GPT GROUP - Annual Report 2018 | FinancialReports.eu

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ANNUAL RESULT 2018

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AGENDA

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SECTION SPEAKER
2018 Annual Result Highlights Bob Johnston
Financial Summary & Capital Management Anastasia Clarke
Retail Mark Fookes
Office & Logistics Matthew Faddy
Funds Management Nicholas Harris
Summary & Outlook Bob Johnston
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ANNUAL RESULT 2018

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RESULTS PRESENTATION

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OUR VISION
To be the most
respected property
company in Australia
in the eyes of our
Investors, People,
A high quality Customers and
portfolio of Communities
Australian
real estate in the
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A high quality portfolio of Australian real estate in the best markets

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OUR FOCUS
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Focus on quality assets and markets that we believe will provide long term growth for our investors

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2018 Annual Result Financial Highlights

Consistently delivering strong returns $ 3.5% 3.5% 5.58 15.8% FFO GROWTH DISTRIBUTION GROWTH NTA PER SECURITY TOTAL PER SECURITY PER SECURITY UP 10.7 PER CENT RETURN

RESULTS PRESENTATION

Progress on Strategic Priorities

Investment Portfolio

- Portfolio occupancy of 97.8%
- Like for like income growth 3.8%
- Revaluation gains of $911 million
- Weighted Average Capitalisation Rate 5.02%

Development Pipeline

- Sunshine Plaza 97% leased
- 4 Murray Rose Avenue completed
- 32 Smith Street pre-commitment for 51% of NLA
- Cockle Bay Park (Darling Park 4) DA progressed
- Rouse Hill Town Centre revised DA lodged Q4 2018

Balance Sheet & Capital Management

- Net gearing at 26.3%
- Interest rate hedging at 83%
- Credit ratings unchanged at A / A2
- Weighted Average Debt Maturity of 6.3 years

Funds Management

- Market leading wholesale platform
- Assets Under Management of $12.6 billion
- 12 month total return of 11.3%
- Development pipeline of over $1.2 billion
- Office Fund raised $275 million of new equity
- Melbourne Central Office and Retail expansion

FINANCE & TREASURY

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ANNUAL RESULT 2018

RESULTS PRESENTATION

Financial Summary

12 MONTHS TO 31 DECEMBER($ MILLION) 2018 2017 CHANGE Funds From Operations (FFO) 574.6 554.2 3.7% Valuation increases 910.7 717.7 Treasury items marked to market (39.6) (2.9) Other items 6.0 (1.0) Net Profit After Tax (NPAT) 1,451.7 1,268.0 14.5% Funds From Operations (cents per stapled security) 31.84 30.77 3.5% Funds From Operations (FFO) 574.6 554.2 3.7% Maintenance capex (53.2) (54.4) Lease incentives (60.9) (53.5) Adjusted Funds From Operations (AFFO) 460.5 446.3 3.2% Distribution (cents per stapled security) 25.46 24.60 3.5%	$1,451.7M STATUTORY NET PROFIT AFTER TAX
	3.5% FFO PER SECURITY GROWTH
	99.8% PAYOUT RATIO

Segment Result

12 MONTHS TO 31 DECEMBER
($ MILLION)
2018
2017
Retail
326.2
318.4
Office
268.7
248.9
Logistics
109.9
94.0
Funds Management
42.6
37.0
Net Income
747.4
698.3
Net interest expense
(124.4)
(102.4)
Corporate overheads
(34.2)
(30.6)
Tax expense
(14.2)
(11.1)
Corporate
(172.8)
(144.1)
Funds From Operations
574.6
554.2
▲2.4%
Strong contribution from Melbourne Central, Charlestown and
Rouse Hill
▲8.0%
▲16.9%
Acquisition of Eclipse Tower, plus strong contribution from MLC,
1 Farrer Place and Australia Square
Acquisition of Sunshine Business Estate plus development
completions at Huntingwood, Eastern Creek and Seven Hills
▲15.1%
AUM increased to $12.6 billion
▲21.5%
Higher debt balance; cost of debt flat at 4.2%

RESULTS PRESENTATION

Capital Management

KEY STATISTICS

- Diversified sources of debt
- Gearing policy of 25 – 35%
- Targeting ‘A-space’ credit ratings

Sources of Drawn Debt

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CPI Bonds
2%
Domestic bank
debt
USPP 20%
25%
Bank Debt
40%
Debt Capital Foreign bank
Markets debt
Foreign 60% 17%
MTNs
7%
Secured bank
debt
Domestic 3%
Commecial
MTNs
21% Paper
5%
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	DEC 2018	JUN 2018
Net tangible assets per security	$5.58	$5.31
Net gearing	26.3%	24.7%
Weighted average cost of debt	4.2%	4.3%
Weighted average term to maturity	6.3 years	6.6 years
Interest cover ratio	5.7x	6.0x
Credit ratings (S&P / Moody’s)	A / A2	A / A2
Weighted average term of hedging	4.4 years	4.6 years
Drawn debt hedging	83%	79%

Debt Maturity Profile

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700
600
500
400
300
200
100
0
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
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
CPI Bonds US Private Placements Medium Term Notes Drawn Bank Facilities Undrawn Bank Facilities
$ millions
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RETAIL

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ANNUAL RESULT 2018

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RESULTS PRESENTATION

Retail Highlights

2.2% 3.6% 99.6% Retail Portfolio Quality & NT Exposure LIKE FOR LIKE TOTAL SPECIALTY PORTFOLIO QLD 6% INCOME GROWTH MAT GROWTH OCCUPANCY 9% NSW 41% 44% + $6.2 billion retail portfolio VIC + Revaluation uplift of $161.0 million, WACR[[1]] of 4.88% Outcomes + Like for like income growth of 2.2% led by strong results from Charlestown, Melbourne Central and Rouse Hill + Retail segment FFO contribution of $326.2 million, 2.4% growth on 2017 85% 99% 70% + Total Portfolio Return of 8.2% exposure to prime of portfolio located + Specialty Sales Productivity at $11,460psm NSW and VIC regional in markets with assets household income + Sunshine Plaza development stage one opening fully above Australian leased average

- $6.2 billion retail portfolio
Key + Revaluation uplift of $161.0 million, WACR[[1]] of 4.88% Outcomes + Like for like income growth of 2.2% led by strong results from Charlestown, Melbourne Central and Rouse Hill
- Retail segment FFO contribution of $326.2 million, 2.4% growth on 2017
Weighted av erage capitalisation rate

Retail Sales

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Portfolio MAT
Growth by Category 12.6%
11.4%
9.7%
7.3%
6.5% 6.1%
3.6%
3.6% 3.2%
Total Specialty MAT Growth 2.4%
0.7%
Specialties >400sqm Specialties <400sqm
-1.1%
-2.1% -2.4%
-3.7%
6.9% 2.5%
-6.6%
Specialty Sales Productivity (<400sqm)
-10.2%
$ 2.5%
11,460
Specialty Sales Specialty Sales
per sqm per sqm growth
Statistics exclude development impacted centres (Sunshine Plaza, Macarthur Square, Wollongong)
Total centre Dept Stores DDS Supermarkets Cinemas Total Specialties Tech & Appliances General Retail Homewares Food Retail Leisure Health & Beauty Dining Fashion,Footwear&Accessories Retail Services Jewellery
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RESULTS PRESENTATION

Retail Leasing

- High quality portfolio is well positioned with low vacancy and fixed increases of 4.7% achieved on deals completed in 2018
- Introduction of new retail concepts and remixing to growth categories at Highpoint as part of the re-leasing program in 2018
- Delivered positive leasing spreads with holdovers reducing to 5.9%
- Continuing to remix the portfolio, responding to customer demand and focused on driving sales productivity

Portfolio Leasing Statistics

	DEC 2018	JUN 2018
Portfolio Occupancy	99.6%	99.7%
Retention Rate	71.3%	71.0%
Avg. Annual Fixed Increase1,2	4.7%	4.8%
Avg. Lease Term1,2	4.7 years	4.8 years
Leasing Spread2	0.2%	0.6%
Specialty Occupancy Cost2	16.9%	17.0%

New leases
Specialties <400sqm

Expanding growth retailers

Conversion of apparel into food/lifestyle

First to market retailers

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Statistics exclude development impacted centres (Sunshine Plaza, Macarthur Square, Wollongong) & holdovers

Retail Development

Retail Offer

- 40 retail brands new to the Sunshine Coast market including a number of international brands and national flagship stores

+ Destination

Leading entertainment, dining and leisure destination, including the highest outdoor zip Investment line course in Australia, Summary a first for a major regional shopping centre +
- - $216 million of capital invested (GPT’s 50% interest)
Customer Insights (opening mid 2019)
- Approx. 6% stabilised incremental yield

RESULTS PRESENTATION

Retail Development

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Melbourne Central

- Progressive enhancement of the existing asset | $50 million during 2019 and 2020
- Proposed Retail Expansion | $70 million, approximately 7,000sqm of retail over two levels
- Expansion of leisure and entertainment precinct showcasing the best of Melbourne’s “laneways and high streets” including dining, education, wellness and retail markets
- Forecast Return | over 6.5% stabilised yield
- Target Commencement – late 2019 | Completion – late 2021

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Rouse Hill Town Centre

- Proposed $170 million expansion, including additional 16,300sqm of retail and 4,500sqm of commercial space
- Responding to demand and retail undersupply in this strong growth market introducing food, leisure, entertainment, health & wellness and international retailers
- Opportunity for residential to be integrated within retail scheme
- Development Applications lodged in December 2018
- Forecast Return | over 6.5% stabilised yield
- Target Commencement – early 2020 | Completion – early 2022

OFFICE & LOGISTICS

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ANNUAL RESULT 2018

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RESULTS PRESENTATION

Office Highlights

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5.8% $598.5M 16.9% Office Portfolio
PORTFOLIO VALUATION TOTAL Geographic Exposure
LIKE FOR LIKE UPLIFT RETURN
INCOME GROWTH
+ $5.9 billion office portfolio
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Premium
54%
Sydney -62%
Melbourne – 28%
Brisbane -10%
A Grade
46%
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Key + Office valuation gains driven by Sydney assets, WACR of
Outcomes 4.95%
- Leases signed totalling 158,400sqm and 19,400sqm at terms agreed
- Portfolio occupancy of 97.1% and WALE of 5.2 years + Operations Net Income up 8.0% to $267.7 million as result of strong underlying portfolio growth and the acquisition of Eclipse Tower, Parramatta
- Delivered 4 Murray Rose Avenue, Sydney Olympic Park and commenced construction of 32 Smith Street, Parramatta

Office Valuation & Market Fundamentals

- Valuation uplift for 12 months of $598.5 million for the Office portfolio, representing an increase of 11%
- Sydney experienced greatest valuation growth, delivering uplift of $485.0 million
- Positive effective rental growth forecast across Eastern Seaboard markets in 2019
- Strong 12 month net absorption in Melbourne of ~168,000sqm

Valuation Uplift - Sydney CBD

1 Year to 31 December 2018

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Australia Square 22%
2 Park Street 20%
1 Farrer Place 16%
MLC Centre 14%
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Net Supply vs Vacancy Rate by Market

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sqm Net Supply (LHS) Vacancy Rate (RHS) Vacancy Rate - 10y Avg.
400,000 20%
13.2%
300,000 12.6% 15%
200,000 10%
8.0% 7.6%
100,000 3.7% 5%
4.1%
0 0%
-100,000 -5%
Sydney CBD Syd CBD Melbourne CBD Melb CBD Brisbane CBD Bris CBD
Source: Data summarises all grades; JLL, GPT Research – Q4 2018
Prime Net Effective Rental Growth by Market 1 year growth
$800 $826
Sydney 6.4%
$700
$600
$500$400 $432 Melbourne $382 8.0%
$319
$300 $263 $268
$200 Brisbane
3.7%
$100
2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021 2016 2017 2018 2019 2020 2021
Jun-13 Dec-13 Jun-14 Dec-14 Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18 Jun-19
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Source: JLL, GPT Research – Q4 2018

RESULTS PRESENTATION

Office Leasing

- 158,400sqm of signed leases with a further 19,400sqm terms agreed
- Increased occupancy to 97.1% with limited vacancy in Melbourne
- Renewals secured with Mills Oakley, Baker McKenzie, AusNet Services and Microsoft
- New leases agreed with CUB, Westpac and NIB

Customer Focus

2018 Leasing Success

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OFFICE
SYDNEY MELBOURNE BRISBANE
PORTFOLIO
Leases
158,400sqm 78,600sqm 54,100sqm 25,700sqm
Signed
Occupancy
Incl. Signed 97.1% 96.1% 98.6% 94.8%
Leases
WALE
5.2 years 5.2 years 5.0 years 5.8 years
by Income
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Customer #1 85% 82% Satisfaction Survey by independent consultant GPT portfolio Customer Response Campbell Scholtens ranking to surveyed satisfaction score rate peers

Customer Insights

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19% 28%

23%

are utilising flexible space on an as-needed basis, with 17% likely to adopt in next 3 years

expected to need more office space

have already adopted activity based working with a further 16% likely to adopt in the next 3 years

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Office Portfolio Growth

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Eclipse Tower,

60 Station St, Parramatta

Acquisition Date	September 2018
Asset Area	25,700sqm
Purchase Price	$277.6 million
Initial Yield	5.34%

- 100% leased to blue chip occupiers
- High profile quality A-grade asset, completed in 2012
- Central Parramatta location adjacent to train station

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4 Murray Rose Avenue, Sydney Olympic Park

Completed	October 2018
Asset Area	15,800sqm
Yield on Cost*	7.75%

- Valued at $125 million
- 81% leased, with NSW Rural Fire Service (9,300sqm) now in occupation

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300 Lonsdale Street, Melbourne Central

- Seeking pre-commit for ~20,000sqm complex above retail centre
- Unique opportunity to further enhance Melbourne Central as a dominant mixed use precinct
- Expected yield on cost for office component over 6.50% and end value in excess of $200 million

32 Smith, Parramatta

- QBE pre-commitment across 13,600sqm, representing 51% of NLA
- Target completion in late 2020
- Expected yield on cost of ~6.75% and an end value in excess of $300 million
- Parramatta office market experiencing record low vacancy rates, limited uncommitted supply

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Forecast yield on cost at full occupancy.

The GPT Group 2018 Annual Result

RESULTS PRESENTATION

Logistics Highlights

$ 2.8% 151.2M 15.2% PORTFOLIO VALUATION TOTAL LIKE FOR LIKE UPLIFT RETURN INCOME GROWTH

- $1.9 billion logistics portfolio

Key

- High portfolio occupancy of 97.2% and long WALE of 7.1 years

Outcomes

- 164,300 sqm of leases signed and 39,700 sqm of terms agreed
- Operations Net Income up 12.3% to $104.8 million as a result of underlying portfolio growth, acquisitions and developments
- Significant valuation uplift and WACR of 5.78%
Two developments commenced in 2018 have delivered an uplift of $17.6 million, now valued at $85.7 million
Strong uplift for long WALE assets in Sydney

Logistics Portfolio Geographic Exposure

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Sydney -64%
Melbourne -26%
Brisbane -10%
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- Three investment acquisitions and development land purchased in Melbourne’s west

Logistics Portfolio Growth

- Three prime logistics assets acquired, totalling $102 million, in Sunshine, Derrimut and Truganina in Melbourne’s West
- Replenishing the Logistics land bank through the acquisition of 8.9 hectares of land in Truganina with capacity to deliver 48,000sqm of GLA
- Completion of logistics developments at Huntingwood 1B and 50 Old Wallgrove Road at Eastern Creek
- Six new developments completed over past 18 months, delivering $240 million of investment assets


Huntingwood 1B
Sydney
End Value	$26 million
Asset Area	11,300sqm
Yield on Cost	6.7%
§ Leased to Cahill	Transport Group


50 Old Wallgrove Road, Eastern Creek Sydney
Forecast End Value	$66 million
Asset Area	30,100sqm
Yield on Cost*	6.6%
§ Leased to ACR Supply Partners1 * Forecast yield on cost at full occupancy. ~~1. Includes leasing completed post-balance date.~~

~~1. Includes leasing completed post-balance date.~~

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Sunshine Business Estate Melbourne	Sunshine Business Estate Melbourne
Located approximately 6km from Port Melbourne
Acquisition Price	$74 million
Initial Yield	6.1%
§ Four assets fully leased to ASX listed IVE Group for a remaining 8 years

RESULTS PRESENTATION

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RESULTS PRESENTATION
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FUNDS MANAGEMENT

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ANNUAL RESULT 2018

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Funds Management Highlights

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FUNDS MANAGEMENT
$ FINANCIAL SUMMARY 2018 2017 CHANGE
12.6B 11.3% 15.1% ($M)
ASSETS UNDER TOTAL PROFIT Segment Result 42.6 37.0 15.1%
MANAGEMENT RETURN GROWTH
+ Funds Management business delivered a strong total AUM and EBIT Growth
Key return of 11.3% for the full year (5 Year CAGR)
Outcomes + Total Assets Under Management increased by 5% to
$12.6 billion
+ Operating EBIT grew by 15.1% to $42.6 million
+ Result demonstrates scalable platform as earnings 15.3%
growth exceeds AUM growth
12.2%
Assets Under Management Underlying EBIT
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RESULTS PRESENTATION

Fund Update

Achieved a 12.7% total return for the year to 31 December 2018
GPT • Leading its unlisted office fund peers over five, seven and ten Wholesale years Office Fund • Acquired 32 Flinders Street, Melbourne, as a medium-term precinct development opportunity
• Successfully completed a long-dated US Private Placement (USPP) for US$250m (A$351m) at a low margin of 167 bps
• Raised $275 million of equity from a mix of existing and new investors, with funds initially used to reduce gearing to 15.5%
GPT • Achieved a 4.8% total return for the year to 31 December 2018 Wholesale • Leading its unlisted retail fund peers with a 9.6% total return over three years
Shopping • Progressed its strategy to re-weight portfolio towards super- Centre regional shopping centres Fund • Maribyrnong Homemaker Centre was sold for $67.1 million, a 12% premium to book value

FUND TOTAL ASSETS	FUND RETURN GPT INVESTMENT 1 year 3 years
GWOF $7.8b	12.7% 13.6% $1.5b
GWSCF $4.8b	4.8% 9.6% $1.0b
Total $12.6b	$2.5b

GPT Total Return for 12 months to 31 December 2018

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1.9% 11.3%
5.0%
4.4%
Distribution Capital Growth FM Business Total Return
Yield Contribution
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Summary & Outlook

ECONOMIC OUTLOOK

Economic outlook has softened but expected to remain healthy
Sydney & Melbourne beneficiaries of public & private investment, low unemployment and population growth
Fiscal and monetary policy remains accommodative and flexible

SECTOR OUTLOOK

Retail assets in strong catchments with a compelling proposition will grow productivity
Sydney and Melbourne office market fundamentals remain robust
Logistics values will continue to benefit from strong investor demand

GROUP OUTLOOK

Office and logistics sectors will continue to outperform
Strategic investment will ensure our retail assets remain preferred destinations
Developments on-track and provide growth opportunities
Disciplined capital allocation and strong capital position

2019 GUIDANCE FFO per security growth of 4% DPS growth of 4%

RESULTS PRESENTATION

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 2018 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 2018. 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. Key statistics for the Retail and Office divisions include GPT Group’s weighted interest in the GPT Wholesale Shopping Centre Fund (GWSCF) and the GPT Wholesale Office Fund (GWOF) respectively.

The images for Melbourne Central and Rouse Hill Town Centre on page 15, and for 32 Smith Street and Melbourne Central on page 20, represent artist impressions.

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2018 ANNUAL RESULT DATA PACK

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CONTENTS
GPT Overview	28
Financial Performance	32
Retail Portfolio	42
Ofce Portfolio	52
Logistics Portfolio	68
Development	82
Funds Management	86

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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2018 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
$6.2b portfolio
$10.0b AUM

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Highpoint Shopping Centre, Victoria

Office Portfolio

25 assets
1,150,000 sqm NLA
550 + tenants
$5.9b portfolio
$12.1b AUM

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580 George Street, Sydney

Logistics Portfolio

28 assets
870,000 sqm GLA
80 + tenants
$1.9b portfolio
$1.9b AUM

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TNT Erskine Park, Sydney

As at 31 December 2018

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Retail 44%
Office 42%
Logistics 14%
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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 $6.20b 2.2% 4.0 years 99.6% 4.88%
Office $5.93b 5.8% 5.2 years 97.1% 4.95%
Logistics $1.89b 2.8% 7.1 years 97.2% 5.78%
Total $14.02b 3.8% 4.9 years 97.8% 5.02%
Structured Rental Increases [2]
Retail
Office Logistics
(Specialties)
Fixed 85% Fixed 91%
Fixed 74%
Other 15% Other 9%
4.8% 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 2018 compared to the previous corresponding period.
Structured rent reviews for the 12 months to 31 December 2019. Other includes market reviews and expiries in 2019.

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 Calculated net of cash and excludes any fair value adjustment to foreign
bonds and its associated cross currency derivative asset positions
NLA Net Lettable Area
NPAT Net Profit After Tax
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GPT OVERVIEW

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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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2018 ANNUAL RESULT

FINANCIAL PERFORMANCE

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Financial Summary

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12 months to 31 December 2018 2017 Change
Funds From Operations ($m) 574.6 554.2 [3.7%]
Net profit after tax ($m) [1] 1,451.7 1,268.0 [14.5%]
FFO per ordinary security (cents) 31.84 30.77 [3.5%]
FFO yield (based on period end price) 6.0% 6.0%
Distribution per ordinary security (cents) 25.46 24.60 [3.5%]
Distribution yield (based on period end price) 4.8% 4.8%
Net interest expense ($m) (124.4) (102.4) [21.5%]
Interest capitalised ($m) 13.7 8.6 [5.1m]
Weighted average cost of debt 4.2% 4.2% No Change
Interest cover 5.7 times 6.5 times [0.8 times]
The weighted average number of ordinary stapled securities was 1,804.4 million for 2018 and 1,801.1 million for 2017.
The period end price was $5.34 at 31 December 2018 and $5.11 at 31 December 2017.
As at 31 Dec 18 As at 31 Dec 17 Change
Total assets ($m) [1] 14,778.0 12,957.3 14.1%
Total borrowings ($m) 4,114.9 3,300.6 24.7%
NTA per security ($) 5.58 5.04 10.7%
Net gearing 26.3% 24.4% 190 bps
Net look through gearing 29.0% 27.7% 130 bps
Weighted average term to maturity of debt 6.3 years 7.1 years 0.8 years
Credit ratings (S&P/Moody's) A stable/A2 stable A stable/A2 stable Unchanged
Weighted average term of interest rate hedging 4.4 years 4.8 years 0.4 years
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The 31 December 2017 net profit after tax and total assets have been restated as a result of the adoption of new accounting standards.

FINANCIAL PERFORMANCE

Results Summary

Results Summary
Segment performance 12 months to 31 December ($m)	2018	2017
Retail
Operations net income	318.6	313.1
Development net income	7.6	5.3
	326.2	318.4
Ofce
Operations net income	267.7	247.8
Development net income	1.0	1.1
	268.7	248.9
Logistics
Operations net income	104.8	93.3
Development net income	5.1	0.7
	109.9	94.0
Funds Management	42.6	37.0
Net fnancingcosts	(124.4)	(102.4)
Corporate management expenses	(34.2)	(30.6)
Tax expenses	(14.2)	(11.1)
Funds From Operations (FFO)	574.6	554.2
Valuation increase	910.7	717.7
Financial instruments mark to market movements and net foreign exchange movements	(39.6)	(2.9)
Other items	6.0	(1.0)
Net Proft After Tax (NPAT)1	1,451.7	1,268.0

The 31 December 2017 net profit after tax has been restated as a result of the adoption of new accounting standards.

Funds From Operations to Adjusted Funds From Operations

12 months to 31 December ($m)	2018	2017
Core business	747.4	698.3
Financing and corporate overheads	(172.8)	(144.1)
Funds From Operations	574.6	554.2
Maintenance capital expenditure	(53.2)	(54.4)
Lease incentives (including rent free and leasing costs)	(60.9)	(53.5)
Adjusted Funds From Operations	460.5	446.3

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Highpoint Shopping Centre, VIC

FINANCIAL PERFORMANCE

NTA Movement

Securities on Issue		Number of Securities (million)
Opening balance 1 January 2018		1,801.6
Issue of securities		3.3
31 December 2018 balance		1,804.9

	Net Assets	No. of Securities	NTA per Security
NTA Movement	($m)	(million)	($)
NTA position as at 31 December 20171	9,075.0	1,801.6	5.04

FFO	574.6		0.32
Revaluations	910.7		0.50
Mark to market of Treasury	(32.0)		(0.02)
Distribution	(459.5)		(0.26)
Issue of securities	11.1	3.3	–
Other	(6.1)		–
Movement in NTA	998.8		0.54

NTA position as at 31 December 2018	10,073.8	1,804.9	5.58

The 31 December 2017 net assets have been restated as a result of the adoption of new accounting standards.

Capital Management Summary

Gearing ($m)		As at 31 December 2018
Total assets		14,778.0
Less: intangible assets		(26.8)
Less: Cross currency swap assets		(265.4)
Total tangible assets		14,485.8
Current borrowings		516.0
Non-current borrowings		3,598.9
Less: Fair value of foreign currency bonds		(267.4)
Total borrowings1		3,847.5
Net Gearing2		26.3%

Interest Cover ($m)		31 December 2018
Funds From Operations		574.6
Add: taxes deducted		14.2
Add: Finance Costs for the period		125.8
Earnings Before Interest and Tax (EBIT)		714.6
Finance Costs		125.8
Interest Cover		5.7 times

Includes unamortised establishment costs and other adjustments. As at 31 December 2018, drawn debt is $3,826 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 2018	GPT Group	GWOF	GWSCF	Other2	Total
Share of assets of non-consolidated entities
Group total tangible assets	14,485.8				14,485.8
Plus: GPT share of assets of non-consolidated entities		1,857.7	1,383.8	1,396.3	4,637.8
Less: total equity investment in non-consolidated entities		(1,524.0)	(1,013.7)	(1,368.2)	(3,905.9)
Less: GPT loans to non-consolidated entities				0.0	0.0
Total look through assets	14,485.8	333.7	370.1	28.1	15,217.7
Group total borrowings	3,847.5				3,847.5
Plus: GPT share of external debt of non-consolidated entities		295.4	339.8	0.0	635.2
Total look through borrowings	3,847.5	295.4	339.8	0.0	4,482.7
Total Look through cash	58.7	8.8	3.6	29.0	100.1
Look through gearing based on net debt1					29.0%

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 Maturity Profile

Undrawn committed facilities and cash of $810 million.

Debt Maturity Profile As at 31 December 2018

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CPI Bonds US Private Placements Medium term notes Drawn bank facilities Undrawn bank facilities

Adjusted for $250 million MTN maturity in January 2019, and assumes CP is refinanced with committed bank facilities.

FINANCIAL PERFORMANCE

Liquidity Profile

As at 31 December 2018

($bn)

0.9 0.8 0.7

0.6

0.5

0.4 0.3 0.2 0.1

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0.0
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Cash balance 31 December 2018

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Undrawn Current
existing liquidity
facilities
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Development/Capex

Retained earnings

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Excess liquidity at 31 December 2019

Hedging Profile

Hedging Position Average Rate on Hedged Balance excl Margins Principal Amount of Derivative Financial Instruments ($m) Principal Amount of Fixed Rate Borrowings ($m) Hedging Profile as at 31 December 2018	Hedging Position Average Rate on Hedged Balance excl Margins Principal Amount of Derivative Financial Instruments ($m) Principal Amount of Fixed Rate Borrowings ($m) Hedging Profile as at 31 December 2018	Hedging Position Average Rate on Hedged Balance excl Margins Principal Amount of Derivative Financial Instruments ($m) Principal Amount of Fixed Rate Borrowings ($m) Hedging Profile as at 31 December 2018
31 December 2018 2.56% 2,465 725
31 December 2019 2.56% 2,665 475
31 December 2020 2.88% 2,695 325
31 December 2021 2.91% 2,595 325
31 December 2022 3.05% 1,650 425
31 December 2023 3.53% 1,000 225
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 Dec 18 Jun 19 Dec 20 Jun 20 Dec 21 Jun 21 Jun 22 Jun 23 Dec 22 Dec 23
	90 80 70 60 50 40 30 20 10
	Fixed interest rate derivatives Floating rate debt Fixed rate debt Dec 19 0 Dec 18 Jun 19 Dec 20 Jun 20 Dec 21 Jun 21 Jun 22 Jun 23 Dec 22 Dec 23

FINANCIAL PERFORMANCE

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Riverside Centre, Brisbane

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2018 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 $6.2 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 (83.3%)

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 2018. All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWSCF portfolio.

RETAIL PORTFOLIO

Retail Portfolio Summary

Top Ten Tenants[1] As at 31 December 2018

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Cotton On
Woolworths Myer Clothing Wesfarmers Just Group
4.0% 2.8% 2.7% 2.6% 2.5%
2.2% 1.7% 1.5% 1.4% 1.3%
Coles Group Hoyts Country Road Retail Apparel BB Retail
Group Group Capital
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Geographic Weighting As at 31 December 2018

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NSW 41%
VIC 44%
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QLD 9% NT 6%
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Based on gross rent (including turnover rent).

Retail Portfolio Summary

		GLA	31 Dec 18	31 Dec 18		Centre	Specialty	Specialty
		(100% Interest)	Fair Value	Cap Rate		MAT	Occupancy	MAT2
State	Ownership	(sqm)	($m)	(%)	Occupancy	($m)	Cost2	($psm)
GPT Portfolio
Casuarina Square NT	50%	55,100	300.8	5.50%	98.9%	$366.4m	17.9%	9,872
Charlestown Square NSW	100%	94,800	977.3	5.25%	99.3%	$584.2m	14.8%	12,221
Highpoint ShoppingCentre VIC	17%	152,500	435.0	4.13%	99.8%	$1,022.4m	19.0%	11,355
Melbourne Central VIC	100%	56,300	1,513.0	4.50%	100.0%	$572.2m	18.0%	13,432
Rouse Hill Town Centre NSW	100%	69,800	635.2	5.50%	99.6%	$453.7m	14.1%	9,460
Sunshine Plaza QLD	50%	73,400	607.5	5.00%	N/A	$501.2m	17.8%	12,121
Westfeld Penrith NSW	50%	91,600	716.3	4.75%	99.7%	$653.6m	18.8%	11,919
GWSCF Portfolio
Casuarina Square NT	50%	55,100	300.8	5.50%	98.9%	$366.4m	17.9%	9,872
Chirnside Park VIC	100%	37,800	308.7	5.50%	100.0%	$300.6m	15.2%	12,454
Highpoint ShoppingCentre VIC	83%	152,500	2,175.0	4.13%	99.8%	$1,022.4m	19.0%	11,355
Macarthur Square NSW	50%	107,600	614.5	4.75%	98.1%	$565.9m	17.6%	8,904
Northland ShoppingCentre VIC	50%	98,600	504.0	5.25%	99.5%	$541.9m	18.8%	8,976
Norton Plaza NSW	100%	11,800	149.3	5.50%	100.0%	$119.1m	15.0%	11,538
Parkmore ShoppingCentre VIC	100%	36,800	264.1	6.00%	99.9%	$266.2m	14.7%	9,704
WollongongCentral NSW	100%	54,900	485.6	5.75%	97.9%	$318.3m	15.5%	8,751
GPT Weighted Total		940,900		4.88%	99.6%1	$2,859.7m1	16.9%1	11,4601

Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central).
Represents Specialty Tenancies less than 400sqm.

RETAIL PORTFOLIO

Income and Fair Value Schedule

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Income
12 months to
31 Dec ($m) Fair Value Reconciliation
Development
Fair Value & Other Maintenance Lease Net Other Fair Value % of
31 Dec 17 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 18 Portfolio
2017 2018 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Casuarina Square 18.9 18.1 (0.8) 322.6 7.3 4.5 1.4 0.0 0.0 (35.0) 0.0 300.8 4.9
Charlestown Square 52.1 55.8 3.7 931.4 6.9 4.3 3.0 0.0 0.0 31.7 0.0 977.3 15.8
Highpoint Shopping Centre 18.6 18.4 (0.2) 434.2 0.7 1.6 1.1 0.0 0.0 (2.6) 0.0 435.0 7.0
Melbourne Central 74.1 78.4 4.3 1,383.2 16.7 9.7 3.8 0.0 0.0 99.6 0.0 1,513.0 24.4
Rouse Hill Town Centre [1] 37.0 38.1 1.1 606.8 12.2 2.8 3.2 0.0 0.0 19.2 (9.0) 635.2 10.2
Sunshine Plaza 24.9 22.3 (2.6) 486.5 112.0 1.8 2.8 0.0 0.0 4.4 0.0 607.5 9.8
Westfield Penrith 34.9 35.6 0.7 669.5 0.1 1.7 2.4 0.0 0.0 42.6 0.0 716.3 11.6
Assets Sold During the Period
Homemaker Maribyrnong 0.8 0.8 0.0 11.7 0.0 0.1 0.0 0.0 (12.0) 0.2 0.0 (0.0) 0.0
Equity Interests
GPT Equity Interest in GWSCF (28.6%) [2] 46.5 46.3 (0.2) 1,008.2 0.0 0.0 0.0 0.0 0.0 0.9 4.6 1,013.7 16.4
Total Retail Portfolio 307.8 313.8 6.0 5,854.1 155.9 26.5 17.7 0.0 (12.0) 161.0 (4.4) 6,198.8
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Rouse Hill ‘Other Adjustment’ represents the fair value of land transferred to Inventory during the period.
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 2018 represents GPT’s share of FFO for the period.

Note: Differences due to rounding.

Retail Sales Summary

		Comparable	Comparable
	Centre MAT	Centre MAT	Specialty MAT	Specialty MAT4	Specialty
	($m)	Growth	Growth4	($psm)	Occupancy Cost4
GPT Portfolio
Casuarina Square	$366.4m	(7.0%)	(6.4%)	9,872	17.9%
Charlestown Square	$584.2m	0.7%	(0.6%)	12,221	14.8%
Highpoint Shopping Centre	$1,022.4m	2.6%	1.3%	11,355	19.0%
Melbourne Central	$572.2m	8.9%	6.7%	13,432	18.0%
Rouse Hill Town Centre	$453.7m	4.1%	9.2%	9,460	14.1%
Westfeld Penrith1	$653.6m	0.8%	0.5%	11,919	18.8%
GWSCF Portfolio
Casuarina Square	$366.4m	(7.0%)	(6.4%)	9,872	17.9%
Chirnside Park	$300.6m	2.9%	4.7%	12,454	15.2%
Highpoint Shopping Centre	$1,022.4m	2.6%	1.3%	11,355	19.0%
Northland Shopping Centre2	$541.9m	(1.4%)	(5.5%)	8,976	18.8%
Norton Plaza	$119.1m	(0.7%)	(4.1%)	11,538	15.0%
Parkmore Shopping Centre	$266.2m	3.0%	3.2%	9,704	14.7%
GPT Weighted Total3	$2,859.7m	2.4%	2.5%	11,460	16.9%

Analysis provided by Scentre Group.
Analysis provided by Vicinity Centres.
Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central).
Represents Specialty Tenancies less than 400 sqm.

RETAIL PORTFOLIO

Comparable Change in Retail Sales by Category

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Comparable Change in Retail Sales by Category as at 31 December 2018 MAT ($m) 12 Months Growth
Department Store $104.2m (3.7%)
Discount Department Store $222.5m (1.1%)
Supermarket $449.2m 0.7%
Cinemas $63.0m (2.1%)
Other Retail [1] $170.6m 4.2%
Total Specialties $1,850.3m 3.6%
• Specialties >400sqm $478.9m 6.9%
• Specialties <400sqm $1,371.4m 2.5%
Total Centre $2,859.7m 2.4%
Total Specialty Sales Split
Fashion, Footwear & Accessories $539.7m (2.4%)
Technology & Appliances $327.5m 12.6%
Dining $290.9m 3.2%
Health & Beauty $270.3m 6.1%
Leisure $130.4m 6.5%
Food Retail $101.4m 7.3%
General Retail $74.3m 11.4%
Jewellery $74.2m (10.2%)
Homewares $33.9m 9.7%
Retail Services $7.7m (6.6%)
Total Specialties $1,850.3m 3.6%
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Note: Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central). 1. Other Retail includes automotive accessories, car wash, general entertainment, fitness, lotto, pad sites/bulky goods and travel agencies.

Retail Sales

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Specialty MAT Growth [1]
6.5%
5.9%
4.2% 4.2%
3.6%
3.2%
2.8%
2.7% 2.6%
2.5%
2.1% 2.1%
1.8%
1.7%
1.5%
1.2%
1.1%
0.5%
0.4%
0.2% 0.3%
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 Jun 18 Dec 18
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Note: From December 2014, based on GPT weighted interest. Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central). 1. Represents Specialty Tenancies less than 400 sqm.

RETAIL PORTFOLIO

External Valuation Summary

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Casuarina Square NT 50% 31 Dec 18 Savills 300.8 5.50%
Charlestown Square NSW 100% 30 Jun 18 KF 968.0 5.25%
Highpoint Shopping Centre VIC 17% 31 Dec 18 CBRE 435.0 4.13%
Melbourne Central VIC 100% 31 Dec 18 Savills 1,513.0 4.50%
Rouse Hill Town Centre NSW 100% 31 Dec 18 CBRE 635.2 5.50%
Sunshine Plaza QLD 50% 31 Dec 18 CBRE 607.5 5.00%
Westfield Penrith NSW 50% 30 Jun 18 M3 713.5 4.75%
GWSCF Portfolio
Casuarina Square NT 50% 31 Dec 18 Savills 300.8 5.50%
Chirnside Park VIC 100% 30 Sep 18 Colliers 307.3 5.50%
Highpoint Shopping Centre VIC 83% 31 Dec 18 CBRE 2,175.0 4.13%
Macarthur Square NSW 50% 30 Sep 18 KF 611.5 4.75%
Northland Shopping Centre VIC 50% 30 Sep 18 CBRE 500.0 5.25%
Norton Plaza NSW 100% 31 Dec 18 Colliers 149.3 5.50%
Parkmore Shopping Centre VIC 100% 30 Sep 18 Savills 263.0 6.00%
Wollongong Central NSW 100% 31 Dec 18 CBRE 484.5 5.75%
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Note: Valuations include ancillary assets.

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 55,100 1,753 72 23%
Charlestown Square 94,800 514 60 59%
Highpoint Shopping Centre 152,500 1,080 73 38%
Melbourne Central 56,300 1,991 162 26% [¹]
Rouse Hill Town Centre 69,800 1,387 32 69%
Sunshine Plaza 73,400 1,112 76 50%
Westfield Penrith 91,600 1,679 79 44%
GWSCF Portfolio
Casuarina Square 55,100 1,753 72 23%
Chirnside Park 37,800 964 43 30%
Highpoint Shopping Centre 152,500 1,080 73 38%
Macarthur Square 107,600 1,079 86 26%
Northland Shopping Centre 98,600 731 105 36%
Norton Plaza 11,800 1,490 79 39%
Parkmore Shopping Centre 36,800 876 77 44%
Wollongong Central 54,900 716 82 37%
Total Portfolio Average 1,135 79 40%
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Note: Sustainability data as at 31 December 2018.

Figure reflects combined Melbourne Central and Melbourne Central Tower recycling service.

RETAIL PORTFOLIO

Retail Sales Categories

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Broad Category Sub Category Tenant Examples
Department Store Department Store David Jones, Myer
Discount Department Store Discount Department Store Kmart, Big W, Target
Supermarkets Supermarket Woolworths, Coles
Fashion, Footwear & Unisex, Womenswear, Menswear, Footwear, Fashion Accessories, H&M, Uniqlo, Zara, Country Road, Peter Alexander, Witchery, Sportsgirl, Portmans, Tarocash,
Accessories Childrenswear Mimco, Colette, Lovisa, Nine West, Wittner
Dining Cafes, Restaurants, Food Court, Takeaway The Bavarian, Grill’d, The Coffee Club, Guzman y Gomez, Sushi Train, McDonalds,
Muffin Break, Top Juice
Food Retail Bakeries/Cakes/Pastries, Butcher, Delicatessen, Fruit & Bakers Delight, Michel’s Patisserie, Craig Cook Butcher, Deliland, Harris Farm, Dan Murphy,
Vegetables, Liquor, Poultry, Seafood, Other Specialty Food Liquorland, Healthy Life, Costi Seafood
Health & Beauty Cosmetics, Hairdressing/Beauty/Laser, Massage & Nail Bars, Mecca, Sephora, Just Cuts, Laserclinics, Ella Bache, OPSM, Terry White, Priceline
Optometrist, Pharmacy
General Retail Car Show Room, Discount Variety, Educational, Florist, Giftware, Toyota, Daiso, The Reject Shop, Australian Geographic, Riot Art & Craft, T2, Lincraft, RSPCA,
Pets, Toys, Miscellaneous Build a Bear, Casey Toys
Homewares General Homewares Adairs, Bed Bath and Table, Habitania, Dusk, Robins Kitchen
Jewellery Jewellery Angus & Coote, Prouds, Swarovski, Pandora
Leisure Athleisure, Books, Newsagents, Sports, Stationery Nike, Puma, Lorna Jane, Dymocks, Berkelouw, Rebel, Kathmandu, Anaconda, InSport,
Kikki K, Typo, Smiggle
Retail Services Key Cutting/Watch Repair & Shoe Repair, Other Retail Services Mister Minit, Maurice, Looksmart Alterations
Technology & Appliances Aggregators, Film Processing/Photography, Mobile & Apple, Samsung, JB Hi Fi, Camera House, Telstra, Optus, Shaver Shop, EB Games, Sanity
Accessories, Music/Video/Games, Pure Brands
Cinemas Cinemas Hoyts, Reading Cinemas
Other Retail Car Wash, Automotive, Entertainment – General, Fitness, Lotto, Star Car Wash, Kmart Tyre and Auto, Strike Bowling, Timezone, Holey Moley, Fitness First,
Pad Sites/Bulky Goods, Travel Agent Anytime Fitness, Flight Centre
Non-retail ATM, Banks/Insurance/OtherFinancial, Education, Medical, Petrol ANZ, CBA, Westpac, BUPA, Medicare, Currency Exchange, Australia Post, TAB,
Station, Other Non Retail Mortgage Choice
RETAIL
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2018 ANNUAL RESULT

OFFICE PORTFOLIO

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Office Portfolio Overview

GPT’s office portfolio comprises ownership in 25 high quality assets with a total investment of $5.9 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
12
VIC
l Number of assets in each state 11 Melbourne
TAS
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New South Wales

GPT Owned

Australia Square (50%)
Citigroup Centre (50%)
MLC Centre (50%)
1 Farrer Place (25%)
60 Station Street
4 Murray Rose Avenue

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
32 Flinders Street

Queensland

GPT Owned

One One One Eagle Street (33.3%)

GWOF Owned

One One One Eagle Street (66.7%)
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 2018

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ANZ Banking
Government Deloitte IAG QBE Group
6.7% 4.2% 3.2% 3.2% 3.2%
3.0% 2.9% 2.7% 2.5% 2.0%
NBN Co Amazon Web Members NAB Citibank
Services Equity Bank
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Tenant Mix by Industry[2]

As at 31 December 2018

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Geographic Weighting As at 31 December 2018

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SYDNEY
62%
MELBOURNE
28%
BRISBANE
10%
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Banking 17% Government 8% Insurance 14% Accountants 8% Other Business Services 14% Finance 6% Legal 13% Other 5% Info and Comms Technology 12% Mining & Energy 3%

Based on gross rent. 2. By area. Includes future IAG lease at Darling Park 2.

Income and Fair Value Schedule

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Income Fair Value Reconciliation
12 months to
31 Dec ($m) Capex
Development
Fair Value & Other Maintenance Lease Net Other Fair Value % of
31 Dec 17 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 18 Portfolio
2017 2018 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Australia Square, Sydney 23.8 26.7 2.9 444.2 1.0 4.6 5.5 – – 102.2 – 557.5 9.4
Citigroup Centre, Sydney 35.1 35.9 0.8 630.0 – 2.1 4.9 – – 125.5 – 762.5 12.9
MLC Centre, Sydney 29.6 32.0 2.4 662.2 8.0 7.4 4.5 – – 92.9 – 775.0 13.1
1 Farrer Place, Sydney 22.2 25.3 3.1 476.7 2.1 3.2 6.5 – – 76.0 – 564.5 9.5
60 Station Street, Parramatta – 4.7 4.7 – – – – 292.9 – (14.9) – 278.0 4.7
4 Murray Rose Avenue, Sydney Olympic Park – 0.8 0.8 33.0 53.0 – – – – 39.0 – 125.0 2.1
Melbourne Central Tower, Melbourne 32.8 34.9 2.1 546.7 4.4 3.0 12.6 – – 36.3 – 603.0 10.2
CBW, Melbourne 19.9 21.1 1.2 360.0 0.5 0.4 1.8 – – 17.3 – 380.0 6.4
One One One Eagle Street, Brisbane 18.2 18.8 0.6 293.7 – 0.4 0.4 – – 5.5 – 300.0 5.1
Assets Under Development
32 Smith Street, Parramatta – – – 39.6 12.4 – – – – 10.0 – 62.0 1.0
Equity Interests
GPT Equity Interest in GWOF (23.8%) [1, 2] 68.8 69.8 1.0 1,408.6 – – – – – 108.7 6.7 1,524.0 25.7
Total Office Portfolio 250.4 270.0 19.6 4,894.7 81.4 21.1 36.2 292.9 – 598.5 6.7 5,931.5 100.0
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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 represents GPT’s share of FFO for the year.
GPT’s Equity Interest in GWOF includes restatement of the 31 December 2017 balance as a result of the adoption of new accounting standards.

OFFICE PORTFOLIO

Office Portfolio Summary

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Office Occupancy
Office NLA
(100% 31 Dec 18 31 Dec 18 Inc. WALE
Interest) Fair Value Cap Rate Inc. Signed Heads of by Income
State Ownership (sqm) ($m) (%) Actual Leases Agreement (Years)
GWOF Portfolio
Liberty Place, Sydney NSW 50% 56,500 725.0 4.50% 100.0% 100.0% 100.0% 10.0
DP1: 5.40% DP1: 100.0% DP1: 100.0% DP1: 100.0% DP1: 3.0
Darling Park 1 & 2, Sydney NSW 50% 101,800 969.9
DP2: 4.94% DP2: 34.5% DP2: 100.0% DP2: 100.0% DP2: 9.3
Darling Park 3, Sydney NSW 100% 29,800 550.1 5.06% 100.0% 100.0% 100.0% 6.8
580 George Street, Sydney NSW 100% 37,000 622.0 5.00% 94.2% 96.5% 99.8% 4.9
workplace [6] , Sydney NSW 100% 16,300 285.0 5.38% 100.0% 100.0% 100.0% 4.2
2 Southbank Boulevard, Melbourne VIC 50% 53,400 294.6 5.00% 94.5% 94.5% 94.5% 6.2
8 Exhibition Street, Melbourne VIC 50% 44,500 267.8 4.88% 98.9% 98.9% 98.9% 4.8
32 Flinders Street, Melbourne VIC 100% N/A 87.2 N/A N/A N/A N/A N/A
100 Queen Street, Melbourne VIC 100% 34,900 285.0 5.00% 100.0% 100.0% 100.0% 0.5
150 Collins Street, Melbourne VIC 100% 19,100 250.3 4.88% 100.0% 100.0% 100.0% 7.5
530 Collins Street, Melbourne VIC 100% 65,700 676.0 5.00% 89.3% 89.3% 89.3% 4.4
655 Collins Street, Melbourne VIC 100% 16,600 155.9 4.75% 100.0% 100.0% 100.0% 10.9
750 Collins Street, Melbourne VIC 100% 37,300 290.2 4.75% 100.0% 100.0% 100.0% 16.8
800/808 Bourke Street, Melbourne VIC 100% 59,600 586.0 4.88% 100.0% 100.0% 100.0% 8.6
CBW, Melbourne VIC 50% 76,100 380.0 5.00% 100.0% 100.0% 100.0% 4.6
One One One Eagle Street, Brisbane QLD 66.7% 63,700 600.0 5.00% 99.1% 99.1% 99.1% 5.6
Riverside Centre, Brisbane QLD 100% 51,500 693.6 5.13% 77.5% 83.8% 87.4% 6.6
Total 1,146,200 4.95% 94.8% 97.1% 97.4% 5.2
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OFFICE PORTFOLIO

External Valuation Summary

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Australia Square, Sydney NSW 50% 31 Dec 18 Colliers 557.5 4.92%
Citigroup Centre, Sydney NSW 50% 31 Dec 18 CBRE 762.5 4.88%
MLC Centre, Sydney NSW 50% 31 Dec 18 JLL 775.0 4.86%
1 Farrer Place, Sydney NSW 25% 31 Dec 18 Savills 564.5 4.63%
60 Station Street, Parramatta NSW 100% 31 Dec 18 Colliers 278.0 5.25%
4 Murray Rose Avenue, Sydney Olympic Park NSW 100% 31 Dec 18 C&W 125.0 5.50%
Melbourne Central Tower, Melbourne VIC 100% 31 Dec 18 CBRE 603.0 5.13%
CBW, Melbourne VIC 50% 31 Dec 18 Savills 380.0 5.00%
One One One Eagle Street, Brisbane QLD 33.3% 31 Dec 18 CBRE 300.0 5.00%
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Space & Co. 530 Collins Street, Melbourne

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GWOF Portfolio
Liberty Place, Sydney NSW 50% 31 Dec 18 C&W 725.0 4.50%
DP1: 5.40%
Darling Park 1 & 2, Sydney NSW 50% 30 Sep 18 JLL 965.0
DP2: 4.94%
Darling Park 3, Sydney NSW 100% 30 Sep 18 JLL 550.0 5.06%
580 George Street, Sydney NSW 100% 31 Dec 18 CBRE 622.0 5.00%
workplace [6] , Sydney NSW 100% 31 Dec 18 C&W 285.0 5.38%
2 Southbank Boulevard, Melbourne VIC 50% 30 Sep 18 CBRE 290.0 5.00%
8 Exhibition Street, Melbourne VIC 50% 30 Sep 18 JLL 265.0 4.88%
32 Flinders Street, Melbourne VIC 100% 30 Sep 18 JLL 87.1 N/A
100 Queen Street, Melbourne VIC 100% 31 Dec 18 JLL 285.0 5.00%
150 Collins Street, Melbourne VIC 100% 30 Sep 18 Savills 250.5 4.88%
530 Collins Street, Melbourne VIC 100% 31 Dec 18 KF 676.0 5.00%
655 Collins Street, Melbourne VIC 100% 30 Sep 18 CBRE 155.9 4.75%
750 Collins Street, Melbourne VIC 100% 30 Sep 18 Colliers 290.0 4.75%
800/808 Bourke Street, Melbourne VIC 100% 31 Dec 18 Colliers 586.0 4.88%
CBW, Melbourne VIC 50% 31 Dec 18 Savills 380.0 5.00%
One One One Eagle Street, Brisbane QLD 66.7% 31 Dec 18 CBRE 600.0 5.00%
Riverside Centre, Brisbane QLD 100% 30 Sep 18 Urbis 685.0 5.13%
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OFFICE PORTFOLIO

Office Sustainability

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800-808 Bourke Street, Melbourne

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NABERS Energy Rating (including Green Power) NABERS Water Rating NABERS Energy Rating (excluding Green Power)
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
GWOF Portfolio
Liberty Place, Sydney 5.0 5.0 5.0 5.5 5.0 – 3.5 3.5 4.0 4.0 5.0 5.0 5.0 5.0 5.0
Darling Park 1, Sydney 5.0 5.0 5.0 5.0 5.5 3.5 3.5 3.5 4.0 3.5 5.0 5.0 5.0 5.0 5.0
Darling Park 2, Sydney 5.0 5.5 5.5 5.5 5.0 3.0 3.0 3.5 3.5 3.5 5.5 5.5 5.5 5.5 4.0
Darling Park 3, Sydney 5.5 5.5 6.0 6.0 5.0 3.5 3.5 3.0 3.5 3.5 5.0 5.0 5.0 5.0 4.5
580 George Street, Sydney 5.0 5.0 5.5 5.5 5.0 3.0 3.5 3.0 3.0 3.0 4.5 4.5 4.0 3.0 4.5
workplace [6] , Sydney 5.0 5.5 5.5 5.5 5.5 5.0 4.0 3.5 4.5 4.5 5.0 5.0 5.0 5.0 5.0
2 Southbank Boulevard, Melbourne 4.5 5.0 5.5 5.5 4.5 3.5 3.5 4.0 3.5 3.5 4.5 4.5 4.5 4.5 4.5
8 Exhibition Street, Melbourne 4.5 4.5 4.5 5.0 4.5 4.0 4.5 3.5 3.5 3.5 4.5 4.5 5.0 4.5 4.5
100 Queen Street, Melbourne [1] – – 3.0 3.0 3.0 – – – 2.0 2.0 – – 3.0 3.0 3.0
150 Collins Street, Melbourne – – – 4.5 5.0 – – – 2.5 4.0 – – – 3.5 5.0
530 Collins Street, Melbourne 4.5 5.0 5.5 5.5 5.0 2.0 3.0 3.0 3.0 3.0 4.5 4.5 4.5 4.5 4.5
655 Collins Street, Melbourne 4.5 4.0 5.0 5.0 4.5 5.5 4.5 3.5 3.0 3.0 4.5 4.0 4.0 4.0 4.5
750 Collins Street, Melbourne 4.5 4.5 5.5 5.5 5.0 4.5 4.0 5.0 5.0 4.5 4.5 5.0 5.0 5.0 5.0
CBW, Melbourne 5.0 5.0 5.0 5.0 5.5 4.5 4.5 4.5 4.0 3.5 5.0 5.0 5.0 5.0 5.0
800/808 Bourke Street, Melbourne 5.0 5.0 5.5 5.5 5.5 3.0 3.5 3.0 3.0 3.5 5.0 5.0 5.0 5.0 5.0
One One One Eagle Street, Brisbane 5.5 5.5 5.5 6.0 5.5 4.5 4.5 4.5 4.5 4.5 5.5 5.5 5.5 5.5 5.5
Riverside Centre, Brisbane 5.0 5.0 5.5 5.5 5.0 3.5 3.5 3.5 3.5 3.5 5.0 4.5 4.5 4.5 4.5
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Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. Ratings are as at 31 December for the respective year. 1. 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	Emissions	Waste
Area NLA	Litres/m2	kg CO2-e/m2	% Recycled/Reused
GPT Portfolio
Australia Square, Sydney 51,600	901	71	48%
Citigroup Centre, Sydney 73,400	609	55	35%
MLC Centre, Sydney 66,900	1,284	95	32%
1 Farrer Place, Sydney 84,400	678	89	48%
Melbourne Central Tower, Melbourne 65,500	583	45	26%1
CBW, Melbourne 76,100	655	37	25%
One One One Eagle Street, Brisbane 63,700	606	23	21%

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150 Collins Street, Melbourne

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Water Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Reused
GWOF Portfolio
Liberty Place, Sydney 56,500 732 14 48%
Darling Park 1 & 2, Sydney [3] 101,800 557 38 45%
Darling Park 3, Sydney 29,800 759 36 29%
580 George Street, Sydney 37,000 550 45 39%
workplace [6] , Sydney 16,300 597 30 44%
2 Southbank Boulevard, Melbourne 53,400 504 40 66%
8 Exhibition Street, Melbourne 44,500 410 32 55%
100 Queen Street, Melbourne [2] 34,900 NA NA NA
150 Collins Street, Melbourne 19,100 577 5 40%
530 Collins Street, Melbourne 65,700 529 44 47%
655 Collins Street, Melbourne 16,600 586 50 27%
750 Collins Street, Melbourne 37,300 352 30 47%
800/808 Bourke Street, Melbourne 59,600 577 0 42%
CBW, Melbourne 76,100 655 37 25%
One One One Eagle Street, Brisbane 63,700 606 23 21%
Riverside Centre, Brisbane 51,500 718 39 41%
Portfolio Average 652 44 41%
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Note: Sustainability data as at 31 December 2018, as presented for third party assurance.

Melbourne Central Tower recycling number is reported as part of the Melbourne Central retail centre number.
100 Queen Street was acquired in December 2016 and is under external management. The asset is scheduled for redevelopment.
Darling Park 1 & 2, Sydney includes Cockle Bay Wharf.

OFFICE PORTFOLIO

Lease Expiry Profile

Lease Expiry Profile (by Income)

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16%
13% 13%
12%
11% 11%
6%
5% 5% 5%
4%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029+
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Note: Includes Signed Leases.

Office – Sydney CBD

Vacancy continues to tighten to a rate of 4.1%, driven by moderate net absorption and a near flat level of net supply.
Face and effective rents continue to grow strongly, whilst tenant incentives appear to have plateaued.
Yields are at record low levels and have been relatively stable for the past 12 months.

Sydney CBD: Demand, Supply & Vacancy (4Q18)

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300,000 12%
200,000 Vacancy 8%
Rate (RHS)
100,000 4.1% 4%
68,910
0 0%
2,647
-100,000 Net Supply -4%
(LHS) Net Absorption
(LHS)
-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 Dec-19 Dec-20
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Sydney CBD: Rents and Incentives (4Q18)
$/sqm pa
$1,200 40%
$1,122
$1,100 (+6.4%)
35%
$1,000 Incentives (RHS)
$900 $826 30%
$800 (+6.4%)
Net Face 25%
$700 Rent (LHS)
$600$500 Net Effective Rent (LHS) (-5 bps)18.5% 20%
15%
$400
$300 10%
Sydney CBD: Upper & Lower Prime Yields (4Q18)
9%
8%
7.75%
Lower Prime
7%
6.50%
6%
Upper Prime
5% 5.00%
5.00%
4.50%
4%
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 Dec-19 Dec-20
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 Dec-19 Dec-20
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JLL Research Q4 2018, GPT Research.

OFFICE PORTFOLIO

Office – Melbourne CBD

Melbourne CBD: Rents and Incentives (4Q18)

Melbourne continues to experience strong net absorption levels, significantly exceeding a low level of net supply, causing the vacancy rate to reach a of net supply, causing the vacancy rate to reach a record low level of 3.75%.

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Melbourne continues to experience strong net $/sqm pa
absorption levels, significantly exceeding a low level of net supply, causing the vacancy rate to reach a $600$550 Rent (LHS)Net Face (+5.2%)$580 45%40%
record low level of 3.75%. $500 28.9% 35%
$450 (-150 bps)
Effective rental growth at 8.0% pa was the strongest $400 Incentives(RHS) 30%
of all CBD’s, driven by solid face rental growth and $350 Net Effective (+8.0%)$382 25%
continued tightening in incentives. $300 Rent (LHS) 20%
Similar to Sydney, yields are at historical lows, with $250 15%
compression continuing in the past 12 months. $200 10%
Melbourne CBD: Demand, Supply & Vacancy (4Q18) Melbourne CBD: Upper & Lower Prime Yields (4Q18)
300,000 12% 9%
8.75%
250,000 Rate (RHS)Vacancy 10% 8% Lower Prime
200,000 Net Supply 8%
150,000 (LHS) 167,692 6% 7% 7.00%
100,000 3.7% 4%
50,000 41,871 2% 6% Upper Prime
5.75% 5.50%
0 0%
5%
-50,000 Net Absorption -2% 4.63%
(LHS)
-100,000 -4% 4%
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 Dec-19 Dec-20
Yield
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 Dec-19 Dec-20 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 Dec-19 Dec-20
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Effective rental growth at 8.0% pa was the strongest of all CBD’s, driven by solid face rental growth and continued tightening in incentives.
Similar to Sydney, yields are at historical lows, with compression continuing in the past 12 months.

JLL Research Q4 2018, GPT Research.

Office – Brisbane CBD

Brisbane’s vacancy rate continued to tighten to a rate of 13.2%, due to moderate demand from an improving State economy and negative net supply as a result of no new construction delivery and building withdrawals.
Face rents continued their recovery in 2018 and effective rents grew for the first time in 6 years, assisted by incentives having peaked mid year and have started to tighten.
Average prime yields compressed by 25 bps during the past 12 months.

Brisbane CBD: Demand, Supply & Vacancy (4Q18)

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250,000 20%
Vacancy
200,000 Rate (RHS) 16%
13.2%
150,000 12%
Net Supply
100,000 (LHS) 8%
50,000 4%
27,653
0 0%
-14,541
-50,000 -4%
Net
-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 Dec-19 Dec-20
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Brisbane CBD: Rents and Incentives (4Q18)

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$/sqm pa
$800 45%
Incentives (RHS) 38.5%
$700 (-4 bps) 40%
$600 $601 35%
(+2.4%) 30%
$500 Net Face
$400 Rent (LHS) 25%
20%
$300 (+3.7%)$268 15%
$200 Net EffectiveRent (LHS) 10%
$100 5%
$0 0%
Brisbane CBD: Upper & Lower Prime Yields (4Q18)
9%
8.25% Lower Prime
8%
7.25%
7%
6.75%
6%
Upper Prime
5.50% 5.25%
5%
4%
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 Dec-19 Dec-20
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 Dec-19 Dec-20
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JLL Research Q4 2018, GPT Research.

OFFICE PORTFOLIO

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Highpoint Shopping Centre, VIC

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2018 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
19
VIC
6 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
Sydney Olympic Park Town Centre[1]
Quad 1, Sydney Olympic Park
Quad 4, Sydney Olympic Park
372–374 Victoria Street, Wetherill Park
38 Pine Road, Yennora
18–24 Abbott Road, Seven Hills

Victoria

Citiwest Industrial Estate, Altona North
Citiport Business Park, Port Melbourne
Austrak Business Park, Somerton (50%)
Sunshine Business Estate, Sunshine
396 Mount Derrimut Road, Derrimut
399 Boundary Road, Truganina

Queensland

16–28 Quarry Road, Yatala
59 Forest Way, Karawatha
55 Whitelaw Place, Wacol
1A Huntingwood Drive, Huntingwood
1B Huntingwood Drive, Huntingwood
54 Eastern Creek Drive, Eastern Creek
Includes properties at 3, 5, 7 Figtree Drive and 6, 8 Herb Elliot Drive, Sydney Olympic Park. 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 15.2%, underpinned by a high occupancy level of 97.2% and a long weighted average lease expiry of 7.1 years.

Top Ten Tenants[1]

As at 31 December 2018

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Rand
Wesfarmers IVE Group Toll Transport TNT Australia
15.7% 8.5% 6.6% 5.4% 5.3%
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Geographic Weighting As at 31 December 2018 NSW 64%

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QLD 10%
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3.9% 3.6% 3.5% 2.6% 2.6%
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VIC 26%
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Australian Schenker Goodman Super Retail Silk Logistics Pharmaceutical Australia Fielder Group Industries

Based on net rent.

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
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34%
16%
12%
8% 8%
6%
5%
4% 4% 3%
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+
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Note: Includes Signed Leases.

LOGISTICS PORTFOLIO

Income and Fair Value Schedule

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Income
12 months to
31 Dec ($m) Fair Value Reconciliation
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 17 & Other Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 18 Portfolio
2017 2018 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia 6.3 5.9 (0.4) 81.4 0.5 0.5 1.4 – – 2.2 – 86.0 4.5
10 Interchange Drive, Eastern Creek 2.6 2.7 0.1 33.2 – – – – – 0.1 – 33.3 1.8
16-34 Templar Road, Erskine Park 3.7 3.8 0.1 58.3 – – – – – 6.7 – 65.0 3.4
36-52 Templar Road, Erskine Park 5.8 5.9 0.1 98.3 – – – – – 8.7 – 107.0 5.7
54-70 Templar Road, Erskine Park 10.3 10.6 0.3 145.0 – – – – – 7.0 – 152.0 8.0
67-75 Templar Road, Erskine Park 1.9 1.9 0.0 24.2 – – – – – 1.8 – 26.0 1.4
29-55 Lockwood Road, Erskine Park 5.3 5.7 0.4 98.1 – 0.1 – – – 6.3 – 104.5 5.5
407 Pembroke Road, Minto 2.5 2.6 0.1 25.5 – 0.1 0.5 – – 4.4 – 30.5 1.6
4 Holker Street, Newington 2.2 2.2 0.0 33.0 – – 1.0 – – 1.5 – 35.5 1.9
83 Derby Street, Silverwater 2.2 2.3 0.1 34.8 – 0.8 – – – 4.4 – 40.0 2.1
Sydney Olympic Park Town Centre 6.2 5.6 (0.6) 90.2 9.4 – 0.1 – – 21.8 – 121.5 6.4
Quad 1, Sydney Olympic Park 1.9 2.0 0.1 24.0 – 0.3 0.3 – – 3.4 – 28.0 1.5
Quad 4, Sydney Olympic Park 3.2 3.4 0.2 51.5 – 0.1 – – – 6.4 – 58.0 3.1
372-374 Victoria Street, Wetherill Park 2.0 2.0 0.0 24.8 – 0.4 – – – 1.3 – 26.5 1.4
38 Pine Road, Yennora 3.8 3.9 0.1 52.9 0.3 0.1 0.1 – – 7.6 – 61.0 3.2
18-24 Abbott Road, Seven Hills 1.2 2.2 1.0 34.6 – 0.1 – – – 4.6 – 39.3 2.1
1A Huntingwood Drive, Huntingwood 1.0 2.4 1.4 41.3 0.3 – – – – 4.4 – 46.0 2.4
1B Huntingwood Drive, Huntingwood – 0.6 0.6 9.6 11.4 – – – – 4.5 – 25.5 1.3
54 Eastern Creek Drive, Eastern Creek – 2.6 2.6 42.7 3.1 – – – – 6.0 – 51.8 2.7
Citiwest Industrial Estate, Altona North 6.4 6.2 (0.2) 81.6 – 1.3 2.3 – – 4.8 – 90.0 4.8
Citiport Business Park, Port Melbourne 5.5 5.5 0.0 75.8 – 1.0 1.2 – – 4.5 – 82.5 4.4
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	Income 12 months to 31 Dec ($m) 2017 2018 Variance 11.4 11.7 0.3 – 4.3 4.3 – 0.1 0.1 – 0.0 0.0 2.2 2.1 (0.1) 7.0 7.3 0.3 0.5 0.9 0.4 – – – – – – – – – – – – 95.1 106.4 11.3	Fair Value Reconciliation
		Fair Value 31 Dec 17 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions ($m) Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 18 ($m) % of Portfolio (%)
Austrak Business Park,Somerton		170.5 – 0.3 0.1 – – 11.5 – 182.4 9.6
Sunshine Business Estate,Sunshine		– – – – 78.3 – (0.3) – 78.0 4.1
396 Mount Derrimut Road,Derrimut		– – – – 13.1 – (0.7) – 12.4 0.7
399 BoundaryRoad,Truganina		– – – – 16.7 – (1.1) – 15.6 0.8
16-28 QuarryRoad,Yatala		44.3 – 0.5 – – – – – 44.8 2.4
59 Forest Way,Karawatha		108.0 – – – – – 6.0 – 114.0 6.0
55 Whitelaw Place,Wacol		15.0 – – – – – 1.5 – 16.5 0.9
Assets Under Development
50 Old Wallgrove Road,Eastern Creek		21.7 25.4 – – – – 13.1 – 60.2 3.2
407 Pembroke Road,Minto – Land		5.6 – – – – – 0.2 – 5.8 0.3
Austrak Business Park,Somerton – Land		21.7 1.2 – – – – 9.9 – 32.8 1.7
ShinyDr. and ProsperitySt.,Truganina – Land		– – – – 22.3 – (1.3) – 21.0 1.1
Total Logistics Portfolio		1,547.6 51.6 5.6 7.0 130.4 – 151.2 – 1,893.4 100.0

LOGISTICS PORTFOLIO

Logistics Portfolio Summary

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Logistics Occupancy
GLA (100% 31 Dec 18 31 Dec 18 Inc. WALE
Interest) Fair Value Cap Rate Inc. Signed Heads of by Income
State Ownership (sqm) ($m) (%) Actual Leases Agreement (Years)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100% 41,900 86.0 5.75% 100.0% 100.0% 100.0% 1.8
10 Interchange Drive, Eastern Creek NSW 100% 15,100 33.3 5.75% 100.0% 100.0% 100.0% 1.5
16-34 Templar Road, Erskine Park NSW 100% 15,200 65.0 5.25% 100.0% 100.0% 100.0% 10.5
36-52 Templar Road, Erskine Park NSW 100% 24,500 107.0 5.25% 100.0% 100.0% 100.0% 16.1
54-70 Templar Road, Erskine Park NSW 100% 21,000 152.0 5.50% 100.0% 100.0% 100.0% 16.5
67-75 Templar Road, Erskine Park NSW 100% 12,700 26.0 5.75% 100.0% 100.0% 100.0% 3.1
29-55 Lockwood Road, Erskine Park NSW 100% 32,200 104.5 5.25% 100.0% 100.0% 100.0% 11.0
407 Pembroke Road, Minto NSW 50% 18,400 30.5 6.25% 100.0% 100.0% 100.0% 5.9
4 Holker Street, Newington NSW 100% 7,400 35.5 6.25% 100.0% 100.0% 100.0% 7.7
83 Derby Street, Silverwater NSW 100% 17,000 40.0 5.50% 100.0% 100.0% 100.0% 7.0
Sydney Olympic Park Town Centre [1] NSW 100% 26,500 121.5 N/A 100.0% 100.0% 100.0% 2.8
Quad 1, Sydney Olympic Park NSW 100% 4,700 [2] 28.0 6.50% 100.0% 100.0% 100.0% 3.1
Quad 4, Sydney Olympic Park NSW 100% 8,100 [2] 58.0 5.75% 100.0% 100.0% 100.0% 11.2
372-374 Victoria Street, Wetherill Park NSW 100% 20,500 26.5 6.50% 100.0% 100.0% 100.0% 1.1
38 Pine Road, Yennora NSW 100% 33,200 61.0 6.13% 100.0% 100.0% 100.0% 1.2
18-24 Abbott Road, Seven Hills NSW 100% 18,100 39.3 5.50% 100.0% 100.0% 100.0% 5.7
1A Huntingwood Drive, Huntingwood NSW 100% 21,000 46.0 5.25% 100.0% 100.0% 100.0% 8.6
1B Huntingwood Drive, Huntingwood NSW 100% 11,300 25.5 5.50% 100.0% 100.0% 100.0% 4.7
54 Eastern Creek Drive, Eastern Creek NSW 100% 25,400 51.8 5.50% 100.0% 100.0% 100.0% 4.1
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Logistics Occupancy
GLA (100% 31 Dec 18 31 Dec 18 Inc. WALE
Interest) Fair Value Cap Rate Inc. Signed Heads of by Income
State Ownership (sqm) ($m) (%) Actual Leases Agreement (Years)
Citiwest Industrial Estate, Altona North VIC 100% 90,100 90.0 6.29% 100.0% 100.0% 100.0% 3.4
Citiport Business Park, Port Melbourne VIC 100% 27,000 82.5 6.25% 89.1% 89.1% 89.1% 2.6
Austrak Business Park, Somerton VIC 50% 210,000 182.4 5.85% 100.0% 100.0% 100.0% 5.8
Sunshine Business Estate, Sunshine VIC 100% 52,800 78.0 5.75% 100.0% 100.0% 100.0% 7.9
396 Mount Derrimut Road, Derrimut [3] VIC 100% 10,700 12.4 6.50% 100.0% 100.0% 100.0% 3.0
399 Boundary Road, Truganina [3] VIC 100% 11,000 15.6 5.75% 100.0% 100.0% 100.0% 10.1
16-28 Quarry Road, Yatala QLD 100% 40,800 44.8 7.25% 55.1% 55.1% 55.1% 1.2
59 Forest Way, Karawatha QLD 100% 44,000 114.0 5.75% 100.0% 100.0% 100.0% 10.2
55 Whitelaw Place, Wacol QLD 100% 5,600 16.5 5.75% 100.0% 100.0% 100.0% 13.4
Total 866,200 5.78% 97.2% 97.2% 97.2% 7.1
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Valued on ‘highest and best use’ basis following gazettal of Sydney Olympic Park Authority masterplan.
NLA.
Metrics reflect acquisition valuations as at November 2018.

LOGISTICS PORTFOLIO

Independent Valuation Summary

100% of the logistics portfolio was valued independently in the 12 months to 31 December 2018.

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100% 31 Dec 18 Savills 86.0 5.75%
10 Interchange Drive, Eastern Creek NSW 100% 31 Dec 18 JLL 33.3 5.75%
16-34 Templar Road, Erskine Park NSW 100% 31 Dec 18 Colliers 65.0 5.25%
36-52 Templar Road, Erskine Park NSW 100% 31 Dec 18 JLL 107.0 5.25%
54-70 Templar Road, Erskine Park NSW 100% 31 Dec 18 m3 152.0 5.50%
67-75 Templar Road, Erskine Park NSW 100% 31 Dec 18 CBRE 26.0 5.75%
29-55 Lockwood Road, Erskine Park NSW 100% 31 Dec 18 Savills 104.5 5.25%
407 Pembroke Road, Minto NSW 50% 31 Dec 18 CBRE 30.5 6.25%
4 Holker Street, Newington NSW 100% 31 Dec 18 JLL 35.5 6.25%
83 Derby Street, Silverwater NSW 100% 31 Dec 18 Savills 40.0 5.50%
Sydney Olympic Park Town Centre [1] NSW 100% 31 Dec 18 JLL 121.5 N/A
Quad 1, Sydney Olympic Park NSW 100% 31 Dec 18 m3 28.0 6.50%
Quad 4, Sydney Olympic Park NSW 100% 31 Dec 18 m3 58.0 5.75%
372-374 Victoria Street, Wetherill Park NSW 100% 31 Dec 18 m3 26.5 6.50%
38 Pine Road, Yennora NSW 100% 31 Dec 18 Colliers 61.0 6.13%
18-24 Abbott Road, Seven Hills NSW 100% 31 Dec 18 Savills 39.3 5.50%
1A Huntingwood Drive, Huntingwood NSW 100% 31 Dec 18 CBRE 46.0 5.25%
1B Huntingwood Drive, Huntingwood NSW 100% 31 Dec 18 CBRE 25.5 5.50%
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					Valuation	Capitalisation Rate
	State	Ownership	Date	Valuer	($m)	(%)
54 Eastern Creek Drive, Eastern Creek	NSW	100%	31 Dec 18	CBRE	51.8	5.50%
Citiwest Industrial Estate, Altona North	VIC	100%	31 Dec 18	Savills	90.0	6.29%
Citiport Business Park, Port Melbourne	VIC	100%	31 Dec 18	JLL	82.5	6.25%
Austrak Business Park, Somerton	VIC	50%	31 Dec 18	JLL	182.4	5.85%
Sunshine Business Estate, Sunshine	VIC	100%	31 Dec 18	CBRE	78.0	5.75%
396 Mount Derrimut Road, Derrimut	VIC	100%	1 Nov 18	Savills	12.4	6.50%
399 Boundary Road, Truganina	VIC	100%	2 Nov 18	Savills	15.6	5.75%
16-28 Quarry Road, Yatala	QLD	100%	31 Dec 18	Savills	44.8	7.25%
59 Forest Way, Karawatha	QLD	100%	31 Dec 18	Savills	114.0	5.75%
55 Whitelaw Place, Wacol	QLD	100%	31 Dec 18	Savills	16.5	5.75%

Valued on ‘highest and best use’ basis following gazettal of Sydney Olympic Park Authority masterplan.

LOGISTICS PORTFOLIO

Logistics – Sydney

Economic conditions are positive with infrastructure investment benefiting key logistics hubs and should underpin the demand drivers.
Supply is forecast to moderate in 2019 and vacancy remains low. Strong rent growth of 4.0% achieved in the past 12 months.
The momentum in rent growth should be maintained given the positive outlook for supply and demand fundamentals.

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sqm Sydney Industrial Supply ('000 m2)
1,000
900
800
700
Historical
600 average
500
400
300
200
100
0
2013 2014 2015 2016 2017 2018
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Sydney Industrial: Total vacant stock by grade ('000 m ² ) sqm Sydney Industrial Demand ('000 m2)
700 1,400
Prime
600 1,200
Secondary
500 1,000 Historical
average
400 800
300 600
200 400
100 200
- 0
2013 2014 2015 2016 2017 2018
All Other Pre-Lease and D & C 11 yr Avg.
Oct-11Apr-12Oct-12Apr-13Oct-13Apr-14Oct-14Apr-15Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18
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Source: Knight Frank, JLL, GPT Research.

Logistics – Melbourne

Demand remained above historical averages in 2018 due to solid activity in the secondary market.
Future supply expectations are subdued over the near term horizon.
Declining vacancy has helped to spur rent growth in strategic locations, with 1.6% achieved in the past 12 months, led by the West at 4.8%.
The state economy will continue to benefit from population growth, infrastructure investment and improving business sentiment.

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Melbourne Industrial: Vacant stock by grade ('000 m ² )
700
Prime
600
Secondary
500
400
300
200
100
-
Source: Knight Frank, JLL, GPT Research.
Oct-11Apr-12Oct-12Apr-13Oct-13Apr-14Oct-14Apr-15Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18
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sqm Melbourne Industrial Supply ('000 m2)
1,000
900
800
Historical
700 average
600
500
400
300
200
100
0
2013 2014 2015 2016 2017 2018
sqm Melbourne Industrial Demand ('000 m2)
1,400
1,200
1,000
800 Historical
average
600
400
200
0
2013 2014 2015 2016 2017 2018
All Other Pre-Lease and D & C 11 yr Avg.
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LOGISTICS PORTFOLIO

Logistics – Brisbane

Gross take-up remained steady in 2018 as the improving economic conditions filter through.
Low levels of supply will help support the market as it gradually recovers.
Rent growth of 1.0% achieved over the past 12 months, led by the Southern market at 4.3%.
Vacancy has improved overall, with some markets experiencing limited vacancy, which should continue to support rent growth.

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sqm Brisbane Industrial Supply ('000 m2)
1,000
900
800
Historical
700
average
600
500
400
300
200
100
0
2013 2014 2015 2016 2017 2018
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Brisbane Industrial: Total vacant stock by grade ('000 m ² ) sqm Brisbane Industrial Demand ('000 m2)
700 1,400
Prime
600 1,200
Secondary
500 1,000
400 800 11 year
300 600 average
200 400
100
200
- 0
2013 2014 2015 2016 2017 2018
All Other Pre-Lease and D & C 11 yr Avg.
Oct-11Apr-12Oct-12Apr-13Oct-13Apr-14Oct-14Apr-15Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18
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Source: Knight Frank, JLL, GPT Research.

Sydney Industrial Market

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GPT Industrial Assets GPT Logistics 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
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9 Sydney Olympic Park
10 Pembroke Rd, Minto
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LOGISTICS PORTFOLIO

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Sunshine Business Estate, Sunshine, VIC

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2018 ANNUAL RESULT

DEVELOPMENT

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Development Overview

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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
Underway
50 Old Wallgrove Road, Eastern Creek, NSW Logistics 100% GPT 53 6 0 1H 2019
Sunshine Plaza, QLD Retail 50% GPT 216 33 0 1H 2019
38 Pine Road, Yennora, NSW Logistics 100% GPT 10 7 0 2H 2019
Shiny Drive, Truganina, VIC Logistics 100% GPT 32 20 0 2H 2019
32 Smith Street, Parramatta, NSW Office 100% GPT 266 214 0 2H 2020
Total Underway 577 280 0
Future Pipeline
100 Queen Street, Melbourne, VIC Office 100% GWOF 212 0 207
Office 180 178 0
Melbourne Central, VIC 100% GPT
Retail 70 69 0
Cockle Bay Park, Sydney, NSW Office 50% GWOF 650 0 644
407 Pembroke Road, Minto, NSW Logistics 50% GPT 15 9 0
Austrak Business Park, Somerton, VIC Logistics 50% GPT 67 45 0
Metroplex, Wacol, QLD Logistics 50% GPT 97 27 0
Wembley Business Park, Berrinba, QLD Logistics 100% GPT 109 76 0
Prosperity Street, Truganina, VIC Logistics 100% GPT 28 18 0
Rouse Hill Town Centre, NSW Retail 100% GPT 170 170 0
Casuarina Square, NT Retail 50% GPT / 50% GWSCF 80 40 40
Chirnside Park, VIC Retail 100% GWSCF 85 0 85
Highpoint Shopping Centre, VIC Retail 16.7% GPT / 83.3% GWSCF 120 20 100
Parkmore Shopping Centre, VIC Retail 100% GWSCF 30 0 30
Total Future 1,913 651 1,106
Total Underway and Future Pipeline 2,490 932 1,106
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DEVELOPMENT

Rouse Hill

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Rouse Hill Town Centre development vision (Source: The GPT Group)
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Rouse Hill M1
Cudgegong Rd
Kellyville A3
A2 Showground
M7 Bella Vista Norwest Castle Hill Cherrybrook A28 A1
Macquarie
M2 Epping University A1
A40
A6
A28 Macquarie ParkNorth Ryde A38 Chatswood
M4
City centres A28 A3 A40 Crows NestVictoria Cross
Motorways Barangaroo
Arterial roads A6 Martin PlacePitt St
Central Sydney
Metro Northwest A22 CBD
A28
West Connex A22 A34 A36 M1
Rouse Hill Location & Transport Map (Source: The GPT Group)
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Rouse Hill is a significant regional centre in Sydney’s North West, located within 600 metres of Metro Northwest.

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2019

2000

GPT plans to lodge a mixed-use Transport Oriented Master Plan Development Application by April 2019.
The Master Plan covers an area of 10 hectares adjoining the existing Town Centre to the north.

SYDNEY METRO NORTHWEST

Due to become operational in 2019. Rouse Hill to Martin Place will take 45 minutes, with trains running every 4 minutes at peak times.

NEW APARTMENTS

Masterplan includes 2,000 apartments, 20,000sqm of retail, commercial and community spaces.

Sydney Olympic Park

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Sydney Olympic Park development vision (Source: SOPA Master Plan 2030
Review 2018 [1] )
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City centres
M7 Motorways
M2
Arterial roads
A40 A28 Proposed Metro West
A6
M4 Parramatta A3 West Connex
Camellia
A1
Sydney A40
A28 Olympic
Park
A6 Martin Place
Central SydneyCBD
A28 A22 A22 M1
A34 A36
A34 A6
M5
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Sydney Olympic Park Location & Transport Map (Source: The GPT Group)
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Sydney Olympic Park (SOP) is located in the heart of metropolitan Sydney. GPT holds 5.3ha in the future town centre.

Future growth is guided by SOPA Masterplan 2030 gazetted in August 2018.
Vision is for SOP Town Centre to be an active and vibrant mixed-use hub incorporating Retail, Residential and Commercial use.

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LIGHT RAIL & SYDNEY METRO

NSW Govt has announced plans for both Light Rail and Sydney Metro West to serve Sydney Olympic Park.

248,000

SQM

Permissible GFA uplift from 179,500sqm to 248,000sqm.

SOPA Master Plan 2030 Review 2018 https://www.sopa.nsw.gov.au/Developing-our-Park/Master-Plan-2030.

DEVELOPMENT

Camellia

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Camellia development vision (Source: The GPT Group)
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GPT Site Camellia Precinct
Camellia Town Centre
Location of Camellia Town Centre (Source: Draft Camellia Town Centre Master Plan [1] )
Grand Avenue
Parramatta River
Duck River
M4 Motorway
James Ruse Drive
Parramatta CBD
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Strategically located close to the geographic centre of the Sydney Metropolitan Region approximately 16km west of the Sydney CBD and 1.5 km east of the Parramatta CBD.[1]

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2023

1800+

Current Value	$86 million
Site Area Net Lettable Area	79,900 sqm 41,900sqm across 3 buildings

PARRAMATTA LIGHT RAIL

POTENTIAL NEW DWELLINGS

Stage 1 is due to be completed in 2023 – providing fast and GPT’s land identified within frequent services from Camellia the mixed-use area. to Parramatta.

Draft Camellia Town Centre Master Plan Planning Report https://www.planning.nsw.gov.au/~/media/Files/DPE/Reports/draft-camellia-town-centre-master-plan-planning-report-2018-02-09.ashx

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2018 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 2018	GWOF	GWSCF
Number of Assets	18	8
Total Assets	$7.8b	$4.8b
Net Gearing	15.5%	24.4%
One Year EquityIRR (post-fees)	12.7%	4.8%
Fund Details as at 31 December 2018
GPT's OwnershipInterest	23.8%	28.6%
GPT's Investment	$1,524.0m	$1,013.7m
Established	July2006	March 2007
Weighted Average Capitalisation Rate	4.97%	4.80%
Portfolio Occupancy	96.8%	99.7%
GPT’s Share of Fund FFO	$69.8m	$46.3m
GPT Base Management Fee	$36.3m	$21.9m

Macarthur Square, New South Wales

FUNDS MANAGEMENT

GPT Funds Management Overview

Historical Growth in Funds under Management

Growth in Funds under Management for the 12 months to 31 December 2018

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$12.4b $12.6b
$12.0b
$10.4b
$10.0b
$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 Jun 2018 Dec 2018
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$0.7b $0.1b ($0.1b) $12.6b
$12.0b
Dec 17 FUM Developments Acquisitions Divestments Dec 18 FUM
& Asset Growth
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GWOF performance versus benchmark

GWSCF performance versus benchmark

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00
15.015.3
75 12.713.6 13.813.0 13.614.113.712.2 12.512.3 13.711.4 13.313.913.411.9
10.0 10.5
9.1
8.5
50 7.7
6.6
25
00
GWOF MSCI/Mercer Peer 1 Peer 2 Peer 3
All Office Index
1 Year 3 Years 5 Years 7 Years 10 Years
11.9
Total return (%)
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9.6 7.9 7.9 7.4 8.9 8.98.6 7.4 8.8 9.3 8.9 7.6 8.4 8.4 8.1 7.0 8.2 9.2 9.0 8.3
5.4 5.4
4.8 4.8
2.8
GWSCF MSCI/Mercer Peer 1 Peer 2 Peer 3
All Retail Index
1 Year 3 Years 5 Years 7 Years 10 Years
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Source: MSCI/Mercer. Note: Differences due to rounding.

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 2018, the Fund had a value of $7.8 billion.

	December 2018	December 2017
Number of Assets	182	17
Total Assets	$7.8b	$7.1b
Net Gearing	15.5%	17.9%
One Year EquityIRR (post-fees)	12.7%	13.4%

Fund Details as at 31 December 2018
GPT's OwnershipInterest (%)	23.8%
GPT's OwnershipInterest ($m)	$1,524.0m
Established	July2006
Weighted Average Capitalisation Rate	4.97%
Portfolio Occupancy(%)	96.8%
GPT’s Share of Fund FFO ($m)	$69.8m
GPT Base Management Fee ($m)	$36.3m

		Inception to Date
	1 January 2018 to	(Annualised) 21 July 2006
Equity IRR	31 December 2018	to 31 December 2018
Post fees	12.7%	9.7%

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GWOF Ownership Composition [1]
As at 31 December 2018
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Domestic Super Funds 44%
GPT 24%
Offshore Pension Funds 15%
Domestic – Other 7%
Offshore – Other 7%
Sovereign Wealth Funds 1%
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Differences due to rounding.
Includes 32 Flinders Street carpark.

FUNDS MANAGEMENT

GWOF Capital Management

Total borrowings for the Fund at 31 December 2018 were $1,243 million resulting in net gearing of 15.5%.

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750 Collins Street, Melbourne

GWOF Capital Management Summary as at 31 December 2018

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Net Gearing 15.5%
Weighted Average Cost of Debt 4.0%
Fees and Margins (included in above) 1.6%
Weighted Average Debt Term 8.4 years [1]
Drawn Debt Hedging 83%
Weighted Average Hedge Term 3.7 years
GWOF Loan Facilities Facility Limit ($m) Facility Expiry Amount Currently Drawn ($m)
Bilateral Facility 50.0 29 September 2020 0.0
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 145.0
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
Bilateral Facility 100.0 31 May 2023 100.0
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
US Private Placement 175.0 7 February 2032 0.0
US Private Placement 175.0 7 February 2034 0.0
Total 1,748.0 1,243.0
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Weighted average debt term calculated including USPP issuance due to settle February 2019.

GWSCF Overview

GWSCF provides wholesale investors with exposure to 8 high quality retail assets. At 31 December 2018, the Fund had a value of $4.8 billion.

	December 2018	December 2017
Number of Assets	8	8
Total Assets	$4.8b	$4.9b
Net Gearing	24.4%	24.7%
One Year EquityIRR (post-fees)	4.8%	12.5%

Fund Details as at 31 December 2018
GPT's OwnershipInterest (%)	28.6%
GPT's OwnershipInterest ($m)	$1,013.7m
Established	March 2007
Weighted Average Capitalisation Rate	4.80%
Portfolio Occupancy(%)	99.7%
GPT’s Share of Fund FFO ($m)	$46.3m
GPT Base Management Fee ($m)	$21.9m

		Inception to Date
	1 January 2018 to	(Annualised) 31 March 2007
Equity IRR	31 December 2018	to 31 December 2018
Post fees	4.8%	6.0%

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GWSCF Ownership Composition [1]
As at 31 December 2018
Domestic Super Funds 38%
GPT 29%
Domestic – Other 14%
Offshore Pension Funds 12%
Sovereign Wealth Funds 4%
Offshore – Other 3%
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Differences due to rounding.

FUNDS MANAGEMENT

GWSCF Capital Management

Total borrowings for the Fund at 31 December 2018 were $1,194 million resulting in net gearing of 24.4%.

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Casuarina Square, NT

GWSCF Capital Management Summary as at 31 December 2018

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||||
|---|---|---|
|Net Gearing|24.4%|
|Weighted Average Cost of Debt|4.0%|
|Fees and Margins (included in above)|1.5%|
|Weighted Average Debt Term|5.2 years|[1]|
|Drawn Debt Hedging|69%|
|Weighted Average Hedge Term|3.3 years|

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GWSCF Loan Facilities Facility Limit ($m) Facility Expiry Amount Currently Drawn ($m)
Bilateral Facility 50.0 1 October 2020 50.0
Bilateral Facility 50.0 8 January 2021 50.0
Bilateral Facility 50.0 1 July 2021 45.0
Bilateral Facility 75.0 30 August 2021 75.0
Bilateral Facility 100.0 1 October 2022 100.0
Bilateral Facility 50.0 1 April 2022 0.0
Bilateral Facility 200.0 14 September 2022 152.0
Bilateral Facility 100.0 31 March 2023 100.0
Bilateral Facility 125.0 30 June 2023 125.0
Bilateral Facility 75.0 30 August 2023 0.0
Bilateral Facility 100.0 31 October 2023 97.0
Medium Term Notes 200.0 11 September 2024 200.0
Medium Term Notes 200.0 28 February 2028 200.0
Total 1,375.0 1,194.0
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Includes credit approved facilities extensions.

AI assistant

GPT GROUP — Annual Report 2018

65009_rns_2019-02-10_ba588e78-1c5b-435c-8c3b-099f2db00214.pdf

AGENDA

2018 Annual Result Financial Highlights

Progress on Strategic Priorities

Investment Portfolio

Development Pipeline

Balance Sheet & Capital Management

Funds Management

FINANCE & TREASURY

Financial Summary

Segment Result

Capital Management

KEY STATISTICS

Sources of Drawn Debt

Debt Maturity Profile

Retail Highlights

Retail Sales

Retail Leasing

Portfolio Leasing Statistics

Retail Development

Retail Offer

+ Destination

Retail Development

Melbourne Central

Rouse Hill Town Centre

Office Highlights

Office Valuation & Market Fundamentals

Valuation Uplift - Sydney CBD

Net Supply vs Vacancy Rate by Market

Office Leasing

Customer Focus

2018 Leasing Success

Customer Insights

19% 28%

23%

Office Portfolio Growth

Eclipse Tower,

60 Station St, Parramatta

4 Murray Rose Avenue, Sydney Olympic Park

300 Lonsdale Street, Melbourne Central

32 Smith, Parramatta

Logistics Highlights

Key

Logistics Portfolio Growth

Funds Management Highlights

Fund Update

Summary & Outlook

ECONOMIC OUTLOOK

SECTOR OUTLOOK

GROUP OUTLOOK

Disclaimer

GPT Overview

GPT Portfolio Diversity

Retail Portfolio

Office Portfolio

Logistics Portfolio

GPT Portfolio Metrics

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

Glossary

Financial Summary

Results Summary

Funds From Operations to Adjusted Funds From Operations

NTA Movement

Capital Management Summary

Look Through Gearing

Debt Maturity Profile

Liquidity Profile

Liquidity Profile

Hedging Profile

Retail Portfolio Overview

New South Wales

GPT Owned

GWSCF Owned

Victoria

GPT Owned

GWSCF Owned

Northern Territory

GPT Owned

GPT GROUP Annual Report 2018