GPT GROUP - Annual Report 2019 | FinancialReports.eu

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10 February 2020

2019 Annual Result Data Pack

GPT provides its 2019 Annual Result Data Pack which has been approved for release by the GPT Group Company Secretary.

-ENDS-

For more information, please contact:

INVESTORS MEDIA Brett Ward Grant Taylor Head of Investor Relations & Corporate Communications Manager Affairs +61 437 994 451 +61 403 772 123

www.gpt.com.au

Level 51, MLC Centre, 19-29 Martin Place, Sydney NSW 2000

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2019 Annual Result

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2019 Annual Result

Market Briefing 10 February 2020

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The GPT Group acknowledges the Traditional Custodians of the lands on which our business and assets operate, and recognises their ongoing connection to land, waters and community. We pay our respects to First Nations Elders past, present and emerging.

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Agenda

4 2019 Annual Result Highlights | Bob Johnston

9 Financial Summary & Capital Management | Anastasia Clarke

13 Office & Logistics | Matthew Faddy

26 Retail | Chris Barnett

33 Funds Management | Nicholas Harris

36 Summary & Outlook | Bob Johnston

2019 Annual Result

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RESULTS PRESENTATION

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Our Strategic + Growing our Office & Logistics portfolio Delivering attractive
+ High weighting to NSW and VIC markets returns
Focus + Increased the development pipeline to an
expected end value of approximately $5 billion [1]
5yr avg. Total
+ Total Assets Under Management of Return 13.3%
$25.3 billion
5yr avg. FFOps growth 4.0%
5yr avg. DPS growth 4.5%
Shifting our TARGET 2019 FOCUS GROUP
strategic SYDNEY & MELBOURNE EARNINGS COMPOSITION
asset Office40% Logistics Office Logistics NSW Logistics
allocation 20% 41% 16% 52% Office 16%
36%
VIC
36%
Retail Funds Retail
40% Retail NT QLD Management 42%
43% 2% 10% 6%
1. Includes both GPT direct interest and Fund opportunities
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The GPT Group | 2019 Annual Result | 10 February 2020 4

2019 Consistently delivering strong returns Annual Result 2.6% 4.0% $5.80 8.7% FINANCIAL FFO GROWTH DISTRIBUTION NTA PER TOTAL HIGHLIGHTS PER SECURITY GROWTH PER SECURITY RETURN SECURITY UP 3.9 PER CENT Investment Portfolio Portfolio Revaluation $ 96.5% 342.2M occupancy gains Like for like 3.5% Weighted Average 4.95% income growth Capitalisation Rate 161 Castlereagh Street, Sydney

RESULTS PRESENTATION

Executing on Strategy

Office & Retail Developments Darling Park Acquisition & Development Opportunity Expected end value of $800 million Expected end value, including Cockle Bay Park development, of >$1 billion

Expected end value, including Cockle Bay Park development, of >$1 billion[1]

- Darling Park 1&2 and Cockle Bay Wharf

Current

25% interest in the premium Sydney CBD $2.1 billion office and retail complex with an initial yield of 5.3% and average fixed rental growth profile of 4.0% per annum
- 32 Smith Street, Parramatta, office development
- Cockle Bay Park Development
Expected yield on cost of approximately 6.75% and an end value >$320 million
25% interest in a $2 billion landmark Sydney CBD office development opportunity that will provide future growth with an expected IRR of >12%. Development cost of approximately $400 million (GPT’s share)

Proposed 2020 commencements

- 300 Lonsdale office development
Expected yield on cost of >6.5% and an end value of $220 million
Subject to securing a pre-commitment and authority approvals
- Melbourne Central retail expansion
$70 million expansion and an expected yield on cost of >6.5%
- Rouse Hill Town Centre, Sydney, retail expansion
$200 million expenditure with an expected yield on cost of >6.0%

Growing GPT’s Investment in Logistics Expected development end value of >$1 billion

- Western Sydney logistics acquisitions
- - Andrews Road, Penrith, logistics acquisition
Acquired five assets for $212 million with an - Construction has commenced on a 50,000sqm initial yield of 5.4% fund-through opportunity, leased for 10 years
- Truganina, Melbourne logistics development
- - Truganina, Melbourne logistics acquisition
Completed Stage 1 (26,500sqm) with five - Secured 23,000sqm pre-leased facility for $42m future stages planned due to settle on completion in 2020
- Wembley Business Park, Brisbane logistics development
- - New land acquisitions
  - Western Sydney - 36 hectares[2] has been secured
  - - Western Melbourne - 48 hectares has been secured
Construction of first two assets underway with an expected yield on cost of >6%
GPT direct interest
Excludes 10 hectares attributable to Andrews Road, Penrith, fund-through development

The GPT Group | 2019 Annual Result | 10 February 2020

Environmental Sustainability

The GPT Group | 2019 Annual Result | 10 February 2020 7

RESULTS PRESENTATION

Social Responsibility

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Finance & Treasury

Annual Result 2019

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Artists impression – 550 Bourke Street and 181 Williams Street, Melbourne RESULTS PRESENTATION 9

RESULTS PRESENTATION

Financial Summary


12 Months to 31 December ($ million)	2019	2018	Change
Funds From Operations (FFO) Valuation increases	613.7 342.2	574.6 910.7	6.8%
Treasury instruments marked to market	(82.7)	(39.6)
Other items	6.8	6.0
Net Profit After Tax (NPAT)	880.0	1,451.7
Funds From Operations (cents per stapled security)	32.68	31.84	2.6%
Funds From Operations (FFO)	613.7	574.6	6.8%
Maintenance capex Lease incentives	(55.2) (61.0)	(53.2) (60.9)
Adjusted Funds From Operations (AFFO)	497.5	460.5
Distribution (cents per stapled security)	26.48	25.46	4.0%

$ 880M

STATUTORY NET PROFIT AFTER TAX

2.6%

FFO PER SECURITY GROWTH

4.0% DISTRIBUTION PER SECURITY GROWTH

Segment Result


12 Months to 31 December ($ million)	2019	2018	Change	Comments
Office	276.3	268.7	▲2.8%	Strong comparable income growth of 6.2% driven by strong leasing outcomes and higher rents. Segment result was offset by reduced income post the sale of MLC
Logistics	121.0	109.9	▲10.1%	Operations net income up 15.4% driven by acquisitions and development completions, offset by lower development profits
Retail	326.0	326.2	▼0.1%	Operations net income up 0.9% due to fixed rent increases offset by lower turnover rent, increased downtime and lower development profits
Funds Management	46.3	42.6	▲8.7%	Strong growth due to a 5.6% increase in assets under management
Net Income	769.6	747.4
Net interest expense	(108.0)	(124.4)	▼13.2%	Lower average cost of debt by 60 basis points to 3.6%
Corporate overheads	(35.3)	(34.2)
Tax expense	(12.6)	(14.2)
Corporate	(155.9)	(172.8)
Funds From Operations	613.7	574.6

RESULTS PRESENTATION

Capital Management

- Modest gearing of 22.1%
- Successfully completed $867 million equity raising to fund acquisition and growth opportunities
- Increased liquidity to $1.4 billion
- Issued US$400 million of debt in US Private Placement market for an average term of 12.9 years and margin of 170 basis points
- Hedging reduced following the sale of MLC, with hedging level subsequently increasing as a result of the equity raising
- S&P A and Moody’s A2 credit ratings

	Key Statistics Dec 2019 Dec 2018 Net tangible assets per security $5.80 $5.58 Net gearing 22.1% 26.3% Weighted average cost of debt 3.6% 4.2% Weighted average term to maturity 7.7 years 6.3 years Interest cover ratio 6.7x 5.7x Drawn debt hedging 82% 83% Credit ratings (S&P / Moody’s) A / A2 A / A2

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Domestic Foreign
Sources of CPI Bonds2% bank debt2% bank debt9% Secured
Drawn bank debt
3%
Debt
As at 31 December Commercial
2019 USPP44% Bank Debt 14% Paper9%
Debt Capital
Markets
86%
Domestic MTNs
23%
Debt Foreign MTNs
Maturity $m 7%
700
Profile 600 liquidity$1.4b
As at 31 December 500
2019
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 1H 2H
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
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CPI Bonds US Private Placements Medium Term Notes Drawn Bank Facilities Undrawn Bank Facilities

Office & Logistics Annual Result 2019

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RESULTS PRESENTATION

Office Highlights

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Portfolio Size &
Geographic Exposure
6.2% 10.0% 147,600sqm
PORTFOLIO TOTAL PORTFOLIO LEASES
LIKE FOR LIKE RETURN SIGNED Office Retail
$6.3bn
INCOME GROWTH (12 MONTHS) $6.1bn
Sydney 59%
Key Highlights Melbourne 31%
Brisbane 10%
+ Portfolio occupancy of 98.3% [1] up 1.2% in the 12 months
+ WALE extended to 5.3 years as a result of significant leasing progress
+ Assets Under Management of $13.1 billion with 24 prime assets in deepest office markets
Logistics
+ Office valuation gains of $271.2 million, WACR firming to 4.85% $2.4bn
+ Operations Net Income up 2.8% to $275.3 million as result of underlying portfolio growth
and acquisitions / divestments
+ Low vacancy in Sydney and Melbourne, and improving conditions in Brisbane
580 George Street, Sydney
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Occupancy excludes Queen & Collins, Melbourne as under redevelopment

The GPT Group | 2019 Annual Result | 10 February 2020

Office Valuations & Market Fundamentals

$271.2m PORTFOLIO VALUATION UPLIFT

4.85% PORTFOLIO WACR

- Office valuation gains in 12 months of $271.2 million, with market rental growth contributing over 50% of increase
- Melbourne Central Tower together with Governor Phillip & Governor Macquarie Towers and 2 Park Street in Sydney achieved highest uplift
- Low vacancy in Sydney and Melbourne, with high levels of pre-commitment for new supply

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Vacancy by Grade by Market sqm Gross Supply vs. Vacancy Rate
GPT Portfolio Total Vacancy Rate Prime Vacancy Rate 400,000 Pre-leased Supply Vacant Supply Vacancy Rate (RHS) Vacancy Rate - 20y Avg. 14.0%
100Prime Office% 11.7% 350,000 300,000 11.7% 8.9% 12.0%10.0%
250,000
7.8% 8.0%
8.5% 200,000 7.2%
150,000 5.0% 3.4% 6.0%
5.0% 4.8% 5.4% 100,000 4.0%
3.4% 50,000 2.0%
1.8%
0.5% - 0.0%
Sydney Melbourne Brisbane Parramatta
Syd CBD Melb CBD Bris CBD
Source: JLL Research, GPT Research. Source: Data includes all grades; JLL Research, GPT Research.
Vacancy rate reflecting position as at 31 December for each year. The GPT Group | 2019 Annual Result | 10 February 2020 15
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
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RESULTS PRESENTATION

Office Leasing

147,600sqm 98.3% SIGNED LEASES PORTFOLIO With an additional 29,400sqm of terms agreed OCCUPANCY¹

- Strong leasing outcomes achieved with 2020 and 2021 expiry reduced from 29% to 17% in the 12 months²
- WALE extended to 5.3 years and renewals secured with key customers:

Darling Park 1, Sydney	17,200sqm
Workplace6, Sydney	18,200sqm
Melbourne Central Tower	13,700sqm
111 Eagle Street, Brisbane	7,500sqm
Melbourne Central Tower	7,700sqm

Occupancy excludes Queen & Collins, Melbourne as under redevelopment
Includes leases signed post balance date

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Community &
Amenity
Sustainability
Technology
Enablement
Customer Centricity
+ Customer satisfaction score of 86%, highest score in peer set [3] Flexible
On-demand
+ Renewals and expansions make up >70% of 2019 leasing Space
+ Targeted upgrades and investment program
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Survey conduced by Campbell Scholtens, number one position on a rolling three-year average basis

Office Acquisitions & Divestments

- Significant transaction activity in 2019, investing in high quality assets providing greater control for the Group
- Acquired stake in Darling Park 1 & 2, Sydney, made up of two premium office assets and a harbourfront development opportunity
- GPT Wholesale Office Fund acquired the remaining 50% share of 2 Southbank Boulevard, Melbourne for $326 million
- Divested MLC Centre for $800 million, capitalising on leasing and asset upgrades completed over past 5 years

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CBA
renewal of $
531M
17,200sqm
PURCHASE PRICE
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101,900sqm OFFICE NLA

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98.1%
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OCCUPANCY¹

6.3 years WALE[1]

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Darling Park 1 & 2
25% Acquisition by GPT
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2 Southbank Boulevard 50% Acquisition by GWOF

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$
326M
PURCHASE PRICE
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53,300sqm OFFICE NLA

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99.2%
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OCCUPANCY¹

5.7years WALE[1]

As at 31 December 2019

The GPT Group | 2019 Annual Result | 10 February 2020 17

RESULTS PRESENTATION

Office Portfolio Composition

- Portfolio rebalancing towards newer, less capital intensive assets and securing development opportunities for value creation
6.2%
PORTFOLIO + Consistent high returns delivered over past 5 years, with average annual like for like growth of 5.9%
LIKE FOR LIKE INCOME GROWTH + 85% of portfolio subject to structured rental increases, averaging 3.9%

Operations Net Income ($) and Like for Like Growth (%)

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$300 $267.7 $275.3 10%
$247.8
$250 $209.5 $223.9 8%
$200
6%
$150 6.3% 6.3% 5.8% 6.2%
5.0% 4%
$100
$50 2%
$0 0%
2015 2016 2017 2018 2019
Millions ($m)
Like for Like Income Growth (%)
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Office Development Pipeline

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PHOTO FROM
GROUND
REQUESTED
Construction Progress at 31 January 2020 Artists impression Artists impression
32 Smith Street, Parramatta
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- Construction progressing well, due for practical completion in late 2020
- Asset 64% leased¹ with QBE anchoring the development
- Parramatta prime vacancy of 0.5% with new space under construction substantially pre-committed
- 32 Smith is designed to reduce energy and water consumption, with a 5 Star NABERS Energy rating and 6 Star Green Star rating targeted
- Positive net absorption of 46,900sqm in 2019 with tenant relocations into the Parramatta market
- Smart building attributes focused on customer experience and driving operational performance
- Significant infrastructure investment, including Sydney Metro West, that will double rail capacity between Sydney CBD and Parramatta, cutting travel time to ~20 minutes
- Expected yield on cost of ~6.75% and an end value in excess of $320 million
Including Heads of Agreement agreed post balance date

RESULTS PRESENTATION

Office Development Pipeline

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Artists impression of indicative building scale
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Cockle Bay Park, Sydney

- International Design Competition for Cockle Bay Park is nearing completion
- Project will deliver approximately 63,000sqm of office space together with a 10,000sqm retail and entertainment precinct
- Targeting commencement in 2022
- Expected end value of ~$2 billion with a development IRR >12%

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Artists impression
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Frame, 300 Lonsdale Street, Melbourne

- Further enhance Melbourne Central as a dominant mixed use precinct, incorporating an office building, connected to elevated garden spaces and a new rooftop retail, entertainment and dining precinct
- Designed by the award-winning architecture and urban design practice ARM Architecture, featuring a hotel-inspired sky lobby and floor plates of approximately 2,000sqm
- The building is targeted to deliver a minimum 5 Star NABERS Energy and Water rating, a 6 Star Green Star rating, and WELL Gold Standard
- Expected yield on cost for office component >6.50% and end value in excess of $220 million

Logistics Highlights

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Portfolio Size &
Geographic Exposure
15.4% 12.1% 231,600sqm Office
OPERATIONS TOTAL PORTFOLIO LEASES SIGNED Retail
NET INCOME RETURN $6.1bn $6.3bn
GROWTH (12 MONTHS)
Sydney 68%
Key Highlights Melbourne 24%Brisbane 8%
+ Portfolio occupancy of 95.7%¹ with long WALE of 7.3 years
+ Like for Like income growth for 12 months of 3.3%
+ Logistics valuation gains in 12 months of $117.1 million, WACR firming to 5.40% Logistics
+ Land acquired in Sydney and Melbourne, projects underway and pipeline has capacity to $2.4bn
deliver over 550,000sqm of prime logistics facilities with an expected end value in excess of
$1 billion
+ Sector continues to benefit from sustained tenant and investor demand, with limited
vacancy in prime markets
21 Shiny Drive, Truganina
1. Includes leases signed post balance date
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The GPT Group | 2019 Annual Result | 10 February 2020

RESULTS PRESENTATION

Logistics Leasing

231,600sqm 95.7% SIGNED LEASES PORTFOLIO With an additional 27,500sqm of terms agreed OCCUPANCY¹

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Development New
24% Leasing
26%
Total Leasing Volume
259,100sqm
across
23 deals
Renewal
50%
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- Demonstration of active leasing strategies to drive value and lease future expiries, with strong focus on customer relationships
- New Truganina facility completed and fully leased[1]
- 2020 and 2021 expiry reduced from 21% to 8% in the 12 months
- Retention rate for 2019 expiries of 74%

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Yennora, NSW Camellia, NSW Yatala, QLD
33,200sqm 29,500sqm 22,500sqm
Wetherill Park, NSW Altona North, VIC Eastern Creek, NSW
20,500sqm 18,800sqm 15,200sqm
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Includes leases signed post balance date

Logistics Portfolio Growth

- Portfolio growth of $545 million during the year to $2.4 billion
- Acquired five prime logistics facilities totalling $212 million in Sydney
- Secured a 23,000sqm facility in Truganina, Melbourne for $42 million settling in 2020, pre-leased to an international logistics company for a 10 year term
- Two developments completed in Eastern Creek, Sydney and Truganina, Melbourne, with a further four facilities underway and due for completion in 2020

Composition of Portfolio Growth

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$2.4b
$117m
$110m
$212m
$106m
$1.9b
29%
Growth in
2019
Dec-18 Land Investment Development & Valuation uplift Dec-19
acquisitions operational capex
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2019 Developments 2 facilities totaling $105m
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2019 Acquisitions 5 facilities totaling $212m
2020 Acquisitions 1 facility totaling $42m
2020 Underway Developments 4 facilities totaling $167m
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RESULTS PRESENTATION

Logistics Market Context

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Other
14%
+ Australia population is projected to grow ~20% by 2030
+ Population is expected to be increasingly urbanised, with Wholesale Transport, Postal &
PopulationGrowth ~70% in capital cities Trade8% Eastern Warehousing37%
Seaboard
Industrial Take-Up
by Industry
+ Over $130 billion being invested in transport infrastructure Manufacturing17% (2019)
investment by State and Federal Governments
Infrastructure
+ Investment is concentrated in NSW & Victoria
Investment
Retail Trade
24%
+ Trade through Australian ports is expected to increase by
Trade ~5% per annum over the long term
Expansion + Anticipated to drive demand near ports, intermodal + Eastern Seaboard take-up dominated by Transport,
terminals and key road networks Postal and Warehousing and Retail Trade, collectively
making up 61% of 2019 demand
+ Melbourne’s West has been the most active market,
+ Online sales reflect approximately 9% of total retail sales making up 24% of national take-up
E-commerce & + With convenience, speed, and variety of offering driving + Investment demand for Logistics remains strong, with
Supply Chain increased need for inventory management local and global capital seeking exposure to the sector
Sophistication
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Source: JLL Research, GPT Research.

Logistics Development Pipeline

- Land parcels secured in key growth corridors:

>550,000sqm PIPELINE CAPACITY

- Truganina (Boundary Road), Melbourne: 32.8 hectare site secured on deferred settlement terms
- Truganina (Niton Drive), Melbourne: 14.9 hectare site forming part of The Gateway Logistics Hub
- Kemps Creek, Sydney: 33.4 hectare site secured on deferred settlement terms
- Penrith, Sydney: 10.2 hectare site acquired with a fund-through development underway

>$1 billion PIPELINE EXPECTED END VALUE

- Glendenning, Sydney: 3.1 hectare site acquired, speculative facility to commence in 1H 2020
- Targeting yield on cost in excess of 6%
- Anticipate commencement of projects across three states in 2020

||State
Land
(Hectares)
Expected GLA
(sqm)
Completed
(sqm)
Underway
(sqm)
Estimated
End Value
Estimated Timing
2020
2021
2022
2023
2024
2025+
Truganina(Gateway)
VIC
23.0
142,000
26,500
-
$200m
Truganina(BoundaryRoad)
VIC
32.8
128,200
-
-
$205m
Kemps Creek
NSW
33.4
162,300
-
-
$445m
Penrith(fund-through)
NSW
10.2
50,100
-
50,100
$80m
Glendenning
NSW
3.1
17,100
-
-
$45m
Yennora
NSW
1.1
4,800
-
4,800
$12m
Berrinba
QLD
16.1
74,300
-
34,900
$150m
Active Development Pipeline
119.7
578,800
26,500
89,800
~$1,137m
The GPT Group| 2019 Annual Result | 10 February 2020
1.
Including Heads of Agreement post balance date
25
100%
Leased¹|State
Land
(Hectares)
Expected GLA
(sqm)
Completed
(sqm)
Underway
(sqm)
Estimated
End Value
Estimated Timing
2020
2021
2022
2023
2024
2025+
Truganina(Gateway)
VIC
23.0
142,000
26,500
-
$200m
Truganina(BoundaryRoad)
VIC
32.8
128,200
-
-
$205m
Kemps Creek
NSW
33.4
162,300
-
-
$445m
Penrith(fund-through)
NSW
10.2
50,100
-
50,100
$80m
Glendenning
NSW
3.1
17,100
-
-
$45m
Yennora
NSW
1.1
4,800
-
4,800
$12m
Berrinba
QLD
16.1
74,300
-
34,900
$150m
Active Development Pipeline
119.7
578,800
26,500
89,800
~$1,137m
The GPT Group| 2019 Annual Result | 10 February 2020
1.
Including Heads of Agreement post balance date
25
100%
Leased¹|State
Land
(Hectares)
Expected GLA
(sqm)
Completed
(sqm)
Underway
(sqm)
Estimated
End Value
Estimated Timing
2020
2021
2022
2023
2024
2025+
Truganina(Gateway)
VIC
23.0
142,000
26,500
-
$200m
Truganina(BoundaryRoad)
VIC
32.8
128,200
-
-
$205m
Kemps Creek
NSW
33.4
162,300
-
-
$445m
Penrith(fund-through)
NSW
10.2
50,100
-
50,100
$80m
Glendenning
NSW
3.1
17,100
-
-
$45m
Yennora
NSW
1.1
4,800
-
4,800
$12m
Berrinba
QLD
16.1
74,300
-
34,900
$150m
Active Development Pipeline
119.7
578,800
26,500
89,800
~$1,137m
The GPT Group| 2019 Annual Result | 10 February 2020
1.
Including Heads of Agreement post balance date
25
100%
Leased¹|State
Land
(Hectares)
Expected GLA
(sqm)
Completed
(sqm)
Underway
(sqm)
Estimated
End Value
Estimated Timing
2020
2021
2022
2023
2024
2025+
Truganina(Gateway)
VIC
23.0
142,000
26,500
-
$200m
Truganina(BoundaryRoad)
VIC
32.8
128,200
-
-
$205m
Kemps Creek
NSW
33.4
162,300
-
-
$445m
Penrith(fund-through)
NSW
10.2
50,100
-
50,100
$80m
Glendenning
NSW
3.1
17,100
-
-
$45m
Yennora
NSW
1.1
4,800
-
4,800
$12m
Berrinba
QLD
16.1
74,300
-
34,900
$150m
Active Development Pipeline
119.7
578,800
26,500
89,800
~$1,137m
The GPT Group| 2019 Annual Result | 10 February 2020
1.
Including Heads of Agreement post balance date
25
100%
Leased¹|
|---|---|---|---|---|
||Active Development Pipeline
119.7
578,800|26,500
89,800|~$1,137m||
||The GPT Group| 2019 Annual Result | 10 February 2020
1.
Including Heads of Agreement post balance date
25
100%
Leased¹||||
||||||
||||||

RESULTS PRESENTATION

Retail

Annual Result 2019

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Melbourne Central, Melbourne

Retail Highlights

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1.2% 99.6% $
11,667
PORTFOLIO PORTFOLIO SPECIALTY SALES
LIKE FOR LIKE OCCUPANCY PRODUCTIVITY
INCOME GROWTH PER SQUARE METRE
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Key Highlights

- Retail segment FFO contribution of $326.0 million for 12 months to Dec 2019, which is in line with 2018
- Valuation decline of $46 million (<1% of portfolio value) for 12 months to Dec 2019, and a WACR[1] of 4.89%

Portfolio Size & Geographic Exposure

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Office
$6.1bn Retail
$6.3bn
NSW 41%
VIC 44%
QLD 10%
NT 5%
Logistics
$2.4bn
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- Successful launch of new dining precincts at Melbourne Central and Charlestown Square
- Completion of Sunshine Plaza development on 28 March 2019
- Strong progress with development proposals for Melbourne Central and Rouse Hill, scheduled to commence mid 2020.
Weighted Average Capitalisation Rate

The GPT Group | 2019 Annual Result | 10 February 2020 27

RESULTS PRESENTATION

Retail Sales

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SPECIALTY SALES PRODUCTIVITY (<400sqm)
Specialty Sales Productivity
by Category
11.1% MAT $psm growth
$ 7.6%
11,667 per sqm (psm) 5.8%
3.3%
2.1% 1.9% 2.3%
1.1% 0.5%
TOTAL SPECIALITY SALES PRODUCTIVITY
GROWTH (PSM) -0.7% -1.1% -2.0% -2.4%
1.9% -6.5% -7.0%
AVERAGE TOTAL SPECIALTY TENANT SALES
>$1.6 million pa
per store
Statistics exclude development impacted centres (Sunshine Plaza, Macarthur Square, Wollongong)
Total Centre Department Stores DDS Supermarkets Cinemas Total Specialties Tech & Appliances Retail Services Dining Food Retail Leisure General Retail Fashion, Footwear & Accessories Homewares Health & Beauty
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Retail Leasing

- 459 leasing deals completed introducing over 70 new retailers to the portfolio in 2019
- Strong retail demand reflected in high portfolio occupancy

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New
Dining
precincts
delivered
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- Holdovers down from the half, and in-line with 2018 at 5.7% of specialty rent
- New specialty leases achieving fixed increases of 4.8%

Portfolio Leasing Statistics

		DEC 2019
	Portfolio Occupancy	99.6%
	Retention Rate	75%
	Avg. Annual Fixed Increase1,2 Avg. Lease Term1,2 Leasing Spread1,2 % Debt of Annual Billings	4.8% 4.7 years (2.2%) 0.5%
	Specialty Occupancy Cost2	17.0%

The Corner – Charlestown Square

- Precinct opened fully leased (Dec 19)
- Introduction of 10 new retailers including well-known local dining retailers
- Tenancy mix reflecting the uniqueness of the Hunter Region
- Trading performance exceeding expectations

ELLA – Melbourne Central

- Precinct opened fully leased (Oct 19)
- Introduction of 13 unique and iconic Melbourne food retailers
- Strong synergies with office tower and access to train station
- Solid trading performance since opening
New leases
Specialties <400sqm Statistics exclude development impacted centres (Sunshine Plaza, Macarthur Square, Wollongong) & holdovers

The GPT Group | 2019 Annual Result | 10 February 2020 29

RESULTS PRESENTATION

Retail Portfolio

Why Data?

Data driven culture – using digital technology and data to create value, drive market share….

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o Visitation & GPS o Centre WiFi
o Customer o Social Platforms
Database o Mobile
o Quantium Data o Website Use
o Sales Reports Data
Sources
Data Customer
An aly sis Insights
o Leasing Prediction Tool o Net Promoter Score
o Tableau Dashboards o Voice of Customer
o Machine Learning (AI) o Customer Data Platform
“Creating a Single View
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Retail Offer that is responding to customer demand

Responding to customer feedback and creating reasons for visitation

Investment in physical spaces

Retail Shift – Total	Specialties(5 Year CAGR GLA SQM Sales PSM Growth	2014-2019) Total Rent Growth
Dining	3.0%	5.3%
Health & Beauty	5.3%	7.6%
Leisure	2.1%	5.2%
Apparel	1.1%	(0.7%)

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Melbourne Central - Customer
Solution for Online Returns Parkmore Outdoor Cinema
On3 – Melbourne Central Main St Dining Precinct – Rouse Hill
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Retail Melbourne Central
Development
#1
MOST PRODUCTIVE SHOPPING
CENTRE IN AUSTRALIA [1]
5.7% pa
MARKET GROWTH FORECAST
(2020-2029) [2]
Artists impression Artists impression
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- Approx. $70 million - 7,000sqm of retail, focused on entertainment, dining and leisure
- Approval received for Development Application
- Retail pre-leasing well progressed, currently at 40%
- Forecast Return | ~ 6.5% stabilised yield
- Target Commencement | mid 2020

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Artists impression
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Shopping Centre Big Guns Publication 2019
GPT Research – using Deloitte Access Economic Forecasts

The GPT Group | 2019 Annual Result | 10 February 2020 31

RESULTS PRESENTATION

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Retail
Rouse Hill
Development
7.6% pa
SALES PRODUCTIVITY GROWTH
(2017-2019)
6.1% pa
MARKET GROWTH FORECAST
(2020-2029) [1]
Artists impression
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Artists impression
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Artists impression
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- Approx. $200 million - 20,000sqm of retail and commercial space
- Residential integrated within retail scheme and adjacent to existing asset
- Development Application lodged
- Forecast Return | > 6% stabilised yield
- Target Commencement | mid 2020
GPT Research – using Deloitte Access Economic Forecasts

The GPT Group | 2019 Annual Result | 10 February 2020 32

Funds Management

Annual Result 2019

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RESULTS PRESENTATION

Funds Management Highlights

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Funds Management
Financial Summary ($M)
$
13.3B 5.6% 8.7%
ASSETS UNDER AUM GROWTH FFO Segment 2019 2018 CHANGE
MANAGEMENT GROWTH Result
46.3 42.6 8.7%
Key Highlights
2010 2019
+ GWSCF continued its asset recycling strategy with the sale of Norton
Plaza for $153 million
+ GWOF acquired a 50% interest in 2 Southbank Boulevard, Melbourne for AUM $5.3b 11% $13.3b
$326 million
+ GWOF raised $260 million of new equity from a mix of existing and new 9 year CAGR
investors in 2019
+ GWOF completed a 6.5 year $200 million MTN issue at a cost of 2.5% Earnings $11.2m 17% $46.3m
9 year CAGR
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GWOF – $2 Billion Development Pipeline

Artists impression	Artists impression	Artists impression	Artists impression	Artists impression	Artists impression	Artists impression	dicative Timing 2022 2023 2024 2025 $760m $400m $400m $150m 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression	dicative Timing 2022 2023 2024 2025 $760m $400m $400m $150m 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression	dicative Timing 2022 2023 2024 2025 $760m $400m $400m $150m 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression	dicative Timing 2022 2023 2024 2025 $760m $400m $400m $150m 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression
	Corner of George & Bathurst, Sydney Queen & Collins, Melbourne
	GWOF GWOF In
	Asset Ownership share Spend			2019	2020	2021	2022	2023	2024	2025
	Queen & Collins, Melbourne	100%	$238m $238m
	Cockle Bay Park, Sydney	50%	$800m	$40m			$760m
	51 Flinders Lane, Melbourne (at 32 Flinders Street)	100%	$400m				$400m
	Skygarden, Brisbane (at Riverside Centre)	100%	$400m					$400m
	Cnr of George & Bathurst, Sydney (at 580 George Street)	100%	$150m					$150m
Cockle Bay Park, Sydney
	Development approved Under consideration						The GPT Group	2019 Annual Result	10 February 2020 35

RESULTS PRESENTATION

Summary & Outlook

Market Outlook

Group Outlook

- Recovery in residential sector, low interest rates and on-going infrastructure spend expected to support economic growth
- GPT’s core markets of Sydney & Melbourne will continue to benefit from strong population growth, densification and low unemployment
- Strong investor demand for real estate
- 2020 income growth underpinned by structured rental growth across the portfolio, high occupancy and lower interest rates
- Development pipeline providing enhanced growth outlook
- Capital allocation will continue strategic re-weight toward office and logistics

2020 Guidance

FFO per security growth of 3.5% DPS growth of 3.5%

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 2019 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 2019. 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.

RESULTS PRESENTATION

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2019 Annual Result Data Pack

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Contents

38 GPT Overview 42 Financial Performance 52 Retail Portfolio 62 Office Portfolio 80 Logistics Portfolio 98 Development 102

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

GPT Overview

Annual Result 2019

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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

12 shopping centres
960,000 sqm GLA
3,200 + tenants
$6.3b portfolio
$9.8b AUM

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Highpoint Shopping Centre, Victoria

Office Portfolio

24 assets
1,080,000 sqm NLA
470 + tenants
$6.1b portfolio
$13.1b AUM

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580 George Street, Sydney

Logistics Portfolio

35 assets
1,010,000 sqm GLA
80 + tenants
$2.4b portfolio
$2.4b AUM

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TNT Erskine Park, Sydney

As at 31 December 2019

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Retail 43%
Office 41%
Logistics 16%
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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 ($b) Comparable Income Growth [1] (%) WALE (years) Occupancy (%) WACR (%)
Retail 6.33 1.2 3.9 99.6 4.89
Office 6.08 6.2 5.3 98.3 4.85
Logistics 2.44 3.3 7.3 94.4 5.40
Total 14.85 3.5 5.0 96.5 4.95
Structured Rental Increases [2]
Retail
Office Logistics
(Specialties)
Fixed 85% Fixed 93%
Fixed 75%
Other 15% Other 7%
4.7% Other 25% 3.9% 3.1%
Average fixed Average fixed Average fixed
Increase Increase Increase
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Income for the 12 months to 31 December 2019 compared to the previous corresponding period.
Structured rent reviews for the 12 months to 31 December 2020. Other includes market reviews and expiries in 2020.

Glossary

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A-Grade As per the Property Council of Australia’s ‘A Guide to Office Building Quality’
AFFO Adjusted Funds From Operations: Adjusted Funds From Operations is
defined as FFO less maintenance capex, leasing incentives and one-off
items calculated in accordance with the PCA ‘Voluntary Best Practice
Guidelines for Disclosing FFO and AFFO’
AREIT Australian Real Estate Investment Trust
ASX Australian Securities Exchange
AUM Assets under management
Bps Basis Points
Capex Capital expenditure
CBD Central Business District
CO2 Carbon Dioxide
CPI Consumer Price Index
cps Cents per security
DPS Distribution per security
EBIT Earning Before Interest and Tax
EPS Earnings per security: Earnings per security is defined as Funds From
Operations per security
FFO Funds From Operations: Funds From Operations is defined as the
underlying earnings calculated in accordance with the PCA ‘Voluntary Best
Practice Guidelines for Disclosing FFO and AFFO’
FUM Funds under management
Gearing The level of borrowings relative to assets
GFA Gross Floor Area
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GLA Gross Lettable Area
GWOF GPT Wholesale Office Fund
GWSCF GPT Wholesale Shopping Centre Fund
HoA Heads of Agreement
IFRS International Financial Reporting Standards
IPD Investment Property Databank
IRR Internal Rate of Return
LBP Logistics & Business Parks
Major Tenants Retail tenancies including Supermarkets, Discount Department Stores,
Department Stores and Cinemas
MAT Moving Annual Turnover
MER Management Expense Ratio: Management Expense Ratio is defined as
management expenses divided by assets under management
Mini-Major Tenants Retail tenancies with a GLA above 400 sqm not classified as a
Major Tenant
MTN Medium Term Notes
N/A Not Applicable
NABERS National Australian Built Environment Rating System
NAV Net Asset Value
Net Gearing Net gearing is defined as debt less cash less cross currency derivative
assets add cross currency derivative liabilities divided by total tangible
assets less cash less cross currency derivative assets less right of use
assets less lease liabilities – investment properties
NLA Net Lettable Area
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GPT OVERVIEW

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NPAT Net Profit After Tax
NTA Net Tangible Assets
Ordinary Securities Ordinary securities are those that are most commonly traded on the ASX:
The ASX defines ordinary securities as those securities that carry no
special or preferred rights. Holders of ordinary securities will usually have
the right to vote at a general meeting of the company, and to participate in
any dividends or any distribution of assets on winding up of the company
on the same basis as other ordinary securityholders
PCA Property Council of Australia
Premium Grade As per the Property Council of Australia’s ‘A Guide to Office Building Quality’
Prime Grade Includes assets of Premium and A-Grade quality
psm Per square metre
PV Present Value
Retail Sales Based on a weighted GPT interest in the assets and GWSCF portfolio. GPT
reports retail sales in accordance with the Shopping Centre Council of
Australia (SCCA) guidelines
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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Financial Performance

Annual Result 2019

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Financial Summary

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12 months to 31 December 2019 2018 Change
Funds From Operations ($m) 613.7 574.6 [6.8%]
Net profit after tax ($m) 880.0 1,451.7 [39.4%]
FFO per ordinary security (cents) 32.68 31.84 [2.6%]
FFO yield (based on period end price) 5.8% 6.0%
Distribution per ordinary security (cents) 26.48 25.46 [4.0%]
Distribution yield (based on period end price) 4.7% 4.8%
Net interest expense ($m) (108.0) (124.4) [13.2%]
Interest capitalised ($m) 9.5 13.7 [4.2m]
Weighted average cost of debt 3.6% 4.2% [60 bps]
Interest cover 6.7 times 5.7 times
The weighted average number of ordinary stapled securities was 1,878.1 million for 2019 and 1,804.4 million for 2018.
The period end price was $5.60 at 31 Dec 2019 and $5.34 at 31 Dec 2018.
As at 31 Dec 19 As at 31 Dec 18 Change
Total assets ($m) 15,867.8 14,778.0 7.4%
Total borrowings ($m) 3,897.5 4,114.9 5.3%
NTA per security ($) 5.80 5.58 3.9%
Net gearing 22.1% 26.3% 420 bps
Net look through gearing 24.8% 29.0% 420 bps
Weighted average term to maturity of debt 7.7 years 6.3 years [1.4 years]
Credit ratings (S&P/Moody's) A stable/A2 stable A stable/A2 stable Unchanged
Weighted average term of interest rate hedging 4.0 years 4.4 years [0.4 years]
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FINANCIAL PERFORMANCE

Results Summary

Results Summary
Segment performance 12 months to 31 December ($m)	2019	2018
Retail
Operations net income	321.6	318.6
Development net income	4.4	7.6
	326.0	326.2
Ofce
Operations net income	275.3	267.7
Development net income	1.0	1.0
	276.3	268.7
Logistics
Operations net income	120.9	104.8
Development net income	0.1	5.1
	121.0	109.9
Funds Management	46.3	42.6
Net fnancingcosts	(108.0)	(124.4)
Corporate management expenses	(35.3)	(34.2)
Tax expenses	(12.6)	(14.2)
Funds From Operations (FFO)	613.7	574.6
Valuation increase	342.2	910.7
Financial instruments mark to market movements and net foreign exchange movements	(82.7)	(39.6)
Other items	6.8	6.0
Net Proft After Tax (NPAT)	880.0	1,451.7

Funds From Operations to Adjusted Funds From Operations

12 months to 31 December ($m)	2019	2018
Core business	769.6	747.4
Financing and corporate overheads	(155.9)	(172.8)
Funds From Operations	613.7	574.6
Maintenance capital expenditure	(55.2)	(53.2)
Lease incentives (including rent free and leasing costs)	(61.0)	(60.9)
Adjusted Funds From Operations	497.5	460.5

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Highpoint Shopping Centre, VIC

FINANCIAL PERFORMANCE

NTA Movement

Securities on Issue		Number of Securities (million)
Opening balance 1 January 2019		1,804.9
Issue of securities		143.0
31 December 2019 balance		1,947.9

	Net Assets	No. of Securities	NTA per Security
NTA Movement	($m)	(million)	($)
NTA position as at 31 December 2018	10,073.8	1,804.9	5.58

FFO	613.7		0.34
Revaluations	342.2		0.19
Mark to market of Treasury	(72.7)		(0.04)
Distribution	(514.3)		(0.30)
Issue of securities	853.6	143.0	0.03
Other	(5.0)		–
Movement in NTA	1,217.5		0.22

NTA position as at 31 December 2019	11,291.3	1,947.9	5.80

Capital Management Summary

Gearing ($m)		As at 31 December 2019
Total assets		15,867.8
Less: Intangible assets		(35.3)
Less: Right of use asset		(51.6)
Less: Lease Liabilities – investment properties		(6.4)
Less: Cross currency swap assets		(425.3)
Adjusted total tangible assets		15,349.2
Current borrowings		478.1
Non-current borrowings		3,419.4
Less: Net cross currency derivative positions		(425.3)
Total borrowings1		3,472.2
Net Gearing2		22.1%

Interest Cover ($m)		31 December 2019
Funds From Operations		613.7
Add: taxes deducted		12.6
Add: Finance Costs for the period1		109.5
Earnings Before Interest and Tax (EBIT)		735.8
Finance Costs1		109.5
Interest Cover		6.7 times

Excludes Finance costs – leases.
Includes unamortised establishment costs and other adjustments. As at 31 December 2019, drawn debt is $3,450 million.
Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset.

FINANCIAL PERFORMANCE

Look Through Gearing

Look Through Gearing as at 31 December 2019	GPT Group	GWOF	GWSCF	Other2	Total
Share of assets of non-consolidated entities
Group adjusted total tangible assets	15,349.2				15,349.2
Plus: GPT share of assets of non-consolidated entities		1,989.7	1,289.5	2,024.7	5,303.9
Less: total equity investment in non-consolidated entities		(1,610.6)	(949.8)	(1,982.6)	(4,543.0)
Total look through assets	15,349.2	379.1	339.7	42.1	16,110.1
Group total borrowings	3,472.2				3,472.2
Plus: GPT share of external debt of non-consolidated entities		333.5	308.9	0.0	642.4
Total look through borrowings	3,472.2	333.5	308.9	0.0	4,114.6
Total Look through cash	104.2	8.7	5.4	36.3	154.6
Look through gearing based on net debt1					24.8%

Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset.
Retail, office and other assets (held in joint ventures).

Debt Maturity Profile

Existing liquidity is sufficient to cover all near term maturities with undrawn committed facilities and cash of $1399 million.

Debt Maturity Profile As at 31 December 2019

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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 1H 2H
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034
CPI Bonds US Private Placements Medium term notes Drawn bank facilities Undrawn bank facilities
A$ millions
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*Assumes commercial paper is refinanced with committed bank facilities and September 2020 MTN shown based on the early call date in March 2020.

FINANCIAL PERFORMANCE

Proforma Liquidity Profile

Liquidity Profile

As at 31 December 2019

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1.5
1.4
1.3
1.2
1.1
1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Cash balance Undrawn Current Development/Capex Acquisitions Retained Debt maturities Liquidity at
31 December 2019 facilities liquidity earnings 31 December 2020
($bn)
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Hedging Profile

62% hedged over the next 4 years at an average rate of 1.8%.

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100
90
80
70
60
50
40
30
20
10
0
Fixed rate debt Interest rate swaps Floating rate debt
Per cent of drawn debt
Dec 19 Jun 20 Dec 20 Jun 21 Dec 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24
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50 Old Wallgrove Road, Eastern Creek

FINANCIAL PERFORMANCE

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Riverside Centre, Brisbane

Retail Portfolio

Annual Result 2019

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Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $6.3 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
5
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]
Wollongong Central

Victoria

GPT Owned

Melbourne Central
Highpoint Shopping Centre (16.7%)

GWSCF Owned

Chirnside Park
Highpoint Shopping Centre (83.3%)
Northland Shopping Centre (50%)[1]

Northern Territory

GPT Owned

Casuarina Square (50%)

GWSCF Owned

Casuarina Square (50%)

Queensland

GPT Owned

Sunshine Plaza (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 2019. 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 2019

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Cotton On
Woolworths Myer Wesfarmers Clothing Just Group
4.0% 2.7% 2.5% 2.5% 2.4%
1.9% 1.6% 1.6% 1.6% 1.6%
Coles Group Hoyts Country Road Accent Footwear Retail Apparel
Group Ltd Group
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Geographic Weighting As at 31 December 2019

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NSW 41%
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VIC 44%
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QLD 10% NT 5%
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Based on gross rent (including turnover rent).

Retail Portfolio Summary

		GLA	31 Dec 19	31 Dec 19	External or		Centre	Specialty	Specialty
	Ownership	(100% Interest)	Fair Value	Cap Rate	Internal	Occupancy	MAT	Occupancy	MAT1
State	(%)	(sqm)	($m)	(%)	Valuation	(%)	($m)	Cost1(%)	($psm)
GPT Portfolio
Casuarina Square NT	50	54,900	248.0	6.00	Independent	98.6	357.5	18.0	9,844
Charlestown Square NSW	100	94,900	1,003.0	5.25	Internal	99.5	562.2	15.5	11,917
Highpoint ShoppingCentre VIC	17	150,900	412.5	4.25	Independent	99.2	1,032.1	19.0	11,511
Melbourne Central VIC	100	56,300	1,618.0	4.50	Independent	100.0	587.5	18.5	13,837
Rouse Hill Town Centre NSW	100	69,700	680.2	5.50	Independent	99.9	477.4	13.6	10,138
Sunshine Plaza QLD	50	107,700	683.5	4.75	Independent	N/A	588.8	18.5	10,018
Westfeld Penrith NSW	50	91,400	736.0	4.75	Internal	99.8	691.0	18.8	12,132
GWSCF Portfolio
Casuarina Square NT	50	54,900	248.0	6.00	Independent	98.6	357.5	18.0	9,844
Chirnside Park VIC	100	39,000	320.6	5.50	Internal	99.6	304.6	15.3	12,187
Highpoint ShoppingCentre VIC	83	150,900	2,062.5	4.25	Independent	99.2	1,032.1	19.0	11,511
Macarthur Square NSW	50	107,200	601.3	4.75	Internal	N/A	593.8	17.2	8,885
Northland ShoppingCentre VIC	50	97,000	494.2	5.25	Internal	99.4	549.2	17.5	9,166
Parkmore ShoppingCentre VIC	100	36,800	276.9	6.00	Internal	100.0	280.4	14.6	10,044
WollongongCentral NSW	100	55,000	458.9	5.75	Independent	N/A	345.5	15.6	8,947
GPT Weighted Total		960,800		4.89		99.62	2,864.22	17.02	11,6672

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

RETAIL PORTFOLIO

Income and Fair Value Schedule

	Income 12 months to 31 Dec ($m) 2018 2019 Variance 18.1 17.0 (1.1) 55.8 52.7 (3.1) 18.4 18.0 (0.4) 78.4 78.6 0.2 38.1 39.6 1.5 22.3 28.1 5.8 35.6 35.9 0.3 0.8 0.0 (0.8) 46.3 45.5 (0.8) 313.8 315.4 1.6	Fair Value Reconciliation
		Fair Value 31 Dec 18 ($m) Development Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions/Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 19 ($m) % of Portfolio (%)
GPT Portfolio
Casuarina Square		300.8 3.8 4.7 0.9 0.0 (62.2) 0.0 248.0 3.9
Charlestown Square		977.3 12.8 4.0 4.8 0.0 4.1 0.0 1,003.0 15.8
Highpoint Shopping Centre		435.0 4.1 1.3 2.7 0.0 (30.6) 0.0 412.5 6.5
Melbourne Central		1,513.0 43.9 9.0 6.2 0.0 45.9 0.0 1,618.0 25.6
Rouse Hill Town Centre		635.2 15.6 3.9 2.7 0.0 22.8 0.0 680.2 10.7
Sunshine Plaza		607.5 33.2 4.1 4.7 0.0 34.0 0.0 683.5 10.8
Westfeld Penrith		716.3 2.1 0.4 1.8 0.0 15.4 0.0 736.0 11.6
Assets Sold During the Period
Homemaker Maribyrnong		0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Equity Interests
GPT Equity Interest in GWSCF (28.5%)1		1,013.7 0.0 0.0 0.0 0.0 (75.5) 11.6 949.8 15.0
Total Retail Portfolio		6,198.8 115.5 27.4 23.8 0.0 (46.1) 11.6 6,331.0 100.0

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 2019 represents GPT’s share of FFO for the period.

Note: Differences due to rounding.

Retail Sales Summary

		Comparable	Comparable		Specialty
	Centre MAT	Centre MAT Growth	Specialty MAT Growth1	Specialty MAT1	Occupancy Cost1
	($m)	(%)	(%)	($psm)	(%)
GPT Portfolio
Casuarina Square	357.5	(2.4)	(5.7)	9,844	18.0
Charlestown Square	562.2	(3.9)	(1.6)	11,917	15.5
Highpoint Shopping Centre	1,032.1	0.3	(2.0)	11,511	19.0
Melbourne Central	587.5	2.3	(0.7)	13,837	18.5
Rouse Hill Town Centre	477.4	5.1	5.7	10,138	13.6
Westfeld Penrith2	691.0	1.0	(0.9)	12,132	18.8
GWSCF Portfolio
Casuarina Square	357.5	(2.4)	(5.7)	9,844	18.0
Chirnside Park	304.6	1.2	(3.0)	12,187	15.3
Highpoint Shopping Centre	1,032.1	0.3	(2.0)	11,511	19.0
Northland Shopping Centre3	549.2	1.5	(0.3)	9,166	17.5
Parkmore Shopping Centre	280.4	4.8	1.3	10,044	14.6
GPT Weighted Total4	2,864.2	0.7	(0.5)	11,667	17.0

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

RETAIL PORTFOLIO

Comparable Change in Retail Sales by Category

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Comparable Change in Retail Sales by Category as at 31 December 2019 MAT ($m) 12 Months Growth (%)
Department Store 97.2 (6.6)
Discount Department Store 227.0 2.1
Supermarket 453.8 3.3
Cinemas 58.7 (6.9)
Other Retail¹ 177.9 (1.0)
Total Specialties 1,849.6 0.7
• Specialties >400sqm 494.4 4.2
• Specialties <400sqm 1,355.3 (0.5)
Total Centre 2,864.2 0.7
Total Specialty Sales Split
Fashion, Footwear & Accessories 524.5 (2.1)
Technology & Appliances 348.6 7.6
Dining 295.5 2.1
Health & Beauty 277.2 3.4
Leisure 129.3 (3.0)
Food Retail 94.4 1.2
General Retail 71.0 (8.3)
Jewellery 68.0 (8.1)
Homewares 32.3 (1.4)
Retail Services 9.0 1.7
Total Specialties 1,849.6 0.7
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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%
3.2%
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%
-0.1%
-0.5%
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 Jun 19 Dec 19
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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

Independent Valuation Summary

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
Casuarina Square NT 50 31 Dec 19 Savills 248.0 6.00
Charlestown Square NSW 100 30 Jun 19 Cushman & Wakefield 988.0 5.25
Highpoint Shopping Centre VIC 17 31 Dec 19 CBRE 412.5 4.25
Melbourne Central VIC 100 31 Dec 19 Savills 1,618.0 4.50
Rouse Hill Town Centre NSW 100 31 Dec 19 Colliers 680.2 5.50
Sunshine Plaza QLD 50 31 Dec 19 CBRE 683.5 4.75
Westfield Penrith NSW 50 30 Jun 19 M3 733.0 4.75
GWSCF Portfolio
Casuarina Square NT 50 31 Dec 19 Savills 248.0 6.00
Chirnside Park VIC 100 30 Sep 19 Colliers 318.7 5.50
Highpoint Shopping Centre VIC 83 31 Dec 19 CBRE 2,062.5 4.25
Macarthur Square NSW 50 30 Sep 19 Cushman & Wakefield 599.9 4.75
Northland Shopping Centre VIC 50 30 Sep 19 Savills 492.5 5.25
Parkmore Shopping Centre VIC 100 30 Sep 19 Urbis 275.2 6.00
Wollongong Central NSW 100 31 Dec 19 Colliers 458.9 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/Diverted
GPT Portfolio
Casuarina Square 54,900 1,764 88 26
Charlestown Square 94,900 508 62 32
Highpoint Shopping Centre 150,900 1,045 69 34
Melbourne Central 56,300 1,017 155 25 [1]
Rouse Hill Town Centre 69,700 1,341 40 31
Sunshine Plaza 107,700 655 70 48
Westfield Penrith 91,400 1,638 76 35
GWSCF Portfolio
Casuarina Square 54,900 1,764 88 26
Chirnside Park 39,000 849 44 28
Highpoint Shopping Centre 150,900 1,045 69 34
Macarthur Square 107,200 1,307 67 28
Northland Shopping Centre 97,000 909 96 30
Parkmore Shopping Centre 36,800 875 67 47
Wollongong Central 55,000 677 76 37
Total Portfolio Average 1,046 75 33
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Note: Sustainability data as at 31 December 2019 and as presented for assurance according to Global Reporting Initiative (GRI) Sustainability Reporting Standards and Greenhouse Gas Protocol. Full details and assurance available at gpt.com.au/sustainability. 1. 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, Aldi
Fashion, Footwear & Unisex, Womenswear, Menswear, Footwear, Fashion Accessories, H&M, Uniqlo, Zara, Country Road, Peter Alexander, Witchery, Sportsgirl, Lovisa, Strandbags,
Accessories Childrenswear Best & Less, Cotton On, Sunglass Hut, Foot Locker, Connor
Dining Cafes, Restaurants, Food Court, Takeaway The Bavarian, Grill’d, The Coffee Club, Guzman y Gomez, McDonalds, Donut King, Boost Juice
Food Retail Bakeries/Cakes/Pastries, Butcher, Delicatessen, Fruit & Bakers Delight, Michel’s Patisserie, Harris Farm, Dan Murphy, Healthy Life, Rainbow Meats,
Vegetables, Liquor, Poultry, Seafood, Other Specialty Food Deliworld, 7-Eleven, Costi Seafood
Health & Beauty Cosmetics, Hairdressing/Beauty/Laser, Massage & Nail Bars, Mecca, Sephora, Just Cuts, Laserclinics, OPSM, Terry White, Priceline, Chemist Warehouse,
Optometrist, Pharmacy ProfessioNAIL
General Retail Car Show Room, Discount Variety, Educational, Florist, Giftware, Toyota, Daiso, The Reject Shop, Riot Art & Craft, T2, Lincraft, Casey Toys, Tobacco Station,
Pets, Toys, Miscellaneous Family Pets
Homewares General Homewares Adairs, Bed Bath and Table, Habitania, Dusk, Robins Kitchen, Babyco
Jewellery Jewellery Angus & Coote, Prouds, Swarovski, Pandora
Leisure Athleisure, Books, Newsagents, Sports, Stationery Nike, Puma, Lorna Jane, Dymocks, Rebel, Kathmandu, Anaconda, InSport, Kikki K, Typo,
Smiggle, QBD The Bookshop, Nextra
Retail Services Key Cutting/Watch Repair & Shoe Repair, Other Retail Services Mister Minit, Looksmart Alterations, Bay Audio, Dry Cleaners, Watch Works
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, Lotto
Non-retail ATM, Banks/Insurance/Other Financial, Education, Medical, Petrol ANZ, CBA, Westpac, BUPA, Medicare, Currency Exchange, Australia Post, TAB,
Station, Other Non Retail Mortgage Choice
RETAIL
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Office Portfolio

Annual Result 2019

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Office Portfolio Overview

GPT’s office portfolio comprises ownership in 24 high quality assets with a total investment of $6.1 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
11
VIC
l Number of assets in each state 11 Melbourne
TAS
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New South Wales

GPT Owned

Australia Square (50%)
2 Park Street (50%)
Governor Phillip Tower & Governor Macquarie Tower (25%)
Darling Park 1 & 2 (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
181 William and 550 Bourke Streets (50%)

GWOF Owned

2 Southbank Boulevard
8 Exhibition Street (50%)
Queen & Collins
150 Collins Street
530 Collins Street
655 Collins Street
750 Collins Street
181 William and 550 Bourke Streets (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 Prime Grade office assets and benefits from a diversified tenant base.

Top Ten Tenants[1]

As at 31 December 2019

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Amazon Web
Government CBA IAG Deloitte Services
6.2% 6.0% 5.2% 4.3% 3.3%
3.3% 3.0% 2.9% 2.4% 2.1%
QBE NBN Co Members NAB Citibank
Equity Bank
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Tenant Mix by Industry[2]

As at 31 December 2019

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Geographic Weighting As at 31 December 2019

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SYDNEY
59%
MELBOURNE
31%
BRISBANE
10%
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Banking 18% Other Business Services 8% Insurance 15% Other 8% Info and Comms Technology 13% Government 8% Accounting & Finance 13% Mining & Energy 3% Legal 11% Co-working/Serviced offices 3%

Based on gross rent. 2. By area. Including signed leases.

Income and Fair Value Schedule

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Income Fair Value Reconciliation
12 months to
31 Dec ($m) Capex
Development
Fair Value & Other Maintenance Lease Net Other Fair Value % of
31 Dec 18 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 31 Dec 19 Portfolio
2018 2019 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Australia Square, Sydney 26.7 26.1 (0.6) 557.5 0.7 4.6 5.8 – – 24.9 – 593.5 9.8
2 Park Street, Sydney 35.9 37.4 1.5 762.5 – 0.9 3.5 – – 28.1 – 795.0 13.1
MLC Centre, Sydney 32.0 8.8 (23.2) 775.0 1.7 2.7 1.1 – (796.3) 15.8 – – –
Governor Phillip Tower & Governor
25.3 27.4 2.1 564.5 2.0 1.1 2.9 – – 31.3 – 601.8 9.9
Macquarie Tower, Sydney
Darling Park 1 & 2, Sydney [1] – 10.5 10.5 – 0.5 1.8 0.5 533.0 – 8.6 – 544.4 8.9
60 Station Street, Parramatta 4.7 15.1 10.4 278.0 – 0.3 – – – 3.7 – 282.0 4.6
4 Murray Rose Avenue, Sydney Olympic Park 0.8 5.0 4.2 125.0 6.2 0.1 0.2 – – 0.0 – 131.5 2.2
Melbourne Central Tower, Melbourne 34.9 37.3 2.4 603.0 25.6 7.6 5.6 – – 54.7 – 696.5 11.4
181 William and 550 Bourke Streets, Melbourne 21.1 21.4 0.3 380.0 2.5 1.4 3.6 – – 16.5 – 404.0 6.6
One One One Eagle Street, Brisbane 18.8 20.1 1.3 300.0 0.2 0.3 1.9 – – 0.6 – 303.0 5.0
Assets Under Development
32 Smith Street, Parramatta – – – 62.0 53.4 – – – – 6.6 – 122.0 2.0
Equity Interests
GPT Equity Interest in GWOF (22.9%) [1] 69.8 72.2 2.4 1,524.0 – – – – – 80.4 6.2 1,610.6 26.5
Total Office Portfolio 270.0 281.3 11.3 5,931.5 92.8 20.8 25.1 533.0 (796.3) 271.2 6.2 6,084.3 100.0
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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 period.

OFFICE PORTFOLIO

Office Portfolio Summary

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Office Occupancy
Office NLA
(100% 31 Dec 19 31 Dec 19 Inc. Signed Inc. Heads of WALE
Ownership Interest) Fair Value Cap Rate Actual Leases Agreement by Income
State (%) (sqm) ($m) (%) (%) (%) (%) (Years)
GPT Portfolio
Australia Square, Sydney NSW 50 51,700 593.5 4.78 92.9 96.2 99.7 3.4
2 Park Street, Sydney NSW 50 73,300 795.0 4.75 98.3 99.2 99.2 4.0
Governor Phillip Tower & Governor Macquarie
NSW 25 84,400 601.8 4.39 99.5 99.5 99.5 4.6
Tower, Sydney
Darling Park 1, Sydney DP1: 5.00 DP1: 100.0 DP1: 100.0 DP1: 100.0 DP1: 4.0
NSW 25 101,900 544.4
Darling Park 2, Sydney DP2: 5.00 DP2: 96.2 DP2: 96.2 DP2: 100.0 DP2: 8.7
60 Station Street, Parramatta NSW 100 25,100 282.0 5.13 100.0 100.0 100.0 2.8
4 Murray Rose Avenue, Sydney Olympic Park NSW 100 15,700 131.5 5.50 80.9 80.9 86.1 10.4
Melbourne Central Tower, Melbourne VIC 100 65,500 696.5 4.88 98.4 99.6 99.6 5.4
181 William and 550 Bourke Streets, Melbourne VIC 50 76,200 404.0 5.00 97.5 100.0 100.0 4.1
One One One Eagle Street, Brisbane QLD 33.3 63,800 303.0 5.00 100.0 100.0 100.0 5.8
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Office Occupancy
Office NLA
(100% 31 Dec 19 31 Dec 19 Inc. Signed Inc. Heads of WALE
Ownership Interest) Fair Value Cap Rate Actual Leases Agreement by Income
State (%) (sqm) ($m) (%) (%) (%) (%) (Years)
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney NSW 50 56,500 792.5 4.38 100.0 100.0 100.0 8.4
Darling Park 1, Sydney DP1: 5.00 DP1: 100.0 DP1: 100.0 DP1: 100.0 DP1: 4.0
NSW 50 101,900 1,088.8
Darling Park 2, Sydney DP2: 5.00 DP2: 96.2 DP2: 96.2 DP2: 100.0 DP2: 8.7
Darling Park 3, Sydney NSW 100 29,800 595.7 4.88 100.0 100.0 100.0 5.8
580 George Street, Sydney NSW 100 37,100 660.0 4.88 95.3 99.1 99.1 4.9
workplace [6] , Sydney NSW 100 16,300 304.2 5.13 100.0 100.0 100.0 8.9
2 Southbank Boulevard, Melbourne VIC 100 53,300 672.0 4.88 96.7 99.2 100.0 5.7
8 Exhibition Street, Melbourne VIC 50 44,500 275.2 4.88 100.0 100.0 100.0 4.1
32 Flinders Street, Melbourne VIC 100 N/A 87.0 N/A N/A N/A N/A N/A
Queen & Collins, Melbourne VIC 100 34,900 300.0 4.75 N/A N/A N/A N/A
150 Collins Street, Melbourne VIC 100 19,100 270.3 4.75 100.0 100.0 100.0 6.5
530 Collins Street, Melbourne VIC 100 65,300 711.6 4.75 93.5 94.7 94.7 3.7
655 Collins Street, Melbourne VIC 100 16,600 168.0 4.75 100.0 100.0 100.0 9.9
750 Collins Street, Melbourne VIC 100 41,400 315.6 4.75 0.0 100.0 100.0 15.8
800/808 Bourke Street, Melbourne VIC 100 59,600 600.2 4.88 100.0 100.0 100.0 7.6
181 William and 550 Bourke Streets, Melbourne VIC 50 76,200 404.0 5.00 97.5 100.0 100.0 4.1
One One One Eagle Street, Brisbane QLD 66.7 63,800 606.0 5.00 100.0 100.0 100.0 5.8
Riverside Centre, Brisbane QLD 100 51,300 745.0 5.00 71.8 96.5 98.9 6.9
Total 1,083,400 4.85 94.3 [1] 98.3 [1] 99.0 [1] 5.3
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Portfolio occupancy metrics exclude Queen & Collins as it is currently undergoing redevelopment.

OFFICE PORTFOLIO

Independent Valuation Summary

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
Australia Square, Sydney NSW 50 31 Dec 19 CBRE 593.5 4.78
2 Park Street, Sydney NSW 50 31 Dec 19 Knight Frank 795.0 4.75
Governor Phillip Tower & Governor Macquarie Tower, Sydney NSW 25 31 Dec 19 Savills 601.8 4.39
Darling Park 1 & 2, Sydney NSW 25 31 Dec 19 Cushman & Wakefield 544.4 DP1: 5.00 DP2: 5.00
60 Station Street, Parramatta NSW 100 31 Dec 19 Colliers 282.0 5.13
4 Murray Rose Avenue, Sydney Olympic Park NSW 100 31 Dec 19 Cushman & Wakefield 131.5 5.50
Melbourne Central Tower, Melbourne VIC 100 31 Dec 19 CBRE 696.5 4.88
181 William and 550 Bourke Streets, Melbourne VIC 50 31 Dec 19 Savills 404.0 5.00
One One One Eagle Street, Brisbane QLD 33.3 31 Dec 19 Colliers 303.0 5.00
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Space&Co., 530 Collins Street, Melbourne

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney NSW 50 31 Dec 19 Cushman & Wakefield 792.5 4.38
Darling Park 1 & 2, Sydney NSW 50 31 Dec 19 Cushman & Wakefield 1,088.8 DP1: 5.00 DP2: 5.00
Darling Park 3, Sydney NSW 100 30 Sep 19 Cushman & Wakefield 595.0 4.88
580 George Street, Sydney NSW 100 31 Dec 19 Colliers 660.0 4.88
workplace [6] , Sydney NSW 100 30 Sep 19 Cushman & Wakefield 304.0 5.13
2 Southbank Boulevard, Melbourne VIC 100 31 Dec 19 Colliers 672.0 4.88
8 Exhibition Street, Melbourne VIC 50 30 Sep 19 JLL 274.0 4.88
32 Flinders Street, Melbourne VIC 100 31 Dec 19 CBRE 87.0 N/A
Queen & Collins, Melbourne VIC 100 31 Dec 19 JLL 300.0 4.75
150 Collins Street, Melbourne VIC 100 30 Sep 19 Savills 270.0 4.75
530 Collins Street, Melbourne VIC 100 30 Sep 19 Knight Frank 702.5 4.75
655 Collins Street, Melbourne VIC 100 30 Sep 19 CBRE 168.0 4.75
750 Collins Street, Melbourne VIC 100 30 Sep 19 Savills 315.0 4.75
800/808 Bourke Street, Melbourne VIC 100 30 Sep 19 Colliers 600.0 4.88
181 William and 550 Bourke Streets, Melbourne VIC 50 31 Dec 19 Savills 404.0 5.00
One One One Eagle Street, Brisbane QLD 66.7 31 Dec 19 Colliers 606.0 5.00
Riverside Centre, Brisbane QLD 100 31 Dec 19 Urbis 745.0 5.00
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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)
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney 5.0 5.0 5.5 5.0 6.0 3.5 3.5 4.0 4.0 4.0 5.0 5.0 5.0 5.0 5.0
Darling Park 1, Sydney 5.0 5.0 5.0 5.5 5.5 3.5 3.5 4.0 3.5 3.5 5.0 5.0 5.0 5.0 5.0
Darling Park 2, Sydney 5.5 5.5 5.5 5.0 6.0 3.0 3.5 3.5 3.5 3.5 5.5 5.5 5.5 4.0 5.5
Darling Park 3, Sydney 5.5 6.0 6.0 5.0 5.5 3.5 3.0 3.5 3.5 3.0 5.0 5.0 5.0 4.5 5.0
580 George Street, Sydney 5.0 5.5 5.5 5.0 6.0 3.5 3.0 3.0 3.0 3.5 4.5 4.0 3.0 4.5 5.0
workplace [6] , Sydney 5.5 5.5 5.5 5.5 6.0 4.0 3.5 4.5 4.5 4.5 5.0 5.0 5.0 5.0 5.0
2 Southbank Boulevard, Melbourne 5.0 5.5 5.5 4.5 5.5 3.5 4.0 3.5 3.5 3.5 4.5 4.5 4.5 4.5 4.5
8 Exhibition Street, Melbourne 4.5 4.5 5.0 4.5 6.0 4.5 3.5 3.5 3.5 3.0 4.5 5.0 4.5 4.5 5.0
Queen & Collins, Melbourne [1] 3.0 3.0 3.0 NR 2.0 2.0 NR 3.0 3.0 3.0 NR
150 Collins Street, Melbourne 4.5 5.0 5.0 2.5 4.0 3.5 3.5 5.0 5.0
530 Collins Street, Melbourne 5.0 5.5 5.5 5.0 6.0 3.0 3.0 3.0 3.0 3.0 4.5 4.5 4.5 4.5 4.5
655 Collins Street, Melbourne 4.0 5.0 5.0 4.5 4.5 4.5 3.5 3.0 3.0 3.0 4.0 4.0 4.0 4.5 4.5
750 Collins Street, Melbourne 4.5 5.5 5.5 5.0 6.0 4.0 5.0 5.0 4.5 5.0 5.0 5.0 5.0 5.0 5.0
181 William and 550 Bourke Streets, Melbourne 5.0 5.0 5.0 5.5 6.0/5.5 4.5 4.5 4.0 3.5 3.5 5.0 5.0 5.0 5.0 5.0/5.0
800/808 Bourke Street, Melbourne 5.0 5.5 5.5 5.5 6.0 3.5 3.0 3.0 3.5 3.5 5.0 5.0 5.0 5.0 5.0
One One One Eagle Street, Brisbane 5.5 5.5 6.0 5.5 6.0 4.5 4.5 4.5 4.5 4.0 5.5 5.5 5.5 5.5 5.5
Riverside Centre, Brisbane 5.0 5.5 5.5 5.0 6.0 3.5 3.5 3.5 3.5 3.5 4.5 4.5 4.5 4.5 5.0
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Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. Ratings are as at 31 December of each year.

Queen & Collins was acquired in December 2016 and was under tenant management until redevelopment commenced in 2019. 2016, 2017 and 2018 ratings are whole building scope and excluded from portfolio averages. The asset is ineligible for NABERS while under redevelopment.

OFFICE PORTFOLIO

Office Sustainability

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Water Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Diverted
GPT Portfolio
Australia Square, Sydney 51,700 869 64 42
2 Park Street, Sydney 73,300 673 64 39
4 Murray Rose Avenue, Sydney Olympic Park 15,700 404 41 19
60 Station Street, Parramatta 25,100 582 57 8
Governor Phillip Tower & Governor Macquarie Tower, Sydney 84,400 707 76 43
Darling Park 1 & 2, Sydney [1] 101,900 620 33 46
Melbourne Central Tower, Melbourne [2] 65,500 595 41 25
181 William and 550 Bourke Streets, Melbourne 76,200 677 29 29
One One One Eagle Street, Brisbane 63,800 566 28 34
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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/Diverted
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney 56,500 784 7 44
Darling Park 1 & 2, Sydney [1] 101,900 620 33 46
Darling Park 3, Sydney 29,800 840 34 37
580 George Street, Sydney 37,100 721 38 40
workplace [6] , Sydney 16,300 521 -15 43
2 Southbank Boulevard, Melbourne 53,300 579 35 39
8 Exhibition Street, Melbourne 44,500 571 4 27
Queen & Collins, Melbourne [3] 34,900 N/A N/A N/A
150 Collins Street, Melbourne 19,100 604 8 34
530 Collins Street, Melbourne 65,300 567 28 31
655 Collins Street, Melbourne 16,600 594 41 41
750 Collins Street, Melbourne [4] 41,400 N/A N/A N/A
800/808 Bourke Street, Melbourne 59,600 554 1 29
181 William and 550 Bourke Streets, Melbourne 76,200 677 29 29
One One One Eagle Street, Brisbane 63,800 566 28 34
Riverside Centre, Brisbane 51,300 821 33 42
Portfolio Average 655 35 40
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Darling Park 1 & 2, Sydney includes Cockle Bay Wharf.
Melbourne Central Tower waste recycling is a shared service with Melbourne Central retail centre.
Queen & Collins was acquired in December 2016 and was under tenant management until redevelopment commenced in 2019.
Asset is currently under tenant management.

OFFICE PORTFOLIO

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
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14%
13% 13%
11% 11%
8% 8%
6%
5% 5%
4%
2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030+
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Note: Includes Signed Leases.

Office – Sydney CBD

Sydney’s vacancy increased slightly to 5.0% over the past 12 months due to negative net absorption in the CBD which was mainly a result of government moves to Parramatta. The overall CBD and metro office demand was positive at 41,000 sqm. The future supply pipeline remains measured and has substantial pre-commitment.
Face rental growth remained solid at 4.8% for the year. There was minimal growth in effective rents due to increasing incentives.
Prime yields have firmed by 25 bps during 2019.

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$1,300 Sydney CBD: Rents and Incentives (4Q19) 40%
$1,200 $1,177
Gross Incentive +4.8% [1] 35%
$1,100
(RHS)
$1,000 30%
$900 $830
$800 Net Face +0.4% [1] 25%
$700 Rent (LHS)
$600 Net Effective 21.0% 20%
+250bps [1]
$500 Rent (LHS) * 15%
$400
$300 10%
$/sqm pa
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
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Sydney CBD: Demand, Supply & Vacancy (4Q19)

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300,000 Vacancy 12%
Rate (RHS)
20y Avg. 7.8%
200,000 8%
5.0%
100,000 4%
0 0%
-15,979
-100,000 Net Absorption -63,164 -4%
(LHS) Net Supply
-200,000 (LHS) -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 Dec-21
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Sydney CBD: Upper & Lower Prime Yields (4Q19)

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9%
8% Lower Prime
7%
6%
5% Upper Prime 4.75%
4% 4.25%
3%
2% 10y Bond Yield
1% 1.20%
0%
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 2019, GPT Research. * The effective rent is calculated by deducting from the face rental the amortised present value of incentives over an assumed 10 year lease term 1 Change during the past 12 months

OFFICE PORTFOLIO

Office – Melbourne CBD

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• Melbourne CBD: Rents and Incentives (4Q19)
Melbourne’s vacancy rate ended 2019 at 3.4%, the $650 $623 45%
lowest level it has been in 31 years. This was driven $600 Rent (LHS)Net Face +7.3% [1] 40%
by a moderate level of net absorption and minimal $550
Net Incentive 35%
net supply. $500 (RHS) 28.7%
• Face and effective rental growth remained strong $450 -21bps [1] 30%
during the past 12 months. Incentives reduced $400 $413 25%
slightly during the year. $350 Net Effective 8.2% [1] 20%
$300 Rent (LHS)
• Prime yields have firmed by 31 bps during 2019. $250 15%
$200 10%
Melbourne CBD: Demand, Supply & Vacancy (4Q19) Melbourne CBD: Upper & Lower Prime Yields (4Q19)
9%
300,000 Vacancy 12% 8% Lower Prime
250,000 Rate (RHS) 10%
7%
200,000 20y Avg. 7.2% 8%
6%
150,000 6% 5% Upper Prime 5.13%
100,000 3.4% 4% 4% 4.38%
50,000 21,517 2% 3%
0 0% 2% 10y Bond Rate
5,713
-50,000 Net Absorption Net Supply -2% 1% 1.20%
(LHS) (LHS)
-100,000 -4% 0%
$/sqm pa
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
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-21 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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Office – Brisbane CBD

Brisbane’s vacancy rate reduced during the year to 11.7%, down from 13.2%, driven by a solid level of demand and a low level of net supply. 300 George Street completed in 4Q19 adding 47,700 sqm of new supply, however, a large amount of this was offset by building withdrawals.
Effective rental growth was solid in the past 12 months, with an increase of 4.3% due to face rental growth and a small contraction in incentives.
Prime yields have firmed by 38 bps during 2019.

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Brisbane CBD: Demand, Supply & Vacancy (4Q19)
250,000 Vacancy 20%
Rate (RHS)
200,000 16%
150,000 11.7% 12%
20y Avg. 8.9%
100,000 8%
44,947
50,000 4%
12,310
0 0%
-50,000 -4%
Net
-100,000 Absorption Net Supply (LHS) -8%
-150,000 (LHS) -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 Dec-21
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Brisbane CBD: Rents and Incentives (4Q19)
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$800 Gross Incentive 38.3% 45%
$700 Net Face (RHS) -15bps [1] 40%
$600 Rent (LHS) $615 35%
+2.3% [1] 30%
$500
25%
$400
20%
$300 $280
Net Effect ive +4.3% [1] 15%
$200 Rent (LHS) * 10%
$100 5%
$0 0%
Brisbane CBD: Upper & Lower Prime Yields (4Q19)
9%
8%
Lower Prime
7%
6% 6.25%
Upper Prime
5% 5.00%
4%
3%
2% 10y Bond Rate
1% 1.20%
0%
$/sqm pa
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
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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OFFICE PORTFOLIO

Office – Parramatta

Parramatta’s vacancy rate remains low at 5.4%, with prime vacancy only 0.5%, after the delivery of 4 Parramatta Square in 4Q19. The 62,000 sqm building was 100% leased to government. Supply currently under construction is substantially pre-committed.
Parramatta experienced solid growth in face and effective rents of 6.1% and 6.5% respectively during 2019. Incentives were stable at the low level of 16.7%.
Prime yields have firmed by 12 bps during 2019.

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Parramatta: Demand, Supply & Vacancy (4Q19)
70,000
Net Supply
60,000 Vacancy (LHS) 61,220 12.0%
50,000 Rate (RHS)
46,854
40,000 20y Avg. 7.5% 8.0%
30,000
Net 5.4%
20,000 4.0%
Absorption
10,000 (LHS)
0 0.0%
-10,000
-20,000 -4.0%
sqm per annum
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-21
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Parramatta: Rents and Incentives (4Q19)
$600 30%
$550 $549
$500 Gross Incentive +6.1% [1] 25%
$450 (RHS) $414
$400 +6.5% [1] 20%
$350 Net Face 16.7%
$300 Rent (LHS) -0bps [1] 15%
$250
$200 10%
Net Effect ive
$150
Rent (LHS)
$100 5%
Parramatta: Upper & Lower Prime Yields (4Q19)
10%
9% Lower Prime
8%
7%
6% 6.13%
5% Upper Prime 5.00%
4%
3%
2%
1% 10y Bond Rate 1.20%
0%
$/sqm pa
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21
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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Location Map – Darling Park & Cockle Bay

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Barangaroo
Pyrmont
Wynyard
Martin
Place
Pyrmont
Bay Park
Pitt Street
Mall
Hyde
Park
Darling
Harbour
Train
Ferry
Town
Hall Light rail
Sydney Metro
ICC Sydney (expected
Convention & Tumbalong future station
Exhibiton Centre Park locations)
Pedestrian
bridge
Market Street
Park Street
Bathurst Street
King Street
Cockle
Bay
Wharf
Liverpool Street
Pyrmont Bridge
Harbour Street
Western Distributor
Kent Street York Street
Sussex Street Clarence Street George Street
Pitt Street
Macquarie Street
Elizabeth Street
Castlereagh Street
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OFFICE PORTFOLIO

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2 Park Street and 161 Castlereagh Street, Sydney

Logistics Portfolio

Annual Result 2019

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Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 35 high quality investment assets located across Australia’s Eastern Seaboard.

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NT
QLD
Brisbane
WA
3
SA
NSW Sydney
25
VIC
7 Melbourne
l Number of investment 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
57-87 Lockwood Road, Erskine Park
89-99 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
21 Shiny Drive, 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
50 Old Wallgrove Road, Eastern Creek
104 Vanessa Street, Kingsgrove
64 Biloela Street, Villawood
Includes properties at 3, 5, 7 Figtree Drive and 6, 8 Herb Elliot Drive, Sydney Olympic Park. Note: All totals and averages are based on GPT’s balance sheet portfolio.
30-32 Bessemer Street, Blacktown

LOGISTICS PORTFOLIO

Logistics Portfolio Summary

The GPT logistics portfolio has exposure to high quality assets with a long WALE.

Top Ten Tenants[1] As at 31 December 2019

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Rand
Coles Group IVE Group Toll Transport TNT Australia
13.6% 7.6% 5.9% 4.8% 4.8%
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Geographic Weighting[2] As at 31 December 2019

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NSW 68%
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QLD 8%
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4.2% 3.5% 3.2% 3.0% 2.8%
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VIC 24%
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Pact Group Australian Goodman Schenker ACR Supply Pharmaceutical Fielder Australia Partners Industries

Based on net rent.
Excludes assets under development.

Lease Expiry Profile

Lease Expiry Profile (by Income)

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34%
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15%
11% 11%
9%
7%
6%
5%
3%
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 ($m) Fair Value Reconciliation
Fair Value Development & Maintenance Lease Acquisitions Net Other Fair Value % of
31 Dec 18 Other Capex Capex Incentives & Sales Revaluations Adjustments 31 Dec 19 Portfolio
2018 2019 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia 5.9 6.6 0.7 86.0 0.1 0.1 1.3 – 4.0 – 91.5 3.8
10 Interchange Drive, Eastern Creek 2.7 3.7 1.0 33.3 – 0.2 3.7 – 2.3 – 39.5 1.6
16-34 Templar Road, Erskine Park 3.8 4.0 0.2 65.0 – – – – 4.5 – 69.5 2.9
36-52 Templar Road, Erskine Park 5.9 6.1 0.2 107.0 – – – – 5.0 – 112.0 4.6
54-70 Templar Road, Erskine Park 10.6 10.9 0.3 152.0 – – – – 10.0 – 162.0 6.6
67-75 Templar Road, Erskine Park 1.9 2.0 0.1 26.0 – – – – – – 26.0 1.1
29-55 Lockwood Road, Erskine Park 5.7 5.9 0.2 104.5 – 0.1 – – 8.9 – 113.5 4.7
57-87 & 89-99 Lockwood Road, Erskine Park – 2.7 2.7 – – – – 113.0 (6.0) – 107.0 4.4
407 Pembroke Road, Minto 2.6 2.7 0.1 30.5 – – 0.9 – 0.6 – 32.0 1.3
4 Holker Street, Newington 2.2 2.3 0.1 35.5 – 0.1 – – 2.1 – 37.7 1.5
83 Derby Street, Silverwater 2.3 2.3 0.0 40.0 – 0.3 – – 1.0 – 41.3 1.7
Sydney Olympic Park Town Centre 5.6 5.5 (0.1) 121.5 1.6 0.2 0.4 – 13.8 – 137.5 5.6
Quad 1, Sydney Olympic Park 2.0 2.0 0.0 28.0 – 0.4 0.2 – 0.4 – 29.0 1.2
Quad 4, Sydney Olympic Park 3.4 3.5 0.1 58.0 0.1 0.4 – – 4.3 – 62.8 2.6
372-374 Victoria Street, Wetherill Park 2.0 2.1 0.1 26.5 – 1.1 – – 3.7 – 31.3 1.3
38 Pine Road, Yennora 3.9 3.8 (0.1) 61.0 – 0.1 3.1 – 5.7 (2.9) 67.0 2.7
18-24 Abbott Road, Seven Hills 2.2 2.2 0.0 39.3 – – – – 2.3 – 41.6 1.7
1A Huntingwood Drive, Huntingwood 2.4 2.5 0.1 46.0 (0.1) 0.1 – – 0.8 – 46.8 1.9
1B Huntingwood Drive, Huntingwood 0.6 1.4 0.8 25.5 – – – – 1.1 – 26.6 1.1
54 Eastern Creek Drive, Eastern Creek 2.6 2.9 0.3 51.8 (0.1) – – – 0.3 – 52.0 2.1
50 Old Wallgrove Road, Eastern Creek – – 3.3 3.3 60.2 6.5 – – – 3.6 – 70.3 2.9
Completed January 2019
104 Vanessa Street, Kingsgrove – 1.4 1.4 – – – – 25.4 (1.4) – 24.0 1.0
64 Biloela Street, Villawood – 0.7 0.7 – – – – 41.7 (2.2) – 39.5 1.6
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Income
12 months to
31 Dec ($m) Fair Value Reconciliation
Fair Value Development & Maintenance Lease Acquisitions Net Other Fair Value % of
31 Dec 18 Other Capex Capex Incentives & Sales Revaluations Adjustments 31 Dec 19 Portfolio
2018 2019 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
30-32 Bessemer Street, Blacktown – 1.4 1.4 – – 0.1 – 43.8 (2.4) – 41.5 1.7
Citiwest Industrial Estate, Altona North 6.2 5.9 (0.3) 90.0 – 2.0 1.2 – 9.4 – 102.6 4.2
Citiport Business Park, Port Melbourne 5.5 5.6 0.1 82.5 – 0.8 1.2 – 6.3 – 90.8 3.7
Austrak Business Park, Somerton 11.7 11.8 0.1 182.4 – – 0.1 – 12.7 – 195.2 8.0
Sunshine Business Estate, Sunshine 4.3 4.7 0.4 78.0 – 0.1 – – 1.0 – 79.1 3.2
396 Mount Derrimut Road, Derrimut 0.1 0.6 0.5 12.4 – 0.1 – – 0.4 – 12.9 0.5
399 Boundary Road, Truganina 0.0 1.0 1.0 15.6 1.1 – – – 1.7 – 18.4 0.8
21 Shiny Drive, Truganina – – 0.1 0.1 11.0 19.1 – – – 4.6 – 34.7 1.4
Completed December 2019
16-28 Quarry Road, Yatala 2.1 2.1 0.0 44.8 – 0.5 – – 0.4 – 45.7 1.9
59 Forest Way, Karawatha 7.3 7.5 0.2 114.0 – 0.3 – – 10.7 – 125.0 5.1
55 Whitelaw Place, Wacol 0.9 0.9 0.0 16.5 – – – – 1.0 – 17.5 0.7
Assets Under Development
38A Pine Road, Yennora – Under development – – – – 5.9 – – – 1.9 2.9 10.7 0.4
128 Andrews Road, Penrith – Under development – – – – 6.3 – – 18.9 (1.1) – 24.1 1.0
42 Cox Place, Glendenning – Land – – – – 0.1 – – 17.6 (1.0) – 16.7 0.7
407 Pembroke Road, Minto – Land – – – 5.8 – – – – – – 5.8 0.2
2,6 & 10 Prosperity Street, Truganina – Land – – – 10.0 0.7 – – – – – 10.7 0.4
66 & 67 Niton Drive, Truganina – Land – – – – 0.2 – – 36.0 – – 36.2 1.5
Austrak Business Park, Somerton – Land – – – 32.8 1.1 – – – 4.9 – 38.8 1.6
2 Ironbark Close, Wembley Business Park, – – – – 22.6 – – – 1.8 11.9 36.3 1.5
Berrinba – Under development
30 Ironbark Close, Wembley Business Park, – – – – 7.6 – – – 0.3 8.2 16.1 0.7
Berrinba – Under development
Stage 3, Wembley Business Park, – – – – – (0.3) 19.5 19.2 0.8
Berrinba – Land
Total Logistics Portfolio 106.4 122.1 15.7 1,893.4 72.8 7.0 12.1 296.4 117.1 39.6 2,438.4 100.0
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LOGISTICS PORTFOLIO

Logistics Portfolio Summary

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Logistics Occupancy
GLA (100% 31 Dec 19 31 Dec 19 Inc. Signed Inc. WALE
Ownership Interest) Fair Value Cap Rate Actual Leases Heads of by Income
State (%) (sqm) ($m) (%) (%) (%) Agreement (%) (Years)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100 41,900 91.5 5.50 100.0 100.0 100.0 3.2
10 Interchange Drive, Eastern Creek NSW 100 15,200 39.5 4.88 100.0 100.0 100.0 7.8
16-34 Templar Road, Erskine Park NSW 100 15,200 69.5 5.00 100.0 100.0 100.0 9.5
36-52 Templar Road, Erskine Park NSW 100 24,500 112.0 5.25 100.0 100.0 100.0 15.1
54-70 Templar Road, Erskine Park NSW 100 21,000 162.0 5.25 100.0 100.0 100.0 15.5
67-75 Templar Road, Erskine Park NSW 100 12,700 26.0 5.50 100.0 100.0 100.0 2.1
29-55 Lockwood Road, Erskine Park NSW 100 32,200 113.5 4.75 100.0 100.0 100.0 10.0
57-87 & 89-99 Lockwood Road, Erskine Park NSW 100 37,700 107.0 4.63 100.0 100.0 100.0 10.2
407 Pembroke Road, Minto NSW 50 18,400 32.0 6.00 100.0 100.0 100.0 4.9
4 Holker Street, Newington NSW 100 7,400 37.7 5.75 100.0 100.0 100.0 6.7
83 Derby Street, Silverwater NSW 100 17,000 41.3 5.25 100.0 100.0 100.0 6.0
Sydney Olympic Park Town Centre [1] NSW 100 26,500 137.5 N/A 100.0 100.0 100.0 2.2
Quad 1, Sydney Olympic Park NSW 100 4,800 29.0 6.25 100.0 100.0 100.0 2.4
Quad 4, Sydney Olympic Park NSW 100 8,100 62.8 5.63 100.0 100.0 100.0 10.2
372-374 Victoria Street, Wetherill Park NSW 100 20,500 31.3 5.75 100.0 100.0 100.0 5.2
38 Pine Road, Yennora NSW 100 33,800 67.0 5.50 100.0 100.0 100.0 3.2
18-24 Abbott Road, Seven Hills NSW 100 18,100 41.6 5.25 100.0 100.0 100.0 4.7
1A Huntingwood Drive, Huntingwood NSW 100 21,100 46.8 5.25 100.0 100.0 100.0 7.6
1B Huntingwood Drive, Huntingwood NSW 100 11,300 26.6 5.25 100.0 100.0 100.0 3.7
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Logistics Occupancy
GLA (100% 31 Dec 19 31 Dec 19 Inc. Signed Inc. WALE
Ownership Interest) Fair Value Cap Rate Actual Leases Heads of by Income
State (%) (sqm) ($m) (%) (%) (%) Agreement (%) (Years)
54 Eastern Creek Drive, Eastern Creek NSW 100 25,400 52.0 5.50 100.0 100.0 100.0 3.1
50 Old Wallgrove Road, Eastern Creek NSW 100 30,100 70.3 5.00 100.0 100.0 100.0 7.1
104 Vanessa Street, Kingsgrove NSW 100 7,100 24.0 5.25 100.0 100.0 100.0 4.5
64 Biloela Street, Villawood NSW 100 23,300 39.5 5.75 100.0 100.0 100.0 7.5
30-32 Bessemer Street, Blacktown NSW 100 20,100 41.5 5.50 100.0 100.0 100.0 6.0
Citiwest Industrial Estate, Altona North VIC 100 90,100 102.6 5.90 100.0 100.0 100.0 3.5
Citiport Business Park, Port Melbourne VIC 100 27,000 90.8 6.00 100.0 100.0 100.0 2.8
Austrak Business Park, Somerton VIC 50 210,000 195.2 5.25 80.6 80.6 80.6 6.1
Sunshine Business Estate, Sunshine VIC 100 52,800 79.1 5.75 100.0 100.0 100.0 6.9
396 Mount Derrimut Road, Derrimut VIC 100 10,700 12.9 6.25 100.0 100.0 100.0 2.0
399 Boundary Road, Truganina VIC 100 11,900 18.4 5.25 100.0 100.0 100.0 9.2
21 Shiny Drive, Truganina VIC 100 26,500 34.7 5.75 54.4 54.4 100.0 6.9
16-28 Quarry Road, Yatala QLD 100 40,800 45.7 7.00 55.1 55.1 55.1 3.2
59 Forest Way, Karawatha QLD 100 44,000 125.0 5.25 100.0 100.0 100.0 9.2
55 Whitelaw Place, Wacol QLD 100 5,600 17.5 5.50 100.0 100.0 100.0 12.4
Total 1,012,800 5.40 94.4 94.4 95.7 7.3
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Note: Excludes assets under development.

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

LOGISTICS PORTFOLIO

Independent Valuation Summary

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100 31 Dec 2019 Knight Frank 91.5 5.50
10 Interchange Drive, Eastern Creek NSW 100 31 Dec 2019 Colliers 39.5 4.88
16-34 Templar Road, Erskine Park NSW 100 30 June 2019 Colliers 69.5 5.00
36-52 Templar Road, Erskine Park NSW 100 30 June 2019 Savills 112.0 5.25
54-70 Templar Road, Erskine Park NSW 100 30 June 2019 CBRE 162.0 5.25
67-75 Templar Road, Erskine Park NSW 100 30 June 2019 CBRE 26.0 5.50
29-55 Lockwood Road, Erskine Park NSW 100 30 June 2019 Colliers 113.5 4.75
57-87 & 89-99 Lockwood Road, Erskine Park NSW 100 24 May 2019 M3 107.0 4.63
407 Pembroke Road, Minto NSW 50 30 June 2019 CBRE 31.8 6.00
4 Holker Street, Newington NSW 100 31 Dec 2019 Knight Frank 37.7 5.75
83 Derby Street, Silverwater NSW 100 31 Dec 2019 JLL 41.3 5.25
Sydney Olympic Park Town Centre [1] NSW 100 31 Dec 2019 Knight Frank 137.5 N/A
Quad 1, Sydney Olympic Park NSW 100 30 June 2019 Colliers 28.8 6.25
Quad 4, Sydney Olympic Park NSW 100 30 June 2019 Colliers 62.5 5.63
372-374 Victoria Street, Wetherill Park NSW 100 31 Dec 2019 M3 31.3 5.75
38 Pine Road, Yennora NSW 100 31 Dec 2019 Colliers 67.0 5.50
18-24 Abbott Road, Seven Hills NSW 100 30 June 2019 Savills 41.6 5.25
1A Huntingwood Drive, Huntingwood NSW 100 30 June 2019 Savills 46.8 5.25
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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
1B Huntingwood Drive, Huntingwood NSW 100 30 June 2019 Savills 26.5 5.25
54 Eastern Creek Drive, Eastern Creek NSW 100 30 June 2019 CBRE 52.0 5.50
50 Old Wallgrove Road, Eastern Creek NSW 100 30 June 2019 Savills 70.4 5.00
104 Vanessa Street, Kingsgrove NSW 100 15 May 2019 M3 24.0 5.25
64 Biloela Street, Villawood NSW 100 15 May 2019 M3 39.5 5.75
30-32 Bessemer Street, Blacktown NSW 100 15 May 2019 M3 41.5 5.50
Citiwest Industrial Estate, Altona North VIC 100 31 Dec 2019 Savills 102.6 5.90
Citiport Business Park, Port Melbourne VIC 100 30 June 2019 JLL 89.5 6.00
Austrak Business Park, Somerton VIC 50 31 Dec 2019 CBRE 195.2 5.25
Sunshine Business Estate, Sunshine VIC 100 30 June 2019 CBRE 79.0 5.75
396 Mount Derrimut Road, Derrimut VIC 100 30 June 2019 Savills 12.9 6.25
399 Boundary Road, Truganina VIC 100 31 Dec 2019 Savills 18.4 5.25
21 Shiny Drive, Truganina VIC 100 31 Dec 2019 JLL 34.7 5.75
16-28 Quarry Road, Yatala QLD 100 30 June 2019 Savills 45.3 7.00
59 Forest Way, Karawatha QLD 100 31 Dec 2019 JLL 125.0 5.25
55 Whitelaw Place, Wacol QLD 100 31 Dec 2019 Savills 17.5 5.50
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Note: Excludes assets under development.

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

LOGISTICS PORTFOLIO

Logistics – Sydney

New stock of 476,500 sqm was delivered to market in 2019 which is in line with the 10 year average.
Demand remains positive and has been driven by the Transport and Logistics industries, with lower levels of takeup for pre-lease and D&C in line with restricted land supply.
Vacancy remains low, at 2.6%.
Growing e-commerce in addition to significant infrastructure investment, especially in Western Sydney, is expected to support demand.
Average prime yields have firmed by 27 bps during 2019.

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sqm Sydney Industrial: Total vacant stock by grade ('000 sqm)
700
600 Prime
500 Secondary
400
300
200
100
Oct-11Apr-12Oct-12Apr-13Oct-13Apr-14Oct-14Apr-15Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19
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sqm Sydney Industrial Supply ('000 sqm)
1,200
1,000
800
10 year
600 average
400
200
2015 2016 2017 2018 2019
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sqm Sydney Industrial Demand ('000 sqm)
1,200 All Other Pre-Lease and D&C
1,000 10 year
average
800
600
400
200
2015 2016 2017 2018 2019
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Source: Knight Frank Research October 2019, JLL Research Q4 2019, GPT Research

Logistics – Melbourne

Demand has significantly outstripped supply delivered in 2019, resulting in vacancy contracting to 1.8%, the lowest of the eastern seaboard cities.
Melbourne’s West has been the most active market, recording 24% of national take up, or ~495,000sqm during 2019.
The Victorian economy has benefited from above average population growth and investment in infrastructure.
Average prime yields have firmed by 56 bps during 2019.

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sqm Melbourne Industrial: Total vacant stock by grade ('000 sqm)
700
Prime
600
Secondary
500
400
300
200
100
Source: Knight Frank Research October 2019, JLL Research Q4 2019, GPT Research
Oct-11Apr-12Oct-12Apr-13Oct-13Apr-14Oct-14Apr-15Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19
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sqm Melbourne Industrial Supply ('000 sqm)
1,200
1,000
800
600 10 year
average
400
200
2015 2016 2017 2018 2019
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Melbourne Industrial Demand ('000 sqm)
sqm
All Other Pre-Lease and D&C
1,200
1,000
10 year
average
800
600
400
200
2015 2016 2017 2018 2019
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LOGISTICS PORTFOLIO

Logistics – Brisbane

Take-up remains positive, well outpacing supply delivered in 2019.
Leasing has been dominated by existing stock, with secondary vacancy increasing as tenants upgrade into quality prime facilities.
2019 was a record year of investment activity for Brisbane, surpassing $1 billion in sales for the first time since 2007.
Average prime yields have firmed by 46 bps during 2019.

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sqm Brisbane Industrial: Total vacant stock by grade ('000 sqm)
450
400 Prime
350 Secondary
300
250
200
150
100
50
Source: Knight Frank Research October 2019, JLL Research Q4 2019, GPT Research
Oct-11Apr-12Oct-12Apr-13Oct-13Apr-14Oct-14Apr-15Oct-15Apr-16Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19
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sqm Brisbane Industrial Supply ('000 sqm)
600
500
400
10 year
300 average
200
100
2015 2016 2017 2018 2019
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Brisbane Industrial Demand ('000 sqm)
sqm
600 All Other Pre-Lease and D&C
10 year
500 average
400
300
200
100
2015 2016 2017 2018 2019
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Delivering on strategy with quality developments

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29-55 Lockwood Road, 59 Forest Way, 54-70 Templar Road, 36-52 Templar Road,
Erskine Park NSW Karawatha QLD Erskine Park NSW Erskine Park NSW
Cross-dock and distribution Logistics facility for Toll NQX Chilled food processing facility Refrigerated storage and
facility for TNT Australia 44,000sqm for Retail Ready Meats distribution facility for Rand
32,200sqm 21,000sqm 24,500sqm
55 Whitelaw Place, 54 Eastern Creek Drive, 1B Huntingwood Drive, 1A Huntingwood Drive, 18-24 Abbott Road,
Wacol QLD Eastern Creek NSW Huntingwood NSW Huntingwood NSW Seven Hills NSW
Distribution Centre for Loscam Warehouse and distribution New facility leased to Cahill Redevelopment of facility for Easy Auto car showroom for AHG
5,600sqm facility for Silk Logistics Transport 11,300sqm IVE – Blue Star Printing and Hills Distribution Centre
25,400sqm 21,100sqm 18,100sqm
50 Old Wallgrove Road, 21 Shiny Drive, 2 Ironbark Close, 30 Ironbark Close, 38a Pine Road,
Eastern Creek NSW Truganina VIC Wembley Business Park QLD Wembley Business Park QLD Yennora NSW
Speculative facility fully leased Speculative facility completed Pre-leased facility due for Speculative facility due for Pre-leased facility due for
to ACR Supply Partners in December 2019 completion in 2020 completion in 2020 completion in 2020
30,100sqm 26,500sqm 20,500sqm 14,400sqm 4,800sqm
2014 2015 2017
2018
2019 2020
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LOGISTICS PORTFOLIO

Logistics Development Pipeline

+[Stage 1 was completed ] The Gateway Logistics Hub, in 4Q 2019 Truganina Victoria

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23ha 140,000sqm $200m
site located in prime logistics space expected end
Melbourne’s West when complete value
4
6
3 2 1
5
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1 26,500sqm facility was completed in 4Q 2019
2 24,300sqm facility expected to be completed in 2020
3 29,300sqm facility which can be delivered from 2021
4 16,300sqm facility providing flexibility for smaller requirements which can be delivered from 2021
5 15,900sqm facility providing flexibility for smaller requirements which can be delivered from 2021
6 28,000sqm facility which can be delivered from 2021

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+ [Stages 1 & 2 ]
Wembley Business Park,
are underway
Queensland
16ha 74,000sqm $150m
site located south prime logistics space expected end
of Brisbane when complete value
1 2
3
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1 20,500sqm pre-committed facility to be delivered in 1H 2020, leased to an international logistics provider, with an expected end value of $48 million and targeting a yield on cost of >6%
2 14,400sqm uncommitted facility scheduled for completion in 1H 2020. The facility has an expected end value of $27 million, targeting a yield on cost of >6%
The remaining land can support up to 39,000sqm of new logistics space, with an expected end value of >$75 million
3

Denotes underway or completed stages

Sydney Logistics Portfolio

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17 M7
Penrith 16
11
14 M2
Seven Hills
Blacktown A40
M4 A6
A44 3 A28
Erskine Park
2 M4 Parramatta A3
1 Eastern A44 6 Silverwater A1
A9 15 Creek A28 7 8 A3 A40
4 Smithfield 9
M12 Wetherill 5 Yennora A6
A9 WesternBadgerysCreek M7 Park A28 A22 13 VillawoodChullora A22 A4 A22 SydneyCBD
Sydney Airport Kingsgrove A34 A36 M1
(planned) A34 A6 12
M5
Sydney
A9 City centres Planned Motorway Airport
Arterial roads Airport
10 Minto
Motorways West Connex
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1 Erskine Park (7 Assets)
10 Pembroke Rd, Minto
2 Eastern Creek (3 Assets)
11 Abbott Rd, Seven Hills
3 Huntingwood Dr, Huntingwood (2 Assets)
12 Vanessa St, Kingsgrove
4 Victoria St, Wetherill Park
13 Biloela St, Villawood
14 Bessemer St, Blacktown
5 Pine Rd, Yennora
15 Mamre Rd, Kemps Creek (land)
6 Rosehill Business Park, Camellia
16 Cox Pl, Glendenning (land)
7 Derby St, Silverwater
17 Andrews Rd, Penrith (under development)
8 Holker St, Newington
9 Sydney Olympic Park (7 Assets)

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Old Wallgrove Rd, Eastern Creek, NSW
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TNT Erskine Park, NSW
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Abbott Rd, Seven Hills, NSW
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LOGISTICS PORTFOLIO

Melbourne Logistics Portfolio

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A39 A58 5 A58
M31
Campbellfield A29
A35
A55
City centre M2 M80
A46
Motorways M79
Arterial roads A40 M80 A27
Airport A41 M79
A40
A21
A35 Boundary Rd, Truganina
M80 A40
M8 M2
C702
Derrimut Sunshine A35 M3
3
2
8 M80 A83
1 4
Truganina 7 6 M1 MelbournePort MelbourneCBD
M1
M1 A24 A26 Gateway Logistics Hub (Shiny Dr, Truganina - complete)
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1 Boundary Rd, Truganina
2 Mount Derrimut Rd, Derrimut
3 Sunshine Business Estate, Sunshine
4 Citiport Business Park, Port Melbourne
5 Austrak Business Park, Somerton
6 Citiwest Industrial Estate, Altona North 7 Gateway Logistics Hub, Truganina (under development)
8 Boundary Rd, Truganina (land)

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Sunshine Business Estate, Sunshine
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Brisbane Logistics Portfolio

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M1
A3
M7 Brisbane
Airport
City centre M4
Brisbane
Arterial roads CBD
Motorways
Airport
M5 M1
A7
M3
Wacol M7
1
M2
M2 Springwood
M2 3
2
Berrinba
A5 M6
M1
4
Yatala
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Whitelaw Pl, Wacol
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Forest Way, Karawatha
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(Artist’s impression)
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1 Whitelaw Pl, Wacol
2 Forest Way, Karawatha
3 Wembley Business Park, Berrinba (under development)
4 Quarry Rd, Yatala

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Wembley Business Park (Stage 1), Berrinba
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LOGISTICS PORTFOLIO

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Sunshine Business Estate, Sunshine, VIC

Development

Annual Result 2019

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Development Overview

Sector Ownership Interest (%) Forecast Total Cost ($m)	Forecast Cost to Complete Target Completion Date GPT’s Share ($m) Fund’s Share ($m)
Underway
38A Pine Road,Yennora,NSW Logistics 100% GPT 11	2 0 1H 2020
2 Ironbark Close,WembleyBusiness Park,Berrinba,QLD Logistics 100% GPT 44	10 0 1H 2020
30 Ironbark Close,WembleyBusiness Park,Berrinba,QLD Logistics 100% GPT 25	9 0 1H 2020
128 Andrews Road,Penrith,NSW Logistics 100% GPT 78	53 0 2H 2020
32 Smith Street,Parramatta,NSW Ofce 100% GPT 266	161 0 2H 2020
Queen & Collins,Melbourne,VIC Ofce 100% GWOF 238	0 211 1H 2021
Total Underway 662	235 211

DEVELOPMENT

Development Overview

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Forecast Cost to Complete
Forecast
Sector Ownership Interest (%) Total Cost ($m) GPT’s Share ($m) Fund’s Share ($m)
Future Pipeline
Office 190 181 0
Melbourne Central, VIC 100% GPT
Retail 70 67 0
Cockle Bay Park, Sydney, NSW Office 25% GPT / 50% GWOF 1,200 400 800
51 Flinders Lane, Melbourne, VIC Office 100% GWOF 400 0 400
Skygarden, Brisbane, QLD Office 100% GWOF 400 0 400
Corner George & Bathurst, Sydney, NSW Office 100% GWOF 150 0 150
42 Cox Place, Glendenning, NSW Logistics 100% GPT 39 22 0
407 Pembroke Road, Minto, NSW Logistics 50% GPT 15 9 0
Austrak Business Park, Somerton, VIC Logistics 50% GPT 67 45 0
Stage 3, Wembley Business Park, Berrinba, QLD Logistics 100% GPT 70 50 0
The Gateway Logistics Hub, Truganina, VIC Logistics 100% GPT 150 103 0
865 Boundary Road, Truganina, VIC [1] Logistics 100% GPT 193 190 0
Mamre Road, Kemps Creek, NSW [1] Logistics 100% GPT 378 367 0
Rouse Hill Town Centre, NSW Retail 100% GPT 200 200 0
Chirnside Park, VIC Retail 100% GWSCF 85 0 85
Highpoint Shopping Centre, VIC Retail 16.67% GPT / 83.33% GWSCF 100 17 83
Westfield Penrith, NSW Retail 50% GPT 50 50 0
Casuarina Square, NT Retail 50% GPT / 50% GWSCF 20 10 10
Total Future 3,777 1,711 1,928
Total Underway and Future Pipeline 4,439 1,945 2,139
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Land secured on deferred settlement terms.

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

SYDNEY METRO NORTHWEST

First stage became 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.

100

DEVELOPMENT

101

DEVELOPMENT

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Artist impression, Corner of George & Bathurst Streets (at 580 George Street, Sydney)

Funds Management

Annual Result 2019

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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 2019	GWOF	GWSCF
Number of Assets	18	7
Total Assets	$8.8b	$4.5b
Net Gearing	16.4%	23.6%
One Year EquityIRR (post-fees)	10.3%	-3.0%
Fund Details as at 31 December 2019
GPT's OwnershipInterest	22.9%	28.5%
GPT's Investment	$1,610.6m	$949.8m
Established	July2006	March 2007
Weighted Average Capitalisation Rate	4.86%	4.87%
Portfolio Occupancy	98.8%	99.4%
GPT’s Share of Fund FFO	$72.2m	$45.5m
GPT Base Management Fee	$40.3m	$21.6m

Liberty Place, Sydney

102

FUNDS MANAGEMENT

103

FUNDS MANAGEMENT

GPT Funds Management Overview

Historical Growth in Funds under Management

Growth in Funds under Management for the 12 months to 31 December 2019

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$13.3b
$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 Dec 2018 Dec 2019
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$0.6b $0.3b $0.2b $13.3b
$12.6b
Dec18 Developments Acquisitions Divestments Dec 19 FUM
& Asset Growth
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GWOF performance versus benchmark

GWSCF performance versus benchmark

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

00
14.715.014.7
13.8 14.0
75 10.412.213.212.811.9 11.113.2 12.711.3 12.112.711.410.3 13.4 12.210.7 13.011.2
9.4
50
25
00
GWOF MSCI/Mercer Peer 1 Peer 2 Peer 3
All Office Index
1 Year 3 Years 5 Years 7 Years 10 Years
10.6
Total return (%)
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5 4.65.96.57.0 4.96.87.37.7 4.56.97.47.8 4.75.76.4 4.97.37.78.1 5.47.1 [7.58.0]
2.4
1.4
0.1
0
-1.7
-3.0 -2.9
-5
10 -8.9
GWSCF MSCI/Mercer Peer 1 Peer 2 Peer 3 Peer 4
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 2019, the Fund had a value of $8.8 billion.

	December 2019	December 2018
Number of Assets1	18	18
Total Assets	$8.8b	$7.8b
Net Gearing	16.4%	15.5%
One Year EquityIRR (post-fees)	10.3%	12.7%

Fund Details as at 31 December 2019
GPT's OwnershipInterest (%)	22.9%
GPT's OwnershipInterest ($m)	$1,610.6m
Established	July2006
Weighted Average Capitalisation Rate	4.86%
Portfolio Occupancy(%)	98.8%
GPT’s Share of Fund FFO ($m)	$72.2m
GPT Base Management Fee ($m)	$40.3m

		Inception to Date
	1 January 2019 to	(Annualised) 21 July 2006
Equity IRR	31 December 2019	to 31 December 2019
Post fees	10.3%	9.7%

GWOF Ownership Composition As at 31 December 2019

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Domestic Super Funds 44%
GPT 23%
Offshore Pension Funds 16%
Domestic – Other 8%
Offshore – Other 7%
Sovereign Wealth Funds 2%
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Includes 32 Flinders Street carpark.

104

FUNDS MANAGEMENT

105

FUNDS MANAGEMENT

GWOF Capital Management

Total borrowings for the Fund at 31 December 2019 were $1,455 million resulting in net gearing of 16.4%.

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GWOF Capital Management Summary as at 31 December 2019

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|||
|---|---|
|Net Gearing|16.4%|
|Weighted Average Cost of Debt|3.9%|
|Fees and Margins (included in above)|1.9%|
|Weighted Average Debt Term|7.8 years|
|Drawn Debt Hedging|78%|
|Weighted Average Hedge Term|3.4 years|

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|||||
|---|---|---|---|
|GWOF Loan Facilities|Facility Limit ($m)|Facility Expiry|Amount Currently Drawn ($m)|
|Bilateral Facility|75.0|31 March 2022|75.0|
|Bilateral Facility|50.0|1 April 2022|19.0|
|Medium Term Notes|150.0|18 May 2022|150.0|
|Bilateral Facility|100.0|30 September 2022|100.0|
|Bilateral Facility|50.0|31 March 2023|0.0|
|Bilateral Facility|75.0|1 April 2023|0.0|
|Bilateral Facility|100.0|30 September 2023|100.0|
|Bilateral Facility|150.0|27 November 2023|17.0|
|Bilateral Facility|200.0|1 April 2024|0.0|
|Bilateral Facility|100.0|31 October 2024|45.0|
|Medium Term Notes|200.0|12 January 2026|200.0|
|Medium Term Notes|200.0|22 February 2027|200.0|
|US Private Placement|99.1|18 June 2029|99.1|
|US Private Placement|99.1|18 June 2030|99.1|
|US Private Placement|175.5|7 February 2032|175.5|
|US Private Placement|175.5|7 February 2034|175.5|
|Total|1,999.1|1,455.1|

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2 Southbank Boulevard, Melbourne

GWSCF Overview

GWSCF provides wholesale investors with exposure to 7 high quality retail assets. At 31 December 2019, the Fund had a value of $4.5 billion.

	December 2019	December 2018
Number of Assets	7	8
Total Assets	$4.5b	$4.8b
Net Gearing	23.6%	24.4%
One Year EquityIRR (post-fees)	-3.0%	4.8%

Fund Details as at 31 December 2019
GPT's OwnershipInterest (%)	28.5%
GPT's OwnershipInterest ($m)	$949.8m
Established	March 2007
Weighted Average Capitalisation Rate	4.87%
Portfolio Occupancy(%)	99.4%
GPT’s Share of Fund FFO ($m)	$45.5m
GPT Base Management Fee ($m)	$21.6m

		Inception to Date
	1 January 2019 to	(Annualised) 31 March 2007
Equity IRR	31 December 2019	to 31 December 2019
Post fees	-3.0%	5.5%

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GWSCF Ownership Composition
As at 31 December 2019
Domestic Super Funds 38%
GPT 28%
Domestic – Other 14%
Offshore Pension Funds 12%
Sovereign Wealth Funds 5%
Offshore – Other 3%
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106

FUNDS MANAGEMENT

107

FUNDS MANAGEMENT

GWSCF Capital Management

Total borrowings for the Fund at 31 December 2019 were $1,089 million resulting in net gearing of 23.6%.

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GWSCF Capital Management Summary as at 31 December 2019

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|||
|---|---|
|Net Gearing|23.6%|
|Weighted Average Cost of Debt|3.7%|
|Fees and Margins (included in above)|1.6%|
|Weighted Average Debt Term|4.9 years|
|Drawn Debt Hedging|78%|
|Weighted Average Hedge Term|3.2 years|

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|||||
|---|---|---|---|
|GWSCF Loan Facilities|Facility Limit ($m)|Facility Expiry|Amount Currently Drawn ($m)|
|Bilateral Facility|50.0|14 September 2022|50.0|
|Bilateral Facility|50.0|30 September 2022|47.0|
|Bilateral Facility|100.0|1 October 2022|100.0|
|Bilateral Facility|75.0|30 November 2022|75.0|
|Bilateral Facility|50.0|8 January 2023|50.0|
|Bilateral Facility|125.0|30 June 2023|75.0|
|Bilateral Facility|150.0|1 July 2023|150.0|
|Bilateral Facility|50.0|1 January 2024|42.0|
|Bilateral Facility|100.0|31 May 2024|100.0|
|Medium Term Notes|200.0|11 September 2024|200.0|
|Bilateral Facility|75.0|30 November 2024|0.0|
|Bilateral Facility|100.0|30 January 2025|0.0|
|Medium Term Notes|200.0|28 February 2028|200.0|
|Total|1,325.0|1,089.0|

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Wollongong Central, NSW

AI assistant

GPT GROUP — Annual Report 2019

65009_rns_2020-02-09_0f86495b-4c81-46d6-bb93-aa82d244594a.pdf

2019 Annual Result Data Pack

2019 Annual Result

Agenda

Executing on Strategy

Office & Retail Developments Darling Park Acquisition & Development Opportunity Expected end value of $800 million Expected end value, including Cockle Bay Park development, of >$1 billion

Expected end value, including Cockle Bay Park development, of >$1 billion[1]

Current

Proposed 2020 commencements

Growing GPT’s Investment in Logistics Expected development end value of >$1 billion

Social Responsibility

Finance & Treasury

Financial Summary

$ 880M

2.6%

Segment Result

Capital Management

Office Highlights

Office Valuations & Market Fundamentals

Office Leasing

Office Acquisitions & Divestments

Office Portfolio Composition

Office Development Pipeline

Office Development Pipeline

Logistics Highlights

Logistics Leasing

Logistics Portfolio Growth

Composition of Portfolio Growth

Logistics Market Context

Logistics Development Pipeline

Retail

Retail Highlights

Key Highlights

Retail Sales

Retail Leasing

Retail Leasing

Portfolio Leasing Statistics

Retail Portfolio

Why Data?

Funds Management Highlights

GWOF – $2 Billion Development Pipeline

Summary & Outlook

Market Outlook

Group Outlook

2020 Guidance

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

Proforma Liquidity Profile

Liquidity Profile

Hedging Profile

Retail Portfolio

Retail Portfolio Overview

New South Wales

GPT Owned

GWSCF Owned

Victoria

GPT Owned

GWSCF Owned

Northern Territory

GPT Owned

GWSCF Owned

Queensland

GPT Owned

1. Not managed by GPT.

GPT GROUP Annual Report 2019