GPT GROUP — Annual Report 2019

Feb 9, 2020

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10 February 2020

2019 Annual Result Presentation

GPT provides its 2019 Annual Result Presentation which is authorised for release by the GPT Group Board.

-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

2019 Annual Result Market Briefing

10 February 2020

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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Artwork created by Molly Wallace

Agenda

4

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

Annual Result 2019

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• • Growing our Office & Logistics portfolio
• • High weighting to NSW and VIC markets
• • Increased the development pipeline to an expected end value of approximately $5 billion[1]
• • Total Assets Under Management of $25.3 billion

Delivering attractive returns

5yr avg. Total Return 13.3%

• 5yr avg. FFOps growth

4.0%

5yr avg. DPS growth

4.5%

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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% 6%
10%
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1. Includes both GPT direct interest and Fund opportunities

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The GPT Group | 2019 Annual Result | 10 February 2020

2019 Consistently delivering strong returns Annual Result $ 2.6% 4.0% 5.80 FINANCIAL FFO GROWTH DISTRIBUTION NTA PER HIGHLIGHTS PER SECURITY GROWTH PER SECURITY SECURITY UP 3.9 PER CENT

$ 5.80 8.7% NTA PER TOTAL SECURITY RETURN UP 3.9 PER CENT

Investment Portfolio

Portfolio Revaluation $ 96.5% 342.2M occupancy gains Like for like Weighted Average 3.5% 4.95% income growth Capitalisation Rate

161 Castlereagh Street, Sydney

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The GPT Group | 2019 Annual Result | 10 February 2020

Executing on strategy

Office & Retail Developments Expected end value of $800 million

Darling Park Acquisition & Development Opportunity Expected end value, including Cockle Bay Park development, of >$1 billion[1]

Current

• • 32 Smith Street, Parramatta, office development

• Expected yield on cost of approximately 6.75% and an end value >$320 million

• • Darling Park 1&2 and Cockle Bay Wharf

• 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

• • Cockle Bay Park Development

• 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

• • Truganina, Melbourne logistics development

• 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 + New land acquisitions development - Western Sydney - 36 hectares[2] has been secured - Construction of first two assets underway - Western Melbourne - 48 hectares has been with an expected yield on cost of >6% 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

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The GPT Group | 2019 Annual Result | 10 February 2020

Environmental Sustainability

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The GPT Group | 2019 Annual Result | 10 February 2020

Social Responsibility

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The GPT Group | 2019 Annual Result | 10 February 2020

Finance & Treasury Annual Result 2019

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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

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The GPT Group | 2019 Annual Result | 10 February 2020

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

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The GPT Group | 2019 Annual Result | 10 February 2020

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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Foreign
Domestic
CPI Bonds bank
bank debt
2% debt
2% Secured
9%
bank debt
3%
Sources of
Drawn Commercial
USPP Paper
Bank Debt
9%
Debt 44%
14%
As at 31 December Debt Capital
2019 Markets
86%
Domestic MTNs
23%
Foreign MTNs
7%
$m
700
Debt
$1.4b
600
Maturity 500 liquidity
Profile 400
As at 31 December 300
2019
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

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The GPT Group | 2019 Annual Result | 10 February 2020

Office & Logistics Annual Result 2019

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Office Highlights

6.2% 10.0% 147 600 , sqm PORTFOLIO TOTAL PORTFOLIO LEASES LIKE FOR LIKE RETURN SIGNED INCOME GROWTH (12 MONTHS)

Key Highlights

• • 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 + Office valuation gains of $271.2 million, WACR firming to 4.85%

Portfolio Size & Geographic Exposure

Office Retail $6.3bn $6.1bn Sydney 59% Melbourne 31% Brisbane 10%

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Logistics $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

1. Occupancy excludes Queen & Collins, Melbourne as under redevelopment

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The GPT Group | 2019 Annual Result | 10 February 2020

Office Valuations & Market Fundamentals

m $271.2

PORTFOLIO VALUATION UPLIFT

• • 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

4.85%

• • Low vacancy in Sydney and Melbourne, with high levels of pre-commitment for new supply

PORTFOLIO WACR

Gross Supply vs. Vacancy Rate

Vacancy by Grade by Market

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sqm
GPT Portfolio Total Vacancy Rate Prime Vacancy Rate 400,000 Pre-leased Supply Vacant Supply Vacancy Rate (RHS) Vacancy Rate - 20y Avg. 14.0%
350,000 12.0%
100% 11.7%
300,000
Prime Office 11.7% 8.9% 10.0%
250,000
7.8% 8.0%
8.5% 200,000 7.2%
5.0% 6.0%
150,000
3.4%
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
2018 2019 2020 2021 2022 2018 2019 2020 2021 2022 2018 2019 2020 2021 2022
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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.

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The GPT Group | 2019 Annual Result | 10 February 2020

Office Leasing

98.3% 147,600sqm 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

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Community &
Amenity
Sustainability
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• • WALE extended to 5.3 years and renewals secured with key customers:

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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
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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

1. Occupancy excludes Queen & Collins, Melbourne as under redevelopment

2. Includes leases signed post balance date

3. Survey conduced by Campbell Scholtens, number one position on a rolling three-year average basis

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The GPT Group | 2019 Annual Result | 10 February 2020

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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Darling Park 1 & 2
25% Acquisition by GPT
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CBA
renewal of
$
531M
17,200sqm
PURCHASE PRICE
101,900sqm
OFFICE NLA
98.1%
OCCUPANCY¹
6.3
years 2 Southbank Boulevard
WALE [1] 50% Acquisition by GWOF
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$
326M
PURCHASE PRICE
53,300sqm
OFFICE NLA
99.2%
OCCUPANCY¹
5.7
years
WALE [1]
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1. As at 31 December 2019

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The GPT Group | 2019 Annual Result | 10 February 2020

Office Portfolio Composition

• • Portfolio rebalancing towards newer, less capital intensive assets and securing development opportunities for value creation

6.2%

• • Consistent high returns delivered over past 5 years, with average annual like for like growth of 5.9%

PORTFOLIO 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 $223.9
$209.5 8%
$200
6%
6.3% 6.3% 6.2%
$150 5.8%
5.0% 4%
$100
2%
$50
$0 0%
2015 2016 2017 2018 2019
Millions ($m)
Like for Like Income Growth (%)
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The GPT Group | 2019 Annual Result | 10 February 2020

Office Development Pipeline

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Artists impression
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Artists impression
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PHOTO FROM GROUND REQUESTED

32 Smith Street, Parramatta

• • Construction progressing well, due for practical completion in late 2020
• • Asset 64% leased¹ with QBE anchoring the development
• • 32 Smith is designed to reduce energy and water consumption, with a 5 Star NABERS Energy rating and 6 Star Green Star rating targeted
• • Smart building attributes focused on customer experience and driving operational performance
• • Expected yield on cost of ~6.75% and an end value in excess of $320 million

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• • Parramatta prime vacancy of 0.5% with new space under construction substantially pre-committed
• • Positive net absorption of 46,900sqm in 2019 with tenant relocations into the Parramatta market
• • Significant infrastructure investment, including Sydney Metro West, that will double rail capacity between Sydney CBD and Parramatta, cutting travel time to ~20 minutes

• Including Heads of Agreement agreed post balance date

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The GPT Group | 2019 Annual Result | 10 February 2020

Office Development Pipeline

Artists impression of indicative building scale

Cockle Bay Park, Sydney

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Artists impression
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Frame, 300 Lonsdale Street, Melbourne
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• • 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%
• • 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

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The GPT Group | 2019 Annual Result | 10 February 2020

Logistics Highlights

Portfolio Size & Geographic Exposure

15.4%% 12.1% OPERATIONS TOTAL PORTFOLIO NET INCOME RETURN GROWTH (12 MONTHS)

231,600sqm LEASES SIGNED

15.4%%

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Key Highlights
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• • 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% + Land acquired in Sydney and Melbourne, projects underway and pipeline has capacity to deliver over 550,000sqm of prime logistics facilities with an expected end value in excess of $1 billion

Office Retail $6.1bn $6.3bn Sydney 68% Melbourne 24% Brisbane 8%

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Logistics $2.4bn

• • 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

Logistics Leasing

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95.7%
231,600sqm
SIGNED LEASES PORTFOLIO
With an additional 27,500sqm of terms agreed OCCUPANCY¹
Development New
24% Leasing
26%
Total Leasing Volume
259,100sqm
across
23 deals
Renewal
50%
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95.7%

• • 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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1. Includes leases signed post balance date

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The GPT Group | 2019 Annual Result | 10 February 2020

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

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Composition of Portfolio Growth
$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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The GPT Group | 2019 Annual Result | 10 February 2020

Logistics Market Context

• Australia population is projected to grow ~20% by 2030 + Population is expected to be increasingly urbanised, with Population ~70% in capital cities Growth + Over $130 billion being invested in transport infrastructure investment by State and Federal Governments Infrastructure + Investment is concentrated in NSW & Victoria Investment + 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 terminals and key road networks

• Online sales reflect approximately 9% of total retail sales E-commerce & + With convenience, speed, and variety of offering driving Supply Chain increased need for inventory management Sophistication

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Other
14%
Wholesale Transport, Postal &
Trade Warehousing
8% Eastern 37%
Seaboard
Industrial Take-Up
by Industry
Manufacturing
17% (2019)
Retail Trade
24%
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• • Eastern Seaboard take-up dominated by Transport, Postal and Warehousing and Retail Trade, collectively making up 61% of 2019 demand
• • Melbourne’s West has been the most active market, making up 24% of national take-up
• • Investment demand for Logistics remains strong, with local and global capital seeking exposure to the sector

Source: JLL Research, GPT Research.

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The GPT Group | 2019 Annual Result | 10 February 2020

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+	State Land (Hectares) Expected GLA (sqm) Completed (sqm) Underway (sqm) Estimated End Value Estimated Timing 2020 2021 2022 2023 2024 2025+	State Land (Hectares) Expected GLA (sqm) Completed (sqm) Underway (sqm) Estimated End Value Estimated Timing 2020 2021 2022 2023 2024 2025+	State Land (Hectares) Expected GLA (sqm) Completed (sqm) Underway (sqm) Estimated End Value Estimated Timing 2020 2021 2022 2023 2024 2025+	State Land (Hectares) Expected GLA (sqm) Completed (sqm) Underway (sqm) Estimated End Value Estimated Timing 2020 2021 2022 2023 2024 2025+	State Land (Hectares) Expected GLA (sqm) Completed (sqm) Underway (sqm) Estimated End Value Estimated Timing 2020 2021 2022 2023 2024 2025+	State Land (Hectares) Expected GLA (sqm) Completed (sqm) Underway (sqm) Estimated End Value Estimated Timing 2020 2021 2022 2023 2024 2025+	State Land (Hectares) Expected GLA (sqm) Completed (sqm) Underway (sqm) Estimated End Value Estimated Timing 2020 2021 2022 2023 2024 2025+	State Land (Hectares) Expected GLA (sqm) Completed (sqm) Underway (sqm) Estimated End Value Estimated Timing 2020 2021 2022 2023 2024 2025+
			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
1. Including Heads of Agreement post balance date 100% Leased¹
The GPT Group	2019 Annual Result	10 February 2020 25

1. Including Heads of Agreement post balance date

25

The GPT Group | 2019 Annual Result | 10 February 2020

Retail

Annual Result 2019

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Retail Highlights

$11,667 SPECIALTY SALES PRODUCTIVITY PER SQUARE METRE

1.2% 99.6% PORTFOLIO PORTFOLIO LIKE FOR LIKE OCCUPANCY INCOME GROWTH

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

Office $6.1bn Retail $6.3bn

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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.

Melbourne Central, Melbourne

1. Weighted Average Capitalisation Rate

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The GPT Group | 2019 Annual Result | 10 February 2020

Retail Sales

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SPECIALTY SALES PRODUCTIVITY (<400sqm)
Specialty Sales Productivity
by Category
11.1% MAT $psm growth
$
7.6%
11,667 5.8%
per sqm (psm)
3.3%
2.1% 1.9% 2.3%
1.1%
0.5%
TOTAL SPECIALITY SALES PRODUCTIVITY
-0.7%
-1.1%
GROWTH (PSM) -2.0% -2.4%
-6.5%
-7.0%
1.9%
AVERAGE TOTAL SPECIALTY TENANT SALES
>$1.6 million pa
per store
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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Statistics exclude development impacted centres (Sunshine Plaza, Macarthur Square, Wollongong)

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The GPT Group | 2019 Annual Result | 10 February 2020

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	4.8%
	Avg. Lease Term1,2 Leasing Spread1,2 % Debt of Annual Billings	4.7 years (2.2%) 0.5%
	Specialty Occupancy Cost2	17.0%

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The Corner – Charlestown Square
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• • 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

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ELLA – Melbourne Central
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• • 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

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The GPT Group | 2019 Annual Result | 10 February 2020

Retail Portfolio

Why Data?

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

• Visitation & GPS o Centre WiFi

• o Customer o Social Platforms Database o Mobile

• o Quantium Data o Website Use

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o Sales Reports Data
Sources
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Data Customer
Analysis Insights
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• Net Promoter Score

• Leasing Prediction Tool

• o Tableau Dashboards o Machine Learning (AI)

• Voice of Customer

• Customer Data Platform

• “Creating a Single View

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	Specialties (5 Year CAGR	2014-2019)
		GLA SQM	Sales PSM Growth	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
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On3 – Melbourne Central
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Main St Dining Precinct – Rouse Hill
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The GPT Group | 2019 Annual Result | 10 February 2020

Retail Development Artists impression

Melbourne Central

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1
MOST PRODUCTIVE SHOPPING
CENTRE IN AUSTRALIA [1]
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5.7 % pa MARKET GROWTH FORECAST (2020-2029)[2]

• • 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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Artists impression
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1. Shopping Centre Big Guns Publication 2019

2. GPT Research – using Deloitte Access Economic Forecasts

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The GPT Group | 2019 Annual Result | 10 February 2020

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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

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The GPT Group | 2019 Annual Result | 10 February 2020

Funds Management

Annual Result 2019

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$ 13.3B 5.6% 8.7% ASSETS UNDER AUM GROWTH FFO MANAGEMENT GROWTH

2019 2018 CHANGE

46.3 42.6 8.7%

• 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 $326 million
• • GWOF raised $260 million of new equity from a mix of existing and new investors in 2019
• • GWOF completed a 6.5 year $200 million MTN issue at a cost of 2.5%

2010

2019

AUM $5.3b ~~11%~~ $13.3b 9 year CAGR Earnings $11.2m ~~17%~~ $46.3m 9 year CAGR

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The GPT Group | 2019 Annual Result | 10 February 2020

GWOF - $2 Billion Development Pipeline

Cockle Bay Park, Sydney

Asset GWOF Ownership share GWOF Spend Indicative Timing 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 Corner of George & Bathurst, Sydney Queen & Collins, Melbourne 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression Artists impression	Asset GWOF Ownership share GWOF Spend Indicative Timing 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 Corner of George & Bathurst, Sydney Queen & Collins, Melbourne 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression Artists impression	Asset GWOF Ownership share GWOF Spend Indicative Timing 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 Corner of George & Bathurst, Sydney Queen & Collins, Melbourne 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression Artists impression	Asset GWOF Ownership share GWOF Spend Indicative Timing 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 Corner of George & Bathurst, Sydney Queen & Collins, Melbourne 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression Artists impression	Asset GWOF Ownership share GWOF Spend Indicative Timing 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 Corner of George & Bathurst, Sydney Queen & Collins, Melbourne 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression Artists impression	Asset GWOF Ownership share GWOF Spend Indicative Timing 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 Corner of George & Bathurst, Sydney Queen & Collins, Melbourne 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression Artists impression	Asset GWOF Ownership share GWOF Spend Indicative Timing 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 Corner of George & Bathurst, Sydney Queen & Collins, Melbourne 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression Artists impression	Asset GWOF Ownership share GWOF Spend Indicative Timing 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 Corner of George & Bathurst, Sydney Queen & Collins, Melbourne 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression Artists impression	Asset GWOF Ownership share GWOF Spend Indicative Timing 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 Corner of George & Bathurst, Sydney Queen & Collins, Melbourne 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression Artists impression	Asset GWOF Ownership share GWOF Spend Indicative Timing 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 Corner of George & Bathurst, Sydney Queen & Collins, Melbourne 51 Flinders Lane, Melbourne Skygarden, Brisbane Artists impression Artists impression Artists impression Artists impression
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

Development approved

Under consideration

35

The GPT Group | 2019 Annual Result | 10 February 2020

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%

36

The GPT Group | 2019 Annual Result | 10 February 2020

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.

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The GPT Group | 2019 Annual Result | 10 February 2020