Data Pack

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GPT Overview	2.0
Financial Performance	3.0
Retail Portfolio	4.0
Office Portfolio	5.0
Logistics Portfolio	6.0
Development	7.0
Funds Management	8.0

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.

GPT Overview

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2.1 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 Portfolio Diversity

Retail Portfolio

14 shopping centres
990,000 sqm GLA
3,400 + tenants
$5.0b portfolio
$7.9b AUM

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Highpoint Shopping Centre, Melbourne

Office Portfolio

24 assets
1,190,000 sqm NLA
450 + tenants
$3.7b portfolio
$8.5b AUM

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One One One Eagle Street, Brisbane

Logistics Portfolio

31 assets
810,000 sqm GLA
90 + tenants
$1.3b portfolio
$1.7b AUM

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29–55 Lockwood Road, Erskine Park, NSW

As at 31 December 2015

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Retail 50%
Office 37%
Logistics 13%
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2.2 GPT Overview

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	$5.04b	3.0%	4.0 years	99.2%	5.58%
Ofce	$3.71b	6.3%	5.8 years	96.0%	5.94%
Logistics	$1.35b	0.7%	8.2 years	92.3%	7.03%
Total	$10.10b	3.8%	5.3 years	95.3%	5.90%

Structured Rental Increases[3]

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Retail Office Logistics
Fixed 72% Fixed 87% Fixed 92%
4.5% Other 28% 3.8% Other 13% 3.3% Other 8%
Average Average Average
Increase Increase Increase
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Assets as at 31 December 2015.
Income for the 12 months to 31 December 2015 compared to the previous corresponding period.
Structured rent reviews for the 12 months to 31 December 2016. Other includes market reviews, CPI reviews and expiries in 2016.

2.3 GPT Overview

GPT Securityholder Overview

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GPT Securityholders by Geography GPT Securityholders by Type
As at 31 December 2015 As at 31 December 2015
Domestic
Australia & New Zealand 59%
Institutions 51%
North America 21%
Foreign
Asia 9%
Institutions 41%
Europe (ex UK) 7%
Retail
UK 4% Investors 8%
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2.4 GPT Overview

Glossary

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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
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 Funds From Operations per 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
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Gearing The level of borrowings relative to 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 income growth less expense growth.
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.
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
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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 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.
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ROCE Return on capital employed
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 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
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Financial Performance

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3.1 Financial Performance

Financial Summary

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12 months to 31 December 2015 2014 Change
Funds From Operations ($m) 501.7 452.1 Up 11.0%
Net profit after tax ($m) 868.1 645.3 Up 34.5%
FFO per ordinary security (cents) 28.28 26.81 Up 5.5%
FFO yield (based on period end price) 5.9% 6.2% Down 30 bps
Distribution per ordinary security (cents) 22.5 21.2 Up 6.1%
Distribution yield (based on period end price) 4.7% 4.9% Down 20 bps
Net interest expense ($m) (115.9) (103.5) Up 12.0%
Interest capitalised ($m) 5.7 9.5 Down 40.0%
Weighted average cost of debt 4.6% 4.8% Down 20 bps
Interest cover 5.3 times 5.4 times Down 0.1 times
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The weighted average number of ordinary stapled securities was 1,773.9 million for 2015 and 1,686.3 million for 2014. The period end price was $4.78 at 31 December 2015 and $4.35 at 31 December 2014.

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As at 31 Dec 15 As at 31 Dec 14 Change
Total assets ($m) 11,006.5 10,159.1 Up 8.3%
Total borrowings ($m) 2,948.0 2,718.5 Up 8.4%
NTA per security ($) 4.17 3.94 Up 5.8%
Net gearing 26.3% 26.3% –
Net look through gearing 27.8% 28.2% Down 40 bps
Weighted average term to maturity of debt 5.1 years 5.8 years Down 0.7 years
–
Credit ratings A- (positive) / A3 (stable) A- (positive) / A3 (stable)
Weighted average term of interest rate hedging 5.6 years 6.6 years Down 1.0 years
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3.2 Financial Performance

Results Summary

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Segment performance 12 months to 31 December ($m) 2015 2014 Comment
Retail NOI 251.7 248.7 Comparable income growth of 3.0%
Office NOI 153.8 141.8 Comparable income growth of 6.3%
Logistics NOI 91.4 85.9 Comparable income growth of 0.7%
Income from Funds 98.2 87.1
Investment Management expenses (6.3) (7.6)
Investment Management 588.8 555.9
Asset Management 7.8 5.6
Development – Retail & Major Projects 1.8 1.9
Development – Logistics 2.2 6.5
Funds Management 44.6 32.5
Net financing costs (115.9) (103.5)
Corporate management & administrative expenses (33.1) (30.1)
Tax expenses (4.9) (2.8)
Non-core 12.1 11.1
Less: distribution to exchangeable securities (1.7) (25.0)
Funds From Operations (FFO) 501.7 452.1
Valuation increase – core operations 432.1 249.5
Financial instruments mark to market value movements (74.0) (89.1)
and net foreign exchange movements
Other items 6.6 7.8
Exclude distributions on exchangeable securities 1.7 25.0
in Funds From Operations
Net Profit After Tax (NPAT) 868.1 645.3
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3.3 Financial Performance

Funds From Operations to Adjusted Funds From Operations

12 months to 31 December ($m)	2015	2014
Core business	645.2	602.4
Non-core operations	12.1	11.1
Financing and corporate overheads	(153.9)	(136.4)
Distribution to exchangeable securities	(1.7)	(25.0)
Funds From Operations	501.7	452.1
Maintenance capital expenditure	(45.6)	(42.1)
Lease incentives (including rent free)	(73.0)	(53.0)
Adjusted Funds From Operations	383.11	357.0

Excludes the termination and restructuring of derivatives, funded from asset sale proceeds.

Capital Expenditure Overview

Capital Expenditure Overview
Capital Expenditure ($m)	2015	2014
Maintenance capital expenditure	45.6	42.1
Lease incentives (including rent free)	73.0	53.0
Total operating capital expenditure	118.6	95.1
Development capital expenditure	144.2	267.6
Interest capitalised	3.8	9.1
Total investment property capital expenditure	266.6	371.8

3.4 Financial Performance

NTA Movement

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Securities on Issue Number of Securities (million)
Opening balance 1 January 2015 1,685.5
Issue of securities 109.3
31 December 2015 Balance 1,794.8
Net Assets No. of Securities NTA per Security
NTA Movement ($m) (million) ($)
NTA position as at 31 December 2014 6,647.4 1,685.5 3.94
Funds From Operations 501.7 0.30
Core revaluation (include development profit) 432.1 0.26
Mark to market of Treasury (80.8) (0.05)
Distribution (401.9) (0.24)
Redemption of exchangeables securities (84.5) (0.05)
Issue of securities 455.4 109.3 –
Other 12.0 0.01
Movement in net assets 834.0 0.23
Excludes movement of intangibles 8.2 –
NTA position as at 31 December 2015 7,489.6 1,794.8 4.17
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3.5 Financial Performance

Capital Management Summary

Gearing ($m) As at 31 December 2015 Total assets 11,006.5 Less: intangible assets (35.5) Total tangible assets 10,971.0 Current borrowings 6.7 Non-current borrowings 2,941.3 Total borrowings1 2,948.0 Headline Gearing 26.9% Net Gearing2 26.3%	Interest Cover ($m) 31 December 2015
	Funds From Operations 501.7
	Add: taxes deducted 5.5
	Add: distributions to exchangeable securities 1.7
	Add: Finance Costs for the period 117.7
	Earnings Before Interest and Tax (EBIT) 626.6
	Finance Costs 117.7
	Interest Cover 5.3 times

Includes fair value and other adjustments. As at 31 December 2015, drawn debt is $2,688 million.
Net gearing equals debt less cash/total tangible assets less cash.

3.6 Financial Performance

Look Through Gearing

Look Through Gearing as at 31 December 2015	GPT Group	GWOF	GWSCF	GMF	Other2	Total
Share of assets of non-consolidated entities
Group total tangible assets	10,971.0					10,971.0
Plus: GPT share of assets of non-consolidated entities		1,194.3	761.5	54.2	936.9	2,946.9
Less: total equity investment in non-consolidated entities		(980.3)	(623.2)	(36.0)	(885.6)	(2,525.1)
Less: GPT loans to non-consolidated entities					(18.5)	(18.5)
Total look through assets	10,971.0	214.0	138.3	18.2	32.8	11,374.3
Group total borrowings	2,948.0					2,948.0
Plus: GPT share of external debt of non-consolidated entities		181.0	111.4	15.5	0.0	307.9
Total look through borrowings	2,948.0	181.0	111.4	15.5	0.0	3,255.9
Look through gearing						28.6%
Look through gearing based on net debt1						27.8%

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

3.7 Financial Performance

Debt

Debt Cost
Average for period ending		Average Debt	% of Average Debt		Interest Rate
31 December 2015		($m)		(%)	(%)
Hedged debt		2,230		84%	3.3%
Floating debt		438		16%	2.3%
Total debt		2,668		100%	3.2%
Margin					1.0%
Fees					0.4%
All-in cost of funds					4.6%
Debt Funded Capacity
As at	Current Gearing	Investment Capacity
31 December 2015	(%)	($m)			Comment
Balance Sheet	26.3%	570		Assumes increase to 30% gearing
Funds
– GWOF	14.8%	1,270		Assumes increase to 30% gearing
– GWSCF	14.2%	845		Assumes increase to 30% gearing
– GMF	28.3%		81	Assumes increase to 40% gearing
Total		2,766

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Sources of Drawn Debt
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As at 31 December 2015
Domestic bank debt 46%
Foreign bank debt 9%
Secured bank debt 4%
Domestic MTNs 18%
Foreign MTNs 4%
USPP 16%
CPI bonds 3%
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3.8 Financial Performance

Debt Facilities

Current Debt Facilities as at 31 December 2015

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Outstanding ($m) (equiv) Maturity Date Limit ($m) (equiv) Available ($m) (equiv)
Bank Facility – Metroplex 7 30 Nov 16 10 3
Bank Bilateral 75 10 Mar 17 [2] 75 0
Bank Bilateral 150 11 Mar 17 [2] 150 0
Bank Bilateral 100 30 Mar 17 [2] 100 0
Bank Facility – Metroplex 2 5 May 17 7 6
Bank Facility – Metroplex 12 21 May 17 12 0
Bank Bilateral 75 31 May 17 75 0
Medium Term Notes 30 19 Nov 17 30 0
Bank Bilateral 75 30 Nov 17 75 0
Bank Bilateral 100 1 Jan 18 100 0
Bank Bilateral 100 1 Jan 18 100 0
Bank Bilateral 100 30 Mar 18 100 0
Bank Bilateral 150 30 Sep 18 225 75
Bank Bilateral 325 26 Oct 18 325 0
Bank Bilateral 50 30 Nov 18 50 0
Bank Facility – Somerton [1] 87 Jan/Feb 19 88 0
Medium Term Notes 250 24 Jan 19 250 0
Bank Bilateral 0 30 Mar 19 100 100
Bank Bilateral 0 30 Oct 19 75 75
Medium Term Notes 150 11 Sep 20 150 0
Bank Bilateral 95 1 Oct 20 150 55
Bank Bilateral 100 30 Nov 20 100 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 75 10 Dec 29 75 0
Total Borrowings 2,688 3,002 314
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Credit approved terms were received prior to year end to extend the Somerton facility from March 2016 to January/February 2019.
Quarterly extension facility.

3.9 Financial Performance

Debt Maturity Profile

As at 31 December 2015 (A$ millions)

Facility

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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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
600
438
419
400
300
263
196
146
105
75
50
10
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3.10 Financial Performance

Liquidity Profile

Liquidity Profile As at 31 December 2015

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0.9
0.8
0.7
0.6
0.5
($bn)
0.4
0.3
0.2
0.1
0.0
Cash balance Undrawn Current Retained Sale ARR deffered Capex Debt facility Excess liquidity
31 Dec 2015 existing liquidity earnings of assets settlement expiries at 31 Dec 2016
facilities
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3.11 Financial Performance

Hedging Profile

Hedging Profile as at 31 December 2015

Hedging Profile as at 31 December 2015
	Average Rate on Hedged Balance	Principal Amount of Derivative	Principal Amount of
Hedging Position	excl Margins	Financial Instruments ($m)	Fixed Rate Borrowings ($m)
31 December 2015	3.20%	1,175	525
31 December 2016	3.45%	1,050	525
31 December 2017	3.45%	1,145	525
31 December 2018	2.91%	1,040	525
31 December 2019	2.93%	1,240	275
31 December 2020	4.07%	900	125

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3,500 5%
3,000
3.46% 3.45% 3.46% 3.45% 4%
2,500 3.20% 3.12%
2.91% 2.93% 2.93%
2.75%
($m) 2,000 3%
1,500
2%
1,000
1%
500
0 0%
Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20
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Forecast Debt Short Term “interest cost management” swaps Weighted average fixed rate

Long term “interest rate risk management” swaps Fixed rate debt

Retail Portfolio

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4.1 Retail Portfolio

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $5.0 billion include a portfolio of assets held on the Group’s balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF).

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Darwin
1
NT
QLD
Brisbane
WA 1
SA
NSW Sydney
Canberra 1 6
VIC
5 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%)[1]

New South Wales

GPT Owned

Charlestown Square
Rouse Hill Town Centre
Westfield Penrith (50%)[1]

GWSCF Owned

Macarthur Square (50%)[1]

Australian Capital Territory

GWSCF Owned

Westfield Woden (50%)[1]

Victoria

GPT Owned

Melbourne Central
Highpoint Shopping Centre (16.67%)

GWSCF Owned

Chirnside Park
Highpoint Shopping Centre (58.33%)
Northland Shopping Centre (50%)[1]
Parkmore Shopping Centre
Norton Plaza
Wollongong Central
Not managed by GPT.

Note: GLA and number of tenancies is updated on an annual basis, as at 31 December 2015. Retail sales are 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.

4.2 Retail Portfolio

Retail Portfolio Summary

The GPT retail portfolio is well positioned with a high level of occupancy at 99.2%. The retail portfolio achieved comparable income growth of 3.0% over the 12 months to 31 December 2015.

Top Ten Tenants[1] As at 31 December 2015

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Premier Retail Cotton On
Wesfarmers Woolworths Myer (Just Group) Clothing
4.8% 4.2% 3.1% 2.9% 2.2%
2.1% 1.4% 1.3% 1.2% 1.0%
Hoyts Country Road BB Retail Westpac Sussan
Group
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Based on gross rent (including turnover rent).

Asset Quality As at 31 December 2015

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GPT
Peer 1
Peer 2
Peer 3
Peer 4
0% 20% 40% 60% 80% 100%
Regional Sub Regional Other
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Geographic Weighting
As at 31 December 2015
NSW VIC
45% 39%
QLD NT
8% 7%
ACT
1%
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4.3 Retail Portfolio

Retail Portfolio Summary

The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 14 shopping centres.

14 shopping centres.
		GLA (100%	31 Dec 15	31 Dec 15	External or		Annual Centre	Occupancy	Specialty
		Interest)	Fair Value	Cap Rate	Internal		Turnover	Cost	Sales
Location	Ownership	(sqm)	($m)	(%)	Valuation	Occupancy	($m)	Specialty	($psm)
GPT Portfolio
Casuarina Square NT	50%	53,000	285.5	5.75%	External	99.7%	389.1	15.8%	11,472
Charlestown Square NSW	100%	90,200	859.2	5.75%	Internal	98.9%	539.5	15.2%	10,706
Highpoint ShoppingCentre¹ VIC	16.67%	153,100	344.7	5.13%	Internal	99.9%	967.9	19.3%	10,594
Melbourne Central2 VIC	100%	54,700	1,129.3	5.25%	External	98.8%	443.0	20.1%	10,954
Rouse Hill Town Centre NSW	100%	69,700	542.0	5.75%	External	100.0%	418.9	14.3%	8,179
Sunshine Plaza QLD	50%	73,400	415.8	5.75%	Internal	96.9%	522.6	18.5%	11,707
Westfeld Penrith NSW	50%	90,400	591.8	5.50%	Internal	100.0%	627.5	17.8%	11,867
GWSCF Portfolio
Casuarina Square NT	50%	53,000	285.5	5.75%	External	99.7%	389.1	15.8%	11,472
Chirnside Park VIC	100%	37,900	255.2	6.50%	Internal	100.0%	269.3	15.8%	11,308
Highpoint ShoppingCentre1 VIC	58.33%	153,100	1,206.4	5.13%	Internal	99.9%	967.9	19.3%	10,594
Macarthur Square NSW	50%	94,600	440.0	5.75%	Internal	99.9%	572.8	17.1%	9,791
Northland ShoppingCentre VIC	50%	97,200	475.0	5.75%	External	100.0%	514.8	20.2%	8,317
Norton Plaza NSW	100%	11,800	123.0	6.50%	Internal	100.0%	121.8	13.7%	11,856
Parkmore ShoppingCentre VIC	100%	36,800	251.0	6.25%	External	99.1%	253.3	15.3%	8,673
Westfeld Woden ACT	50%	74,400	297.5	6.00%	External	98.3%	363.9	18.6%	8,992
WollongongCentral NSW	100%	56,600	393.5	6.00%	External	98.2%	262.3	18.2%	7,809
Total		994,000		5.58%3		99.2%	6,266.8	17.4%4	10,4604

Fair value includes Homemaker City Maribyrnong. Cap rate of 8.25%.
Fair value includes retail and 100% interest of car park. Car park cap rate of 6.00%.
Includes GPT shopping centres and GPT interest in GWSCF.
Based on GPT weighted interest. Excludes development impacted centres (Wollongong Central).

4.4 Retail Portfolio

Retail Sales Summary

		Comparable	Comparable
	Centre MAT	Centre MAT	Specialty MAT	Specialty MAT	Specialty
	($m)	Growth	Growth	($psm)	Occupancy Cost
GPT Portfolio
Casuarina Square	389.1	(2.5%)	(0.9%)	11,472	15.8%
Charlestown Square	539.5	3.3%	6.2%	10,706	15.2%
Highpoint Shopping Centre	967.9	7.8%	9.9%	10,594	19.3%
Melbourne Central	443.0	10.1%	8.3%	10,954	20.1%
Rouse Hill Town Centre	418.9	2.5%	8.8%	8,179	14.3%
Sunshine Plaza1	522.6	2.4%	2.0%	11,707	18.5%
Westfeld Penrith2	627.5	4.9%	8.7%	11,867	17.8%
GWSCF Portfolio
Casuarina Square	389.1	(2.5%)	(0.9%)	11,472	15.8%
Chirnside Park	269.3	5.8%	7.3%	11,308	15.8%
Highpoint Shopping Centre	967.9	7.8%	9.9%	10,594	19.3%
Macarthur Square1	572.8	3.4%	6.5%	9,791	17.1%
Northland Shopping Centre3	514.8	1.1%	2.0%	8,317	20.2%
Norton Plaza	121.8	1.0%	2.6%	11,856	13.7%
Parkmore Shopping Centre	253.3	3.3%	4.2%	8,673	15.3%
Westfeld Woden²	363.9	(0.1%)	4.7%	8,992	18.6%
GPT Weighted Total	2,762.9	4.1%	6.5%	10,460	17.4%

Centres Under Development
GWSCF Portfolio
Wollongong Central	262.3	44.4%	26.7%	7,809	18.2%

Analysis provided by Lend Lease.
Analysis provided by Scentre Group.
Analysis provided by Vicinity Centres.

4.5 Retail Portfolio

Comparable Change in Retail Sales by Category

Retail sales showed positive growth over the 12 months to 31 December 2015 with total centre sales up 4.1% and specialties up 6.5%.

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Comparable Change in Retail Sales by Category
as at 31 December 2015 MAT ($m) 12 Months Growth
Department Store 132.4 1.9%
Discount Department Store 260.9 (0.7%)
Supermarket 443.6 1.0%
Mini and Other Majors 336.0 4.2%
Other Retail [1] 239.7 3.5%
Total Specialties 1,350.3 6.5%
Total Centre 2,762.9 4.1%
Specialty Sales Split
Mobile Phones 55.9 23.0%
Homewares 71.4 14.8%
General Retail 129.8 13.1%
Retail Services 109.8 8.0%
Food Catering 255.1 7.2%
Leisure 80.7 6.1%
Jewellery 79.4 6.1%
Apparel 503.2 2.8%
Food Retail 65.1 (0.1%)
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Based on GPT weighted interest. Excludes development impacted centres (Wollongong Central).

Other Retail includes travel agents, lotto, automotive accessories, cinemas, and other entertainment and other reporting tenants.

4.6 Retail Portfolio

Retail Sales

Retail specialty sales have increased 6.5% over the 12 months to 31 December 2015.

Specialty MAT Growth

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6.5%
6.0%
5.8% 5.9%
4.8%
4.4%
4.2%
4.0%
3.9%
3.6%
3.3%
3.2%
2.8% 2.7%
2.3%
2.1%
1.8%
1.5%
1.4%
1.2% 1.1%
0.5% 0.4%
0.2%
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 Jun 15 Dec 15
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From December 2014, based on GPT weighted interest. Excludes development impacted centres.

4.7 Retail Portfolio

Lease Expiry Profile

Weighted Average Lease Expiry
(by base rent) as at 31 December 2015
Major Tenants		11.0 years
Mini-Major Tenants		4.3 years
Specialty Tenants		2.5 years
Weighted Total		4.0 years

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Total Centres Total Specialty Tenants
28% [1]
23% [1]
17%
16% 16%
15%
14% 14%
13% 13%
9%
5%
4% 4%
3%
2%
1% 1% 1% 1% 1%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+ 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+
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Includes holdovers.

4.8 Retail Portfolio

External Valuation Summary

100% of the GPT retail portfolio was valued externally in the 12 months to 31 December 2015.

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Valuation Interest Cap Rate Terminal Cap Discount Rate
State Date Valuer ($m) (%) (%) Rate (%) (%)
GPT Portfolio
Casuarina Square NT 31 Dec 15 CBRE 285.5 50% 5.75% 6.00% 8.00%
Charlestown Square NSW 30 Jun 15 Savills 845.7 100% 5.75% 6.00% 8.50%
Highpoint Shopping Centre¹ VIC 30 Sep 15 CBRE 343.9 16.67% 5.13% 5.25% 8.00%
Melbourne Central [2] VIC 31 Dec 15 Savills 1,129.3 100% 5.25% 5.50% 8.00%
Rouse Hill Town Centre [3] NSW 31 Dec 15 JLL 542.0 100% 5.75% 6.00% 8.25%
Sunshine Plaza QLD 30 Jun 15 CBRE 411.8 50% 5.75% 6.00% 8.50%
Westfield Penrith NSW 30 Jun 15 JLL 590.0 50% 5.50% 5.75% 8.25%
GWSCF Portfolio
Casuarina Square NT 31 Dec 15 CBRE 285.5 50% 5.75% 6.00% 8.00%
Chirnside Park VIC 30 Jun 15 CBRE 253.0 100% 6.50% 6.75% 8.50%
Highpoint Shopping Centre [1] VIC 30 Sep 15 CBRE 1,203.8 58.33% 5.13% 5.25% 8.00%
Macarthur Square NSW 30 Sep 15 Urbis 427.0 50% 5.75% 6.00% 8.00%
Northland Shopping Centre VIC 31 Dec 15 KF 475.0 50% 5.75% 6.00% 7.75%
Norton Plaza NSW 30 Jun 15 Colliers 122.2 100% 6.50% 6.75% 8.50%
Parkmore Shopping Centre VIC 31 Dec 15 CBRE 251.0 100% 6.25% 6.50% 8.00%
Westfield Woden ACT 31 Dec 15 CBRE 297.5 50% 6.00% 6.25% 8.00%
Wollongong Central NSW 31 Dec 15 JLL 393.5 100% 6.00% 6.25% 8.00%
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Note: Valuations include ancillary assets.

Valuation includes Homemaker City Maribyrnong.
Valuation includes retail and car park.
Valuation excludes expansion land.

4.9 Retail Portfolio

Income and Fair Value Schedule

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Includes a decrement of $2.0 million for accrued sale transaction costs.
GPT Equity Interest in GWSCF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations of investment property and mark to market movements of financial instruments. Net income for the 12 months to 31 December 2015 represents GPT’s share of FFO for the period.

4.10 Retail Portfolio

Retail Sustainability

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Water (Total) Emissions Waste %
Area GLA Litres/m [2] kg CO2-e/m [2] Recycled/Reused
GPT Portfolio
Casuarina Square 53,000 1,768 96 41%
Charlestown Square 90,200 489 31 70%
Highpoint Shopping Centre 153,100 1,043 52 30%
Melbourne Central 54,700 2,024 111 18%
Rouse Hill Town Centre 69,700 1,100 18 60%
Sunshine Plaza 73,400 1,158 80 44%
Westfield Penrith 90,400 1,576 93 45%
GWSCF Portfolio
Casuarina Square 53,000 1,768 96 41%
Chirnside Park 37,900 810 38 33%
Highpoint Shopping Centre 153,100 1,043 52 30%
Macarthur Square 94,600 1,158 66 37%
Northland Shopping Centre 97,200 818 89 28%
Norton Plaza 11,800 1,403 40 50%
Parkmore Shopping Centre 36,800 839 61 42%
Westfield Woden 74,400 1,337 71 42%
Wollongong Central 56,600 738 71 32%
Portfolio Average 1,122 67 40%
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Office Portfolio

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5.1 Office Portfolio

Office Portfolio Overview

GPT’s office portfolio comprises ownership in 24 high quality assets with a total investment of $3.7 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
l Number of assets in each state 10 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%)

Victoria

GPT Owned

Melbourne Central Tower
CBW, Melbourne (50%)

Victoria

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

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

5.2 Office Portfolio

Office Portfolio Summary

The GPT office portfolio has exposure to 100% Prime Grade office assets and benefits from a diversified tenant base.

Top Ten Tenants[1]

As at 31 December 2015

Tenant Mix by Industry As at 31 December 2015

Geographic Weighting As at 31 December 2015

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Members
Government IAG Equity Bank Deloitte Citibank
8.7% 3.0% 2.8% 2.8% 2.6%
2.6% 2.5% 2.0% 2.0% 1.9%
NBN Co NAB ANZ Arrow Energy CBA
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SYDNEY
55%
MELBOURNE
33%
BRISBANE
12%
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Based on gross rent.

Banking 17% Accountants 9% Legal 17% Info and Comms Technology 7% Other Business Services 15% Finance 5% Insurance 13% Mining & Energy 4% Government 10% Other 3%

5.3 Office Portfolio

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
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17%
14% 14%
10%
8% 8% 8%
7%
6%
5%
2%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+
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Note: Includes Signed Leases and Heads of Agreements.

5.4 Office Portfolio

Office Portfolio Summary

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Australia Square, Sydney

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MLC Centre, Sydney

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CBW, Melbourne

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Office Occupancy
Office NLA
(100% 31 Dec 15 31 Dec 15 External or Inc. WALE
Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income
Location Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years)
GWOF Portfolio
Liberty Place, Sydney NSW 50% 56,400 535.2 5.25% Internal 97.1% 100.0% 100.0% 9.6
DP1: 5.88%
Darling Park 1 & 2, Sydney NSW 50% 101,900 737.0 External 100.0% 100.0% 100.0% 8.6
DP2: 5.63%
Darling Park 3, Sydney NSW 100% 29,800 336.0 6.00% External 100.0% 100.0% 100.0% 6.2
HSBC Centre, Sydney NSW 100% 37,200 380.8 6.50% Internal 88.0% 88.7% 96.7% 3.7
workplace [6] , Sydney NSW 100% 16,300 197.0 6.50% External 100.0% 100.0% 100.0% 3.9
The Zenith, Chatswood NSW 50% 43,500 137.5 7.25% External 91.3% 92.0% 92.0% 2.9
2 Southbank Boulevard, Melbourne VIC 50% 53,500 218.7 6.00% Internal 95.7% 97.4% 97.4% 3.4
8 Exhibition Street, Melbourne VIC 50% 44,600 195.7 5.63% Internal 91.4% 92.2% 98.3% 5.6
Twenty8 Freshwater Place, Melbourne VIC 50% 33,900 127.0 6.63% Internal 100.0% 100.0% 100.0% 3.3
150 Collins Street, Melbourne VIC 100% 19,000 188.4 5.75% Internal 100.0% 100.0% 100.0% 9.9
530 Collins Street, Melbourne VIC 100% 66,000 538.1 5.88% Internal 96.9% 97.3% 97.8% 5.1
655 Collins Street, Melbourne VIC 100% 16,600 130.4 5.50% Internal 100.0% 100.0% 100.0% 13.9
750 Collins Street, Melbourne VIC 100% 37,300 270.0 6.75% External 100.0% 100.0% 100.0% 3.9
CBW, Melbourne VIC 50% 76,100 317.5 6.25% Internal 99.7% 99.7% 100.0% 4.5
800/808 Bourke Street, Melbourne VIC 100% 59,600 467.3 5.50% Internal 100.0% 100.0% 100.0% 11.6
Brisbane Transit Centre, Brisbane QLD 50% 29,400 62.6 9.00% Internal 47.8% 47.8% 51.6% 3.2
One One One Eagle Street, Brisbane QLD 33% 63,800 273.7 5.75% Internal 97.2% 97.6% 97.6% 7.6
Riverside Centre, Brisbane QLD 100% 51,800 603.4 6.25% Internal 88.6% 88.6% 88.9% 3.7
545 Queen Street, Brisbane QLD 100% 13,100 82.0 7.75% n/a [1] 100.0% 100.0% 100.0% 1.5
Total 1,192,800 5.94% 93.3% 96.0% 96.8% 5.8
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No valuation was undertaken for 545 Queen Street in December. The asset has been sold and will settle in August 2016. The sale price has been adopted as the book value.

5.6 Office Portfolio

External Valuation Summary

100% of the GPT office portfolio was valued externally in the 12 months to 31 December 2015.

Valuation	Interest	Cap Rate	Terminal Cap	Discount Rate
State Date Valuer ($m)	(%)	(%)	Rate (%)	(%)
GPT Portfolio
Australia Square, Sydney NSW 30 Jun 15 Savills 338.3	50%	6.12%	6.28%	7.80%
Citigroup Centre, Sydney NSW 31 Dec 15 Colliers 490.0	50%	5.88%	6.13%	7.38%
MLC Centre, Sydney NSW 31 Dec 15 KF 459.8	50%	6.13%	6.50%	7.75%
1 Farrer Place, Sydney NSW 30 Jun 15 KF 362.5	25%	5.50%	5.75%	7.50%
Melbourne Central Tower, Melbourne VIC 31 Dec 15 KF 469.0	100%	5.75%	6.00%	7.50%
CBW, Melbourne VIC 30 Sep 15 JLL 316.5	50%	6.25%	6.25%	7.75%
One One One Eagle Street, Brisbane QLD 30 Sep 15 Colliers 273.0	33%	5.75%	6.00%	7.50%

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Liberty Place, Sydney

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Valuation Interest Cap Rate Terminal Cap Discount Rate
State Date Valuer ($m) (%) (%) Rate (%) (%)
GWOF Portfolio
Liberty Place, Sydney NSW 30 Sep 15 JLL 535.0 50% 5.25% 5.75% 7.50%
DP1: 5.88% DP1: 6.13% DP1: 7.50%
Darling Park 1 & 2, Sydney NSW 31 Dec 15 Colliers 737.0 50%
DP2: 5.63% DP2: 6.13% DP2: 7.38%
Darling Park 3, Sydney NSW 31 Dec 15 Colliers 336.0 100% 6.00% 6.25% 7.75%
HSBC Centre, Sydney NSW 30 Sep 15 Colliers 374.0 100% 6.50% 6.88% 7.75%
workplace [6] , Sydney NSW 31 Dec 15 Savills 197.0 100% 6.50% 6.63% 7.50%
The Zenith, Chatswood NSW 31 Dec 15 Colliers 137.5 50% 7.25% 7.50% 7.88%
2 Southbank Boulevard, Melbourne VIC 30 Sep 15 Colliers 217.5 50% 6.00% 6.25% 7.75%
8 Exhibition Street, Melbourne VIC 30 Sep 15 CBRE 195.0 50% 5.63% 5.88% 7.75%
Twenty8 Freshwater Place, Melbourne VIC 30 Sep 15 Colliers 126.9 50% 6.63% 6.75% 7.75%
150 Collins Street, Melbourne VIC 30 Sep 15 Savills 188.0 100% 5.75% 6.13% 7.75%
530 Collins Street, Melbourne VIC 30 Sep 15 JLL 535.0 100% 5.88% 6.25% 7.75%
655 Collins Street, Melbourne VIC 30 Sep 15 CBRE 130.0 100% 5.50% 6.00% 8.00%
750 Collins Street, Melbourne VIC 31 Dec 15 KF 270.0 100% 6.75% 6.50% 7.50%
CBW, Melbourne VIC 30 Sep 15 JLL 316.5 50% 6.25% 6.25% 7.75%
800/808 Bourke Street, Melbourne VIC 30 Sep 15 KF 466.5 100% 5.50% 5.75% 7.25%
Brisbane Transit Centre, Brisbane QLD 30 Sep 15 KF 62.5 50% 9.00% 9.00% 9.25%
One One One Eagle Street, Brisbane QLD 30 Sep 15 Colliers 273.0 33% 5.75% 6.00% 7.50%
Riverside Centre, Brisbane QLD 30 Sep 15 JLL 601.0 100% 6.25% 6.50% 7.75%
545 Queen Street, Brisbane QLD 30 Sep 15 JLL 81.0 100% 7.75% 8.00% 8.25%
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5.8 Office Portfolio

Income and Fair Value Schedule

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Income Fair Value Reconciliation
12 months to
31 December ($m) Capex
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 14 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 15 Portfolio
2014 2015 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Australia Square, Sydney 20.5 22.3 1.9 327.0 0.0 4.2 7.3 0.0 0.0 3.8 0.1 342.4 9.2
Citigroup Centre, Sydney 26.7 30.1 3.4 432.5 0.0 1.1 14.0 0.0 0.0 40.1 2.3 490.0 13.2
MLC Centre, Sydney 19.9 20.6 0.7 383.2 38.1 7.5 12.4 0.0 0.0 17.5 1.0 459.8 12.4
1 Farrer Place, Sydney 21.6 17.4 (4.2) 340.4 0.0 6.8 14.6 0.0 0.0 16.3 (0.4) 377.7 10.2
Melbourne Central Tower, Melbourne 25.9 29.2 3.3 427.0 7.8 3.8 2.0 0.0 0.0 28.0 0.4 469.0 12.6
CBW, Melbourne 4.5 18.7 14.2 304.7 0.0 0.5 0.8 0.0 0.0 11.3 0.1 317.5 8.6
One One One Eagle Street, Brisbane 13.7 15.5 1.8 246.7 0.0 0.7 3.6 0.0 0.0 22.6 0.1 273.7 7.4
Equity Interests
GPT Equity Interest in GWOF (20.4%) [2] 54.2 58.5 4.3 890.3 0.0 0.0 0.0 14.7 0.0 73.1 2.2 980.3 26.4
Total Office Portfolio 187.0 [1] 212.4 25.4 3,351.8 46.0 24.5 54.8 14.7 0.0 212.7 5.8 3,710.3
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2014 income is exclusive of income of $9.0m received from 818 Bourke Street, Melbourne. The asset was sold during in 2014 and no income was received in 2015.
GPT Equity Interest in GWOF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations of investment property and mark to market movements of financial instruments. Net income for the 12 months to 31 December 2015 represents GPT’s share of FFO for the period.

5.9 Office Portfolio

Office Sustainability

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NABERS Energy Rating
(including Green Power) NABERS Water Rating
2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015
GPT Portfolio
Australia Square, Sydney (Tower) 4.0 4.5 5.0 4.5 4.0 4.0 4.0 4.5 3.5 4.0 4.0 4.0 4.0 3.0 3.0 3.5
Australia Square, Sydney (Plaza) 5.0 5.0 5.0 5.0 5.0 5.5 5.5 5.5 3.5 4.0 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 5.0 4.0 4.0 3.5 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 5.0 2.5 3.0 3.5 3.0 3.5 4.0 4.0 4.0
1 Farrer Place, Sydney (GMT) 3.0 3.0 4.5 4.5 4.5 4.5 4.0 4.5 – 2.5 4.0 4.0 3.5 – 3.5 3.0
1 Farrer Place, Sydney (GPT) 3.0 3.0 4.0 4.0 4.5 4.5 4.5 4.0 – 3.0 3.0 3.5 3.5 – 3.5 3.0
Melbourne Central, Melbourne 4.5 4.5 5.0 5.0 5.0 4.5 4.5 4.5 2.0 3.5 2.5 3.0 3.0 3.0 3.0 3.0
CBW, Melbourne – – – – – – 5.0/5.0 5.0/5.0 – – – – – – 4.5/4.5 4.5/4.5
One One One Eagle Street, Brisbane – – – – – – 5.5 5.5 – – – – – 4.5 4.5 4.5
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One One One Eagle Street, Brisbane

5.10 Office Portfolio

Office Sustainability (continued)

NABERS Energy Rating (including Green Power)

NABERS Water Rating

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2008 2009 2010 2011 2012 2013 2014 2015 2008 2009 2010 2011 2012 2013 2014 2015
GWOF Portfolio
Liberty Place, Sydney – – – – – – 5.0 5.0 – – – – – – – 3.5
Darling Park 1, Sydney 4.5 4.0 5.5 5.5 5.0 5.0 5.0 5.5 2.0 2.5 3.5 3.5 3.5 3.0 3.0 3.0
Darling Park 2, Sydney 5.0 5.0 5.0 5.5 5.0 5.5 5.5 5.5 3.0 3.0 3.5 3.0 3.0 3.5 3.5 3.5
Darling Park 3, Sydney 5.0 5.0 5.5 5.5 5.0 5.0 5.0 5.5 3.5 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 5.0 3.0 3.0 2.5 2.5 3.5 3.0 3.0 3.5
workplace [6] , Sydney – – 5.5 5.5 5.0 5.0 5.0 5.5 – – 5.0 5.0 5.0 5.0 5.0 4.0
The Zenith, Chatswood 3.0 3.0 3.5 4.0 5.0 5.5 5.0 5.0 1.5 2.5 2.0 3.0 4.0 4.0 3.5 5.0
2 Southbank Boulevard, Melbourne – – – – – 4.5 4.5 5.0 – – – – – 3.5 3.5 3.5
8 Exhibition Street, Melbourne – – – – – 4.5 4.5 4.5 – – – – – 3.5 4.0 4.5
Twenty8 Freshwater Place, Melbourne – – 5.0 5.0 5.0 5.0 5.0 5.5 – – 4.5 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 5.0 3.0 3.0 3.5 3.0 3.0 2.0 2.0 3.0
655 Collins Street, Melbourne – – – – – 4.5 4.5 4.0 – – – – – 5.5 5.5 4.5
750 Collins Street, Melbourne – – – – – 4.5 4.5 4.5 – – – – – 4.5 4.5 4.0
CBW, Melbourne – – – – – – 5.0/5.0 5.0/5.0 – – – – – – 4.5/4.5 4.5/4.5
800/808 Bourke Street, Melbourne 4.5 5.0 5.0 4.5 5.0 5.0 5.0 5.0 3.0 3.0 2.5 2.5 2.5 3.0 3.0 3.5
Brisbane Transit Centre, Brisbane – – – – 5.0/5.5 5.0/5.0 5.0/5.0 5.0/5.0 – – – – 2.5/3.5 3.0/3.5 3.5/3.5 3.5/3.5
One One One Eagle Street, Brisbane – – – – – 5.5 5.5 5.5 – – – – – 4.5 4.5 4.5
Riverside Centre, Brisbane 5.0 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 3.5
545 Queen Street, Brisbane – 5.0 5.0 5.0 5.5 5.0 5.0 5.0 – – 4.5 4.0 4.0 – 4.0 4.0
Portfolio Average 4.4 4.6 4.8 5.0 5.0 5.0 4.9 5.0 2.8 3.2 3.3 3.7 3.7 3.7 3.5 3.8
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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.

5.11 Office Portfolio

Office Sustainability

Water (Total)	Emissions	Waste
Area NLA Litres/m2	kg CO2-e/m2	% Recycled/Reused
GPT Portfolio
Australia Square, Sydney 51,400 982	87	63%
Citigroup Centre, Sydney 73,200 670	78	75%
MLC Centre, Sydney 67,400 608	55	30%
1 Farrer Place, Sydney 85,300 757	86	58%
Melbourne Central Tower, Melbourne 65,600 694	46	18%
CBW, Melbourne 76,100 556	36	23%
One One One Eagle Street, Brisbane 63,800 493	33	44%

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2 Southbank Boulevard, Melbourne

5.12 Office Portfolio

Office Sustainability (continued)

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Water (Total) Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Reused
GWOF Portfolio
Liberty Place, Sydney 56,400 853 71 58%
Darling Park 1 & 2, Sydney 101,900 932 36 56%
Darling Park 3, Sydney 29,800 746 37 57%
HSBC Centre, Sydney 37,200 652 61 50%
workplace [6] , Sydney 16,300 440 38 51%
The Zenith, Chatswood 43,500 658 61 58%
2 Southbank Boulevard, Melbourne 53,500 503 42 48%
8 Exhibition Street, Melbourne 44,600 314 75 61%
Twenty8 Freshwater Place, Melbourne 33,900 394 30 62%
150 Collins Street, Melbourne 19,000 587 41 33%
530 Collins Street, Melbourne 66,000 646 48 57%
655 Collins Street, Melbourne 16,600 600 60 29%
750 Collins Street, Melbourne 37,300 248 41 36%
CBW, Melbourne 76,100 556 36 23%
800/808 Bourke Street, Melbourne 59,600 548 16 41%
Brisbane Transit Centre, Brisbane 29,400 616 68 37%
One One One Eagle Street, Brisbane 63,800 493 33 44%
Riverside Centre, Brisbane 51,800 731 53 71%
545 Queen Street, Brisbane 13,100 624 48 29%
Portfolio Average 633 52 52%
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Note: Only recycled waste reported.

Logistics Portfolio

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6.1 Logistics Portfolio

Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 31 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.

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NT
QLD
Brisbane
WA
3
SA
NSW Sydney
24
VIC
4 Melbourne
l Number of assets in each state
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
36–52 Templar Road, Erskine Park
54–70 Templar Road, Erskine Park
67–75 Templar Road, Erskine Park
29–55 Lockwood Road, Erskine Park
2–4 Harvey Road, Kings Park
407 Pembroke Road, Minto (50%)
4 Holker Street, Newington
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

New South Wales

GMF Owned

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

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

16–28 Quarry Road, Yatala
59 Forest Way, Karawatha

GMF Owned

Optus Centre, Fortitude Valley
372–374 Victoria Street, Wetherill Park
38 Pine Road, Yennora

6.2 Logistics Portfolio

Logistics Portfolio Summary

The logistics portfolio delivered a Total Portfolio Return of 13.7%, underpinned by a high occupancy level of 92.3% and a long weighted average lease expiry of 8.2 years.

Top Ten Tenants[1] As at 31 December 2015

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Rand Freedom
Wesfarmers Toll Transport TNT Australia Furniture
16.7% 7.0% 5.8% 5.3% 4.4%
4.3% 3.9% 3.8% 3.7% 3.2%
Australian Schenker Goodman Vodafone Super Cheap
Pharmaceutical Australia Fielder Auto
Industries
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Key Operating Metrics	Key Operating Metrics	Key Operating Metrics	Key Operating Metrics
As at 31	December 2015
		2015	2014
Number of Assets²		31	32
Portfolio Value3		$1,348.6m	$1,306.7m
Comparable Net Income Growth		0.7%	(0.5%)
Occupancy4		92.3%	95.1%
Weighted Average Lease Expiry		8.2 years	6.2 years

Consolidated properties are counted individually.
Includes equity interest in GMF. Excludes land and development held in GPTMH.
Includes Signed Leases.

Geographic Weighting As at 31 December 2015

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NSW
65%
VIC
23%
QLD
12%
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Based on gross rent.

6.3 Logistics Portfolio

Lease Expiry Profile

The portfolio has an attractive lease expiry profile with a weighted average lease expiry of 8.2 years.

Lease Expiry Profile (by Income)

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41%
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18%
10%
9%
7%
4% 4%
3% 3%
1%
0%
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+
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Note: Includes Signed Leases and Heads of Agreements.

6.4 Logistics Portfolio

Logistics Portfolio Summary

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Logistics Occupancy
GLA (100% 31 Dec 15 31 Dec 15 External or Inc. WALE
Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income
State Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100% 41,900 79.0 7.25% External 100.0% 100.0% 100.0% 2.8
10 Interchange Drive, Eastern Creek NSW 100% 15,100 30.8 7.00% External 100.0% 100.0% 100.0% 4.5
16–34 Templar Road, Erskine Park NSW 100% 15,200 51.5 6.50% External 100.0% 100.0% 100.0% 13.5
36–52 Templar Road, Erskine Park NSW 100% 24,500 84.3 6.13% Internal 100.0% 100.0% 100.0% 19.1
54–70 Templar Road, Erskine Park NSW 100% 21,000 135.8 6.00% Internal 100.0% 100.0% 100.0% 19.5
67–75 Templar Road, Erskine Park NSW 100% 12,700 22.5 6.75% External 100.0% 100.0% 100.0% 6.1
29–55 Lockwood Road, Erskine Park NSW 100% 32,200 81.5 6.00% External 100.0% 100.0% 100.0% 14.0
2–4 Harvey Road, Kings Park NSW 100% 40,300 46.7 8.25% Internal 100.0% 100.0% 100.0% 1.7
407 Pembroke Road, Minto NSW 50% 15,300 25.0 8.00% Internal 100.0% 100.0% 100.0% 3.9
4 Holker Street, Newington NSW 100% 7,400 30.5 8.75% Internal 100.0% 100.0% 100.0% 1.5
83 Derby Street, Silverwater NSW 100% 17,000 29.3 6.50% External 100.0% 100.0% 100.0% 10.0
3 Figtree Drive, Sydney Olympic Park NSW 100% 6,800 21.0 8.25% Internal 100.0% 100.0% 100.0% 1.0
5 Figtree Drive, Sydney Olympic Park NSW 100% 8,800 23.8 8.25% Internal 100.0% 100.0% 100.0% 3.1
7 Figtree Drive, Sydney Olympic Park¹ NSW 100% 3,500 13.8 n/a Internal 100.0% 100.0% 100.0% 1.5
6 Herb Elliott Avenue, Sydney Olympic Park¹ NSW 100% 4,100 13.2 n/a Internal 0.0% 0.0% 0.0% n/a
8 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 3,300 10.6 n/a Internal 100.0% 100.0% 100.0% 4.1
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Logistics Occupancy
GLA (100% 31 Dec 15 31 Dec 15 External or Inc. WALE
Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income
State Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years)
Quad 1, Sydney Olympic Park NSW 100% 4,600 [2] 24.9 7.75% Internal 85.4% 85.4% 89.0% 3.9
Quad 4, Sydney Olympic Park NSW 100% 8,100 [2] 41.4 6.75% Internal 100.0% 100.0% 100.0% 14.0
372–374 Victoria Street, Wetherill Park NSW 100% 20,500 19.0 8.00% External 100.0% 100.0% 100.0% 4.2
38 Pine Road, Yennora NSW 100% 33,200 50.5 7.75% Internal 100.0% 100.0% 100.0% 3.2
Citiwest Industrial Estate, Altona North VIC 100% 90,000 66.6 7.90% External 65.5% 65.5% 65.5% 2.2
Citiport Business Park, Port Melbourne VIC 100% 27,000 68.4 7.75% Internal 90.2% 91.1% 91.1% 3.4
Austrak Business Park, Somerton VIC 50% 205,300 155.1 6.67% External 92.0% 92.0% 92.0% 9.2
16–28 Quarry Road, Yatala QLD 100% 40,800 47.4 8.75% Internal 94.9% 94.9% 94.9% 1.1
59 Forest Way, Karawatha QLD 100% 44,000 98.6 6.50% Internal 100.0% 100.0% 100.0% 13.2
GMF Portfolio
3 Murray Rose Avenue, Sydney Olympic Park NSW 100% 13,300 [2] 86.0 6.75% External 100.0% 100.0% 100.0% 6.2
5 Murray Rose Avenue, Sydney Olympic Park NSW 100% 12,300 [2] 86.7 6.50% External 100.0% 100.0% 100.0% 8.3
Quad 2, Sydney Olympic Park NSW 100% 5,100 [2] 26.7 7.75% Internal 93.7% 93.7% 100.0% 3.6
Quad 3, Sydney Olympic Park NSW 100% 5,200 [2] 27.1 7.75% Internal 95.1% 95.1% 95.1% 3.3
Vantage, 109 Burwood Road, Hawthorn VIC 100% 12,400 [2] 67.1 7.50% Internal 69.2% 69.2% 69.2% 4.3
Optus Centre, 15 Green Square Close,
QLD 100% 16,200 [2] 119.3 7.25% Internal 100.0% 100.0% 100.0% 6.0
Fortitude Valley
Total 807,100 7.03% 92.3% 92.3% 92.4% 8.2
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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. 2. NLA.

6.6 Logistics Portfolio

External Valuation Summary

82% of the logistics portfolio was valued externally in the 12 months to 31 December 2015.

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Interest Cap Rate Terminal Cap Discount Rate
State Date Valuer Valuation ($m) (%) (%) Rate (%) (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 31 Dec 15 Urbis 79.0 100% 7.25% 7.75% 8.25%
10 Interchange Drive, Eastern Creek NSW 31 Dec 15 JLL 30.8 100% 7.00% 7.00% 8.50%
16–34 Templar Road, Erskine Park NSW 31 Dec 15 CBRE 51.5 100% 6.50% 7.75% 8.50%
36–52 Templar Road, Erskine Park NSW 2 Feb 15 CBRE 84.3 100% 6.13% 6.88% 8.25%
54–70 Templar Road, Erskine Park NSW 30 Jun 15 JLL 135.0 100% 6.00% 6.50% 7.50%
67–75 Templar Road, Erskine Park NSW 31 Dec 15 CBRE 22.5 100% 6.75% 7.25% 8.50%
29–55 Lockwood Road, Erskine Park NSW 31 Dec 15 CBRE 81.5 100% 6.00% 6.50% 8.00%
2–4 Harvey Road, Kings Park NSW 30 Jun 14 Savills 46.5 100% 8.25% 8.50% 9.25%
407 Pembroke Road, Minto NSW 31 Dec 14 m3 25.0 50% 8.00% 8.00% 9.25%
4 Holker Street, Newington NSW 30 Jun 14 Colliers 24.0 100% 8.75% 9.75% 10.00%
83 Derby Street, Silverwater NSW 31 Dec 15 m3 29.3 100% 6.50% 6.75% 8.25%
3 Figtree Drive, Sydney Olympic Park NSW 31 Dec 14 CBRE 21.0 100% 8.25% 8.75% 10.00%
5 Figtree Drive, Sydney Olympic Park NSW 30 Jun 14 CBRE 23.6 100% 8.25% 8.75% 9.00%
7 Figtree Drive, Sydney Olympic Park¹ NSW 31 Dec 14 CBRE 13.8 100% n/a n/a n/a
6 Herb Elliott Avenue, Sydney Olympic Park¹ NSW 31 Dec 14 CBRE 13.0 100% n/a n/a n/a
8 Herb Elliott Avenue, Sydney Olympic Park¹ NSW 31 Dec 14 CBRE 10.6 100% n/a n/a n/a
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Interest Cap Rate Terminal Cap Discount Rate
State Date Valuer Valuation ($m) (%) (%) Rate (%) (%)
Quad 1, Sydney Olympic Park NSW 30 Jun 15 Savills 24.3 100% 7.75% 7.75% 8.50%
Quad 4, Sydney Olympic Park NSW 30 Jun 15 Savills 36.5 100% 6.75% 7.50% 8.75%
372–374 Victoria Street, Wetherill Park NSW 31 Dec 15 JLL 19.0 100% 8.00% 8.00% 9.00%
38 Pine Road, Yennora NSW 30 Jun 15 CBRE 50.0 100% 7.75% 8.25% 8.25%
Citiwest Industrial Estate, Altona North VIC 31 Dec 15 Savills 66.6 100% 7.90% 8.51% 8.87%
Citiport Business Park, Port Melbourne VIC 30 Jun 15 Urbis 66.0 100% 7.75% 8.00% 8.50%
Austrak Business Park, Somerton VIC 31 Dec 15 m3 155.1 50% 6.67% 6.86% 7.82%
16–28 Quarry Road, Yatala QLD 31 Dec 14 KF 47.3 100% 8.75% 9.00% 9.50%
59 Forest Way, Karawatha QLD 30 Jun 15 m3 98.5 100% 6.50% 7.25% 8.50%
GMF Portfolio
3 Murray Rose Avenue, Sydney Olympic Park NSW 31 Dec 15 Savills 86.0 100% 6.75% 7.00% 8.00%
5 Murray Rose Avenue, Sydney Olympic Park NSW 31 Dec 15 Savills 86.7 100% 6.50% 6.75% 7.75%
Quad 2, Sydney Olympic Park NSW 30 Jun 15 KF 26.5 100% 7.75% 8.00% 8.75%
Quad 3, Sydney Olympic Park NSW 30 Jun 15 KF 26.8 100% 7.75% 8.00% 8.75%
Vantage, 109 Burwood Road, Hawthorn VIC 30 Jun 15 Colliers 66.0 100% 7.50% 7.75% 8.75%
Optus Centre, 15 Green Square Close, Fortitude Valley QLD 30 Jun 15 KF 119.2 100% 7.25% 7.38% 8.50%
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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.

6.8 Logistics Portfolio

Income and Fair Value Schedule

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Income Fair Value Reconciliation
12 months to
31 Dec ($m) Capex
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 14 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 15 Portfolio
2014 2015 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia 5.7 5.9 0.2 75.0 0.4 0.1 0.1 0.0 0.0 3.5 (0.1) 79.0 5.9
10 Interchange Drive, Eastern Creek 2.3 2.4 0.1 30.0 0.0 0.1 0.0 0.0 0.0 0.7 0.0 30.8 2.3
16–34 Templar Road, Erskine Park 3.5 3.5 0.0 41.0 0.0 0.0 0.0 0.0 0.0 10.5 0.0 51.5 3.8
36–52 Templar Road, Erskine Park 0.0 5.0 5.0 77.5 2.5 0.1 0.0 0.0 0.0 4.3 0.0 84.3 6.3
54–70 Templar Road, Erskine Park 0.0 5.2 5.2 92.0 27.7 0.0 0.0 0.0 0.0 16.0 0.0 135.8 10.1
67–75 Templar Road, Erskine Park 1.7 1.7 0.1 20.5 0.0 0.0 0.0 0.0 0.0 2.0 0.0 22.5 1.7
29–55 Lockwood Road, Erskine Park 0.2 4.9 4.7 77.0 (0.7) 0.1 0.0 0.0 0.0 5.1 0.0 81.5 6.0
2–4 Harvey Road, Kings Park 4.2 4.3 0.1 46.5 0.0 0.1 0.0 0.0 0.0 0.0 0.0 46.7 3.5
407 Pembroke Road, Minto 2.3 2.4 0.1 25.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 25.0 1.9
4 Holker Street, Newington 3.3 3.4 0.1 24.2 6.2 0.0 0.0 0.0 0.0 0.0 0.0 30.5 2.3
83 Derby Street, Silverwater 2.4 2.4 0.1 28.4 0.0 0.1 0.0 0.0 0.0 0.8 0.0 29.3 2.2
3 Figtree Drive, Sydney Olympic Park 1.9 2.0 0.1 21.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 21.0 1.6
5 Figtree Drive, Sydney Olympic Park 2.0 2.0 0.1 23.8 0.0 0.0 0.0 0.0 0.0 0.0 (0.1) 23.8 1.8
7 Figtree Drive, Sydney Olympic Park 1.0 1.0 0.0 13.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 13.8 1.0
6 Herb Elliott Avenue, Sydney Olympic Park 0.8 0.2 (0.6) 13.0 0.2 0.0 0.0 0.0 0.0 0.0 0.0 13.2 1.0
8 Herb Elliott Avenue, Sydney Olympic Park 0.8 0.8 0.0 10.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.6 0.8
Quad 1, Sydney Olympic Park 0.8 1.0 0.2 21.4 0.0 0.7 0.5 0.0 0.0 2.3 0.0 24.9 1.8
Quad 4, Sydney Olympic Park 3.0 2.9 (0.2) 31.2 0.0 1.1 3.8 0.0 0.0 5.3 0.0 41.4 3.1
372–374 Victoria Street, Wetherill Park 1.8 1.9 0.1 21.0 0.0 0.5 0.5 0.0 0.0 (3.0) 0.0 19.0 1.4
38 Pine Road, Yennora 4.0 4.1 0.1 45.8 0.0 0.1 0.4 0.0 0.0 4.1 0.1 50.5 3.7
Citiwest Industrial Estate, Altona North 5.9 4.7 (1.2) 67.5 0.0 0.7 1.0 0.0 0.0 (2.7) 0.1 66.6 4.9
Citiport Business Park, Port Melbourne 3.7 4.2 0.4 60.0 0.0 1.8 2.0 0.0 0.0 4.3 0.2 68.4 5.1
Austrak Business Park, Somerton 9.9 9.6 (0.4) 144.4 0.0 1.7 0.0 0.0 0.0 9.1 0.0 155.1 11.5
16–28 Quarry Road, Yatala 4.5 4.3 (0.2) 47.3 0.0 0.2 0.0 0.0 0.0 0.0 0.0 47.4 3.5
59 Forest Way, Karawatha 5.1 6.6 1.5 94.5 0.0 0.1 0.0 0.0 0.0 3.9 0.0 98.6 7.3
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GPT Equity Interest in GMF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations of investment property and mark to market movements of financial instruments. Net income for the 12 months to 31 December 2015 represents GPT’s share of FFO for the period.
Excludes $8.8 million which was attributable to 5 Murray Rose Avenue, Quad 2, Quad 3 and 134–140 Fairbairn Road, which were sold in 2014.

Development

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7.1

Development

Development Overview

GPT has $0.2 billion in development projects currently underway across the retail, office and logistics sectors, with an additional $3.5 billion pipeline of future development opportunities on behalf of assets owned on balance sheet and in GPT’s funds.

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Forecast Cost to Complete
Forecast Target
Sector Ownership Interest (%) Total Cost ($m) GPT’s Share ($m) Fund’s Share ($m) Completion Date
Underway
Macarthur Square, NSW Retail 50% GWSCF 120 0 98 2H 2017
Casuarina Square, NT Retail 50% GPT / 50% GWSCF 34 14 14 2H 2016
Total Underway 154 14 112
Planned
Rouse Hill Town Centre, NSW Retail 100% GPT 300 300 0
Sunshine Plaza, QLD Retail 50% GPT 200 200 0
Westfield Woden, ACT Retail 50% GWSCF 100 0 100
Casuarina Square, NT Retail 50% GPT / 50% GWSCF 230 115 115
MLC Centre, NSW Office 50% GPT 75 75 0
4 Murray Rose Avenue, Sydney Olympic Park, NSW Logistics 100% GPT 86 83 0
Austrak Business Park, Minto, NSW Logistics 50% GPT 15 10 0
Erskine Park, NSW Logistics 100% GPT 23 15 0
Austrak Business Park, Somerton, VIC Logistics 50% GPT 67 48 0
Metroplex, Wacol, QLD Logistics 50% GPT 150 104 0
Wembley Business Park, Berrinba, QLD Logistics 100% GPT 124 96 0
Total Planned 1,371 1,046 215
Future Pipeline
Highpoint Shopping Centre, VIC Retail 16.67% GPT / 58.33% GWSCF 334 74 260
Parkmore Shopping Centre, VIC Retail 100% GWSCF 30 0 30
Chirnside Park, VIC Retail 100% GWSCF 70 0 70
Other 1,650 850 800
Total Future Pipeline 2,084 924 1,160
Total Underway, Planned and Future Pipeline 3,609 1,985 1,487
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Excludes development capex for minor asset positioning and remixing works, and the MLC Centre façade works.

Funds Management

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8.1 Funds Management

GPT Funds Management Summary

The Group’s Funds Management platform provides GPT with an important source of income through funds management, property management and development management fees. In addition, the platform provides GPT investors with access to a steady income stream through a significant co-investment in the Group’s Funds Management platform.

GPT’s Funds Management platform includes the GPT Wholesale Office Fund (GWOF), the GPT Wholesale Shopping Centre Fund (GWSCF) and the ASX-listed GPT Metro Office Fund (GMF).

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|||||
|---|---|---|---|
|Fund Summary as at 31 December 2015|GWOF|GWSCF|GMF|
|Number of Assets|19|9|6|
|Total Assets|$5.8bn|$3.8bn|$0.4bn|
|Net Gearing|14.8%|14.2%|28.3%|
|One Year Equity IRR (post-fees)|14.9%|4.4%|13.6%¹|

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Total Unitholder Return.

Fund Details as at 31 December 2015

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|||||
|---|---|---|---|
|GPT's Ownership Interest|20.4%|20.2%|13.0%|
|GPT's Ownership Interest|$980.3m|$623.2m|$36.0m|
|Established|July 2006|March 2007|October 2014|
|Weighted Average Capitalisation Rate|6.03%|5.73%|7.09%|
|Portfolio Occupancy|96.8%|99.4%|94.1%|
|GPT’s Share of Fund FFO|$58.5m|$36.9m|$2.8m|
|GPT Base Management Fee|$24.5m|$17.4m|$2.5m|
|GPT Performance Fee|$13.9m|$0.0m|n/a|

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Highpoint Shopping Centre, VIC

8.2 Funds Management

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.

Historical Growth in Funds under Management

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$10.0b
$9.6b
$7.1b
$6.6b
$5.3b $5.6b
Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015
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Growth in Funds under Management for the 12 months to 31 December 2015

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$0.6b ($0.1b) $10.0b
$9.6b
Dec 14 FUM Developments Acquisitions Divestments Dec 15 FUM
& Asset Growth & New Funds
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GWOF performance versus benchmark

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17.1
15.1 15.7 15.3 14.8
12.811.8 11.7 11.5
10.3 10.4 10.1 10.1
8.5 8.7 8.6
7.2
6.2
5.6
3.1
GWOF Mercer / IPD Peer 1 Peer 2 Peer 3
All Office Index
Total return (%)
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GWSCF performance versus benchmark

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12.4
11.5
9.58.88.7 9.68.6 8.88.38.4 9.99.78.3
6.8 [7.4] 6.5 6.9 7.0 6.5
4.4
GWSCF Mercer / IPD Peer 1 Peer 2 Peer 3
All Retail Index
Total return (%)
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1 Year 3 Years 5 Years 7 Years
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1 Year 3 Years 5 Years 7 Years
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Source: Mercer / IPD.

AI assistant

GPT GROUP — Annual Report 2015

65009_rns_2016-02-17_7ca50fd0-9dfd-441a-b16e-753e16948940.pdf

GPT Overview

GPT Portfolio Diversity

Retail Portfolio

Office Portfolio

Logistics Portfolio

GPT Portfolio Metrics

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

Structured Rental Increases[3]

GPT Securityholder Overview

Glossary

Financial Summary

Results Summary

Funds From Operations to Adjusted Funds From Operations

Capital Expenditure Overview

NTA Movement

Capital Management Summary

Look Through Gearing

Debt

Debt Facilities

Current Debt Facilities as at 31 December 2015

Debt Maturity Profile

Debt Maturity Profile

Liquidity Profile

Hedging Profile

Hedging Profile as at 31 December 2015

Retail Portfolio

Retail Portfolio Overview

Northern Territory

GPT Owned

GWSCF Owned

Queensland

GPT Owned

New South Wales

GPT Owned

GWSCF Owned

Australian Capital Territory

GWSCF Owned

Victoria

GPT Owned

GWSCF Owned

Retail Portfolio Summary

Retail Portfolio Summary

Retail Sales Summary

Comparable Change in Retail Sales by Category

Retail Sales

Lease Expiry Profile

External Valuation Summary

Income and Fair Value Schedule

Retail Sustainability

Office Portfolio

Office Portfolio Overview

New South Wales

GPT Owned

GWOF Owned

Victoria

GPT Owned

Victoria

GWOF Owned

Queensland

GPT Owned

GWOF Owned

Office Portfolio Summary

Lease Expiry Profile

Office Portfolio Summary

External Valuation Summary

100% of the GPT office portfolio was valued externally in the 12 months to 31 December 2015.

Income and Fair Value Schedule

Office Sustainability

Office Sustainability (continued)

NABERS Water Rating

Office Sustainability

Office Sustainability (continued)

Logistics Portfolio Overview

New South Wales

GPT Owned

New South Wales

GMF Owned

GPT GROUP Annual Report 2015