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14 February 2022

2021 Annual Result Data Pack

The GPT Group (‘GPT’) provides its 2021 Annual Result Data Pack which has been approved for release by The GPT Group’s Managing Director and Chief Executive Officer Bob Johnston.

-ENDS-

For more information, please contact:

INVESTORS AND MEDIA Penny Berger Head of Investor Relations and Corporate Affairs

+61 402 079 955

www.gpt.com.au

Level 51, 25 Martin Place, Sydney NSW 2000

Annual Result 2021

Market Briefing 14 February 2022

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.

Annual Result 2021

|2021 Year in Review | Bob Johnston|4|
|---|---|
|Finance and Treasury | Anastasia Clarke|8|
|Ofce | Martin Ritchie|12|
|Logistics | Chris Davis|21|
|Retail | Chris Barnet|28|
|2022 Outlook | Bob Johnston|37|
|Agenda||

Annual Result 2021

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

2021 Year in review

» Strong momentum in 1H disrupted by Delta outbreak in 2H
Restrictions more severe than 2020
Retail rent collections in 3Q fell to 63% of gross billings, recovering to 101% in 4Q
Omicron has been a setback to the recovery
Melbourne Central continues to be impacted by an inactive CBD
» Logistics portfolio continues to benefit from strong demand and high occupancy
» Office portfolio leasing activity improved in 2H despite extended period of work from home
» Portfolio valuation gains of $924m driven primarily by Logistics
» Continued to execute on strategy
Logistics 27% of portfolio weighting
Completed ~$800m of Office developments
Advanced retail and mixed-use schemes for Highpoint and Rouse Hill Town Centre
Expanded capital partnership with QuadReal
AgendaOn track to deliver Carbon Neutral target in 2024
On track to deliver Carbon Neutral target in 2024

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THE GPT GROUP | 2021 ANNUAL RESULT 32 SMITH, PARRAMATTA
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2021 Annual Result

Financial summary

28.82cents 23.2cents Funds From Operations Distribution per security, up 1.2% per security, up 3.1%

$6.09 Net Tangible Assets per security, up 9.3%

14.1% Total Return[1]

Investment portfolio

Portfolio occupancy 97.7% Assets under management $26.9b

Weighted average lease expiry 4.8yrs Weighted average capitalisation rate 4.70%

Total Return is defined as the change in Net Tangible Assets (NTA) per security plus distributions per security declared from 1 January 2021 to 31 December 2021, divided by the NTA per security at 1 January 2021 THE GPT GROUP MELBOURNE CENTRAL TOWER, MELBOURNE | 2021 ANNUAL RESULT

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Executing on strategic priorities

Our Priorities

» Logistics portfolio expanded to $4.4b and now represents 27% of portfolio weighting, with development pipeline[1] of $1.6b
$1.3b of acquisitions exchanged and development completions[2]
GPT QuadReal Logistics Trust $1b target investment 70% committed; capital partnership expanded to $2b in early 2022
» Executing on office development while progressing pipeline opportunities[1] of more than $4.5b
Completions at 32 Smith and Queen & Collins
Commencement at 51 Flinders Lane and strategic amalgamation of development site in Parramatta CBD
» Mixed-use opportunities being progressed
Rouse Hill mixed-use expansion expected to commence late 2022
Highpoint Shopping Centre mixed-use masterplan approved
» Sale of Casuarina Shopping Centre and Wollongong Central provides opportunities to recycle capital and drive enhanced returns

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Expand and optimise the portfolio Extend capital partnerships

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Exceed customer expectations Leadership in ESG

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Portfolio Diversity
As at 31 December 2021
Logistics Retail
$4.4b $5.6b
Office
$6.1b
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Assets under management (AUM)
Reflects contracted acquisitions, land parcels and development completions during the period, inclusive of GPT QuadReal Logistics Trust share

Leadership in ESG

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Climate response

Connection and community

» Gender diversity of 50% achieved in top quartile and 43% female representation at Board level
» More carbon neutral building certified floor space than any other Australian property owner[1]
» 2024 Carbon Neutral certification target on-track
» Zero gender pay gap on like-for-like role basis
» Ongoing building efficiency initiatives, 100% renewable electricity[2] and use of nature-based offsets
» Reduced overall gender pay gap to 20.7%
» Implementation of Modern Slavery
offsets audit and assurance program in
» Targeting a 40% reduction in whole 2022 of life embodied carbon for the » Community investment of $8.2m
51 Flinders Lane development
» 97% of Stretch Reconciliation Action Plan goals achieved or progressed
» Smart Energy Hub at Chirnside Park in 2022 - 2MWh battery, with renewables and demand-side management

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Integrated approach

Disclosure and transparency

» Independent verification and transparent reporting of sustainability performance
» Integrated risk management policies, procedures and systems, aligned to relevant external standards
» 2[nd] highest ranked real estate company in S&P Global Corporate Sustainability Assessment[3]
- » Certified Environmental Management System, integrating delivery of climate, biodiversity, water and materials objectives
» Rated 5-star Green Star by GRESB
» Released third Climate Disclosure Statement » Environmental, labour and cultural heritage considerations
» Annual progress update against embedded in risk management,
ten principles of United Nations investment, development and
Global Compact asset management activities
» Alignment of material disclosures reporting with Global Reporting Initiative Standards
By Gross Floor Area, certified against the Climate Active Carbon Neutral Standard for Buildings as at December 2021 2. In all buildings certified carbon neutral 3. Previously DJSI Corporate Sustainability Assessment

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Finance and Treasury

Annual Result 2021

Financial summar y

$1,422.8m $554.5m

Statutory Net Profit After Tax Funds From Operations

($m)	2021	20201	Change
Funds From Operations (FFO)	554.5	554.7	-
Valuation increases/(decreases)	924.3	(712.5)
Treasury marked to market and other items	(56.0)	(55.4)
Net Profit / (Loss) After Tax	1,422.8	(213.2)
Funds From Operations per security (cents)	28.82	28.48	1.2%
Operating Cash Flow	520.4	485.3	7.2%
Free Cash Flow (FCF)	467.5	438.3	6.7%
Distribution per security (cents)	23.20	22.50	3.1%
Payout ratio	95.1%	100%

2020 statutory figures restated for IFRIC SaaS. Non-statutory FFO and FCF not re-stated

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Segment result

($m)
2021
2020
Change
Comments
Retail
233.9
225.7
3.6%
Reduction in COVID-19 allowances (2021: $62.9m, 2020: $83.5m)
partially offset by normalisation of operating expenses and negative
rent reversions. Cash collection 91% of gross billings
Office
269.2
281.9
(4.5%)
Sale of Farrer Place in December 2020 ($28.3m) partially offset by
income from 32 Smith and reduced COVID-19 allowances
(2021:$5.2m, 2020:$11.5m). Cash collection 99% of gross billings
Logistics
154.7
139.4
11.0%
Contribution from acquisitions and development completions,
partially offset by divestments. Cash collection 100% of gross billings
Funds Management
48.3
47.2
2.3%
Higher base management fees from GWOF revaluations and
developments offset by lower fees from GWSCF due to 2020
devaluations
Finance Costs
(85.2)
(102.7)
(17.0%)
Cost of debt 2.4%, saving 70 bps on prior year
Corporate
(66.4)
(36.8)
80.4%
2020 result supported by withdrawal of remuneration incentive
schemes and JobKeeper. Accounting change for IT costs (SaaS) and
higher D&O insurance premiums in 2021
Funds From Operations
554.5
554.7
-
Maintenance capex
(31.3)
(32.0)
(2.2%)
Lease incentives
(60.3)
(59.0)
2.2%
Adjusted Funds From Operations
462.9
463.7
(0.2%)

Capital management

Key Statistics	2021	2020
Net Tangible Assets per security	$6.09	$5.57
Net Gearing	28.2%	23.2%
Weighted average cost of debt	2.4%	3.1%
Weighted average term to maturity	6.3 years	7.8 years
Interest rate hedging	69%	88%
Interest cover ratio	7.5x	6.4x
Credit ratings (S&P/Moody’s)	A (negative) /A2 (stable)	A (stable) /A2 (stable)

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Sources of Drawn Debt
As at 31 December 2021
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6.3 years 7.8 years CPI Bonds
2%
Interest rate hedging 69% 88% Domestic bank debt12%
Interest cover ratio 7.5x 6.4x
USPP
Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (stable) /A2 (stable) 32% Foreign bank debt7%
Secured bank debt
Debt Maturity Profile Bank Debt21% 2%
As at 31 December 2021 Debt Capital
700 Markets
$0.9b 79%
600 Liquidity Commercial Paper16%
500
400
Foreign MTNs
300 9%
200 Domestic MTNs20%
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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Undrawn Bank Facilities Drawn Bank Facilities Medium Term Notes US Private Placements CPI Bonds
$m
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THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Office

Annual Result 2021

Office overview

$269.2m

11.2% Total Return Income Return of 4.7%

Segment contribution down 4.5%, comparable growth of 2.0%

92.9%

4.77% Weighted Average Capitalisation Rate

Portfolio Occupancy, 94.8% excl. development completions[1]

Weighted Average Lease Expiry 5.0years TotalLeasing[2] 151,800sqm (2020: 95,600sqm)

DevelopmentPipeline[3] $4.5b+ Total Leasing Transactions 138 (2020: 112)

2021 development completions were 32 Smith, Parramatta and Queen & Collins, Melbourne

Includes Signed Leases and Heads of Agreement (HoA) based on GPT and GWOF Ownership net lettable area (NLA) 3. Estimated end value on AUM basis, inclusive of GPT and GWOF share

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THE GPT GROUP DARLING PARK TOWERS 1, 2 & 3, SYDNEY | 2021 ANNUAL RESULT
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THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Leasing momentum continues

» 137,700sqm of signed leases across 119 transactions

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Office Occupancy by NLA at 31 December 2021 (%) [1]
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» 137,700sqm of signed leases across 119 transactions	Office Occupancy by NLA at 31 December 2021 (%)1
» 102 of 138 leasing agreements were for spaces under 1,000sqm » Small tenants, government and technology tenants the most active » Gross Face rents ~6% up while Gross Effective rents ~5% down 2021 Leasing (sqm by ownership) Signed Leases byLease Start Signed Leases HoAs Total Leasing 2021 2022 2023 2024+ GPT + GWOF 49,700 34,500 11,600 41,900 137,700 14,100 151,800 Weighted Office Portfolio 28,500 16,300 4,600 19,100 68,500 5,400 73,900 Transactions (#) 78 36 2 3 119 19 138	88.6 84.7 84.3 86.0 97.9 88.1 98.9 92.1 Prime Market GPT
GPT + GWOF
Weighted Office Portfolio
Transactions (#)
	Sydney CBD Melbourne CBD Brisbane CBD Parramatta

Prime Market data from JLL Research, 4Q 2021. GPT Parramatta inclusive of 4 Murray Rose Avenue, Sydney Olympic Park

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MELBOURNE CENTRAL TOWER, MELBOURNE
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Future of work shapes our strategy

» Identifying office space needs is challenging for our customers

» Pre-existing trends have been accelerated by the pandemic

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Work anywhere technology and behaviour Lease flexibility and on-demand space Distinctive spaces help win the war for talent and earn the commute Office fit outs are changing to become collaboration spaces Customers want pain-points taken care of by their landlord

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THE GPT GROUP 2 SOUTHBANK BOULEVARD, MELBOURNE | 2021 ANNUAL RESULT
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THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Leasing strategies

	7% 11% 12% 13% 5% Sydney CBD Parramatta Melbourne CBD Brisbane CBD GPT Lease Expiry Profile1	7% 11% 12% 13% 5% Sydney CBD Parramatta Melbourne CBD Brisbane CBD GPT Lease Expiry Profile1	7% 11% 12% 13% 5% Sydney CBD Parramatta Melbourne CBD Brisbane CBD GPT Lease Expiry Profile1	7% 11% 12% 13% 5% Sydney CBD Parramatta Melbourne CBD Brisbane CBD GPT Lease Expiry Profile1	7% 11% 12% 13% 5% Sydney CBD Parramatta Melbourne CBD Brisbane CBD GPT Lease Expiry Profile1	7% 11% 12% 13% 5% Sydney CBD Parramatta Melbourne CBD Brisbane CBD GPT Lease Expiry Profile1
(sqm by Ownership)	Vacant	2022	2023	2024	2025	Total Office Portfolio
GPT	18700	38900	35100	31500	11500	290,900
	,	,	,	,	,
GWOF	51,200	28,400	44,600	51,700	34,000	603,500
GPT + GWOF	69,800 67,200 79,800 83,200 45,500 894,400
Weighted Office Portfolio	29,800	45,100	44,900	42,700	19,000	422,600

» In 2022 the office team will be prioritising
Promoting the high quality of the GPT portfolio
Focus on the customer to be Landlord of choice
»AgendaHave the right team to successfully manage the challenge
Vacant % by Area. 2022 –2025 Lease Expiry % by Income

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RIVERSIDE CENTRE, BRISBANE
THE GPT GROUP 2 PARK STREET AND LIBERTY PLACE, SYDNEY | 2021 ANNUAL RESULT 16
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Promoting the high quality of the GPT portfolio

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THE GPT GROUP 550 BOURKE STREET, MELBOURNE | 2021 ANNUAL RESULT 17
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Prime assets located in the deepest market

» Modern/recently refurbished lobbies with fresh and distinctive aesthetics
» Amenity such as shared work/meeting spaces, cafes and end of trip facilities
» High sustainability ratings of 5.8 star NABERS Energy[1] , carbon neutral GWOF in 2020, GPT by 2024

Delivering space with safety health and wellbeing of occupants paramount

» High grade air filtration installed at 7 assets with a further 7 planned in 2022
» Air purification through UV-C installed at 3 assets with further 9 planned in 2022
» Touch-free lift and access through mobile technology being rolled out

Targeting the sub 1,000sqm tenant market

» Active and dynamic market, with sub 1,000sqm making up ~40% of CBD occupiers
» Under-represented in our portfolio at ~10%
» Higher rents can be achieved
» Shorter lead times equate to downtime savings »AgendaDiversifies our risk
NABERS Energy average of 5.8 stars with GreenPower, 5.3 stars without GreenPower

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Focus on the customer to be Landlord of choice

Customer centricity achieved Net Promoter Score[1] of +72

» Well resourced Leasing team in place
» Increased resourcing of customer focused teams to offer high service
» Hotel style concierge introduced at Queen & Collins, with wider rollout planned

Embracing flexibility to become market leader in flex space offering

» Space&Co. has expanded into sixth venue at 32 Smith
» Premium project space and meeting room space-on-demand service introduced at Queen & Collins

Turn-key fit out strategy to remove pain-points

» GPT has 37,700sqm of furnished turn-key suites with a further 32,600sqm planned[2]
» Removing pain-points and ability to reuse across multiple lease terms

Creating the office of the future

» GPT’s post COVID future fit out model, the Clubhouse, is being speculatively built to Agendasatisfy occupier demand
Responses from 138 customers in GPT property managed assets, survey conducted 2H 2021 2. Reflects GPT and GWOF Ownership NLA

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THE CLUBHOUSE , QUEEN & COLLINS, MELBOURNETHE GPT GROUP | 2021 ANNUAL RESULT
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Growing through development

» Delivered two developments in 2021 and pipeline opportunities of >$4.5b[1 ] to grow portfolio and deliver enhanced returns
» Seeking pre-commitment for Cockle Bay Park and 300 Lonsdale Street, before commencing development
» Stage 2 DA lodged for Cockle Bay Park
» GWOF’s expanded Parramatta scheme now ~125,000sqm in two towers[2 ]

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2021 Completions Underway Pipeline
32 Smith Queen & Collins 51 Flinders Lane Cockle Bay Park 300 Lonsdale George Street Skygarden
Parramatta Melbourne Melbourne Sydney Melbourne Parramatta Brisbane
100% GPT 100% GWOF 100% GWOF 25% GPT/50% GWOF 100% GPT 100% GWOF 100% GWOF
Fair Value $335.7m Fair Value $506.0m Estimated end value $535m Estimated end value [1] $1.6b Estimated end value $260m Estimated end value $1.6b Estimated end value $460m
82% leased [3] 50% leased [3]
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Underway and pipeline images are Artists’ impressions
Estimated end value on AUM basis, inclusive of GPT and GWOF share
Subject to authority approvals, combined scheme incorporating 81-83 George Street and 87-91 George Street 3. Including HoA and post balance date leasing

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Office outlook

GPT portfolio is well located, presented and serviced

» High quality, sustainable, modern assets
» Customer service focus of on-site teams
» Leasing team with demonstrated capability

Income growth expected in 2022

» Average structured rent increases of 3.8% across 83% of office income
» Increased contributions from 32 Smith and Queen & Collins where leasing is well progressed
» Northbourne Avenue, Canberra to deliver a full year of income

Positioning for growth

» Progressing the >$4.5b development pipeline[1 ]
» Value creation and growing through development

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THE GPT GROUP | 2021 ANNUAL RESULT RIVERSIDE CENTRE, BRISBANE
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Estimated end value on AUM basis, inclusive of GPT and GWOF share

Logistics

Annual Result 2021

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION 22

Logistics overview

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$154.7m 25.1%
Segment contribution
up 11.0%, comparable Total Return
growth of 1.4%
98.8% 4.11%
Portfolio Weighted Average
Occupancy Capitalisation Rate
Weighted Average Completions and
Lease Expiry 6.5years acquisitions exchanged [1] $1.3b
GPT Logistics growth in 2021 48% DevelopmentPipeline [1] ~$1.6b
1. AUM basis, inclusive of GPT QuadReal Logistics Trust share ADDRESS, STATE
50 OLD WALLGROVE ROAD, EASTERN CREEK, NSWTHE GPT GROUP | 2021 ANNUAL RESULT
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Executing on growth strategy

Strong growth delivered

» 2021 growth of $1.4b from developments, settled acquisitions and valuation uplift
» 26% portfolio value CAGR with a Total Return of 15.6% over 5 years

GPT QuadReal Logistics Trust expanded to $2 billion

» ~70% of $1b target now committed[1]
» Secured five development projects and three fund-through acquisitions
» Increased target to commit up to $2b

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GPT Portfolio Growth 2017-2021
GPT Portfolio ($b) Total Return (%)
25.1
11.2 15.2 12.1 15.1
4.4
3.0
2.4
1.9
1.5
2017 2018 2019 2020 2021
Over 40% of portfolio developed by GPT
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1. Including pipeline projects. Deployed capital at 31 December 2021 of $0.2b (100%)
Agenda
ADDRESS, STATE
THE GPT GROUP 128 ANDREWS ROAD, PENRITH, NSW | 2021 ANNUAL RESULT
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THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION 24

Completions and acquisitions exchanged of $1.3b

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$201m $669m Investment Acquisition
Development Completions Investment Acquisitions
$308m308mm $121m121mm
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$308m308mm
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$121m121mm
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Ascot Capital Portfolio (23 logistics assets nationally) Purchase Price $596.7m | 100% GPT

Fund-through Acquisitions[1]

Land Acquisitions[1]

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Development Completion
Gateway Logistics Hub (Stg 2), Truganina, VIC
Fair Value $49.0m | 100% GPT
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Development Completion Gateway Logistics Hub (Stg 3), Truganina, VIC Fair Value $59.0m | 100% GPT

Development Completion Development Completion Wembley Business Park (Stg 4), Berrinba, QLD 42 Cox Place, Glendenning, NSW Fair Value $40.6m | 100% GPT Fair Value $52.7m | 100% GPT

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Fund-through Acquisition
Artist’s impression
917 Boundary Road, Tarneit, VIC
Purchase Price $137.1m | 50.1% GPT
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Fund-through Acquisition Artist’s impression Keylink Estate, Keysborough, VIC Estimated End Value >$130m | 50.1% GPT

Fund-through Acquisition Artist’s impression Citiswich (Saab Facility), Bundamba, QLD Purchase Price $41.0m | 50.1% GPT

Investment Acquisition 235-239 Boundary Road, Laverton North, VIC Purchase Price $72.5m | 100% GPT

All values reflective of AUM including GPT QuadReal Logistics Trust and exchanged acquisitions yet to settle 1. GPT balance sheet share of fund-through acquisitions $154m and land acquisitions $73m (development completions and investmentacquisitions all on balance sheet)

Quality portfolio and customer base

» Portfolio expanded to 69 assets totalling 1.4 million sqm across Australia
» High occupancy of 98.8% and long WALE of 6.5 years
» Diverse base of 110+ customers with 75% income from ASX listed companies and multinationals
» Sustainability investments including solar and batteries, water harvesting and low carbon concrete
» Total leasing of 182,300sqm with 150,900sqm in developments[1]

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Customer Profile by Income Top 10 Customers by Income
Customer
Coles Group
ASX Listed Multinationals IVE Group
36% 39% Toll
Scott’s Refrigerated Logistics
FedEx
Pact Group
DHL
Visy Glass
Goodman Fielder
Government
1% Asahi
AgendaLocal5% National Top 10 Customers
19%
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Customer	Income %
Coles Group	10.0
IVE Group Toll	5.5 4.4
Scott’s Refrigerated Logistics	3.6
FedEx	3.5
Pact Group	3.1
DHL	2.6
Visy Glass	2.4
Goodman Fielder	2.3
Asahi Top 10 Customers	2.3 39.6

Includes Signed Leases and HoA

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ADDRESS, STATE
THE GPT GROUP GATEWAY LOGISTICS HUB, TRUGANINA, VIC | 2021 ANNUAL RESULT
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THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Logistics market

Structural tailwinds driving tenant and investor demand

» Focus on efficient movement of goods, inventory management and growth in e-commerce
» Transport and Retail tenants continue to drive demand
» Weight of investor demand underpinning valuations

Supply/demand dynamics

» 2021 eastern seaboard market dynamics resulting in vacancy tightening
Take-up almost double the 10 year annual average[1]
Supply in line with the 10 year annual average[1]
» Logistics vacancy now 0.4% in Sydney, 1.3% in Melbourne, 2.3% in Brisbane[2]
» Over 60% of 2022 market supply is pre-committed[1,3]

Opportunity to capture rental growth

» Strong market rental growth in core eastern seaboard markets in 2021
» Portfolio and land banks well positioned to capture rental growth
JLL Research 4Q 2021
CBRE Industrial & Logistics Vacancy Report, 2H 2021
Sydney, Melbourne and Brisbane developments under construction with expected completion in 2022

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ADDRESS, STATE
THE GPT GROUP 2 IRONBARK CLOSE, BERRINBA, QLD | 2021 ANNUAL RESULT
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Development pipeline of $1.6b to capture future growth

» Landbank expanded across eastern seaboard growth corridors

» Four projects due for completion in 2022, expect to commence additional projects including the first stage of the Yiribana Logistics Estate

» Four projects due for completion in 2022, expect to commence additional projects including the first stage	» Four projects due for completion in 2022, expect to commence additional projects including the first stage	of the Yiribana Logistics Estate
Suburb State GPT Ownership (%) Underway (sqm) Pipeline (sqm) Estimated End Value ($m)		Estimated Timing 2022 2023 2024 2025+
		2022
GatewayLogistics Hub Truganina VIC 100 27,200 31,300 120
BoundaryRoad Truganina VIC 100 128,200 250
Foundation Estate Truganina VIC 100 10,600 20
Austrak Business Park Somerton VIC 50 121,300 100
Yiribana Logistics Estate - East Kemps Creek NSW 100 182,000 600
Yiribana Logistics Estate - West Kemps Creek NSW 50 38,900 140
Pembroke Road Minto NSW 50 19,500 25
WembleyBusiness Park Berrinba QLD 100 21,800 50
Metroplex Place Wacol QLD 50 17,100 40
Coulson Street Wacol QLD 50 17,400 40
Crestmead Estate, Lot 52 Crestmead QLD 50 40,000 90
Citiswich Bundamba QLD 50 59,500 135
Agenda All estimated end values on AUM basis, inclusive of GPT and GPT QuadReal Logistics Trust share. Lettable areas subject to authority approvals.
	enda	THE GPT GROUP

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Retail

Annual Result 2021

Retail overview

4.8%

% $233.9m Segment Contribution Total Return up 3.6%

99.1% 5.03% Portfolio Occupancy Weighted Average Capitalisation Rate Specialty Total Specialty Sales Sales Growth 6.2% Productivity[1] $9,313psm Specialty $psm Leasing Deals Sales Growth 10.6% Completed 561 up 38.9% 1. Specialties < 400sqm THE GPT GROUP | 2021 ANNUAL RESULT MELBOURNE CENTRAL, VIC

Specialties < 400sqm

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION 30

Strong leasing momentum continues

» Significant deal activity in 2021
» All key leasing metrics improved on December 2020
» All specialty leasing deals incorporate fixed base rents and annual increases

	12	12
	months	months
	to	to
	Dec 2021	Dec 2020
Deals Completed	561	404
Portfolio Occupancy1	99.1%	98.0%
Retention Rate2	73%	72%
Average Annual Fixed Increase2	4.3%	4.3%
Average Lease Term2	4.3 years	4.0 years
Leasing Spreads2	(8.5%)	(14.1%)
Holdovers as % of Base Rent1,2	6.5%	7.7%

~~Agenda~~

As at period end 2. Specialties < 400sqm

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THE GPT GROUP | 2021 ANNUAL RESULT CHARLESTOWN SQUARE, NSW
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Total Centre Sales Growth

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» Sales impacted in 2020 and 2021 from lockdown periods
» 4Q 2021 impacted by extended restrictions in NSW during October
» November and December 2021 exceeded prior year and have returned to pre-COVID levels
Total Centre Sales Total Centre Sales – Fourth Quarter
(Quarterly Growth) (Monthly Growth)
2021 vs 2019 2021 vs 2020 2021 vs 2019 2021 vs 2020
43.1%
9.5% 8.5%
2.3% 2.6% 0.9%
-5.0% -2.9% -3.5%
-9.9% -9.1%
-22.1%
-31.2%
-45.2%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Oct Nov Dec Oct Nov Dec
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THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Sales Growth by Category

» Sales growth in 2021 despite longer lockdowns
» Total Centre sales up 3.7% and Total Specialty sales up 6.2%
NSW down 4.5% impacted by 4 months of trading restrictions
Victoria up 17% reflecting return to in-store shopping post extended lockdowns

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Sales Growth by Category (2021 v 2020)
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45.5%
16.7%
12.5% 12.5%
11.4%
6.2% 6.2%
3.7% 4.5% 3.5% 2.5%
0.6%
-1.8% -2.7%
-5.7% -5.1%
-12.3%
Total Centre Department Store Discount Dep't Store Supermarket Cinemas Other Retail Total Specialty Retail Services Dining Fashion Health & Beauty Leisure General Retail Tech & Appliances Jewellery Food Retail Homewares
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Melbourne Central | 2021 Highlights and Outlook

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MELBOURNE CENTRAL, VIC
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62 deals in 2021 | 25 new brands Australian first | New flagships | First to market

» Strong retailer demand including Australian-first ‘Monopoly Dreams’ demonstrates conviction to the asset
» Investment in flagship stores by new and existing on-trend retail brands
» Customer visitation up 20% and Specialty Sales up 22% in November and December combined, on prior year
» Yet to benefit from a return of office workers and tourists to the CBD
» Reactivation of the CBD is anticipated to accelerate recovery in trading performance

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THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Highpoint | Driving retail performance in Melbourne’s western growth corridor

125 deals in 2021 | 40 new brands Key flagships | International brands | First to market

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Mixed-Use Masterplan Approved

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» Mixed-use masterplan approved in December, allowing Highpoint to transform into an Urban Village located 8km from the CBD

» Additional 148,000sqm office, 3,000 residential units, 20,000sqm of open space, 10,000sqm community space and further retail potential

» Potential for more than 9,000 new jobs and home to ~6,000 residents

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Rouse Hill | Enhancing our retail and mixed-use assets

100% Occupied | Majors remix completed MAT exceeding 2019 levels[1]

Mixed-Use Masterplan Approved

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Queen & Collins, Melbourne. Artist’s impression
Indicative render of Masterplan – as at 2020
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» Expansion expected to commence late 2022, delivering 10,500sqm of additional retail and ~220 residential units
» 9.1 hectare ‘Northern Precinct’ provides opportunity for high-density mixed-use development capitalising on the new metro train line
» NSW Government acquired 2.3 hectares of land within this precinct in 2021 to deliver a hospital which will support a range of health, commercial and residential uses within the precinct
Excluding travel agents

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

Retail portfolio strategy and outlook

Optimise the portfolio and product offer

» Premium assets driving strong leasing outcomes
» Mixed-use opportunities to deliver long term growth

Leading customer experiences

» Continued investment in customer experiences
Solving the convenience conundrum
Customer journey mapping
Voice of customer
» Targeted activation strategies to key customer groups

Outlook

» Trading environment expected to be disrupted in short-term due to Omicron
» Strong recovery in retail ‘in-store’ trading anticipated once conditions stabilise, as previously experienced
» Melbourne Central recovery expected to lag broader portfolio in line with Agendareactivation of CBD
» Record low unemployment, wages growth and high levels of household savings provide additional capacity for further discretionary spending into 2022

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THE GPT GROUP | 2021 ANNUAL RESULT MELBOURNE CENTRAL, VIC
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2022 Outlook

Annual Result 2021

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION

2022 Outlook

» Economic growth is forecast to accelerate as the disruption from the pandemic diminishes
» Retail portfolio performance expected to recover quickly as community confidence lifts
» Higher Office leasing volume will result in an increase in capital for lease incentives
» Asset values anticipated to remain well supported despite the progressive unwinding of monetary stimulus
» Development pipeline provides organic growth opportunities for each of the sectors
» While uncertainty remains in our trading environment, including the prospect of rising interest rates, the Group expects to deliver 2022 FFO in the range of 31.7 to 32.4 cents per security and a distribution of 25.0 cents per security
Our guidance assumes operating conditions normalise before the end of 1Q 2022, including a return of workers to CBD workplaces and a recovery of retail sales and foot traffic at our shopping centres, and no further lockdowns
» GPT has a strong balance sheet, a high quality diversified portfolio, and an experienced management team focused on creating long term value for
Agendasecurityholders

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THE GPT GROUP | 2021 ANNUAL RESULT AUSTRALIA SQUARE, SYDNEY
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Annual Result 2021

Thank you for joining us Questions

THE GPT GROUP | 2021 ANNUAL RESULT PRESENTATION 40

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 2021 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 2021. 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, Office and Logistics divisions include The GPT Group’s weighted interest in the GPT Wholesale Shopping Centre Fund (GWSCF), the GPT Wholesale Office Fund (GWOF) and the GPT QuadReal Logistics Trust (GQLT) respectively.

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Data Pack

Annual Result 2021

GPT Overview	43
Financial Performance	49
Ofce Portfolio	59
Logistics Portfolio	73
Retail Portfolio	105
Development	115
Funds Management	117
Sustainability	123
Note: All information included in this pack includes GPT owned
assets and GPT’s interest in Funds (GWOF, GWSCF and GQLT) unless otherwise stated.

Annual Result 2021

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111 Eagle Street, Brisbane
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GPT Overview

Annual Result 2021

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.

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Retail portfolio
» 11 shopping centres
» 900,000 sqm GLA
» 2,900+ tenants
» $5.6b portfolio
» $8.3b AUM
Charlestown Square, NSW
Office portfolio
» 27 assets
» 1,030,000 sqm NLA
» 400+ office tenants
» $6.1b portfolio
» $14.1b AUM
32 Smith, Parramatta
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GPT Portfolio Diversity
As at 31 December 2021
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Logistics
27%
NSW: 48%
VIC: 38%
QLD: 11%
NT: 2% Retail
Other: 1% 35%
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Logistics portfolio
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» 69 assets
» 1,410,000 sqm GLA

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Office
38%
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» 110+ tenants
» $4.4b portfolio » $4.5b AUM 42 Cox Place, Glendenning, NSW

THE GPT GROUP | OVERVIEW

GPT Portfolio Metrics

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

	Portfolio Size ($b)	WALE1 (years)	Occupancy (%)	WACR (%)
Retail	5.64	3.9	99.1	5.03
Ofce	6.15	5.0	92.9	4.77
Logistics	4.41	6.5	98.8	4.11
Total	16.20	4.8	97.7	4.70

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Structured Rental Increases [2]
Retail
Office Logistics
(Specialties)
Fixed 83% Fixed 92%
Fixed 68%
Other 17% Other 8%
4.7% Other 32% 3.8% 3.2%
Average Fixed Average Fixed Average Fixed
Increase Increase Increase
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Rental assistance provided to tenants affected by COVID-19 has not been reflected in metrics due to temporary nature of these arrangements.
Structured rent reviews for the 12 months to 31 December 2022. Other includes market reviews and expiries in 2022.

Portfolio valuation metrics

Overall portfolio revaluation gain of $924.0m[1] (+6.1%)

	Ofce	Logistics1	Retail
2021 Valuation movement (12 months to 31 Dec 21)	+$338.3m +5.8%	+$555.0m +14.4%	+$30.7m +0.5%
2H 2021(6 months to 31 Dec 21)	$217.1m	$240.3m	($5.1m)
1H 2021(6 months to 30 Jun 21)	$121.2m	$314.7m	$35.8m
Capitalisation Rate	4.77%	4.11%	5.03%
	(-10 bps since Jun 21 )	(-27 bps since Jun 21)	(-2 bps since Jun 21)
Discount Rate	5.91%	5.54%	6.21%
	(-17 bps since Jun 21)	(-27 bps since Jun 21)	(-9 bps since Jun 21)

Including impairment of acquisition costs for assets classified as inventory.

THE GPT GROUP | OVERVIEW

Glossary

A-Grade	As per the Property Council of Australia’s ‘A Guide to Ofce Building Quality’
AFFO	Adjusted Funds From Operations: Adjusted Funds From Operations is defned as FFO less maintenance capex, leasing incentives and one-of 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 defned as
	Funds From Operations per security
FFO	Funds From Operations: Funds From Operations is defned 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
GLA	Gross Letable Area

GQLT	GPT QuadReal Logistics Trust
GWOF	GPT Wholesale Ofce 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 defned as management expenses divided by
	assets under management
Mini-Major Tenants	Retail tenancies with a GLA above 400 sqm not classifed 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 defned 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 Letable Area
NPAT	Net Proft Afer Tax

NTA	Net Tangible Assets
Ordinary Securities	Ordinary securities are those that are most commonly traded on the ASX. The ASX defnes 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 security holders
PCA	Property Council of Australia
Premium Grade	As per the Property Council of Australia’s ‘A Guide to Ofce 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

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 defned as distribution per security plus change in
	security price
Total Tangible Assets	Total tangible assets is defned 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

THE GPT GROUP | OVERVIEW

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THE GPT GROUP | OVERVIEW 48
Highpoint Shopping Centre, VIC
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Financial Performance

Annual Result 2021

Financial Summary

12 months to 31 December	2021	2020	Change
Funds From Operations ($m)	554.5	554.7	–
Net proft/(loss) afer tax ($m)1	1,422.8	(213.2)	767.4%
FFO per ordinary security (cents)	28.82	28.48	1.2%
FFO yield (based on period end price)	5.3%	6.3%
Distribution per ordinary security (cents)2	23.20	22.50	3.1%
Distribution yield (based on period end price)2	4.3%	5.0%
Net interest expense ($m)	(85.2)	(102.7)	17.0%
Interest capitalised ($m)	5.9	10.3	42.7%
Weighted average cost of debt	2.4%	3.1%	70bps
Interest cover	7.5 times	6.4 times	1.1 times
Segment performance 12 months to 31 December ($m)	As at 31 Dec 21	As at 31 Dec 20	Change
Total assets ($m)1	17,179.7	15,346.9	11.9%
Total borrowings ($m)	5,139.3	4,087.4	25.7%
NTA per security ($)	6.09	5.57	9.3%
Net gearing	28.2%	23.2%	500bps
Net look through gearing	29.9%	25.9%	400bps
Weighted average term to maturity of debt	6.3 years	7.8 years	1.5 years
Credit ratings (S&P/Moody's)	A negative/A2 stable	A stable/A2 stable	Revised outlook
Weighted average term of interest rate hedging	1.5 years	2.5 years	1.0 year

Comparative for 2020 has been restated due to the implementation of an IFRIC agenda decision.
Distribution has been declared post balance date on 14 February for the six months to December 2021. The weighted average number of ordinary stapled securities was 1,924.3 million for 2021 and 1,947.9 million for 2020. The period end price was $5.42 at 31 December 2021 and $4.50 at 31 December 2020.

THE GPT GROUP | FINANCIAL PERFORMANCE

Results Summary

Results Summary
Segment performance 12 months to 31 December ($m)	2021	2020
Retail
Operations net income	228.5	220.8
Development net income	5.4	4.9
	233.9	225.7
Ofce
Operations net income	268.0	280.2
Development net income	1.2	1.7
	269.2	281.9
Logistics
Operations net income	151.2	139.3
Development net income	3.5	0.1
	154.7	139.4
Funds Management	48.3	47.2
Net fnancing costs	(85.2)	(102.7)
Corporate management expenses	(62.5)	(26.1)
Tax expenses	(3.9)	(10.7)
Funds From Operations (FFO)	554.5	554.7
Valuation increase/(decrease)	924.3	(712.5)
Financial instruments mark to market movements and net foreign exchange movements	7.9	(52.2)
Other items	(63.9)	(3.2)
Net Proft/(Loss) Afer Tax (NPAT)1	1,422.8	(213.2)

Comparative for 2020 has been restated due to the implementation of an IFRIC agenda decision.

Funds From Operations to Adjusted Funds From Operations

12 months to 31 December ($m)	2021	2020
Core business	706.1	694.2
Financing and corporate overheads	(151.6)	(139.5)
Funds From Operations	554.5	554.7
Maintenance capital expenditure	(31.3)	(32.0)
Lease incentives (including rent free and leasing costs)	(60.3)	(59.0)
Adjusted Funds From Operations	462.9	463.7

One One One Eagle Street, Brisbane

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THE GPT GROUP | FINANCIAL PERFORMANCE

NTA Movement

	Number of Securities
Securities on Issue	(m)
Opening balance 1 January 2021	1,947.9
Buy back of securities	(32.3)
31 December 2021 balance	1,915.6
	Net Assets	No. of Securities	NTA per Security
NTA Movement	($m)	(m)	($)
NTA position as at 31 December 20201,2	10,852.7	1,947.9	5.57

Buy back of securities	(146.8)	(32.3)	0.02
FFO	554.5		0.28
Revaluations	924.3		0.48
Mark to market of Treasury	34.8		0.02
Distribution	(511.9)		(0.26)
Other	(47.3)		(0.02)
Movement in NTA	807.6	(32.3)	0.52

NTA position as at 31 December 2021	11,660.3	1,915.6	6.09

Includes right of use assets.
NTA position at 31 December 2020 has been restated due to the implementation of an IFRIC agenda decision.

Capital Management Summary

Gearing ($m)	As at 31 December 2021
Total assets	17,179.7
Less: Intangible assets	(13.0)
Less: Right of use asset	(30.7)
Less: Lease Liabilities – investment properties	(14.8)
Less: Cross currency swap assets	(398.0)
Adjusted total tangible assets	16,723.2
Current borrowings	802.4
Non-current borrowings	4,336.9
Less: Net cross currency derivative positions	(386.0)
Total borrowings1	4,753.3
Cash	61.5
Net Gearing2	28.2%

Interest Cover ($m)	31 December 2021
Funds From Operations	554.5
Add: taxes deducted	3.9
Add: Finance Costs for the period1	85.5
Earnings Before Interest and Tax (EBIT)	643.9
Finance Costs1	85.5
Interest Cover	7.5 times

Excludes Finance costs – leases.
Includes unamortised establishment costs and other adjustments. As at 31 December 2021, external drawn debt is $4,736 million.
Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset.

THE GPT GROUP | FINANCIAL PERFORMANCE

Look Through Gearing

Look Through Gearing as at 31 December 2021	GPT Group	GWOF	GWSCF	Other2	Total
Share of assets of non-consolidated entities
Group adjusted total tangible assets	16,723.2	0.0	0.0	0.0	16,723.2
Plus: GPT share of assets of non-consolidated entities	0.0	2,118.1	1,008.8	1,632.1	4,759.0
Less: total equity investment in non-consolidated entities	0.0	(1,702.9)	(787.1)	(1,577.9)	(4,067.9)
Total look through assets	16,723.2	415.2	221.7	54.2	17,414.3
Group total borrowings	4,753.3	0.0	0.0	0.0	4,753.3
Plus: GPT share of external debt of non-consolidated entities	0.0	364.5	189.5	0.0	554.0
Total look through borrowings	4,753.3	364.5	189.5	0.0	5,307.3
Total look through cash	61.5	8.7	7.9	59.2	137.3
Look through gearing based on net debt1					29.9%

Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset. 2. Retail, office and other assets (held in joint ventures).

50 Old Wallgrove Road, Eastern Creek, NSW

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Debt Maturity Profile

Liquidity of $0.9 billion funds all current commitments until 2024.

Debt Maturity Profile As at 31 December 2021

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700 As at 31 December 2021
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
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
CPI Bonds US Private Placements Medium term notes Drawn bank facilities Undrawn bank facilities
A$ (m)
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Assumes commercial paper is refinanced with committed bank facilities.

THE GPT GROUP | FINANCIAL PERFORMANCE

Liquidity Profile

Liquidity Profile As at 31 December 2021

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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 Asset – Asset – Facility Liquidity at
31 December 2021 facilities liquidity /Capex Acquisition Divestment maturities 31 December 2022
($b)
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Hedging Profile

50% hedged over the next 1.5 years at an average rate of 1.5%.

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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 21 Jun 22 Dec 22 Jun 23 Dec 23 Jun 24 Dec 24 Jun 25 Dec 25 Jun 26 Dec 26
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Parkmore Shopping Centre, VIC
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THE GPT GROUP | FINANCIAL PERFORMANCE

Source of Drawn Debt

Sources of Drawn Debt As at 31 December 2021

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USPP 32% Domestic MTNs 20% Commercial Paper 16% Domestic bank debt 12% Foreign MTNs 9%

Foreign bank debt 7% Secured bank debt 2% CPI Bonds 2%

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Debt Capital Markets 79%
Bank Debt 21%
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Office Portfolio

Annual Result 2021

Office Portfolio Overview

GPT’s office portfolio comprises ownership in 27 high quality assets[1] 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
WA
2 Brisbane
SA
NSW
13 Sydney
1
Canberra
VIC
11
Melbourne
l Number of assets in each state
TAS
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New South Wales

GPT Owned

» Australia Square (50%)
» 2 Park Street (50%)
» Darling Park 1 & 2 (25%)
» 60 Station Street, Parramatta
» 32 Smith, Parramatta
» 4 Murray Rose Avenue, Sydney Olympic Park

GWOF Owned

» Liberty Place (50%)
» Darling Park 1 & 2 (50%)
» Darling Park 3
» 580 George Street
» workplace[6]
» 81-83 George Street, Parramatta
» 87-91 George Street, Parramatta

Victoria

Queensland

GPT Owned GPT Owned » Melbourne Central Tower » One One One Eagle Street (33.3%)
» Melbourne Central Tower
» 181 William & 550 Bourke Streets (50%)
GWOF Owned » One One One Eagle Street (66.7%)
GWOF Owned
» 2 Southbank Boulevard
» Riverside Centre
» 8 Exhibition Street (50%)
» Queen & Collins
» 150 Collins Street Australian Capital » 530 Collins Street Territory » 655 Collins Street GPT Owned
» 750 Collins Street
» » 62 Northbourne » 800/808 Bourke Street Avenue, Canberra
» 181 William & 550 Bourke Streets (50%)
» 51 Flinders Lane

All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWOF portfolio. 1. Includes assets under or held for development (81-83 George Street, 87-91 George Street and 51 Flinders Lane).

THE GPT GROUP | OFFICE PORTFOLIO

Office Portfolio Summary

The GPT office portfolio has exposure to high quality office assets and benefits from a diversified tenant base.

Top Ten Office Tenants[1] As at 31 December 2021

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Amazon
Web
Government CBA IAG QBE Services
10.4% 6.5% 5.4% 4.0% 3.8%
3.0% 2.3% 2.1% 1.9% 1.8%
ME Bank Citibank NAB ANZ NBN Co
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Office Tenant Mix by Industry[2]

As at 31 December 2021

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Banking 17% Legal 9%
Insurance 14% Other Business Services 8%
Government 14% Accounting & Finance 8%
Info and Comms Technology 13% Mining & Energy 3%
Other 11% Co-working/Serviced offices 3%
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Geographic Weighting As at 31 December 2021

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NSW
56%
VIC
34%
QLD
9%
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ACT
1%
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Note: Includes signed leases. 1. Based on gross rent. 2. By area.

Income and Fair Value Schedule

	Income 12 months to 31 Dec ($m) 2020 2021 Variance 26.0 27.7 1.7 37.5 39.4 1.9 28.3 — (28.3) 26.0 27.8 1.8 15.3 16.0 0.7 — 7.1 7.1 6.6 7.5 0.9 — 0.4 0.4 39.7 40.0 0.3 16.3 12.7 (3.6) 20.5 18.8 (1.7) 70.5 74.0 3.5 286.7 271.4 (15.3)	Fair Value Reconciliation
		Fair Value 31 Dec 20 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 21 ($m) % of Portfolio (%)
GPT Portfolio
Australia Square, Sydney		583.0 0.1 2.1 6.1 — 32.2 — 623.5 10.1
2 Park Street, Sydney		805.0 1.4 0.9 7.2 — 35.5 — 850.0 13.8
Governor Phillip & Macquarie Towers, Sydney Divested Dec 2020		— — — — — — — — —
Darling Park 1 & 2, Sydney		528.7 3.8 0.8 2.1 — 40.4 — 575.8 9.4
60 Station Street, Parramatta		273.0 7.2 0.3 0.3 — (3.4) — 277.4 4.5
32 Smith Street, Parramatta Completed Jan 2021		254.0 42.4 — 0.1 — 39.2 — 335.7 5.5
4 Murray Rose Avenue, SydneyOlympic Park		143.0 0.6 — — — 8.4 — 152.0 2.5
62 Northbourne Avenue, Canberra Acquired Nov 2021		— — — 0.2 82.3 (3.0) — 79.5 1.3
Melbourne Central Tower, Melbourne		729.0 1.4 3.2 8.9 — 43.0 — 785.5 12.8
181 William & 550 Bourke Streets, Melbourne		414.5 6.2 2.6 10.4 — 15.3 — 449.0 7.3
One One One Eagle Street, Brisbane		295.3 1.1 0.2 2.3 — 17.8 — 316.7 5.2
Equity Interests
GPT Equity Interest in GWOF (21.8%)1		1,579.6 — — — — 112.9 10.4 1,702.9 27.7
Total Ofce Portfolio		5,605.1 64.2 10.1 37.6 82.3 338.3 10.4 6,148.0 100.0

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.

THE GPT GROUP | OFFICE PORTFOLIO

Office Portfolio Summary

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Office Occupancy (By Area)
Office NLA 31 Dec 21 31 Dec 21 Inc. Signed Inc. Heads of Office WALE
Ownership (100% Interest) Fair Value Cap Rate Actual Leases Agreement by Income
State (%) (sqm) ($m) (%) (%) (%) (%) (Years)
GPT Portfolio
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Australia Square, Sydney NSW 50 51,800 623.5	4.83 94.1 97.4 97.4 3.4
2 Park Street, Sydney NSW 50 73,400 850.0	4.50 98.0 98.0 98.0 4.1
Darling Park 1, Sydney NSW 25 101,800 575.8 Darling Park 2, Sydney	DP1: 4.63 DP1: 100.0 DP1: 100.0 DP1: 100.0 DP1: 2.8
	DP2: 4.50 DP2: 96.4 DP2: 97.6 DP2: 97.6 DP2: 6.9
60 Station Street, Parramata NSW 100 25,100 277.4	5.13 94.7 100.0 100.0 2.1
32 Smith Street, Parramata NSW 100 26,800 335.7	5.00 71.9 80.8 80.8 8.6
4 Murray Rose Avenue, Sydney Olympic Park NSW 100 15,600 152.0	4.88 98.8 98.8 100.0 7.6
62 Northbourne Avenue, Canberra ACT 100 10,200 79.5	5.25 100.0 100.0 100.0 4.5
Melbourne Central Tower, Melbourne VIC 100 65,800 785.5	4.88 98.3 98.3 98.8 4.9
181 William & 550 Bourke Streets, Melbourne VIC 50 76,100 449.0	4.88 70.9 72.9 72.9 5.8
One One One Eagle Street, Brisbane QLD 33.3 63,700 316.7	4.88 97.4 99.1 99.1 4.2

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Liberty Place, 161 Castlereagh Street, Sydney NSW 50 56,400 789.8	4.38 86.8 92.0 92.0 7.5
Darling Park 1, Sydney NSW 50 101,800 1,151.5 Darling Park 2, Sydney	DP1: 4.63 DP1: 100.0 DP1: 100.0 DP1: 100.0 DP1: 2.8
	DP2: 4.50 DP2: 96.4 DP2: 97.6 DP2: 97.6 DP2: 6.9
Darling Park 3, Sydney NSW 100 29,800 610.0	4.63 100.0 100.0 100.0 4.5
580 George Street, Sydney NSW 100 37,100 672.0	4.88 96.7 96.7 96.7 4.0
workplace6, Sydney NSW 100 16,300 345.0	4.75 100.0 100.0 100.0 6.9
81-83 George Street, Parramata NSW 100 N/A 63.9	N/A N/A N/A N/A N/A
87-91 George Street, Parramata NSW 100 N/A 111.3	N/A N/A N/A N/A N/A
2 Southbank Boulevard, Melbourne VIC 100 53,100 728.5	4.75 89.4 93.5 95.4 5.0
8 Exhibition Street, Melbourne VIC 50 44,500 319.5	4.75 92.4 93.6 94.5 3.8
51 Flinders Lane, Melbourne VIC 100 N/A 92.7	N/A N/A N/A N/A N/A
Queen & Collins, Melbourne1 VIC 100 33,600 506.0	4.63 30.5 38.9 50.2 6.0
150 Collins Street, Melbourne VIC 100 19,100 273.5	4.63 100.0 100.0 100.0 4.5
530 Collins Street, Melbourne VIC 100 65,000 800.0	4.75 82.0 83.3 84.4 4.5
655 Collins Street, Melbourne VIC 100 16,600 178.0	4.75 100.0 100.0 100.0 7.9
750 Collins Street, Melbourne VIC 100 41,400 514.0	4.50 100.0 100.0 100.0 13.8
800/808 Bourke Street, Melbourne VIC 100 59,600 630.0	4.75 100.0 100.0 100.0 7.5
181 William & 550 Bourke Streets, Melbourne VIC 50 76,100 449.0	4.88 70.9 72.9 72.9 5.8
One One One Eagle Street, Brisbane QLD 66.7 63,700 633.3	4.88 97.4 99.1 99.1 4.2
Riverside Centre, Brisbane QLD 100 51,200 753.0	5.00 97.2 98.2 98.2 5.8
Total2 1,034,200	4.77 91.1 92.9 93.3 5.0

Landlord operated flexible space excluded from occupancy metrics.
Excludes assets under or held for development (81-83 George Street, 87-91 George Street and 51 Flinders Lane).

THE GPT GROUP | OFFICE PORTFOLIO

Independent Valuation Summary

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
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Australia Square, Sydney	NSW	50	30 Jun 21	Savills	619.0	4.83
2 Park Street, Sydney	NSW	50	31 Dec 21	Cushman & Wakefeld	850.0	4.50
Darling Park 1 & 2, Sydney	NSW	25	31 Dec 21	Colliers	575.8	DP1: 4.63, DP2: 4.50
60 Station Street, Parramata	NSW	100	30 Jun 21	CBRE	270.0	5.13
32 Smith Street, Parramata	NSW	100	30 Jun 21	Knight Frank	325.0	5.00
4 Murray Rose Avenue, Sydney Olympic Park	NSW	100	31 Dec 21	Cushman & Wakefeld	152.0	4.88
62 Northbourne Avenue, Canberra	ACT	100	29 Nov 21	Savills	79.5	5.25
Melbourne Central Tower, Melbourne	VIC	100	31 Dec 21	CBRE	785.5	4.88
181 William & 550 Bourke Streets, Melbourne	VIC	50	31 Dec 21	Savills	449.0	4.88
One One One Eagle Street, Brisbane	QLD	33.3	31 Dec 21	Cushman & Wakefeld	316.7	4.88

32 Smith, Parramatta

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GWOF Portfolio
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Liberty Place, 161 Castlereagh Street, Sydney	NSW	50	31 Dec 21	JLL	789.8	4.38
Darling Park 1 & 2, Sydney	NSW	50	31 Dec 21	Colliers	1,151.5	DP1: 4.63, DP2: 4.50
Darling Park 3, Sydney	NSW	100	31 Dec 21	Colliers	610.0	4.63
580 George Street, Sydney	NSW	100	31 Dec 21	Knight Frank	672.0	4.88
workplace6, Sydney	NSW	100	31 Dec 21	Savills	345.0	4.75
81-83 George Street, Parramata1	NSW	100	31 Dec 21	Knight Frank	90.3	N/A
87-91 George Street, Parramata	NSW	100	31 Dec 21	Knight Frank	111.3	N/A
2 Southbank Boulevard, Melbourne	VIC	100	31 Dec 21	CBRE	728.5	4.75
8 Exhibition Street, Melbourne	VIC	50	31 Dec 21	Colliers	319.5	4.75
51 Flinders Lane, Melbourne	VIC	100	31 Dec 21	Savills	92.7	N/A
Queen & Collins, Melbourne	VIC	100	31 Dec 21	Colliers	506.0	4.63
150 Collins Street, Melbourne	VIC	100	31 Dec 21	CBRE	273.5	4.63
530 Collins Street, Melbourne	VIC	100	31 Dec 21	JLL	800.0	4.75
655 Collins Street, Melbourne	VIC	100	31 Dec 21	Cushman & Wakefeld	178.0	4.75
750 Collins Street, Melbourne	VIC	100	31 Dec 21	M3	514.0	4.50
800/808 Bourke Street, Melbourne	VIC	100	31 Dec 21	Knight Frank	630.0	4.75
181 William & 550 Bourke Streets, Melbourne	VIC	50	31 Dec 21	Savills	449.0	4.88
One One One Eagle Street, Brisbane	QLD	66.7	31 Dec 21	Cushman & Wakefeld	633.3	4.88
Riverside Centre, Brisbane	QLD	100	31 Dec 21	Colliers	753.0	5.00

The valuation of 81-83 George Street, Parramatta reflects 100% of the site value including the value of strata lots that have yet to settle. As at 31 December 2021, the fair value of 81-83 George Street, Parramatta is $63.9m.

THE GPT GROUP | OFFICE PORTFOLIO

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
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14%
13%
13%
12%
11%
11%
6%
6%
5%
4%
4%
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032+
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Note: Office income, includes signed leases.

Office – Sydney CBD

» Demand for prime space in the Sydney CBD improved as 2021 progressed, with prime net absorption of 99,000 sqm during the year, more than offsetting secondary net absorption of negative 70,000 sqm. As a result, the total vacancy rate decreased to 12.5%, with reductions in both sub-lease and direct vacancy.
» Supply eased during 2H 2021, with new stock offsetting withdrawals. For the year, net supply of approximately 70,000 sqm entered the market.
» Over the past 12 months, prime net face rents increased by 2.5% to $1,232 per sqm. Incentives remain elevated, increasing slightly to 34.2% gross, resulting in net effective rents moderating by 7.0% during the year.
» Average prime yields have compressed 12 bps to 4.57% in the past six months.

Sydney CBD: Demand, Supply and Vacancy

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300,000 20.0%
15.0%
200,000 20Y Vacancy Avg. 8.1% 12.5%
10.0%
100,000
70,147 5.0%
0 29,735 0%
-5.0%
-100,000
-10.0%
-200,000
-15.0%
-300,000 -20.0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS)
sqm per annum
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: Rents and Incentives*

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34.2%
+440bps 35.0%
$1,200 $1,232 30.0%
+2.5%
$1,000 25.0%
20.0%
$800
15.0%
$600 $655 10.0%
-7.0%
5.0%
$400
0%
Net Face Rent (LHS) Net Effective Rent (LHS) Gross Incentive (RHS)
Sydney CBD: Upper and Lower Prime Yields
9.00%
8.00%
7.00%
6.00%
4.88%
5.00%
4.00% 4.25%
3.00%
2.00% 1.67%
1.00%
0%
10 Year Bond Yield Upper Prime Lower Prime
$/sqm pa
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-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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Source: JLL Research 4Q 2021, GPT Research.

*Change during the past 12 months.

Notes: The effective rent is calculated by deducting from the face rental the amortised present value of incentives over an assumed 10 year lease term. Vacancy is inclusive of sublease vacancy and uses JLL’s ‘dynamic’ vacancy calculation, whereby any space being marketed for lease is included in the vacant space count. Historic 20y Vacancy Average calculated as 2001–2020.

THE GPT GROUP | OFFICE PORTFOLIO

Office – Melbourne CBD

» Melbourne CBD net absorption of -13,000 sqm was recorded in 2021. Approximately 31,000 sqm was positive prime absorption offsetting negative absorption in secondary stock of -44,000 sqm. At December, the total vacancy rate is 15.0%.
» Net supply of 95,000 sqm entered the market in 2021, with additions of 164,000 sqm offset by a number of large assets withdrawals.
» Net prime face rents increased by 2.1% over the past 12 months to $630 per sqm. Incentives increased by 548 bps to 38.2% net, resulting in a fall in net effective rents of 7.3% in the year.
» Average prime yields of 4.76% have remained flat for the past six months.

Melbourne CBD: Demand, Supply and Vacancy

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400,000 20.0%
300,000 15.0% 15.0%
200,000 20Y Vacancy Avg. 7.4%
10.0%
100,000 94,959
5.0%
0 -12,842
0%
-100,000
-200,000 -5.0%
-300,000 -10.0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS)
sqm per annum
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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Melbourne CBD: Rents and Incentives*

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38.2%
$700 +548 bps 40.0%
$600 $630
+2.1% 30.0%
$500
20.0%
$400
$353 10.0%
$300 -7.3%
$200 0%
Net Face Rent (LHS) Net Effective Rent (LHS) Net Incentive (RHS)
Melbourne CBD: Upper and Lower Prime Yields
10.00%
9.00%
8.00%
7.00%
6.00% 5.13%
5.00%
4.00% 4.38%
3.00%
1.67%
2.00%
1.00%
0%
10 Year Bond Yield Upper Prime Lower Prime
$/sqm pa
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-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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Source: JLL Research 4Q 2021, GPT Research.

*Change during the past 12 months.

Office – Brisbane CBD

Brisbane CBD: Rents and Incentives*

» Brisbane’s CBD total vacancy rate decreased to 15.5% at December, driven mainly by lower sub-lease vacancy. Net absorption of 8,000 sqm was recorded, with prime absorption improving over the year.

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8,000 sqm was recorded, with prime absorption improving over $800 42.9% 50.0%
the year. $700 +320 bps 40.0%
development was the major contributor and withdrawal activity Net supply of 49,000 sqm was added in 2021. The Midtown Centre Net supply of 49,000 sqm was added in 2021. The Midtown Centre $600 $641+1.3% 30.0%
was limited. $500
Prime net face rents increased to $641 per sqm, representing $400 20.0%
a 1.3% increase year on year. Incentives have increased to 42.9% gross, resulting in net effective rents moderating by 7.8% in 42.9% gross, resulting in net effective rents moderating by 7.8% in $300 $256-7.8% 10.0%
the past 12 months. $200 0%
Average prime yields continue to hold firm at 5.63%.
Net Face Rent (LHS) Net Effective Rent (LHS) Gross Incentive (RHS)
Brisbane CBD: Demand, Supply and Vacancy Brisbane CBD: Upper and Lower Prime Yields
250,000 20.0% 9.00%
200,000 15.5% 15.0% 8.00%
100,000150,000 20Y Vacancy Avg. 9.2% 10.0% 6.00%7.00% 6.25%5.00%
50,000 49,292 5.0% 5.00%
0 8,001 4.00%
0%
3.00%
-50,000
-5.0% 2.00% 1.67%
-100,000
1.00%
-150,000 -10.0%
0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS)
10 Year Bond Yield Upper Prime Lower Prime
$/sqm pa
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-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-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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» development was the major contributor and withdrawal activity Net supply of 49,000 sqm was added in 2021. The Midtown Centre Net supply of 49,000 sqm was added in 2021. The Midtown Centre was limited.
» Prime net face rents increased to $641 per sqm, representing a 1.3% increase year on year. Incentives have increased to 42.9% gross, resulting in net effective rents moderating by 7.8% in 42.9% gross, resulting in net effective rents moderating by 7.8% in the past 12 months.
» Average prime yields continue to hold firm at 5.63%.

Source: JLL Research 4Q 2021, GPT Research.

*Change during the past 12 months.

THE GPT GROUP | OFFICE PORTFOLIO

Office – Parramatta

» Net absorption of 90,000 sqm was recorded in 2021, weighted to the back end of the year. Record absorption in 4Q 2021 was driven by a number of large development pre-leases. As a result, the prime vacancy rate improved to 14.0%, as did the total vacancy rate falling from 15.4% to 12.1% in the six months to December 2021.
» Net supply of 113,000 sqm was added in the year, increasing the overall market size by 13.6%. The majority of the new supply was pre-committed.
» Prime net face rents increased by 1.3% in the year to $597 per sqm. Incentives increased further to 35.4% gross, resulting in effective rents falling by 10.4% in the past 12 months.
» Average prime yields have compressed by 13 bps in the past six months to 5.25%.

Parramatta CBD: Demand, Supply and Vacancy

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120,000 113,395 20.0%
100,000
90,076 15.0%
80,000 12.1%
60,000 20Y Vacancy Avg. 7.4% 10.0%
40,000
5.0%
20,000
0 0%
-20,000
-5.0%
-40,000
-60,000 -10.0%
Net Absorption (LHS) Net Supply (LHS) Vacancy Rate (RHS)
sqm per annum
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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Parramatta CBD: Rents and Incentives*

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$700 50.0%
$597
$600 +1.3% 40.0%
$500 35.4%
+540 bps 30.0%
$400
20.0%
$300
$300
$200 -10.4% 10.0%
$100 0%
Net Face Rent (LHS) Net Effective Rent (LHS) Gross Incentive (RHS)
Parramatta CBD: Upper and Lower Prime Yields
10.00%
9.00%
8.00%
7.00%
5.75%
6.00%
5.00%
4.00% 4.75%
3.00%
2.00% 1.67%
1.00%
0%
10 Year Bond Yield Upper Prime Lower Prime
$/sqm pa
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-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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Source: JLL Research 4Q 2021, GPT Research.

*Change during the past 12 months.

Sydney CBD Office Portfolio

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Barangaroo
Pyrmont 1
Wynyard
2 Martin
Place
Pyrmont
Bay Park
Pitt Street
Mall
Hyde
Park
Darling 4
Harbour
3
5
Train
7
6
Ferry
Town
Hall Light rail
Sydney Metro
ICC Sydney 8 (expected
Convention & Tumbalong future station
Exhibiton Centre Park locations)
Pedestrian
walkway
Market Street
Bridge Street
Bathurst Street
King Street
Park Street
Hunter Street
Liverpool Street
Pyrmont Bridge
Bent Street
Harbour Street
Western Distributor
Kent Street York Street
Sussex Street Clarence Street
George Street
Pitt Street
Macquarie Street
Elizabeth Street
Castlereagh Street
Phillip Street
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1 Australia Square 2 workplace[6] 3 Cockle Bay Wharf 4 Darling Park 1 & 2 5 Darling Park 3 6 2 Park Street 7 Liberty Place, 161 Castlereagh Street 8 580 George Street

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Liberty Place, Sydney
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Darling Park 1, 2 & 3, Sydney
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THE GPT GROUP | OFFICE PORTFOLIO

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THE GPT GROUP | OFFICE PORTFOLIO 72
2 Southbank Boulevard, Melbourne
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Logistics Portfolio

Annual Result 2021

Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 69 high quality investment assets located across Australia together with a landbank for future development. The portfolio of $4.4 billion includes assets held on the Group’s balance sheet and an interest in the GPT QuadReal Logistics Trust (GQLT).

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Darwin 1
1 Cairns
1 Townsville
NT
QLD
WA 9 Brisbane
SA
NSW 1 Newcastle
Perth 4
Adelaide 5 28 Sydney
1
VIC Canberra
17 Melbourne
l Number of investment assets in each state
TAS
1 Hobart
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» 88-99 Lockwood Road, Erskine Park

New South Wales

» 128 Andrews Road, Penrith
» Rosehill Business Park, Camellia
» 42 Cox Place, Glendenning
» 10 Interchange Drive, Eastern Creek
» 407 Pembroke Road, Minto (50%)
» 54 Eastern Creek Drive, Eastern Creek
» 4 Holker Street, Newington
» 50 Old Wallgrove Road, Eastern Creek
» 83 Derby Street, Silverwater
» 16-34 Templar Road, Erskine Park
» Sydney Olympic Park Town Centre[1]
» 36-52 Templar Road, Erskine Park
» Quad 1, Sydney Olympic Park
» 54-70 Templar Road, Erskine Park
» Quad 4, Sydney Olympic Park
» 67-75 Templar Road, Erskine Park
» 372-374 Victoria Street, Wetherill Park
» 29-55 Lockwood Road, Erskine Park
» 38 Pine Road, Yennora
» 57-87 Lockwood Road, Erskine Park
» 38A Pine Road, Yennora

» 18-24 Abbott Road, Seven Hills

» 1A Huntingwood Drive, Huntingwood
» 1B Huntingwood Drive, Huntingwood
» 104 Vanessa Street, Kingsgrove
» 64 Biloela Street, Villawood
» 30-32 Bessemer Street, Blacktown
» 21 Pipeclay Avenue, Thornton

Victoria

» Citiport Business Park, Port Melbourne
» 21-23 Wirraway Drive, Port Melbourne
» Citiwest Industrial Estate, Altona North
» Sunshine Business Estate, Sunshine
» 521 Geelong Road, Brooklyn
» 396 Mount Derrimut Road, Derrimut
» 40 Fulton Drive, Derrimut
» 21 Shiny Drive, Truganina
» 2 Prosperity Street, Truganina
» 25 Niton Drive, Truganina
» 1 Botero Place, Truganina
» Foundation Estate, Truganina
» 399 Boundary Road, Truganina
» 235-239 Boundary Road, Laverton North
» 79 Cherry Lane, Laverton North
» 16 Henderson Road, Knoxfield
» Austrak Business Park, Somerton (50%)

South Australia

» 1 Vimy Avenue, Adelaide Airport
» 26 Butler Boulevard, Adelaide Airport
» 176 Eastern Parade, Gillman
» 1A Symonds Street, Royal Park
» 6-10 Senna Road, Wingfield

Queensland

» 59 Forest Way, Karawatha
» 55 Whitelaw Place, Wacol
» 2 Ironbark Close, Berrinba
» 30 Ironbark Close, Berrinba
» 1 Wattlebird Court, Berrinba
» 102-108 Magnesium Drive, Crestmead
» 248 Fleming Road, Tingalpa
» 48 Miller Street, Murarrie
» 4 Enterprise Street, Wulkuraka
» 15 Northern Link Circuit, Townsville
» 2-8 Ridley Close, Cairns

Western Australia

» 15 Modal Crescent, Canning Vale
» 23 Destiny Way, Wangara
» 50 Triumph Avenue, Wangara
» 56 Triumph Avenue, Wangara

Australian Capital Territory

» 12 Faulding Street, Symonston

Northern Territory

» 16 Anictomatis Road, Berrimah

Tasmania

» 229 Kennedy Drive, Cambridge
Includes properties at 3 Figtree Drive and 6 Herb Elliott Drive, Sydney Olympic Park.

Note: All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in GQLT and are also inclusive of three operational assets held within inventory.

THE GPT GROUP | 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 2021

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Geographic Weighting [2]
As at 31 December 2021
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Scott’s
Coles Refrigerated
Group IVE Group Toll Logistics FedEx
10.0% 5.5% 4.4% 3.6% 3.5%
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3.1% 2.6% 2.4% 2.3% 2.3%
Pact Group DHL Visy Glass Goodman Asahi
Fielder
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NSW 49% WA 2%
VIC 32% ACT 0.6%
QLD 14% NT 0.1%
SA 2% TAS 0.1%
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Based on net rent.
Excludes assets under development.

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
19%
19%
13%
9%
9%
8% 8%
6%
5%
3%
2%
2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032+
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Note: Includes signed leases.

THE GPT GROUP | LOGISTICS PORTFOLIO

Income and Fair Value Schedule

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Income 12 months to
31 Dec ($m) Fair Value Reconciliation
Fair Value Development Maintenance Lease Acquisitions Net Other Fair Value % of
31 Dec 20 & Other Capex Capex Incentives & Sales Revaluations Adjustments 31 Dec 21 Portfolio
2020 2021 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
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NSW Rosehill Business Park, Camellia 6.5 6.4 (0.1) 10 Interchange Drive, Eastern Creek 2.5 2.0 (0.5) 54 Eastern Creek Drive, Eastern Creek 3.0 3.0 – 50 Old Wallgrove Road,Eastern Creek 3.5 3.8 0.3 16-34 Templar Road,Erskine Park 4.1 4.2 0.1 36-52 Templar Road,Erskine Park 6.3 6.4 0.1 54-70 Templar Road,Erskine Park 11.2 11.4 0.2 67-75 Templar Road,Erskine Park 2.0 2.1 0.1 29-55 Lockwood Road,Erskine Park 6.0 6.2 0.2 57-87 & 89-99 Lockwood Road,Erskine Park 5.6 5.6 – 128 Andrews Road,Penrith Completed Sep2020 1.3 4.2 2.9 42 Cox Place,Glendenning Completed Feb 2021 – 1.8 1.8 407 Pembroke Road,Minto 2.1 2.2 0.1 4 Holker Street,Newington 2.3 2.4 0.1 83 DerbyStreet,Silverwater 2.1 2.6 0.5 SydneyOlympic Park Town Centre 2.4 2.5 0.1 Quad 1,SydneyOlympic Park 2.1 2.0 (0.1) Quad 4,SydneyOlympic Park 3.7 3.7 – 372-374 Victoria Street,Wetherill Park 2.1 2.2 0.1 38 Pine Road,Yennora 3.9 4.0 0.1 38A Pine Road,Yennora Completed Mar 2020 0.5 0.7 0.2 18-24 Abbott Road,Seven Hills 2.3 2.4 0.1 1A Huntingwood Drive,Huntingwood 2.2 2.9 0.7 1B Huntingwood Drive,Huntingwood 1.4 1.5 0.1
	104.5 0.1 0.1 – – 13.3 – 118.0 2.7
	42.0 0.2 – – – 5.5 – 47.7 1.1
	60.2 – – – – 14.3 – 74.5 1.7
	74.0 – – – – 26.5 – 100.5 2.3
	72.0 – – – – 5.0 – 77.0 1.7
	130.0 – – – – 18.3 – 148.3 3.4
	179.0 – – – – 23.2 – 202.2 4.6
	28.8 – – – – 11.0 – 39.8 0.9
	123.7 – 0.2 – – 24.1 – 148.0 3.4
	110.5 – 0.2 – – 13.4 – 124.1 2.8
	93.6 (0.1) – – 0.1 12.1 – 105.7 2.4
	34.0 6.3 – 0.1 – 12.3 – 52.7 1.2
	35.0 – – – – 10.5 – 45.5 1.0
	42.0 – 0.3 – – 7.7 – 50.0 1.1
	45.0 – – – – 11.1 – 56.1 1.3
	49.7 – – – – 5.1 – 54.8 1.2
	31.0 0.1 0.1 0.1 – 0.7 – 32.0 0.7
	55.0 – 0.1 1.3 – 3.6 – 60.0 1.4
	34.7 – – – – 5.5 – 40.2 0.9
	72.0 – – – – 11.3 – 83.3 1.9
	13.6 – – – – 1.9 – 15.5 0.4
	44.2 – – – – 10.8 – 55.0 1.2
	52.4 – – – – 10.9 – 63.3 1.4
	28.0 – – – – 6.3 – 34.3 0.8

	Income 12 months to 31 Dec ($m) 2020 2021 Variance 1.8 1.2 (0.6) 2.4 2.4 – 2.4 2.5 0.1 – – – – 0.1 0.1 6.1 5.2 (0.9) 1.8 1.6 (0.2) 6.7 6.8 0.1 4.3 5.6 1.3 – 0.2 0.2 0.7 0.7 – – 0.1 0.1 2.0 2.1 0.1 – 0.1 0.1 – 0.7 0.7 1.3 2.0 0.7 0.2 4.9 4.7 1.1 1.1 – – 1.0 1.0 – 0.1 0.1 – 0.1 0.1 12.6 11.2 (1.4)	Fair Value Reconciliation
		Fair Value 31 Dec 20 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 21 ($m) % of Portfolio (%)
104 Vanessa Street, Kingsgrove		27.4 – 0.1 0.2 – 6.3 – 34.0 0.8
64 Biloela Street, Villawood		42.7 – – – – 5.3 – 48.0 1.1
30-32 Bessemer Street, Blacktown		43.5 – 0.1 – – 2.9 – 46.5 1.1
21 PipeclayAvenue, Thornton Acquired Nov 2021		– – – – 4.2 (0.2) – 4.0 0.1
ACT
12 FauldingStreet,Symonston Acquired Nov 2021		– – – – 23.4 (0.8) – 22.6 0.5
VIC
Citiport Business Park,Port Melbourne		93.5 0.6 0.2 0.6 – 22.6 – 117.5 2.7
21-23 WirrawayDrive,Port Melbourne Acquired Mar 2020		32.6 – – – – 3.9 – 36.5 0.8
Citiwest Industrial Estate,Altona North		115.0 – 0.2 0.6 – 38.2 – 154.0 3.5
Sunshine Business Estate,Sunshine		88.0 – – – – 20.0 – 108.0 2.5
521 GeelongRoad,Brooklyn Acquired Nov 2021		– – – – 53.5 (2.6) – 50.9 1.2
396 Mount Derrimut Road,Derrimut		14.7 – – – – 4.1 – 18.8 0.4
40 Fulton Drive,Derrimut Acquired Nov 2021		– – – – 18.1 (0.9) – 17.2 0.4
21 ShinyDrive,Truganina		42.3 – – – – 13.2 – 55.5 1.3
2 ProsperityStreet,Truganina Completed Dec 2021		13.9 19.6 – 0.1 – 15.4 – 49.0 1.1
25 Niton Drive,Truganina Completed Sep2021		12.1 23.9 – 0.1 0.9 22.0 – 59.0 1.3
1 Botero Place,Truganina Acquired May2020		44.4 – – – – 10.1 – 54.5 1.2
Foundation Estate,Truganina Acquired Dec 2020		120.0 – 0.1 – 0.1 27.8 – 148.0 3.4
399 BoundaryRoad,Truganina		20.5 – – – – 6.5 – 27.0 0.6
235-239 BoundaryRoad,Laverton North Acquired Aug2021		– – – – 77.1 (4.3) – 72.8 1.7
79 CherryLane,Laverton North Acquired Nov 2021		– – – – 50.8 (2.5) – 48.3 1.1
16 Henderson Road,Knoxfeld Acquired Nov 2021		– – – – 36.0 (1.8) – 34.2 0.8
Austrak Business Park,Somerton		215.5 – 0.4 0.1 – 39.3 – 255.3 5.8

THE GPT GROUP | LOGISTICS PORTFOLIO

	Income 12 months to 31 Dec ($m) 2020 2021 Variance 2.8 0.1 (2.7) 7.8 8.0 0.2 1.0 1.0 – 2.1 2.6 0.5 1.2 1.6 0.4 – 0.5 0.5 – 0.1 0.1 – 0.1 0.1 – 0.2 0.2 – 0.4 0.4 – 0.1 0.1 – 0.1 0.1 – 0.1 0.1 – 0.1 0.1 – – – – 0.1 0.1 – 0.1 0.1 – 0.1 0.1 – 0.1 0.1 – – –	Fair Value Reconciliation
		Fair Value 31 Dec 20 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 21 ($m) % of Portfolio (%)
QLD
16–28 QuarryRoad, Yatala Divested Dec 2020		– – – – – – – – –
59 Forest Way, Karawatha		137.5 0.4 0.2 0.1 – 19.3 – 157.5 3.6
55 Whitelaw Place, Wacol		19.9 – 0.2 – – 3.2 – 23.3 0.5
2 Ironbark Close, Berrinba Completed Mar 2020		57.0 (0.1) – – – 9.4 – 66.3 1.5
30 Ironbark Close,Berrinba Completed Mar 2020		31.3 (0.2) – – – 3.6 – 34.7 0.8
1 Wattlebird Court,Berrinba Completed Jul 2021		12.7 17.0 – 0.1 – 10.8 – 40.6 0.9
102-108 Magnesium Drive,Crestmead Acquired Nov 2021		– – – – 28.1 (1.3) – 26.8 0.6
248 FlemingRoad,Tingalpa Acquired Nov 2021		– – – – 31.0 (1.4) – 29.6 0.7
48 Miller Street,Murarrie Acquired Nov 2021		– – – – 41.7 (1.9) – 39.8 0.9
4 Enterprise Street,Wulkuraka Acquired Nov 2021		– – – – 123.1 (5.6) – 117.5 2.7
15 Northern Link Circuit,Townsville Acquired Nov 2021		– – – – 30.0 (1.3) – 28.7 0.7
SA
1 VimyAvenue,Adelaide Airport Acquired Nov 2021		– – – – 19.9 0.3 – 20.2 0.5
26 Butler Boulevard,Adelaide Airport Acquired Nov 2021		– – – 0.1 16.2 0.2 – 16.5 0.4
176 Eastern Parade,Gillman Acquired Nov 2021		– – – – 19.4 0.1 – 19.5 0.4
1A Symonds Street,Royal Park Acquired Nov 2021		– – – – 6.7 0.1 – 6.8 0.2
6-10 Senna Road,Wingfeld Acquired Nov 2021		– – – – 38.4 0.1 – 38.5 0.9
WA
15 Modal Crescent,CanningVale Acquired Nov 2021		– – – – 24.7 (0.9) – 23.8 0.5
23 DestinyWay,Wangara Acquired Nov 2021		– – – – 26.5 (1.0) – 25.5 0.6
50 Triumph Avenue,Wangara Acquired Nov 2021		– – – – 7.5 (0.2) – 7.3 0.2
56 Triumph Avenue,Wangara Acquired Nov 2021		– – – – 5.1 (0.2) – 4.9 0.1

	Income 12 months to 31 Dec ($m) 2020 2021 Variance – – – – – – – – – – – – – – – – – – – 0.6 0.6 3.4 0.7 (2.7) – – – – – – – – – 140.8 152.6 11.8	Fair Value Reconciliation
		Fair Value 31 Dec 20 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 21 ($m) % of Portfolio (%)
Assets Under Development
WembleyBusiness Park, Stage 3, Berrinba – Land		12.9 0.9 – – – 1.3 – 15.1 0.3
Yiribana Logistics Estate – East, Mamre Road, Kemps Creek – Land		35.0 7.8 – – 98.4 6.5 – 147.7 3.4
407 Pembroke Road, Minto – Land		9.8 – – – – 3.5 – 13.3 0.3
The GatewayLogistics Hub, Stage 4-6, Truganina – Land		27.5 1.0 – – 2.1 – – 30.6 0.7
143 Foundation Road,Truganina – Land		5.7 1.6 – – – 0.7 – 8.0 0.2
Austrak Business Park, Somerton – Land		47.6 1.3 – – – 15.9 – 64.8 1.5
Equity Interests
GPT Equity Interest in GQLT (50.1%)1		– – – – – 6.1 94.4 100.5 2.3
Assets Held for Sale
SydneyOlympic Park Town Centre – Metro Assets2		103.0 0.9 – – (103.0) (0.9) – – –
2-8 RidleyClose, Cairns3 Acquired Nov 2021		– – – – 2.6 (0.1) – 2.5 0.1
16 Anictomatis Road, Berrimah3 Acquired Nov 2021		– – – – 3.1 (0.1) – 3.0 0.1
229 KennedyDrive, Cambridge3 Acquired Nov 2021		– – – – 3.0 (0.1) – 2.9 0.1
Total Logistics Portfolio		2,980.9 81.3 2.5 3.5 688.7 555.0 94.4 4,406.3 100.0

GPT Equity Interest in the GQLT represents GPT’s equity accounted interest in the net assets of the Trust, including net revaluations of investment property. Net income represents GPT’s share of FFO for the period.
The Metro Assets at Sydney Olympic Park were compulsorily acquired on 19 March 2021. At 31 December 2020 GPT recorded the disposal based on the initial offer price of $103.0 million. A preliminary determination by the Valuer General has been received, with the final compensation outcome expected in 2022.
Includes operational assets held in inventory.

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Portfolio Summary

State Ownership (%) GLA (100% Interest) (sqm) 31 Dec 21 Fair Value ($m) 31 Dec 21 Cap Rate (%)	Logistics Occupancy (By Area) WALE by Income (Years) Actual (%) Inc. Signed Leases (%) Inc. Heads of Agreement (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100 41,900 118.0 4.50	100.0 100.0 100.0 1.3
10 Interchange Drive, Eastern Creek NSW 100 15,200 47.7 4.00	100.0 100.0 100.0 5.8
54 Eastern Creek Drive, Eastern Creek NSW 100 25,400 74.5 4.00	100.0 100.0 100.0 3.1
50 Old Wallgrove Road, Eastern Creek NSW 100 30,100 100.5 3.75	100.0 100.0 100.0 5.1
16-34 Templar Road, Erskine Park NSW 100 15,200 77.0 4.00	100.0 100.0 100.0 7.5
36-52 Templar Road, Erskine Park NSW 100 24,500 148.3 3.88	100.0 100.0 100.0 13.1
54-70 Templar Road, Erskine Park NSW 100 21,000 202.2 3.88	100.0 100.0 100.0 13.5
67-75 Templar Road, Erskine Park NSW 100 12,700 39.8 3.75	100.0 100.0 100.0 5.1
29-55 Lockwood Road, Erskine Park NSW 100 32,200 148.0 3.88	100.0 100.0 100.0 8.0
57-87 & 89-99 Lockwood Road, Erskine Park NSW 100 37,700 124.1 3.88	100.0 100.0 100.0 8.5
128 Andrews Road, Penrith NSW 100 50,200 105.7 4.00	100.0 100.0 100.0 8.7
42 Cox Place, Glendenning NSW 100 17,200 52.7 4.00	100.0 100.0 100.0 9.2
407 Pembroke Road, Minto NSW 50 18,400 45.5 4.00	100.0 100.0 100.0 2.9
4 Holker Street, Newington NSW 100 7,400 50.0 5.00	100.0 100.0 100.0 4.7
83 Derby Street, Silverwater NSW 100 17,000 56.1 4.13	100.0 100.0 100.0 4.0
Sydney Olympic Park Town Centre NSW 100 10,900 54.8 N/A	100.0 100.0 100.0 0.4
Quad 1, Sydney Olympic Park NSW 100 4,800 32.0 5.75	97.7 97.7 100.0 2.2
Quad 4, Sydney Olympic Park NSW 100 7,600 60.0 5.25	100.0 100.0 100.0 8.8
372-374 Victoria Street, Wetherill Park NSW 100 20,500 40.2 5.00	100.0 100.0 100.0 3.2
38 Pine Road, Yennora NSW 100 33,800 83.3 4.25	100.0 100.0 100.0 1.2
38A Pine Road, Yennora NSW 100 4,800 15.5 4.25	100.0 100.0 100.0 3.2
18-24 Abbot Road, Seven Hills NSW 100 18,100 55.0 4.00	100.0 100.0 100.0 2.7

State Ownership (%) GLA (100% Interest) (sqm) 31 Dec 21 Fair Value ($m) 31 Dec 21 Cap Rate (%)	Logistics Occupancy (By Area) WALE by Income (Years) Actual (%) Inc. Signed Leases (%) Inc. Heads of Agreement (%)
1A Huntingwood Drive, Huntingwood NSW 100 21,100 63.3 3.88	100.0 100.0 100.0 5.6
1B Huntingwood Drive, Huntingwood NSW 100 11,300 34.3 3.88	100.0 100.0 100.0 1.7
104 Vanessa Street, Kingsgrove NSW 100 7,100 34.0 3.75	100.0 100.0 100.0 8.6
64 Biloela Street, Villawood NSW 100 23,300 48.0 4.75	100.0 100.0 100.0 5.5
30-32 Bessemer Street, Blacktown NSW 100 20,100 46.5 4.50	100.0 100.0 100.0 4.0
21 Pipeclay Avenue, Thornton NSW 100 1,400 4.0 4.50	100.0 100.0 100.0 8.8
12 Faulding Street, Symonston ACT 100 3,300 22.6 5.13	100.0 100.0 100.0 2.7
Citiport Business Park, Port Melbourne VIC 100 26,900 117.5 4.75	78.6 83.9 83.9 3.0
21-23 Wirraway Drive, Port Melbourne VIC 100 7,200 36.5 4.38	100.0 100.0 100.0 4.0
Citiwest Industrial Estate, Altona North VIC 100 90,100 154.0 4.25	100.0 100.0 100.0 3.0
Sunshine Business Estate, Sunshine VIC 100 52,800 108.0 4.00	100.0 100.0 100.0 4.9
521 Geelong Road, Brooklyn VIC 100 12,600 50.9 N/A	100.0 100.0 100.0 7.2
396 Mount Derrimut Road, Derrimut VIC 100 10,700 18.8 4.00	100.0 100.0 100.0 2.0
40 Fulton Drive, Derrimut VIC 100 6,500 17.2 3.75	100.0 100.0 100.0 8.8
21 Shiny Drive, Truganina VIC 100 26,500 55.5 4.00	100.0 100.0 100.0 4.5
2 Prosperity Street, Truganina VIC 100 24,000 49.0 4.00	100.0 100.0 100.0 5.0
25 Niton Drive, Truganina VIC 100 29,800 59.0 4.00	100.0 100.0 100.0 4.7
1 Botero Place, Truganina VIC 100 23,800 54.5 3.75	100.0 100.0 100.0 8.4
Foundation Estate, Truganina VIC 100 44,100 148.0 3.75	100.0 100.0 100.0 7.1
399 Boundary Road, Truganina VIC 100 11,900 27.0 3.75	100.0 100.0 100.0 7.2
235-239 Boundary Road, Laverton North VIC 100 33,500 72.8 3.75	100.0 100.0 100.0 4.5
79 Cherry Lane, Laverton North VIC 100 17,000 48.3 3.63	100.0 100.0 100.0 16.7
16 Henderson Road, Knoxfeld VIC 100 12,200 34.2 3.75	100.0 100.0 100.0 10.7
Austrak Business Park, Somerton VIC 50 210,000 255.3 4.00	89.7 89.7 89.7 4.0
59 Forest Way, Karawatha QLD 100 44,000 157.5 4.00	100.0 100.0 100.0 7.2
55 Whitelaw Place, Wacol QLD 100 5,600 23.3 4.00	100.0 100.0 100.0 10.4

THE GPT GROUP | LOGISTICS PORTFOLIO

State Ownership (%) GLA (100% Interest) (sqm) 31 Dec 21 Fair Value ($m) 31 Dec 21 Cap Rate (%)	Logistics Occupancy (By Area) WALE by Income (Years) Actual (%) Inc. Signed Leases (%) Inc. Heads of Agreement (%)
2 Ironbark Close, Berrinba QLD 100 20,600 66.3 4.00	100.0 100.0 100.0 8.2
30 Ironbark Close, Berrinba QLD 100 14,400 34.7 4.38	100.0 100.0 100.0 3.5
1 Watlebird Court, Berrinba QLD 100 16,300 40.6 4.38	100.0 100.0 100.0 5.5
102-108 Magnesium Drive, Crestmead QLD 100 8,800 26.8 3.88	100.0 100.0 100.0 10.2
248 Fleming Road, Tingalpa QLD 100 5,200 29.6 4.13	100.0 100.0 100.0 4.5
48 Miller Street, Murarrie QLD 100 4,000 39.8 4.50	100.0 100.0 100.0 6.9
4 Enterprise Street, Wulkuraka QLD 100 25,900 117.5 3.50	100.0 100.0 100.0 19.7
15 Northern Link Circuit, Townsville QLD 100 4,800 28.7 4.38	100.0 100.0 100.0 10.0
2-8 Ridley Close, Cairns QLD 100 1,000 2.5 5.50	100.0 100.0 100.0 8.8
1 Vimy Avenue, Adelaide Airport SA 100 9,800 20.2 4.25	100.0 100.0 100.0 7.4
26 Butler Boulevard, Adelaide Airport SA 100 6,800 16.5 4.25	100.0 100.0 100.0 8.9
176 Eastern Parade, Gillman SA 100 6,800 19.5 5.00	100.0 100.0 100.0 4.0
1A Symonds Street, Royal Park SA 100 2,700 6.8 4.00	100.0 100.0 100.0 8.8
6-10 Senna Road, Wingfeld SA 100 13,400 38.5 4.50	100.0 100.0 100.0 4.5
15 Modal Crescent, Canning Vale WA 100 9,600 23.8 4.50	100.0 100.0 100.0 8.8
23 Destiny Way, Wangara WA 100 4,600 25.5 5.25	100.0 100.0 100.0 2.7
50 Triumph Avenue, Wangara WA 100 3,700 7.3 5.00	100.0 100.0 100.0 4.0
56 Triumph Avenue, Wangara WA 100 2,800 4.9 5.50	100.0 100.0 100.0 0.7
16 Anictomatis Road, Berrimah NT 100 1,100 3.0 5.00	100.0 100.0 100.0 8.8
229 Kennedy Drive, Cambridge TAS 100 1,200 2.9 5.00	100.0 100.0 100.0 8.8
Total 1,407,000 4.11	98.7 98.8 98.8 6.5

Note: Excludes assets under development.

Independent Valuation Summary

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Ownership Valuation Capitalisation Rate
State (%) Date Valuer ($m) (%)
GPT Portfolio
----- End of picture text -----

Rosehill Business Park, Camellia	NSW	100	31 Dec 21	Colliers	118.0	4.50
10 Interchange Drive, Eastern Creek	NSW	100	30 Jun 21	Savills	47.5	4.00
54 Eastern Creek Drive, Eastern Creek	NSW	100	31 Dec 21	Colliers	74.5	4.00
50 Old Wallgrove Road, Eastern Creek	NSW	100	31 Dec 21	JLL	100.5	3.75
16-34 Templar Road, Erskine Park	NSW	100	30 Jun 21	CBRE	77.0	4.00
36-52 Templar Road, Erskine Park	NSW	100	30 Jun 21	Savills	148.3	3.88
54-70 Templar Road, Erskine Park	NSW	100	30 Jun 21	Colliers	202.2	3.88
67-75 Templar Road, Erskine Park	NSW	100	31 Dec 21	JLL	39.8	3.75
29-55 Lockwood Road, Erskine Park	NSW	100	31 Dec 21	Savills	148.0	3.88
57-87 & 89-99 Lockwood Road, Erskine Park	NSW	100	30 Jun 21	CBRE	124.0	3.88
128 Andrews Road, Penrith	NSW	100	30 Jun 21	Colliers	105.7	4.00
42 Cox Place, Glendenning	NSW	100	30 Jun 21	Knight Frank	51.2	4.00
407 Pembroke Road, Minto	NSW	50	31 Dec 21	JLL	45.5	4.00
4 Holker Street, Newington	NSW	100	31 Dec 21	Colliers	50.0	5.00
83 Derby Street, Silverwater	NSW	100	31 Dec 21	Colliers	56.1	4.13
Sydney Olympic Park Town Centre	NSW	100	31 Dec 21	Colliers	54.8	N/A
Quad 1, Sydney Olympic Park	NSW	100	31 Dec 21	Knight Frank	32.0	5.75
Quad 4, Sydney Olympic Park	NSW	100	31 Dec 21	Knight Frank	60.0	5.25
372-374 Victoria Street, Wetherill Park	NSW	100	30 Jun 21	Knight Frank	40.2	5.00
38 Pine Road, Yennora	NSW	100	30 Jun 21	Knight Frank	83.3	4.25
38A Pine Road, Yennora	NSW	100	30 Jun 21	Colliers	15.5	4.25
18-24 Abbot Road, Seven Hills	NSW	100	31 Dec 21	Colliers	55.0	4.00

THE GPT GROUP | LOGISTICS PORTFOLIO

		Ownership			Valuation	Capitalisation Rate
	State	(%)	Date	Valuer	($m)	(%)
1A Huntingwood Drive, Huntingwood	NSW	100	31 Dec 21	Savills	63.3	3.88
1B Huntingwood Drive, Huntingwood	NSW	100	31 Dec 21	Savills	34.3	3.88
104 Vanessa Street, Kingsgrove	NSW	100	31 Dec 21	Knight Frank	34.0	3.75
64 Biloela Street, Villawood	NSW	100	30 Jun 21	CBRE	48.0	4.75
30-32 Bessemer Street, Blacktown	NSW	100	30 Jun 21	CBRE	46.5	4.50
21 Pipeclay Avenue, Thornton	NSW	100	1 Oct 21	Savills	4.0	4.50
12 Faulding Street, Symonston	ACT	100	1 Oct 21	Savills	22.6	5.13
Citiport Business Park, Port Melbourne	VIC	100	31 Dec 21	Savills	117.5	4.75
21-23 Wirraway Drive, Port Melbourne	VIC	100	31 Dec 21	CBRE	36.5	4.38
Citiwest Industrial Estate, Altona North	VIC	100	31 Dec 21	CBRE	154.0	4.25
Sunshine Business Estate, Sunshine	VIC	100	31 Dec 21	JLL	108.0	4.00
521 Geelong Road, Brooklyn	VIC	100	1 Oct 21	Savills	50.9	N/A
396 Mount Derrimut Road, Derrimut	VIC	100	31 Dec 21	JLL	18.8	4.00
40 Fulton Drive, Derrimut	VIC	100	1 Oct 21	Savills	17.2	3.75
21 Shiny Drive, Truganina	VIC	100	31 Dec 21	Savills	55.5	4.00
2 Prosperity Street, Truganina	VIC	100	31 Dec 21	Savills	49.0	4.00
25 Niton Drive, Truganina	VIC	100	31 Dec 21	Savills	59.0	4.00
1 Botero Place, Truganina	VIC	100	31 Dec 21	CBRE	54.5	3.75
Foundation Estate, Truganina	VIC	100	31 Dec 21	CBRE	148.0	3.75
399 Boundary Road, Truganina	VIC	100	31 Dec 21	JLL	27.0	3.75
235-239 Boundary Road, Laverton North	VIC	100	31 Dec 21	CBRE	72.8	3.75
79 Cherry Lane, Laverton North	VIC	100	1 Oct 21	Savills	48.3	3.63
16 Henderson Road, Knoxfeld	VIC	100	1 Oct 21	Savills	34.2	3.75

		Ownership			Valuation	Capitalisation Rate
	State	(%)	Date	Valuer	($m)	(%)
Austrak Business Park, Somerton	VIC	50	31 Dec 21	JLL	255.3	4.00
59 Forest Way, Karawatha	QLD	100	31 Dec 21	Savills	157.5	4.00
55 Whitelaw Place, Wacol	QLD	100	31 Dec 21	JLL	23.3	4.00
2 Ironbark Close, Berrinba	QLD	100	31 Dec 21	JLL	66.3	4.00
30 Ironbark Close, Berrinba	QLD	100	31 Dec 21	JLL	34.7	4.38
1 Watlebird Court, Berrinba	QLD	100	31 Dec 21	JLL	40.6	4.38
102-108 Magnesium Drive, Crestmead	QLD	100	1 Oct 21	Savills	26.8	3.88
248 Fleming Road, Tingalpa	QLD	100	1 Oct 21	Savills	29.6	4.13
48 Miller Street, Murarrie	QLD	100	29 Nov 21	Savills	39.8	4.50
4 Enterprise Street, Wulkuraka	QLD	100	29 Nov 21	Savills	117.5	3.50
15 Northern Link Circuit, Townsville	QLD	100	29 Nov 21	Savills	28.7	4.38
2-8 Ridley Close, Cairns	QLD	100	1 Oct 21	Savills	2.5	5.50
1 Vimy Avenue, Adelaide Airport	SA	100	1 Oct 21	Savills	20.2	4.25
26 Butler Boulevard, Adelaide Airport	SA	100	29 Nov 21	Savills	16.5	4.25
176 Eastern Parade, Gillman	SA	100	1 Oct 21	Savills	19.5	5.00
1A Symonds Street, Royal Park	SA	100	1 Oct 21	Savills	6.8	4.00
6-10 Senna Road, Wingfeld	SA	100	1 Oct 21	Savills	38.5	4.50
15 Modal Crescent, Canning Vale	WA	100	1 Oct 21	Savills	23.8	4.50
23 Destiny Way, Wangara	WA	100	1 Oct 21	Savills	25.5	5.25
50 Triumph Avenue, Wangara	WA	100	1 Oct 21	Savills	7.3	5.00
56 Triumph Avenue, Wangara	WA	100	1 Oct 21	Savills	4.9	5.50
16 Anictomatis Road, Berrimah	NT	100	1 Oct 21	Savills	3.0	5.00
229 Kennedy Drive, Cambridge	TAS	100	1 Oct 21	Savills	2.9	5.00

Note: Excludes assets under development.

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics – Sydney

» Total take up in 2021 across Sydney totalled 1,430,000 sqm, being 76% above the 10 year annual average and a record high. Transport users made up 42% of take up, and approximately half of Sydney take up was in the Outer Central West submarket.
» Supply in 2021 totalled 256,000 sqm, being 50% below the 10 year annual average.
» Vacancy has reduced further to 0.4%, and is the lowest vacancy rate across the Eastern Seaboard cities.
» Average prime face rents have grown 6.2% in the past 12 months, with much of this growth in the second half of the year.
» Average prime yields compressed 112 bps in the year to 3.68% as elevated investor interest continues to drive competition for prime assets.

Sydney Industrial Supply

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1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000 10 Year Average
400,000
200,000
0
2017 2018 2019 2020 2021
sqm
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Sydney Industrial Vacancy Rate

Sydney Industrial Demand

	2H 2021	1H 2021				Pre-Lease and D&C	Pre-Lease and D&C	All Other
				1,600,000
Central West	0.6%	0.8%
				1,400,000
Inner South West	0.8%	1.6%
				1,200,000
North*	1.2%	1.1%
				1,000,000
North Sydney South	2.5% 0.6%	– 2.8%	sqm	800,000			10 Year Average
Metropolitan West	0.5%	1.5%		600,000
Outer North West	0.1%	0.9%		400,000
Outer South West	0.1%	2.8%		200,000
Sydney Total	0.4%	1.4%		0	2017	2018	2019	2020	2021

North Sydney separated from North in 2H2021. Source: CBRE 2H2021 (+4,000sqm), JLL 4Q 2021, GPT Research. 10 Year Averages calculated 2011-2020.

Lo istics – Melbourne g

» Total take up of 1,859,000 sqm was recorded for the year, being almost 2.5 times the 10 year average, and a record high. 59% of total take up occurred in the West, and take up remains fairly evenly spread between the Transport, Retail and Manufacturing sectors, making up 72% of the year’s total.
» Responding to demand, total supply in 2021 was 71% above the 10 year annual average and totalled 807,000 sqm.
» Vacancy continues to fall, with a current vacancy rate of 1.3%.
» Prime face rents grew on average 8.7% during the year, with the majority of growth occurring in the second half.
» Investor demand remains buoyant; average prime yields compressed 93 bps to 3.63% in the past 12 months.

Melbourne Industrial Vacancy Rate

	2H 2021	1H 2021
East & South East*	1.4%	1.0%
North	1.7%	2.4%
West	1.2%	1.9%
Melbourne Total	1.3%	1.6%

South East expanded to East & South East in 2021. Source: CBRE 2H2021 (+4,000sqm), JLL 4Q 2021, GPT Research. 10 Year Averages calculated 2011-2020.

Melbourne Industrial Supply

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2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000 10 Year Average
400,000
200,000
0
2017 2018 2019 2020 2021
Melbourne Industrial Demand
Pre-Lease and D&C All Other
2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
10 Year Average
800,000
600,000
400,000
200,000
0
2017 2018 2019 2020 2021
sqm
sqm
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THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics – Brisbane

» 2021 total take up was 547,000 sqm, 15% above the 10 year annual average. Take up was led by Trade tenants (Retail & Wholesale) making up 39%, followed by Transport tenants at 25%.
» Supply totalled 256,000 sqm during 2021, a decrease of 14% on the 10 year annual average. The majority of supply was delivered in Southern submarkets and 47% of total supply was pre-committed.
» Vacancy tightened to 2.3%, with higher vacancy rates observed in the Southern markets where new supply was concentrated
» Average prime net face rents grew by 4.7% in the past 12 months, weighted to the second half of the year.
» Average prime yields have compressed 83 bps to 4.67% during 2021.

Brisbane Industrial Supply

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

700,000
600,000
500,000
400,000
10 Year Average
300,000
200,000
100,000
0
2017 2018 2019 2020 2021
sqm
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Brisbane Industrial Vacancy Rate

Brisbane Industrial Demand

	2H 2021	1H 2021		700,000		Pre-Lease and D&C	Pre-Lease and D&C	All Other
Near City	–	–		600,000
Trade Coast	3.1%	2.6%
				500,000				10 Year Average
North	0.6%	0.9%
South	3.3%	5.3%	sqm	400,000
M1 Corridor	0.8%	0.2%		300,000
Western Corridor	2.9%	4.4%		200,000
Brisbane Total	2.3%	2.9%
				100,000
Source: CBRE 2H2021 (+4,000sqm), JLL 4Q 2021, GPT Research.				0	2017	2018	2019	2020	2021

Source: CBRE 2H2021 (+4,000sqm), JLL 4Q 2021, GPT Research. 10 Year Averages calculated 2011–2020.

Deliverin on strate with ualit develo ments g gy q y p

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29-55 Lockwood Road, 59 Forest Way, Erskine Park NSW Karawatha QLD

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54-70 Templar Road, 36-52 Templar Road, Erskine Park NSW Erskine Park NSW

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55 Whitelaw Place, Wacol QLD

18-24 Abbott Road, 1A Huntingwood Drive, Seven Hills NSW Huntingwood NSW

54 Eastern Creek Drive, Eastern Creek NSW

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1B Huntingwood Drive, Huntingwood NSW

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50 Old Wallgrove Road, 21 Shiny Drive, Eastern Creek NSW Gateway Logistics Hub, Truganina VIC

30 Ironbark Close, Wembley Business Park, Berrinba QLD

2 Ironbark Close, Wembley Business Park, Berrinba QLD

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38A Pine Road, 128 Andrews Road, Yennora NSW Penrith NSW

42 Cox Place, Glendenning NSW

1 Wattlebird Court, 25 Niton Drive, 2 Prosperity Street, Wembley Business Gateway Logistics Gateway Logistics Park, Berrinba QLD Hub, Truganina VIC Hub, Truganina VIC

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Development Pipeline

Wembley Business Park Berrinba, Queensland

~[$] 16.1ha ~73,100sqm 165m

site located prime logistics space expected end value in Brisbane when complete on completion[1]

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Stage 3 underway,
Artist’s impression expected completion 2H 2022
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1 2
4 1 2 Ironbark Close, Berrinba
20,600sqm – completed 2020
3
30 Ironbark Close, Berrinba
2
14,400sqm – completed 2020
3 21,800sqm – underway
4 1 Wattlebird Court, Berrinba
Denotes underway or completed stages. 16,300sqm – completed 2021
~25km ~30km ~30km Close proximity to
to Brisbane CBD to Port of to Brisbane Logan Motorway
Brisbane Airport interchange
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Inclusive of completed stages.

Lo istics Develo ment Pi eline g p p

149 & 153 Coulson Street Wacol, Queensland

Metroplex Place Wacol, Queensland

~[$] 3.2ha ~17,400sqm 40m site located in facility expected end value Brisbane on completion[1]

~[$] 3.5ha ~17,100sqm 40m site located in speculative facility expected end value Brisbane on completion[1]

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Artist’s impression
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~15km ~35km ~30km Close proximity
to Brisbane CBD to Port of Brisbane to Brisbane Ipswich
Airport Motorway
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Project
underway,
expected
completion
1H 2022
Artist’s impression
~15km ~30km ~30km Close proximity
to Brisbane CBD to Port of to Brisbane Ipswich
Brisbane Airport Motorway
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End value based on 100% ownership (GPT share 50.1%).

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Development Pipeline

Crestmead Logistics Estate, Lot 52 Crestmead, Queensland

~[$] 8.1ha ~40,000sqm 90m site located in prime logistics space expected end value Brisbane when complete on completion[1] Artist’s impression

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

~25km ~35km ~35km Close proximity
to Brisbane CBD to Port of Brisbane to Brisbane Logan Motorway
Airport interchange
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End value based on 100% ownership (GPT share 50.1%).

Logistics Development Pipeline

Citiswich

Bundamba, Queensland

Citiswich

Bundamba, Queensland – fund-through acquisition

~[$] 15.5ha ~59,500sqm 135m

site located in prime logistics space expected end value Brisbane when complete on completion[1]

3.6ha ~12,300sqm ~[$] 41m site located in facility purchase price[1] Brisbane

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Artist’s impression
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Artist’s impression
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Due for completion 1H 2022 Leased to Saab

~30km ~45km to Brisbane CBD to Port of Brisbane

~40km Close proximity to to Brisbane Airport Cunningham Highway and Warrego Highway

Purchase price/End value based on 100% ownership (GPT share 50.1%).

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Development Pipeline

143 Foundation Road Truganina, Victoria

865 Boundary Road Truganina, Victoria

~[$] 1.8ha ~10,600sqm 20m site located in facility expected end value Melbourne’s West on completion

site located in Melbourne’s West

~[$] 32.8ha ~128,200sqm 250m site located in prime logistics space expected end value Melbourne’s West when complete on completion

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Project
underway,
expected
completion
2H 2022
----- End of picture text -----

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Artist’s impression
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~20km ~15km ~20km B-Double to Melbourne CBD to Port of to Melbourne approved road Melbourne Airport network

RAVENHALL 865 BOUNDARY RD TRUGANINA LAVERTON ~20km ~20km ~20km B-Double to Melbourne CBD to Port of to Melbourne approved road Melbourne Airport network

Logistics Development Pipeline

Gateway Logistics Hub Truganina, Victoria

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~ [$]
23.0ha ~138,800sqm 265m
site located in prime logistics space expected end value
Melbourne’s West when complete on completion [1]
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Stage 2 leased to Glen Cameron Groupand Stage 3 leased to The Hut Group HOUSEPUMP SPRINKLER TANK 2 STOREY2 STOREY500 SQM500 SQMOFFICE OFFICE FIRE ACCESS TRACK31,000 SQM (APPROX)STAGE 6WAREHOUSE 6 INC. DOCK OFFICE 38000 1500 WATER WATER TANKTANK18500 STAGE 4 STAGE 513,110 13,202 SQMEXC. DOCK OFFICEEXC. DOCK OFFICE 45 SQM 400 SQM400 SQMOFFICE OFFICE 441.85 m (99° 57' 30")SITE BOUNDARY 3000 3 2 1
401.62 m (279° 57' 40")SITE BOUNDARY 6m DRAINAGE EASEMENT TRUCK ENTRYTRUCK ENTRYENTRY/EXITCAR INTERNAL ROAD ELECTRICAL KIOSK
1 21 Shiny Drive, Truganina
26,500sqm – completed 2019
Stage 3 completed in September 2021: 25 Niton Drive, Truganina 2 2 Prosperity Street, Truganina
24,000sqm – completed 2021
SUPER CANOPY OVER
20M CANOPY OVER SUPER CANOPY OVER
111.94 m (359° 22' 20")SITE BOUNDARY
140.88 m (1° 47' 20")SITE BOUNDARY
1000
OUTDOOR AREA
CARPARK
38M HARDSTAND CARPARK 151 BAYS
OUTDOOR AREA
6000
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~20km ~20km ~20km B-Double
to Melbourne CBD to Port of to Melbourne approved road
Melbourne Airport network
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3 25 Niton Drive, Truganina
29,800sqm – completed 2021
4 / 5 27,200sqm – underway
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31,300sqm

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Denotes underway or completed stages.
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Inclusive of completed stages.

THE GPT GROUP | LOGISTICS PORTFOLIO

THE GPT GROUP | LOGISTICS PORTFOLIO 96

Logistics Development Pipeline

917 Boundary Road Tarneit, Victoria – fund-through acquisition

Keylink Estate Keysborough, Victoria – fund-through acquisition

$ 11.4ha ~70,000sqm 137.1m site located in facility purchase price[1] Melbourne’s West

10.5ha ~60,600sqm >[$] 130m site located in prime logistics expected end value Melbourne’s space on completion[1] South East

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Due for
completion
2H 2022
Artist’s impression
~20km ~20km ~20km B-Double
to Melbourne CBD to Port of to Melbourne approved road
Melbourne Airport network
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Due for
completion
2H 2022 and
1H 2023
Artist’s impression
~30km ~30km ~50km B-Double
to Melbourne CBD to Port of to Melbourne approved road
Melbourne Airport network
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Purchase price/End value based on 100% ownership (GPT share 50.1%).

Logistics Development Pipeline

Yiribana Logistics Estate – East, Mamre Road Kemps Creek, New South Wales

~[$] 37.2ha ~182,000sqm 600m site located in prime logistics space expected end value Sydney’s West when complete[1] on completion

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~10km Close proximity to <5km Adjacent to established
to future Western M4 & M7 to proposed industrial precinct of
Sydney Airport interchange intermodal Erskine Park
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Artist’s impression
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Artist’s impression
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Masterplan subject to authority approvals.

THE GPT GROUP | LOGISTICS PORTFOLIO

Logistics Development Pipeline

Yiribana Logistics Estate – West, Mamre Road Kemps Creek, New South Wales

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~ [$]
10.3ha ~38,900sqm 140m
industrial zoned land prime space when complete expected end value
in Sydney’s West on completion [1]
Located opposite
Yiribana Logistics
Estate – East
Artist’s impression of comparable development product
~10km Close proximity to <5km Adjacent to established
to future Western M4 & M7 to proposed industrial precinct of
Sydney Airport interchange intermodal Erskine Park
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End value based on 100% ownership (GPT share 50.1%).

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
A9 15 1 EasternCreek 2 M4 A28ParramattaA44 6 Silverwater 7 8 A3 A3 A40 A1
4 Smithfield 9
M12 Wetherill 5 Yennora A6
Badgerys M7 Park 13 Villawood A22A4 Sydney
A9 WesternCreek A28 A22 Chullora A22 A36 CBD
Sydney Airport A34 M1
(planned) A34 A6 12 Kingsgrove M8
M5
Sydney
A9 City centres Planned Motorway Airport
10 Minto Arterial roads Airport Port
Port of
Motorways West Connex Sydney
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1 Erskine Park (7 assets)
10 407 Pembroke Road, Minto
11 18–24 Abbott Road, Seven Hills
2 Eastern Creek (3 assets)
3 Huntingwood Drive, Huntingwood (2 assets)
12 104 Vanessa Street, Kingsgrove
13 64 Biloela Street, Villawood
4 372–374 Victoria Street, Wetherill Park
5 Pine Road, Yennora (2 assets)
14 30–32 Bessemer Street, Blacktown
6 Rosehill Business Park, Camellia
15 Yiribana Logistics Estate, Mamre Road, Kemps Creek (2 future developments)
7 83 Derby Street, Silverwater
16 42 Cox Place, Glendenning
8 4 Holker Street, Newington
17 128 Andrews Road, Penrith
9 Sydney Olympic Park (4 assets)

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50 Old Wallgrove Road, Eastern Creek
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42 Cox Place, Glendenning
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128 Andrews Road, Penrith
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THE GPT GROUP | LOGISTICS PORTFOLIO

100

Melbourne Logistics Portfolio

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Melbourne A58 12 A58
Airport A39 Campbellfield M31
City centre
A35 A55
M2 M80 A46 Arterial roads
M79
A40 M80 A45 A27 Motorways
A41 M79 Airport
A40
M80 A35 A40 Port
M8 M2
C702 Derrimut Sunshine Doncaster
3/4 51 M80 79 A83 10 A3511 MelbourneM3 Box Hill A34
Truganina 2 8 6 CBD
MelbournePort of A24 M1 A26
M1 A23 Glen Waverley
M3 14
C109 Brighton
Moorabin
A33 A3 Springvale
M1
A10 A23
13 Keysborough
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1 Truganina (3 assets)
8 Laverton North (2 assets)
2 Gateway Logistics Hub, Truganina (3 assets and underway)
9 521 Geelong Road, Brooklyn
10 21-23 Wirraway Drive, Port Melbourne
3 865 Boundary Road, Truganina (future development)
11 Citiport Business Park, Port Melbourne
4 917 Boundary Road, Tarneit (underway)
12 Austrak Business Park, Somerton
5 Derrimut (2 assets)
13 Keylink Estate, Keysborough (underway)
14 16 Henderson Road, Knoxfield
6 Citiwest Industrial Estate, Altona North
7 Sunshine Business Estate, Sunshine

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1 Botero Place, Truganina
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21 Shiny Drive, Gateway Logistics Hub, Truganina
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25 Niton Drive, Gateway Logistics Hub, Truganina
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Brisbane Logistics Portfolio

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Brisbane
Airport
City centre A3 M1 Port of Brisbane
Arterial roads M7
Motorways
M4
Brisbane Murarrie
Airport CBD 8 7 Tingalpa
Port
M5 M1
A7
M3
A17
Wacol M7
1
2
Wulkuraka 9 10 Bundamba M2 3 M2 Springwood
M2 4 5
Berrinba
A5 M6
Crestmead 6
M1
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1 Metroplex Place, Wacol (underway)
6 Crestmead (1 asset and future development)
2 55 Whitelaw Place, Wacol
7 248 Fleming Road, Tingalpa
3 149 & 153 Coulson Street, Wacol (future development)
8 48 Miller Street, Murarrie
9 4 Enterprise Street, Wulkuraka
4 59 Forest Way, Karawatha
10 Bundamba (underway and future development)
5 Wembley Business Park, Berrinba (3 assets and underway)

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55 Whitelaw Place, Wacol
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1 Wattlebird Court, Wembley Business Park, Berrinba
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2 Ironbark Close, Wembley Business Park, Berrinba
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Adelaide Logistics Portfolio

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A20
Gillman A9 M2
3 5
Wingfield A16
Port of Adelaide A16
A10
4 A2
Royal A1 26 Butler Boulevard, Adelaide Airport
Park A7
A11
City centre
A14 Arterial roads
A15
Motorways
A17
Adelaide
A6 CBD Airport
1 A2 Port
2
176 Eastern Parade, Gillman
Adelaide
Airport
A3
M1
1 1 Vimy Avenue, Adelaide Airport
2 26 Butler Boulevard, Adelaide Airport
3 176 Eastern Parade, Gillman
4 1A Symonds Street, Royal Park
5 6-10 Senna Road, Wingfield
1A Symonds Street, Royal Park
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Perth Logistics Portfolio

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Wangara 34 2 A84
A95
A4
A81 A52
A56
A50
A60 A53 M1
A76
A75
A72 A2
A64
Perth
Airport A3 A41
Perth
A5 CBD A8
City centre
M1
A7 Arterial roads
A6
Port of Perth A27 Motorways
A3 A30 A4 Airport
A13 1
A12 A2 Port
Canning Vale
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1 15 Modal Crescent, Canning Vale

2 23 Destiny Way, Wangara
3 50 Triumph Avenue, Wangara
4 56 Triumph Avenue, Wangara

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15 Modal Crescent, Canning Vale
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23 Destiny Way, Wangara
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50 Triumph Avenue, Wangara
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2 Prosperity Street, Gateway Logistics Hub, Truganina VIC
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Retail Portfolio

Annual Result 2021

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $5.6 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
WA 1 Brisbane
SA
NSW
4 Sydney
VIC
l Number of assets in each state 5 Melbourne
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]

Victoria

GPT Owned

» Melbourne Central
» Highpoint Shopping Centre (16.7%)

GWSCF Owned

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

Northern Territory

GPT Owned

» Casuarina Square (50%)

GWSCF Owned

» Casuarina Square (50%)

Queensland

GPT Owned

» Sunshine Plaza (50%)[1]
Not Managed by GPT.

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

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Retail Portfolio Summary

Top Ten Tenants[1] As at 31 December 2021

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Accent Cotton On
Woolworths Myer Group Clothing Just Group
4.0% 2.7% 2.6% 2.6% 2.4%
2.3% 2.2% 1.6% 1.6% 1.4%
Coles Group Wesfarmers Country Hoyts Retail Apparel
Road Group Group
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Geographic Weighting[2] As at 31 December 2021

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

Retail Portfolio Summary

			GLA	31 Dec 21	31 Dec 21	Independent	Occupancy	Centre	Specialty	Specialty
		Ownership	(100% Interest)	Fair Value	Cap Rate	or Internal	(By Area)	MAT	Occupancy	MAT1
	State	(%)	(sqm)	($m)	(%)	Valuation	(%)	($m)	Cost1(%)	($psm)
GPT Portfolio
Casuarina Square	NT	50	55,000	198.6	6.25	Internal	99.0	359.8	14.4	11,409
Charlestown Square	NSW	100	91,200	864.4	5.50	Internal	99.6	497.1	16.3	10,509
Highpoint Shopping Centre	VIC	17	150,900	366.7	4.50	Independent	98.6	819.7	20.0	9,509
Melbourne Central	VIC	100	56,300	1,492.0	4.50	Independent	97.6	299.1	29.4	7,095
Rouse Hill Town Centre	NSW	100	69,700	672.8	5.50	Internal	100.0	460.6	14.5	9,407
Sunshine Plaza	QLD	50	107,900	596.2	5.00	Internal	99.1	678.2	17.0	10,262
Westfeld Penrith	NSW	50	90,900	660.0	5.00	Independent	98.5	500.6	23.2	9,313
GWSCF Portfolio
Casuarina Square	NT	50	55,000	198.6	6.25	Internal	99.0	359.8	14.4	11,409
Chirnside Park	VIC	100	39,100	275.0	5.75	Independent	99.3	289.4	15.4	11,915
Highpoint Shopping Centre	VIC	83	150,900	1,833.3	4.50	Independent	98.6	819.7	20.0	9,509
Macarthur Square	NSW	50	108,700	493.5	5.25	Independent	99.8	538.8	19.7	7,414
Northland Shopping Centre	VIC	50	96,900	398.5	5.50	Independent	99.4	473.7	20.3	7,512
Parkmore Shopping Centre	VIC	100	36,900	284.0	5.75	Independent	100.0	231.8	16.5	8,354
GPT Weighted Total			903,500		5.03		99.1	2,701.2	19.0	9,313

Represents specialty tenancies less than 400 sqm.

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Income and Fair Value Schedule

	Income 12 months to 31 Dec($m) 2020 2021 Variance 13.8 14.6 0.8 44.1 42.0 (2.1) 11.2 13.7 2.5 36.6 41.4 4.8 33.6 33.9 0.3 23.6 25.0 1.4 30.9 23.0 (7.9) 0.4 0.2 (0.2) 0.0 0.0 0.0 28.3 34.1 5.8 222.5 227.9 5.4	Fair Value Reconciliation
		Fair Value 31 Dec 20 ($m) Development Capex ($m) Maintenance Capex ($m) Incentive Capex ($m) Acquisitions/Sales ($m) Net Revaluations ($m) Other Adjustments2 ($m) Fair Value 31 Dec 21 ($m) % of Portfolio (%)
GPT Portfolio
Casuarina Square		209.8 1.5 1.7 0.8 0.0 (15.2) (198.6) 0.0 0.0
Charlestown Square		869.0 1.4 3.1 3.7 0.0 (12.8) 0.0 864.4 15.3
Highpoint Shopping Centre		350.0 4.3 1.0 2.1 0.0 9.3 0.0 366.7 6.5
Melbourne Central		1,464.6 8.8 6.5 6.6 0.0 5.5 0.0 1,492.0 26.5
Rouse Hill Town Centre		645.2 4.7 3.3 2.2 0.0 20.3 (2.9) 672.8 11.9
Sunshine Plaza		595.0 0.0 1.5 3.4 0.0 (3.7) 0.0 596.2 10.6
Westfeld Penrith		641.0 1.2 1.6 0.4 0.0 15.8 0.0 660.0 11.7
Assets Held for Sale
142-158 Pacifc Highway, Charlestown		5.5 0.0 0.0 0.0 (5.5) 0.0 0.0 0.0 0.0
Casuarina Square		0.0 0.0 0.0 0.0 0.0 0.0 198.6 198.6 3.5
Equity Interests
GPT Equity Interest in GWSCF (28.5%)¹		759.3 0.0 0.0 0.0 0.0 11.5 16.3 787.1 14.0
Total Retail Portfolio		5,539.4 21.9 18.7 19.2 (5.5) 30.7 13.4 5,637.8 100.0

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 represents GPT’s share of FFO for the period.
Rouse Hill air rights reclassified as inventory.

Retail Sales Summary

		Comparable	Comparable		Specialty
	Centre MAT	Centre MAT Growth	Specialty MAT Growth1	Specialty MAT1	Occupancy Cost1
	($m)	(%)	(%)	($psm)	(%)
GPT Portfolio
Casuarina Square	359.8	1.9	6.0	11,409	14.4
Charlestown Square	497.1	(2.2)	(1.9)	10,509	16.3
Highpoint Shopping Centre	819.7	23.9	35.9	9,509	20.0
Melbourne Central	299.1	19.3	17.8	7,095	29.4
Rouse Hill Town Centre	460.6	(2.1)	(1.4)	9,407	14.5
Sunshine Plaza2	678.2	9.5	15.2	10,262	17.0
Westfeld Penrith2	500.6	(12.3)	(11.4)	9,313	23.2
GWSCF Portfolio
Casuarina Square	359.8	1.9	6.0	11,409	14.4
Chirnside Park	289.4	6.1	12.2	11,915	15.4
Highpoint Shopping Centre	819.7	23.9	35.9	9,509	20.0
Macarthur Square2	538.8	(4.8)	(10.4)	7,414	19.7
Northland Shopping Centre2	473.7	16.9	23.7	7,512	20.3
Parkmore Shopping Centre	231.8	(5.0)	8.5	8,354	16.5
GPT Weighted Total	2,701.2	3.7	6.4	9,313	19.0

Represents Specialty Tenancies less than 400 sqm.
Analysis provided by External Manager.

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Comparable Change in Retail Sales by Category

Comparable Change in Retail Sales by Category as at 31 December 2021	MAT ($m)	12 Months Growth (%)
Department Store	117.6	12.5
Discount Department Store	292.0	(1.8)
Supermarket	506.6	(2.7)
Cinemas	28.3	45.5
Other Retail¹	59.5	(5.7)
Total Specialties	1,697.2	6.2
• Specialties >400sqm	496.0	5.4
• Specialties <400sqm	1,201.2	6.4
Total Centre	2,701.2	3.7

Total Specialty Sales Split
Fashion, Footwear & Accessories	462.2	11.4
Tech & Appliances	347.4	2.5
Dining	250.6	12.5
Health & Beauty	236.7	6.2
Leisure	133.5	4.5
Food Retail	83.4	(5.1)
General Retail	75.3	3.5
Jewellery	70.0	0.6
Homewares	30.5	(12.3)
Retail Services	7.6	16.7
MM + Specialties	1,697.2	6.2

Note: Based on weighted GPT Interest.

Other Retail includes automotive accessories, car wash, general entertainment, fitness, lotto, pad sites/bulky goods and travel agencies.

Retail Sales

Specialty MAT Growth[1]

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5.9% 6.5% 6.4%
4.2% 4.2%
1.2% 1.5% 1.1% 1.8% 2.7% 2.6% 2.1% 1.7% 2.5%
0.4% 0.3%
-0.1% -0.5%
-3.4%
-13.5%
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-28.3%
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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 Jun 20 Dec 20 Jun 21 Dec 21

Note: From December 2014, based on GPT weighted interest. Excludes development impacted centres.

Represents Specialty Tenancies less than 400 sqm.

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Independent Valuation Summary

		Ownership			Valuation	Capitalisation Rate
	State	(%)	Date	Valuer	($m)	(%)
GPT Portfolio
Casuarina Square	NT	50	30 Jun 21	Urbis	210.5	6.25
Charlestown Square	NSW	100	30 Jun 21	CBRE	859.0	5.50
Highpoint ShoppingCentre	VIC	17	31 Dec 21	Savills	366.7	4.50
Melbourne Central	VIC	100	31 Dec 21	JLL	1,492.0	4.50
Rouse Hill Town Centre	NSW	100	30 Jun 21	Colliers	669.2	5.50
Sunshine Plaza	QLD	50	30 Jun 21	Savills	593.3	5.00
Westfeld Penrith	NSW	50	31 Dec 21	Savills	660.0	5.00
GWSCF Portfolio
Casuarina Square	NT	50	30 Jun 21	Urbis	210.5	6.25
Chirnside Park	VIC	100	31 Dec 21	CBRE	275.0	5.75
Highpoint ShoppingCentre	VIC	83	31 Dec 21	Savills	1,833.3	4.50
Macarthur Square	NSW	50	31 Dec 21	CBRE	493.5	5.25
Northland ShoppingCentre	VIC	50	31 Dec 21	CBRE	398.5	5.50
Parkmore ShoppingCentre	VIC	100	31 Dec 21	JLL	284.0	5.75

Note: Valuations include ancillary assets.

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Charlestown Square, NSW
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Retail Sales Categories

Retail	Broad Category Sub Category Tenant Examples
	Department Store Department Store David Jones, Myer
	Discount Department Store Discount Department Store Big W, Kmart, Target
	Supermarkets Supermarket Aldi, Coles, Woolworths
	Fashion, Footwear & Accessories Childrenswear, Fashion Accessories, Footwear, Menswear, Unisex, Womenswear Best & Less, Connor, Coton On, Country Road, Foot Locker, H&M, Lovisa, Peter Alexander, Platypus, Sportsgirl, Strandbags, Sunglass Hut, Uniqlo, Witchery, Zara
	Dining Cafes, Restaurants, Takeaway – Food Court, Takeaway Non-Food Court Boost Juice, Donut King, Grill’d, Guzman y Gomez, KFC, McDonalds, The Cofee Club
	Food Retail Bakeries/Cakes/Pastries, Butcher, Delicatessen, Fruit & Vegetables, Liquor, Other Specialty Food, Poultry, Seafood 7-eleven, Bakers Delight, Costi Seafood, Dan Murphy, Deliworld, Healthy Life, Michel’s Patisserie, Rainbow Meats
	Health & Beauty Cosmetics, Hairdressing/Beauty/Laser, Massage & Nail Bars, Optometrist, Pharmacy Chemist Warehouse, Just Cuts, Laser Clinics, Mecca, OPSM, Priceline, Sephora, Specsavers, Terry White
	General Retail Car Show Room, Discount Variety, Educational, Florist, Gifware, Pets, Toys, Miscellaneous Casey Toys, Daiso, Lincraf, T2, The Reject Shop, Tobacco Station, Toyota
	Homewares General Homewares Adairs, Babyco, Bed Bath & Table, Dusk, Robins Kitchen
	Jewellery Jewellery Angus & Coote, Michael Hill, Pandora, Prouds, Swarovski
	Leisure Athleisure, Books, Newsagents, Sports, Stationery Anaconda, Dymocks, InSport, Kathmandu, Lorna Jane, Nextra, Nike, Puma, QBD The Bookshop, Rebel, Smiggle, Typo
	Retail Services Key Cuting/Watch Repair & Shoe Repair, Other Retail Services Bay Audio, Dry Cleaners, Looksmart Alterations, Mister Minit
	Technology & Appliances Aggregators, Film Processing/Photography, Mobile & Accessories, Music/Video/Games, Pure Brands Apple, Camera House, EB Games, JB Hi-Fi, Optus, Samsung, Shaver Shop, Telstra
	Cinemas Cinemas Hoyts, Reading Cinemas
	Other Retail Automotive, Car Wash, Entertainment, Fitness, Loto, Pad Sites/Bulky Goods, Travel Agent Anytime Fitness, Fitness First, Flight Centre, Holey Moley, Kmart Tyre and Auto, Loto, Star Car Wash, Strike Bowling, Timezone
	Non-retail ATM, Banks/Insurance/Other Financial, Education, Medical, Petrol Station, Other Non Retail ANZ, Australia Post, BUPA, CBA, Currency Exchange, Medicare, Mortgage Choice, Westpac

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Charlestown Square, NSW
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Development

Annual Result 2021

Development Overview

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Forecast Cost to Complete
Forecast
Total Cost GPT’s Share Fund’s Share Target
Sector Ownership Interest (%) ($m) ($m) ($m) Completion Date
Underway
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Metroplex Place, Wacol, QLD	Logistics	50.1% GPT/49.9% QR1	34	4	4	1H 2022
Citiswich, Bundamba, QLD(fund-through acquisition)	Logistics	50.1% GPT/49.9% QR1	42	9	9	1H 2022
Stage 3, WembleyBusiness Park, Berrinba, QLD	Logistics	100% GPT	41	28		2H 2022
143 Foundation Road, Truganina, VIC	Logistics	100% GPT	18	11		2H 2022
Stage 4/5, The GatewayLogistics Hub, Truganina, VIC	Logistics	100% GPT	46	32		2H 2022
917 BoundaryRoad, Tarneit, VIC(fund-through acquisition)	Logistics	50.1% GPT/49.9% QR1	140	38	38	2H 2022
Keylink Estate Site 1, Keysborough, VIC (fund-through acquisition)	Logistics	50.1% GPT/49.9% QR1	80	28	28	2H 2022
Keylink Estate Site 2, Keysborough, VIC (fund-through acquisition)	Logistics	50.1% GPT/49.9% QR1	53	26	26	1H 2023
51 Flinders Lane, Melbourne, VIC	Ofce	100% GWOF	434		339	1H 2025
Total Underway			888	176	444

Held in the GPT QuadReal Logistics Trust.

Stage 3, Wembley Business Park, Berrinba, QLD (Artist’s impression).

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Development Overview

	Sector Ownership Interest (%)	Forecast Total Cost ($m)	Forecast Cost to Complete
			GPT’s Share ($m) Fund’s Share ($m)
Future Pipeline
Yiribana Logistics Estate – East, Mamre Road, Kemps Creek, NSW	Logistics 100% GPT	446	305
Yiribana Logistics Estate – West, Mamre Road, Kemps Creek, NSW2	Logistics 50.1% GPT/49.9% QR1	123	59 59
407 Pembroke Road, Minto, NSW	Logistics 50% GPT	18	12
Stage 6, The GatewayLogistics Hub, Truganina, VIC	Logistics 100% GPT	50	36
865 BoundaryRoad, Truganina, VIC2	Logistics 100% GPT	220	213
Austrak Business Park, Somerton, VIC	Logistics 100% GPT	81	59
149 & 153 Coulson Street, Wacol, QLD	Logistics 50.1% GPT/49.9% QR1	36	13 13
Crestmead Logistics Estate, Lot 52, Crestmead, QLD2	Logistics 50.1% GPT/49.9% QR1	80	38 38
Citiswich, Bundamba, QLD(development land)	Logistics 50.1% GPT/49.9% QR1	121	49 49
Cockle BayPark, Sydney, NSW	Ofce 25% GPT/50% GWOF	1,275	414 827
81 -83 George Street, Parramata, NSW	Ofce 100% GWOF	572	571
87-91 George Street, Parramata, NSW	Ofce 100% GWOF	826	737
Corner George & Bathurst, Sydney, NSW	Ofce 100% GWOF	170	139
Melbourne Central, VIC	Ofce 100% GPT Retail	188	188
		76	70
Skygarden, Brisbane, QLD	Ofce 100% GWOF	410	372
Rouse Hill Town Centre, NSW	Retail 100% GPT	150	148
Total Future		4,842	1,604 2,805
Total Underway and Future Pipeline		5,730	1,780 3,249

Held in the GPT QuadReal Logistics Trust.
Land secured on deferred settlement terms.

Funds Management

Annual Result 2021

GPT Funds Management Summary

GPT’s Funds Management platform is made up of the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF). It 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. A strategic capital partnership was announced with QuadReal Property Group in 2021. The GPT QuadReal Logistics Trust (GQLT) has an objective to acquire and develop a high quality portfolio of Australian prime logistics assets. The initial targeted investment of $800 million was increased to $1 billion in August 2021, and further expanded to $2 billion in February 2022.

Highpoint Shopping Centre, VIC

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150 Collins Street, Melbourne
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Fund Summary as at 31 December 2021	GWOF	GWSCF	GQLT1
Number of Assets	20	6	8
Total Assets	$9.8b	$3.5b	$0.7b
Net Gearing	16.9%	18.1%	N/A
Fund Details as at 31 December 2021
GPT's Ownership Interest	21.8%	28.5%	50.1%
GPT's Investment	$1,702.9m	$787.1m	$100.5m
Established	July 2006	March 2007	November 2020
Weighted Average Capitalisation Rate	4.71%	5.02%	N/A
Portfolio Occupancy	91.5%	99.2%	N/A
GPT’s Share of Fund FFO	$74.0m	$34.1m	$0.6m
GPT Base Management Fee	$44.1m	$17.3m	$0.5m

Committed capital as at 31 December 2021, including acquisitions yet to settle and pipeline projects. Deployed capital at 31 December 2021 of $0.2b.

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GPT Funds Management Overview

Historical Growth in Funds under Management

Change in Funds under Management for the 12 months to 31 December 2021

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$14.0b
$12.0b $12.6b $13.3b $12.9b $0.7b $0.7b1 $14.0b
$12.9b
$9.6b $10.0b $10.4b -$0.3b
$7.1b
$6.6b
$5.6b
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 20 FUM GWOF & GWSCF GWOF & GWSCF GQLT Dec 21 FUM
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Acquisitions Developments
& Divestments & Asset Growth
GWOF performance versus benchmark GWSCF performance versus benchmark
4.0
12.4 12.5 11.0 11.5 12.1 11.6 11.2 6.2 7.2 4.7
3.3 3.4
.5 9.0 0.8 1.8
7.9 8.2
7.2
7.0
-4.0
-5.1
-6.3
.5 -7.9
.0
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years 1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
[GWOF ] [MSCI/Mercer All Office Index] [GWSCF ] [MSCI/Mercer All Retail Index]
10.2
-0.6
Total return (%)
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Source: MSCI/Mercer. 1. Committed capital as at 31 December 2021, including pipeline projects. Deployed capital at 31 December 2021 of $0.2b.

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 2021, the Fund had a value of $9.8 billion.

	December 2021	December 2020
Number of Assets	201	192
Total Assets	$9.8b	$9.0b
Net Gearing	16.9%	16.3%

Fund Details as at 31 December 2021
GPT's Ownership Interest (%)	21.8%
GPT's Ownership Interest ($m)	$1,702.9m
Established	July 2006
Weighted Average Capitalisation Rate	4.71%
Portfolio Occupancy (%)	91.5%
GPT’s Share of Fund FFO ($m)	$74.0m
GPT Base Management Fee ($m)	$44.1m

GWOF Ownership Composition As at 31 December 2021

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Domestic Super Funds 44%
GPT 22%
Offshore Pension Funds 12%
Domestic – Other 10%
Offshore – Other 7%
Sovereign Wealth Funds 5%
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Includes 51 Flinders Lane, Melbourne which is currently a development site and 81-83 George Street, 87-91 George Street, Parramatta which are being held as future development sites. 2. Includes 51 Flinders Lane, Melbourne which was configured as a carpark, and 87-91 George Street, Parramatta which was held as future development site.

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GWOF Capital Management

Total borrowings for the Fund at 31 December 2021 were $1,677 million resulting in net gearing of 16.9%.

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workplace [6] , Sydney Darling Park, Sydney
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GWOF Capital Management Summary as at 31 December 2021

GWOF Capital Management Summary as at 31 December 2021
Net Gearing	16.9%
Weighted Average Cost of Debt1	3.2%
Fees and Margins(included in above)1	1.9%
Weighted Average Debt Term	7.5years
Interest cover ratio1	8.4x
Drawn Debt Hedging	56%
Weighted Average Hedge Term	2.1years

For the financial year to date.

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Debt Maturity Profile
As at 31 December 2021
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700
600
500
400
300
200
100
0
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36
Drawn Bank Facilities Undrawn Bank Facilities Medium term notes US Private Placement
Darling Park, Sydney Note: Assumes commercial paper is refinanced with committed bank facilities.
$ millions
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GWSCF Overview

GWSCF provides wholesale investors with exposure to six high quality retail assets[1] . At 31 December 2021, the Fund had a value of $3.5 billion.

	December 2021	December 2020
Number of Assets	6	7
Total Assets	$3.5b	$3.9b
Net Gearing	18.1%	27.9%

Fund Details as at 31 December 2021
GPT's Ownership Interest (%)	28.5%
GPT's Ownership Interest ($m)	$787.1m
Established	March 2007
Weighted Average Capitalisation Rate	5.02%
Portfolio Occupancy (%)	99.2%
GPT’s Share of Fund FFO ($m)	$34.1m
GPT Base Management Fee ($m)	$17.3m

GWSCF Ownership Composition

As at 31 December 2021

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Domestic Super Funds 38%
GPT 28%
Domestic – Other 14%
Offshore Pension Funds 12%
Sovereign Wealth Funds 5%
Offshore – Other 3%
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Post balance date, contracts were exchanged on 31 January 2022 for the sale of Casuarina Square, at a net sale price of $397.2m (GWSCF's 50% share: $198.6m). Settlement is expected prior to the end of March 2022.

THE GPT GROUP | FUNDS MANAGEMENT

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THE GPT GROUP | FUNDS MANAGEMENT

122

GWSCF Capital Management

Total borrowings for the Fund at 31 December 2021 were $668 million resulting in net gearing of 18.1%.

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Northland Shopping Centre, VIC
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GWSCF Capital Management Summary as at 31 December 2021

GWSCF Capital Management Summary as at 31 December 2021
Net Gearing	18.1%
Weighted Average Cost of Debt1	2.4%
Fees and Margins (included in above)1	1.9%
Weighted Average Debt Term	4.2 years
Interest cover ratio1	4.3x
Drawn Debt Hedging	82%
Weighted Average Hedge Term	1.8 years

For the financial year to date.

Debt Maturity Profile

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As at 31 December 2021
700
600
500
400
300
200
100
0
FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29
Drawn Bank Facilities Undrawn Bank Facilities Medium term notes
$ millions
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Sustainability

Annual Result 2021

Demonstrated leadership in ESG

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Maximum

5 Star status for GPT, GWOF and GWSCF

Climate Positive & Restoring Nature

Certified carbon neutral buildings on average remove a further 11 kg CO2-e/m2 beyond Climate Active requirements

5.8 Star

weighted average Energy Rating for Office portfolio[1]

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55% reduction in energy intensity since 2005[2]

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Industry-leading

ESG performance

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Employer of Choice for fourth consecutive year

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World-leading disclosures Climate Risk Assessment and Disclosures[3]

$480,000

direct funding to Foundation and non-profit partners in 2021[2]

Industry-leading Certified ISO14001 Environmental Management System

Stretch

Reconciliation Action Plan

endorsed for a second Stretch RAP in 2022

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2nd globally in real estate[4]

5.8. Star weighted average NABERS Energy Rating (including GreenPower) for the Office portfolio, as at 31 December 2021.
As at 31 December 2021.
The Climate Disclosure Standards Board has recognised GPT’s Climate Disclosure Statements as world-leading.
S&P Global Corporate Sustainability Assessment was previously known as the DJSI Corporate Sustainability Assessment.

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2024
arbon Neutral
C
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Building Certifications – Office assets

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Climate Active NABERS Energy Rating NABERS Energy Rating
Carbon Neutral (including Green Power) (excluding Green Power) NABERS Water Rating NABERS Waste Rating
2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021 2018 2019 2020 2021
GPT Portfolio
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Climate Active Carbon Neutral 2019 2020 2021	NABERS Energy Rating (including Green Power)	NABERS Energy Rating (excluding Green Power)	NABERS Water Rating	NABERS Waste Rating
	2018 2019 2020 2021	2018 2019 2020 2021	2018 2019 2020 2021	2018 2019 2020 2021
GPT Portfolio

Australia Square, Sydney (Tower) – – –	5.0 5.0 5.0 5.0	4.5 4.5 5.0 5.0	3.5 4.0 4.0 4.0	– 4.0 2.5 3.5
Australia Square, Sydney (Plaza) – – –	5.5 5.5 5.5 5.5	5.5 5.5 5.5 5.5	4.0 4.0 4.0 4.5	– 4.0 2.5 3.5
2 Park Street, Sydney – – –	5.0 5.0 5.0 5.5	4.5 4.5 5.0 5.5	4.0 4.0 4.0 4.5	– 3.0 3.5 3.5
Darling Park 1, Sydney – certifed certifed	5.0 5.5 6.0 6.0	5.0 5.0 5.5 5.5	3.5 3.5 4.0 4.5	– 2.0 2.5 2.5
Darling Park 2, Sydney – certifed certifed	5.5 6.0 6.0 6.0	4.0 5.5 5.5 5.5	3.5 4.0 4.5 4.5	– 2.5 3.0 3.5
60 Station Street, Parramatta – – certifed	5.0 5.0 5.5 6.0	5.0 5.0 5.5 5.5	4.0 4.0 4.0 5.0	– – – –
32 Smith Street, Parramatta1 NR	NR	NR	NR	NR
4 Murray Rose Avenue, Sydney Olympic Park1 NR certifed	NR 6.0	NR 5.5	NR 5.5	NR 1.5
62 Northbourne Avenue, Canberra2 –	4.5	4.5	–	–
Melbourne Central Tower, Melbourne – – –	5.0 5.5 5.5 5.0	4.5 5.0 5.0 5.0	3.0 3.0 4.0 5.5	NR NR NR NR
181 William & 550 Bourke Streets, Melbourne – certifed certifed	5.5 6.0/5.5 6.0/6.0 6.0	5.0 5.0/5.0 5.5/5.0 5.5	3.5 3.5 3.5 5.5	2.0 – 3.0
One One One Eagle Street, Brisbane – certifed certifed	5.5 6.0 6.0 6.0	5.5 5.5 5.5 6.0	4.5 4.0 4.0 4.5	– – 3.5 3.5

Solar panel array, 1 Wattlebird Court, Wembley Business Park, Berrinba, QLD

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Climate Active Carbon Neutral 2019 2020 2021	NABERS Energy Rating (including Green Power)	NABERS Energy Rating (excluding Green Power)	NABERS Water Rating	NABERS Waste Rating
	2018 2019 2020 2021	2018 2019 2020 2021	2018 2019 2020 2021	2018 2019 2020 2021
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney – certifed certifed	5.0 6.0 6.0 6.0	5.0 5.0 5.0 5.0	4.0 4.0 4.5 5.0	– 3.0 3.0 3.5
Darling Park 1, Sydney – certifed certifed	5.0 5.5 6.0 6.0	5.0 5.0 5.5 5.5	3.5 3.5 4.0 4.5	– 2.0 2.5 2.5
Darling Park 2, Sydney – certifed certifed	5.5 6.0 6.0 6.0	4.0 5.5 5.5 5.5	3.5 4.0 4.5 4.5	– 2.5 3.0 3.5
Darling Park 3, Sydney – certifed certifed	5.0 5.5 6.0 6.0	4.5 5.0 5.0 5.5	3.5 3.0 4.5 5.0	– 2.0 2.5 2.5
580 George Street, Sydney – certifed certifed	5.0 6.0 6.0 6.0	4.5 5.0 5.0 5.0	3.0 3.5 5.0 5.0	3.5 4.0 3.5 –
workplace6, Sydney certifed certifed certifed	5.5 6.0 6.0 6.0	5.0 5.0 5.5 5.5	4.5 4.5 5.0 5.0	3.5 4.0 3.5 –
2 Southbank Boulevard, Melbourne – certifed certifed	4.5 5.5 6.0 6.0	4.5 4.5 5.0 5.0	3.5 3.5 4.0 5.0	– – 3.0 3.0
8 Exhibition Street, Melbourne certifed certifed certifed	4.5 6.0 6.0 6.0	4.5 5.0 5.0 5.5	3.5 3.0 NR NR	4.0 – 3.0 2.5
Queen & Collins, Melbourne1 – NR NR	3.0 NR NR NR	3.0 NR NR NR	2.0 NR NR NR	– NR NR NR
150 Collins Street, Melbourne – certifed certifed	5.0 5.0 6.0 6.0	5.0 5.0 4.5 5.0	4.0 3.5 4.0 5.5	– – 2.5 3.0
530 Collins Street, Melbourne – certifed certifed	5.0 6.0 6.0 6.0	4.5 4.5 5.0 5.0	3.0 3.0 3.5 5.5	4.0 – 2.5 3.5
655 Collins Street, Melbourne – certifed certifed	4.5 4.5 6.0 6.0	4.5 4.5 4.5 4.5	3.0 3.0 4.5 5.5	– 2.5 3.5 2.0
750 Collins Street, Melbourne3 – NR NR	5.0 6.0 NR NR	5.0 5.0 NR NR	4.5 5.0 NR NR	3.5 – NR NR
181 William & 550 Bourke Streets, Melbourne4 – certifed certifed	5.5 6.0/5.5 6.0 6.0	5.0 5.0/5.0 5.5/5.0 5.5	3.5 3.5 3.5 3.5	– 2.0 – 3.0
800/808 Bourke Street, Melbourne5 – certifed certifed	5.5 6.0 6.0 6.0	5.0 5.0 5.0 5.5	3.5 3.5 4.0 6.0	NR NR NR NR
One One One Eagle Street, Brisbane – certifed certifed	5.5 6.0 6.0 6.0	5.5 5.5 5.5 6.0	4.5 4.0 4.0 4.5	– – 3.5 3.5
Riverside Centre, Brisbane – certifed certifed	5.0 6.0 6.0 6.0	4.5 5.0 5.0 5.0	3.5 3.5 4.0 4.0	– – 3.5 3.5

Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. 2021 certifications as at 31 December, and for all previous years.

8 Exhibition Street not rated due to faulty water utility meter.
32 Smith and Queen & Collins are not rateable as they have recently completed construction. Both assets are operating on a carbon neutral basis using 100% renewable electricity and will be rated once eligible.
62 Northbourne Avenue rating is a NABERS Energy Whole Building Rating.
750 Collins Street is not rated as the asset is managed by the tenant and ineligible for NABERS for Offices.
2021 NABERS Ratings are for 181 William Street. 550 Bourke Street was not rateable due to a major refurbishment.
800/808 Bourke Street waste management is conducted by the tenant and is excluded from Waste rating scope.

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Environmental performance data – Office assets

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Water Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Diverted
GPT Portfolio
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Australia Square, Sydney	51,800	457	35	40
2 Park Street, Sydney	73,400	438	12	43
Darling Park 1 & 2, Sydney1	101,800	303	(16)	49
60 Station Street, Parramata	25,100	375	(2)	15
32 Smith Street, Parramata2	26,800	N/A	N/A	N/A
4 Murray Rose Avenue, Sydney Olympic Park	15,600	207	(2)	16
62 Northbourne Avenue, Canberra2	10,200	N/A	N/A	N/A
Melbourne Central Tower, Melbourne3	65,800	177	20	23
181 William and 550 Bourke Streets, Melbourne	76,100	152	(5)	37
One One One Eagle Street, Brisbane	63,700	474	(19)	42

32 Smith, Parramatta

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Water Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Diverted
GWOF Portfolio
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Liberty Place, 161 Castlereagh Street, Sydney	56,400	444	(4)	50
Darling Park 1 & 2, Sydney1	101,800	303	(16)	49
Darling Park 3, Sydney	29,800	246	(3)	38
580 George Street, Sydney	37,100	349	(4)	43
workplace6, Sydney	16,300	314	(1)	42
2 Southbank Boulevard, Melbourne	53,100	286	(5)	39
8 Exhibition Street, Melbourne	44,500	255	(5)	38
Queen & Collins, Melbourne2	33,600	N/A	N/A	N/A
150 Collins Street, Melbourne	19,100	284	(7)	37
530 Collins Street, Melbourne	65,000	215	(4)	46
655 Collins Street, Melbourne	16,600	183	(11)	28
750 Collins Street, Melbourne4	41,400	N/A	N/A	N/A
800/808 Bourke Street, Melbourne	59,600	113	(5)	32
181 William and 550 Bourke Streets, Melbourne	76,100	152	(5)	37
One One One Eagle Street, Brisbane	63,700	474	(19)	42
Riverside Centre, Brisbane	51,200	567	0	49
GPT Group Ofce Portfolio Average		313	(1)	44

Note: Sustainability data as at 31 December 2021 assured according to Global Reporting Initiative (GRI) Sustainability Reporting Standards and Greenhouse Gas Protocol. Full details and assurance available at gpt.com.au/sustainability.

Darling Park 1 & 2, Sydney includes Cockle Bay Wharf.
32 Smith Street, 62 Northbourne Avenue and Queen & Collins are not yet reported as they were acquired or completed construction within the period. 32 Smith Street and Queen & Collins are operating on a carbon neutral basis using 100% renewable electricity.
Melbourne Central Tower waste recycling is a shared service with Melbourne Central retail centre.
750 Collins Street is not rated as the asset is managed by the tenant and ineligible for NABERS for Offices.

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Environmental performance data – Retail assets

		Water (Total)	Emissions	Waste %
	Area GLA	Litres/m2	kg CO2-e/m2	Recycled/Diverted
GPT Portfolio
Casuarina Square	55,000	1,522	85	29
Charlestown Square	91,200	512	53	39
Highpoint Shopping Centre	150,900	652	41	37
Melbourne Central1	56,300	984	91	23
Rouse Hill Town Centre	69,700	999	25	35
Sunshine Plaza	107,900	778	62	43
Westfeld Penrith	90,900	1,180	55	41
GWSCF Portfolio
Casuarina Square	55,000	1,522	85	29
Chirnside Park	39,100	829	19	18
Highpoint Shopping Centre	150,900	652	41	37
Macarthur Square	108,700	838	55	44
Northland Shopping Centre	96,900	700	56	37
Parkmore Shopping Centre	36,900	425	28	41
Wollongong Central2	0	N/A	N/A	N/A
GPT Group Retail Portfolio Average		832	53	36

Melbourne Central retail centre waste recycling is a shared service with Melbourne Central Tower.
Wollongong Central is not reported as it was divested within the period.

AI assistant

GPT GROUP — Annual Report 2021

65009_rns_2022-02-13_2edea553-8b66-4a6f-99af-9401b7c9946a.pdf

2021 Annual Result Data Pack

2021 Year in review

2021 Annual Result

Financial summary

Investment portfolio

Executing on strategic priorities

Our Priorities

Leadership in ESG

Climate response

Connection and community

Integrated approach

Disclosure and transparency

Financial summar y

$1,422.8m $554.5m

Segment result

Capital management

Office overview

92.9%

Leasing momentum continues

Future of work shapes our strategy

Leasing strategies

Promoting the high quality of the GPT portfolio

Prime assets located in the deepest market

Delivering space with safety health and wellbeing of occupants paramount

Targeting the sub 1,000sqm tenant market

Focus on the customer to be Landlord of choice

Customer centricity achieved Net Promoter Score[1] of +72

Embracing flexibility to become market leader in flex space offering

Turn-key fit out strategy to remove pain-points

Creating the office of the future

Growing through development

Office outlook

GPT portfolio is well located, presented and serviced

Income growth expected in 2022

Positioning for growth

Logistics overview

Executing on growth strategy

Strong growth delivered

GPT QuadReal Logistics Trust expanded to $2 billion

Completions and acquisitions exchanged of $1.3b

Quality portfolio and customer base

Logistics market

Structural tailwinds driving tenant and investor demand

Supply/demand dynamics

Opportunity to capture rental growth

Development pipeline of $1.6b to capture future growth

Retail overview

Strong leasing momentum continues

Total Centre Sales Growth

Sales Growth by Category

Melbourne Central | 2021 Highlights and Outlook

62 deals in 2021 | 25 new brands Australian first | New flagships | First to market

Highpoint | Driving retail performance in Melbourne’s western growth corridor

Rouse Hill | Enhancing our retail and mixed-use assets

Retail portfolio strategy and outlook

Optimise the portfolio and product offer

Leading customer experiences

Outlook

2022 Outlook

Disclaimer

Contents

GPT Overview

GPT Portfolio Metrics

Portfolio valuation metrics

Glossary

Financial Summary

Results Summary

Funds From Operations to Adjusted Funds From Operations

NTA Movement

Capital Management Summary

Look Through Gearing

Debt Maturity Profile

Liquidity Profile

Hedging Profile

50% hedged over the next 1.5 years at an average rate of 1.5%.

Source of Drawn Debt

Office Portfolio Overview

GPT GROUP Annual Report 2021