GPT GROUP - Annual Report 2018 | FinancialReports.eu

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ANNUAL RESULT

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2017

AGENDA

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SECTION SPEAKER
2017 Annual Result Highlights Bob Johnston
Financial Summary & Capital Management Anastasia Clarke
Retail Vanessa Orth
Office & Logistics Matthew Faddy
Funds Management Nicholas Harris
Summary & Outlook Bob Johnston
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ANNUAL RESULT 2017

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RESULTS PRESENTATION

2017 Annual Result Highlights

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Key Outcomes in 2017
$
3.0% 5.1% 15.2% 5.04 24.4%
Growth in Growth in Total Net Tangible Assets Net gearing
Funds From Operations Distribution Return per security
per security per security
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Group highlights in 2017

Group Assets Under Management increased 12% to $21.5 billion
NTA per security growth of 9.8%
Interest rate hedging increased to 76% for 2018
Active capital management to maintain strong balance sheet

Progressing strategic priorities

Business Outcomes

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4.4% $718M 96.8% 5.2YRS 5.27% $12.0B
Portfolio like for Valuation Total portfolio Weighted Average Weighted Average Funds Under
like income uplift occupancy Lease Expiry Cap Rate Management
growth
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INVESTMENT PORTFOLIO & OPERATIONS

DEVELOPMENT

Office portfolio continues to deliver outperformance
Resilient Retail portfolio delivered 3.8% income growth
Completion of GWSCF terms renewal and liquidity review
- Development pipeline continues to be a focus and a source of new investment assets for the Group
- 32 Smith Street, Parramatta office development expected to commence in 2H 2018
Increased investment in GWSCF
GWSCF acquired the remaining 25 per cent stake in Highpoint Shopping Centre for $680 million
Record leasing volumes in Office and Logistics
4 Murray Rose Ave, Sydney Olympic Park, on track for completion in Q4 2018
Successful lease-up of logistics development assets
Alternate options for Rouse Hill Town Centre expansion continue to be explored

RESULTS PRESENTATION

FINANCE & TREASURY

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ANNUAL RESULT 2017

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Financial Summary

12 MONTHS TO 31 DECEMBER ($ MILLION)	2017	2016	CHANGE
Funds From Operations (FFO)	554.2	537.0	3.2%
Valuation increases	717.7	611.6
Treasury items marked to market	(2.9)	(23.0)
Other items	0.1	27.1
Net Profit After Tax (NPAT)	1,269.1	1,152.7	10.1%
Funds From Operations per stapled security (cps)	30.77	29.88	3.0%

Funds From Operations (FFO)	554.2	537.0
Maintenance capex	(54.4)	(45.4)
Lease incentives	(53.5)	(70.1)
Adjusted Funds From Operations (AFFO)	446.3	421.5	5.9%
Distribution per stapled security (cps)	24.6	23.4	5.1%

RESULTS PRESENTATION

Segment Result

	12 MONTHS TO 31 DECEMBER ($ MILLION) 2017 2016 CHANGE Retail 318.4 294.1 Office 248.9 225.0 Logistics 94.0 95.4 Funds Management 37.0 61.0 Net Income 698.3 675.5 3.4% Net interest expense (102.4) (100.0) Corporate overheads (30.6) (29.8) Tax expense (11.1) (14.0) Corporate (144.1) (143.8) 0.2% Non-core income - 5.3 Funds From Operations 554.2 537.0 3.2%

Capital Management

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Raised A$400 million in a US Private Placement (USPP) debt issue
Moody’s upgraded GPT’s long term credit rating to A2
Half of all financing now sourced from debt capital markets, enhancing term to maturity

KEY STATISTICS	DEC 2017	DEC 2016
Net tangible assets per security	$5.04	$4.59
Net gearing	24.4%	23.7%
Weighted average cost of debt	4.20%	4.25%
Weighted average term to maturity	7.1 years	6.5 years
Interest cover ratio	6.5x	6.4x
Credit ratings (S&P / Moody’s)	A / A2	A / A3
Weighted average term of hedging	4.8 years	4.4 years
Drawn debt hedging	76%	57%

Sources of Financing Facilities

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CPI Bonds
2%
USPP Domestic bank debt
23% 30%
Bank facilities
50%
Foreign MTNs
4% Debt capital markets
50%
Domestic MTNs Foreign bank debt
21% 20%
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RESULTS PRESENTATION

RETAIL

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ANNUAL RESULT 2017

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Retail Highlights

Key Portfolio Statistics

3.8% 2.2% $11,185 99.6% $281.4M 5.10% Portfolio like for Comparable Specialty sales Total portfolio Valuation Weighted Average like income specialty sales productivity occupancy uplift Cap Rate growth growth per sqm per sqm

•• Total Portfolio Return of 11.1%
•• Property Net Income growth driven by fixed rental increases and the strong performance of the portfolio
•• Valuation gains due to solid income growth and metric compression •• Increased investment in GWSCF, co-ownership stake at 28.8%

RETAIL
FINANCIAL HIGHLIGHTS($M)	2017	2016	CHANGE
Operations Net Income	313.1	288.3	8.6%
Development Net Income	5.3	5.8	(8.6%)
Segment Result	318.4	294.1	8.3%

RESULTS PRESENTATION

Retail Portfolio

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GPT’s portfolio has delivered average
like-for-like NOI growth of 3.0% over the
five years to December 2016
GPT Average
3.0% MELBOURNE HIGHPOINT CHARLESTOWN
CENTRAL
Peer Average
2.8%
• 2017 Total Return 12.3% • 2017 Total Return 20.9% • 2017 Total Return 9.2%
• 100% occupancy • Over $1 billion MAT sales • Specialty sales
• Re-investment of $17m in • Re-mixing introducing 3 productivity of
asset enhancement international retailers in $12,616psm
capital in 2017 2017 forecast to (+6.5% growth)
contribute $35m in sales
3.0% 2.6% 2.5% 2.4% 2.9% 2.9% 3.0% 3.0% 3.8% 3.2% 3.8%
Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
GPT Peer Average
GPT 5 Year Average Peer 5 Year Average
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Retail Sales

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PORTFOLIO MAT GROWTH BY CATEGORY
$11,185
Specialty Sales
per sqm
1.7% 12.3%
10.6%10.7%
Total Centre
GrowthMAT 2.2% 5.9%
Comparable 5.0%
Specialty per sqm 3.1% 3.1%
1.7%
Growth 0.9%
0.3%
-0.7% -0.9% -1.0%
12.3% -2.7% -3.1%
Mini Major -5.4%
MAT Growth
3.1%
Combined
MAT
Growth 0.3%
Specialty
MAT Growth
Excludes development impacted centres - Sunshine Plaza, Macarthur Square, and Wollongong Central
Total centre Dept Store DDS Supermarket Mini Majors Specialties Combined MM / Spec Homewares Retail Services General Retail Leisure Food Catering Food Retail Jewellery Apparel Mobile Phones
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RESULTS PRESENTATION

Retail Leasing

High quality portfolio proving to be resilient in a more challenging leasing market
Portfolio occupancy remains high at 99.6% and holdovers have reduced to 6.6% of specialty expiry rent
Continue to transition into retail growth categories, focussing on first to market, unique retail concepts and bringing online into physical stores

PORTFOLIO LEASING STATISTICS
	2017	2016
Specialty Deal Count	402	504
−Avg. Annual Fixed Increase	4.7%	4.8%
−Avg. Lease Term	4.7 years	4.7 years
Leasing Spread	(1.2%)	0.3%
Retention Rate	74%	75%
Portfolio Occupancy	99.6%	99.6%
Specialty Rent - % of Income Expiring	19.3%	19.6%
Specialty WALE	2.9 years	2.8 years
Specialty Occupancy Cost	17.1%	16.9%

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Statistics exclude development impacted centres; holdovers

Evolving the Retail Mix to meet changes in consumption

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HOUSEHOLD CONSUMPTION (ABS) GPT PORTFOLIO RETAIL SHIFT (5 YEAR CAGR)
COMBINED SPECIALTIES & MINI MAJORS Portfolio
performance remains
12.0% 5 Year CAGR Sales
5 Year CAGR Rent sustainable given the
10.0% active remixing
towards growth
8.0% categories
3.5% 4.6%
6.0%
Discretionary Services Sales CAGR
5 year per annum growth 5 year per annum growth 4.0%
6.4%
2.0%
4.6% 3.4% Rental CAGR
Essentials Goods 0.0% 4.2%
5 year per annum growth 5 year per annum growth
Food Catering Leisure Apparel General Retail Homewares Retail Services Food Retail Specialties Mini Majors
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RESULTS PRESENTATION

Sharing Data Insights to Drive Market Share and Performance

DRIVING MARKET SHARE	SHARING DATA INSIGHTS	PARTNERSHIPS	FOCUSED ON UTILISING MULTIPLE DIGITAL PLATFORMS
		PARTNERING WITH RETAILERS - COTTON ON
			• Long term strategic partnership with the Cotton On Group
			• Sharing our data; Cotton On SKU data, GPT traffic and database
			segment insights
			• Combining data sources to analyse and understand conversion,
			mall and in-store behaviour
		OUTCOME	Partnership to trial and test customised campaigns to influence spend and drive productivity
		LEVERAGING NEW PLATFORMS - AFTERPAY
			• First to market property partnership with the afterpay
			payment platform
			• Targeted campaign focused on fashion forward millennial market
			• Utilised all partners digital platforms to drive visitation to Glue
			and adoption of afterpay
		OUTCOME	AFTERPAY result +70% utilisation GLUE result +33% sales

Retail Development

SUNSHINE PLAZA
• $420m retail expansion (100% interest) • Q4 2018 completion • Specialty leasing program 35% complete • Flagship International and National brands secured • Forecasting incremental stabilised yield greater than 6% DEVELOPMENT ACTIVITY TOTAL COST Current Developments Sunshine (100%) $420m Future Developments Rouse Hill $200m Melbourne Central $50m Casuarina (100%) $80m

RESULTS PRESENTATION

Retail Market Outlook

AUSTRALIAUSTR A LIAN RETAIL SALESN RETAIL SALES

MEDIUM TERM OUTLOOK

ONLINE SALES GROWTH TO CONTINUE though physical stores forecast to represent ~90% of retail sales over the medium term

EMPLOYMENT GROWTH forecast at +3.3% in 2017[1] , reflecting a tightening labour market, and improving business and consumer confidence

MODERATING HOUSE PRICE GROWTH coupled with increases in household costs may constrain consumer spending in the short term

LONGER TERM OUTLOOK

DELOITTE ACCESS ECONOMICS forecast retail sales growth of +4.3% over the next 10 years

POPULATION GROWTH forecast of +1.4% per annum over the next 10 years

Source: ABS

GPT PORTFOLIO

PORTFOLIO IS WELL POSITIONED

HIGHLY PRODUCTIVE PORTFOLIO

CONTINUE TO REMIX CENTRES

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Other Assets
10%
Casuarina Melbourne
Square Central
7% 22%
Sunshine
Plaza
8% 85% located NSW/VIC
99% prime regional assets
Rouse Hill
Town Centre
10%
Highpoint
Shopping
Centre
Westfield 17%
Penrith
11%
Charlestown
Square 15%
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OFFICE

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ANNUAL RESULT 2017

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RESULTS PRESENTATION

Office Highlights

Key Portfolio Statistics

5.0% 5.18% 95.2% $374.1M 5.6YRS 189,500M2	5.0% 5.18% 95.2% $374.1M 5.6YRS 189,500M2
Portfolio like for like income growth Valuation uplift Total portfolio occupancy	Leases signed Weighted Average Cap Rate Office WALE
• Total Portfolio Return of 14.5% • Like for like income growth of 5.0% driven by rental growth and increased occupancy for Sydney assets • Valuation uplift due to rental growth and compression of investment metrics • 225,700sqm of deals including leases signed and terms agreed • Segment Result reflects strong leasing outcomes and the acquisition • • • • •
	OFFICE FINANCIAL HIGHLIGHTS($M) 2017 2016 CHANGE
	Operations Net Income 247.8 223.9 10.7%
	Development Net Income 1.1 1.1 -
	Segment Result 248.9 225.0 10.6%

•• Valuation uplift due to rental growth and compression of investment metrics
•• 225,700sqm of deals including leases signed and terms agreed •• Segment Result reflects strong leasing outcomes and the acquisition of additional GWOF units

Office Portfolio Performance

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MLC Centre, Sydney 2 Park Street, Sydney
Australia Square, One Farrer Place,
Sydney Sydney
MLC 2 PARK AUSTRALIA
580 George Street, NSW 56%
Sydney Darling Park 1, CENTRE STREET SQUARE
VIC 32% 2 & 3, Sydney
CBW, Melbourne QLD 12%
Liberty Place,
Sydney • 2017 Total Return 25.3% • 2017 Total Return 18.1% • 2017 Total Return 14.5%
800-808 Bourke Street,
Melbourne Melbourne Central • 4.6 year WALE • 5.3 year WALE • 3.2 year WALE
A Grade - Other Tower • Tower repositioning now • Over 30,000sqm leased in • Capitalise on strong
complete last 3 years Sydney leasing market
530 Collins Street, Melbourne
Riverside BrisbaneCentre, 111 Eagle BrisbaneStreet, 8 Exhibition MelbourneStreet, • Retail redevelopment opportunity • Diverse tenant base including Amazon, Citi, QBE & Unilever with re-leasing opportunities in 2018/2019
PREMIUM 58% A GRADE 42%
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WALE by income

GPT 2017 Annual Result

RESULTS PRESENTATION

Office Leasing

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189,500sqm signed leases in 2017 with a further 36,200sqm terms agreed
Continuing demand from technology sector, contributing over 20% of 2017 leasing volume
Strategic leasing a key focus with 44% of 2017 signed leases across expiries 2019+
Benefiting from strong Sydney and Melbourne market conditions

MAJOR LEASES SIGNED		OFFICE PORTFOLIO SYDNEY MELBOURNE BRISBANE
	750 Collins Street 41,400sqm Workplace6 16,300sqm Liberty Place 14,100sqm	Leases Signed 189,500sqm 88,200sqm 82,300sqm 19,000sqm
		% Forward Leasing (Expiries 2019+) 44% 38% 52% 33%
	Melbourne Central Tower 7,300sqm Riverside Centre 6,100sqm Darling Park 3 6,000sqm
		WALE by Income 5.6 years 5.4 years 5.7 years 5.8 years

Flexible Workspace Offering Space&Co.

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• Momentum for flexible space continues with significant growth over the past 5 years
• Space&Co. provides a variety of workspace and co-working environments for use on demand
• Powerful differentiator for assets, providing enhanced returns
GPT customers
83% occupancy represent 50%
at 31 December 2017 of Space&Co.
members
Co-working % of market
Expanding
0.6% Australia
Space&Co. venues
1.2% Manhattan
in 2018
4.0% London
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Knight Frank, August 2017. Based on % of Total Stock.

RESULTS PRESENTATION

Office Development

4 MURRAY ROSE, SYDNEY OLYMPIC PARK

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Construction well progressed with completion expected October 2018
60% pre-committed with active enquiry on remaining space
Expected end value of over $100m with a yield on cost over 7%

COCKLE BAY PARK, SYDNEY

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Positive engagement with authorities on proposed scheme at Darling Park
Office and retail precinct of approximately 70,000sqm
Will reconnect the city to the harbour, provide re-energised retail offering, new public and outdoor cultural space

32 SMITH STREET, PARRAMATTA

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Development approval expected in H1 following achievement of design excellence
Strong engagement with blue-chip occupiers
Targeting commencement in 2018 and completion 2020
Expected end value over $230m, yield on cost over 7%

MELBOURNE CENTRAL TOWER, MELBOURNE

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Comprehensive $35m lobby upgrade, realignment of entry, creation of new retail and ‘third space’
Works to commence 2018
Early engagement to seek pre-commitment for a 20,000sqm office tower on Lonsdale Street

Market Outlook

CURRENT MARKET	GPT MARKET FORECAST
Historic Net Effective Rental Growth – 12 months to December 2017 Total Vacancy at December 2017 15.0% -2.7% Brisbane CBD 5.4% 26.0% Sydney CBD Melbourne CBD 6.4% 13.4%	SYDNEY CBD MELBOURNE CBD BRISBANE CBD
	Market Outlook • Vacancy contraction and rent growth forecast for medium term • Net supply to remain low with limited construction in short term • Continued vacancy tightening and rent growth next two years • Demand fuelled by strong Victorian economy and population growth • Ongoing demand recovery has stabilised vacancy, with rental growth to turn positive • No supply forecast for 2018 and to remain moderate over medium term
	Forecast net effective rental growth (next 12 months) 10% 11% 5%
	Forecast average vacancy (next 3 years) ~5% ~6.5% ~15%

JLL Research

RESULTS PRESENTATION

LOGISTICS

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ANNUAL RESULT 2017

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Logistics Highlights

Key Portfolio Statistics

4.0% 6.31% 96.1% $62.1M 7.6YRS 188,200M2	4.0% 6.31% 96.1% $62.1M 7.6YRS 188,200M2
Portfolio like for like income growth Valuation uplift Total portfolio occupancy	Leases signed Weighted average cap rate Logistics WALE
• Total Portfolio Return of 11.2% • Like for like income growth up 4.0% • Strong leasing results with 240,600sqm of deals signed and terms agreed • Operations Net Income growth impacted by the divestment of Kings Park in 2016, offset by leasing activity and development completions • Four development completions in 2017 totalling 70,200sqm
	LOGISTICS FINANCIAL HIGHLIGHTS($M) 2017 2016 CHANGE
	Operations Net Income 93.3 92.7 0.6%
	Development Net Income 0.7 2.7 (74.1%)
	Segment Result 94.0 95.4 (1.5%)

$74 million acquisition in Melbourne completed in January 2018

RESULTS PRESENTATION

Logistics Leasing & Acquisitions

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LEASING | INVESTMENT AND DEVELOPMENT ACQUISITION
• Strong leasing activity with 188,200sqm of signed leases and
SUNSHINE BUSINESS ESTATE, MELBOURNE
52,400sqm terms agreed
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Portfolio WALE of 7.6 years¹
Leases secured with national occupiers including Super Retail Group, Linfox and Silk Logistics

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Leasing Volume 2013-2017
(sqm.)
188,200
106,200 103,000
78,800
61,900
2013 2014 2015 2016 2017
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Located in the core inner west market of Sunshine, approximately 12km from Melbourne’s CBD and 6km from Port Melbourne
$74.0 million acquisition, settled in January 2018
6.1% initial yield
High quality estate, four assets fully leased to ASX listed IVE Group for a remaining 9 years

¹ WALE by income

Logistics Development

Strong leasing outcomes achieved with the four developments completed in the year 100% leased
Yield on cost of 7% for completions in 2017
Three projects under construction across Sydney and Brisbane
Future development pipeline of 67 hectares
54 EASTERN CREEK DRIVE, EASTERN CREEK

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2017 COMPLETIONS
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2017 COMPLETIONS M[2] 70,200 GLA • Huntingwood Stage 1, Sydney • Metroplex Wacol (Loscam), Brisbane • Seven Hills, Sydney $133.6M • 54 Eastern Creek Drive (Lot 2012), Value Sydney 100% Leased UNDERWAY M[2] 53,000 GLA • Eastern Creek (Lot 21), Sydney • Huntingwood Stage 2, Sydney • Metroplex Wacol (Volvo), Brisbane* $94.4M End Value

Divestment to complete in 2018, end value $17.5m (50% interest)

RESULTS PRESENTATION

Logistics Market Outlook

SYDNEY MELBOURNE BRISBANE
• Development completions and future • Population growth and infrastructure • Strengthening state economy will opportunities capitalising on strong projects supporting demand underpin demand recovery leasing environment
Cheaper land prices and lower rents will maintain Melbourne’s competitiveness
Increasing enquiry for pre-lease and land sales
Take up will continue to benefit from online retailing and state growth

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Gross Take-up and Vacancy by Market
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1,200
1,000
800
600
400
200
0
2014 2015 2016 2017 2014 2015 2016 2017 2014 2015 2016 2017
SYDNEY MELBOURNE BRISBANE
Take-up (sqm) Vacancy (sqm) 10 Year Average Take-up (sqm)
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Source: JLL, Knight Frank, Colliers, GPT Research – Take-up >5,000 sqm

FUNDS MANAGEMENT

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ANNUAL RESULT 2017

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RESULTS PRESENTATION

Funds Management Highlights

Total assets under management increased by 15.4% to $12.0 billion
Funds Management business delivered a strong Total Return of 15.1% for the full year
GPT Wholesale Shopping Centre Fund the top performing retail fund over one and two years
Strong demand for units in both Funds from existing and new investors

FUND TOTAL ASSETS FUND RETURN (1YR) GPT INVESTMENT
GWOF $7.1bn 13.4% $1.4bn
GWSCF $4.9bn 12.5% $1.0bn
Total $12.0bn $2.4bn

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Economies of scale driving EBIT Growth
(5 Year CAGR)
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18.3%
Underlying EBIT
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12.8%
Assets Under Management
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FINANCIAL HIGHLIGHTS($M) 2017 2016 CHANGE
Adjusted Earnings (excl. GWOF Performance Fee) 37.0 32.9 12.5%
GWOF Performance Fee - 28.1
Segment Result 37.0 61.0

Fund Update

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GPT WHOLESALE OFFICE FUND
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GPT WHOLESALE SHOPPING CENTRE FUND
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Sale of 545 Queen Street, Brisbane for $70.5 million completed
Portfolio WALE increased from 5.9 years to 7.0 years
Revaluations resulted in a total gain of $409 million
Issued a $200 million 10 year MTN with a fixed coupon of 4.52%
Completed a US$150 million 12 year US Private Placement note issue, increasing average debt term to 5.9 years
New Fund terms unanimously approved by Investors
Liquidity review successfully concluded with all securities taken up under the pre-emptive offer process
Macarthur Square expansion completed and Wollongong Central successfully repositioned
Acquisition of a further 25% interest in Highpoint for $680 million
Wollongong Central sale process planned in 2018
Issued a $200 million 7 year MTN with a fixed coupon of 3.99%

RESULTS PRESENTATION

Summary & Outlook

BALANCE SHEET

SECTOR OUTLOOK

GROUP OUTLOOK

S&P/Moody’s Ratings at A/A2
Cost of debt expected to be approximately 4.25% in 2018
Conservative gearing at 24.4% with a weighted average term to maturity of 7.1 years
Retail sales growth likely to remain below trend in the near term
Favourable Office Sector conditions expected to continue
Logistics continues to benefit from retail/ecommerce demand and housing cycle
Investment Portfolio expected to deliver solid growth
New development additions on track for 2019/2020
Modest increase in repositioning capital for Retail and Office assets

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2018 GUIDANCE
FFO per security growth of approximately 3%
DPS growth of approximately 3%
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Disclaimer

The information provided in this presentation has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188).

The information provided in this presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information in this presentation to determine whether it is appropriate for you.

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. While every effort is made to provide accurate and complete information, The GPT Group does not represent or warrant that the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in this presentation - such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this presentation.

Information is stated as at 31 December 2017 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.

Funds from Operations (FFO) is reported in the Segment Note disclosures which are included in the financial report of The GPT Group for the 12 months ended 31 December 2017. FFO is a financial measure that represents The GPT Group’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised or capital in nature. FFO has been determined based on guidelines established by the Property Council of Australia. A reconciliation of FFO to Statutory Profit is included in this presentation.

RESULTS PRESENTATION

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Highpoint Shopping Centre, VIC

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2017 ANNUAL RESULT DATA PACK

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CONTENTS
GPT Overview	36
Financial Performance	42
Retail Portfolio	54
Ofce Portfolio	68
Logistics Portfolio	84
Development	98
Funds Management	100

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

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2017
ANNUAL
RESULT
GPT OVERVIEW
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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

13 shopping centres
940,000 sqm GLA
3,200 + tenants
$5.9b portfolio
$9.6b AUM

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Highpoint Shopping Centre, Victoria

Office Portfolio

22 assets
1,110,000 sqm NLA
470 + tenants
$4.9b portfolio
$10.4b AUM

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580 George Street, Sydney

Logistics Portfolio

28 assets
780,000 sqm GLA
70 + tenants
$1.5b portfolio
$1.5b AUM

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TNT Erskine Park, Sydney

As at 31 December 2017

Retail 47% Office 40% Logistics 13%

GPT OVERVIEW

GPT Portfolio Metrics

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

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Portfolio Size Comparable Income Growth [1] WALE Occupancy WACR
Retail $5.85b 3.8% 4.1 years 99.6% 5.10%
Office $4.90b 5.0% 5.6 years 95.2% 5.18%
Logistics $1.55b 4.0% 7.6 years 96.1% 6.31%
Total $12.30b 4.4% 5.2 years 96.8% 5.27%
Structured Rental Increases [2]
Retail
Office Logistics
(Specialties)
Fixed 91% Fixed 91%
Fixed 74%
Other 9% Other 9%
4.7% Other 26% 3.9% 3.3%
Average fixed Average fixed Average fixed
Increase Increase Increase
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Income for the 12 months to 31 December 2017 compared to the previous corresponding period.
Structured rent reviews for the 12 months to 31 December 2018. Other includes market reviews and expiries in 2018.

GPT Securityholder Overview

GPT Securityholders by Geography

As at 31 December 2017

Australia & New Zealand 56% North America 24% Europe (ex UK) 6% Asia 7% UK 7%

GPT Securityholders by Type As at 31 December 2017

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Domestic
Institutions 48%
Foreign
Institutions 45%
Retail
Investors 7%
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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
Gearing The level of borrowings relative to assets
GFA Gross Floor Area
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GLA Gross Lettable Area
GWOF GPT Wholesale Office Fund
GWSCF GPT Wholesale Shopping Centre Fund
HoA Heads of Agreement
IFRS International Financial Reporting Standards
IPD Investment Property Databank
IRR Internal Rate of Return
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
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
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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
ROCE Return on capital employed
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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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GPT OVERVIEW

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530 Collins Street, Melbourne

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2017 ANNUAL RESULT FINANCIAL PERFORMANCE

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Financial Summary

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12 months to 31 December 2017 2016 Change
Funds From Operations ($m) 554.2 537.0 Up 3.2%
Net profit after tax ($m) 1,269.1 1,152.7 Up 10.1%
FFO per ordinary security (cents) 30.77 29.88 Up 3.0%
FFO yield (based on period end price) 6.0% 5.9%
Distribution per ordinary security (cents) 24.6 23.4 Up 5.1%
Distribution yield (based on period end price) 4.8% 4.7%
Net interest expense ($m) (102.4) (100.0) Up 2.4%
Interest capitalised ($m) 8.6 8.5 Up 0.1m
Weighted average cost of debt 4.20% 4.25% Down 5 bps
Interest cover 6.5 times 6.4 times Up 0.1 times
The weighted average number of ordinary stapled securities was 1,801.1 million for 2017 and 1,797.4 million for 2016.
The period end price was $5.11 at 31 December 2017 and $5.03 at 31 December 2016.
As at 31 Dec 17 As at 31 Dec 16 Change
Total assets ($m) 12,958.4 11,817.9 Up 9.7%
Total borrowings ($m) 3,300.6 2,996.6 Up 10.1%
NTA per security ($) 5.04 4.59 Up 9.8%
Net gearing 24.4% 23.7% Up 70 bps
Net look through gearing 27.7% 25.7% Up 200 bps
Weighted average term to maturity of debt 7.1 years 6.5 years Up 0.6 years
Credit ratings (S&P / Moody's) A stable / A2 stable A stable / A3 stable Upgrade
Weighted average term of interest rate hedging 4.8 years 4.4 years Up 0.4 years
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FINANCIAL PERFORMANCE

Results Summary

Results Summary
Segment performance 12 months to 31 December ($m)	2017	2016
Retail
Operations net income	313.1	288.3
Development net income	5.3	5.8
	318.4	294.1
Ofce
Operations net income	247.8	223.9
Development net income	1.1	1.1
	248.9	225.0
Logistics
Operations net income	93.3	92.7
Development net income	0.7	2.7
	94.0	95.4
Funds Management	37.0	61.0
Net fnancingcosts	(102.4)	(100.0)
Corporate management expenses	(30.6)	(29.8)
Tax expenses	(11.1)	(14.0)
Non-core	0.0	5.3
Funds From Operations (FFO)	554.2	537.0
Valuation increase	717.7	611.6
Financial instruments mark to market movements and net foreign exchange movements	(2.9)	(23.0)
Other items	0.1	27.1
Net Proft After Tax (NPAT)	1,269.1	1,152.7

Funds From Operations to Adjusted Funds From Operations

12 months to 31 December ($m)	2017	2016
Core business	698.3	675.5
Non-core operations	0.0	5.3
Financing and corporate overheads	(144.1)	(143.8)
Funds From Operations	554.2	537.0
Maintenance capital expenditure	(54.4)	(45.4)
Lease incentives (including rent free)	(53.5)	(70.1)
Adjusted Funds From Operations	446.3	421.5

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Highpoint Shopping Centre, VIC

FINANCIAL PERFORMANCE

NTA Movement

Securities on Issue	Number of Securities (million)
Opening balance 1 January 2017	1,798.0
Issue of securities	3.7
31 December 2017 balance	1,801.6

	Net Assets	No. of Securities	NTA per Security
NTA Movement	($m)	(million)	($)
NTA position as at 31 December 2016	8,246.9	1,798.0	4.59

FFO	554.2		0.31
Revaluations (include development uplift)	717.7		0.40
Mark to market of Treasury	(13.1)		(0.01)
Distribution	(443.2)		(0.25)
Issue of securities	10.7	3.7	0.00
Other	2.9		0.00
Movement in NTA	829.2		0.45

NTA position as at 31 December 2017	9,076.1	1,801.6	5.04

Note: Differences due to rounding.

Capital Management Summary

Gearing ($m)		As at 31 December 2017
Total assets		12,958.4
Less: intangible assets		(30.9)
Less: cross currency swap assets		(157.4)
Total tangible assets		12,770.1
Current borrowings		19.9
Non-current borrowings		3,280.7
Less: fair value of foreign currency bonds		(151.2)
Total borrowings1		3,149.4
Net gearing2		24.4%

Interest Cover ($m)		31 December 2017
Funds from operations		554.2
Add: taxes deducted		11.1
Add: fnance costs for the period		103.7
Earnings Before Interest and Tax (EBIT)		669.0
Finance costs		103.7
Interest cover		6.5 times

Includes unamortised establishment costs and other adjustments. As at 31 December 2017, drawn debt is $3,122 million.
Calculated net of cash and excludes any fair value adjustment to foreign bonds and their associated cross currency derivative asset positions.

FINANCIAL PERFORMANCE

Look Through Gearing

Look Through Gearing as at 31 December 2017	GPT Group	GWOF	GWSCF	Other2	Total
Share of assets of non-consolidated entities
Group total tangible assets	12,770.1				12,770.1
Plus: GPT share of assets of non-consolidated entities		1,774.1	1,397.3	1,176.4	4,347.8
Less: total equity investment in non-consolidated entities		(1,409.7)	(1,008.2)	(1,145.0)	(3,562.9)
Less: GPT loans to non-consolidated entities				(1.8)	(1.8)
Total look through assets	12,770.1	364.4	389.1	29.6	13,553.2
Group total borrowings	3,149.4				3,149.4
Plus: GPT share of external debt of non-consolidated entities		321.3	349.5	2.6	673.4
Total look through borrowings	3,149.4	321.3	349.5	2.6	3,822.8
Look through gearing based on net debt1					27.7%

Calculated net of cash and excludes any fair value adjustment to foreign bonds and its associated cross currency derivative asset positions.
Retail, office and other assets (held in joint ventures).

Debt

Debt Cost Average for period	Average Debt	% of Average Debt	Interest Rate
ending 31 December 2017	($m)	(%)	(%)
Hedged debt	2,140	73%	2.8%
Floating debt	810	27%	1.8%
Total debt	2,950	100%	2.50%
Margin			1.2%
Fees			0.5%
All-in cost of funds			4.20%

Note: Differences due to rounding.

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Sources of Drawn Debt

As at 31 December 2017

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USPP 31%
Domestic MTNs 27%
Domestic bank debt 16%
Foreign bank debt 15%
Foreign MTNs 5%
Secured bank debt 4%
CPI Bonds 2%
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MLC Centre, Sydney

FINANCIAL PERFORMANCE

Debt Facilities

Debt Facilities as at 31 December 2017

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Outstanding ($m) (equiv) Maturity Date Limit ($m) (equiv) Available ($m) (equiv)
Bank Facility – Metroplex 1 15 Apr 18 3 2
Bank Facility – Metroplex 19 30 Sep 18 29 10
Medium Term Notes 250 24 Jan 19 250 0
Bank Facility – Somerton 89 28 Feb 19 89 0
Bank Facility 75 11 Mar 19 75 0
Bank Facility 100 30 Mar 19 100 0
Forward Start Facility 0 29 Nov 19 75 75
Bank Facility 100 1 Jan 20 100 0
Bank Facility 0 31 Jul 20 125 125
Medium Term Notes 150 11 Sep 20 150 0
Bank Facility 98 1 Oct 20 100 2
Bank Facility 9 1 Oct 20 50 41
Forward Start Facility 0 30 Oct 20 75 75
Bank Facility 100 30 Nov 20 100 0
Bank Facility 100 31 Jan 21 100 0
Bank Facility 100 31 Mar 21 100 0
Bank Facility 0 31 Jul 21 100 100
Bank Facility 90 30 Sep 21 115 25
Bank Facility 0 30 Nov 21 100 100
Bank Facility 80 12 Dec 21 100 20
Bank Facility 0 26 Apr 22 150 150
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Outstanding ($m) (equiv) Maturity Date Limit ($m) (equiv) Available ($m) (equiv)
Medium Term Notes 50 16 Aug 22 50 0
Bank Facility 30 4 Oct 22 50 20
Forward Start Facility 0 18 Oct 22 50 50
Bank Facility 0 31 Oct 22 100 100
Bank Facility 75 1 Dec 22 75 0
Forward Start Facility 0 28 Feb 23 150 150
Medium Term Notes 200 7 Nov 23 200 0
US Private Placement 146 19 Jun 25 146 0
Medium Term Notes 69 30 Mar 26 69 0
Medium Term Notes 200 24 Aug 26 200 0
US Private Placement 64 2 Jun 27 64 0
Medium Term Notes 99 5 Feb 28 99 0
US Private Placement 64 2 Jun 28 64 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 Bond 75 10 Dec 29 75 0
US Private Placement 199 20 Dec 29 199 0
US Private Placement 205 20 Dec 32 205 0
Total Borrowings 3,122 4,167 1,045
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FINANCIAL PERFORMANCE

Debt Maturity Profile

As at 31 December 2017 (A$ millions)

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600
514
462
415
325
260
200 200 200 205
150 150 146
100
75 69 64
29
3
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
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
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Facility Limit

Liquidity Profile

As at 31 December 2017

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1.2
1.1
1.0
0.9
0.8
0.7
($bn) 0.6
0.5
0.4
0.3
0.2
0.1
0.0
Cash balance Undrawn Current Development/Capex Retained Debt facility Excess liquidity
31 Dec 2017 existing liquidity earnings expiries at 31 Dec 2018
facilities
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FINANCIAL PERFORMANCE

Hedging Profile

Hedging Profile as at 31 December 2017

Hedging Profile as at 31 December 2017	Hedging Profile as at 31 December 2017	Hedging Profile as at 31 December 2017
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 2017 2.76% 1,645 725
31 December 2018 2.67% 1,765 725
31 December 2019 2.69% 2,065 475
31 December 2020 3.24% 1,525 325
31 December 2021 3.37% 1,325 325
31 December 2022 3.34% 500 425
Fixed interest rate derivatives Floating rate debt Fixed rate debt Dec 19 90 80 70 Per cent of drawn debt 60 50 40 30 20 10 0 100 Jun 18 Dec 18 Jun 19 Dec 20 Jun 20 Dec 21 Jun 21 Jun 22 Dec 17 Dec 22
	90 80 70 60 50 40 30 20 10
	Fixed interest rate derivatives Floating rate debt Fixed rate debt Dec 19 0 Jun 18 Dec 18 Jun 19 Dec 20 Jun 20 Dec 21 Jun 21 Jun 22 Dec 17 Dec 22

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2017 ANNUAL RESULT RETAIL PORTFOLIO

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Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $5.9 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
6
VIC
5 Melbourne
Number of assets in each state
TAS
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New South Wales

GPT Owned

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

GWSCF Owned

Macarthur Square (50%)[1]
Norton Plaza
Wollongong Central

Victoria

GPT Owned

Melbourne Central
Highpoint Shopping Centre (16.67%)

GWSCF Owned

Chirnside Park
Highpoint Shopping Centre (83.33%)

Northern Territory

GPT Owned

Casuarina Square (50%)

GWSCF Owned

Casuarina Square (50%)

Queensland

GPT Owned

Sunshine Plaza (50%)[1]
Northland Shopping Centre (50%)[1]
Parkmore Shopping Centre

1. Not Managed by GPT.

Note: GLA and number of tenancies is updated on an annual basis, as at 31 December 2017. All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWSCF portfolio. GPT reports retail sales in accordance with the Shopping Centre Council of Australia (SCCA) guidelines.

RETAIL PORTFOLIO

Retail Portfolio Summary

The GPT retail portfolio is well positioned with a high level of occupancy at 99.6%. The retail portfolio achieved comparable income growth of 3.8% over the 12 months to 31 December 2017.

Top Ten Tenants[1] As at 31 December 2017

Geographic Weighting As at 31 December 2017

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Cotton On
Wesfarmers Woolworths Clothing Myer Just Group
4.8% 4.0% 2.8% 2.8% 2.6%
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1.9% 1.5% 1.2% 1.2% 1.2%
Hoyts Country Road Westpac BB Retail Retail Apparel
Group Capital Group
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VIC NSW
44% 41%
QLD NT
8% 7%
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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 13 shopping centres.

	GLA (100%	31 Dec 17	31 Dec 17	External or	Annual Centre	Occupancy	Specialty
	Interest)	Fair Value	Cap Rate	Internal	Turnover	Cost	Sales
	State Ownership (sqm)	($m)	(%)	Valuation Occupancy	($m)	Specialty	($psm)
GPT Portfolio
Casuarina Square	NT 50% 55,000	322.6	5.50%	Internal 99.4%	$369.3m	17.3%	10,776
Charlestown Square	NSW 100% 94,100	931.4	5.50%	Internal 98.9%	$564.3m	14.0%	12,616
Highpoint ShoppingCentre	VIC 17% 154,300	445.9	4.25%	Internal 99.8%	$1,000.9m	19.4%	10,978
Melbourne Central	VIC 100% 56,700	1,383.2	4.75%	External 100.0%	$525.1m	19.0%	12,467
Rouse Hill Town Centre	NSW 100% 69,500	606.8	5.50%	External 99.5%	$435.6m	14.8%	8,753
Sunshine Plaza	QLD 50% 73,400	486.5	5.50%	External 99.6%	$517.8m	19.0%	11,666
Westfeld Penrith	NSW 50% 91,400	669.5	5.00%	Internal 100.0%	$642.9m	18.0%	11,902
GWSCF Portfolio
Casuarina Square	NT 50% 55,000	322.6	5.50%	Internal 99.4%	$369.3m	17.3%	10,776
Chirnside Park	VIC 100% 37,500	281.0	6.00%	Internal 100.0%	$275.1m	15.4%	12,330
Highpoint ShoppingCentre	VIC 83% 154,300	2,234.2	4.25%	External 99.8%	$1,000.9m	19.4%	10,978
Macarthur Square	NSW 50% 107,000	598.9	5.25%	External 96.1%	$563.3m	17.3%	9,605
Northland ShoppingCentre	VIC 50% 98,200	489.4	5.50%	Internal 100.0%	$535.7m	18.8%	8,758
Norton Plaza	NSW 100% 11,900	142.3	5.75%	External 99.1%	$119.9m	14.4%	11,752
Parkmore ShoppingCentre	VIC 100% 36,800	260.3	6.25%	Internal 99.6%	$254.7m	15.7%	8,808
WollongongCentral	NSW 100% 54,800	473.6	5.75%	External 97.8%	$286.0m	15.1%	8,876
Total	940,500		5.10%	99.6%1	$2,755.6m1	17.1%1	11,1851

Includes ancillary assets.

Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central).

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	$369.3m	(5.0%)	(8.0%)	10,776	17.3%
Charlestown Square	$564.3m	3.6%	2.7%	12,616	14.0%
Highpoint Shopping Centre	$1,000.9m	0.3%	(0.6%)	10,978	19.4%
Melbourne Central	$525.1m	5.7%	1.7%	12,467	19.0%
Rouse Hill Town Centre	$435.6m	1.4%	3.3%	8,753	14.8%
Westfeld Penrith1	$642.9m	1.1%	(1.9%)	11,902	18.0%
GWSCF Portfolio
Casuarina Square	$369.3m	(5.0%)	(8.0%)	10,776	17.3%
Chirnside Park	$275.1m	0.8%	(1.4%)	12,330	15.4%
Highpoint Shopping Centre	$1,000.9m	0.3%	(0.6%)	10,978	19.4%
Northland Shopping Centre2	$535.7m	1.8%	(1.2%)	8,758	18.8%
Norton Plaza	$119.9m	(5.9%)	(4.6%)	11,752	14.4%
Parkmore Shopping Centre	$254.7m	0.1%	(0.9%)	8,808	15.7%
GPT Weighted Total	$2,755.6m	1.7%	0.3%	11,185	17.1%

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

Comparable Change in Retail Sales by Category

Retail sales showed positive growth over the 12 months to 31 December 2017 with total centre sales up 1.7% and specialties up 0.3%.

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Comparable Change in Retail Sales by Category as at 31 December 2017 MAT ($m) 12 Months Growth
Department Store $108.4m (5.4%)
Discount Department Store $225.5m (2.7%)
Supermarket $424.2m 0.9%
Mini and Other Majors $446.5m 12.3%
Other Retail [1] $226.1m 0.7%
Total Specialties $1,324.8m 0.3%
Total Centre $2,755.6m 1.7%
Specialty Sales Split
Retail Services $122.3m 10.7%
General Retail $143.3m 3.7%
Food Catering $256.1m 2.7%
Leisure $75.3m 2.6%
Homewares $81.2m 2.3%
Food Retail $67.4m 1.1%
Jewellery $81.7m (0.9%)
Mobile Phones $41.4m (3.1%)
Apparel $456.0m (4.6%)
Total Specialties $1,324.8m 0.3%
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Note: Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central).

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

RETAIL PORTFOLIO

Retail Sales

Retail specialty sales have increased 0.3% over the 12 months to 31 December 2017.

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Specialty MAT Growth
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6.5%
5.9%
4.4%
4.2% 4.2%
4.0%
3.6%
3.2%
2.8%
2.7% 2.6%
2.1% 2.1%
1.8%
1.5%
1.2%
1.1%
0.5% 0.4% 0.3%
0.2%
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 Jun 16 Dec 16 Jun 17 Dec 17
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Note: From December 2014, based on GPT weighted interest. Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central).

Lease Expiry Profile

Weighted Average Lease Expiry
(by base rent) as at 31 December 20171
Major Tenants	9.7 years
Mini-Major Tenants	4.5 years
Specialty Tenants	2.9 years
Weighted Total	4.1 years

Total Centre

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16% [1]
15%
14% 14%
13%
8%
5%
4%
3%
2% 2%
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+
1. Excludes holdovers.
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Total Specialty Tenants

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19% [1]
17%
16% 16%
15%
10%
2018 2019 2020 2021 2022 2023+
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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 2017.

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Casuarina Square NT 50% 30 Sep 17 CBRE 321.2 5.50%
Charlestown Square NSW 100% 30 Jun 17 M3 926.6 5.50%
Highpoint Shopping Centre VIC 17% 30 Sep 17 Savills 445.0 4.25%
Melbourne Central VIC 100% 31 Dec 17 CBRE 1,383.2 4.75%
Rouse Hill Town Centre NSW 100% 31 Dec 17 M3 606.8 5.50%
Sunshine Plaza QLD 50% 31 Dec 17 M3 486.5 5.50%
Westfield Penrith NSW 50% 30 Jun 17 KF 665.0 5.00%
GWSCF Portfolio
Casuarina Square NT 50% 30 Sep 17 CBRE 321.2 5.50%
Chirnside Park VIC 100% 30 Sep 17 Savills 280.0 6.00%
Highpoint Shopping Centre VIC 83% 31 Dec 17 Savills 2,234.2 4.25%
Macarthur Square NSW 50% 31 Dec 17 Colliers 598.9 5.25%
Northland Shopping Centre VIC 50% 30 Sep 17 CBRE 487.8 5.50%
Norton Plaza NSW 100% 31 Dec 17 KF 142.3 5.75%
Parkmore Shopping Centre VIC 100% 30 Sep 17 Savills 259.0 6.25%
Wollongong Central NSW 100% 31 Dec 17 CBRE 473.6 5.75%
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Note: Valuations include ancillary assets.

Income and Fair Value Schedule

	Income 12 months to 31 Dec ($m) 2016 2017 Variance 17.6 18.9 1.3 47.7 52.1 4.4 19.1 19.4 0.3 68.1 74.1 6.0 33.9 37.0 3.1 24.6 24.9 0.3 33.5 34.9 1.4 2.3 0.0 (2.3) 38.7 46.5 7.8 285.4 307.8 22.4	Fair Value Reconciliation
		Fair Value 31 Dec 16 ($m) Development Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions ($m) Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 17 ($m) % of Portfolio (%)
GPT Portfolio
Casuarina Square		313.0 0.8 5.5 1.3 0.0 0.0 1.9 0.1 322.6 5.5
Charlestown Square		892.6 3.2 4.5 2.0 0.0 0.0 28.4 0.7 931.4 15.9
Highpoint Shopping Centre		383.2 0.3 1.6 0.9 0.0 0.0 59.9 0.0 445.9 7.6
Melbourne Central		1,274.0 17.6 5.3 5.6 0.0 0.0 79.5 1.2 1,383.2 23.6
Rouse Hill Town Centre		578.8 4.8 4.1 1.4 0.0 0.0 17.0 0.7 606.8 10.4
Sunshine Plaza		417.3 66.6 0.5 0.9 0.0 0.0 0.8 0.4 486.5 8.3
Westfeld Penrith		636.2 1.2 1.4 2.4 0.0 0.0 27.7 0.6 669.5 11.4
Assets Sold During the Period
Dandenong Plaza		0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Equity Interests
GPT Equity Interest in GWSCF (28.8%)1		822.7 0.0 0.0 0.0 116.6 0.0 66.2 2.7 1,008.2 17.2
Total Retail Portfolio		5,317.8 94.5 22.9 14.5 116.6 0.0 281.4 6.4 5,854.1

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 2017 represents GPT’s share of FFO for the period.

Note: Differences due to rounding.

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 55,000 1,994 80 24%
Charlestown Square 94,100 538 12 66%
Highpoint Shopping Centre 154,300 965 47 38%
Melbourne Central 56,700 2,099 99 17%
Rouse Hill Town Centre 69,500 1,206 18 67%
Sunshine Plaza 73,400 1,175 77 52%
Westfield Penrith 91,400 1,503 90 42%
GWSCF Portfolio
Casuarina Square 55,000 1,994 80 24%
Chirnside Park 37,500 896 29 28%
Highpoint Shopping Centre 154,300 965 47 38%
Macarthur Square 107,000 1,176 71 33%
Northland Shopping Centre 98,200 913 123 35%
Norton Plaza 11,900 1,417 42 45%
Parkmore Shopping Centre 36,800 860 47 44%
Wollongong Central 54,800 679 55 34%
Portfolio Average 1,138 63 40%
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Note: Sustainability data as at 31 December 2017.

Retail – Specialty MAT growth

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Contribution by asset to 0.3% Specialty MAT growth [1]
Charlestown
0.8%
% black = specialty MAT growth 2.7%
% blue = contribution to specialty MAT growth 0.5%
0.6%
Bubble size = asset proportion of total portfolio spec sales
Melbourne Central Rouse Hill
0.4% 1.7% 3.3%
Parkmore 0.4% 0.5%
0.2% Northland -0.9%
0.0%
Norton Plaza -1.2%
0.0% -4.6% 0.0%
Highpoint
0.0% Chirnside
-0.2% -0.6%
Westfield Penrith -1.4% -0.1%
0.0%
-0.4% Casuarina -1.9%
-0.2%
-8.0%
-0.6% -0.7%
-0.8%
-1.0%
-10% -8% -6% -4% -2% 0% 2% 4% 6%
Specialty MAT Growth
Contribution to portfolio specialty MAT sales growth
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Excludes development impacted assets (Sunshine Plaza, Macarthur Square and Wollongong Central).

RETAIL PORTFOLIO

Retail – Specialty MAT growth

Contribution by commodity group to 0.3% Specialty MAT growth[1]

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1.5%
Retail Services
Food Catering
10.7%
1.0% 2.7%
0.9%
0.5%
General Retail
0.5%
Mobile Phones Homewares 3.7%
-3.1% 2.3% 0.4%
0.0% -0.1%
0.1%
Leisure
Jewellery Food Retail 2.6%
-0.5% -0.9% 1.1% 0.1%
-0.1%
0.1%
-1.0%
-1.5% Apparel
-4.6%
-1.7%
-2.0% % black = specialty MAT growth
% blue = contribution to specialty MAT growth
Bubble size = commodity group proportion of total portfolio spec sales
-2.5%
-10% -5% 0% 5% 10% 15%
Specialty MAT Growth
Contribution to portfolio specialty MAT sales growth
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Excludes development impacted assets (Sunshine Plaza, Macarthur Square and Wollongong Central).

International Retail Real Estate Markets

Australian shopping centre space per capita is less than half that of the US
Total US retail space per capita is estimated at 5.14sqm versus Australia at 2.26sqm
US department store space as a proportion of total GLA is twice that of Australia
Approximately 93% of sales in Australia occur in physical stores, compared to 88% in the US
Excluding Food, market penetration is estimated at 11% in Australia

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Shopping Centre Space
(Sqm per capita)
2.19
1.56
1.04
0.55 0.53 0.43 0.40 0.36 0.22 0.26
USA Canada Australia Singapore New UK Japan France Germany China
Zealand
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Australia has the 3rd highest online retail spend per capita (ex-food)

Key Retail Market Statistics

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Retail Category Share of Total GLA
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Country Retail Market Size (million; sqm) Population (million) Retail Sales (per capita; USD) USA 708.1 323.1 $14,995 Canada 56.8 36.4 $11,900 Japan 50.8 127.1 $9,996 Australia 25.2 24.3 $9,928 France 23.6 66.3 $8,437 New Zealand 2.5 4.7 $7,792 UK 27.8 65.1 $6,821 Germany 17.7 81.1 $6,668 Singapore 3.0 5.5 $4,614 China 356.0 1,374.6 $3,253
	46% 27% 23% 17% 15%	13% 13% 15% 17% 21%	29% 47% 36% 45% 40%	8% 11% 13% 11% 16%
	Department Stores Mini-Major Specialty Non-Retail / Entertainment USA UK Australia Asia Middle East

Sources: GGP Presentation, ICSC country summaries, UBS Research, Shopping Centre Council of Australia research, GPT research 2017.

RETAIL PORTFOLIO

Enhancing the Experience to drive preference and productivity

Executing on our Data Strategy Smart Investments in Technology Focused on driving market share

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2017 ANNUAL RESULT OFFICE PORTFOLIO

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Office Portfolio Overview

GPT’s office portfolio comprises ownership in 22 high quality assets with a total investment of $4.9 billion. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF).

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NT
QLD
Brisbane
WA 2
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
580 George Street
workplace[6]

Victoria

GPT Owned

Melbourne Central Tower
CBW, Melbourne (50%)

GWOF Owned

2 Southbank Boulevard (50%)
8 Exhibition Street (50%)
100 Queen Street
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 (33.33%)

GWOF Owned

One One One Eagle Street (66.67%)
Riverside Centre

All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWOF portfolio.

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 2017

Tenant Mix by Industry Geographic Weighting As at 31 December 2017 As at 31 December 2017

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ANZ Banking
Government IAG Group Deloitte NBN Co
5.3% 3.8% 3.7% 3.2% 3.2%
3.0% 2.8% 2.8% 2.2% 2.1%
Amazon Web Members NAB Citibank CBA
Services Equity Bank
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SYDNEY
56%
MELBOURNE
32%
BRISBANE
12%
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Based on gross rent. Includes future IAG lease at Darling Park 2

Banking 20% Accountants 7% Other Business Services 15% Government 5% Legal 15% Finance 5% Insurance 13% Other 4% Info and Comms Technology 12% Mining & Energy 4%

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
16%
14%
12%
11%
10%
9%
8%
7%
5% 5%
3%
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+
Sydney Melbourne Brisbane
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Note: Includes Signed Leases.

OFFICE PORTFOLIO

Office Portfolio Summary

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1 Farrer Place, Sydney

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CBW, Melbourne

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MLC Centre, Sydney

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Office Occupancy
Office NLA
(100% 31 Dec 17 31 Dec 17 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)
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney NSW 50% 56,400 642.5 4.75% External 100.0% 100.0% 100.0% 9.9
DP1: 5.00% DP1: 100% DP1: 100% DP1: 100% DP1: 4.0
Darling Park 1 & 2, Sydney NSW 50% 101,900 897.2 Internal
DP2: 5.00% DP2: 26.4% DP2: 98.1% DP2: 98.1% DP2: 10.4
Darling Park 3, Sydney NSW 100% 29,800 503.3 5.00% Internal 74.9% 100.0% 100.0% 7.7
580 George Street, Sydney NSW 100% 37,000 539.0 5.38% External 74.8% 82.5% 91.0% 5.1
workplace [6] , Sydney NSW 100% 16,300 260.0 5.38% External 100.0% 100.0% 100.0% 5.2
2 Southbank Boulevard, Melbourne VIC 50% 53,500 247.1 5.50% Internal 66.6% 80.5% 95.6% 3.7
8 Exhibition Street, Melbourne VIC 50% 44,600 223.4 5.00% Internal 96.5% 96.5% 100.0% 4.9
100 Queen Street, Melbourne VIC 100% 34,900 282.5 5.00% External 100.0% 100.0% 100.0% 1.5
150 Collins Street, Melbourne VIC 100% 19,100 227.1 5.13% Internal 93.3% 95.4% 95.4% 8.6
530 Collins Street, Melbourne VIC 100% 65,700 642.0 5.25% External 89.1% 89.3% 89.3% 4.6
655 Collins Street, Melbourne VIC 100% 16,600 145.6 5.00% Internal 100.0% 100.0% 100.0% 11.9
750 Collins Street, Melbourne VIC 100% 37,300 265.4 5.00% Internal 100.0% 100.0% 100.0% 17.8
800/808 Bourke Street, Melbourne VIC 100% 59,600 552.0 5.00% External 100.0% 100.0% 100.0% 9.6
CBW, Melbourne VIC 50% 76,100 360.0 5.25% External 100.0% 100.0% 100.0% 5.6
One One One Eagle Street, Brisbane QLD 66.67% 63,700 587.3 5.25% External 92.6% 97.3% 99.1% 6.2
Riverside Centre, Brisbane QLD 100% 51,500 660.6 5.75% Internal 80.7% 87.8% 87.8% 4.5
Total 1,105,900 5.18% 91.3% 95.2% 96.2% 5.6
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OFFICE PORTFOLIO

External Valuation Summary

The entire GPT office portfolio was valued externally in the 12 months to 31 December 2017.

Valuation	Capitalisation Rate
State Ownership Date Valuer ($m)	(%)
GPT Portfolio
Australia Square, Sydney NSW 50% 30 Jun 17 Colliers 438.5	5.29%
Citigroup Centre, Sydney NSW 50% 30 Jun 17 CBRE 622.5	5.13%
MLC Centre, Sydney NSW 50% 30 Jun 17 KF 650.0	4.97%
1 Farrer Place, Sydney NSW 25% 30 Jun 17 JLL 473.8	5.00%
Melbourne Central Tower, Melbourne VIC 100% 30 Jun 17 JLL 532.0	5.50%
CBW, Melbourne VIC 50% 31 Dec 17 JLL 360.0	5.25%
One One One Eagle Street, Brisbane QLD 33.33% 31 Dec 17 CBRE 293.7	5.25%

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Citigroup Centre, Sydney

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney NSW 50% 31 Dec 17 Urbis 642.5 4.75%
DP1: 5.00%
Darling Park 1 & 2, Sydney NSW 50% 30 Sep 17 KF 872.5
DP2: 5.00%
Darling Park 3, Sydney NSW 100% 30 Sep 17 KF 500.0 5.00%
580 George Street, Sydney NSW 100% 31 Dec 17 CBRE 539.0 5.38%
workplace [6] , Sydney NSW 100% 31 Dec 17 JLL 260.0 5.38%
2 Southbank Boulevard, Melbourne VIC 50% 30 Sep 17 JLL 242.5 5.50%
8 Exhibition Street, Melbourne VIC 50% 30 Sep 17 KF 223.0 5.00%
100 Queen Street, Melbourne VIC 100% 31 Dec 17 Colliers 282.5 5.00%
150 Collins Street, Melbourne VIC 100% 30 Sep 17 Savills 225.5 5.13%
530 Collins Street, Melbourne VIC 100% 31 Dec 17 Savills 642.0 5.25%
655 Collins Street, Melbourne VIC 100% 30 Sep 17 Savills 145.6 5.00%
750 Collins Street, Melbourne VIC 100% 30 Sep 17 Colliers 263.0 5.00%
800/808 Bourke Street, Melbourne VIC 100% 31 Dec 17 Urbis 552.0 5.00%
CBW, Melbourne VIC 50% 31 Dec 17 JLL 360.0 5.25%
One One One Eagle Street, Brisbane QLD 66.67% 31 Dec 17 CBRE 587.3 5.25%
Riverside Centre, Brisbane QLD 100% 30 Sep 17 Colliers 633.5 5.75%
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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 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
GPT Portfolio
Australia Square, Sydney (Tower) 4.0 4.5 5.0 4.5 4.0 4.0 4.0 4.5 4.5 4.5 3.5 4.0 4.0 4.0 4.0 3.0 3.0 3.5 3.5 3.5
Australia Square, Sydney (Plaza) 5.0 5.0 5.0 5.0 5.0 5.5 5.5 5.5 5.5 5.0 3.5 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.5 4.0
Citigroup Centre, Sydney [1] 4.5 4.5 5.0 5.0 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 3.5 4.0
MLC Centre, Sydney 4.5 5.0 5.5 5.5 5.0 5.0 5.0 5.0 5.5 5.5 2.5 3.0 3.5 3.0 3.5 4.0 4.0 4.0 2.5 2.5
1 Farrer Place, Sydney (GMT) 3.0 3.0 4.5 4.5 4.5 4.5 4.0 4.5 – 4.0 n/a 2.5 4.0 4.0 3.5 n/a 3.5 3.0 – 3.5
1 Farrer Place, Sydney (GPT) 3.0 3.0 4.0 4.0 4.5 4.5 4.5 4.0 3.5 4.5 n/a 3.0 3.0 3.5 3.5 n/a 3.5 3.0 2.5 3.5
Melbourne Central, Melbourne 4.5 4.5 5.0 5.0 5.0 4.5 4.5 4.5 5.0 5.0 2.0 3.5 2.5 3.0 3.0 3.0 3.0 3.0 3.0 3.0
CBW, Melbourne – – – – – – 5.0/5.0 5.0/5.0 5.0/5.0 5.0/5.0 – – – – – – 4.5/4.5 4.5/4.5 4.5/4.5 4.0/4.0
One One One Eagle Street, Brisbane – – – – – – 5.5 5.5 5.5 6.0 – – – – – 4.5 4.5 4.5 4.5 4.5
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8 Exhibition Street, Melbourne

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NABERS Energy Rating (including Green Power) NABERS Water Rating
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
GWOF Portfolio
Liberty Place, 161 Castlereagh – – – – – – 5.0 5.0 5.0 5.5 – – – – – – – 3.5 3.5 4.0
Street, Sydney
Darling Park 1, Sydney 4.5 4.0 5.5 5.5 5.0 5.0 5.0 5.5 5.5 5.5 2.0 2.5 3.5 3.5 3.5 3.0 3.0 3.0 3.5 3.5
Darling Park 2, Sydney 5.0 5.0 5.0 5.5 5.0 5.5 5.5 5.5 6.0 6.0 3.0 3.0 3.5 3.0 3.0 3.5 3.5 3.5 3.0 3.5
Darling Park 3, Sydney 5.0 5.0 5.5 5.5 5.0 5.0 5.0 5.5 5.5 5.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5
580 George Street, Sydney 3.5 3.5 4.0 4.5 5.0 5.0 5.0 5.0 5.5 5.5 3.0 3.0 2.5 2.5 3.5 3.0 3.0 3.5 3.0 3.0
workplace [6] , Sydney – – 5.5 5.5 5.0 5.0 5.0 5.5 5.5 5.5 – – 5.0 5.0 5.0 5.0 5.0 4.0 3.5 4.5
2 Southbank Boulevard, Melbourne – – – – – 4.5 4.5 5.0 5.5 5.5 – – – – – 3.5 3.5 3.5 4.0 3.5
8 Exhibition Street, Melbourne – – – – – 4.5 4.5 4.5 4.5 5.0 – – – – – 3.5 4.0 4.5 3.5 3.5
100 Queen Street, Melbourne [2] – – – – – – – – 3.0 3.0 – – – – – – – – – 2.0
150 Collins Street, Melbourne – – – – – – – – – 4.5 – – – – – – – – – 2.5
530 Collins Street, Melbourne 4.0 4.5 5.0 5.5 5.5 5.0 4.5 5.0 5.5 5.5 3.0 3.0 3.5 3.0 3.0 2.0 2.0 3.0 2.5 3.0
655 Collins Street, Melbourne – – – – – 4.5 4.5 4.0 5.0 5.0 – – – – – 5.5 5.5 4.5 3.5 3.0
750 Collins Street, Melbourne – – – – – 4.5 4.5 4.5 5.5 5.5 – – – – – 4.5 4.5 4.0 5.0 5.0
CBW, Melbourne – – – – – – 5.0/5.0 5.0/5.0 5.0/5.0 5.0/5.0 – – – – – – 4.5/4.5 4.5/4.5 4.5/4.5 4.0/4.0
800/808 Bourke Street, Melbourne 4.5 5.0 5.0 4.5 5.0 5.0 5.0 5.0 5.5 5.5 3.0 3.0 2.5 2.5 2.5 3.0 3.0 3.5 3.0 3.0
One One One Eagle Street, Brisbane – – – – – 5.5 5.5 5.5 5.5 6.0 – – – – – 4.5 4.5 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 5.5 5.5 3.5 3.5 3.5 3.0 3.5 3.5 3.5 3.5 3.5 3.5
Portfolio Average [1] 4.4 4.6 4.8 5.0 5.0 5.0 4.9 5.0 5.2 5.3 2.8 3.2 3.3 3.7 3.7 3.7 3.5 3.8 3.4 3.1
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Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance.

Portfolio average is calculated on the portfolio that exists at Dec 31st each year, Citigroup Centre rating is from 12 Jan 2018.
Asset acquired in 2016, energy rating is for whole of building including tenant effects and is excluded from the portfolio average.

OFFICE PORTFOLIO

Office Sustainability

Office Sustainability
	Water (Total)	Emissions	Waste
Area NLA	Litres/m2	kg CO2-e/m2	% Recycled/Reused
GPT Portfolio
Australia Square, Sydney 51,500	917	70	54%
Citigroup Centre, Sydney 73,300	612	71	44%
MLC Centre, Sydney 67,000	992	57	32%
1 Farrer Place, Sydney 84,500	687	79	56%
Melbourne Central Tower, Melbourne 65,500	630	40	17%
CBW, Melbourne 76,100	641	35	26%
One One One Eagle Street, Brisbane 63,700	517	38	28%

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MLC Centre, Sydney

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Water (Total) Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Reused
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney 56,400 745 12 53%
Darling Park 1 & 2, Sydney 101,900 608 30 49%
Darling Park 3, Sydney 29,800 584 31 30%
580 George Street, Sydney 37,000 507 51 40%
workplace [6] , Sydney 16,300 571 31 49%
2 Southbank Boulevard, Melbourne 53,500 457 41 42%
8 Exhibition Street, Melbourne 44,600 356 46 44%
100 Queen Street, Melbourne [1] 34,900 n/a n/a n/a
150 Collins Street, Melbourne 19,100 424 36 30%
530 Collins Street, Melbourne 65,700 568 41 34%
655 Collins Street, Melbourne 16,600 548 54 35%
750 Collins Street, Melbourne 37,300 398 27 33%
800/808 Bourke Street, Melbourne 59,600 560 27 29%
CBW, Melbourne 76,100 641 35 26%
One One One Eagle Street, Brisbane 63,700 517 38 28%
Riverside Centre, Brisbane 51,500 824 57 47%
Portfolio Average 631 45 42%
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Asset acquired in December 2016, sustainability ratings excluded as asset is scheduled for redevelopment. Note: Sustainability data as at 31 December 2017.

OFFICE PORTFOLIO

Income and Fair Value Schedule

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Income Fair Value Reconciliation
12 months to
31 Dec ($m) Capex
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 16 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 17 Portfolio
2016 2017 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Australia Square, Sydney 22.8 23.8 1.0 402.6 1.8 3.6 2.3 0.0 0.0 33.6 0.3 444.2 9.1
Citigroup Centre, Sydney 30.4 35.1 4.7 554.5 0.0 2.1 9.6 0.0 0.0 63.6 0.2 630.0 12.9
MLC Centre, Sydney 27.3 29.6 2.3 531.5 20.0 3.0 2.2 0.0 0.0 105.2 0.3 662.2 13.5
1 Farrer Place, Sydney 19.5 22.2 2.7 435.1 0.0 1.4 7.4 0.0 0.0 32.6 0.2 476.7 9.7
Melbourne Central Tower, Melbourne 31.9 32.8 0.9 513.5 5.3 11.3 5.1 0.0 0.0 11.4 0.1 546.7 11.2
CBW, Melbourne 19.2 19.9 0.7 336.3 0.0 0.4 1.9 0.0 0.0 21.4 0.0 360.0 7.4
One One One Eagle Street, Brisbane 16.7 18.2 1.5 284.2 0.0 1.2 2.9 0.0 0.0 5.3 0.1 293.7 6.0
Assets Under Development
4 Murray Rose Avenue, Sydney Olympic Park – – – 3.4 29.5 0.0 0.0 0.0 0.0 0.1 0.0 33.0 0.7
32 Smith Street, Parramatta – – – – 6.6 0.0 0.0 33.0 0.0 0.0 0.0 39.6 0.8
Equity Interests
GPT Equity Interest in GWOF (25.0%)¹ 59.4 68.8 9.4 1,283.1 0.0 0.0 0.0 23.2 0.0 100.9 2.5 1,409.7 28.8
Total Office Portfolio 227.2 250.4 23.2 4,344.1 63.2 23.0 31.4 56.2 0.0 374.1 3.7 4,895.8
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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 2017 represents GPT’s share of FFO for the period.

Office – Sydney CBD

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$1,054
$1,100 Sydney CBD: Rents and Incentives (4Q17) (+9.6%) 40%
$1,000
35%
$900 Incentives $776
(RHS) (+26.0%) 30%
$800 Net Face
Rent (LHS)
$700 25%
$600 Net Effective 20%
$500 Rent (LHS)
18.6% 15%
$400 (-644bps)
$300 10%
$/sqm pa
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
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Continued outperformance with solid underlying demand and a high level of withdrawals reducing the vacancy rate to a decade low level.
Further strong face rental growth and incentive contraction resulting in strong effective rental growth.
Late cycle spread between upper and lower prime cap rates narrowing at record lows.

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Sydney CBD: Demand, Supply & Vacancy (4Q17)
300,000 12%
200,000 Vacancy 5.4% 8%
Rate (RHS)
100,000 4%
22,316
0 0%
-100,000 Net Supply Net Absorption -4%
(LHS) (LHS) -101,072
-200,000 -8%
-300,000 -12%
sqm per annum
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
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Sydney CBD: Upper & Lower Prime Yields (4Q17)

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9%
8% 7.75%
Lower Prime
7%
6.50%
6%
Upper Prime
5% 5.00%
5.00% 4.63%
4%
Yield
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
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JLL Research Q4 2017, GPT Research.

OFFICE PORTFOLIO

Office – Melbourne CBD

Strongest net absorption of all CBD’s driven by robust State economy and population growth.
Coupled with low level of new supply, the vacancy rate continues to tighten and provided strengthening face rental growth.
Incentives gradually contracting in response to tightening market conditions.
Yields continuing to contract substantially below pre GFC lows.

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Melbourne CBD: Demand, Supply & Vacancy (4Q17)
300,000 12%
250,000 Vacancy 10%
Rate (RHS)
200,000 Net Supply 6.4% 8%
150,000 (LHS) 6%
91,103
100,000 4%
50,000 15,603 2%
0 0%
-50,000 Net Absorption -2%
(LHS)
-100,000 -4%
sqm per annum
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
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$552
$600 Melbourne CBD: Rents and Incentives (4Q17) 45%
(+9.5%)
$550 40%
$500 (-148bps)30.4% 35%
$450
Net Face 30%
$400 Rent (LHS) $354
Incentives (+13.4%) 25%
$350 (RHS) Net Effective
$300 Rent (LHS) 20%
$250 15%
$200 10%
$/sqm pa
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
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Melbourne CBD: Upper & Lower Prime Yields (4Q17)
9%
8.75%
Lower Prime
8%
7% 7.00%
6% Upper Prime
5.75% 5.50%
5%
4.75%
4%
Yield
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
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JLL Research Q4 2017, GPT Research.

Office – Brisbane CBD

The Brisbane CBD continued its recovery with the vacancy rate contracting, albeit from an elevated level.

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Brisbane CBD: Rents and Incentives (4Q17)
$800 38.5% 45%
$700 Net Face (+208bps) 40%
$600 Rent (LHS) 35%
$587 30%
$500 Incentives (RHS) (+2.5%)
25%
$400
20%
$300
Net Effect ive $258 15%
$200 Rent (LHS) (-2.7%) 10%
$100 5%
$0 0%
Brisbane CBD: Upper & Lower Prime Yields (4Q17)
9%
8.25% Lower Prime
8%
7.25% 7.25%
7%
6%
Upper Prime
5.50% 5.25%
5%
4%
$/sqm pa
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
Yield
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
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Demand continues to recover with economic backdrop and jobs growth improving.
Negative net supply in past 12 months assisted by withdrawals.
No new supply in 2018 and continued demand recovery should result in further reductions in vacancy and improving rental growth.

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Brisbane CBD: Demand, Supply & Vacancy (4Q17)
250,000 Vacancy 15.0% 20%
200,000 Rate (RHS) 16%
150,000 12%
100,000 Net Supply 8%
28,210
(LHS)
50,000 4%
0 0%
-50,000 Net -9,841 -4%
-100,000 Absorption -8%
(LHS)
-150,000 -12%
sqm per annum
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18
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JLL Research Q4 2017, GPT Research.

OFFICE PORTFOLIO

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Riverside Centre, Brisbane

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2017 ANNUAL RESULT LOGISTICS PORTFOLIO

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Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 28 high quality logistics and business park assets located across Australia’s Eastern Seaboard.

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NT
QLD
Brisbane
WA
3
SA
NSW Sydney
22
VIC
3 Melbourne
l Number of assets in each state
TAS
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New South Wales

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
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

Victoria

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

Queensland

16-28 Quarry Road, Yatala
59 Forest Way, Karawatha
55 Whitelaw Place, Wacol
Quad 4, Sydney Olympic Park
372-374 Victoria Street, Wetherill Park
38 Pine Road, Yennora
18-24 Abbott Road, Seven Hills
1 Huntingwood Drive, Huntingwood
54 Eastern Creek Drive, Eastern Creek

All totals and averages are based on GPT’s balance sheet portfolio.

LOGISTICS PORTFOLIO

Logistics Portfolio Summary

The logistics portfolio delivered a Total Portfolio Return of 11.2%, underpinned by a high occupancy level of 96.1% and a long weighted average lease expiry of 7.6 years.

Top Ten Tenants[1] As at 31 December 2017

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Rand
Wesfarmers Toll Transport TNT Australia IVE Group
17.1% 7.2% 5.9% 5.4% 4.7%
4.3% 3.9% 3.9% 2.9% 2.9%
Australian Schenker Goodman Silk Logistics Super Retail
Pharmaceutical Australia Fielder Group
Industries
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Key Operating Metrics	Key Operating Metrics	Key Operating Metrics
As at 31	December 2017
	2017	2016
Number of Assets2	28	24
Portfolio Value3	$1,547.6m	$1,404.8m
Comparable Net Income Growth	4.0%	1.4%
Occupancy4	96.1%	95.3%
Weighted Average Lease Expiry	7.6 years	7.9 years

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

Geographic Weighting As at 31 December 2017

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NSW
67%
VIC
22%
QLD
11%
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Based on gross rent.

35%

Lease Expiry Profile

Lease Expiry Profile (by Income)

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15%
11%
9% 9%
4% 4%
3% 3% 3% 3%
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+
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Note: Includes Signed Leases.

LOGISTICS PORTFOLIO

Logistics Portfolio Summary

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Logistics Occupancy
GLA (100% 31 Dec 17 31 Dec 17 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 81.4 6.50% External 83.3% 83.3% 83.3% 2.4
10 Interchange Drive, Eastern Creek NSW 100% 15,100 33.2 6.00% External 100.0% 100.0% 100.0% 2.5
16-34 Templar Road, Erskine Park NSW 100% 15,200 58.3 6.00% External 100.0% 100.0% 100.0% 11.5
36-52 Templar Road, Erskine Park NSW 100% 24,500 98.3 5.75% Internal 100.0% 100.0% 100.0% 17.1
54-70 Templar Road, Erskine Park NSW 100% 21,000 145.0 6.00% Internal 100.0% 100.0% 100.0% 17.5
67-75 Templar Road, Erskine Park NSW 100% 12,700 24.2 6.25% External 100.0% 100.0% 100.0% 4.1
29-55 Lockwood Road, Erskine Park NSW 100% 32,200 98.1 5.50% Internal 100.0% 100.0% 100.0% 12.0
407 Pembroke Road, Minto NSW 50% 15,300 25.5 7.00% Internal 100.0% 100.0% 100.0% 1.9
4 Holker Street, Newington NSW 100% 7,400 33.0 6.50% External 100.0% 100.0% 100.0% 8.7
83 Derby Street, Silverwater NSW 100% 17,000 34.8 6.00% External 100.0% 100.0% 100.0% 8.0
3 Figtree Drive, Sydney Olympic Park [1] NSW 100% 6,800 24.5 N/A Internal 100.0% 100.0% 100.0% 2.0
5 Figtree Drive, Sydney Olympic Park NSW 100% 8,800 26.7 7.50% Internal 100.0% 100.0% 100.0% 2.4
7 Figtree Drive, Sydney Olympic Park [1] NSW 100% 3,500 15.3 N/A Internal 100.0% 100.0% 100.0% 0.3
6 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 4,100 12.0 N/A Internal 100.0% 100.0% 100.0% 1.1
8 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 3,300 11.7 N/A Internal 100.0% 100.0% 100.0% 2.1
Quad 1, Sydney Olympic Park NSW 100% 4,700 [2] 24.0 7.00% Internal 100.0% 100.0% 100.0% 2.0
Quad 4, Sydney Olympic Park NSW 100% 8,100 [2] 51.5 6.25% Internal 100.0% 100.0% 100.0% 12.2
372-374 Victoria Street, Wetherill Park NSW 100% 20,500 24.8 7.00% External 100.0% 100.0% 100.0% 2.1
38 Pine Road, Yennora NSW 100% 33,200 52.9 7.00% Internal 100.0% 100.0% 100.0% 1.2
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Valued on a rate per sqm of potential Gross Floor Area (GFA). Allowances for costs of demolition and deferment of development have been made. The Present Value (PV) of the current lease has then been added to the value. 2. NLA.

LOGISTICS PORTFOLIO

External Valuation Summary

100% of the logistics portfolio was valued externally in the 12 months to 31 December 2017.

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100% 31 Dec 17 CBRE 81.4 6.50%
10 Interchange Drive, Eastern Creek NSW 100% 31 Dec 17 JLL 33.2 6.00%
16-34 Templar Road, Erskine Park NSW 100% 31 Dec 17 Colliers 58.3 6.00%
36-52 Templar Road, Erskine Park NSW 100% 30 Jun 17 JLL 98.3 5.75%
54-70 Templar Road, Erskine Park NSW 100% 30 Jun 17 m3 145.0 6.00%
67-75 Templar Road, Erskine Park NSW 100% 31 Dec 17 Savills 24.2 6.25%
29-55 Lockwood Road, Erskine Park NSW 100% 30 Jun 17 Savills 96.5 5.50%
407 Pembroke Road, Minto NSW 50% 30 Jun 17 JLL 25.5 7.00%
4 Holker Street, Newington NSW 100% 31 Dec 17 CBRE 33.0 6.50%
83 Derby Street, Silverwater NSW 100% 31 Dec 17 JLL 34.8 6.00%
3 Figtree Drive, Sydney Olympic Park [1] NSW 100% 30 Jun 17 Knight Frank 24.5 N/A
5 Figtree Drive, Sydney Olympic Park NSW 100% 30 Jun 17 Knight Frank 26.6 7.50%
7 Figtree Drive, Sydney Olympic Park [1] NSW 100% 30 Jun 17 Knight Frank 15.3 N/A
6 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 30 Jun 17 Knight Frank 12.0 N/A
8 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 30 Jun 17 Knight Frank 11.7 N/A
Quad 1, Sydney Olympic Park NSW 100% 30 Jun 17 m3 24.0 7.00%
Quad 4, Sydney Olympic Park NSW 100% 30 Jun 17 m3 51.5 6.25%
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					Valuation	Capitalisation Rate
	State	Ownership	Date	Valuer	($m)	(%)
372-374 Victoria Street, Wetherill Park	NSW	100%	31 Dec 17	CBRE	24.8	7.00%
38 Pine Road, Yennora	NSW	100%	30 Jun 17	m3	52.8	7.00%
18-24 Abbott Road, Seven Hills	NSW	100%	30 Jun 17	CBRE	32.5	6.25%
1 Huntingwood Drive, Huntingwood	NSW	100%	30 Jun 17	CBRE	39.0	5.75%
54 Eastern Creek Drive, Eastern Creek	NSW	100%	31 Dec 17	CBRE	42.7	6.25%
Citiwest Industrial Estate, Altona North	VIC	100%	31 Dec 17	CBRE	81.6	6.71%
Citiport Business Park, Port Melbourne	VIC	100%	30 Jun 17	Savills	74.5	7.00%
Austrak Business Park, Somerton	VIC	50%	31 Dec 17	JLL	170.5	6.25%
16-28 Quarry Road, Yatala	QLD	100%	31 Dec 17	CBRE	44.3	8.00%
59 Forest Way, Karawatha	QLD	100%	30 Jun 17	CBRE	108.0	6.00%
55 Whitelaw Place, Wacol	QLD	100%	30 Jun 17	JLL	15.0	6.00%

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

LOGISTICS PORTFOLIO

Income and Fair Value Schedule

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Income 12 months to
31 Dec ($m) Fair Value Reconciliation
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 16 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 17 Portfolio
2016 2017 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia 6.2 6.3 0.1 79.4 0.6 0.6 0.5 0.0 0.0 0.3 0.0 81.4 5.3
10 Interchange Drive, Eastern Creek 2.5 2.6 0.1 32.0 0.0 0.0 0.0 0.0 0.0 1.1 0.1 33.2 2.1
16-34 Templar Road, Erskine Park 3.6 3.7 0.1 54.5 0.0 0.0 0.0 0.0 0.0 3.8 0.0 58.3 3.8
36-52 Templar Road, Erskine Park 5.6 5.8 0.2 97.0 0.0 0.0 0.0 0.0 0.0 1.3 0.0 98.3 6.4
54-70 Templar Road, Erskine Park 10.0 10.3 0.3 138.0 0.0 0.0 0.0 0.0 0.0 7.0 0.0 145.0 9.4
67-75 Templar Road, Erskine Park 1.7 1.9 0.2 23.5 0.0 0.0 0.0 0.0 0.0 0.7 0.0 24.2 1.6
29-55 Lockwood Road, Erskine Park 5.0 5.3 0.3 85.5 2.7 0.0 0.0 0.0 0.0 7.0 2.9 98.1 6.3
407 Pembroke Road, Minto 2.4 2.5 0.1 26.5 0.0 0.0 0.0 0.0 0.0 (1.0) 0.0 25.5 1.6
4 Holker Street, Newington 3.2 2.2 (1.0) 29.0 0.0 0.6 1.6 0.0 0.0 1.8 0.0 33.0 2.1
83 Derby Street, Silverwater 2.1 2.2 0.1 31.8 0.0 0.1 1.7 0.0 0.0 1.2 0.0 34.8 2.2
3 Figtree Drive, Sydney Olympic Park 2.0 2.1 0.1 24.0 0.0 0.0 0.0 0.0 0.0 0.5 0.0 24.5 1.6
5 Figtree Drive, Sydney Olympic Park 2.2 2.2 0.0 26.5 0.0 0.1 0.0 0.0 0.0 0.0 0.1 26.7 1.7
7 Figtree Drive, Sydney Olympic Park 1.1 1.0 (0.1) 15.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0 15.3 1.0
6 Herb Elliott Avenue, Sydney Olympic Park 0.1 0.1 0.0 11.1 0.0 0.0 0.0 0.0 0.0 0.9 0.0 12.0 0.8
8 Herb Elliott Avenue, Sydney Olympic Park 0.8 0.8 0.0 11.3 0.0 0.0 0.0 0.0 0.0 0.4 0.0 11.7 0.8
Quad 1, Sydney Olympic Park 1.7 1.9 0.2 23.4 0.0 0.1 0.0 0.0 0.0 0.6 (0.1) 24.0 1.6
Quad 4, Sydney Olympic Park 2.7 3.2 0.5 49.3 0.0 0.1 0.0 0.0 0.0 2.1 0.0 51.5 3.3
372-374 Victoria Street, Wetherill Park 1.9 2.0 0.1 21.8 0.0 2.3 0.0 0.0 0.0 0.8 (0.1) 24.8 1.6
38 Pine Road, Yennora 3.8 3.8 0.0 52.2 0.1 0.0 0.0 0.0 0.0 0.6 0.0 52.9 3.4
18-24 Abbott Road, Seven Hills 0.0 1.2 1.2 14.7 14.0 0.0 0.0 0.0 0.0 5.9 0.0 34.6 2.2
1 Huntingwood Drive, Huntingwood 0.0 1.0 1.0 32.8 16.1 0.0 0.0 0.0 0.0 2.1 (0.1) 50.9 3.3
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Income 12 months to

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31 Dec ($m) Fair Value Reconciliation
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 16 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 17 Portfolio
2016 2017 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
54 Eastern Creek Drive, Eastern Creek 0.0 0.0 0.0 18.9 19.2 0.0 0.0 0.0 0.0 4.6 0.0 42.7 2.8
Citiwest Industrial Estate, Altona North 3.8 6.4 2.6 70.6 0.0 2.3 2.7 0.0 0.0 5.7 0.3 81.6 5.3
Citiport Business Park, Port Melbourne 5.1 5.5 0.4 71.0 0.0 0.9 0.4 0.0 0.0 3.2 0.3 75.8 4.9
Austrak Business Park, Somerton 9.9 11.4 1.5 165.4 0.0 1.2 0.0 0.0 0.0 3.9 0.0 170.5 11.0
16-28 Quarry Road, Yatala 4.5 2.2 (2.3) 43.2 0.0 0.2 0.7 0.0 0.0 0.2 0.0 44.3 2.9
59 Forest Way, Karawatha 6.8 7.0 0.2 102.5 0.0 0.0 0.0 0.0 0.0 5.5 0.0 108.0 7.0
55 Whitelaw Place, Wacol 0.0 0.5 0.5 6.4 8.1 0.0 0.0 0.0 0.0 0.5 0.0 15.0 1.0
Assets Sold During the Period
Erskine Park – Land 0.0 0.0 0.0 5.5 0.0 0.0 0.0 0.0 (5.5) 0.0 0.0 0.0 0.0
Assets Under Development
407 Pembroke Road, Minto – Land 0.0 0.0 0.0 5.5 0.1 0.0 0.0 0.0 0.0 0.0 0.0 5.6 0.4
Lot 21 Old Wallgrove Road, Eastern Creek 0.0 0.0 0.0 17.1 4.6 0.0 0.0 0.0 0.0 0.0 0.0 21.7 1.4
Austrak Business Park, Somerton – Land 0.0 0.0 0.0 19.4 1.2 0.0 0.0 0.0 0.0 1.1 0.0 21.7 1.4
Equity Interests 0 0
GPT Equity Interest in GMF (0%) 1.4 0.0 (1.4) 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Logistics Portfolio 90.1 [1] 95.1 5.0 1,404.8 66.7 8.5 7.6 0.0 (5.5) 62.1 3.4 1,547.6 100.0
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This table excludes Kings Park, representing $4.4 million of income. The asset was divested in July 2016.

LOGISTICS PORTFOLIO

Logistics – Sydney

Sydney experienced another exceptional year of leasing activity during 2017.
The retail industry and third party logistics operators continue to expand to capture growth in the online market.
Reductions in vacancy, rent growth and sharp increases in land value have occurred as a result.
The outlook is positive, with the continued growth of the state economy to drive demand.

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Sydney Industrial: Total vacant stock by grade ('000 m²)
700
Prime
600
Secondary
500
400
300
200
100
-
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Sydney Industrial Supply ('000 m2)
700
11 year
600
average
500
400
300
200
100
0
2013 2014 2015 2016 2017
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Sydney Industrial Demand ('000 m²)
1,200
1,000
11 year
800
average
600
400
200
0
2013 2014 2015 2016 2017
All Other Pre-Lease and D & C 11 yr Avg.
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Source: Knight Frank, JLL, GPT Research.

Logistics – Melbourne

Demand, whilst lower than 2016 remains above the historic average.

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Melbourne Industrial Supply ('000 m²)
the historic average. 700
Vacancy declined as tenants absorbed existing 600 11 year
average
space as a preference to pre-leases. 500
Supply levels were elevated in 2017, due to pre- 400
leases in 2015/16 reaching completion. Supply is 300
anticipated to be subdued in 2018. 200
Population growth and a pipeline of infrastructure 100
should continue to support demand. 0
2013 2014 2015 2016 2017
Melbourne Industrial: Vacant stock by grade ('000 m²) Melbourne Industrial Demand ('000 m²)
1,200
700
Prime 1,000
600
Secondary
500 800
11 year
400 average
600
300
400
200
100 200
- 0
2013 2014 2015 2016 2017
All Other
Pre-Lease and D & C
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Vacancy declined as tenants absorbed existing space as a preference to pre-leases.
Supply levels were elevated in 2017, due to preleases in 2015/16 reaching completion. Supply is anticipated to be subdued in 2018.
Population growth and a pipeline of infrastructure should continue to support demand.

Source: Knight Frank, JLL, GPT Research.

LOGISTICS PORTFOLIO

Logistics – Brisbane

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Brisbane Industrial Supply ('000 m²)
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Demand was relatively strong in Brisbane during 2017.
Vacancy reduced as a result of stronger takeup of existing stock.
Near term supply will remain conditional on developers securing pre-leases.
A strengthening state economy will underpin the demand recovery in the medium term.

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Brisbane Industrial: Total vacant stock by grade ('000 m²)
700
Prime
600 Secondary
500
400
300
200
100
-
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700
600
500
11 year
400
average
300
200
100
0
2013 2014 2015 2016 2017
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Brisbane Industrial Demand ('000 m²)
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700
600
11 year
500 average
400
300
200
100
0
2013 2014 2015 2016 2017
All Other Pre-Lease and D & C 11 yr Avg.
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Source: Knight Frank, JLL, GPT Research.

Sydney Industrial Market

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GPT Industrial Assets
[Erskine Park]
[Eastern Creek]
1 Erskine Park
2 Eastern Creek
3 Huntingwood Dr, Huntingwood
4 Victoria St, Wetherill Park
5 Pine Rd, Yennora
6 Rosehill Business Park, Camellia
7 Derby St, Silverwater
8 Holker St, Newington
9 Sydney Olympic Park
10 Pembroke Rd, Minto
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LOGISTICS PORTFOLIO

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Rand, Erskine Park, Sydney

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2017 ANNUAL RESULT DEVELOPMENT

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Development Overview

GPT has $0.6 billion in development projects currently underway across the retail, office and logistics sectors, with a significant pipeline of future development opportunities.

with a significant pipeline of future development opportunities.
Sector Ownership Interest (%) Forecast Total Cost ($m)	Forecast Cost to Complete Target Completion Date GPT’s Share ($m) Fund’s Share ($m)
Underway
Sunshine Plaza,QLD Retail 50% GPT 211	98 0 2H 2018
4 MurrayRose Avenue,SydneyOlympic Park,NSW Ofce 100% GPT 96	63 0 2H 2018
Melbourne Central Tower,VIC Ofce 100% GPT 35	35 0 2H 2019
32 Smith Street,Parramatta,NSW Ofce 100% GPT 211	171 0 2H 2020
Lot 21 Old Wallgrove Road,Eastern Creek,NSW Logistics 100% GPT 48	26 0 2H 2018
Metroplex Volvo,Wacol,QLD Logistics 50% GPT 16	8 0 2H 2018
1B Huntingwood,Huntingwood,NSW Logistics 100% GPT 20	10 0 2H 2018
Total Underway 637	411 0

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Charlestown Square, NSW

DEVELOPMENT

Development Overview (continued)

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Forecast Forecast Cost to Complete Target
Total Cost Completion
Sector Ownership Interest (%) ($m) GPT’s Share ($m) Fund’s Share ($m) Date
Future Pipeline
Rouse Hill Town Centre, NSW Retail 100% GPT 200 200 0
Chirnside Park, VIC Retail 100% GWSCF 85 0 85
Melbourne Central, VIC Retail 100% GPT 200 200 0
Casuarina Square, NT Retail 50% GPT / 50% GWSCF 80 40 40
Highpoint Shopping Centre, VIC Retail 16.67% GPT / 83.33% GWSCF 120 20 100
Parkmore Shopping Centre, VIC Retail 100% GWSCF 30 0 30
Cockle Bay Park, NSW Office 50% GWOF 650 0 650
MLC Centre, NSW Office 50% GPT 35 35 0
100 Queen Street, VIC Office 100% GWOF 150 0 150
Austrak Business Park, Minto, NSW Logistics 50% GPT 15 9 0
Lot 11, Templar Road, Erskine Park, NSW Logistics 50% GPT 13 9 0
Austrak Business Park, Somerton, VIC Logistics 50% GPT 67 46 0
Metroplex, Wacol, QLD Logistics 50% GPT 121 64 0
Wembley Business Park, Berrinba, QLD Logistics 100% GPT 113 77 0
Other 765 765 0
Total Future Pipeline 2,644 1,465 1,055
Total Pipeline 3,281 1,876 1,055
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Excludes development capex for minor asset positioning and remixing works, and the MLC Centre façade works.

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2017 ANNUAL RESULT FUNDS MANAGEMENT

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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 managed funds. GPT’s Funds Management platform is made up of the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF).

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Fund Summary as at 31 December 2017	GWOF	GWSCF
Number of Assets	17	8
Total Assets	$7.1b	$4.9b
Net Gearing	17.9%	24.7%
One Year EquityIRR (post-fees)	13.4%	12.5%
Fund Details as at 31 December 2017
GPT's OwnershipInterest	25.0%	28.8%
GPT's Investment	$1,409.7m	$1,008.2m
Established	July2006	March 2007
Weighted Average Capitalisation Rate	5.17%	5.01%
Portfolio Occupancy	95.1%	99.8%
GPT’s Share of Fund FFO	$68.8m	$46.5m
GPT Base Management Fee	$33.4m	$17.3m

Macarthur Square, New South Wales

100

FUNDS MANAGEMENT

101

FUNDS MANAGEMENT

GPT Funds Management Overview

Historical Growth in Funds under Management

Growth in Funds under Management for the 12 months to 31 December 2017

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$12.0b
$10.0b $10.4b
$9.6b
$7.1b
$6.6b
$5.3b $5.6b
Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Dec 2017
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$0.7b $0.1b $12.0b
$1.0b
$10.4b
Dec 16 FUM Developments Acquisitions Divestments Dec 17 FUM
& Asset Growth
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GWOF performance versus benchmark

GWSCF performance versus benchmark

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18 16.9
15.9
16 14.4 14.914.9 15.2 15.2
14 13.5 13.312.5 12.8 13.7 12.2 12.6
12 11.4 11.4 11.3
10.5
10 9.9
8.3
8 6.7 6.8
6 6.0 5.1
4
2
0
GWOF Mercer / IPD Peer 1 Peer 2 Peer 3
All Office Index
1 Year 3 Years 5 Years 7 Years 10 Years
13.9
Total return (%)
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12.6 12.2 11.5 11.9 12.211.5
9.5 8.9 8.7 10.59.7 9.3 10.910.09.2 9.5 8.9 8.8 10.410.1
7.7 7.6 7.4
6.4 6.5
GWSCF Mercer / IPD Peer 1 Peer 2 Peer 3
All Retail Index
1 Year 3 Years 5 Years 7 Years 10 Years
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Source: Mercer/IPD.

GWOF Overview

GWOF provides wholesale investors with exposure to 17 high quality office assets, located across Australia’s key CBD office markets. At 31 December 2017, the Fund had a value of $7.1 billion.

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GWOF Ownership Composition
As at 31 December 2017 [1]
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	December 2017	December 2016
Number of Assets	17	18
Total Assets	$7.1b	$6.6b
Net Gearing	17.9%	17.8%
One Year EquityIRR (post-fees)	13.4%	14.5%

Fund Details as at 31 December 2017
GPT's OwnershipInterest (%)	25.0%
GPT's OwnershipInterest ($m)	$1,409.7m
Established	July2006
Weighted Average Capitalisation Rate	5.17%
Portfolio Occupancy(%)	95.1%
GPT’s Share of Fund FFO ($m)	$68.8m
GPT Base Management Fee ($m)	$33.4m

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Domestic Super Funds 46%
GPT 25%
Offshore Pension Funds 13%
Domestic – Other 7%
Offshore – Other 5%
Sovereign Wealth Funds 3%
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Differences due to rounding.

102

FUNDS MANAGEMENT

103

FUNDS MANAGEMENT

GWOF Capital Management

Drawn debt in the Fund at 31 December 2017 was $1,299 million resulting in net gearing of 17.9%.

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750 Collins Street, Melbourne

GWOF Capital Management Summary as at 31 December 2017

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Net Gearing 17.9%
Weighted Average Cost of Debt 4.2%
Fees and Margins (included in above) 1.7%
Weighted Average Debt Term 5.9 years
Drawn Debt Hedging 71%
Weighted Average Hedge Term 4.0 years
GWOF Loan Facilities Facility Limit ($m) Facility Expiry Amount Currently Drawn ($m)
Bilateral Facility 50.0 21 January 2019 [1] 50.0
Bilateral Facility 50.0 1 April 2019 [1] 50.0
Bilateral Facility 50.0 30 November 2019 50.0
Bilateral Facility 50.0 31 January 2020 50.0
Bilateral Facility 50.0 29 September 2020 50.0
Bilateral Facility 50.0 30 September 2020 50.0
Bilateral Facility 100.0 2 October 2020 100.0
Bilateral Facility 100.0 2 October 2020 100.0
Bilateral Facility 150.0 30 May 2021 51.0
Bilateral Facility 50.0 1 July 2021 50.0
Bilateral Facility 100.0 30 September 2021 0.0
Bilateral Facility 150.0 25 November 2021 150.0
Medium Term Notes 150.0 18 May 2022 150.0
Forward Start Facility 100.0 31 May 2023 0.0
Medium Term Notes 200.0 22 February 2027 200.0
US Private Placement 99.0 18 June 2029 99.0
US Private Placement 99.0 18 June 2030 99.0
Total 1,598.0 1,299.0
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Quarterly extension facility.

GWSCF Overview

GWSCF provides wholesale investors with exposure to 8 high quality retail assets. At 31 December 2017, the Fund had a value of $4.9 billion.

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GWSCF Ownership Composition
As at 31 December 2017 [1]
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	December 2017	December 2016
Number of Assets	8	8
Total Assets	$4.9b	$3.8b
Net Gearing	24.7%	9.4%
One Year EquityIRR (post-fees)	12.5%	11.5%

Fund Details as at 31 December 2017
GPT's OwnershipInterest (%)	28.8%
GPT's OwnershipInterest ($m)	$1,008.2m
Established	March 2007
Weighted Average Capitalisation Rate	5.01%
Portfolio Occupancy(%)	99.8%
GPT’s Share of Fund FFO ($m)	$46.5m
GPT Base Management Fee ($m)	$17.3m

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Domestic Super Funds 37%
GPT 29%
Domestic – Other 15%
Offshore Pension Funds 12%
Sovereign Wealth Funds 5%
Offshore – Other 3%
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Differences due to rounding.

104

FUNDS MANAGEMENT

105

FUNDS MANAGEMENT

GWSCF Capital Management

Drawn debt in the Fund at 31 December 2017 was $1,218 million resulting in net gearing of 24.7%.

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GWSCF Capital Management Summary as at 31 December 2017

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Net Gearing 24.7%
Weighted Average Cost of Debt 4.2%
Fees and Margins (included in above) 1.7%
Weighted Average Debt Term 4.3 years
Drawn Debt Hedging 76%
Weighted Average Hedge Term 3.6 years
GWSCF Loan Facilities Facility Limit ($m) Facility Expiry Amount Currently Drawn ($m)
Bilateral Facility 100.0 30 September 2019 100.0
Bilateral Facility 50.0 8 January 2020 50.0
Bilateral Facility 100.0 1 July 2020 100.0
Bilateral Facility 50.0 1 July 2020 45.0
Bilateral Facility 50.0 1 October 2020 50.0
Bilateral Facility 75.0 30 October 2020 75.0
Forward Start Facility 75.0 29 April 2021 0.0
Bilateral Facility 100.0 30 September 2021 100.0
Bilateral Facility 125.0 31 December 2021 125.0
Bilateral Facility 100.0 31 March 2022 100.0
Bilateral Facility 50.0 1 April 2022 0.0
Bilateral Facility 200.0 14 September 2022 173.0
Bilateral Facility 100.0 31 October 2022 100.0
Medium Term Notes 200.0 11 September 2024 200.0
Total 1,375.0 1,218.0
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Casuarina Square, NT

AI assistant

GPT GROUP — Annual Report 2018

65009_rns_2018-02-12_17414650-4dda-4da5-8a92-6d172043968e.pdf

AGENDA

2017 Annual Result Highlights

Group highlights in 2017

Progressing strategic priorities

Business Outcomes

INVESTMENT PORTFOLIO & OPERATIONS

DEVELOPMENT

Financial Summary

Segment Result

Capital Management

Sources of Financing Facilities

Retail Highlights

Retail Portfolio

Retail Sales

Retail Leasing

Evolving the Retail Mix to meet changes in consumption

Sharing Data Insights to Drive Market Share and Performance

Retail Development

Retail Market Outlook

AUSTRALIAUSTR A LIAN RETAIL SALESN RETAIL SALES

MEDIUM TERM OUTLOOK

LONGER TERM OUTLOOK

GPT PORTFOLIO

PORTFOLIO IS WELL POSITIONED

CONTINUE TO REMIX CENTRES

Office Highlights

Office Portfolio Performance

Office Leasing

Flexible Workspace Offering Space&Co.

Office Development

4 MURRAY ROSE, SYDNEY OLYMPIC PARK

COCKLE BAY PARK, SYDNEY

32 SMITH STREET, PARRAMATTA

MELBOURNE CENTRAL TOWER, MELBOURNE

Market Outlook

LOGISTICS

Logistics Highlights

Logistics Leasing & Acquisitions

Logistics Development

Logistics Market Outlook

Funds Management Highlights

Fund Update

Summary & Outlook

BALANCE SHEET

SECTOR OUTLOOK

GROUP OUTLOOK

Disclaimer

GPT Overview

GPT Portfolio Diversity

Retail Portfolio

Office Portfolio

Logistics Portfolio

GPT Portfolio Metrics

GPT Securityholder Overview

Glossary

Financial Summary

Results Summary

Funds From Operations to Adjusted Funds From Operations

NTA Movement

Capital Management Summary

Look Through Gearing

Debt

Sources of Drawn Debt

Debt Facilities

Debt Facilities as at 31 December 2017

Debt Maturity Profile

Debt Maturity Profile

Liquidity Profile

Liquidity Profile

Hedging Profile

Hedging Profile as at 31 December 2017

Retail Portfolio Overview

New South Wales

GPT Owned

GWSCF Owned

Victoria

GPT Owned

GPT GROUP Annual Report 2018