2014.

Retail Sales

Retail sales have shown an improvement over the second half of 2013.

Specialty MAT Growth

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7.0%
6.0% 5.8% [6.0%]
5.0%
4.8%
4.4%
4.0% 3.9% 4.0%
3.6%
3.3%
3.2%
3.0%
2.8%
2.3%
2.1%
2.0%
1.8%
1.5%
1.4%
1.2% 1.1%
1.0%
0.5% 0.4%
0.2%
0.0%
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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 Jun 13 Dec 13

100% of GPT & GWSCF assets. Excludes development impacted centres.

Lease Expiry Profile

Weighted Average Lease Expiry (by base rent) as at 31 December 2013	Weighted Average Lease Expiry (by base rent) as at 31 December 2013
Major Tenants	12.0 years
Mini-Major Tenants	4.4 years
Specialty Tenants	2.6 years
Weighted Total	4.1 years

Total Centres

Total Specialty Tenants

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18.8%
22.2%
17.3% 21.0%
15.9% 19.3%
13.0%
12.2% 15.5%
12.9%
8.4%
5.3% 5.3%
4.8%
2.7%
1.3% 1.3% 1.2%
0.5% 0.4% 0.4% 0.3%
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+ 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+
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Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the retail portfolio firmed by 8 basis points over the past 12 months to 5.99% at 31 December 2013.

Weighted Average Capitalisation Rate

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5.84% 6.04% 6.26% 6.26% 6.25% 6.21% 6.19% 6.21% 6.10% 6.07% 6.03% 5.99%
5.63%
Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13
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Key Retail Market Trends

As part of its 2013 strategic review, GPT undertook a deep dive examination of the future market trends in the retail sector.

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Leakage of retail consumption
to online retailers via
accelerated online shopping
The increasing popularity growth
of the Australian market for
overseas retailers Online retail
e.g. Apple, Zara penetration
A narrowing of the price
differential between online
and in-store retail due to
greater price discovery and
transparency
Overseas Price
retail entry harmonisation
Key Retail Trends
Ageing population Omni-channel
and improved retailing The selling of products through
both online and bricks and
longevity
The impact of retirement on mortar stores
income and expenditure
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KEy POINT: Structural and cyclical trends in retail are likely to result in lower sales growth in the short to medium term

IMPLICATIONS: GPT is evolving the retail mix and improving the shopping centre experience to capture greater share of retail wallet

Retail Portfolio External Valuation Summary 100% of the GPT retail portfolio was valued externally in the 12 months to 31 December 2013.

Property	State	Date	Valuer	Valuation ($m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
GPT Portfolio
Casuarina Square	NT	31 Dec 13	JLL	247.0	50%	6.00%	6.25%	8.75%
Charlestown Square	NSW	30 Jun 13	Savills	828.0	100%	6.00%	6.25%	8.75%
DandenongPlaza	VIC	30 Jun 13	Colliers	155.0	100%	8.00%	8.25%	9.50%
Highpoint ShoppingCentre¹	VIC	30 Sep13	Savills	306.4	16.67%	5.50%	5.75%	8.50%
Melbourne Central2	VIC	31 Dec 13	Savills	998.2	100%	5.75%	6.00%	8.75%
Rouse Hill Town Centre	NSW	31 Dec 13	JLL	470.0	100%	6.00%	6.25%	8.75%
Sunshine Plaza	QLD	30 Jun 13	Savills	395.0	50%	5.75%	6.00%	8.75%
Westfield Penrith	NSW	30 Jun 13	KF	552.5	50%	5.75%	6.00%	8.75%
GWSCF Portfolio
Casuarina Square	NT	31 Dec 13	JLL	247.0	50%	6.00%	6.25%	8.75%
Chirnside Park	VIC	30 Jun 13	Colliers	231.0	100%	7.00%	7.25%	9.00%
ForestwayShoppingCentre	NSW	31 Mar 13	CBRE	83.6	100%	7.50%	7.75%	9.00%
Highpoint ShoppingCentre¹	VIC	30 Sep13	Savills	919.3	50%	5.50%	5.75%	8.50%
Macarthur Square	NSW	31 Mar 13	CBRE	401.3	50%	6.25%	6.50%	9.00%
Norton Plaza	NSW	30 Jun 13	KF	105.8	100%	7.00%	7.25%	9.25%
Parkmore ShoppingCentre	VIC	30 Jun 13	Colliers	212.0	100%	7.25%	7.50%	9.00%
Westfield Woden	ACT	30 Jun 13	CBRE	325.6	50%	6.25%	6.50%	8.75%
WollongongCentral	NSW	30 Sep13	CBRE	407.2	100%	6.50%	6.75%	8.75%

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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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
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
Operational Waste Energy
(% reused/recycled) (MJ/m [2] )
50% 500
40% 400
30% 300
27%
Recycling rate
Energy Intensity
20% 200
38% reduction
since 2005
10% 100
0 0
2009 2010 2011 2012 2013
2009 2010 2011 2012 2013
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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	2,193	112	24%
Charlestown Square	89,300	806	49	85%
Dandenong Plaza	61,400	889	120	18%
Highpoint Shopping Centre	153,900	874	103	24%
Melbourne Central	52,700	1,974	193	25%
Rouse Hill Town Centre	68,900	716	48	67%
Sunshine Plaza	72,700	905	93	46%
Westfield Penrith	91,700	1,484	110	40%
GWSCF Portfolio
Casuarina Square	53,500	2,193	112	24%
Chirnside Park	37,900	1,031	62	31%
Forestway Shopping Centre	9,600	1,781	61	24%
Highpoint Shopping Centre	153,900	874	103	24%
Macarthur Square	94,100	1,161	68	41%
Norton Plaza	11,900	1,311	104	25%
Parkmore Shopping Centre	36,800	836	836	34%
Westfield Woden	72,300	1,198	1,198	28%
Wollongong Central	37,900	716	716	49%
Total		1,121	92	38%

Casuarina Square Northern Territory

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)
36%
2,000 120 reduction
since 2005
20%
1,500 115
1,000 37% 110 Recycling
reduction 10% rate of
500 since 2005 105 24%
0 100 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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	$247.0m	Value	$247.0m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	External	Valuer	Jones LangLaSalle
Income (12 months)	$15.4m	Valuation Date	31 December 2013
Centre Details
Number of Tenancies	188	Retail Occupancy	99.7%
Car Parking Spaces	2,410
Specialty Expiry Profile by Base Rent	2014: 29%	2015: 19%	2016: 19%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$8,400	$10,737
Occupancy Costs	9.8%	15.7%
Annual Centre Turnover	$394.8m
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.

A redevelopment, 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 51% 40 49% 40% Recycling rate of
reduction reduction
200 since 2005 20 since 2005 20% 85%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%	Asset Type	Super Regional Centre
Acquired (by GPT)	December 1977	Construction/Refurbishment	Completed 1979 / Refurbished 1989, 2010-11
Property Details
Retail	79,900 sqm	Other	7,300 sqm
Office	2,200 sqm	Total	89,300 sqm
Current Valuation Latest External Valuation
Fair Value	$829.9m	Value	$828.0m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	Directors	Valuer	Savills
Income (12 months)	$49.6m	Valuation Date	30 June 2013
Centre Details
Number of Tenancies	314	Retail Occupancy	99.1%
Car Parking Spaces	3,450
Specialty Expiry Profile by Base Rent	2014: 4%	2015: 38%	2016: 22%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$6,212	$9,078
Occupancy Costs	11.4%	16.9%
Annual Centre Turnover	$501.6m
Key Tenants Area (sqm) Expiry Date
Myer	11,500	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

Dandenong Plaza

Victoria

dandenongplaza.com.au

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

Works commenced late 2013 to replace Myer with four new Mini-Majors (ALDI, Trade Secret, Daiso and JB HiFi). The works will be completed by end 2014.

30% reduction since 2005 17% reduction since 2005 0% 18% Recycling rate of 0 50 100 150 40% 30% 20% 10% 0 400 200 600 800 1,000 1,200 1,400 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	30% reduction since 2005 17% reduction since 2005 0% 18% Recycling rate of 0 50 100 150 40% 30% 20% 10% 0 400 200 600 800 1,000 1,200 1,400 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	30% reduction since 2005 17% reduction since 2005 0% 18% Recycling rate of 0 50 100 150 40% 30% 20% 10% 0 400 200 600 800 1,000 1,200 1,400 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)	30% reduction since 2005 17% reduction since 2005 0% 18% Recycling rate of 0 50 100 150 40% 30% 20% 10% 0 400 200 600 800 1,000 1,200 1,400 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled)
Key Metrics as at 31 December 2013
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GPT)	December 1993	Construction/Refurbishment	Completed 1989 / Refurbished 1995
Property Details1
Retail	60,700 sqm	Other	700 sqm
Office	0 sqm	Total	61,400 sqm
Current Valuation	Latest External Valuation
Fair Value	$158.8m	Value	$155.0m
Capitalisation Rate	8.00%	Capitalisation Rate	8.00%
Terminal Capitalisation Rate	8.25%	Terminal Capitalisation Rate	8.25%
Discount Rate	9.50%	Discount Rate	9.50%
Valuation Type	Directors	Valuer	Colliers
Income (12 months)	$18.8m	Valuation Date	30 June 2013
Centre Details
Number of Tenancies1	182	Retail Occupancy2	N/A
Car Parking Spaces	3,248
Specialty Expiry Profile by Base Rent	2014: 26%	2015: 25%	2016: 17%
Sales Information	Total Centre Specialties		Notes
Sales Turnover per Square Metre	$4,009	$6,261	1. Pre-development impact. 2. Development impacted.
Occupancy Costs	11.5%	19.1%
Annual Centre Turnover	$218.1m
Key Tenants	Area (sqm) Expiry Date
Target	6,660	July 2015
Kmart	5,790	July 2027
Safeway	3,890	December 2014
Coles	3,300	May 2028
Reading Cinemas	2,780	August 2023

Highpoint Shopping Centre Victoria

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,200 150 40%
1,000 120
30%
800
90
600 30% 60 32% 20% Recycling
400 reduction reduction rate of
200 since 2005 30 since 2005 10% 24%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

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 re-development of Highpoint Shopping Centre reached completion 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.

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	16.67%	Asset Type	Super Regional Centre
Co-Owner	GWSCF (50%) Highpoint PropertyGroup(33.33%)	Construction/ Refurbishment	Main Centre: Completed 1975 / Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990
Acquired (by GPT)	August 2009
Property Details
Retail	145,600 sqm	Other	6,400 sqm
Office	1,900 sqm	Total	153,900 sqm
Current Valuation Latest External Valuation
Fair Value1	$307.2m	Value1	$306.4m
Capitalisation Rate	5.50%	Capitalisation Rate	5.50%
Terminal Capitalisation Rate	5.75%	Terminal Capitalisation Rate	5.75%
Discount Rate	8.50%	Discount Rate	8.50%
Valuation Type	Directors	Valuer	Savills
Income (12 months)	$16.3m	Valuation Date	30 September 2013
Centre Details
Number of Tenancies	497	Retail Occupancy	99.7%
Car Parking Spaces	7,341
Specialty Expiry Profile by Base Rent	2014: 19%	2015: 12%	2016: 15%
Sales Information2 Total Centre Specialties			Notes
Sales Turnover per Square Metre	$6,195	$9,582	100 1. Includes Homemaker City Maribyrnong. 2. Development impacted.
Occupancy Costs	13.9%	20.6%
Annual Centre Turnover	$836.5m
Key Tenants Area (sqm) Expiry Date
Myer	19,120	June 2021
David Jones	14,000	March 2033
Target	9,920	July 2015
Hoyts	9,030	April 2019
Big W	8,160	June 2025
Woolworths	4,240	October 2032

Melbourne Central Victoria

==> picture [139 x 137] intentionally omitted <==

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

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.

Information on the office tower which forms part of Melbourne Central, is contained in the Office section of this document.

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,200 250 30%
200
2,000 20%
150
100 26% Recycling
1,800 reduction 10% rate of
50 since 2005 25%
1,600 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%	Asset Type	CityCentre
Acquired (by GPT)	May 1999	Construction/Refurbishment	Completed 1991 / Refurbished 2005, 2011
Property Details
Retail	46,600 sqm	Other	6,100 sqm
Office	0 sqm	Total	52,700 sqm
Current Valuation Latest External Valuation
Fair Value¹	$998.2m	Value¹	$998.2m
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	Savills
Income (12 months)	$59.2m	Valuation Date	31 December 2013
Centre Details
Number of Tenancies	301	Retail Occupancy	99.9%
Car Parking Spaces	822
Specialty Expiry Profile by Base Rent	2014: 21%	2015: 22%	2016: 22%
Sales Information Total Centre Specialties Notes
Sales Turnoverper Square Metre	$7,709	$9,338	1. Includes retail and car park 2. Retail component only.
Occupancy Costs	18.0%	21.6%
Annual Centre Turnover	$381.4m
Key Tenants Area (sqm) Expiry Date
Hoyts	7,710	September 2020
Coles	1,310	September 2019

101

Rouse Hill Town Centre New South Wales

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 100 100%
1,200 80 80%
900 60 60%
Recycling
600 40 40% rate of
300 20 20% 67%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

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.

Note: This asset not operational in baseline year (2005).

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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	62,300 sqm	Other	5,200 sqm
Office	1,400 sqm	Total	68,900 sqm
Current Valuation Latest External Valuation
Fair Value	$470.0m	Value	$470.0m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	External	Valuer	Jones Lang LaSalle
Income (12 months)	$29.9m	Valuation Date	31 December 2013
Centre Details
Number of Tenancies	244	Retail Occupancy	99.4%
Car Parking Spaces	2,939
Specialty Expiry Profile by Base Rent	2014: 34%	2015: 14%	2016: 7%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$6,539	$7,139
Occupancy Costs	9.1%	15.6%
Annual Centre Turnover	$394.5m
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

102

Sunshine Plaza Queensland

sunshineplaza.com

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

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

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 150 50%
120 40%
1,000
90 30%
49% 60 13% 20% Recycling
500 reduction reduction rate of
since 2005 30 since 2005 10% 46%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	50%	Asset Type	Major Regional Centre
Co-Owner	Australian Prime Property Fund Retail(50%)	Construction/Refurbishment	Completed 1994 / Refurbished 2002
Acquired (by GPT)	December 1992
Property Details
Retail	71,800 sqm	Other	700 sqm
Office	200 sqm	Total	72,700 sqm
Current Valuation Latest External Valuation
Fair Value	$399.2m	Value	$395.0m
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	Savills
Income (12 months)	$23.2m	Valuation Date	30 June 2013
Centre Details
Number of Tenancies	250	Retail Occupancy	99.9%
Car Parking Spaces	3,500
Specialty Expiry Profile by Base Rent	2014: 30%	2015: 20%	2016: 16%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$8,473	$11,269
Occupancy Costs	10.9%	18.3%
Annual Centre Turnover	$522.5m
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

103

Westfield Penrith

New South Wales

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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.

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,800 150 50%
1,600 Recycling
1,400 120 40% rate of
1,200 40%
90 30%
1,000
800
24% 60 26% 20%
600 reduction reduction
400 since 2005 30 since 2005 10%
200
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	50%	Asset Type	Super Regional Centre
Co-Owners	Westfield Group (25%) Westfield Retail Trust (25%)	Construction/Refurbishment	Completed 1971 / Refurbished 2005
Acquired (by GPT)	June 1971
Property Details
Retail	84,800 sqm	Other	2,600 sqm
Office	4,300 sqm	Total	91,700 sqm
Current Valuation Latest External Valuation
Fair Value	$553.9m	Value	$552.5m
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	Knight Frank
Income (12 months)	$33.0m	Valuation Date	30 June 2013
Centre Details
Number of Tenancies	325	Retail Occupancy	99.7%
Car Parking Spaces	3,521
Specialty Expiry Profile by Base Rent	2014: 22%	2015: 16%	2016: 18%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$7,197	$10,453
Occupancy Costs	12.3%	19.8%
Annual Centre Turnover	$594.4m
Key Tenants Area (sqm) Expiry Date
Myer	20,110	July 2033
Big W	8,740	March 2037
Target	7,100	July 2019
Hoyts	4,790	April 2018
Woolworths	3,800	March 2032
ALDI	1,620	April 2018

104

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 distribution received from the Fund.

GWSCF - Top Ten Tenants[1] As at 31 December 2013

GWSCF - Portfolio by Sub-Sector As at 31 December 2013

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

David
Wesfarmers Woolworths Jones Myer
5.4% 5.4% 2.4% 2.2%
Cotton Specialty James
Just On Fashion Pascoe
Group Westpac Clothing Hoyts Group Group
2.0% 1.6% 1.5% 1.4% 1.4% 1.3%
----- End of picture text -----

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

Other
7%
Regional
93%
----- End of picture text -----

Based on gross rent (including turnover rent).

105

Casuarina Square Northern Territory

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 acquired by 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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----- Start of picture text -----

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,500 125 30%
36%
2,000 120 reduction
since 2005
20%
1,500 115
1,000 37% 110 Recycling
reduction 10% rate of
500 since 2005 105 24%
0 100 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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	$247.0m	Value	$247.0m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	External	Valuer	Jones Lang LaSalle
		Valuation Date	31 December 2013
Centre Details
Number of Tenancies	188	Retail Occupancy	99.7%
Car Parking Spaces	2,410
Specialty Expiry Profile by Base Rent	2014: 29%	2015: 19%	2016: 19%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$8,400	$10,737
Occupancy Costs	9.8%	15.7%
Annual Centre Turnover	$394.8m
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

106

Chirnside Park

Victoria

chirnsidepark.com.au

Chirnside Park is a regional shopping centre situated approximately 30 kilometres north-east of Melbourne. The Centre, which incorporates two discount department stores and three supermarkets, provides an excellent convenience offer in the north-eastern region of Melbourne.

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

Water Intensity Emissions Intensity Operational Waste
1,000 (litres/m [2] ) 80 (kg C02-e/m [2] ) 40% (% reused/recycled)
800
60 30%
600
40 20%
400 3% 35% Recycling
reduction reduction rate of
200 since 2005 20 since 2005 10% 31%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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	$233.0m	Value	$231.0m
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 2013
Centre Details
Number of Tenancies	115	Retail Occupancy	100.0%
Car Parking Spaces	2,045
Specialty Expiry Profile by Base Rent	2014: 30%	2015: 17%	2016: 15%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$7,880	$10,032
Occupancy Costs	7.5%	15.5%
Annual Centre Turnover	$263.8m
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 2018

107

Forestway Shopping Centre New South Wales

==> picture [140 x 92] intentionally omitted <==

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

forestway.com.au
----- End of picture text -----

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.

==> picture [323 x 121] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
2,500 (litres/m [2] ) 150 (kg C02-e/m [2] ) 50% (% reused/recycled)
2,000 120 40%
1,500 90 30%
1,000 7% 60 40% 20% Recycling
reduction reduction rate of
500 since 2005 30 since 2005 10% 24%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%	Asset Type	Neighbourhood Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1964 / Refurbished 2004
Property Details
Retail	8,100 sqm	Other	600 sqm
Office	900 sqm	Total	9,600 sqm
Current Valuation Latest External Valuation
Fair Value	$84.9m	Value	$83.6m
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	CB Richard Ellis
		Valuation Date	31 March 2013
Centre Details
Number of Tenancies	54	Retail Occupancy	100.0%
Car Parking Spaces	437
Specialty Expiry Profile by Base Rent	2014: 33%	2015: 10%	2016: 18%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$16,364	$10,517
Occupancy Costs	6.4%	15.3%
Annual Centre Turnover	$98.3m
Key Tenants Area (sqm) Expiry Date
Woolworths	2,660	November 2028
ALDI	1,250	March 2023

108

Highpoint Shopping Centre Victoria

==> picture [140 x 84] intentionally omitted <==

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.

==> picture [323 x 122] intentionally omitted <==

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	50%	Asset Type	Super Regional Centre
Co-Owner	GPT (16.67%) Highpoint PropertyGroup (33.33%)	Construction/Refurbishment	Main Centre: Completed 1975 / Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990
Acquired (by GWSCF)	March 2007
Property Details
Retail	145,600 sqm	Other	6,400 sqm
Office	1,900 sqm	Total	153,900 sqm
Current Valuation Latest External Valuation
Fair Value1	$921.4m	Value1	$919.3m
Capitalisation Rate	5.50%	Capitalisation Rate	5.50%
Terminal Capitalisation Rate	5.75%	Terminal Capitalisation Rate	5.75%
Discount Rate	8.50%	Discount Rate	8.50%
Valuation Type	Directors	Valuer	Savills
		Valuation Date	30 September 2013
Centre Details
Number of Tenancies	497	Retail Occupancy	99.7%
Car Parking Spaces	7,341
Specialty Expiry Profile by Base Rent	2014: 19%	2015: 12%	2016: 15%
Sales Information2 Total Centre Specialties Notes
Sales Turnover per Square Metre	$6,195	$9,582	1. Includes Homemaker City Maribyrnong. 2. Development impacted.
Occupancy Costs	13.9%	20.6%
Annual Centre Turnover	$836.5m
Key Tenants Area (sqm) Expiry Date
Myer	19,120	June 2021
David Jones	14,000	March 2033
Target	9,920	July 2015
Hoyts	9,030	April 2019
Big W	8,160	June 2025
Woolworths	4,240	October 2032

109

Operational Waste (% reused/recycled)

Emissions Intensity (kg C02-e/m[2] )

Water Intensity (litres/m[2] )

Macarthur Square

New South Wales

==> picture [140 x 163] intentionally omitted <==

Macarthur Square is located in Campbelltown, 50 kilometres south-west of the Sydney CBD, in an area of strong population growth. The Centre is the only regional centre in its trade area and enjoys a strong trading position.

The Centre is jointly owned with Australian Prime Property Fund Retail and managed by Lend Lease.

==> picture [323 x 106] intentionally omitted <==

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

1,500 140 60%
120
1,250 50%
100
1,000 40%
80
750 30%
24% 60 36% Recycling
500 reduction 40 reduction 20% rate of
250 since 2005 20 since 2005 10% 41%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	50%	Asset 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	82,500 sqm	Other	9,200 sqm
Office	2,300 sqm	Total	94,100 sqm
Current Valuation Latest External Valuation
Fair Value	$403.5m	Value	$401.3m
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	31 March 2013
Centre Details
Number of Tenancies	304	Retail Occupancy	100.0%
Car Parking Spaces	3,600
Specialty Expiry Profile by Base Rent	2014: 14%	2015: 22%	2016: 25%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$6,210	$9,139
Occupancy Costs	11.0%	17.8%
Annual Centre Turnover	$544.5m
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	4,550	April 2016
Woolworths	4,190	November 2015
Coles	3,760	November 2020

110

Norton Plaza New South Wales

==> picture [139 x 152] intentionally omitted <==

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

nortonplaza.com.au
----- End of picture text -----

Norton Plaza is located in Leichhardt, six kilometres west of Sydney and is a high performing neighbourhood shopping centre anchored by a full line Coles supermarket and Norton Street Grocer.

==> picture [323 x 125] intentionally omitted <==

----- 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%
60 Recycling
rate of
500 10%
30 25%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
----- End of picture text -----

Note: This asset not operational in baseline year (2005).

==> picture [406 x 199] intentionally omitted <==

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

Key Metrics as at 31 December 2013
Ownership Interest 100% Asset Type Neighbourhood Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment Completed late 1990s and 2000
Property Details
Retail 9,500 sqm Other 1,500 sqm
Office 800 sqm Total 11,900 sqm
Current Valuation Latest External Valuation
Fair Value $106.1m Value $105.8m
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 2013
Centre Details
Number of Tenancies 51 Retail Occupancy 100.0%
Car Parking Spaces 485
Specialty Expiry Profile by Base Rent 2014: 6% 2015: 34% 2016: 16%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $13,739 $10,908
Occupancy Costs 6.0% 13.9%
Annual Centre Turnover $117.3m
Key Tenants Area (sqm) Expiry Date
Coles 3,770 November 2019
----- End of picture text -----

111

Parkmore Shopping Centre Victoria

parkmoreshopping.com.au

Parkmore Shopping Centre is a regional shopping centre located approximately 35 kilometres south-east of the Melbourne CBD, in the suburb of Keysborough. The Centre, which incorporates two discount department stores and two supermarkets, provides a strong convenience and service offer.

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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%
15% 24% Recycling
reduction reduction 20% rate of
200 since 2005 30 since 2005 10% 34%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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	$219.7m	Value	$212.0m
Capitalisation Rate	7.00%	Capitalisation Rate	7.25%
Terminal Capitalisation Rate	7.25%	Terminal Capitalisation Rate	7.50%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	Colliers
		Valuation Date	30 June 2013
Centre Details
Number of Tenancies	128	Retail Occupancy	99.5%
Car Parking Spaces	2,600
Specialty Expiry Profile by Base Rent	2014: 19%	2015: 18%	2016: 25%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$7,047	$8,326
Occupancy Costs	8.0%	15.4%
Annual Centre Turnover	$242.7m
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

112

Westfield Woden

Australian Capital Territory

westfield.com.au/woden

Westfield Woden is one of the largest shopping, leisure and lifestyle destinations in Canberra, and is 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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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,000 120 40%
Recycling
rate of
1,500 90 30% 28%
1,000 60 20%
31% 30%
reduction reduction
500 30 10%
since 2005 since 2005
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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	64,800 sqm	Other	900 sqm
Office	6,600 sqm	Total	72,300 sqm
Current Valuation Latest External Valuation
Fair Value	$312.1m	Value	$325.6m
Capitalisation Rate	6.25%	Capitalisation Rate	6.25%
Terminal Capitalisation Rate	6.50%	Terminal Capitalisation Rate	6.50%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	Directors	Valuer	CB Richard Ellis
		Valuation Date	30 June 2013
Centre Details
Number of Tenancies	236	Retail Occupancy	99.9%
Car Parking Spaces	2,700
Specialty Expiry Profile by Base Rent	2014: 26%	2015: 19%	2016: 15%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$6,333	$8,674
Occupancy Costs	11.9%	20.1%
Annual Centre Turnover	$369.0m
Key Tenants Area (sqm) Expiry Date
David Jones	13,630	March 2030
Big W	8,490	August 2019
Woolworths	4,080	March 2019
Hoyts	3,780	June 2020
Coles	3,400	March 2014

113

Wollongong Central New South Wales

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wollongongcentral.com.au
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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 18,000 sqm expansion will include approximately 80 additional specialty stores, a new Coles supermarket and fresh food precinct, a city-central food offer and food court, and 600 car spaces, that will connect directly to the existing Wollongong Central. The project will be completed in the second half of 2014.

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 100 50%
800 80 40%
600 60 30%
400 56% 40 reduction 31% 20% Recycling rate of
reduction
200 since 2005 20 since 2005 10% 49%
0 0 0%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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	$431.2m	Value²	$407.2m
Capitalisation Rate	6.50%	Capitalisation Rate	6.50%
Terminal Capitalisation Rate	6.75%	Terminal Capitalisation Rate	6.75%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	Directors	Valuer	CB Richard Ellis
		Valuation Date	30 September 2013
Centre Details
Number of Tenancies¹	153	Retail Occupancy³	N/A
Car Parking Spaces¹	1,429
Specialty Expiry Profile by Base Rent	2014: 28%	2015: 33%	2016: 23%
Sales Information Total Centre Specialties Notes
Sales Turnoverper Square Metre	$5,091	$8,471	1. Pre-development impact. 2. Includes ancillary properties. 3. Development impacted.
Occupancy Costs	14.4%	19.3%
Annual Centre Turnover	$155.2m
Key Tenants Area (sqm) Expiry Date
Myer	12,150	October 2016
David Jones	1,840	October 2015

114

GPT 2013 ANNUAL RESULT OFFICE PORTFOLIO

116

Office Portfolio Overview

GPT’s office portfolio comprises ownership in 20 high quality assets with a total investment of $2.9 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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NT
QLD Brisbane
4
WA
SA
Sydney
NSW
10
VIC
6
Melbourne
TAS
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New South Wales

GPT Owned

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

GWOF Owned

Liberty Place (50%) Darling Park 1 & 2 (50%) Darling Park 3 HSBC Centre workplace[6] The Zenith, Chatswood (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

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

l Number of assets in each state

118

Office Portfolio Summary

GPT has the highest exposure to Prime Grade office assets out of the listed AREIT sector. The GPT office portfolio delivered a Total Return of 8.8% underpinned by a strong weighted average lease term of 5.8 years.

Top Ten Tenants[1] As at 31 December 2013

Asset Quality As at 31 December 2013

Geographic Weighting As at 31 December 2013

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100 Brisbane
Government Members Equity NAB Citibank AustraliaEricsson 14% Sydney
80 61%
10.9% 3.4% 2.9% 2.9% 2.5% 60
(%)
40
Arrow King & Wood ANZ Banking Ernst &
Energy Mallesons Group Young CBA
20
Melbourne
2.3% 2.3% 2.3% 2.2% 2.2%
25%
0
GPT Peer Peer Peer Peer Peer
1 2 3 4 5
Other
A Grade
Premium
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Based on gross rent.

119

Office Portfolio Summary

Property	Location	Ownership	Office NLA (100% Interest) (sqm)	31 Dec 13 Fair Value ($m)	31 Dec 13 Cap Rate (%)	30 Jun 13 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%	51,600	311.1	6.75%	6.75%	Directors	91.1%	91.1%	91.6%	5.2
CitigroupCentre,Sydney	NSW	50%	73,400	395.0	6.50%	6.63%	External	93.3%	96.4%	96.6%	5.4
MLC Centre,Sydney	NSW	50%	68,500	384.4	7.00%	7.00%	Directors	63.8%	65.7%	65.7%	5.4
1 Farrer Place,Sydney	NSW	25%	86,500	335.6	6.25%	6.25%	Directors	93.2%	93.2%	93.2%	4.0
Melbourne Central Tower,Melbourne	VIC	100%	65,800	394.0	6.75%	7.00%	External	85.1%	88.5%	88.5%	5.4
818 Bourke Street,Melbourne	VIC	100%	21,900	138.4	7.25%	7.25%	Directors	100.0%	100.0%	100.0%	4.8
One One One Eagle Street,Brisbane	QLD	33%	63,800	224.9	6.50%	6.50%	Directors	83.7%	84.4%	84.4%	9.2
GWOF Portfolio
LibertyPlace,Sydney	NSW	50%	56,400	424.3	6.25%	6.25%	Directors	100.0%	100.0%	100.0%	11.3
DarlingPark 1 & 2,Sydney	NSW	50%	102,000	600.6	6.50% - 6.75%	6.50% - 6.75%	Directors	100.0%	100.0%	100.0%	5.3
DarlingPark 3,Sydney	NSW	100%	29,800	288.2	7.00%	7.00%	Directors	100.0%	100.0%	100.0%	2.8
HSBC Centre,Sydney	NSW	100%	37,300	340.0	7.00%	7.25%	External	98.8%	98.8%	98.8%	3.7
workplace6,Sydney	NSW	100%	16,300	173.0	7.00%	7.00%	External	100.0%	100.0%	100.0%	5.9
The Zenith,Chatswood	NSW	50%	44,000	121.5	8.50%	8.50%	Directors	95.9%	95.9%	95.9%	3.1
8 Exhibition Street,Melbourne	VIC	50%	44,600	169.7	6.50%	6.50%	Directors	100.0%	100.0%	100.0%	7.3
Twenty8 Freshwater Place,Melbourne	VIC	50%	33,900	117.5	7.00%	7.00%	Directors	100.0%	100.0%	100.0%	5.2
530 Collins Street,Melbourne	VIC	100%	66,000	445.0	6.63%	6.88%	External	97.2%	97.2%	97.2%	6.8
800/808 Bourke Street,Melbourne	VIC	100%	59,600	385.6	6.50%	6.50%	Directors	100.0%	100.0%	100.0%	13.6
Brisbane Transit Centre,Brisbane	QLD	50%	29,500	62.3	9.00%	9.00%	External	75.5%	75.5%	75.5%	2.2
One One One Eagle Street,Brisbane	QLD	33%	63,800	221.5	6.50%	6.50%	Directors	83.7%	84.4%	84.4%	9.2
Riverside Centre,Brisbane	QLD	100%	51,600	564.2	7.00%	7.00%	Directors	93.5%	95.6%	95.6%	4.8
545 Queen Street,Brisbane	QLD	100%	13,100	86.5	7.75%	8.25%	External	100.0%	100.0%	100.0%	3.4
Total			1,015,600		6.72%	6.78%		89.1%	90.5%	90.6%	5.8

120

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the office portfolio firmed by 14 basis points over the 12 months to 31 December 2013.

Weighted Average Capitalisation Rate

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6.60% 7.10% 7.27% 7.20% 7.14% 7.11% 7.07% 7.01% 6.86% 6.78% 6.72%
6.10%
Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13
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121

Office Portfolio Lease Expiry Profile

GPT continues to proactively manage its lease expiries, as evidenced by a relatively flat lease expiry profile.

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Office Portfolio Lease Expiry Profile
(by Area)
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15%
12%
11%
9% 9%
9% 8%
7%
6%
6%
4%
3%
Vacant 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+
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122

Office Market Outlook

Office markets remain subdued however there are early signs of a cyclical peak in total vacancy in Sydney and Melbourne.

GPT’s office portfolio has a

diverse tenant mix across a wide range of sectors. Income growth is underpinned by 81% of reviewed leases being subject to a fixed rental review with an average increase of 4.0%. The weighted office portfolio is over-rented by 1.9%[1] .

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Other [2]
19%
Rent
4.0% Reviews
Average
Increase
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----- Start of picture text -----

Fixed
81%
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Structured rent reviews for the full year to 31 December 2014. 1. Passing rents struck on effective deals “faced up” at current incentive levels.

Other includes market reviews, CPI reviews and expiries in 2014.

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Total Vacancy
16%
14%
12% 13.2%
10% 11.1%
9.9%
8%
6%
4%
2% Forecast
2014-2016
0%
Average
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Vacancy
Sydney CBD Melbourne CBD Brisbane CBD
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Source: Jones Lang LaSalle Research, December 2013.

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Prime Incentives
32% 30.6%
27% 29.4%
28.9%
22%
17%
12%
7% Forecast
2% 2014-2016
Average P rime
-3% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Incentives
Sydney CBD Melbourne CBD Brisbane CBD
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Source: Jones Lang LaSalle Research, December 2013.

123

Key Office Market Trends

As part of its 2013 strategic review, GPT undertook a deep dive examination of the future market trends in the office sector.

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Provision of alternative
working arrangements to
accommodate a diverse and Densification
changing workforce
Flexible work Offshoring
practices
Key Office Trends
Sustainability Intermarket
movements
Continued adoption of
sustainable real estate by
tenants
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Adoption of denser workspace ratios through fit-out or move to ABW

Migration of work to lower cost markets

Likely to extend beyond back office process to more highly skilled functions

Movement of office staff between CBD and satellite CBD and office park locations

KEy POiNT: Offshoring and densification represents the two most significant structural changes iMPLiCATiONS: GPT is adapting, diversifying and enhancing its quality portfolio

124

Office Portfolio External Valuation Summary 100% of the GPT office portfolio was valued externally in the 12 months to 31 December 2013.

Property	State	Date	Valuer	Valuation ($m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
GPT Portfolio
Australia Square,Sydney	NSW	30 Jun 13	Knight Frank	305.0	50%	6.75%	6.88%	8.75%
CitigroupCentre,Sydney	NSW	31 Dec 13	CBRE	395.0	50%	6.50%	6.50%	8.75%
MLC Centre,Sydney	NSW	30 Jun 13	Colliers	375.0	50%	7.00%	7.00%	9.00%
1 Farrer Place,Sydney	NSW	30 Jun 13	Knight Frank	332.5	25%	6.25%	6.25%	8.50%
Melbourne Central Tower,Melbourne	VIC	31 Dec 13	Knight Frank	394.0	100%	6.75%	7.00%	8.65%
818 Bourke Street,Melbourne	VIC	30 Jun 13	Savills	138.0	100%	7.25%	7.50%	9.00%
One One One Eagle Street, Brisbane	QLD	31 Mar 13	Knight Frank	220.0	33%	6.50%	6.88%	8.75%
GWOF Portfolio
LibertyPlace,Sydney	NSW	30 Jun 13	JLL	415.0	50%	6.25%	6.50%	8.50%
Darling Park 1 & 2, Sydney	NSW	31 Mar 13	Knight Frank	595.0	50%	Office: 6.50%-6.75% Retail: 7.00%	Office: 7.00%-7.25% Retail: 7.25%	Office: 8.75%-9.00% Retail: 9.25%
DarlingPark 3,Sydney	NSW	31 Mar 13	Knight Frank	288.0	100%	7.00%	7.00%	8.75%
HSBC Centre,Sydney	NSW	31 Dec 13	JLL	340.0	100%	7.00%	7.00%	8.75%
workplace6,Sydney	NSW	31 Dec 13	CBRE	173.0	100%	7.00%	7.25%	8.75%
The Zenith,Chatswood	NSW	30 Sep13	Colliers	121.0	50%	8.50%	8.75%	9.00%
8 Exhibition Street,Melbourne	VIC	31 Mar 13	m3	162.3	50%	6.50%	6.50%	9.00%
Twenty8 Freshwater Place,Melbourne	VIC	30 Sep13	m3	117.5	50%	7.00%	7.00%	8.75%
530 Collins Street,Melbourne	VIC	31 Dec 13	Knight Frank	445.0	100%	6.63%	6.75%	8.50%
800/808 Bourke Street,Melbourne	VIC	30 Sep13	JLL	385.0	100%	6.50%	7.00%	8.50%
Brisbane Transit Centre,Brisbane	QLD	31 Dec 13	Colliers	62.3	50%	9.00%	9.25%	9.25%
One One One Eagle Street,Brisbane	QLD	31 Mar 13	Knight Frank	220.0	33%	6.50%	6.88%	8.75%
Riverside Centre,Brisbane	QLD	30 Jun 13	Knight Frank	560.0	100%	7.00%	7.00%	8.75%
545 Queen Street,Brisbane	QLD	31 Dec 13	Colliers	86.5	100%	7.75%	8.00%	9.00%

125

Office Portfolio income and Fair Value Schedule

Capital growth remained solid supported by income growth and a tightening in market valuation fundamentals.

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126

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.

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Water Intensity Emissions Intensity
(litres/m [2] ) (kg CO2-e/m [2] )
900
100
800
700 80
600
500 52% 60
50%
400 Water Intensity
300 reduction 40 Emissions Intensity reduction
since 2005
200 since 2005
20
100
0 0
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
Operational Waste Energy
(% reused/recycled) (MJ/m [2] )
600
80%
500
70%
60% 400
50% 300 38%
Energy Intensity
40% Recycling rate 200 reduction
30% 61% since 2005
20% 100
10%
0
0 2009 2010 2011 2012 2013
2009 2010 2011 2012 2013
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127

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.

One One One Eagle Street, Brisbane

Property	NABERS Energy Rating (includingGreen Power)	NABERS Energy Rating (includingGreen Power)	NABERS Energy Rating (includingGreen Power)	NABERS Energy Rating (includingGreen Power)	NABERS Energy Rating (includingGreen Power)	NABERS Energy Rating (includingGreen Power)	NABERS Water Rating	NABERS Water Rating	NABERS Water Rating	NABERS Water Rating	NABERS Water Rating	NABERS Water Rating
	2008	2009	2010	2011	2012	2013	2008	2009	2010	2011	2012	2013
GPT Portfolio
Australia Square,Sydney (Tower)	4.0	4.5	4.5	4.0	4.5	4.0	3.5	3.5	3.5	4.0	4.0	4.0
Australia Square,Sydney (Plaza)	5.0	5.0	5.0	5.0	5.0	5.0	3.5	4.0	4.0	3.5	4.0	4.0
CitigroupCentre,Sydney	4.5	5.0	5.0	5.0	5.0	5.0	4.0	4.0	4.0	3.5	3.5	3.5
MLC Centre,Sydney	4.5	5.0	5.0	5.0	5.5	5.0	2.5	3.0	3.0	3.5	3.0	3.5
1 Farrer Place,Sydney, (GMT)	3.0	3.0	4.5	4.5	4.5	4.5	-	4.0	4.0	4.0	4.0	3.5
1 Farrer Place,Sydney (GPT)	3.0	3.0	4.0	4.0	3.5	4.5	-	3.0	3.0	3.0	3.0	3.5
Melbourne Central,Melbourne	4.5	4.5	4.5	5.0	5.0	5.0	2.0	3.5	3.5	2.5	3.0	3.0
818 Bourke Street,Melbourne	5.0	5.0	5.0	5.0	5.5	5.0	-	5.0	5.0	5.0	5.5	5.0
One One One Eagle Street, Brisbane2	-	-	-	-	-	-	-	-	-	-	-	-
GWOF Portfolio
LibertyPlace,Sydney2	-	-	-	-	-	-	-	-	-	-	-	-
DarlingPark 1,Sydney	4.5	4.0	5.0	5.5	5.5	5.0	2.0	2.5	2.5	3.5	3.5	3.5
DarlingPark 2,Sydney	5.0	5.0	5.0	5.0	5.0	5.0	3.0	3.0	3.0	3.5	3.5	3.0
DarlingPark 3,Sydney	5.0	5.0	5.0	5.5	5.5	5.0	3.5	3.0	3.0	3.5	3.5	3.5
HSBC Centre,Sydney	3.5	3.5	4.0	4.0	4.5	5.0	3.0	3.0	3.0	2.5	3.0	3.5
workplace6,Sydney	-	-	5.0	5.5	5.5	5.0	-	-	5.0	5.0	5.0	5.0
The Zenith,Chatswood	3.0	3.0	3.5	3.5	3.5	5.0	1.5	2.0	2.0	2.0	2.0	4.0
8 Exhibition Street,Melbourne	-	-	-	-	-	4.5	-	-	-	-	-	4.0
530 Collins Street,Melbourne	4.0	4.5	5.0	5.0	5.5	5.5	3.0	3.0	3.0	3.5	3.5	3.0
800/808 Bourke Street,Melbourne	4.5	5.0	5.0	5.0	4.5	5.0	3.0	3.0	3.0	2.5	2.5	2.5
Twenty8 Freshwater Place,Melbourne	-	-	5.0	5.0	5.0	5.0	-	-	3.5	4.5	4.5	4.5
One One One Eagle Street,Brisbane2	-	-	-	-	-	-	-	-	-	-	-	-
Riverside Centre,Brisbane	5.0	5.0	5.0	5.0	5.0	5.0	3.5	3.5	3.5	3.5	3.0	3.5
Brisbane Transit Centre,Brisbane	-	-	-	-	-	5.0/5.5	-	-	-	-	-	2.5/3.5
545 Queen Street,Brisbane	-	5.0	5.0	5.0	5.0	5.5	-	-	4.5	4.5	4.5	4.0
Portfolio Average	4.4	4.6	4.8	5.0	5.0	5.0	2.8	3.2	3.3	3.7	3.7	3.7

NABERS rating: 1 to 6 stars, 1=poor performance, 6=exceptional performance.
Asset in the process of being rated, requiring 12 months post commissioning and occupancy data to be assessed.

128

Office Sustainability

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

Property	Area NLA	Water (total) Litres/m2	Emissions kg CO2-e/m2	Waste % Reused/Recycled
GPT Portfolio
Australia Square, Sydney	51,600	958	97	56%
Citigroup Centre, Sydney	73,400	650	85	81%
MLC Centre, Sydney	68,500	744	116	58%
1 Farrer Place, Sydney	86,500	806	104	67%
Melbourne Central Tower, Melbourne	65,800	602	44	72%
818 Bourke Street, Melbourne	21,900	126	47	51%
GWOF Portfolio
Darling Park 1 & 2, Sydney	102,000	811	42	63%
Darling Park 3, Sydney	29,800	831	62	66%
HSBC Centre, Sydney	37,300	955	108	55%
workplace6,Sydney	16,300	194	59	48%
The Zenith, Chatswood	44,000	617	71	66%
Twenty8 Freshwater Place, Melbourne	33,900	412	52	70%
530 Collins Street, Melbourne	66,000	473	75	58%
800/808 Bourke Street, Melbourne	59,600	584	0	44%
Brisbane Transit Centre, Brisbane	29,500	855	100	35%
Riverside Centre, Brisbane	51,600	777	86	59%
545 Queen Street, Brisbane	13,100	630	59	51%
Portfolio Average		682	69	61%

Note: Only recycled waste reported

129

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, a 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 8%
2014 8%
2015 10%
800 100 80%
2016 2%
2017 9%
600 90 60% 2018 20%
2019 15%
400 27% 80 40% Recycling 2020 9%
reduction 23% rate of 2021 6%
200 since 2005 70 since 2005reduction 20% 56% 2022 2%
2023
0 60 0 2024+ 12%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013
Ownership interest 50% GPT Asset Quality A Grade
Co-Owner Dexus Property Group (50%) Construction/Refurbishment Completed 1967 / Refurbished 2004
Acquired (by GPT) September 1981
Property Details
Office 51,600 sqm Car Parking Spaces 385
Retail 1,600 sqm Typical Floor Plate 1,030 sqm
Current Valuation Latest External Valuation
Fair Value $311.1m Value $305.0m
Capitalisation Rate 6.75% Capitalisation Rate 6.75%
Terminal Capitalisation Rate 6.88% Terminal Capitalisation Rate 6.88%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer Knight Frank
income (12 months) $19.0m Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 58 Actual 91.1%
WALE (by income) 5.2 years including Signed Leases 91.1%
including Heads of Agreement 91.6%
Key Tenants Area (sqm) Expiry Date
HWL Ebsworth 6,200 September 2026
Origin Energy 5,150 August 2019
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130

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 panoramic 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 3%
2014 21%
90 80% 2015 25%
700 2016 18%
2017 5%
80 60% 2018
600 2019 7%
59% 70 36% 40% Recycling 2020 8%
reduction reduction rate of 2021 6%
500 since 2005 60 since 2005 20% 81% 2022 5%
2023 5%
400 50 0 2024+ 25%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013
Ownership interest 50% GPT Asset Quality Premium Grade
Co-Owner Charter Hall Office Trust (50%) Construction/Refurbishment Completed 2000
Acquired (by GPT) December 2001
Property Details
Office 73,400 sqm Car Parking Spaces 284
Retail 500 sqm Typical Floor Plate 1,850 sqm
Current Valuation Latest External Valuation
Fair Value $395.0m Value $395.0m
Capitalisation Rate 6.50% Capitalisation Rate 6.50%
Terminal Capitalisation Rate 6.50% Terminal Capitalisation Rate 6.50%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type External Valuer CB Richard Ellis
income (12 months) $26.1m Valuation Date 31 December 2013
Tenant Details Office Occupancy
Number of Office Tenants 31 Actual 93.3%
WALE (by income) 5.4 years including Signed Leases 96.4%
including Heads of Agreement 96.6%
Key Tenants Area (sqm) Expiry Date
Citigroup 18,500 July 2024
Gilbert + Tobin 9,280 June 2016
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131

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.

	Water intensity	Water intensity	Emissions intensity	Emissions intensity	Operational Waste	Lease Expiry	Lease Expiry
	(litres/m2)		(kg C02-e/m2)		(%reused/recycled)		by Area
1,250		120		100%		Vacant	34%
						2014	8%
1000		100		80%		2015 2016	3% 8%
250 500 750	55% reduction since 2005	20 40 60 80	26% reduction since 2005	20% 40% 60%	58% Recycling rate of	2017 2018 2019 2020 2021 2022 2023	4% 10% 6% 6% 6% 7% 4%
0		0		0		2024+	4%
	2009 2010 2011 2012 2013		2009 2010 2011 2012 2013		2009 2010 2011 2012 2013

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Key Metrics as at 31 December 2013
Ownership interest 50% GPT Asset Quality A Grade
Co-Owner QIC (50%) Construction/Refurbishment Completed 1978 /
Acquired (by GPT) April 1987 Refurbished late 1990s
Property Details
Office 68,500 sqm Car Parking Spaces 311
Retail 5,200 sqm Typical Floor Plate 1,300 sqm
Current Valuation Latest External Valuation
Fair Value $384.4m Value $375.0m
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 Colliers
income (12 months) $27.3m Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 36 Actual 63.8%
WALE (by income) 5.4 years including Signed Leases 65.7%
including Heads of Agreement 65.7%
Key Tenants Area (sqm) Expiry Date
Government 5,000 March 2016
Tresscox Lawyers 4,170 August 2022
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132

Governor Phillip & Governor Macquarie Towers, 1 Farrer Place Sydney

600 800 1,000	100 80 120 140 Water intensity (litres/m2)	100 80 120 140 Water intensity (litres/m2)	60% 80% 100% Emissions intensity (kg C02-e/m2)	60% 80% 100% Emissions intensity (kg C02-e/m2)	67% Recycling rate of Operational Waste (%reused/recycled)	7% 25% 13% 22% 5% 6% Vacant 2014 2015 2016 2017 2018 Lease Expiry by Area	7% 25% 13% 22% 5% 6% Vacant 2014 2015 2016 2017 2018 Lease Expiry by Area
0 200 400	26% reduction since 2005	0 40 20 60	46% reduction since 2005	0 20% 40%		2019 2020 2021 2022 2023 2024+	7% 11% 2% 1%
	2009 2010 2011 2012 2013		2009 2010 2011 2012 2013		2009 2010 2011 2012 2013

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

1 Farrer Place is regarded as Sydney’s pre-eminent office building with expansive harbour views. The complex consists of Premium Grade accommodation comprising Governor Phillip Tower, a 64 level office building, Governor Macquarie Tower, a 41 level office building; Philip Street Terraces, being five restored historic terraces; and nine levels of basement car parking for 650 cars.

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Key Metrics as at 31 December 2013
Ownership interest 25% GPT 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 86,500 sqm Car Parking Spaces 654
Retail 600 sqm Typical Floor Plate GPT: 1,600 sqm
GMT: 1,200 sqm
Current Valuation Latest External Valuation
Fair Value $335.6m Value $332.5m
Capitalisation Rate 6.25% Capitalisation Rate 6.25%
Terminal Capitalisation Rate 6.25% Terminal Capitalisation Rate 6.25%
Discount Rate 8.50% Discount Rate 8.50%
Valuation Type Directors Valuer Knight Frank
income (12 months) $21.4m Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 30 Actual 93.2%
WALE (by income) 4.0 years including Signed Leases 93.2%
including Heads of Agreement 93.2%
Key Tenants Area (sqm) Expiry Date
Government 20,400 December 2014
Mallesons Stephen Jacques 15,690 September 2016
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133

Melbourne Central Tower, 360 Elizabeth Street Melbourne

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

Water intensity (litres/m[2] )

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1,000 100 100% Vacant 11%
2014 12%
800 80 80% 2015
2016 3%
2017 21%
600 60 60% 2018 11%
2019 5%
400 35% 40 66% 40% Recycling 2020
rate of
reduction reduction 2021 28%
200 since 2005 20 since 2005 20% 72% 2022 28%
2023 1%
0 0 0 2024+ 8%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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melbournecentraltower.com.au

Melbourne Central is a landmark office and retail property located in the Melbourne CBD. Melbourne Central Tower is a 51 level, Premium Grade office tower located adjacent to Melbourne Central’s retail component. Completed in 1991, the Tower is dominant in the Melbourne skyline and occupied by blue chip and government tenants. Information on the retail asset which forms part of Melbourne Central, is contained in the Retail section of this document.

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Key Metrics as at 31 December 2013
Ownership interest 100% GPT Asset Quality Premium Grade
Acquired (by GPT) May 1999 Construction/Refurbishment Completed 1991
Property Details
Office 65,800 sqm Car Parking Spaces N/A
Retail N/A Typical Floor Plate 1,530 sqm
Current Valuation Latest External Valuation
Fair Value $394.0m Value $394.0m
Capitalisation Rate 6.75% Capitalisation Rate 6.75%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.65% Discount Rate 8.65%
Valuation Type External Valuer Knight Frank
income (12 months) $28.4m Valuation Date 31 December 2013
Tenant Details Office Occupancy
Number of Office Tenants 14 Actual 85.1%
WALE (by income) 5.4 years including Signed Leases 88.5%
including Heads of Agreement 88.5%
Key Tenants Area (sqm) Expiry Date
Members Equity 12,230 January 2021
Government 7,590 December 2017
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134

818 Bourke Street

Melbourne

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818 Bourke Street is a campusstyle 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 tenants including Ericsson and Infosys, 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
2014
2015 16%
80 40%
150 2016 16%
2017 33%
60 30% 2018 17%
100 40 20% Recycling 20192020 17%33%
rate of
2021 1%
50
20 10% 51% 2022
2023
0 0 0 2024+
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: This asset not operational in the baseline year (2005)

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Key Metrics as at 31 December 2013
Ownership interest 100% GPT 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 $138.4m Value $138.0m
Capitalisation Rate 7.25% Capitalisation Rate 7.25%
Terminal Capitalisation Rate 7.50% Terminal Capitalisation Rate 7.50%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Savills
income (12 months) $10.1m Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 4 Actual 100.0%
WALE (by income) 4.8 years including Signed Leases 100.0%
including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Ericsson 10,740 December 2015/2017
Infosys 7,150 November 2020
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135

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

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Lease Expiry
by Area
Vacant 16%
2014
2015
2016
2017 1%
2018
2019 5%
2020 2%
2021 27%
2022 5%
2023
2024+ 45%
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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 Australia’s Best Office Development at the 2013-2014 Asia Pacific International Commercial Property Awards and received the Beatrice Hutton Award for Commercial Architecture and Interior Architecture State Award at the 2013 Australian Institute of Architects Awards.

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Key Metrics as at 31 December 2013
Ownership interest 33% GPT Asset Quality Premium Grade
Co-Owner GWOF (33%) Third Party Investor (33%) Construction/Refurbishment Completed 2012
Acquired (by GPT) October 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 $224.9m Value $220.0m
Capitalisation Rate 6.50% Capitalisation Rate 6.50%
Terminal Capitalisation Rate 6.88% Terminal Capitalisation Rate 6.88%
Discount Rate 8.50% Discount Rate 8.75%
Valuation Type Directors Valuer Knight Frank
income (12 months) $11.7m Valuation Date 31 March 2013
Tenant Details Office Occupancy
Number of Office Tenants 14 Actual 83.7%
WALE (by income) 9.2 years including Signed Leases 84.4%
including Heads of Agreement 84.4%
Key Tenants Area (sqm) Expiry Date
Arrow Energy 14,800 February 2021
Ernst & Young 9,000 June 2024
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136

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 distribution received from the Fund.

GWOF - Top Ten Tenants[1] As at 31 December 2013

GWOF - Geographic Weighting As at 31 December 2013

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Marsh
NAB CBA Government PwC Mercer
9.4% 7.5% 7.1% 6.6% 5.5%
Herbert
ANZ Smith Ernst &
Banking Grp Freehills Suncorp Young HSBC
4.7% 3.6% 3.3% 3.3% 2.8%
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Based on gross rent.

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Brisbane
23%
Melbourne Sydney
28% 49%
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137

Lease Expiry by Area

Liberty Place, 161 Castlereagh Street Sydney

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60 50%

700

Vacant 16% 2014 2015 3% 2016 2017 2018 2019 2020 2021 2022 2023 45% 2024+ 51%

600 50 Reaching practical completion in June 2013, Liberty Place is a new Premium 40% 500 Grade office complex in the heart of the Sydney CBD comprising ANZ Tower, 40 Legion House, 167 Castlereagh Street, an outdoor retail plaza and a carpark. 400 30% 30 The 42 level ANZ Tower features unrivalled harbour and city views and 300 81% 76% 20% Recycling rate of incorporates a dual street frontage, connecting Castlereagh and Pitt Streets. 200 reduction 20 reduction The asset has achieved a 6 Star Green Star rating for Office Design and is since 2005 since 2005 10% 45% targeting a 5 Star NABERS Energy Rating. Liberty Place has been awarded the 100 10 Heri0 ~~tage Award at the 2013 A~~ PI 0 ~~NSW Excellence in Prop~~ ert0 ~~y Awards.~~ 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011

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Key Metrics as at 31 December 2013
Ownership interest 50% GWOF Asset Quality Premium Grade
Co-Owners LaSalle Investment (25%) ISPT (25%) Construction/Refurbishment Completed 2013
Acquired (by GWOF) April 2010
Property Details
Office 56,400 sqm Car Parking Spaces 144
Retail 2,900 sqm Typical Floor Plate 1,625 sqm
Current Valuation Latest External Valuation
Fair Value $424.3m Value $415.0m
Capitalisation Rate 6.25% Capitalisation Rate 6.25%
Terminal Capitalisation Rate 6.50% Terminal Capitalisation Rate 6.50%
Discount Rate 8.50% Discount Rate 8.50%
Valuation Type Directors Valuer Jones Lang LaSalle
Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 7 Actual 100.0%
WALE (by income) 11.3 years including Signed Leases 100.0%
including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
ANZ Banking Group 28,240 June 2028
Herbert Smith Freehills 19,970 June 2023
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138

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 Premium Grade 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
1,000 100 100% Vacant
2014
800 80 80% 2015 89%
2016 1%
2017
600 60 60% 2018
2019 9%
400 32% 40 67% 40% Recycling 2020 34%
rate of
reduction reduction 2021 33%
200 since 2005 20 since 2005 20% 63% 2022 34%
2023 34%
0 0 0 2024+
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 DP 1 DP2
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Key Metrics as at 31 December 2013
Ownership interest 50% GWOF Asset Quality Premium Grade
Co-Owners AMP Capital Investors (20%) Construction/Refurbishment Tower 1: Completed 1994
Brookfield (30%) Tower 2: Completed 1999
Acquired (by GWOF) July 2006
Property Details
Office 102,000 sqm Car Parking Spaces 691
Retail 9,700 sqm Typical Floor Plate 1,900 sqm
Current Valuation Latest External Valuation
Fair Value $600.6m Value $595.0m
Office: 6.50%-6.75% Office: 6.50%-6.75%
Capitalisation Rate Retail: 7.00% Capitalisation Rate Retail: 7.00%
Office: 7.00%-7.25% Office: 7.00%-7.25%
Terminal Capitalisation Rate Retail: 7.25% Terminal Capitalisation Rate Retail: 7.25%
Office: 8.50%-9.00% Office: 8.75%-9.00%
Discount Rate Discount Rate
Retail: 9.00% Retail: 9.25%
Valuation Type Directors Valuer Knight Frank
Valuation Date 31 March 2013
Tenant Details Office Occupancy
Number of Office Tenants 9 Actual 100.0%
WALE (by income) 5.3 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 2020/2021/2022
PricewaterhouseCoopers 39,370 December 2015
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139

Darling Park 3, 201 Sussex Street Sydney

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

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,000 80 100% Vacant
2014
800 80% 2015
60 2016 100%
2017
600 60% 2018
40 2019
400 40% Recycling 2020
rate of
2021
20
200 20% 66% 2022
2023
0 0 0 2024+
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: This asset not operational in baseline year (2005)

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Key Metrics as at 31 December 2013
Ownership interest 100% GWOF Asset Quality Premium Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 2005
Property Details
Office 29,800 sqm Car Parking Spaces 160
Retail 20 sqm Typical Floor Plate 1,500 sqm
Current Valuation Latest External Valuation
Fair Value $288.2m Value $288.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer Knight Frank
Valuation Date 31 March 2013
Tenant Details Office Occupancy
Number of Office Tenants 3 Actual 100.0%
WALE (by income) 2.8 years including Signed Leases 100.0%
including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Marsh Mercer 17,780 November 2016
Rabobank 9,060 June 2016
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140

HSBC Centre,

580 George Street Sydney

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HSBC Centre comprises a Prime Grade office and retail asset prominently located in the midtown precinct of the Sydney CBD. The building comprises 33 office levels and a retail precinct which is linked by a pedestrian underpass to Town Hall railway station.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,500 150 100% Vacant 1%
2014 18%
1,200 120 80% 2015 12%
2016 14%
2017 17%
900 90 60% 2018 5%
2019 1%
600 52% 60 32% 40% Recycling 2020 29%
reduction reduction rate of 2021 3%
300 since 2005 30 since 2005 20% 55% 2022
2023
0 0 0 2024+
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013
Ownership interest 100% GWOF 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 $340.0m Value $340.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
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 2013
Tenant Details Office Occupancy
Number of Office Tenants 22 Actual 98.8%
WALE (by income) 3.7 years including Signed Leases 98.8%
including Heads of Agreement 98.8%
Key Tenants Area (sqm) Expiry Date
HSBC Bank Australia 11,900 December 2020
Mission Australia 3,700 May 2017
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141

workplace[6] , 48 Pirrama Road

Sydney

workplace[6] is a waterfront Prime Grade 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.

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
2014
60 2015
800
60% 2016
50
2017
600 40 2018 60%
40% 2019
400 30 Recycling 2020
20 rate of 2021 40%
20%
200 48% 2022
10 2023
0 0 0 2024+
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: This asset not operational in baseline year (2005)

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Key Metrics as at 31 December 2013
Ownership interest 100% GWOF 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 3,620 sqm
Current Valuation Latest External Valuation
Fair Value $173.0m Value $173.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.25% Terminal Capitalisation Rate 7.25%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type External Valuer CB Richard Ellis
Valuation Date 31 December 2013
Tenant Details Office Occupancy
Number of Office Tenants 2 Actual 100.0%
WALE (by income) 5.9 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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142

The Zenith, 821 Pacific Highway Chatswood

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

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1,250 150 70% Vacant 4%
58% 60% 2014 23%
1,000 120 reduction 2015 17%
since 2005 50% 2016 4%
2017 16%
750 90 40% 2018 26%
2019 22%
500 61% 60 30% Recycling 2020
reduction 20% rate of 2021
250 since 2005 30 10% 66% 20222023 10%10%
0 0 0 2024+
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: This asset not operational in baseline year (2005)

The Zenith is the pre-eminent A Grade office complex located in the commercial heart of Chatswood CBD. The asset consists of two prominent office towers, connected by a multistorey glass atrium. The asset features large and efficient floor plates and the Zenith Theatre.

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Key Metrics as at 31 December 2013
Ownership interest 50% GWOF Asset Quality A Grade
Co-Owner Dexus Property Group (50%) Construction/Refurbishment Completed 1987 / Refurbished 2008
Acquired (by GWOF) January 2007
Property Details
Office 44,000 sqm Car Parking Spaces 799
Retail 900 sqm Typical Floor Plate 1,100 sqm
Current Valuation Latest External Valuation
Fair Value $121.5m Value $121.0m
Capitalisation Rate 8.50% Capitalisation Rate 8.50%
Terminal Capitalisation Rate 8.75% Terminal Capitalisation Rate 8.75%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Colliers
Valuation Date 30 September 2013
Tenant Details Office Occupancy
Number of Office Tenants 35 Actual 95.9%
WALE (by income) 3.1 years including Signed Leases 95.9%
including Heads of Agreement 95.9%
Key Tenants Area (sqm) Expiry Date
Government 11,707 March 2018
Government 4,232 May 2022
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143

Lease Expiry by Area

8 Exhibition Street Melbourne

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700 60 50% Located at the East or ‘Paris’ end of Melbourne’s CBD, 8 Exhibition Street is 600 50 a 45,000 sqm, 35 level, A Grade office tower, with Premium Grade services. 40% 500 Central to public transport and road systems, the building offers views over 40 The Domain, Royal Botanic Gardens, South Bank and further out towards Port 400 30 30% Phillip Bay. 300 81% 76% 20% Recycling 200 reduction 20 reduction rate of Built in 2005, the asset has water and energy efficient systems in place and 100 since 2005 10 since 2005 10% 45% achieves a 4.5 star NABERS Energy rating and 4 star NABERS Water Rating. 0 0 0 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011

Vacant 16% 2014 2015 4% 2016 11% 2017 4% 2018 13% 2019 5% 2020 2021 4% 2022 50% 2023 2024+ 11%

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Key Metrics as at 31 December 2013
Ownership interest 50% GWOF Asset Quality Premium Grade
Co-Owner KREIT (50%) Construction/Refurbishment Completed 2005
Acquired (by GWOF) April 2013
Property Details
Office 44,600 sqm Car Parking Spaces 0
Retail 300 sqm Typical Floor Plate 1,618 sqm
Current Valuation Latest External Valuation
Fair Value $169.7m Value $162.3m
Capitalisation Rate 6.50% Capitalisation Rate 6.50%
Terminal Capitalisation Rate 6.50% Terminal Capitalisation Rate 6.50%
Discount Rate 8.50% Discount Rate 9.00%
Valuation Type Directors Valuer m3
Valuation Date 31 March 2013
Tenant Details Office Occupancy
Number of Office Tenants 12 Actual 100.0%
WALE (by income) 7.3 years including Signed Leases 100.0%
including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Ernst & Young 22,360 November 2017 / 2022
UBS 4,854 November 2025
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144

Twenty8 Freshwater Place Melbourne

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

Water intensity (litres/m[[2]] )

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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
2014
50 2015 3%
400 80%
2016 18%
40 2017
300 60% 2018 5%
30 2019 48%
200 40% Recycling 2020 5%
20 rate of 2021 21%
100 20% 70% 2022
10
2023
0 0 0 2024+
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: This asset not operational in baseline year (2005)

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

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Key Metrics as at 31 December 2013
Ownership interest 50% GWOF 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 $117.5m Value $117.5m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer m3
Valuation Date 30 September 2013
Tenant Details Office Occupancy
Number of Office Tenants 14 Actual 100.0%
WALE (by income) 5.2 years including Signed Leases 100.0%
including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
MMG Australia 7,670 March 2019
CPA 7,120 May 2021
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145

Water intensity (litres/m[2] )

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.

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

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

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800 100 80% Vacant 3%
34% 2014 2%
reduction 80 2015
600 since 2005 60% 2016 12%
2017 10%
60
2018 9%
400 40% 2019 2%
40 46% Recycling 2020 13%
rate of
reduction 2021 12%
200 20 since 2005 20% 58% 2022 7%
2023 28%
0 0 0 2024+ 3%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013
Ownership interest 100% GWOF 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 $445.0m Value $445.0m
Capitalisation Rate 6.63% Capitalisation Rate 6.63%
Terminal Capitalisation Rate 6.75% Terminal Capitalisation Rate 6.75%
Discount Rate 8.50% Discount Rate 8.50%
Valuation Type External Valuer Knight Frank
Valuation Date 31 December 2013
Tenant Details Office Occupancy
Number of Office Tenants 22 Actual 97.2%
WALE (by income) 6.8 years including Signed Leases 97.2%
including Heads of Agreement 97.2%
Key Tenants Area (sqm) Expiry Date
Suncorp 15,450 June 2023
St George Bank 7,030 December 2016
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~~146~~

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
700 80 50% Vacant
2014
600 60 40% Recycling 2015
500 rate of 2016
400 40 30% 44% 20172018
20 2019
300
30% 20% 2020
0
200 reduction 2021
since 2005 10% 2022
100 -20
2023
0 -40 0 2024+ 100%
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013
Ownership interest 100% GWOF Asset Quality A Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 2004
Property Details
Office 59,600 sqm Car Parking Spaces 416
Retail 1,700 sqm Typical Floor Plate 3,500 sqm
Current Valuation Latest External Valuation
Fair Value $385.6m Value $385.0m
Capitalisation Rate 6.50% Capitalisation Rate 6.50%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.50% Discount Rate 8.50%
Valuation Type Directors Valuer Jones Lang LaSalle
Valuation Date 30 September 2013
Tenant Details Office Occupancy
Number of Office Tenants 1 Actual 100.0%
WALE (by income) 13.6 years including Signed Leases 100.0%
including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
National Australia Bank 59,620 August 2027
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147

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 25%
2014 14%
1,250 120 2015 34%
40%
2016 14%
100
1,000 2017 39%
80 30% 2018 14%
750 2019 14%
79% 60 20% Recycling 2020
500 reduction 40 rate of 2021
250 since 2005 20 10% 35% 20222023
0 0 0 2024+
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013
Ownership interest 50% GWOF 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 766
Retail 3,100 sqm Typical Floor Plate East Tower: 1,030 sqm
West Tower: 2,095 sqm
Current Valuation Latest External Valuation
Fair Value $62.3m Value $62.3m
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 2013
Tenant Details Office Occupancy
Number of Office Tenants 8 Actual 75.5%
WALE (by income) 2.2 years including Signed Leases 75.5%
including Heads of Agreement 75.5%
Key Tenants Area (sqm) Expiry Date
Australia Post 4,160 August 2018
Brisbane City Council 4,160 June 2015
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148

One One One Eagle Street

Brisbane

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Sustainability

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Lease Expiry
by Area
Vacant 16%
2014
2015
2016
2017 1%
2018
2019 5%
2020 2%
2021 27%
2022 5%
2023
2024+ 45%
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Award winning

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Key Metrics as at 31 December 2013
Ownership interest 33% GWOF Asset Quality Premium Grade
Co-Owner GPT (33%) Third Party Investor (33%) Construction/Refurbishment Completed 2012
Acquired (by GWOF) October 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 $221.5m Value $220.0m
Capitalisation Rate 6.50% Capitalisation Rate 6.50%
Terminal Capitalisation Rate 6.88% Terminal Capitalisation Rate 6.88%
Discount Rate 8.50% Discount Rate 8.75%
Valuation Type Directors Valuer Knight Frank
Valuation Date 31 March 2013
Tenant Details Office Occupancy
Number of Office Tenants 14 Actual 83.7%
WALE (by income) 9.2 years including Signed Leases 84.4%
including Heads of Agreement 84.4%
Key Tenants Area (sqm) Expiry Date
Arrow Energy 14,800 February 2021
Ernst & Young 9,000 June 2024
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149

Riverside Centre, 123 Eagle Street Brisbane

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This pre-eminent landmark complex comprises a 41 level Premium Grade commercial building located in the heart of the Golden Triangle of the Brisbane CBD. Originally constructed in 1986, the complex has been periodically refurbished and upgraded. The building incorporates quality office accommodation, waterfront restaurants, a car park for 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 80% Vacant 4%
2014 2%
1,000 80 2015 15%
60% 2016 3%
800 2017 4%
60
2018 19%
600 40% 2019 21%
63% 40 39% Recycling 2020 19%
400 reduction reduction rate of 2021 11%
200 since 2005 20 since 2005 20% 59% 2022 1%
2023
0 0 0% 2024+
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Key Metrics as at 31 December 2013
Ownership interest 100% GWOF Asset Quality Premium Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 1986 / Refurbished 1998
Property Details
Office 51,600 sqm Car Parking Spaces 507
Retail 4,900 sqm Typical Floor Plate 1,500 sqm
Current Valuation Latest External Valuation
Fair Value $564.2m Value $560.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer Knight Frank
Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 38 Actual 93.5%
WALE (by income) 4.8 years including Signed Leases 95.6%
including Heads of Agreement 95.6%
Key Tenants Area (sqm) Expiry Date
PricewaterhouseCoopers 8,710 January 2019
Deloitte Services 5,800 October 2018
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150

545 Queen Street Brisbane

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545 Queen Street is situated on a prominent island site located in the north eastern fringe of the financial precinct of Brisbane CBD. The site is located approximately 500 metres from the Brisbane Central Rail Station with good exposure to the high volumes of traffic on the northern entrance of Brisbane CBD.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
700 60 50% Vacant
2014
600
2015 6%
40%
500 2016 6%
40 2017 62%
400 30% 2018 6%
300 Recycling 2019 21%
20 20% rate of 2020
200 10% 51% 20212022
100 2023
0 0 0 2024+
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
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Note: This asset not operational in baseline year (2005)

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Key Metrics as at 31 December 2013
Ownership interest 100% GWOF Asset Quality A Grade
Acquired (by GWOF) June 2007 Construction/Refurbishment Completed 1991 / Re-developed 2008
Property Details
Office 13,100 sqm Car Parking Spaces 100
Retail 500 sqm Typical Floor Plate Tower: 750 sqm
Podium: 2,090 sqm
Current Valuation Latest External Valuation
Fair Value $86.5m Value $86.5m
Capitalisation Rate 7.75% Capitalisation Rate 7.75%
Terminal Capitalisation Rate 8.00% Terminal Capitalisation Rate 8.00%
Discount Rate 9.25% Discount Rate 9.00%
Valuation Type External Valuer Colliers
Valuation Date 31 December 2013
Tenant Details Office Occupancy
Number of Office Tenants 6 Actual 100.0%
WALE (by income) 3.4 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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151

GPT 2013 ANNUAL RESULT LOGISTICS PORTFOLIO

152

Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 30 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
3
WA
SA
Sydney
NSW
23
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

3 Figtree Drive, Sydney Olympic Park 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 372-374 Victoria Street, Wetherill Park 38 Pine Road, Yennora

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 16-28 Quarry Road, Yatala Toll NQX, Karawatha

Seed Asset

Optus Centre, 15 Green Square Close, Fortitude Valley

Number of assets in each state

154

Logistics Portfolio Summary

The logistics portfolio delivered income growth of 1.0%, maintaining a high occupancy level of 96.2% and a long weighted average lease expiry of 5.1 years.

Top Ten Tenants[1] Key Operating Metrics[2] As at 31 December 2013 As at 31 December 2013

Geographic Weighting[3] As at 31 December 2013

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Australian
Freedom Pharmaceutical Goodman
Wesfarmers Lion Group Furniture Industries Fielder
8.5% 5.8% 4.8% 4.7% 4.1%
Super
Vodafone Cheap Auto Bluescope Linfox Toll
4.0% 3.5% 3.2% 3.1% 3.0%
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|||||
|---|---|---|---|
|QLD|
|12%|
|2013|2012|
|Number of Assets|30|28|
|Portfolio Value|$1,172.2m|$989.5m|VIC|
|Comparable Net|1.0%|2.7%|27%|
|Income Growth|
|Occupancy|96.2%|98.2%|
|Weighted Average|5.1 years|5.8 years|
|Lease Expiry|
|2. Consolidated properties are counted individually. Excludes|
|seed asset for metropolitan office fund.|
|NSW|
|61%|

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Based on net rent. Excludes seed asset for metropolitan office fund.
Excludes seed asset for metropolitan office fund

155

Logistics Portfolio Summary - New South Wales

The total value of the logistics portfolio has increased by $182.7 million to $1,172 million (including development assets) as at 31 December 2013.

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Property Location Ownership GLA (100% 31 Dec 13 31 Dec 13 30 Jun 13 External or Occupancy WALE
Interest) Fair Value Cap Rate Cap Rate Directors by Income
(sqm) ($m) (%) (%) Valuation (Years)
Rosehill Business Park, Camellia NSW 100% 41,900 68.5 8.25% 8.25% External 100.0% 5.3
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Property Rosehill Business Park,Camellia	Location NSW	Ownership 100%	GLA (100% Interest) (sqm) 41,900	31 Dec 13 Fair Value ($m) 68.5	31 Dec 13 Cap Rate (%) 8.25%	30 Jun 13 Cap Rate (%) 8.25%	External or Directors Valuation External	Occupancy 100.0%	WALE by Income (Years) 5.3
10 Interchange Drive,Eastern Creek	NSW	100%	15,100	28.9	7.65%	7.65%	Directors	100.0%	6.5
Connect@Erskine Park Stage 1	NSW	100%	15,200	38.8	7.50%	7.50%	Directors	100.0%	15.5
Connect@Erskine Park Stage 2	NSW	100%	12,700	20.0	7.75%	7.75%	Directors	100.0%	8.1
15 BerryStreet,Granville	NSW	100%	10,000	13.3	8.75%	8.75%	Directors	100.0%	1.3
19 BerryStreet,Granville	NSW	100%	19,600	26.6	8.50%	8.50%	Directors	100.0%	4.2
2-4 HarveyRoad,Kings Park	NSW	100%	40,300	44.1	8.50%	8.50%	Directors	100.0%	3.7
407 Pembroke Road,Minto	NSW	50%	15,300	23.3	8.50%	8.50%	Directors	100.0%	5.9
4 Holker Street,Newington	NSW	100%	7,400	26.0	9.00%	9.00%	Directors	100.0%	3.5
18-24 Abbott Road,Seven Hills	NSW	100%	19,400	14.5	10.00%	10.00%	Directors	100.0%	3.9
83 DerbyStreet,Silverwater	NSW	100%	17,000	25.2	8.50%	8.50%	Directors	100.0%	3.9
3 Figtree Drive,SydneyOlympic Park	NSW	100%	6,800	19.4	9.25%	9.25%	Directors	100.0%	3.0
5 Figtree Drive,SydneyOlympic Park	NSW	100%	8,800	21.0	8.75%	8.75%	Directors	100.0%	5.1
7 Figtree Drive,SydneyOlympic Park1	NSW	100%	3,500	13.5	N/A	N/A	Directors	100.0%	1.7
6 Herb Elliott Avenue,SydneyOlympic Park1	NSW	100%	4,100	12.5	N/A	N/A	Directors	100.0%	1.2
8 Herb Elliott Avenue,SydneyOlympic Park1	NSW	100%	3,300	10.2	N/A	N/A	Directors	100.0%	6.1
5 MurrayRose Avenue,SydneyOlympic Park	NSW	100%	12,400	70.4	7.50%	7.50%	Directors	100.0%	10.3
Quad 1,SydneyOlympic Park	NSW	100%	5,000	20.3	8.50%	8.50%	Directors	52.4%	2.3
Quad 2,SydneyOlympic Park	NSW	100%	5,100	24.4	8.25%	8.25%	Directors	100.0%	5.2
Quad 3,SydneyOlympic Park	NSW	100%	5,200	24.0	8.25%	8.25%	Directors	100.0%	2.4
Quad 4,SydneyOlympic Park	NSW	100%	8,000	33.9	8.25%	8.25%	Directors	100.0%	1.6
372-374 Victoria Street,Wetherill Park	NSW	100%	20,500	18.4	9.25%	9.25%	Directors	100.0%	1.1
38 Pine Road,Yennora	NSW	100%	33,200	43.6	8.75%	N/A	External	100.0%	2.2
Sub Total - NSW Properties			329,800	641.0

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

156

Logistics Portfolio Summary

The total value of the logistics portfolio has increased by $182.7 million to $1,172 million (including development assets) as at 31 December 2013.

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Property Location Ownership GLA (100% 31 Dec 13 31 Dec 13 30 Jun 13 External or Occupancy WALE
Interest) Fair Value Cap Rate Cap Rate Directors by Income
(sqm) ($m) (%) (%) Valuation (Years)
Sub Total - NSW Properties 329,800 641.0
Citiwest Industrial Estate, Altona North VIC 100% 90,000 66.6 8.50%-8.75% 8.50%-8.75% External 100.0% 2.5
Citiport Business Park, Port Melbourne VIC 100% 27,100 60.0 8.25% 8.50% External 78.7% 2.8
Austrak Business Park, Somerton VIC 50% 193,600 140.1 7.75% 7.75% Directors 90.9% 9.1
134-140 Fairbairn Road, Sunshine West VIC 100% 16,700 13.2 9.25% 9.25% Directors 100.0% 4.1
92-116 Holt Street, Pinkenba QLD 100% 15,400 13.5 9.25% 9.25% Directors 100.0% 4.1
16-28 Quarry Road, Yatala QLD 100% 41,600 44.5 9.50% N/A External 100.0% 2.2
Sub Total 714,200 978.8 8.33% 8.27% 96.2% 5.1
Assets under development
Erskine Park - Developments and Land NSW 100% 75.1 Directors
17 Berry Street, Granville - Land NSW 100% 2.9 Directors
407 Pembroke Road, Minto - Land NSW 50% 4.7 Directors
7 Parkview Drive, Sydney Olympic Park NSW 100% 24.4 Directors
Austrak Business Park, Somerton - Land VIC 50% 24.3 Directors
Toll NQX, Karawatha QLD 100% 62.1 Directors
Total Logistics Portfolio 1,172.2
Seed Asset for Metropolitan Office Fund
Optus Centre, 15 Green Square Close, Fortitude Valley QLD 100% 16,600 110.0 7.75% N/A External 100.0% 8.1
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157

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the logistics portfolio softened by 3 basis points to 8.33% over the past 12 months to 31 December 2013, reflecting recent acquisitions.

Weighted Average Capitalisation Rate

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8.30% 8.43% 8.45% 8.48% 8.47% 8.44% 8.36% 8.30% 8.27% 8.33%
Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13
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Note: Excludes assets under development and seed asset for metropolitan office fund.

158

Lease Expiry Profile

The portfolio has an attractive lease expiry profile with a weighted average lease expiry of 5.1 years.

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Lease Expiry Profile
(by Area)
30%
16%
15%
12%
8%
6%
5%
3% 3%
1%
0% 0%
Vacant 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+
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159
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Note: Excludes assets under development and seed asset for metropolitan office fund.
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Industrial Market Outlook

Solid market fundamentals of steady demand and moderate levels of supply are supportive for continued medium term growth in rents and values.

National Take-Up (m[2] )

79% of the portfolio is subject to fixed rental increases with an average increase of 3.4% over the 2014 period with the balance subject to market and CPI reviews.

The logistics portfolio is well positioned with occupancy levels at 96.2% and a long WALE of 5.1 years. The logistics portfolio is over-rented by 5.8%.

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Other [1]
21%
3.4% Rent
Average
Increase Reviews
Fixed
79%
Structured rent reviews for the full year to 31 December 2014.
Excludes seed asset for metropolitan office fund.
1. Other includes market reviews, CPI reviews and expiries
in 2014.
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3,000,000
2,500,000
10 Year Average
2,000,000
1,500,000
1,000,000
500,000
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Source: Jones Lang LaSalle Research, Q4 2013.
National Supply (m [2] )
3,000,000
2,500,000
2,000,000 10 Year Average
1,500,000
1,000,000
500,000
0
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
)Take-Up (m2
)Supply (m2
----- End of picture text -----

Source: Jones Lang LaSalle Research, Q4 2013.

160

Key Logistics Market Trends

As part of its 2013 strategic review, GPT undertook a deep dive examination of the future market trends in the logistics sector.

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Greater focus on location
attributes and cost efficiencies
Increased specialisation
Specialisation of facilities to
accomodate fast moving goods Supply chain Move towards larger, more
efficiencies specialised facilities to
Potential conversion of inner reduce costs
and middle ring facilities to
warehouses / locker facilities
Implications of Consolidation
e-commerce of warehouses
Key Logistics Trends
Decline in Land side
manufacturing capacity
Obsolescence of constraints Increase in container
manufacturing facilities movements by rail
Conversion to warehouse Move to multi-modal facilities
and distribution ‘Last mile’
challenges
Changing inner and middle
ring logistics facilities towards
“satellite” hubs
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KEy POINT: Supply chain challenges to result in continued focus on location and building efficiencies.

IMPLICATIONS: GPT is creating and acquiring assets around multi-modal locations and flexible logistics solutions

161

Logistics Portfolio External Valuation Summary

74% of the portfolio was valued externally in the 12 months to 31 December 2013.

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Property Location Date Valuer Valuation Interest Capitalisation Terminal Discount Rate
($m) (%) Rate Capitalisation (%)
(%) Rate (%)
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Property	Location	Date	Valuer	Valuation ($m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
Rosehill Business Park,Camellia	NSW	31 Dec 13	JLL	68.5	100%	8.25%	8.25%	9.50%
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 Jun 13	CBRE	20.0	100%	7.75%	8.25%	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	30 Jun 13	KF	23.3	50%	8.50%	8.50%	9.50%
4 Holker Street,Newington	NSW	30 Jun 13	Colliers	26.0	100%	9.00%	10.00%	10.25%
18-24 Abbott Road,Seven Hills	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%
3 Figtree Drive,SydneyOlympic Park	NSW	01 Mar 13	CBRE	19.4	100%	9.25%	9.50%	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 Park1	NSW	30 Jun 13	KF	13.5	100%	N/A	N/A	N/A
6 Herb Elliott Avenue,SydneyOlympic Park1	NSW	30 Jun 13	JLL	12.5	100%	N/A	N/A	N/A
8 Herb Elliott Avenue,SydneyOlympic Park1	NSW	30 Jun 13	KF	10.2	100%	N/A	N/A	N/A
5 MurrayRose Avenue,SydneyOlympic Park	NSW	30 Jun 13	m3	70.2	100%	7.50%	7.75%	9.25%
Quad 1,SydneyOlympic Park	NSW	30 Jun 13	KF	20.0	100%	8.50%	8.75%	9.25%
Quad 2,SydneyOlympic Park	NSW	30 Jun 13	KF	24.4	100%	8.25%	8.50%	9.25%
Quad 3,SydneyOlympic Park	NSW	30 Jun 13	KF	23.6	100%	8.25%	8.50%	9.25%
Quad 4,SydneyOlympic Park	NSW	30 Jun 13	KF	33.8	100%	8.25%	8.50%	9.25%
372-374 Victoria Street,Wetherill Park	NSW	30 Jun 12	KF	18.3	100%	9.25%	9.75%	10.50%
38 Pine Road,Yennora	NSW	05 Sep13	JLL	43.6	100%	8.75%	8.75%	9.25%
Citiwest Industrial Estate,Altona North	VIC	31 Dec 13	Savills	66.6	100%	8.50%-8.75%	8.75%-9.50%	9.50%-9.75%
Citiport Business Park,Port Melbourne	VIC	31 Dec 13	JLL	60.0	100%	8.25%	8.50%	9.50%
Austrak Business Park,Somerton	VIC	30 Jun 13	CBRE	140.0	50%	7.75%	8.50%	9.00%
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%
16-28 QuarryRoad,Yatala	QLD	15 Oct 13	KF	44.5	100%	9.50%	9.50%	10.50%

Valued on a rate per sqm of potential 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.

162

Logistics 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 ($m) 31 Dec 12 ($m) Incentives ($m) ($m) Revaluations Adjustments 31 Dec 13 Portfolio
2012 2013 Variance ($m) ($m) ($m) ($m) ($m) (%)
Rosehill Business Park, Camellia 5.9 5.3 (0.5) 67.6 0.1 0.4 0.0 0.0 0.7 (0.2) 68.5 5.8
10 Interchange Drive, Eastern Creek 0.9 2.6 1.7 28.6 0.0 0.3 0.0 0.0 0.0 0.0 28.9 2.5
Connect@Erskine Park Stage 1 3.5 3.3 (0.2) 38.8 0.0 0.0 0.0 0.0 0.0 0.0 38.8 3.3
Connect@Erskine Park Stage 2 1.6 1.6 0.0 19.1 0.0 0.0 0.0 0.0 0.9 0.0 20.0 1.7
15 Berry Street, Granville 1.2 1.2 0.0 13.3 0.0 0.0 0.0 0.0 0.0 (0.1) 13.3 1.1
19 Berry Street, Granville 2.3 2.4 0.1 26.7 0.1 0.0 0.0 0.0 0.0 (0.1) 26.6 2.3
2-4 Harvey Road, Kings Park 3.9 4.1 0.2 44.1 0.0 0.0 0.0 0.0 0.0 0.0 44.1 3.8
407 Pembroke Road, Minto 2.1 2.2 0.1 23.0 0.0 0.0 0.0 0.0 0.3 0.0 23.3 2.0
4 Holker Street, Newington 3.2 3.2 0.0 30.4 0.0 0.0 0.0 0.0 (4.5) 0.0 26.0 2.2
18-24 Abbott Road, Seven Hills 1.5 1.6 0.1 13.7 0.0 0.8 0.0 0.0 0.0 0.0 14.5 1.2
83 Derby Street, Silverwater 0.9 2.3 1.4 25.2 0.0 0.0 0.0 0.0 0.0 0.0 25.2 2.2
3 Figtree Drive, Sydney Olympic Park 0.0 1.4 1.4 0.0 0.0 0.0 20.5 0.0 (1.1) 0.0 19.4 1.7
5 Figtree Drive, Sydney Olympic Park 0.7 1.8 1.1 20.2 0.2 0.6 0.0 0.0 0.0 0.0 21.0 1.8
7 Figtree Drive, Sydney Olympic Park 0.9 0.9 0.0 10.6 0.0 0.0 0.0 0.0 3.0 (0.1) 13.5 1.2
6 Herb Elliott Avenue, Sydney Olympic Park 0.8 0.9 0.1 12.1 0.0 0.1 0.0 0.0 0.2 0.0 12.5 1.1
8 Herb Elliott Avenue, Sydney Olympic Park 0.8 0.8 0.0 9.4 0.0 0.0 0.0 0.0 0.8 0.0 10.2 0.9
5 Murray Rose Avenue, Sydney Olympic Park 3.4 5.3 1.9 68.5 (0.3) 0.0 0.0 0.0 2.2 0.0 70.4 6.0
Quad 1, Sydney Olympic Park 1.7 0.4 (1.3) 19.6 0.6 0.0 0.0 0.0 0.2 (0.1) 20.3 1.7
Quad 2, Sydney Olympic Park 1.7 2.2 0.5 22.5 0.0 0.3 0.0 0.0 1.5 0.0 24.4 2.1
Quad 3, Sydney Olympic Park 1.5 1.9 0.4 23.0 0.2 0.3 0.0 0.0 0.6 0.0 24.0 2.0
Quad 4, Sydney Olympic Park 2.9 2.9 0.0 36.1 0.0 0.1 0.0 0.0 (2.3) 0.0 33.9 2.9
372-374 Victoria Street, Wetherill Park 1.7 1.8 0.0 18.4 0.0 0.0 0.0 0.0 0.0 0.0 18.4 1.6
38 Pine Road, Yennora 0.0 0.3 0.3 0.0 0.0 0.0 46.0 0.0 (2.4) 0.0 43.6 3.7
Citiwest Industrial Estate, Altona North 5.6 5.9 0.3 66.7 0.0 0.2 0.0 0.0 (0.2) (0.1) 66.6 5.7
Citiport Business Park, Port Melbourne 4.2 5.2 0.9 61.5 0.1 0.6 0.0 0.0 (2.2) 0.1 60.0 5.1
Austrak Business Park, Somerton 13.5 11.6 (1.8) 135.4 0.1 0.0 0.0 0.0 4.6 0.0 140.1 11.9
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 1.1
92-116 Holt Street, Pinkenba 1.2 1.2 0.1 13.4 0.0 0.0 0.0 0.0 0.0 0.0 13.5 1.1
16-28 Quarry Road, Yatala 0.0 0.4 0.4 0.0 0.0 0.0 47.7 0.0 (3.2) 0.0 44.5 3.8
Assets Under Development
Erskine Park - Land 0.0 0.0 0.0 51.4 19.2 0.0 0.0 0.0 4.4 0.0 75.1 6.4
17 Berry Street, Granville - Land 0.0 0.0 0.0 2.9 (0.1) 0.0 0.0 0.0 0.0 0.0 2.9 0.2
407 Pembroke Road, Minto - Land 0.0 0.0 0.0 4.7 0.0 0.0 0.0 0.0 0.0 0.0 4.7 0.4
7 Parkview Drive, Sydney Olympic Park 0.5 0.5 0.0 19.4 4.7 0.1 0.0 0.0 0.3 (0.1) 24.4 2.1
Austrak Business Park, Somerton - Land 0.0 0.0 0.0 21.7 3.4 0.0 0.0 0.0 (0.9) 0.0 24.3 2.1
Toll NQX, Karawatha 0.0 0.0 0.0 28.3 33.8 0.0 0.0 0.0 0.0 0.0 62.1 5.3
Total Logistics Portfolio 69.2 76.2 7.0 989.5 62.4 3.9 114.2 0.0 2.9 (0.8) 1,172.2
163Seed Asset(s) for Metropolitan Office Fund
Optus Centre, 15 Green Square Close, Fortitude Valley 0.0 0.8 0.8 0.0 0.0 0.0 116.8 0.0 (6.8) 0.0 110.0
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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 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired(by GPT)	May1998
Property Details
GLA	41,900 sqm
Site Area	79,700 sqm
Occupancy	100.0%
WALE (By Income)	5.3 years
Current Valuation
Fair Value	$68.5m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.25%
Discount Rate	9.50%
Valuation Type	External
Income (12 months)	$5.3m
Latest External Valuation
Value	$68.5m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.25%
Discount Rate	9.50%
Valuer	Jones LangLaSalle
Valuation Date	31 December 2013

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 2013	Key Metrics as at 31 December 2013
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)	6.5 years
Current Valuation
Fair Value	$28.9m
Capitalisation Rate	7.65%
Terminal Capitalisation Rate	7.90%
Discount Rate	9.50%
Valuation Type	Directors
Income (12 months)	$2.6m
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

164

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 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired (by GPT)	May 2008
Property Details 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)	15.5 years	8.1 years
Current Valuation
Fair Value	$38.8m	$20.0m
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)	$3.3m	$1.6m
Latest External Valuation
Value	$38.8m	$20.0m
Capitalisation Rate	7.50%	7.75%
Terminal Capitalisation Rate	8.00%	8.25%
Discount Rate	9.50%	9.50%
Valuer	Knight Frank	CB Richard Ellis
Valuation Date	30 June 2012	30 June 2013

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 18.5 hectares of land is currently under development. A further 3.1 hectares remains for future development.

165

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 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired (by GPT)	December 2000
Property Details 15 Berry Street 19 Berry Street
GLA	10,000 sqm	19,600 sqm
Site Area	20,600 sqm	30,800 sqm
Occupancy	100.0%	100.0%
WALE (By Income)	1.3 years	4.2 years
Current Valuation
Fair Value	$13.3m	$26.6m
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	$2.4m
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

166

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 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired(by GPT)	May1999
Property Details
GLA	40,300 sqm
Site Area	64,800 sqm
Occupancy	100.0%
WALE (By Income)	3.7 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)	$4.1m
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 2013	Key Metrics as at 31 December 2013
Ownership Interest	50%
Co-Owner	Austrak(50%)
Acquired(by GPT)	October 2008
Property Details
GLA	15,300 sqm
Site Area	21,100 sqm
Occupancy	100.0%
WALE (By Income)	5.9 years
Current Valuation
Fair Value	$23.3m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuation Type	Directors
Income (12 months)	$2.2m
Latest External Valuation
Value	$23.3m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	Knight Frank
Valuation Date	30 June 2013

167

4 Holker Street

Newington

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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.

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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)	3.5 years
Current Valuation
Fair Value	$26.0m
Capitalisation Rate	9.00%
Terminal Capitalisation Rate	10.00%
Discount Rate	10.25%
Valuation Type	Directors
Income (12 months)	$3.2m
Latest External Valuation
Value	$26.0m
Capitalisation Rate	9.00%
Terminal Capitalisation Rate	10.00%
Discount Rate	10.25%
Valuer	Colliers
Valuation Date	30 June 2013

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 2013	Key Metrics as at 31 December 2013
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)	3.9 years
Current Valuation
Fair Value	$14.5m
Capitalisation Rate	10.00%
Terminal Capitalisation Rate	10.50%
Discount Rate	10.00%
Valuation Type	Directors
Income (12 months)	$1.6m
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: Previously independently valued on a rate per sqm of potential 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.

168

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 2013	Key Metrics as at 31 December 2013
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)	3.9 years
Current Valuation
Fair Value	$25.2m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%
Discount Rate	10.00%
Valuation Type	Directors
Income (12 months)	$2.3m
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

3 Figtree Drive Sydney Olympic Park

3 Figtree Drive comprises two levels of quality, modern office accommodation and a high clearance warehouse, with good onsite access and manoeuvrability with 198 car spaces. In conjunction with neighbouring GPT assets, the property forms part of a 5 hectare consolidated holding.

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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired (by GPT)	April 2013
Property Details
GLA	6,800 sqm
Site Area	12,900 sqm
Occupancy	100.0%
WALE (By Income)	3.0 years
Current Valuation
Fair Value	$19.4m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.50%
Discount Rate	10.00%
Valuation Type	Directors
Income (12 months)	$1.4m
Latest External Valuation
Value	$19.4m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.50%
Discount Rate	10.00%
Valuer	CB Richard Ellis
Valuation Date	1 March 2013

169

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 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired(by GPT)	July2005
Property Details
GLA	8,800 sqm
Site Area	12,900 sqm
Occupancy	100.0%
WALE (By Income)	5.1 years
Current Valuation
Fair Value	$21.0m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.25%
Valuation Type	Directors
Income (12 months)	$1.8m
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

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 5 hectare consolidated holding.

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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired(by GPT)	July2004
Property Details
GLA	3,500 sqm
Site Area	9,600 sqm
Occupancy	100.0%
WALE (By Income)	1.7 years
Current Valuation
Fair Value	$13.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	Directors
Income (12 months)	$0.9m
Latest External Valuation
Value	$13.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Knight Frank
Valuation Date	30 June 2013

Note: Valued on a rate per sqm of potential 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.

170

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 5 hectare consolidated holding.

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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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)	1.2 years
Current Valuation
Fair Value	$12.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	Directors
Income (12 months)	$0.9m
Latest External Valuation
Value	$12.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Jones LangLaSalle
Valuation Date	30 June 2013

Note: Valued on a rate per sqm of potential 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.

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. In conjunction with neighbouring GPT assets, the property forms part of a 5 hectare consolidated holding.

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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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)	6.1 years
Current Valuation
Fair Value	$10.2m
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	$10.2m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Knight Frank
Valuation Date	30 June 2013

Note: Valued on a rate per sqm of potential 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.

171

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 23,300 sqm of net lettable space, completed in stages between July 2001 and June 2007. Winner of the 2009 PCA Industrial & Business Park Award, Quad 4 was the first speculative building in Sydney to be designed to Australian Best Practice environmental performance. The building was certified as a 5 Star Green Star

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
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	52.4%	100.0%	100.0%	100.0%
WALE (By Income)	2.3 years	5.2 years	2.4 years	1.6 years
Current Valuation
Fair Value	$20.3m	$24.4m	$24.0m	$33.9m
Capitalisation Rate	8.50%	8.25%	8.25%	8.25%
Terminal Capitalisation Rate	8.75%	8.50%	8.50%	8.50%
Discount Rate	9.25%	9.25%	9.25%	9.25%
Valuation Type	Directors	Directors	Directors	Directors
Income (12 months)	$0.4m	$2.2m	$1.9m	$2.9m
Latest External Valuation
Value	$20.0m	$24.4m	$23.6m	$33.8m
Capitalisation Rate	8.50%	8.25%	8.25%	8.25%
Terminal Capitalisation Rate	8.75%	8.50%	8.50%	8.50%
Discount Rate	9.25%	9.25%	9.25%	9.25%
Valuer	Knight Frank	Knight Frank	Knight Frank	Knight Frank
Valuation Date	30 June 2013	30 June 2013	30 June 2013	30 June 2013

Office Design v2 rating and has been designed to the standards of a NABERS Energy rating of 5 Stars.

172

5 Murray Rose

Sydney Olympic Park

38 Pine Road

Yennora

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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. This is the first stage of GPT’s $200 million Murray Rose Business Park with the masterplan for the site providing a total of 42,700 sqm of campus style business and retail accommodation.

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Construction	Completed 2012
Property Details
GLA	12,400 sqm
Site Area	3,500 sqm
Occupancy	100.0%
WALE (By Income)	10.3 years
Current Valuation
Fair Value	$70.4m
Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%
Discount Rate	9.25%
Valuation Type	Directors
Income (12 months)	$5.3m
Latest External Valuation
Value	$70.2m
Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%
Discount Rate	9.25%
Valuer	m3 Property
Valuation Date	30 June 2013

38 Pine Road Yennora is located within the established industrial precinct of Western Sydney. The property, comprising two separate warehouses, is well positioned to nearby transport connections including the Cumberland and Hume Highways, the M4 and M5 Motorways and opposite the Yennora Intermodal Terminal.

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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired (by GPT)	November 2013
Property Details
GLA	33,200 sqm
Site Area	10,800 sqm
Occupancy	100.0%
WALE (By Income)	2.2 years
Current Valuation
Fair Value	$43.6m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.25%
Valuation Type	External
Income (12 months)	$0.3m
Latest External Valuation
Value	$43.6m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.25%
Valuer	Jones LangLaSalle
Valuation Date	5 September 2013

173

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 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired(by GPT)	July2006
Property Details
GLA	20,500 sqm
Site Area	40,900 sqm
Occupancy	100.0%
WALE (By Income)	1.1 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)	$1.8m
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 2013	Key Metrics as at 31 December 2013
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)	2.5 years
Current Valuation
Fair Value	$66.6m
Capitalisation Rate	8.50%-8.75%
Terminal Capitalisation Rate	8.75%-9.50%
Discount Rate	9.50%-9.75%
Valuation Type	External
Income (12 months)	$5.9m
Latest External Valuation
Value	$66.6m
Capitalisation Rate	8.50%-8.75%
Terminal Capitalisation Rate	8.75%-9.50%
Discount Rate	9.50%-9.75%
Valuer	Savills
Valuation Date	31 December 2013

174

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 located in the Port Melbourne precinct, being opposite the Port, and features a good level of underground and on-grade parking.

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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired(by GPT)	February2012
Property Details
GLA	27,100 sqm
Site Area	25,500 sqm
Occupancy	78.7%
WALE (By Income)	2.8 years
Current Valuation
Fair Value	$60.0m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuation Type	External
Income (12 months)	$5.2m
Latest External Valuation
Value	$60.0m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	Jones LangLaSalle
Valuation Date	31 December 2013

Austrak Business Park Somerton

Austrak Business Park comprises approximately 99 hectares of industrial zoned land, located 20 kilometres north of the Melbourne CBD. The property 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 2013	Key Metrics as at 31 December 2013
Ownership Interest	50%
Co-Owner	Austrak(50%)
Acquired(by GPT)	October 2003
Property Details
GLA	193,600 sqm
Site Area	661,000 sqm
Occupancy	90.9%
WALE (By Income)	9.1 years
Current Valuation
Fair Value	$140.1m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.00%
Valuation Type	Directors
Income (12 months)	$11.6m
Latest External Valuation
Value	$140.0m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.00%
Valuer	CB Richard Ellis
Valuation Date	30 June 2013

175

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 2013	Key Metrics as at 31 December 2013
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)	4.1 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 2013	Key Metrics as at 31 December 2013
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)	4.1 years
Current Valuation
Fair Value	$13.5m
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

176

16-28 Quarry Road

Yatala

The property comprises two standalone warehouses, each providing approximately 20,390 sqm of clear span internal space and are strategically located in the Yatala Enterprise Area, approximately 40 kilometres south of the Brisbane CBD and approximately 40 kilometres north of the Gold Coast CBD.

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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired(by GPT)	November 2013
Property Details
GLA	41,600 sqm
Site Area	81,500 sqm
Occupancy	100.0%
WALE (By Income)	2.2 years
Current Valuation
Fair Value	$44.5m
Capitalisation Rate	9.50%
Terminal Capitalisation Rate	9.50%
Discount Rate	10.50%
Valuation Type	External
Income (12 months)	$0.4m
Latest External Valuation
Value	$44.5m
Capitalisation Rate	9.50%
Terminal Capitalisation Rate	9.50%
Discount Rate	10.50%
Valuer	Knight Frank
Valuation Date	15 October 2013

Optus Centre, 15 Green Square Close Fortitude Valley

The Optus Centre is located within the ‘Urban Renewal’ fringe commercial precinct of Brisbane and benefits from being at the northern gateway of the Brisbane CBD. It is a modern 5 Star Green Star designed A Grade office building with large 1,520 square metre floor plates.

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Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100%
Acquired(by GPT)	November 2013
Property Details
GLA	16,600 sqm
Site Area	2,500 sqm
Occupancy	100.0%
WALE (By Income)	8.1 years
Current Valuation
Fair Value	$110.0m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.00%
Discount Rate	9.25%
Valuation Type	External
Income (12 months)	$0.8m
Latest External Valuation
Value	$110.0m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.00%
Discount Rate	9.25%
Valuer	Colliers
Valuation Date	30 September 2013

177

GPT 2013 ANNUAL RESULT DEVELOPMENT

178

GPT’s Development Approach

Development is a core part of GPT’s business, adding value through improved income and increased fund management fees.

GPT’s Retail & Major Projects Development business is focused on enhancing and preserving existing assets with the flexibility to respond to demand for growth, the aim being to incrementally develop and create new assets, when the time is right. Objectives include:

Respond to demand for growth and outperformance
Sourcing and creating assets
Confidence around delivery of pipeline
Flexible resourcing approach
Capacity to enhance M&A opportunities

Flexible Development Model

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GPT’s Logistics Development business is focused on activating GPT’s existing land bank and acquiring additional land to develop assets for both the balance sheet and for potential funds.

Objectives for the business include:

Deliver committed pipeline
Increase asset production for balance sheet and funds
Broaden market share through ‘fund through’ and ‘development management’ activities
Deliver above target risk adjusted returns and enhance growth opportunities

180

Development Overview

GPT has $0.8 billion in development projects currently underway across the retail, office and logistics sectors, with an additional $2.3 billion pipeline of future development opportunities on behalf of assets owned on balance sheet and in GPT’s wholesale funds.

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NT Brisbane
QLD
1
WA
SA
Sydney
NSW
6
VIC
2 Melbourne
TAS
----- End of picture text -----

Developments Underway

Retail & Major Projects GWSCF Owned

Wollongong Central - West Keira, NSW

GWOF Owned

150 Collins Street, Melbourne

Logistics & Business Parks GPT Owned

Toll NQX, Karawatha, QLD TNT Express, Erskine Park, NSW Rand, Erskine Park, NSW RRM, Erskine Park, NSW

3 Murray Rose, Sydney Olympic Park, NSW IMCD and Lot B, Austrak Business Park, Somerton, VIC Australia Post, 18 Worth Street, Chullora, NSW

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Number of assets in each state
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181

Retail & Major Projects Development Overview

GPT’s Retail & Major Projects Development business has $381 million of developments underway ($150 million cost to complete) on behalf of assets owned on balance sheet and in GPT’s wholesale funds.

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150 Collins Street, Melbourne
----- End of picture text -----

Development	GLA/NLA 100% Interest (sqm)	Ownership Interest (%)	Forecast Total Cost ($m)	Forecast Cost to Complete	Forecast Cost to Complete
				GPT Share ($m)	Fund’s Share ($m)
Retail
Wollongong Central - West Keira, NSW	18,000	100% GWSCF	200	0	75
Office
150 Collins Street, Melbourne	20,500	100% GWOF	181	0	75
Total Underway			381	0	150
Planned			300 1,688 2,369
Future Pipeline
Total Pipeline

Development Timeline - Projects Underway

Wollongong Central - West Keira, NSW
150 Collins Street, Melbourne
	Q1	Q2 20		Q3 Q4 14

Return Targets1	Development IRR2
Retail	10% - 13%
Office	11% - 14%

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

182

Retail & Major Projects Development Pipeline

GPT’s Retail & Major Projects Development business has a $2.0 billion planned and future development pipeline.

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Planned Development Ownership Forecast
Interest Total Cost
(%) ($m)
GPT Owned
Casuarina Square, NT 50% 150
GWSCF Owned
Casuarina Square, NT 50% 150
Total Planned Developments 300
Future Pipeline
GPT Owned
Rouse Hill Town Centre, NSW 100% 250
Sunshine Plaza, QLD 50% 200
Highpoint Shopping Centre, VIC 16.67% 13
MLC Centre, NSW 50% 85
GWSCF Owned
Westfield Woden, ACT 50% 110
Macarthur Square, NSW 50% 120
Parkmore Shopping Centre, VIC 100% 125
Highpoint Shopping Centre, VIC 50% 40
Chirnside Park, VIC 100% 65
Other 680
Total Future Pipeline 1,688
Total Planned and Future Pipeline 1,988
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183

Development - A Source of Product and Performance

GPT’s Development business has a track record of delivering projects that are a source of product and performance for the Group’s balance sheet and its two wholesale funds.

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Product

$4 billion in asset value delivered to GPT and its funds over ten years (value measured on project completion)
$760 million in asset value delivered to GPT and its funds in 2013
Delivered portfolio defining assets across the retail, office and business parks sectors, such as:
Melbourne Central Retail, VIC (2004, 2011)
Rouse Hill Town Centre, NSW (2008)
5 Murray Rose Avenue, Sydney Olympic Park, NSW (2011)
One One One Eagle Street, Brisbane, QLD (2012)
Highpoint Shopping Centre, VIC (2013)

Performance

15%+ revaluation uplift on costs over ten years

184

Wollongong Central - West Keira

New South Wales

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150 Collins Street Melbourne

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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, Target and the relocation of JB HiFi) and leasing of the 80 additional specialty shops commenced at the end of 2012.

150 Collins Street is a new A Grade development with Premium Grade services featuring 20,500 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 64% 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 2013	Key Metrics as at 31 December 2013
Ownership Interest	100% GWSCF
Acquired	March 2007
Additional GLA	18,000 sqm
Development Cost	$200m
Target Yield	7.0%
Targeted Development IRR¹	11%
Completion	2H 2014

IRR is blended return over 10 years from project commencement

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100% GWOF
Acquired	July2012
NLA	20,500 sqm
% Area Committed	64%
Development Cost	$181m
Target Yield	6.7%
Completion	2H 2014

185

Logistics Development Overview

GPT’s Logistics Development business has $385 million of developments underway ($243 million cost to complete) on behalf of assets owned on balance sheet and for potential funds.

Development	GLA/NLA 100% Interest (sqm)	Ownership Interest (%)	Leasing Pre-commitment (%)	Average WALE (years)	Forecast Total Cost ($m)	Forecast Cost to Complete GPT’s Share ($m)
Underway
Toll NQX,Karawatha,QLD	44,000	100% GPT	100%	15.0	85	23
TNT Express,Erskine Park,NSW	31,900	100% GPT	100%	15.0	60	38
Rand,Erskine Park,NSW	23,760	100% GPT	100%	20.0	60	41
RRM,Erskine Park,NSW	20,570	100% GPT	100%	20.0	94	74
3 MurrayRose Avenue,SydneyOlympic Park,NSW	12,950	100% GPT	0%	0.0	70	61
IMCD and Lot B,Austrak Business Park,Somerton,VIC	12,500	50% GPT	49%	12.0	8	4
Australia Post,18 Worth Street,Chullora,NSW	13,740	50% GPT	100%	10.0	7	3
Total Developments - Underway	159,420			13.1	385	243
Planned
4 MurrayRose Avenue,SydneyOlympic Park,NSW	15,000	100% GPT			85	85
Erskine Park,NSW	16,000	100% GPT			14	14
Austrak Business Park, Somerton, VIC	143,140	50% GPT			162	81
Austrak Business Park,Minto,NSW	27,500	50% GPT			31	15
17 BerryStreet,Granville,NSW	10,700	100% GPT			8	8
Lot 1,18 Worth Street,Chullora,NSW	10,600	50% GPT			10	5
Total Developments - Planned	222,940				310	208
Total Developments - Underway or Planned	382,358				695	452

Return Targets1	Development IRR2
Logistics	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

186

Logistics Development Timeline

Projects Underway

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Toll NQX, Karawatha, QLD
TNT Express, Erskine Park, NSW
Rand, Erskine Park, NSW
RRM, Erskine Park, NSW
3 Murray Rose Avenue, Sydney Olympic Park, NSW
IMCD and Lot B, Austrak Business Park, Somerton, VIC
Australia Post, 18 Worth Street, Chullora, NSW
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2014 2015
----- End of picture text -----

187

Toll NQX

Karawatha

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TNT Express, Erskine Park New South Wales

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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.

The development on Site D at Connect@Erskine Park is a 31,900 sqm warehouse, distribution facility and transport terminal for TNT Australia.

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100% GPT
Acquired	December 2012
NLA	44,000 sqm
% Area Committed	100%
WALE	15.0years
Development Cost	$85m
Target Yield	7.6%
Completion	1H 2014

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100% GPT
Acquired	May2008
GLA	31,900 sqm
% Area Committed	100%
WALE	15.0years
Development Cost	$60m
Target Yield	7.7%
Completion	1H 2015

188

Rand, Erskine Park

New South Wales

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RRM, Erskine Park New South Wales

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The development on Site F at Connect@ Erskine Park is a 23,760 sqm temperature controlled and ambient storage and distribution facility for Rand Transport (a division of ASX listed Automotive Holdings).

The development on Site G at Connect@ Erskine park is a 20,570 sqm Retail Ready Meats (RRM) chilled food processing and manufacturing facility.

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100% GPT
Acquired	May2008
GLA	23,760 sqm
% Area Committed	100%
WALE	20.0years
Development Cost	$60m
Target Yield	8.7%
Completion	1H 2015

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100% GPT
Acquired	May2008
GLA	20,570 sqm
% Area Committed	100%
WALE	20.0years
Development Cost	$94m
Target Yield	8.9%
Completion	1H 2015

189

3 Murray Rose Avenue, Sydney Olympic Park

New South Wales

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3 Murray Rose is a 12,950 sqm office development which completes the second stage of the masterplanned Murray Rose development at Sydney Olympic Park.

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	100% GPT
Acquired	May2002
GLA	12,950 sqm
% Area Committed	0%
WALE	0.0years
Development Cost	$70m
Target Yield	8.0%
Completion	1H 2015

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190

IMCD and Lot B, Austrak Business Park, Somerton Victoria

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A 12,500 sqm logistics facility with a 49% pre-lease commitment to IMCD, currently under construction.

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	50% GPT
Co-Owner	Austrak(50%)
Acquired	October 2003
GLA	12,500 sqm
% Area Committed	49%
WALE	12.0years
Development Cost	$8m
Target Yield	7.0%
Completion	2H 2014

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Terminal
Leased
Available
Retarding Basin
Development
P&O Somerton IntermodalTerminal underway
QUBE
Linfox
Nation Link Drive
Boral
Coles Myer Limited Labelmakers
Somerton Road
Hume Highway
Regional Drive
Union Road
Austrak Drive
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191

Australia Post, 18 Worth Street, Chullora New South Wales

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Lot 2 comprises of an office building, car park and hardstand across the 1.85 hectare site, under construction for Australia Post.

Key Metrics as at 31 December 2013	Key Metrics as at 31 December 2013
Ownership Interest	50% GPT
Co-Owner	CIP (50%)
Acquired	June 2013
GLA	13,740 sqm
% Area Committed	100%
WALE	10.0years
Development Cost	$7m
Target Yield	9.9%
Completion	1H 2014

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192

GPT 2013 ANNUAL RESULT FUNDS MANAGEMENT

194

GPT Funds Management Overview

GPT has grown its Funds Management platform by $495 million over the 12 months to 31 December 2013. Over the past year, GWOF and GWSCF are the top performing wholesale funds in their sectors.

Growth in Funds in 2013

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8
7
6
5
($bn) 4
3
2
1
0
Dec 12 Developments Acquisitions Divestments Dec 13
FUM & Asset FUM
Growth
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GWOF performance versus peers

GWSCF performance versus peers

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12
10.0 [10.3]
10 8.9 9.3
8.4 8.5
8 7.6 7.3
6.3 6.6 6.7
6 5.1
4 3.5 3.2
2
-0.1
0
GWOF Mercer / IPD Peer 1 Peer 2 Peer 3
-2 All Office Index
1 Year 2 Year 3 Year
Total return (%)
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12
10 9.6
8.7 8.7 8.6 8.7 8.6 [9.2]
8 7.0 7.7 8.0 [8.4] 7.4
6 5.9 5.8 5.7
4
2
0
GWSCF Mercer / IPD Peer 1 Peer 2 Peer 3
-2 All Retail Index
1 Year 2 Year 3 Year
Total return (%)
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196

GPT Funds Management Overview

One of GPT’s key strategic focal points is the $10 billion increase in Funds under Management (FUM). This growth in FUM will enable GPT to increase active earnings from 3% to 10%, driving Total Returns whilst maintaining a low cost of capital.

Funds Management Growth Pathway

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Seed and development assets in existing portfolio
CPA assets
Dec 13 FUM Growth in Existing Metropolitan Logistics Fund New Funds Target FUM
Funds Office Fund
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197

GPT Funds Management Overview

Strong Corporate Governance

The Fund has a number of policies and procedures in place such as the Operational Policies Deed and the Relationship Deed to govern, among other issues, the relationship between The GPT Group and the Funds.

A Majority Independent Board

GPT Funds Management Limited (GPTFM) is the Responsible Entity of the two Funds. The Board of GPTFM currently consists of a majority Independent Directors (three) appointed by the investors (excluding GPT) and two Executive Directors appointed by GPT.

The GPTFM Board consists of:

Independent Directors

Ernest Bennett
Dennis Broit

Executive Directors

Michael Cameron, GPT CEO and Managing Director
Carmel Hourigan, GPT Chief Investment Officer
Gary Symons

Acquisition and Divestment Rights

Pre-emptive rights to acquire property - The two Funds have a right of first refusal to acquire certain office and retail assets which The GPT Group wishes to sell. Where GPT sources an asset of this kind from a third party, the Funds will be offered the opportunity to acquire that asset. These rights are subject to some limitations such as the pre-emptive rights of co-owners, the right of GPT to develop vacant land before it sells that land, the right of GPT to do an asset swap and the exclusion of assets which are a part of a portfolio acquired as a result of a takeover, merger or similar transaction.

Pre-emptive obligation when selling property - Similar to the two Funds’ rights to acquire properties from The GPT Group, GPT has a first right of refusal to acquire certain assets from the Funds. These rights are subject to some limitations. In GWOF, GPT has a first right of refusal to acquire certain assets in the event of a disposal by GWOF or on the winding up or termination of GWOF (including the original seed assets and assets developed on vacant land by GPT and subsequently acquired by the Fund). In GWSCF, in the event of a disposal by GWSCF or on the removal of GPTFM as the Responsible Entity or the winding up or termination of the Fund, GPT has a first right of refusal to acquire the original seed assets and any properties subsequently acquired by the Fund from GPT.

Management Fees

Fees payable to the Manager include a base management fee of 0.1125% per quarter of the Asset Value (payable quarterly in arrears) and a performance fee which is paid semi-annually in arrears and is calculated as 15% of outperformance above the benchmark. The benchmark is the 10 year Government bond yield on the first day of the half year plus 3% per annum (post base management fee). For GWOF and GWSCF, the total funds management fee is capped at 0.45% of the Fund’s Asset Value per half year. Excess outperformance and underperformance is carried forward to future periods.

198

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 2013 , the Fund consisted of 15 office assets located across Australia’s key CBD office markets with a value of $4.1 billion.

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December 2013 June 2013
Number of Assets 15 15
Property Investments $4,107m $3,992m
Gearing 11.7% 12.4%
One Year Total Return (post-fees) 9.9% 10.6%
Fund Details as at 31 December 2013
GPT's Ownership Interest (%) 20.3%
GPT's Ownership Interest ($m) $714.9m
Established July 2006
Weighted Average Capitalisation Rate 6.82%
Portfolio Occupancy (%) 97.2%
Distributions Received ($m) $44.7m
GPT Base Management Fee ($m) $17.3m
GPT Performance Fee ($m) Nil
Total Return 1 January 2013 to Inception to Date
31 December 2013 (Annualised) 21 July 2006
to 31 December 2013
Post fees 9.9% 7.8%
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GWOF Ownership Composition
As at 31 December 2013
Sovereign
Wealth Funds
Offshore
8%
Other
1% GPT
20%
Offshore
Pension Funds
14%
Domestic
Other
8% Domestic
Super Funds
49%
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199

GWOF Capital Management

Total borrowings for the Fund at 31 December 2013 were $487 million resulting in gearing of 11.7%.

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Liberty Place, Sydney
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GWOF Capital Management Summary as at 31 December 2013 Gearing 11.7% Weighted Average Cost of Debt 4.7% Fees and Margins(included in above) 1.6% Weighted Average Debt Term 3.8years Drawn Debt Hedging 86% Weighted Average Hedge Term 3.2years	GWOF Capital Management Summary as at 31 December 2013 Gearing 11.7% Weighted Average Cost of Debt 4.7% Fees and Margins(included in above) 1.6% Weighted Average Debt Term 3.8years Drawn Debt Hedging 86% Weighted Average Hedge Term 3.2years	GWOF Capital Management Summary as at 31 December 2013 Gearing 11.7% Weighted Average Cost of Debt 4.7% Fees and Margins(included in above) 1.6% Weighted Average Debt Term 3.8years Drawn Debt Hedging 86% Weighted Average Hedge Term 3.2years	GWOF Capital Management Summary as at 31 December 2013 Gearing 11.7% Weighted Average Cost of Debt 4.7% Fees and Margins(included in above) 1.6% Weighted Average Debt Term 3.8years Drawn Debt Hedging 86% Weighted Average Hedge Term 3.2years
GWOF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bank Bilateral Facility	150.0	29 January2015¹	150.0
Bank Bilateral Facility	100.0	30 January2015¹	100.0
Bank Bilateral Facility	50.0	2 July2016	50.0
Bank Bilateral Facility	150.0	30 September 2017	87.0
Bank Bilateral Facility	200.0	2 October 2018	100.0
Total	650.0		487.0
1. Quarterly extension facility. GWOF Forward Start Debt Facilities Facility Limit ($m) Start Date Facility Expiry
Bank Bilateral Facility	50.0	1 February2014	1 February2017
Total	50.0

200

GWOF Capital Management

GWOF has $320 million of derivative instruments and $100 million of fixed rate loans (being 86% hedged) and these have a weighted average term of 3.2 years.

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Darling Park, Sydney
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GWOF Hedging Profile
As at 31 December 2013
1,000 5%
900
800 3.62% 3.70% 3.70% 3.71% 4%
3.33% 3.33% 3.42%
700 3.15% 3.21% 3.21%
600 3%
($m)
500
400 2%
300
200 1%
100
0 0%
Forecast debt Hedges Fixed Rate Debt Weighted average fixed rate
Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18
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201

GPT Wholesale Shopping Centre Fund

GWSCF provides wholesale investors with exposure to high quality retail assets. At 31 December 2013, the Fund consisted of 9 shopping centres with a value of $3.0 billion.

	December 2013	June 2013
Number of Assets	9	10
PropertyInvestments	$2,959m	$3,016m
Gearing	10.7%	25.3%1
One Year Total Return(post-fees)	9.5%	9.3%
1. Reduced to 22.0% on 1 July 2013 from further capital raising proceeds
Fund Details as at 31 December 2013
GPT's OwnershipInterest(%)	20.3%
GPT's OwnershipInterest($m)	$523.8m
Established	March 2007
Weighted Average Capitalisation Rate	6.24%
Portfolio Occupancy (%)	99.8%
Distributions Received($m)	$30.2m
GPT Base Management Fee($m)	$13.6m
GPT Performance Fee($m)	Nil

Total Return	1 January 2013 to 31 December 2013	Inception to Date (Annualised) 31 March 2007 to 31 December 2013
Post fees	9.5%	5.0%

GWSCF Ownership Composition As at 31 December 2013

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Sovereign
Wealth Funds
10%
Offshore GPT
Other 20%
1%
Offshore
Pension Funds
16%
Domestic Domestic Super
Other Funds
14% 39%
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202

GWSCF Capital Management Total borrowings for the Fund at 31 December 2013 were $322 million resulting in gearing of 10.7%.

GWSCF Capital Management Summary as at 31 December 2013 Gearing 10.7% Weighted Average Cost of Debt 5.4% Fees and Margins(included in above) 2.2% Weighted Average Debt Term 3.8years Drawn Debt Hedging 96% Weighted Average Hedge Term 4.3years	GWSCF Capital Management Summary as at 31 December 2013 Gearing 10.7% Weighted Average Cost of Debt 5.4% Fees and Margins(included in above) 2.2% Weighted Average Debt Term 3.8years Drawn Debt Hedging 96% Weighted Average Hedge Term 4.3years	GWSCF Capital Management Summary as at 31 December 2013 Gearing 10.7% Weighted Average Cost of Debt 5.4% Fees and Margins(included in above) 2.2% Weighted Average Debt Term 3.8years Drawn Debt Hedging 96% Weighted Average Hedge Term 4.3years	GWSCF Capital Management Summary as at 31 December 2013 Gearing 10.7% Weighted Average Cost of Debt 5.4% Fees and Margins(included in above) 2.2% Weighted Average Debt Term 3.8years Drawn Debt Hedging 96% Weighted Average Hedge Term 4.3years
GWSCF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bank Bilateral Facility	100.0	1 January2015¹	100.0
Bank Bilateral Facility	50.0	22 June 2015	22.0
Bank Bilateral Facility	100.0	15 July2016	0.0
Bank Bilateral Facility	75.0	31 March 2017	0.0
Bank Bilateral Facility	100.0	30 September 2017	0.0
Medium Term Notes	200.0	13 November 2017	200.0
Total	625.0		322.0

Quarterly extension facility.

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Highpoint Shopping Centre, VIC
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203

GWSCF Capital Management

GWSCF has $110 million of derivative instruments and $200 million of fixed rate Medium Term Notes (being 96% hedged) and these have a weighted average term of 4.3 years.

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GWSCF Hedging Profile
As at 31 December 2013
600 3.72% 3.72% 3.72% 4%
3.42% 3.42% 3.42%
500 3.13% 3.13% 3.09% 3.09% 3.11%
3%
400
($m) 300 2%
200
1%
100
0 0%
Forecast debt Swaps Fixed Rate Debt Weighted average fixed rate
Parkmore Shopping Centre, VIC
Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18
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204

AI assistant

GPT GROUP — Annual Report 2013

65009_rns_2014-02-12_d9891191-f556-4616-8642-684b66613fa6.pdf

GPT Overview

GPT Portfolio Diversity

Retail Portfolio

Office Portfolio

Logistics Portfolio

GPT Portfolio Overview

Total Return for the 12 months to 31 December 2013.

GPT Portfolio Metrics

Across the three sectors, GPT has maintained high occupancy and a long WALE.

GPT’s Capability

GPT Securityholder Overview

Drivers of Total Return

Strategy on a Page

OUR PURPOSE

Sustainability

A leader in sustainability.

Glossary

Financial Summary

Results Summary

Results Summary

Results Summary

Realised Operating Income to Statutory Results

Capital Expenditure Overview

Realised Operating Income to Funds From Operations and Adjusted Funds From Operations

Investments and Income

NTA Movement

Capital Management Summary

Look Through Gearing

Debt Facilities

Liquidity Profile

Hedging Profile

Retail Portfolio Overview

New South Wales GPT Owned

Northern Territory GPT Owned Casuarina Square (50%)

GWSCF Owned

Queensland

Australian Capital Territory

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

Lease Expiry Profile

Total Centres

Total Specialty Tenants

Weighted Average Capitalisation Rate

Weighted Average Capitalisation Rate

Key Retail Market Trends

Retail Portfolio External Valuation Summary 100% of the GPT retail portfolio was valued externally in the 12 months to 31 December 2013.

Retail Portfolio Income and Fair Value Schedule

Retail Sustainability

Retail Sustainability

Casuarina Square Northern Territory

Charlestown Square New South Wales

Dandenong Plaza

Victoria

Melbourne Central Victoria

Sunshine Plaza Queensland

sunshineplaza.com

Westfield Penrith

New South Wales

GPT Wholesale Shopping Centre Fund

Casuarina Square Northern Territory

Chirnside Park

Victoria

chirnsidepark.com.au

Forestway Shopping Centre New South Wales

Highpoint Shopping Centre Victoria

highpoint.com.au

Macarthur Square

New South Wales

Norton Plaza New South Wales

Parkmore Shopping Centre Victoria

GPT GROUP Annual Report 2013