GPT GROUP — Annual Report 2021

Feb 13, 2022

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14 February 2022

2021 Annual Result Presentation

The GPT Group (‘GPT’) provides its 2021 Annual Result Presentation which is authorised for release by The GPT Group Board.

-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

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Agenda

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

Agenda

Annual Result 2021

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

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Annual Result 2021
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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

• − On track to deliver Carbon Neutral target in 2024

• Agenda

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32 SMITH, PARRAMATTA
THE GPT GROUP | 2021 ANNUAL RESULT 4
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2021 Annual Result

Financial summary

23.2cents

28.82cents

Funds From Operations per security, up 1.2%

Distribution per security, up 3.1%

$6.09

14.1%

Net Tangible Assets per security, up 9.3%

Total Return[1]

Investment portfolio

97.7%

Portfolio occupancy

Assets under management

$26.9b

4.8 yrs

Weighted average lease expiry

Weighted average capitalisation rate 4.70%

1. 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

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MELBOURNE CENTRAL TOWER, MELBOURNE
THE GPT GROUP | 2021 ANNUAL RESULT 5
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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

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Expand and optimise the portfolio

Extend capital partnerships Exceed customer expectations

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Leadership in ESG
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• 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

Logistics $4.4b

Portfolio Diversity As at 31 December 2021

Retail $5.6b

• Highpoint Shopping Centre mixed-use masterplan approved

• » Sale of Casuarina Shopping Centre and Wollongong Central provides opportunities to recycle capital and drive enhanced returns

Office

$6.1b

1. Assets under management (AUM)

THE GPT GROUP | 2021 ANNUAL RESULT

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1. 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

» More carbon neutral building certified floor space than any other Australian property owner[1] » 2024 Carbon Neutral certification target on-track

• » Ongoing building efficiency initiatives, 100% renewable electricity[2] and use of nature-based offsets

• » Targeting a 40% reduction in whole of life embodied carbon for the 51 Flinders Lane development

• » Smart Energy Hub at Chirnside Park in 2022 - 2MWh battery, with renewables and demand-side management

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	Connection and community	Disclosure and transparency
»	Gender diversity of 50% achieved in	» Independent verification and
	top quartile and 43% female	transparent reporting of
	representation at Board level	sustainability performance
»	Zero gender pay gap on like-for-like	» 2nd highest ranked real estate
	role basis	company in S&P Global Corporate
»	Reduced overall gender pay gap to	Sustainability Assessment3
	20.7%	» Rated 5-star Green Star by GRESB
»	Implementation of Modern Slavery	» Released third Climate Disclosure
	audit and assurance program in	Statement
	2022	» Annual progress update against ten
»	Community investment of $8.2m	principles of United Nations Global
»	97% of Stretch Reconciliation Action	Compact
	Plan goals achieved or progressed	» Alignment of material disclosures
		reporting with Global Reporting
		Initiative Standards

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Integrated approach

• » Integrated risk management policies, procedures and systems, aligned to relevant external standards

• » Certified Environmental Management System, integrating delivery of climate, biodiversity, water and materials objectives

• » Environmental, labour and cultural heritage considerations embedded in risk management, investment, development and asset management activities

• Previously DJSI Corporate Sustainability Assessment

• 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

THE GPT GROUP | 2021 ANNUAL RESULT

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Agenda Finance and Treasury

Annual Result 2021

Financial summary

$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%

THE GPT GROUP | 2021 ANNUAL RESULT

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1. 2020 statutory figures restated for IFRIC SaaS. Non-statutory FFO and FCF not re-stated

Segment result

($m)	2021	2020	Change	Comments
				Reduction in COVID-19 allowances (2021: $62.9m, 2020: $83.5m)
Retail	233.9	225.7	3.6%	partially offset by normalisation of operating expenses and negative
				rent reversions. Cash collection 91% of gross billings
				Sale of Farrer Place in December 2020 ($28.3m) partially offset by
Office	269.2	281.9	(4.5%)	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
				Higher base management fees from GWOF revaluations and
Funds Management	48.3	47.2	2.3%	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
				2020 result supported by withdrawal of remuneration incentive
Corporate	(66.4)	(36.8)	80.4%	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%)

THE GPT GROUP | 2021 ANNUAL RESULT 10

Capital management

Caital manaement
p g
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)

Sources of Drawn Debt

As at 31 December 2021

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CPI Bonds
2%
Weighted average term to maturity 6.3 years 7.8 years Domestic bank debt
12%
Interest rate hedging 69% 88%
USPP
Interest cover ratio 7.5x 6.4x 32% Foreign bank debt
7%
Credit ratings (S&P/Moody’s) A (negative) /A2 (stable) A (stable) /A2 (stable)
Secured bank debt
Bank Debt 2%
Debt Maturity Profile 21%
As at 31 December 2021 Debt Capital
700 Markets
600 $0.9b 79%
Commercial Paper
500 Liquidity 16%
400
300 Foreign MTNs
9%
200 Domestic MTNs
20%
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

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Agenda Office

Annual Result 2021

Office overview

11.2%

$269.2m

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 5.0 years

$4.5b+

Development Pipeline[3]

Total Leasing 138 Transactions (2020: 112)

TotalLeasing[2] 151,800sqm (2020: 95,600sqm)

1. 2021 development completions were 32 Smith, Parramatta and Queen & Collins, Melbourne

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DARLING PARK TOWERS 1, 2 & 3, SYDNEY
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1. 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

THE GPT GROUP | 2021 ANNUAL RESULT 13

Leasing momentum continues

• » 137,700sqm of signed leases across 119 transactions

• » 102 of 138 leasing agreements were for spaces under 1,000sqm

Office Occupancy by NLA at 31 December 2021 (%)[1]

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Prime Market GPT
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• » 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 by Lease 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

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98.9
97.9
92.1
88.6
88.1
86.0
84.7 84.3
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Sydney CBD Melbourne CBD Brisbane CBD Parramatta

1. 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
THE GPT GROUP | 2021 ANNUAL RESULT 14
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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

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Lease flexibility and on-demand space

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Distinctive spaces help win the war for talent and earn the commute

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Office fit outs are changing to become collaboration spaces

Customers want pain-points taken care of by their landlord

Agenda

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2 SOUTHBANK BOULEVARD, MELBOURNE
THE GPT GROUP | 2021 ANNUAL RESULT 15
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Leasing strategies

GPT Lease Expiry Profile[1]

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Sydney CBD Parramatta Melbourne CBD Brisbane CBD
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			7% 11%	7% 11%	7% 11%	12%	12%	13% 5%	13% 5%	13% 5%
(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

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RIVERSIDE CENTRE, BRISBANE
2 PARK STREET AND LIBERTY PLACE, SYDNEY
THE GPT GROUP | 2021 ANNUAL RESULT 16
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1. Vacant % by Area. 2022 – 2025 Lease Expiry % by Income

Promoting the high quality of the GPT portfolio

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

• » Diversifies our risk Agenda

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550 BOURKE STREET, MELBOURNE
THE GPT GROUP | 2021 ANNUAL RESULT 17
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1. NABERS Energy average of 5.8 stars with GreenPower, 5.3 stars without GreenPower

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 satisfy occupier demand

• Agenda

THE CLUBHOUSE , QUEEN & COLLINS, MELBOURNE THE GPT GROUP | 2021 ANNUAL RESULT 18

1. Responses from 138 customers in GPT property managed assets, survey conducted 2H 2021 2. Reflects GPT and GWOF Ownership NLA

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 ]

2021 Completions

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Underway Pipeline
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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

1. Estimated end value on AUM basis, inclusive of GPT and GWOF share

THE GPT GROUP | 2021 ANNUAL RESULT

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1. Subject to authority approvals, combined scheme incorporating 81-83 George Street and 87-91 George Street 3. Including HoA and post balance date leasing

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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RIVERSIDE CENTRE, BRISBANE
THE GPT GROUP | 2021 ANNUAL RESULT 20
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1. Estimated end value on AUM basis, inclusive of GPT and GWOF share

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Agenda
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Logistics

Annual Result 2021

Logistics overview

$154.7m

Segment contribution up 11.0%, comparable growth of 1.4%

98.8%

Portfolio Occupancy

Weighted Average Lease Expiry 6.5 years

GPT Logistics growth in 2021

48%

25.1%

Total Return

4.11%

Weighted Average Capitalisation Rate

Completions and acquisitions exchanged[1] $1.3b

~$1.6b

Development Pipeline[1]

50 OLD WALLGROVE ROAD, EASTERN CREEK, NSW ADDRESS, STATE THE GPT GROUP | 2021 ANNUAL RESULT 22

1. AUM basis, inclusive of GPT QuadReal Logistics Trust share

Executing on growth strategy

GPT Portfolio Growth 2017-2021

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 ($b) Total Return (%)
25.1
15.2 15.1
11.2 12.1
4.4
3.0
2.4
1.9
1.5
2017 2018 2019 2020 2021
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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%)

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Agenda
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128 ANDREWS ROAD, PENRITH, NSW ADDRESS, STATE
THE GPT GROUP | 2021 ANNUAL RESULT 23
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Completions and acquisitions exchanged of $1.3b

$201m

Development Completions

$308m

Fund-through Acquisitions[1]

$669m

Investment Acquisitions

$121m

Land Acquisitions[1]

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Investment Acquisition
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Ascot Capital Portfolio (23 logistics assets nationally) Purchase Price $596.7m | 100% GPT

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

Development Completion

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

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Development Completion
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Wembley Business Park (Stg 4), Berrinba, QLD Fair Value $40.6m | 100% GPT

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Development Completion
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42 Cox Place, Glendenning, NSW Fair Value $52.7m | 100% GPT

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Fund-through Acquisition
Artist’s impression
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917 Boundary Road, Tarneit, VIC Purchase Price $137.1m | 50.1% GPT

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

Keylink Estate, Keysborough, VIC Estimated End Value >$130m | 50.1% GPT

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Investment Acquisition
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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 investment acquisitions all on balance sheet)

THE GPT GROUP | 2021 ANNUAL RESULT

24

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]

Customer Profile by Income

Top 10 Customers by Income

Customer Profile by Income	Top 10 Customers by Income
Agenda Government 1% ASX Listed 36% Multinationals 39% National 19% Local 5%	Customer Income %
	Coles Group 10.0
	IVE Group 5.5
	Toll 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 2.3
	Top 10 Customers 39.6

GATEWAY LOGISTICS HUB, TRUGANINA, VIC ADDRESS, STATE THE GPT GROUP | 2021 ANNUAL RESULT 25

1. Includes Signed Leases and HoA

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

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2 IRONBARK CLOSE, BERRINBA, QLD ADDRESS, STATE
THE GPT GROUP | 2021 ANNUAL RESULT 26
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1. JLL Research 4Q 2021

2. CBRE Industrial & Logistics Vacancy Report, 2H 2021

3. Sydney, Melbourne and Brisbane developments under construction with expected completion in 2022

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 of t	he 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

All estimated end values on AUM basis, inclusive of GPT and GPT QuadReal Logistics Trust share. Lettable areas subject to authority approvals.

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Agenda
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WEMBLEY BUSINESS PARK, BERRINBA, QLD (ARTIST’S IMPRESSION) ADDRESS, STATE
THE GPT GROUP | 2021 ANNUAL RESULT 27
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Agenda Retail

Annual Result 2021

Retail overview

$233.9m

Segment Contribution up 3.6%

99.1%

Portfolio Occupancy

Total Specialty Sales Growth

6.2%

Specialty $psm Sales Growth 10.6%

4.8%

Total Return

5.03%

Weighted Average Capitalisation Rate

Specialty Sales Productivity[1]

$9,313psm

Leasing Deals Completed 561 up 38.9%

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MELBOURNE CENTRAL, VIC
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THE GPT GROUP | 2021 ANNUAL RESULT 29
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1. Specialties < 400sqm

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 months	12 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~~

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CHARLESTOWN SQUARE, NSW
THE GPT GROUP | 2021 ANNUAL RESULT 30
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1. As at period end 2. Specialties < 400sqm

Total Centre Sales Growth

• » 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

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Total Centre Sales
(Quarterly Growth)
2021 vs 2019 2021 vs 2020
43.1%
9.5%
2.3%
-5.0%
-9.9% -9.1%
-22.1%
-45.2%
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
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Total Centre Sales – Fourth Quarter (Monthly Growth)

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2021 vs 2019 2021 vs 2020
8.5%
2.6% 0.9%
-2.9% -3.5%
-31.2%
Oct Nov Dec Oct Nov Dec
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THE GPT GROUP | 2021 ANNUAL RESULT 31

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

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%
4.5%
3.7% 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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THE GPT GROUP | 2021 ANNUAL RESULT 32

Melbourne Central | 2021 Highlights and Outlook

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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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MELBOURNE CENTRAL, VIC
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THE GPT GROUP | 2021 ANNUAL RESULT 33

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

THE GPT GROUP | 2021 ANNUAL RESULT

34

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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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

35

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 reactivation of CBD

• Agenda

• » Record low unemployment, wages growth and high levels of household savings provide additional capacity for further discretionary spending into 2022

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MELBOURNE CENTRAL, VIC
THE GPT GROUP | 2021 ANNUAL RESULT 36
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Agenda 2022 Outlook

Annual Result 2021

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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AUSTRALIA SQUARE, SYDNEY
THE GPT GROUP | 2021 ANNUAL RESULT 38
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Agenda

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.

THE GPT GROUP | 2021 ANNUAL RESULT 40