GPT GROUP - Annual Report 2014 | FinancialReports.eu

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ANNUAL RESULT > GPT DATAPACK 2014

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655 Collins Street, Melbourne, VIC
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CONTENTS
GPT Overview	3
Financial Performance	12
Retail Portfolio	26
Office Portfolio	39
Logistics Portfolio	50
Development	60
Funds Management	67

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

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ANNUAL RESULT > GPT GPT OVERVIEW 2014

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.

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Melbourne Central, One One One Eagle Street,
Melbourne Brisbane
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Office Portfolio

Retail Portfolio

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GPT Portfolio Diversity
As at 31 December 2014
Retail 50%
Office 36%
Logistics 14%
5 Murray Rose,
Sydney
Logistics Portfolio
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Logistics Portfolio

16 shopping centres 1,050,000 sqm GLA 3,700+ tenants $4.8b portfolio $8.5b AUM

24 assets 32 assets 1,190,000 sqm NLA 760,000 sqm GLA 380+ tenants 90+ tenants $3.4b portfolio $1.3b portfolio $8.0b AUM $1.6b AUM

GPT PORTFOLIO OVERVIEW

Total Portfolio Return for the 12 months to 31 December 2014.

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Total Return for the 12 months to 31 December 2014
Retail Office Logistics Total
(Inc GWSCF Interest) (Inc GWOF Interest) (Inc GMF Interest) Portfolio
4.7% 12.7%
2.7% 9.3%
2.7% 9.0%
2.1% 8.6%
8.1%
6.3% 6.5% 6.6%
Income Return Capital Return Total Portfolio Return
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Note: Total Portfolio Return figures include equity interests in wholesale funds, ASX listed fund 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.

		Comparable
	Portfolio Size1	Income Growth2	WALE	Occupancy	WACR
Retail	$4.77b	2.9%	3.9 years	99.5%	5.87%
Office	$3.35b	(1.1%)	6.3 years	93.9%	6.41%
Logistics	$1.31b	(0.5%)	6.2 years	95.3%	7.72%
Total	$9.43b	0.9%	5.0 years	96.4%	6.27%

Structured Rental Increases³

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Retail Office Logistics
Fixed 72% Fixed 89% Fixed 86%
4.5% Other 28% 3.9% Other 11% 3.3% Other 14%
Average Average Average
Increase Increase Increase
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Assets as at 31 December 2014.
Income for the 12 months to 31 December 2014 compared to the previous corresponding period.
Structured rent reviews for the 12 months to 31 December 2015. Other includes market reviews, CPI reviews and expiries in 2015.

GPT SECURITYHOLDER OVERVIEW

GPT Securityholders by Geography As at 31 December 2014

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Australia 65%
North America 16%
Europe (ex UK) 7%
Asia 7%
UK 5%
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GPT Securityholders by Type As at 31 December 2014

Domestic Institutions 55% Foreign Institutions 35% Retail Investors 10%

DRIVERS OF TOTAL RETURN

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Retail: 72%
at 4.5% increase [3]
Derivatives
Banks Office: 89%
Net Gearing 58% at 3.9% increase [3]
26.3%
Bonds Logistics: 86%
Development 42% at 3.3% increase [3]
Fixed Rental
Cap Rates Increases Retail: 99.5%
Valuations Retail: 5.87% 79% at 4.1%
Office: 93.9%
Office: 6.41%
Logistics: 95.3%
Logistics: 7.72%
Development Fees
2015 Expiries
Acquisitions Retail: 24%
Portfolio Mix $1.9bn Occupancy Office: 4%
Retail: 50% 96.4% Logistics: 8%
Office: 36% Divestments
Logistics: 14% $166m Other Fees
Asset Scrub
NTA Change New Profit
4.0% WANOS [2] Sources
Total Return [1] Average Term
9.6% 5.8 years
Distribution FFO Yield FM Fees
5.6% 6.2% Income Existing Funds
WACD [4]
4.8%
Less Capex Jaws MER < 45 bps New Funds
100% Hedged
Incentives Expenses Capital Buy-back AUD
Maintenance 72% Average 2015
Interest Expense
Debt Hedged
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For the 12 months to 31 December 2014.

Total Return at GPT Group level is calculated as the change in Net Tangible Assets (NTA) per security plus distributions per security declared over the year, divided by the NTA per security at the beginning of the year.
Weighted average number of securities.
Structured rental increases for the 12 months to 31 December 2015.
Weighted average cost of debt for the 12 months to 31 December 2014.

STRATEGY ON A PAGE

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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.
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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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 ................................Earnings Before Interest and Tax 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 tangible assets. GFA .................................Gross Floor Area GLA .................................Gross Lettable Area GMF ................................GPT Metro Office Fund 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. LBP .................................Logistics & Business Parks 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.

GLOSSARY

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 Net Gearing ....................Net gearing is defined as debt less cash divided by total tangible assets less cash 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 ....................Based on a weighted GPT interest in the assets and GWSCF portfolio. GPT reports retail sales in accordance with the Shopping Centre Council of Australia (SCCA) guidelines. ROI ..................................Realised operating income Realised operating income is pre distribution on exchangeable securities Specialty Tenants ...........Retail tenancies with a GLA below 400 sqm. Sqm ................................Square metre TR ................................... Total Return Total Return at GPT Group level is calculated as the change in Net Tangible Assets (NTA) per security plus distributions per security declared over the year, divided by the NTA per security at the beginning of the year. TSR ................................. Total Securityholder Return Total Securityholder Return is defined as the 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 reported 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

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ANNUAL RESULT > GPT FINANCIAL PERFORMANCE 2014

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FINANCIAL SUMMARY

Financial Performance

Financial Performance
12 months to 31 December	2014	2013	Change
Funds From Operations ($m)	452.1	447.7	Up 1.0%
Net profit after tax ($m)	645.3	571.5	Up 12.9%
FFO per ordinary security (cents)	26.81	25.76	Up 4.1%
FFO yield (based on period end price)	6.2%	7.6%	Down 140 bps
Distribution per security (cents)	21.2	20.4	Up 3.9%
Distribution yield (based on period end price)	4.9%	6.0%	Down 110 bps
Net interest expense ($m)	(103.5)	(95.5)	Up 8.4%
Interest capitalised ($m)	9.5	3.0	Up 216.7%
Weighted average cost of debt	4.8%	5.1%	Down 30 bps
Interest cover	5.4 times	5.5 times	Down 0.1 times

The weighted average number of ordinary stapled securities was 1,686.3 million for 2014 and 1,738.0 million for 2013. The period end price was $4.35 at 31 December 2014 and $3.40 at 31 December 2013.

As at 31 December 14 As at 31 December 13 Change	As at 31 December 14 As at 31 December 13 Change	As at 31 December 14 As at 31 December 13 Change	As at 31 December 14 As at 31 December 13 Change
Total assets ($m) 10,159.1 9,432.2 Up 7.7%
Total borrowings ($m) 2,718.5 2,310.4 Up 17.7%
NTA per security ($) 3.94 3.79 Up 4.0%
Net gearing 26.3% 22.3% Up 400 bps
Net look through gearing 28.2% 23.2% Up 500 bps
Weighted average term to maturity 5.8 years 5.5 years Up 0.3 years
Credit ratings A- (positive) / A3 (stable) A- (stable) / A3 (stable) Outlook upgrade
Weighted average term of interest rate hedging 6.6 years 5.9 years Up 0.7 years

RESULTS SUMMARY

Segment performance 12 months to 31 December ($m)	2014	2013	Comment
Retail NOI	248.7	264.3	Comparable incomegrowth of 2.9%
Office NOI	141.8	144.1	Comparable incomegrowth of negative 1.1%
Logistics NOI	85.9	76.2	Comparable incomegrowth of negative 0.5%
Income from Funds	87.1	74.9
Investment Management Expenses	(7.6)	(7.1)
Investment Management	555.9	552.4
Asset Management	5.6	5.8
Development - Retail & Major Projects	1.9	2.8
Development - Logistics	6.5	(1.8)
Funds Management	32.5	21.7
Net financingcosts	(103.5)	(95.5)
Corporate Management & Administrative Expenses	(30.1)	(22.1)	New roles generated from growth of business, team restructure, increase in salaries and wages and consultingcosts spent onprojects.
Tax Expenses	(2.8)	(2.7)
Non-Core	11.1	11.2
Less: distribution to exchangeable securities	(25.0)	(25.0)
Add: other items	0.0	0.9
Funds From Operations (FFO)	452.1	447.7
Valuation increase - core operations	249.5	92.2
Financial instruments mark to market value movements and net foreign exchange movements	(89.1)	20.3
Other items	7.8	(13.7)
Exclude distributions on exchangeable securities in Funds From Operations	25.0	25.0
Net Profit After Tax (NPAT)	645.3	571.5

RESULTS SUMMARY

Segment Result

Segment Result
12 months to 31 December 2014 ($m)	Investment Management	Asset Management	Development- Retail &	Development- Logistics	Funds Management	Corporate	Total Core	Non-Core, Consolidation	Total
			Major				Operations	&
			Projects					Eliminations
Property net income (including share from joint venture entities and associates)	563.5				10.3		573.8		573.8
Management fees income		36.7			35.2		71.9	(19.4)	52.5
Development fees income (including development profit and share from joint venture entities and associates)			10.8	12.7			23.5	(11.6)	11.9
Management & Administrative Expenses	(7.6)	(31.1)	(8.9)	(6.2)	(13.0)	(30.1)	(96.9)	30.9	(66.0)
Net interest expense						(103.5)	(103.5)	13.1	(90.4)
Segment Result Before Tax	555.9	5.6	1.9	6.5	32.5	(133.6)	468.8	13.0	481.8
Income tax expense						(2.8)	(2.8)	(1.9)	(4.7)
Distributions on exchangeable securities						(25.0)	(25.0)		(25.0)
Segment Result for the year	555.9	5.6	1.9	6.5	32.5	(161.4)	441.0	11.1	452.1

FUNDS FROM OPERATIONS TO ADJUSTED FUNDS FROM OPERATIONS

12 months to 31 December ($m)	2014	2013
Core business	602.4	580.9
Non-core operations	11.1	11.2
Financing and corporate overheads	(136.4)	(120.3)
Less: distribution to exchangeable securities	(25.0)	(25.0)
Add: other	0.0	0.9
Funds From Operations	452.1	447.7
Maintenance capital expenditure	(42.1)	(40.3)
Lease incentives (including rent free)	(53.0)	(50.7)
Adjusted Funds From Operations	357.0	356.7

CAPITAL EXPENDITURE OVERVIEW

CAPITAL EXPENDITURE OVERVIEW	CAPITAL EXPENDITURE OVERVIEW	CAPITAL EXPENDITURE OVERVIEW
Capital Expenditure ($m) 2014 2013
Maintenance capital expenditure 42.1 40.3
Lease incentives (including rent free) 53.0 50.7
Total operating capital expenditure 95.1 91.0
Development capital expenditure 267.6 81.1
Interest capitalised 9.1 3.0
Total property capital expenditure 371.8 175.1

INVESTMENTS AND INCOME

Proportion of Real Estate Investments

Proportion of Income

As at 31 December 2014 As at 31 December 2013

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As at 31 December 2014 As at 31 December 2013 12 months to 12 months to
31 December 2014 31 December 2013
Retail 43% Retail 45%
Office 26% Office 25% Retail 41% Retail 46%
Logistics 14% Logistics 15% Office 23% Office 24%
GWOF 9% GWOF 8% Logistics 17% Funds Management 16%
GWSCF 6% GWSCF 6% Funds Management 17% Logistics 12%
Non-Core 2% Non-Core 1% Non-Core 2% Non-Core 2%
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NTA MOVEMENT

Securities on Issue	Number of
	Securities
	(million)
Opening balance 1 January 2014	1,694.9
Issue of securities	2.0
Buy back of securities	(11.4)
31 December 2014 balance¹	1,685.5
On-market Security Buy	2014
Back at 31 December
Securities acquired from July 2011 until 31 December 2014	174.0m
% of securities on issue	9.4%
Cost	585.5m
Average price paid	3.365
Average discount to NTA	9.7%2
Value created	62.9m
1. Excludes exchangeable securities.
2. Discount to average NTA from July 2011 to December 2014.

NTA Movement	Net Assets	No. of Securities	NTA per
	($m)	(million)	Security ($)
NTA position as at 31 December 2013	6,423.5	1,694.9	3.79

FFO	452.1		0.27
Core revaluation (include development profit)	249.5		0.15
Mark to market of Treasury	(94.0)		(0.06)
Distribution	(357.3)		(0.21)
Buy back	(41.0)	(11.4)	0.00
Issue of securities	5.7	2.0	0.00
Other	1.9		0.00
Movement in net assets	216.9		0.15

Less intangibles - movement	7.0		0.00
NTA position as at 31 December 2014	6,647.4	1,685.5	3.94

CAPITAL MANAGEMENT SUMMARY

Gearing ($m)	As at 31 December 2014
Total assets	10,159.1
Less: intangible assets	(43.7)
Total tangible assets	10,115.4
Current borrowings	7.0
Non-current borrowings	2,711.5
Total borrowings1	2,718.5
Headline Gearing	26.9%
Net Gearing2	26.3%

Interest Cover ($m)	31 December 2014
Funds From Operations	452.1
Add: taxes deducted	4.7
Add: distributions to exchangeable securities	25.0
Add: Gross Finance Costs for the period (post capitalised interest)	109.3
Earnings Before Interest and Tax (EBIT)	591.1
Gross Finance Costs	109.3
Interest Cover	5.4 times

Includes fair value adjustment. As at 31 December 2014, drawn debt is $2,593 million.
Net gearing equals debt less cash/total tangible assets less cash.

LOOK THROUGH GEARING

Look Through Gearing as at 31 December 2014	GPT Group	GWOF	GWSCF	GMF	Other2	Total
Share of assets of non-consolidated entities
Group total tangible assets	10,115.4					10,115.4
(i) Plus: GPT share of assets of non-consolidated entities		1,094.7	772.8	45.5	834.8	2,747.8
(ii) Less: total equity investment in non-consolidated entities		(890.3)	(622.9)	(30.4)	(791.2)	(2,334.8)
(iii) Less: GPT loans to non-consolidated entities					(5.9)	(5.9)
Total look through assets	10,115.4	204.4	149.9	15.1	37.7	10,522.5
Group total borrowings	2,718.5					2,718.5
(iv) Plus: GPT share of external debt of non-consolidated entities		177.4	124.9	13.0	0.0	315.3
Total look through borrowings	2,718.5	177.4	124.9	13.0	0.0	3,033.8
Look through gearing						28.8%
Look through gearing based on net debt1						28.2%

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

DEBT

Debt Cost	Debt	% of Total	Interest Rate
as at 31 December 2014	($m)	Debt	(%)
		(%)
Hedged debt	2,175	84%	3.38%
Floating debt	418	16%	2.76%
Total debt	2,593	100%	3.28%
Margin			0.99%
Fees			0.48%
All-in cost of funds			4.74%

Debt Funded Capacity	Current Gearing	Investment Capacity
as at 31 December 2014	(%)	($m)
Balance Sheet	26.9%	530
Funds
- GWOF	16.2%	1,088
- GWSCF	16.2%	770
- GMF	28.6%	47¹
Total		2,435

Sources of Drawn Debt As at 31 December 2014

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Domestic
bank debt 47%
Foreign bank debt 7%
Secured bank debt 4%
Domestic MTNs 18%
Foreign MTNs 4%
USPP 17%
CPI bonds 3%
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Post development completion of 3 Murray Rose Avenue.

DEBT FACILITIES

Current Debt Facilities as at 31 December 2014

Outstanding	Maturity Date	Limit	Available
($m) (equiv)		($m) (equiv)	($m) (equiv)
Bank Facility - Metroplex 7	21 Nov 15	10	3
Bank Bilateral 150	10 Mar 16	150	0
Bank Bilateral 150	11 Mar 16	150	0
Bank Bilateral 100	29 Mar 16	100	0
Bank Facility - Somerton 82	31 Mar 16	83	1
Bank Bilateral 0	1 Apr 16	140	140
Bank Bilateral 100	1 Apr 16	100	0
Bank Bilateral 100	1 Apr 16	100	0
Bank Bilateral 0	30 Nov 16	75	75
Medium Term Notes 30	19 Nov 17	30	0
Bank Facility - Metroplex 12	21 May 17	12	0
Bank Bilateral 75	31 May 17	75	0
Bank Bilateral 0	26 Oct 17	75	75
Bank Bilateral 300	30 Sep 18	300	0
Bank Bilateral 175	26 Oct 18	175	0
Bank Bilateral 150	26 Oct 18	150	0
Medium Term Notes 250	24 Jan 19	250	0
Bank Bilateral 0	30 Mar 19	100	100
Bank Bilateral 97	1 Oct 19	150	53
Medium Term Notes 150	11 Sep 20	150	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
US Private Placement 67	8 Jul 29	67	0
US Private Placement 121	8 Jul 29	121	0
CPI Indexed Bonds 85	10 Dec 29	85	0
Total Borrowings 2,593		3,040	446

DEBT MATURITY PROFILE

Debt Maturity Profile As at 31 December 2014

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Facility A$ millions
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
823
625
350
273
196
150 150 146
105
75 87
50
10
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LIQUIDITY PROFILE

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Liquidity Profile
As at 31 December 2014
0.7
0.6
0.5
0.4
($bn)
0.3
0.2
0.1
0.0
Cash balance Undrawn Current Retained Participation Capex Debt facility Excess
31 Dec 2014 existing liquidity earnings in Funds’ expiries liquidity at
facilities DRP 31 Dec 2015
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HEDGING PROFILE

Hedging Profile as at 31 December 2014

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 2014 3.38% 1,465 710
31 December 2015 3.70% 1,015 860
31 December 2016 3.67% 1,240 860
31 December 2017 3.66% 1,240 860
31 December 2018 3.88% 1,240 535
31 December 2019 3.90% 1,340 285

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3,500 5.00%
3,000 3.97% 3.88% 3.95%
3.68% 3.70% 3.68% 3.67% 3.67% 3.66%
4.00%
3.38%
2,500
($m) 2,000 3.00%
1,500
2.00%
1,000
1.00%
500
0 0.00%
Forecast Debt Long term “interest rate risk management” swaps
Short Term “interest cost management” swaps Fixed rate debt
Weighted average fixed rate
Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19
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ANNUAL RESULT > GPT RETAIL PORTFOLIO 2014

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RETAIL PORTFOLIO OVERVIEW

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $4.8 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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Darwin
1
NT
QLD
Brisbane
WA 1
SA
NSW Sydney
Canberra 1 7
VIC
6 Melbourne
Number of assets in each state
TAS
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Northern Territory

GPT Owned Casuarina Square (50%)

GWSCF Owned Casuarina Square (50%)

Queensland

GPT Owned Sunshine Plaza (50%)*

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

Not managed by GPT

Retail Portfolio Definitions

Specialty Tenants - includes tenancies with a GLA below 400 sqm

Mini-Major Tenants - includes tenancies with a GLA above 400 sqm not classified as a Major Tenant

Major Tenants - includes Supermarkets, Discount Department Stores, Department Stores and Cinemas Retail Sales - based on a weighted GPT interest in the assets and GWSCF portfolio. GPT reports retail sales in accordance with the Shopping Centre Council of Australia (SCCA) guidelines.

GLA and number of tenancies is updated on an annual basis, as at 31 December 2014.

New South Wales GPT Owned

Charlestown Square Rouse Hill Town Centre Westfield Penrith (50%)*

GWSCF Owned

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

Victoria

GPT Owned

Dandenong Plaza Melbourne Central Highpoint Shopping Centre (16.67%)

GWSCF Owned

Chirnside Park

Highpoint Shopping Centre (58.33%) Northland Shopping Centre (50%)* Parkmore Shopping Centre

RETAIL PORTFOLIO SUMMARY

The GPT retail portfolio is well positioned with a high level of occupancy at 99.5%. The retail portfolio achieved comparable income growth of 2.9% over the 12 months to 31 December 2014.

Top Ten Tenants[[1]] As at 31 December 2014

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Top Ten Tenants [[1]] Asset Quality Geographic Weighting
As at 31 December 2014 As at 31 December 2014 As at 31 December 2014
Premier
Retail
Wesfarmers Woolworths Myer (Just Group) 100
80
5.2% 4.2% 2.8% 2.7%
NSW 43%
60 VIC 41%
Country James (%) QLD 8%
Cotton on Road Pascoe 40 NT 7%
Clothing Hoyts Group Westpac BB Retail Group
ACT 1%
2.1% 1.6% 1.3% 1.3% 1.2% 1.1% 20
0
GPT Peer Peer Peer Peer
1 2 3 4
Other
Regional Sub Regional
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Based on gross rent (including turnover rent).

RETAIL PORTFOLIO SUMMARY

The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 16 shopping centres.

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Location Ownership GLA 31 Dec 14 31 Dec 14 30 Jun 14 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 Square¹ NT 50% 53,500 271.7 6.00% 6.00% External 100.0% 399.4 15.6% 11,154
Charlestown Square NSW 100% 90,200 841.0 5.88% 5.88% Directors 99.2% 522.0 16.3% 9,717
Dandenong Plaza VIC 100% 57,100 188.0 8.00% 8.00% External 99.6% 202.3 18.0% 6,374
Highpoint Shopping Centre [2] VIC 16.67% 152,600 329.1 5.25% 5.50% Directors 99.8% 893.4 20.4% 9,771
Melbourne Central [3] VIC 100% 52,800 1,049.2 5.50% 5.75% External 99.4% 402.3 21.5% 9,823
Rouse Hill Town Centre NSW 100% 69,000 495.0 6.00% 6.00% External 99.6% 408.9 14.5% 7,742
Sunshine Plaza QLD 50% 72,600 410.8 5.75% 5.75% Directors 99.7% 514.6 18.7% 11,329
Westfield Penrith NSW 50% 91,100 566.1 5.75% 5.75% Directors 99.9% 598.1 18.3% 11,302
GWSCF Portfolio
Casuarina Square¹ NT 50% 53,500 271.7 6.00% 6.00% External 100.0% 399.4 15.6% 11,154
Chirnside Park VIC 100% 37,900 237.2 6.75% 6.75% Directors 99.9% 254.7 16.2% 10,800
Forestway Shopping Centre NSW 100% 9,600 94.0 6.75% 7.50% External 100.0% 100.2 15.8% 10,404
Highpoint Shopping Centre [2] VIC 58.33% 152,600 1,151.5 5.25% 5.50% Directors 99.8% 893.4 20.4% 9,771
Macarthur Square NSW 50% 94,600 409.1 6.25% 6.25% Directors 100.0% 554.3 17.4% 9,395
Northland Shopping Centre VIC 50% 96,600 503.8 5.75% 5.75% Directors 99.9% 510.9 21.2% 8,202
Norton Plaza NSW 100% 11,800 114.1 6.75% 6.75% Directors 100.0% 120.6 13.3% 11,684
Parkmore Shopping Centre VIC 100% 36,800 231.0 6.75% 7.00% External 99.7% 245.3 15.4% 8,340
Westfield Woden ACT 50% 72,300 315.7 6.25% 6.25% Directors 99.7% 362.5 20.2% 8,411
Wollongong Central NSW 100% 56,200 490.4 6.25% 6.25% Directors 96.3% 181.7 18.2% 8,881
Total 1,054,700 5.87% [4] 5.96% [4] 99.5% 6,271.1 17.9% [5] 9,754 [5]
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Fair value includes Student Accommodation.
Fair value includes Homemaker City Maribyrnong. Cap rate of 8.50%.
Fair value includes retail and 100% interest of car park. Car park cap rate of 6.75%.
Includes GPT shopping centres and GPT interest in GWSCF.
Based on GPT weighted interest. Excludes development impacted centres: Dandenong Plaza, Highpoint Shopping Centre and Wollongong Central.

RETAIL SALES SUMMARY

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Moving Annual Turnover (MAT)
Centre MAT Comparable Comparable Specialty Specialty MAT Specialty
Ownership
($m) Centre MAT MAT Growth ($psm) Occupancy Cost
Growth
GPT Portfolio
Casuarina Square GPT/GWSCF 399.4 1.2% 0.8% 11,154 15.6%
Charlestown Square GPT 522.0 4.1% 5.1% 9,717 16.3%
Melbourne Central Retail GPT 402.3 5.5% 3.0% 9,823 21.5%
Rouse Hill Town Centre GPT 408.9 3.6% 8.8% 7,742 14.5%
Sunshine Plaza GPT/APPF 514.6 (1.4%) (0.2%) 11,329 18.7%
Westfield Penrith [1] GPT/Scentre 598.1 0.5% 6.8% 11,302 18.3%
GWSCF Portfolio
Casuarina Square GWSCF/GPT 399.4 1.2% 0.8% 11,154 15.6%
Chirnside Park GWSCF 254.7 (3.5%) 2.1% 10,800 16.2%
Forestway Shopping Centre GWSCF 100.2 2.0% (2.1%) 10,404 15.8%
Macarthur Square GWSCF/APPF 554.3 1.8% 6.4% 9,395 17.4%
Northland Shopping Centre² GWSCF/Novion 510.9 3.8% 5.1% 8,202 21.2%
Norton Plaza GWSCF 120.6 2.8% 8.2% 11,684 13.3%
Parkmore Shopping Centre GWSCF 245.3 1.0% 3.9% 8,340 15.4%
Westfield Woden [1] GWSCF/Scentre 362.5 (1.7%) (2.0%) 8,411 20.2%
GPT and GWSCF Total 4,993.8 1.6% 3.8% 9,648 18.1%
GPT Weighted Total 2,417.9 2.5% 4.2% 9,754 17.9%
Centres Under Development
GPT Portfolio
Dandenong Plaza GPT 202.3 (7.2%) (6.6%) 6,374 18.0%
Highpoint Shopping Centre GPT/GWSCF/HPG 893.4 6.7% 8.4% 9,771 20.4%
GWSCF Portfolio
Highpoint Shopping Centre GPT/GWSCF/HPG 893.4 6.7% 8.4% 9,771 20.4%
Wollongong Central GWSCF 181.7 17.1% 13.8% 8,881 18.2%
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Analysis provided by Scentre Group.
Analysis provided by Novion Property Group.

Note: Wesfarmers and Woolworths have reported one less week of turnover compared to the comparable period last year.

COMPARABLE CHANGE IN RETAIL SALES BY CATEGORY

Retail sales showed positive growth over the 12 months to 31 December 2014 with total centre sales up 2.5% and specialties up 4.2%.

Comparable Change in Retail Sales by Category	MAT ($m)	12 Months Growth
as at 31 December 2014
Department Store	$99	(0.2%)
Discount Department Store	$242	(2.7%)
Supermarket	$439	0.3%
Mini Majors	$275	2.0%
Other Retail1	$213	5.9%
Total Specialties	$1,150	4.2%
Total Centre	$2,418	2.5%
Specialty Sales Split
Mobile Phones	$42	26.2%
Retail Services	$94	12.1%
Food Retail	$63	7.5%
General Retail	$109	6.8%
Food Catering	$222	5.4%
Leisure	$68	4.7%
Homewares	$57	1.8%
Jewellery	$66	1.5%
Apparel	$430	(0.1%)
Based on GPT weighted interest. Excludes development impacted centres (Dandenong Plaza, Highpoint Shopping Centre and Wollongong Central).
1. Other Retail includes travel agents, lotto, automotive accessories, cinemas, and other entertainment and other reporting tenants.
Note: Wesfarmers and Woolworths have reported one less week of turnover compared to the comparable period last year.

RETAIL SALES

Retail specialty sales have increased 4.2% over the 12 months to 31 December 2014.

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% 2.7%
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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4.2% [1]
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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 Jun 14 Dec 14

100% of GPT & GWSCF assets. Excludes development impacted centres. 1. Based on GPT weighted interest from December 2014.

WEIGHTED AVERAGE CAPITALISATION RATE

The weighted average capitalisation rate of the retail portfolio firmed by 12 basis points over the past 12 months to 5.87% at 31 December 2014.

Weighted Average Capitalisation Rate

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5.63% 5.84% [6.04%] [6.26%] [6.26%] [6.25%] [6.21%] 6.19% 6.21% 6.10% 6.07% 6.03% 5.99% 5.96% 5.87%
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 Jun 14 Dec 14
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LEASE EXPIRY PROFILE

Weighted Average Lease Expiry (by base rent) as at 31 December 2014

Major Tenant	11.4 years
Mini-Major Tenants	4.1 years
Specialty Tenants	2.5 years
Weighted Total	3.9 years

Total Centres

Total Specialty Tenants

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23.6% 28.3%
16.8% 20.6%
13.1% 13.1% 15.8%
14.0%
11.2%
12.4%
8.4%
6.7%
4.7%
2.8%
1.5% 1.5% 1.2% 2.1%
0.6% 0.7% 0.4% 0.4%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025+ 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025+
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RETAIL PORTFOLIO EXTERNAL VALUATION SUMMARY

100% of the GPT retail portfolio was valued externally in the 12 months to 31 December 2014.

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State Date Valuer Valuation Interest Capitalisation Terminal Discount
($m) (%) Rate Capitalisation Rate
(%) Rate (%) (%)
GPT Portfolio
Casuarina Square¹ NT 31 Dec 14 JLL 271.7 50% 6.00% 6.25% 8.50%
Charlestown Square NSW 30 Jun 14 Savills 838.7 100% 5.88% 6.13% 8.75%
Dandenong Plaza VIC 31 Dec 14 Savills 188.0 100% 8.00% 8.25% 9.50%
Highpoint Shopping Centre [2] VIC 30 Sep 14 CBRE 327.9 16.67% 5.25% 5.38% 8.25%
Melbourne Central [3] VIC 31 Dec 14 Savills 1,049.2 100% 5.50% 5.75% 8.50%
Rouse Hill Town Centre NSW 31 Dec 14 JLL 495.0 100% 6.00% 6.25% 8.75%
Sunshine Plaza QLD 30 Jun 14 CBRE 407.5 50% 5.75% 6.00% 8.75%
Westfield Penrith NSW 30 Jun 14 JLL 562.5 50% 5.75% 6.00% 8.50%
GWSCF Portfolio
Casuarina Square¹ NT 31 Dec 14 JLL 271.7 50% 6.00% 6.25% 8.50%
Chirnside Park VIC 30 Jun 14 CBRE 233.7 100% 6.75% 7.00% 8.75%
Forestway Shopping Centre NSW 31 Dec 14 Urbis 94.0 100% 6.75% 7.00% 8.50%
Highpoint Shopping Centre [2] VIC 30 Sep 14 CBRE 1,147.7 58.33% 5.25% 5.38% 8.25%
Macarthur Square NSW 31 Mar 14 CBRE 404.5 50% 6.25% 6.50% 8.75%
Northland Shopping Centre VIC 31 Mar 14 CBRE 497.0 50% 5.75% 5.88% 8.50%
Norton Plaza NSW 30 Jun 14 Colliers 114.0 100% 6.75% 7.00% 8.75%
Parkmore Shopping Centre VIC 31 Dec 14 CBRE 231.0 100% 6.75% 7.00% 8.75%
Westfield Woden ACT 30 Jun 14 Savills 313.5 50% 6.25% 6.50% 8.75%
Wollongong Central NSW 30 Jun 14 CBRE 432.4 100% 6.25% 6.50% 8.50%
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Note: Valuations include ancillary assets.

Valuation includes Student Accommodation.
Valuation includes Homemaker City Maribyrnong.
Valuation includes Melbourne Central Retail and car park.

RETAIL PORTFOLIO INCOME AND FAIR VALUE SCHEDULE

	Income 12 months to 31 December ($m)	Income 12 months to 31 December ($m)	Income 12 months to 31 December ($m)		Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value
				Fair Value 31 Dec 13 ($m)	Capex			Acquisitions ($m)	Sales ($m)	Net Revaluations ($m)	Other Adjustments ($m)	Fair Value 31 Dec 14 ($m)	% of Portfolio (%)
					Development Capex ($m) Maintenance Capex ($m) Lease Incentives ($m)
	2013	2014	Variance
GPT Portfolio
Casuarina Square	15.4	15.8	0.3	247.0	14.7	1.7	0.2	0.0	0.0	8.1	0.0	271.7	5.7
Charlestown Square	49.6	50.5	1.0	829.9	0.5	1.2	1.6	0.0	0.0	7.6	0.2	841.0	17.6
DandenongPlaza	18.8	16.3	(2.5)	158.8	25.3	1.8	1.1	0.0	0.0	1.0	0.0	188.0	3.9
Highpoint ShoppingCentre	16.3	17.4	1.2	307.2	1.3	0.4	0.4	0.0	0.0	19.8	0.0	329.1	6.9
Melbourne Central	59.2	62.1	2.8	998.2	0.7	3.0	0.7	4.8	0.0	41.8	0.0	1,049.2	22.0
Rouse Hill Town Centre	29.9	29.7	(0.2)	470.0	2.2	2.2	1.4	0.0	0.0	19.2	0.0	495.0	10.4
Sunshine Plaza	23.2	24.0	0.8	399.2	2.5	1.3	0.4	0.0	0.0	7.4	0.0	410.8	8.6
Westfield Penrith	33.0	32.8	(0.2)	553.9	0.6	2.2	2.4	0.0	0.0	6.9	0.0	566.1	11.9
Equity Interests
GPT Equity Interest in GWSCF (20.1%)¹	30.2	32.5	2.3	523.8	-	-	-	96.1	-	3.1	-	622.9	13.0
Total Retail Portfolio	275.6	281.2	5.6	4,488.0	47.7	13.8	8.2	100.9	0.0	115.0	0.2	4,773.8

GPT Equity Interest in GWSCF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations during the period resulting from mark to market movements of financial instruments and investment property revaluations. Net income for the 12 months to 31 December 2014 represents distributions declared from the Fund for the March 2014, June 2014, September 2014 and December 2014 quarterly distribution periods.

RETAIL SUSTAINABILITY

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Area Water (Total) Emissions Waste
GLA Litres/m [2] kg CO2-e/m [2] % Recycled/Reused
GPT Portfolio
Casuarina Square 53,500 2,533 102 23%
Charlestown Square 90,200 685 28 84%
Dandenong Plaza 57,100 959 126 46%
Highpoint Shopping Centre 152,600 745 89 25%
Melbourne Central 52,800 2,083 206 20%
Rouse Hill Town Centre 69,000 937 44 67%
Sunshine Plaza 72,600 861 83 46%
Westfield Penrith 91,100 1,474 101 45%
GWSCF Portfolio
Casuarina Square 53,500 2,533 102 23%
Chirnside Park 37,900 757 60 29%
Forestway Shopping Centre 9,600 1,811 61 28%
Highpoint Shopping Centre 152,600 745 89 25%
Macarthur Square 94,600 1,155 65 37%
Northland Shopping Centre 96,600 n/a n/a n/a
Norton Plaza 11,800 1,380 85 42%
Parkmore Shopping Centre 36,800 930 101 43%
Westfield Woden 72,300 1,299 80 33%
Wollongong Central 56,200 448 55 49%
Total 1,109 84 47%
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GPT WHOLESALE SHOPPING CENTRE FUND

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

GWSCF - Top Ten Tenants[1] As at 31 December 2014

GWSCF - Portfolio by Sub-Sector As at 31 December 2014

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Premier
Retail
Wesfarmers Woolworths Myer (Just Group)
6.1% 4.5% 2.8% 2.0%
Speciality Australian
Cotton Fashion Pharmaceutical
David Jones Hoyts On Clothing Westpac Group Industries
2.0% 1.8% 1.6% 1.5% 1.4% 1.3%
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Based on gross rent (including turnover rent).

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Regional 94%
Other 6%
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ANNUAL RESULT > GPT OFFICE PORTFOLIO 2014

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OFFICE PORTFOLIO OVERVIEW

GPT’s office portfolio comprises ownership in 24 high quality assets with a total investment of $3.4 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
WA 4
SA
NSW Sydney
10
VIC
10 Melbourne
TAS
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l Number of assets in each state
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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%) One One One Eagle Street (33%) Riverside Centre 545 Queen Street

Victoria

GPT Owned

Melbourne Central Tower CBW, Melbourne (50%)

GWOF Owned

2 Southbank Boulevard (50%) 8 Exhibition Street (50%) Twenty8 Freshwater Place (50%) 150 Collins Street 530 Collins Street 655 Collins Street 750 Collins Street CBW, Melbourne (50%) 800/808 Bourke Street

OFFICE PORTFOLIO SUMMARY

GPT has the highest exposure to Prime Grade office assets out of the listed AREIT sector. The GPT office portfolio is underpinned by a strong weighted average lease term of 6.3 years.

Top Ten Tenants[1] As at 31 December 2014

Asset Quality As at 31 December 2014

Geographic Weighting As at 31 December 2014

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Members 100
Government IAG Deloitte Equity Bank Citibank
80
8.2% 3.4% 3.2% 2.9% 2.6%
60 Sydney 54%
(%) Melbourne 34%
40 Brisbane 12%
Arrow
NAB NBN Co PwC Energy ANZ
20
2.5% 2.3% 2.1% 2.0% 2.0%
0
GPT Peer Peer Peer Peer Peer
1. Based on gross rent.
1 2 3 4 5
Other
A Grade
Premium
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OFFICE PORTFOLIO SUMMARY

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Location Ownership Office 31 Dec 14 31 Dec 14 30 Jun 14 External Office Occupancy WALE
NLA Fair Value Cap Rate Cap Rate or By
(100% ($m) (%) (%) Directors Inc. Inc. Income
Interest) Valuation Actual Signed Heads of (Years)
(sqm) Leases Agreement
GPT Portfolio
Australia Square, Sydney NSW 50% 51,400 327.0 6.50% 6.50% Directors 92.0% 97.1% 97.6% 5.1
Citigroup Centre, Sydney NSW 50% 73,200 432.5 6.25% 6.50% External 89.5% 89.7% 90.5% 6.5
MLC Centre, Sydney NSW 50% 67,900 383.2 6.75% 6.75% Directors 64.1% 70.2% 85.5% 6.7
1 Farrer Place, Sydney NSW 25% 85,900 340.4 6.00% 6.00% Directors 60.4% 75.7% 76.8% 6.8
Melbourne Central Tower, Melbourne VIC 100% 65,700 427.0 6.38% 6.75% External 86.6% 89.6% 94.1% 4.6
CBW, Melbourne VIC 50% 76,100 304.7 6.50% n/a External 100.0% 100.0% 100.0% 5.1
One One One Eagle Street, Brisbane QLD 33% 63,800 246.7 6.25% 6.50% External 94.4% 96.1% 96.1% 8.9
GWOF Portfolio
Liberty Place, Sydney NSW 50% 56,400 480.0 5.75% 6.00% External 100.0% 100.0% 100.0% 10.4
Darling Park 1 & 2, Sydney NSW 50% 101,800 655.0 5.85% - 6.56% 6.38% - 6.75% External 100.0% 100.0% 100.0% 8.7
Darling Park 3, Sydney NSW 100% 29,800 295.0 6.32% 6.32% External 100.0% 100.0% 100.0% 4.9
HSBC Centre, Sydney NSW 100% 37,300 348.2 6.88% 7.00% Directors 92.8% 92.8% 92.8% 3.7
workplace [6] , Sydney NSW 100% 16,300 180.0 6.75% 7.00% Directors 100.0% 100.0% 100.0% 4.9
The Zenith, Chatswood NSW 50% 43,500 129.5 8.00% 8.00% Directors 92.6% 92.6% 92.8% 3.5
2 Southbank Boulevard, Melbourne VIC 50% 53,500 198.5 6.25% 6.25% Directors 99.4% 99.4% 99.4% 3.8
8 Exhibition Street, Melbourne VIC 50% 44,600 182.0 6.13% 6.25% External 94.5% 95.5% 97.4% 6.2
Twenty8 Freshwater Place, Melbourne VIC 50% 33,900 123.5 6.75% 6.75% Directors 100.0% 100.0% 100.0% 4.3
150 Collins Street, Melbourne VIC 100% 19,000 167.2 6.50% n/a Directors 100.0% 100.0% 100.0% 8.3
530 Collins Street, Melbourne VIC 100% 66,000 469.7 6.38% 6.50% Directors 97.0% 97.0% 97.0% 6.0
655 Collins Street, Melbourne VIC 100% 16,600 121.0 5.85% 6.25% External 100.0% 100.0% 100.0% 14.9
750 Collins Street, Melbourne VIC 100% 37,300 263.2 7.13% 7.13% Directors 100.0% 100.0% 100.0% 4.9
CBW, Melbourne VIC 50% 76,100 304.7 6.50% n/a External 100.0% 100.0% 100.0% 5.1
800/808 Bourke Street, Melbourne VIC 100% 59,600 430.0 6.00% 6.25% External 100.0% 100.0% 100.0% 12.6
Brisbane Transit Centre, Brisbane QLD 50% 29,500 60.8 9.00% 9.00% Directors 55.2% 62.3% 62.3% 2.0
One One One Eagle Street, Brisbane QLD 33% 63,800 246.7 6.25% 6.50% External 94.4% 96.1% 96.1% 8.9
Riverside Centre, Brisbane QLD 100% 51,600 600.1 6.75% 6.75% Directors 93.0% 93.0% 93.0% 4.3
545 Queen Street, Brisbane QLD 100% 13,100 84.1 7.75% 7.75% Directors 100.0% 100.0% 100.0% 2.4
Total 1,193,700 6.41% 6.56% 88.8% 91.4% 93.9% 6.3
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WEIGHTED AVERAGE CAPITALISATION RATE

The weighted average capitalisation rate of the office portfolio firmed by 31 basis points to 6.41% over the 12 months to 31 December 2014.

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% 6.56% 6.41%
6.10%
5.90%
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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 Jun 14 Dec 14

LEASE EXPIRY PROFILE

GPT has demonstrated a proactive approach reducing existing vacancies and near term expiries.

Lease Expiry Profile (by Income)

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16%
14%
13%
10%
9%
9%
8%
7%
5%
4% 4%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025+
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Note: Includes Signed Leases and Heads of Agreements.
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OFFICE PORTFOLIO EXTERNAL VALUATION SUMMARY

100% of the GPT office portfolio was valued externally in the 12 months to 31 December 2014.

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Terminal
State Date Valuer Valuation Interest Capitalisation Capitalisation Discount Rate
($m) (%) Rate (%) Rate (%) (%)
GPT Portfolio
Australia Square, Sydney NSW 30 Jun 14 KF 320.0 50% 6.50% 6.63% 8.50%
Citigroup Centre, Sydney NSW 31 Dec 14 Colliers 432.5 50% 6.25% 6.50% 8.00%
MLC Centre, Sydney NSW 30 Jun 14 CBRE 365.0 50% 6.75% 6.88% 8.50%
1 Farrer Place, Sydney NSW 30 Jun 14 KF 336.3 25% 6.00% 6.13% 8.25%
Melbourne Central Tower, Melbourne VIC 31 Dec 14 KF 427.0 100% 6.38% 6.63% 8.25%
CBW, Melbourne VIC 31 Dec 14 m3 304.7 50% 6.50% 6.75% 8.50%
One One One Eagle Street, Brisbane QLD 31 Dec 14 JLL 246.7 33% 6.25% 6.38% 8.00%
GWOF Portfolio
Liberty Place, Sydney NSW 31 Dec 14 Savills 480.0 50% 5.75% 6.00% 7.75%
Office: 5.85% - 6.32% Office: 6.22% - 6.45% Office: 7.75% - 8.25%
Darling Park 1 & 2, Sydney NSW 31 Dec 14 JLL 655.0 50% Retail: 6.56% Retail: 6.81% Retail: 8.50%
Darling Park 3, Sydney NSW 31 Dec 14 JLL 295.0 100% 6.32% 6.57% 8.25%
HSBC Centre, Sydney NSW 30 Sep 14 JLL 343.0 100% 6.88% 7.00% 8.50%
workplace [6] , Sydney NSW 30 Sep 14 CBRE 180.0 100% 6.75% 7.00% 8.25%
The Zenith, Chatswood NSW 30 Jun 14 JLL 128.5 50% 8.00% 8.25% 8.75%
2 Southbank Boulevard, Melbourne VIC 30 Jun 14 JLL 198.0 50% 6.25% 6.50% 8.25%
8 Exhibition Street, Melbourne VIC 31 Dec 14 CBRE 182.0 50% 6.13% 6.38% 8.00%
Twenty8 Freshwater Place, Melbourne VIC 30 Jun 14 JLL 123.5 50% 6.75% 6.75% 8.25%
150 Collins Street, Melbourne VIC 30 Jun 14 Colliers 182.0 100% 6.50% 6.75% 8.50%
530 Collins Street, Melbourne VIC 30 Sep 14 Colliers 469.0 100% 6.38% 6.63% 8.13%
655 Collins Street, Melbourne VIC 31 Dec 14 KF 121.0 100% 5.85% 6.50% 8.35%
750 Collins Street, Melbourne VIC 30 Jun 14 JLL 263.0 100% 7.13% 7.50% 8.50%
CBW, Melbourne VIC 31 Dec 14 m3 304.7 50% 6.50% 6.75% 8.50%
800/808 Bourke Street, Melbourne VIC 31 Dec 14 KF 430.0 100% 6.00% 6.45% 8.00%
Brisbane Transit Centre, Brisbane QLD 30 Sep 14 KF 60.5 50% 9.00% 8.50% 9.25%
One One One Eagle Street, Brisbane QLD 31 Dec 14 JLL 246.7 33% 6.25% 6.38% 8.00%
Riverside Centre, Brisbane QLD 30 Jun 14 KF 590.0 100% 6.75% 6.75% 8.25%
545 Queen Street, Brisbane QLD 30 Sep 14 Colliers 84.0 100% 7.75% 8.00% 9.00%
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OFFICE PORTFOLIO INCOME AND FAIR VALUE SCHEDULE

Cap rate and discount rates have been compressed over 2014.

	Income 12 months to December ($m)	Income 12 months to December ($m)	Income 12 months to December ($m)		Fair Value
				Fair Value 31 Dec 13 ($m)	Capex Acquisitions ($m) Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 14 ($m) % of Portfolio (%) Development Capex ($m) Maintenance Capex ($m) Lease Incentives ($m)
	2013	2014	Variance
GPT Portfolio
Australia Square, Sydney	19.0 20.5 1.5 311.1 0.1 7.3 5.3 0.0 0.0 3.0 0.3 327.0 9.8
Citigroup Centre, Sydney	26.1 26.7 0.5 395.0 0.0 4.4 19.1 0.0 0.0 13.5 0.5 432.5 12.9
MLC Centre, Sydney	27.3 19.9 (7.4) 384.4 16.5 8.4 9.0 0.0 0.0 (35.3) 0.2 383.2 11.4
1 Farrer Place, Sydney	21.4 21.6 0.2 335.6 0.0 (1.7) 4.2 0.0 0.0 0.8 1.4 340.4 10.2
Melbourne Central Tower, Melbourne	28.4 25.9 (2.5) 394.0 0.0 5.4 5.3 0.0 0.0 22.4 (0.1) 427.0 12.7
CBW, Melbourne	0.0 4.5 4.5 0.0 0.0 0.0 0.0 321.2 0.0 (16.5) 0.0 304.7 9.1
One One One Eagle Street, Brisbane	11.7 13.7 2.0 224.9 7.5 0.0 0.0 0.0 0.0 14.3 0.0 246.7 7.4
Assets sold during period
818 Bourke Street, Melbourne	10.1 9.0 (1.1) 138.4 0.0 0.0 0.2 0.0 (150.1) 11.5 0.0 0.0 0.0
Equity Interests
GPT Equity Interest in GWOF1 (20.4%)	44.7 54.2 9.5 714.9 - - - 128.1 - 44.6 2.7 890.3 26.6
Total	188.8 196.0 7.2 2,898.2 24.0 23.7 43.2 449.4 (150.1) 58.3 5.2 3,351.8

GPT Equity Interest in GWOF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations during the period resulting from mark to market movements of financial instruments and investment property revaluations. Net income for the 12 months to 31 December 2014 represents distributions declared from the Fund for the March 2014, June 2014, September 2014 and December 2014 quarterly distribution periods.

OFFICE SUSTAINABILITY

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

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NABERS Energy Rating
(including Green Power) NABERS Water Rating
2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014
GPT Portfolio
Australia Square, Sydney (Tower) 4.0 4.5 5.0 4.5 4.0 4.0 4.0 3.5 4.0 4.0 4.0 4.0 3.0 3.0
Australia Square, Sydney (Plaza) 5.0 5.0 5.0 5.0 5.0 5.5 5.5 3.5 4.0 4.0 4.0 4.0 4.0 4.0
Citigroup Centre, Sydney 4.5 4.5 5.0 5.0 5.0 5.0 5.0 4.0 4.0 3.5 3.5 3.5 3.5 3.5
MLC Centre, Sydney 4.5 5.0 5.5 5.5 5.0 5.0 5.0 2.5 3.0 3.5 3.0 3.5 4.0 4.0
1 Farrer Place, Sydney (GMT) 3.0 3.0 4.5 4.5 4.5 4.5 4.0 - 2.5 4.0 4.0 3.5 n/a 3.5
1 Farrer Place, Sydney (GPT) 3.0 3.0 4.0 4.0 4.5 4.5 4.5 - 3.0 3.0 3.5 3.5 n/a 3.5
Melbourne Central, Melbourne 4.5 4.5 5.0 5.0 5.0 4.5 4.5 2.0 3.5 2.5 3.0 3.0 3.0 3.0
CBW, Melbourne - - - - - - 5.0/5.0 - - - - - - 4.5/4.5
One One One Eagle Street, Brisbane - - - - - - 5.5 - - - - - 4.5 4.5
GWOF Portfolio
Liberty Place, Sydney - - - - - - 5.0 - - - - - - -
Darling Park 1, Sydney 4.5 4.0 5.5 5.5 5.0 5.0 5.0 2.0 2.5 3.5 3.5 3.5 3.0 3.0
Darling Park 2, Sydney 5.0 5.0 5.0 5.5 5.0 5.5 5.5 3.0 3.0 3.5 3.0 3.0 3.5 3.5
Darling Park 3, Sydney 5.0 5.0 5.5 5.5 5.0 5.0 5.0 3.5 3.5 3.5 3.5 3.5 3.5 3.5
HSBC Centre, Sydney 3.5 3.5 4.0 4.5 5.0 5.0 5.0 3.0 3.0 2.5 2.5 3.5 3.0 3.0
workplace [6] , Sydney - - 5.5 5.5 5.0 5.0 5.0 - - 5.0 5.0 5.0 5.0 5.0
The Zenith, Chatswood 3.0 3.0 3.5 4.0 5.0 5.5 5.0 1.5 2.5 2.0 3.0 4.0 4.0 3.5
2 Southbank Boulevard, Melbourne - - - - - 4.5 4.5 - - - - - 3.5 3.5
8 Exhibition Street, Melbourne - - - - - 4.5 4.5 - - - - - 3.5 4.0
Twenty8 Freshwater Place, Melbourne - - 5.0 5.0 5.0 5.0 5.0 - - 4.5 4.5 4.5 4.5 4.5
150 Collins Street, Melbourne [2] - - - - - - - - - - - - - -
530 Collins Street, Melbourne 4.0 4.5 5.0 5.5 5.5 5.0 4.5 3.0 3.0 3.5 3.0 3.0 2.0 2.0
655 Collins Street, Melbourne - - - - - 4.5 4.5 - - - - - 5.5 5.5
750 Collins Street, Melbourne - - - - - 4.5 4.5 - - - - - 4.5 4.5
CBW, Melbourne - - - - - - 5.0/5.0 - - - - - - 4.5/4.5
800/808 Bourke Street, Melbourne 4.5 5.0 5.0 4.5 5.0 5.0 5.0 3.0 3.0 2.5 2.5 2.5 3.0 3.0
Brisbane Transit Centre, Brisbane - - - - 5.0/5.5 5.0/5.0 5.0/5.0 - - - - 2.5/3.5 3.0/3.5 3.5/3.5
One One One Eagle Street, Brisbane - - - - - 5.5 5.5 - - - - - 4.5 4.5
Riverside Centre, Brisbane 5.0 5.0 5.0 5.0 5.0 5.0 5.0 3.5 3.5 3.5 3.0 3.5 3.5 3.5
545 Queen Street, Brisbane - 5.0 5.0 5.0 5.5 5.0 5.0 - - 4.5 4.0 4.0 n/a 4.0
Portfolio Average 4.4 4.6 4.8 5.0 5.0 5.0 4.9 2.8 3.2 3.3 3.7 3.7 3.7 3.5
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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.

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. Area Water (total) Emissions

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its influence. Area Water (total) Emissions Waste
NLA Litres/m [2] kg CO2-e/m [2] % Reused/Recycled
GPT Portfolio
Australia Square, Sydney 51,400 953 80 63%
Citigroup Centre, Sydney 73,200 590 70 82%
MLC Centre, Sydney 67,900 393 82 73%
1 Farrer Place, Sydney 85,900 716 100 64%
Melbourne Central Tower, Melbourne 65,700 594 67 41%
CBW, Melbourne 76,100 n/a n/a n/a
One One One Eagle Street, Brisbane 63,800 412 40 43%
GWOF Portfolio
Liberty Place, Sydney 56,400 850 70 57%
Darling Park 1 & 2, Sydney 101,800 712 55 56%
Darling Park 3, Sydney 29,800 718 48 80%
HSBC Centre, Sydney 37,300 654 74 49%
workplace [6] , Sydney 16,300 302 51 53%
The Zenith, Chatswood 43,500 641 59 69%
2 Southbank Boulevard, Melbourne 53,500 n/a n/a n/a
8 Exhibition Street, Melbourne 44,600 527 78 n/a
Twenty8 Freshwater Place, Melbourne 33,900 384 47 71%
150 Collins Street, Melbourne [1] 19,000 n/a n/a n/a
530 Collins Street, Melbourne 66,000 600 73 66%
655 Collins Street, Melbourne 16,600 n/a n/a n/a
750 Collins Street, Melbourne 37,300 n/a n/a n/a
CBW, Melbourne 76,100 n/a n/a n/a
800/808 Bourke Street, Melbourne 59,600 558 25 44%
Brisbane Transit Centre, Brisbane 29,500 710 81 41%
One One One Eagle Street, Brisbane 63,800 412 40 43%
Riverside Centre, Brisbane 51,600 821 54 62%
545 Queen Street, Brisbane 13,100 575 53 46%
Portfolio Average 631 64 62%
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Note: Only recycled waste reported.

Asset has not been held for 12 months post commissioning and occupacy data.

GPT WHOLESALE OFFICE FUND

The GPT Wholesale Office Fund (GWOF) provides GPT with a diversifed 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 2014

GWOF - Geographic Weighting As at 31 December 2014

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NAB PwC CBA Government AMP
7.5% 6.6% 6.3% 5.8% 5.1%
Marsh & Herbert
McLennan Westpac Smith
Companies ANZ Group Freehills Suncorp
4.4% 3.9% 3.1% 2.9% 2.7%
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Based on gross rent.

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Melbourne 42%
Sydney 39%
Brisbane 19%
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ANNUAL RESULT > GPT LOGISTICS PORTFOLIO 2014

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LOGISTICS PORTFOLIO OVERVIEW

GPT’s logistics portfolio consists of ownership in 32 high quality logistics and business park assets located across Australia’s Eastern Seaboard. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Metro Office Fund (GMF).

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NT
QLD
Brisbane
WA
4
SA
NSW Sydney
24
VIC
4 Melbourne
TAS
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New South Wales

GPT Owned

Rosehill Business Park, Camellia 10 Interchange Drive, Eastern Creek 16-34 Templar Road, Erskine Park 67-75 Templar Road, Erskine Park 29-55 Lockwood Road, Erskine Park 15 Berry Street, Granville 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 Quad 1, Sydney Olympic Park Quad 4, Sydney Olympic Park 372-374 Victoria Street, Wetherill Park 38 Pine Road, Yennora

Victoria

GPT Owned

Citiwest Industrial Estate, Altona North Citiport Business Park, Port Melbourne Austrak Business Park, Somerton (50%)

GMF Owned

Vantage, 109 Burwood Road, Hawthorn

Queensland

GPT Owned

92-116 Holt Street, Pinkenba 16-28 Quarry Road, Yatala 59 Forest Way, Karawatha

GMF Owned

Optus Centre, Fortitude Valley

Number of assets in each state

GMF Owned

5 Murray Rose Avenue, Sydney Olympic Park Quad 2, Sydney Olympic Park Quad 3, Sydney Olympic Park

LOGISTICS PORTFOLIO SUMMARY

The logistics portfolio delivered a Total Portfolio Return of 12.7%, underpinned by a high occupancy level of 95.3% and a long weighted average lease expiry of 6.2 years.

Top Ten Tenants[1]

As at 31 December 2014

Key Operating Metrics[2] As at 31 December 2014

Geographic Weighting[5] As at 31 December 2014

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TNT Freedom Schenker 2014 2013
Toll Wesfarmers Express Furniture Australia
Number of Assets [2] 32 30
Portfolio Value [3] $1,306.7m $1,172.2m
10.2% 8.2% 5.3% 4.7% 4.7% Comparable Net Income Growth (0.5%) 1.0%
Occupancy [4] 95.3% 96.2%
Australian
Pharmaceutical Goodman Super Weighted Average 6.2 years 5.1 years
Industries Fielder Vodafone Cheap Auto Mitsubishi Lease Expiry [4]
2. Consolidated properties are counted individually.
3. Includes GMF equity interest (in 2014 only as GMF was not
established until October 2014), land and development.
4.6% 4.0% 3.9% 3.4% 2.9% 4. Includes GMF equity interest (in 2014 only as GMF was not
established until October 2014).
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NSW 59%
VIC 25%
QLD 16%
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Based on net rent.
Excludes assets under development.

LOGISTICS PORTFOLIO SUMMARY - GPT PORTFOLIO

The total value of the logistics portfolio has increased by $134.5 million to $1,306.7 million (including development assets) in the 12 months to 31 December 2014.

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Location Ownership GLA 31 Dec 14 31 Dec 14 30 Jun 14 External or Logistics Occupancy WALE
(100% Fair Value Cap Rate Cap Rate Directors Actual Inc. Inc. by
Interest) ($m) (%) (%) Valuation Signed Heads of Income
(sqm) Leases Agreement (Years)
Rosehill Business Park, Camellia NSW 100% 41,900 75.0 7.75% 8.25% External 100.0% 100.0% 100.0% 4.4
10 Interchange Drive, Eastern Creek NSW 100% 15,100 30.0 7.25% 7.65% External 100.0% 100.0% 100.0% 5.5
16-34 Templar Road, Erskine Park NSW 100% 15,200 41.0 7.00% 7.50% External 100.0% 100.0% 100.0% 14.5
67-75 Templar Road, Erskine Park NSW 100% 12,700 20.5 7.00% 7.75% External 100.0% 100.0% 100.0% 7.1
29-55 Lockwood Road, Erskine Park NSW 100% 31,500 77.0 6.00% n/a External 100.0% 100.0% 100.0% 15.0
15 Berry Street, Granville NSW 100% 10,000 13.0 8.25% 8.75% External 100.0% 100.0% 100.0% 0.3
19 Berry Street, Granville NSW 100% 19,600 28.1 8.25% 8.50% External 100.0% 100.0% 100.0% 3.2
2-4 Harvey Road, Kings Park NSW 100% 40,300 46.5 8.25% 8.25% Directors 100.0% 100.0% 100.0% 2.7
407 Pembroke Road, Minto NSW 50% 15,300 25.0 8.00% 8.50% External 100.0% 100.0% 100.0% 4.9
4 Holker Street, Newington NSW 100% 7,400 24.2 8.75% 8.75% Directors 100.0% 100.0% 100.0% 2.5
18-24 Abbott Road, Seven Hills [1] NSW 100% 19,400 9.1 n/a 10.00% External 100.0% 100.0% 100.0% 0.2
83 Derby Street, Silverwater NSW 100% 17,000 28.4 7.75% 8.50% External 100.0% 100.0% 100.0% 2.9
3 Figtree Drive, Sydney Olympic Park NSW 100% 6,800 21.0 8.25% 9.25% External 100.0% 100.0% 100.0% 2.0
5 Figtree Drive, Sydney Olympic Park NSW 100% 8,800 23.8 8.25% 8.25% Directors 100.0% 100.0% 100.0% 4.1
7 Figtree Drive, Sydney Olympic Park [1] NSW 100% 3,500 13.8 n/a n/a External 100.0% 100.0% 100.0% 2.5
6 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 4,100 13.0 n/a n/a External 100.0% 100.0% 100.0% 0.2
8 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 3,300 10.6 n/a n/a External 100.0% 100.0% 100.0% 5.1
Quad 1, Sydney Olympic Park NSW 100% 5,000 [2] 21.4 8.25% 8.25% Directors 66.4% 66.4% 66.4% 4.8
Quad 4, Sydney Olympic Park NSW 100% 8,100 [2] 31.2 8.25% 8.25% Directors 100.0% 100.0% 100.0% 15.2
372-374 Victoria Street, Wetherill Park NSW 100% 20,500 21.0 8.75% 9.25% External 100.0% 100.0% 100.0% 5.1
38 Pine Road, Yennora NSW 100% 33,200 45.8 7.75% 8.75% External 100.0% 100.0% 100.0% 1.2
Citiwest Industrial Estate, Altona North VIC 100% 90,000 67.5 8.42% 8.65% External 93.2% 100.0% 100.0% 2.0
Citiport Business Park, Port Melbourne VIC 100% 27,000 60.0 8.25% 8.25% External 63.7% 67.4% 74.1% 3.5
Austrak Business Park, Somerton VIC 50% 199,800 144.4 7.54% 7.75% External 81.1% 81.1% 81.1% 8.2
92-116 Holt Street, Pinkenba QLD 100% 14,500 14.1 9.00% 9.00% Directors 100.0% 100.0% 100.0% 3.1
16-28 Quarry Road, Yatala QLD 100% 41,600 47.3 8.75% 9.50% External 93.0% 93.0% 93.0% 2.1
59 Forest Way, Karawatha QLD 100% 44,000 94.5 6.75% 7.13% External 100.0% 100.0% 100.0% 14.2
Total - GPT Portfolio 755,600 7.71% 8.17% 93.9% 95.0% 95.3% 6.2
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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.
NLA

LOGISTICS PORTFOLIO SUMMARY - ASSETS UNDER DEVELOPMENT AND GMF

The total value of the logistics portfolio has increased by $134.5 million to $1,306.7 million (including development assets) in the 12 months to 31 December 2014.

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Location Ownership NLA 31 Dec 14 31 Dec 14 30 Jun 14 External Logistics Occupancy WALE
(100% Fair Value Cap Rate Cap Rate or Actual Inc. Inc. by
Interest) ($m) (%) (%) Directors Signed Heads of Income
(sqm) Valuation Leases Agreement (Years)
Assets Under Development - GPT
Erskine Park - Development & Land NSW 100% - 176.7 - - External - - - -
17 Berry Street, Granville - Land NSW 100% - 3.0 - - Directors - - - -
407 Pembroke Road, Minto - Land NSW 50% - 4.7 - - Directors - - - -
1 and 2 Murray Rose Avenue, NSW 100% - 18.0 - - External - - - -
Sydney Olympic Park
4 Murray Rose Avenue, NSW 100% - 2.7 - - External - - - -
Sydney Olympic Park
Austrak Business Park, Somerton - Land VIC 50% - 24.0 - - External - - - -
GMF Portfolio
5 Murray Rose Avenue, Sydney Olympic Park NSW 100% 12,400 74.2 7.25% 7.25% Directors 100.0% 100.0% 100.0% 9.3
Quad 2, Sydney Olympic Park NSW 100% 5,100 24.1 8.25% 8.25% Directors 100.0% 100.0% 100.0% 4.1
Quad 3, Sydney Olympic Park NSW 100% 5,200 24.9 8.25% 8.25% Directors 100.0% 100.0% 100.0% 3.8
Optus Centre, 15 Green Square Close, Fortitude Valley QLD 100% 16,500 110.0 7.75% 7.75% Directors 100.0% 100.0% 100.0% 7.3
Vantage, 109 Burwood Road, Hawthorn VIC 100% 12,400 63.0 8.25% 8.25% Directors 100.0% 100.0% 100.0% 2.6
Assets Under Development - GMF
3 Murray Rose Avenue, NSW 100% - 56.3 - - - - - - -
Sydney Olympic Park
Total 807,200 7.72% 8.17%¹ 94.0% 95.1% 95.3% 6.2
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~~1. Excludes equity interest in GMF as GMF was not established until October 2014.~~

WEIGHTED AVERAGE CAPITALISATION RATE

The weighted average capitalisation rate of the logistics portfolio firmed by 61 basis points to 7.72% over the past 12 months to 31 December 2014.

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% 8.17%
7.90%
7.72%
7.40% 7.50%
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 Jun 14 Dec 14
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Note: Excludes assets under development.

LEASE EXPIRY PROFILE

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

Lease Expiry Profile

(by Income)

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28.3%
24.0%
12.6%
10.2%
8.0% 8.2%
3.7%
3.2%
0.7% 1.0%
0.1%
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025+
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Note: Excludes assets under development and land leases.

LOGISTICS PORTFOLIO EXTERNAL VALUATION SUMMARY

100% of the investment portfolio was valued externally in the 12 months to 31 December 2014.

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Location Date Valuer Valuation Interest Capitalisation Terminal Discount
($m) (%) Rate Capitalisation Rate
(%) Rate (%) (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 31 Dec 14 Urbis 75.0 100% 7.75% 8.00% 9.00%
10 Interchange Drive, Eastern Creek NSW 31 Dec 14 JLL 30.0 100% 7.25% 7.25% 8.75%
16-34 Templar Road, Erskine Park NSW 31 Dec 14 Colliers 41.0 100% 7.00% 7.25% 9.25%
67-75 Templar Road, Erskine Park NSW 31 Dec 14 Colliers 20.5 100% 7.00% 7.25% 9.25%
29-55 Lockwood Road, Erskine Park NSW 31 Dec 14 CBRE 77.0 100% 6.00% 6.25% 8.00%
15 Berry Street, Granville NSW 31 Dec 14 Savills 13.0 100% 8.25% 8.50% 9.75%
19 Berry Street, Granville NSW 31 Dec 14 Savills 28.1 100% 8.25% 8.50% 9.25%
2-4 Harvey Road, Kings Park NSW 30 Jun 14 Savills 46.5 100% 8.25% 8.50% 9.25%
407 Pembroke Road, Minto NSW 31 Dec 14 m3 25.0 50% 8.00% 8.00% 9.25%
4 Holker Street, Newington NSW 30 Jun 14 Colliers 24.0 100% 8.75% 9.75% 10.00%
18-24 Abbott Road, Seven Hills [1] NSW 31 Dec 14 Urbis 9.1 100% n/a n/a n/a
83 Derby Street, Silverwater NSW 31 Dec 14 m3 28.4 100% 7.75% 7.75% 9.50%
3 Figtree Drive, Sydney Olympic Park NSW 31 Dec 14 CBRE 21.0 100% 8.25% 8.75% 10.00%
5 Figtree Drive, Sydney Olympic Park NSW 30 Jun 14 CBRE 23.6 100% 8.25% 8.75% 9.00%
7 Figtree Drive, Sydney Olympic Park [1] NSW 31 Dec 14 CBRE 13.8 100% n/a n/a n/a
6 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 31 Dec 14 CBRE 13.0 100% n/a n/a n/a
8 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 31 Dec 14 CBRE 10.6 100% n/a n/a n/a
Quad 1, Sydney Olympic Park NSW 30 Jun 14 JLL 20.8 100% 8.25% 8.75% 9.50%
Quad 4, Sydney Olympic Park NSW 30 Jun 14 JLL 31.2 100% 8.25% 8.75% 9.75%
372-374 Victoria Street, Wetherill Park NSW 31 Dec 14 JLL 21.0 100% 8.75% 8.75% 9.25%
38 Pine Road, Yennora NSW 31 Dec 14 JLL 45.8 100% 7.75% 8.00% 9.00%
Citiwest Industrial Estate, Altona North VIC 31 Dec 14 Savills 67.5 100% 8.42% 8.79% 9.35%
Citiport Business Park, Port Melbourne VIC 31 Dec 14 Urbis 60.0 100% 8.25% 8.50% 9.00%
Austrak Business Park, Somerton VIC 31 Dec 14 JLL 144.4 50% 7.54% 8.04% 9.00%
92-116 Holt Street, Pinkenba QLD 30 Jun 14 m3 14.1 100% 9.00% 9.50% 10.50%
16-28 Quarry Road, Yatala QLD 31 Dec 14 Knight Frank 47.3 100% 8.75% 9.00% 9.50%
59 Forest Way, Karawatha QLD 31 Dec 14 JLL 94.5 100% 6.75% 7.50% 8.75%
GMF Portfolio
5 Murray Rose Avenue, Sydney Olympic Park NSW 30 Sep 14 JLL 74.2 100% 7.25% 7.50% 9.00%
Quad 2, Sydney Olympic Park NSW 30 Sep 14 JLL 24.1 100% 8.25% 8.50% 9.50%
Quad 3, Sydney Olympic Park NSW 30 Sep 14 JLL 24.9 100% 8.25% 8.50% 9.50%
Optus Centre, 15 Green Square Close, Fortitude Valley QLD 30 Sep 14 Colliers 110.0 100% 7.75% 8.00% 9.25%
Vantage, 109 Burwood Road, Hawthorn VIC 30 Sep 14 Colliers 63.0 100% 8.25% 8.50% 9.00%
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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.

LOGISTICS PORTFOLIO INCOME AND FAIR VALUE SCHEDULE

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Income Fair Value
12 months Fair Value Capex Net Other Fair Value % of
2013to 31 December 2014 ($Variance m) 31 Dec 13($m) Development Capex ($m) MaintenanceCapex ($m) Incentives Lease ($m) Acquisitions ($m) Sales ($m) Revaluations ($m) Adjustments ($m) 31 Dec 14 ($m) Portfolio (%)
Rosehill Business Park, Camellia 5.3 5.7 0.4 68.5 0.0 0.1 0.4 0.0 0.0 5.8 0.1 75.0 5.7
10 Interchange Drive, Eastern Creek 2.6 2.3 (0.3) 28.9 0.0 0.0 0.0 0.0 0.0 1.1 0.0 30.0 2.3
16-34 Templar Road, Erskine Park 3.3 3.5 0.2 38.8 0.0 0.0 0.0 0.0 0.0 2.2 0.0 41.0 3.1
67-75 Templar Road, Erskine Park 1.6 1.7 0.1 20.0 0.0 0.0 0.0 0.0 0.0 0.5 0.0 20.5 1.6
29-55 Lockwood Road, Erskine Park 0.0 0.2 0.2 22.9 39.3 0.0 0.0 0.0 0.0 14.8 0.0 77.0 5.9
15 Berry Street, Granville 1.2 1.3 0.0 13.3 0.0 0.1 0.0 0.0 0.0 (0.3) (0.1) 13.0 1.0
19 Berry Street, Granville 2.4 2.5 0.1 26.6 0.0 0.1 0.0 0.0 0.0 1.4 0.0 28.1 2.2
2-4 Harvey Road, Kings Park 4.1 4.2 0.1 44.1 0.0 0.1 0.0 0.0 0.0 2.3 0.0 46.5 3.6
407 Pembroke Road, Minto 2.2 2.3 0.1 23.3 0.0 0.1 0.0 0.0 0.0 1.7 (0.1) 25.0 1.9
4 Holker Street, Newington 3.2 3.3 0.1 26.0 0.0 0.7 0.0 0.0 0.0 (2.5) 0.0 24.2 1.9
18-24 Abbott Road, Seven Hills 1.6 1.5 (0.1) 14.5 0.0 0.0 0.0 0.0 0.0 (5.4) 0.0 9.1 0.7
83 Derby Street, Silverwater 2.3 2.4 0.1 25.2 0.0 0.1 0.0 0.0 0.0 3.1 0.0 28.4 2.2
3 Figtree Drive, Sydney Olympic Park 1.4 1.9 0.5 19.4 0.0 0.0 0.0 0.0 0.0 1.5 0.0 21.0 1.6
5 Figtree Drive, Sydney Olympic Park 1.8 2.0 0.1 21.0 0.0 0.2 0.0 0.0 0.0 2.5 0.1 23.8 1.8
7 Figtree Drive, Sydney Olympic Park 0.9 1.0 0.1 13.5 0.0 0.0 0.0 0.0 0.0 0.3 0.0 13.8 1.1
6 Herb Elliott Avenue, Sydney Olympic Park 0.9 0.8 0.0 12.5 0.0 0.0 0.0 0.0 0.0 0.5 0.0 13.0 1.0
8 Herb Elliott Avenue, Sydney Olympic Park 0.8 0.8 0.0 10.2 0.0 0.1 0.0 0.0 0.0 0.3 0.0 10.6 0.8
Quad 1, Sydney Olympic Park 0.4 0.8 0.5 20.3 0.0 0.1 0.6 0.0 0.0 0.2 0.2 21.4 1.6
Quad 4, Sydney Olympic Park 2.9 3.0 0.2 33.9 0.0 0.0 0.0 0.0 0.0 (2.7) 0.0 31.2 2.4
372-374 Victoria Street, Wetherill Park 1.8 1.8 0.0 18.4 0.0 0.1 0.0 0.0 0.0 2.5 0.0 21.0 1.6
38 Pine Road, Yennora 0.3 4.0 3.6 43.6 0.0 0.1 0.0 0.0 0.0 2.1 0.0 45.8 3.5
Citiwest Industrial Estate, Altona North 5.9 5.9 0.0 66.6 0.0 0.7 0.0 0.0 0.0 0.2 0.0 67.5 5.2
Citiport Business Park, Port Melbourne 5.2 3.7 (1.5) 60.0 0.0 0.8 0.3 0.0 0.0 (1.1) 0.0 60.0 4.6
Austrak Business Park, Somerton 11.6 9.9 (1.7) 140.1 2.5 0.2 0.0 0.0 0.0 0.0 1.6 144.4 11.0
92-116 Holt Street, Pinkenba 1.2 1.3 0.1 13.5 0.0 0.0 0.0 0.0 0.0 0.6 0.0 14.1 1.1
16-28 Quarry Road, Yatala 0.4 4.5 4.2 44.5 0.0 0.1 0.0 0.0 0.0 2.7 0.0 47.3 3.6
59 Forest Way, Karawatha 0.0 5.1 5.1 62.1 23.0 0.0 0.0 0.0 0.0 9.4 0.0 94.5 7.2
Assets Sold During the Period
134-140 Fairbairn Road, Sunshine West 1.2 1.1 (0.1) 13.2 0.0 0.0 0.0 0.0 (13.5) 0.3 0.0 0.0 0.0
5 Murray Rose Avenue, Sydney Olympic Park 5.3 4.5 (0.8) 70.4 0.0 0.0 0.0 0.0 (74.2) 3.9 (0.1) 0.0 0.0
Quad 2, Sydney Olympic Park 2.2 1.6 (0.5) 24.4 0.0 0.0 0.0 0.0 (24.1) (0.3) 0.0 0.0 0.0
Quad 3, Sydney Olympic Park 1.9 1.6 (0.3) 24.0 0.0 0.0 0.3 0.0 (24.9) 0.6 0.0 0.0 0.0
3 Murray Rose Avenue, Sydney Olympic Park 0.2 0.0 (0.2) 9.3 34.4 0.0 0.0 0.0 (47.1) 3.3 0.0 0.0 0.0
Assets Under Development
Erskine Park - Development & Land 0.0 0.0 0.0 52.2 99.6 0.1 0.0 0.0 0.0 24.8 0.0 176.7 13.5
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 0.0 3.0 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 0.0 4.7 0.4
1 and 2 Murray Rose Avenue, Sydney Olympic Park 0.3 0.0 (0.3) 11.4 0.1 0.0 0.0 0.0 0.0 6.4 0.0 18.0 1.4
4 Murray Rose Avenue, Sydney Olympic Park 0.1 0.0 (0.1) 3.7 0.9 0.0 0.0 0.0 0.0 (1.8) 0.0 2.7 0.2
Austrak Business Park, Somerton - Land 0.0 0.0 0.0 24.3 1.8 0.0 0.0 0.0 0.0 (0.5) (1.6) 24.0 1.8
Equity Interests
GPT Equity Interest in GMF (12.5%) 0.0 0.4 0.4 0.0 - - - 30.3 - (0.3) 0.4 30.4 2.3
Total Logistics Portfolio 76.2 86.3 10.1 1,172.2 201.9 4.0 1.7 30.4 (183.8) 79.9 0.5 1,306.7
GMF Warehoused Assets
Optus Centre, 15 Green Square, Fortitude Valley 0.8 7.2 6.4 110.0 0.0 0.0 0.0 0.1 (110.0) (0.1) 0.0 0.0 -
Vantage, 109 Burwood Road, Hawthorn 0.0 3.1 3.1 0.0 0.0 0.0 0.0 66.6 (63.0) (3.6) 0.0 0.0 -
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GPT METRO OFFICE FUND

The GPT Metro Office Fund (GMF) 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.

GMF - Top Ten Tenants[1,2] As at 31 December 2014

GMF - Geographic Weighting[2] As at 31 December 2014

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Queensland
Urban
Lion Samsung Utilities Optus Orara Limited
NSW 54%
18.2% 14.7% 12.7% 9.7% 7.3%
QLD 29%
VIC 17%
McConnell Fusion Papuan Oil Universities
Dowell Retail Search Admission Alstom Grid
Corporation Brands Limited Centre Australia
6.2% 4.5% 3.4% 3.2% 2.7%
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Based on gross rent (including turnover rent).
Includes 3 Murray Rose Avenue, which is currently under development.

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ANNUAL RESULT > GPT DEVELOPMENT 2014

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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:

Flexible Development Model

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

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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

DEVELOPMENT OVERVIEW

GPT has $0.2 billion in development projects currently underway, with an additional $3.0 billion pipeline of future development opportunities across the retail, office and logistics sectors on behalf of assets owned on balance sheet and in GPT’s funds.

Sector	Ownership	Forecast	Forecast Cost to Complete	Forecast Cost to Complete	Target
	Interest (%)	Total Cost ($m)	GPT’s Share ($m)	Fund’s Share ($m)	Completion Date
Work In Progress
Rand,Erskine Park,NSW Logistics	100% GPT	62	5	0	1H 2015
RRM,Erskine Park,NSW Logistics	100% GPT	113	30	0	1H 2015
Samsung,3 MurrayRose,SydneyOlympic Park,NSW Logistics	100% GMF	72	0	18	1H 2015
Total Work In Progress		247	35	18
Planned
4 MurrayRose Avenue,SydneyOlympic Park,NSW Logistics	100% GPT	86	84	0
Erskine Park,NSW Logistics	100% GPT	23	15	0
Austrak Business Park,Somerton,VIC Logistics	50% GPT	89	66	0
Austrak Business Park,Minto,NSW Logistics	50% GPT	15	10	0
Metroplex,Wacol,QLD Logistics	50% GPT	141	98	0
Casuarina Square,NT Retail	50% GPT / 50% GWSCF	270	135	135
Westfield Woden,ACT Retail	50% GWSCF	100	0	100
Rouse Hill Town Centre,NSW Retail	100% GPT	250	250	0
Macarthur Square,NSW Retail	50% GWSCF	85	0	85
MLC Centre,NSW Office	50% GPT	75	75	0
Total Planned		1,134	733	320
Future Pipeline
Sunshine Plaza,QLD Retail	50% GPT	170	170	0
Highpoint ShoppingCentre,VIC Retail	16.67% GPT / 58.33% GWSCF	98	22	76
Parkmore ShoppingCentre,VIC Retail	100% GWSCF	125	0	125
Chirnside Park,VIC Retail	100% GWSCF	65	0	65
Other		1,445	780	665
Total Future Pipeline		1,903	972	931
Total Underway, Planned and Future Pipeline		3,284	1,740	1,269

WORK IN PROGRESS - TARGET COMPLETION TIMELINE

Developments

Developments
Rand, Erskine Park, NSW
RRM, Erskine Park, NSW
Samsung, 3 Murray Rose Avenue, Sydney Olympic Park, NSW
1H 2H 2015

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RRM, Erskine Park, NSW

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RAND, Erskine Park, NSW

WORK IN PROGRESS

RAND, 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).

Key Metrics as at 31 December 2014

	OwnershipInterest Acquired GLA % Area Committed	100% GPT May2008 23,760 sqm 100%
	WALE	20.0years
	Development Cost	$62m
	Target Yield	8.9%
	Completion	1H 2015

RRM, ERSKINE PARK New South Wales

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The development on Site G at Connect@Erskine Park is a 20,520 sqm Retail Ready Meats (RRM) chilled food processing and manufacturing facility.

Key Metrics as at 31 December 2014

	OwnershipInterest Acquired GLA	100% GPT May2008 20,520 sqm
	% Area Committed	100%
	WALE	20.0years
	Development Cost	$113m
	Target Yield	8.6%
	Completion	1H 2015

WORK IN PROGRESS

SAMSUNG, 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. This premium office will house Samsung’s Australian head office.

Key Metrics as at 31 December 2014

OwnershipInterest	100% GMF
Acquired	May2002
GLA	12,950 sqm
% Area Committed	100%
WALE	7.0years
Development Cost	$72m
Target Yield	8.3%
Completion	1H 2015

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PLANNED DEVELOPMENT

METROPLEX, BOUNDARY ROAD, WACOL

Queensland

Metroplex is the premier Logistics development site in Brisbane’s South West, with frontages to the Ipswich and Centenary Motorway. The site also benefits from access to the Logan Motorway. Totalling 58 hectares of developable logistics, commercial and bulky good land, the development will be completed in four stages over the next five years.

Key Metrics as at 31 December 2014

OwnershipInterest	50% GPT
Co-Owner	Cidneo (50%)
Acquired	May2014
GLA	285,000 sqm
Development Cost	$141m
Target Yield	9.0%
Staged Completion	2015 - 2019

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ANNUAL RESULT > GPT FUNDS MANAGEMENT 2014

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GPT FUNDS MANAGEMENT OVERVIEW

One of GPT’s key strategic focal points is the growth in the contribution the Funds Management business makes to the Group’s overall earnings. Over the 12 months to 31 December 2014, Funds under Management (FUM) increased 35%.

Historical Growth in Funds under Management

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$9.6b
$7.1b
$6.6b
$5.3b $5.6b
Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014
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GWOF performance versus benchmark

Growth in FUM for the 12 months to 31 December 2014

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$1.9b $9.6b
$0.6b
$7.1b
Dec 13 Developments Acquisitions Divestments Dec 14
FUM & Asset & New Funds FUM
Growth
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GWSCF performance versus benchmark

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14 13.1
11.7
12
10.5 10.5
108 6.3 9.18.8 8.67.1 7.9 8.26.5 7.5 8.2 8.2 7.8
6 5.3 5.1
3.8 4.0
4
2
0
GWOF Mercer / IPD Peer 1 Peer 2 Peer 3
All Office Index
FYTD 1 Year 3 Years 5 Years
Total return (%)
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10
8.7 8.8 8.7 8.8
8 7.5 8.1 8.1 8.0 [8.5] 8.6 8.1 7.9 7.5 8.2
6.5
6 5.8
4.7 4.7
4.4
4 3.9
2
0
GWSCF Mercer / IPD Peer 1 Peer 2 Peer 3
All Retail Index
FYTD 1 Year 3 Years 5 Years
Total return (%)
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Source: Mercer / IPD

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 2014 , the Fund consisted of 19 office assets located across Australia’s key CBD office markets with a value of $5.3 billion.

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||||
|---|---|---|
|December 2014|December 2013|
|Number of Assets|19|15|
|Property Investments|$5,339m|$4,107m|
|Gearing|16.2%|11.7%|
|One Year Equity IRR (post-fees)|13.1%|9.9%|

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Fund Details as at 31 December 2014

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|||
|---|---|
|GPT's Ownership Interest (%)|20.4%|
|GPT's Ownership Interest ($m)|$890.3m|
|Established|July 2006|
|Weighted Average Capitalisation Rate|6.48%|
|Portfolio Occupancy (%)|97.0%|
|Distributions Received ($m)|$51.5m|
|GPT Base Management Fee ($m)|$20.3m|
|GPT Performance Fee ($m)|$0.0m|

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||||
|---|---|---|
|1 January 2014 to|Inception to Date|
|Equity IRR|31 December 2014|(Annualised) 21 July 2006|
|to 31 December 2014|
|Post fees|13.1%|8.3%|

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GWOF Ownership Composition As at 31 December 2014

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Domestic
Super Funds 51%
GPT 20%
Offshore Pension Funds 12%
Domestic - Other 9%
Sovereign Wealth Funds 7%
Offshore - Other 1%
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GWOF CAPITAL MANAGEMENT

Total borrowings for the Fund at 31 December 2014 were $873 million resulting in gearing of 16.2%.

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8 Exhibition Street, Melbourne
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GWOF Capital Management Summary as at 31 December 2014

Gearing 16.2%
Weighted Average Cost of Debt 4.4%
Fees and Margins (included in above) 1.3%
Weighted Average Debt Term 3.0 years
Drawn Debt Hedging 65%
Weighted Average Hedge Term 2.6 years

GWOF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bank Bilateral Facility	150.0	29 January 2016¹	150.0
Bank Bilateral Facility	100.0	30 January2016¹	100.0
Bank Bilateral Facility	160.0	31 January 2017	160.0
Bank Bilateral Facility	50.0	30 September 2017	50.0
Bank Bilateral Facility	50.0	30 September 2018	50.0
Bank Bilateral Facility	150.0	30 September 2018	70.0
Bank Bilateral Facility	200.0	2 October 2018	200.0
Bank Bilateral Facility	50.0	29 September 2019	50.0
Bank Bilateral Facility	50.0	29 September 2019	43.0
Total	960.0		873.0

Quarterly extension facility.

GWOF CAPITAL MANAGEMENT

GWOF has $370 million of derivative instruments and $200 million of fixed rate loans (being 65% hedged) and these have a weighted average term of 2.6 years.

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GWOF Hedging Profile
As at 31 December 2014
1,200 5%
1,000
3.63% 3.63% 3.63%
3.31% 3.40% 3.40% 3.47% 3.60% 3.51% 4%
800
3%
($m)
600
2%
400
1%
200
0 0%
Forecast debt Swaps Fixed Rate Debt Weighted average fixed rate
Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19
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GPT WHOLESALE SHOPPING CENTRE FUND

GWSCF provides wholesale investors with exposure to high quality retail assets. At 31 December 2014, the Fund consisted of 10 shopping centres with a value of $3.8 billion.

	December 2014	December 2013
Number of Assets	10	9
Property Investments	$3,818m	$2,959m
Gearing	16.2%	10 7%
One Year Equity IRR (post-fees)	6.4%	9.5%

Fund Details as at 31 December 2014

Fund Details as at 31 December 2014
GPT's OwnershipInterest (%)	20.1%
GPT's OwnershipInterest ($m)	$622.9m
Established	March 2007
Weighted Average Capitalisation Rate	5.98%
Portfolio Occupancy (%)	99.4%
Distributions Received ($m)	$32.5m
GPT Base Management Fee ($m)	$14.6m
GPT Performance Fee ($m)	$0.0m

Equity IRR 1 January 2014 to Inception to Date 31 December 2014 (Annualised) 31 March 2007 to 31 December 2014 Post fees 6.4% 5.2%

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GWSCF Ownership Composition
As at 31 December 2014
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Domestic
Super Funds 42%
GPT 20%
Domestic - Other 16%
Offshore Pension Funds 13%
Sovereign Wealth Funds 8%
Offshore - Other 1%
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GWSCF CAPITAL MANAGEMENT

Total borrowings for the Fund at 31 December 2014 were $623 million resulting in gearing of 16.2%.

GWSCF Capital Management Summary as at 31 December 2014

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Wollongong Central, NSW
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Gearing	16.2%	16.2%
Weighted Average Cost of Debt		4.7%
Fees and Margins (included in above)		1.5%
Weighted Average Debt Term	3.2	years
Drawn Debt Hedging		83%
Weighted Average Hedge Term	3.6	years
GWSCF Loan Facilities	Facility Limit ($m)		Facility Expiry		Amount Currently Drawn ($m)
Bank Bilateral Facility	50.0			1 January 2016¹	50.0
Bank Bilateral Facility	100.0			31 March 2017	100.0
Bank Bilateral Facility	60.0			1 October 2017	60.0
Medium Term Notes	200.0		13	November 2017	200.0
Bank Bilateral Facility	100.0		30 September 2018		100.0
Bank Bilateral Facility	50.0			1 October 2018	50.0
Bank Bilateral Facility	150.0			30 April 2019	63.0
Total	710.0				623.0

Quarterly extension facilities.

GWSCF CAPITAL MANAGEMENT

GWSCF has $515 million of derivative instruments and $200 million of fixed rate Medium Term Notes (being 83% hedged) and these have a weighted average term of 3.6 years.

GWSCF Hedging Profile As at 31 December 2014

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700 3.61% 3.61% 3.61% 4%
3.44% 3.44% 3.44% 3.45% 3.45%
3.21% 3.21% 3.23%
600
3%
500
400
($m) 2%
300
200 1%
100
0%
0
Forecast debt Swaps Fixed Rate Debt Weighted average fixed rate
Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19
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GPT METRO OFFICE FUND

Listed on the ASX, GMF provides investors with exposure to high quality metropolitan office assets. At 31 December 2014, the Fund consisted of six assets with a value of $0.4 billion.

	December 2014
Number of Assets	61
Property Investments	$352.5m2
Gearing	26.7%

Fund Details as at 31 December 2014

Fund Details as at 31 December 2014
GPT’s OwnershipInterest (%)	12.5%
GPT’s OwnershipInterest ($m)	$30.4m3
Established	October 2014
Weighted Average Capitalisation Rate	7.81%4
Portfolio Occupancy (%)	100.0%
Distributions Received ($m)	n/a
GPT Base Management Fee ($m)	$0.4m

Includes 3 Murray Rose Avenue, which is currently under development.
Excludes the Quad rental guarantee. The 3 Murray Rose Avenue development is valued on an “as at” basis. Including Quad rental guarantee and 3 Murray Rose Avenue development on an “as if complete” basis, property investments would total $375.9 million.
Market price of $31.3 million based on 31 December 2014 closing price of $1.97.
Excludes the Quad rental guarantee and 3 Murray Rose Avenue development. Including the Quad rental guarantee and 3 Murray Rose Avenue development on an “as if complete” basis, the Weighted Average Capitalisation Rate is 7.70%.

GMF Ownership Composition As at 31 December 2014

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Retail Investors 38.6%
Domestic Institutions 32.1%
Foreign Institutions 16.9%
GPT 12.5%
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GMF CAPITAL MANAGEMENT

Total borrowings for the Fund at 31 December 2014 were $105 million resulting in gearing of 26.7%.

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GMF Capital Management Summary as at 31 December 2014

Gearing	26.7%
Weighted Average Cost of Debt	5.0%
Fees and Margins (included in above)	1.6%
Weighted Average Debt Term	4.3 years
Drawn Debt Hedging	95%
Weighted Average Hedge Term	5.8 years

GMF	Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bank	Bilateral Facility	70.0	29 October 2017	70.0
Bank	Bilateral Facility	75.0	29 October 2019	35.0
Total		145.0		105.0

Quad 2, Sydney Olympic Park, NSW

GMF CAPITAL MANAGEMENT

GMF has $100 million of derivative instruments (being 95% hedged) and these have a weighted average term of 5.8 years.

GMF Hedging Profile As at 31 December 2014

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200 4%
3.44%
3.30% 3.30% 3.30% 3.30% 3.30% 3.30% 3.30% 3.30% 3.30% 3.30%
150 3%
($m) 100 2%
50 1%
0
0%
Forecast debt Swaps Weighted average fixed rate
Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19
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AI assistant

GPT GROUP — Annual Report 2014

65009_rns_2015-02-22_ff5aa184-0357-4ba6-9442-ee8b39ac45da.pdf

CONTENTS

GPT OVERVIEW

Office Portfolio

Retail Portfolio

Logistics Portfolio

GPT PORTFOLIO OVERVIEW

Total Portfolio Return for the 12 months to 31 December 2014.

GPT PORTFOLIO METRICS

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

Structured Rental Increases³

GPT SECURITYHOLDER OVERVIEW

DRIVERS OF TOTAL RETURN

STRATEGY ON A PAGE

GLOSSARY

GLOSSARY

FINANCIAL SUMMARY

Financial Performance

RESULTS SUMMARY

RESULTS SUMMARY

Segment Result

FUNDS FROM OPERATIONS TO ADJUSTED FUNDS FROM OPERATIONS

CAPITAL EXPENDITURE OVERVIEW

INVESTMENTS AND INCOME

Proportion of Income

NTA MOVEMENT

CAPITAL MANAGEMENT SUMMARY

LOOK THROUGH GEARING

DEBT

DEBT FACILITIES

Current Debt Facilities as at 31 December 2014

DEBT MATURITY PROFILE

LIQUIDITY PROFILE

HEDGING PROFILE

Hedging Profile as at 31 December 2014

RETAIL PORTFOLIO OVERVIEW

Northern Territory

Queensland

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

Retail Portfolio Definitions

New South Wales GPT Owned

GWSCF Owned

Victoria

GPT Owned

GWSCF Owned

Chirnside Park

RETAIL PORTFOLIO SUMMARY

RETAIL PORTFOLIO SUMMARY

RETAIL SALES SUMMARY

COMPARABLE CHANGE IN RETAIL SALES BY CATEGORY

RETAIL SALES

Specialty MAT Growth

WEIGHTED AVERAGE CAPITALISATION RATE

Weighted Average Capitalisation Rate

LEASE EXPIRY PROFILE

Total Centres

Total Specialty Tenants

RETAIL PORTFOLIO EXTERNAL VALUATION SUMMARY

100% of the GPT retail portfolio was valued externally in the 12 months to 31 December 2014.

RETAIL PORTFOLIO INCOME AND FAIR VALUE SCHEDULE

RETAIL SUSTAINABILITY

GPT WHOLESALE SHOPPING CENTRE FUND

OFFICE PORTFOLIO OVERVIEW

New South Wales GPT Owned

GWOF Owned

Queensland

GWOF Owned

Victoria

GPT Owned

GWOF Owned

OFFICE PORTFOLIO SUMMARY

OFFICE PORTFOLIO SUMMARY

WEIGHTED AVERAGE CAPITALISATION RATE

Weighted Average Capitalisation Rate

LEASE EXPIRY PROFILE

OFFICE PORTFOLIO EXTERNAL VALUATION SUMMARY

100% of the GPT office portfolio was valued externally in the 12 months to 31 December 2014.

OFFICE PORTFOLIO INCOME AND FAIR VALUE SCHEDULE

GPT GROUP Annual Report 2014