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20 February 2023

2022 Annual Result Data Pack

The GPT Group (‘GPT’) provides its 2022 Annual Result Data Pack.

-ENDS-

This announcement is authorised for release by The GPT Group’s Managing Director and Chief Executive Officer, Bob Johnston.

For more information, please contact:

INVESTORS Penny Berger Head of Investor Relations & Corporate Affairs +61 402 079 955

MEDIA Grant Taylor Group External Communications Manager +61 403 772 123

www.gpt.com.au

Level 51, 25 Martin Place, Sydney NSW 2000

Annual Result 2022

Market Briefing 20 February 2023

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

GPT acknowledges the Traditional Custodians of the lands on which our business operates. We pay our respects to Elders past, present and emerging; and to their knowledge, leadership and connections. We honour our responsibility for Country, culture and community in the places we create and how we do business.

Annual Result 2022

|2022 Full year in review | Bob Johnston|4|
|---|---|
|Results and Capital management | Anastasia Clarke|8|
|Retail | Chris Barnett|13|
|Offce | Martin Ritchie|22|
|Logistics | Chris Davis|30|
|Outlook and 2023 Guidance | Bob Johnston|38|

Agenda

Annual Result 2022

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION 3

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

2022 Annual Result

Financial summary

25.0 cents

32.4 cents Funds From Operations per security, up 12.4%

Distribution per security, up 7.8%

$ 5.98

3.9 %

12 month Total Return[1]

Net Tangible Assets per security, down 1.8%

Investment portfolio

Portfolio occupancy 97.5 % lease expiry Weighted average 4.8 yrs

Assets under management $ 32.4 b

Weighted average capitalisation rate 4.86 %

Total Return is defined as the change in Net Tangible Assets (NTA) per security plus distributions per security declared from 1 January 2022 to 31 December 2022, divided by the NTA per security at 1 January 2022.

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Queen & Collins, Melbourne
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Portfolio valuation metrics

Overall portfolio revaluation loss of $159.3m	Overall portfolio revaluation loss of $159.3m	Overall portfolio revaluation loss of $159.3m	Overall portfolio revaluation loss of $159.3m






	Office			Logistics				Retail
2022 Valuation movement (12 months to 31 Dec 2022)	-$316.0m			+$63.4m				+$93.3m
			-5.0%			+1.4%		+1.7%
2H 2022(6 months to 31 Dec 2022)	-$322.8m			-$52.0m				-$4.0m
1H 2022(6 months to 30 Jun 2022)		+$6.8m		+$115.4m				+$97.3m
Capitalisation Rate1			5.03%			4.40%		5.03%
	(+26 bps		since Jun 2022)	(+31 bps	since		Jun 2022)	(+5 bps since Jun 2022)
Discount Rate1			6.06%			5.75%		6.31%
	(+16 bps since Jun 2022)			(+29 bps since			Jun 2022)	(+13 bps since Jun 2022)

Weighted average.

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

2022 highlights

» Funds under management expanded to $19.1b, with assets under management of $32.4b
$2.8b UniSuper direct real estate mandate
$2.7b Australian Core Retail Trust (ACRT)
» Retail remixing and leasing enhancing customer experience and asset performance
Portfolio occupancy 99.4%. Specialty sales per sqm $12,259 and occupancy cost 15.7%
Melbourne Central sales up 73% and positioned to benefit from tourism and students
» Logistics portfolio of $4.5b, representing 28% of the portfolio
Four development completions and three fund-throughs totalling $460m
$1.9b development pipeline providing access to high quality product

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$ 32.4 b
Assets under
management
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GPT Portfolio [1]
Logistics
$4.5b Retail
$5.6b
$16.1b
Office
$6.0b
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» Office portfolio leasing targeting growth segments of the market

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Funds under management
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Delivered >33,000sqm of fitted suites

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Mandates
$5.5b
$19.1b
Wholesale
Funds Partnerships
$13.1b $0.5b
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Portfolio benefiting from flight to quality
» Innovative solutions driving improved sustainability outcomes
Ranked #1 real estate company in S&P Global Corporate Sustainability Assessment
First Climate Active certified upfront embodied carbon neutral logistics development

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1. Includes co-investments in wholesale funds.
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Leadership in ESG

Integrating climate response and nature positive objectives

» Targeting to achieve Climate Active Carbon Neutral (for Buildings) certifications for all assets that GPT operationally controls and has an ownership interest in, by the end of 2024[1]
» Partnering with Greenfleet for reforestation projects to remove 96,000 tonnes of CO2 by planting over 150,000 trees since 2019
» Innovative Smart Energy Hub integrates solar, load flexing and battery storage for a more resilient net zero transition

How we deliver carbon neutral certified buildings and developments

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Measure emissions Reduce and eliminate Offset only residual
emissions emissions
Our impact
53 % 86 % 62 %
energy [2] emissions [2,3] water [2]
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The majority of Logistics assets are operationally controlled by tenants.
Reductions against a 2005 baseline for GPT operating assets as at December 2022. 3. Scope 1 and 2 emissions as at December 2022.

For detail see GPT’s Sustainability Report and Climate Disclosure Statement at gpt.com.au/sustainability.

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Results and Capital management Annual Result 2022

Financial result

$ 469.3 m

$ 620.6 m

Statutory Net Profit After Tax

Funds From Operations

($m)	2022	2021	Change
Funds From Operations (FFO)	620.6	554.5	11.9%
Valuation (decreases)/increases	(159.3)	924.3
Treasury instruments marked to market and other items	8.0	(56.0)
Net Profit After Tax	469.3	1,422.8
Funds From Operations per security (cents)	32.40	28.82	12.4%
Operating Cash Flow	562.1	520.4	8.0%
Free Cash Flow	499.0	467.5	6.7%
Distribution per security (cents)	25.0	23.2	7.8%
Payout Ratio	96.0%	95.1%

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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Segment result

($m)
2022
2021
Change
Comments
Retail
289.8
233.9
23.9%
Movement in COVID allowances (2022: +$1.4m, 2021: -$62.9m) and rent
reviews(+$8.6m), offset bysale of Casuarina and Wollongong (-$17.0m)
Office
293.0
269.2
8.8%
Full year contribution from acquisitions and developments (+$13.3m), rent
reviews (+$10.9m), lower occupancy (-$3.5m) and less COVID allowances
(+$3.1m)
Logistics
186.3
154.7
20.4%
Contribution from net acquisitions (+$24.2m), development completions
(+$5.6m)and rental movements(+$1.8m)
Funds Management
57.4
48.3
18.8%
Higher base management fees from GWOF acquisitions and developments,
partyear contribution from UniSuper mandate and higher fees from GQLT
Finance costs
(139.9)
(85.2)
64.2%
Higher average cost of debt (up 80bps to 3.2%) and higher debt balance
from fundingdevelopments and acquisitions
Corporate and tax
(66.0)
(66.4)
(0.6%)
Lower corporate costs (+$4.9m) offset by increased income tax (-$4.5m)
Funds From Operations
620.6
554.5
11.9%
Maintenance capex
(31.7)
(31.3)
1.3%
Lease incentives
(78.1)
(60.3)
29.5%
Primarily driven by higher Office incentives
Adjusted Funds From Operations
510.8
462.9
10.3%

Interest rate hedge profile 2023–2025

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61% hedged over the next 3 years at an average fixed rate of 2.9%
100% Hedge profile
90%
78%
80%
70%
62%
60%
50%
42%
40%
30%
3.5%
20% 3.1%
2.5%
10%
0%
Agenda 2023 2024 2025
% Hedged Hedge rate
8 Exhibition Street, Melbourne
% of Drawn debt
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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Capital management

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Key Statistics 2022 2021 Comments
Net Tangible Assets per security $5.98 $6.09 Driven by a valuation decrease of $159.3m
Net Gearing 28.5% 28.2% Within stated range of 25%-35% and material headroom to 50% debt covenant. Modest level of development capital committed
Liquidity $1.1b $0.9b Funds capital commitments and debt maturities through to early 2025
Weighted average cost of debt 3.2% 2.4% Increased cost of debt due to RBA rate rises of 300bps in 2022
Weighted average term to maturity 6.2 years 6.3 years Long debt maturity maintained with $285.4m of new 10-year MTNs
Interest cover ratio 5.5x 7.5x 3.5x headroom to covenant of 2.0x
Credit ratings (S&P/Moody’s) A (neg) /A2 (stable) A (neg) /A2 (stable) Credit ratings within the target "A" range
700 Debt maturity profile
As at 31 December 2022
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
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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Retail

Annual Result 2022

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Retail overview

$ 303.5 m Segment contribution, up 23.5%

99.4 %

Portfolio occupancy, up from 99.1%

$ 13.0 b

Assets under management, up 56.7%

$ 12,259 psm Specialty sales productivity, Agenda 15.7% Specialty occupancy cost

4.5 %

Comparable income growth

5.03 %

Weighted average capitalisation rate

9.4 %

Total Specialty sales growth vs 2019

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Highpoint Shopping Centre, VIC
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National retail sales growth above 20-year average

Strong Total Retail sales growth in 2022

» Retail Sales growth up 11.4% on 2021
Strong labour market, wage growth and household savings levels driving discretionary spending
Retail price inflation

Store based sales have been particularly strong

» Re-capture of online leakage
» Physical store market share is 87.0% of all retail sales

Monthly online retail sales growth vs. Retail trade growth

(year on year)

20% 15% Retail trade growth 20-year average 4.9% 10% 5% 0% -5% -10% -15% -20% AgendaDec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Online Sales Growth Retail Trade Growth Charlestown Square, NSW

Source: ABS Retail Trade December 2022, NAB NORSI December 2022.

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Leasing momentum continues

» Strong occupancy with high levels of deal activity and tenant retention
» 103 retailers new to the portfolio
» Average lease term of 4.7 years all with fixed base rents and annual increases
» Leasing spreads improving
» Tenants on holdover decreasing

	12 months	12 months
	to	to
	Dec 2022	Dec 2021
Deals Completed	581	561
Portfolio Occupancy1	99.4%	99.1%
Retention Rate2	73%	74%
Average Annual Fixed Increase2	4.4%	4.3%
Average Lease Term2	4.7 years	4.3 years
Leasing Spreads2	(2.8%)	(7.0%)
Agenda Holdovers as % of Base Rent1,2	3.3%	6.5%

As at period end.
Total Specialties.

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Rouse Hill Shopping Centre, NSW
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Centre sales outperform 2019

» 2022 delivered strong sales growth with Total Centre sales up 6.8% and Total Specialty sales up 9.4% on 2019
Strong performance delivered across most specialty retailer categories driven by Leisure (+18.8%), Fashion (+9.8%) and Dining (+9.7%)
Majority of centres experienced growth over 2019 with Highpoint Shopping Centre (+22.0%) and Rouse Hill Town Centre (+23.4%) delivering particularly strong gains in Total Centre sales productivity

Sales MAT growth by category 2022 vs 2019

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35.3%
30.0%
18.3% 18.8%
6.8% 12.0% 9.1% 9.4% 11.0% 9.8% 9.7% 9.0% 7.8%
3.5%
-3.0%
-21.3%
-33.5%
Total Centre Department Store Discount Dep't Store Supermarket Cinemas Other Retail Total Specialty General Retail Retail Services Leisure Jewellery Fashion Dining Homewares Health & Beauty Tech & Appliances Food Retail
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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Melbourne Central recovery

» Retail sales continue to recover, with December monthly sales inline with 2019 (-0.1%)
» Total Specialty MAT for the 12 months has improved to $14,210/sqm, down 1.5% on 2019
Leisure (+21.4%), Food Retail (+13.7%) and Technology & Appliances (+11.5%) all trading up on 2019 MAT per square metre
» Spend per visit has hit a historic high, 22% greater than 2019 pre-COVID
» Leasing demand remains strong, with brands such as Calvin Klein, Lego, Lush and Under Armour introduced into the centre over the last 12 months, and Monopoly Dreams due to open first half 2023
» Positive leasing spreads on renewing tenants
» Office workers and international students returning to CBD will drive further growth

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Melbourne Central, VIC
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Highpoint leasing and development driving record MAT

» Successful delivery of new Coles supermarket precinct and tenant remixes bringing new brands and flagships to the market
» Total Centre MAT reaching record high of $1.2b
» Strong leasing demand driving occupancy up to 99.9% (December 2021 98.6%)
» Total Specialty sales growing to $13,685/sqm and positive average leasing spreads of 3.5% for the year
» Strengthening catchment area with masterplan approved development opportunities for mixed-used commercial and residential

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Agenda
Highpoint Shopping Centre, VIC
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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Growing Funds Management

GPT appointed as manager of UniSuper and Australian Core Retail Trust (ACRT)

» UniSuper Portfolio
Karrinyup Shopping Centre, Western Australia
Marrickville Metro, New South Wales
Dapto Mall, New South Wales
Malvern Central, Victoria
» ACRT Portfolio
Pacific Fair Shopping Centre, Queensland
Macquarie Centre, New South Wales (50% ownership)
» Seamless transition of assets, retailers and team to GPT’s Funds Management platform
» Highly complementary to GPT’s portfolio of regional and super regional assets with the ability to leverage tenant relationships across an additional 980+ stores

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Pacific Fair Shopping Centre, QLD
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Retail outlook

» Quality of the portfolio well positioned to continue to grow sales and customer traffic
» Household savings and low unemployment should soften the impact of interest rate increases
» Retail sales growth expected to moderate from current high levels, but will remain positive for GPT Portfolio
» Melbourne Central to further benefit from return of overseas students and workers
» Retailers in healthy financial position and sentiment remains strong

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Rouse Hill Town Centre, NSW
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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Office

Annual Result 2022

Office overview

$ 334.9 m

Segment contribution, up 9.6%

87.9 %

Portfolio occupancy (88.5% including HoA)

4.9 yrs Weighted average lease expiry

3.4 %

Comparable income growth

5.03 %

Weighted average capitalisation rate

$ 14.7 b Assets under management, up 4.8%

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One One One Eagle Street, Brisbane
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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Challenging office market conditions

» Vacancy rates remain elevated with occupier demand favouring prime office space
» Continue to see demand for fitted space with at least 43% of market briefs in Sydney CBD and Melbourne CBD requesting fitted space[1]
» Occupiers >3,000sqm contracted by an average of 12.6%[2] with only three of the last six quarters having positive net absorption[3]
» Smaller occupiers under 1,000sqm most active with six consecutive quarters of positive net absorption[3] and growing their footprint by an average of 20%[2]

Office CBD market metrics3	Sydney	Melbourne	Brisbane
Total Vacancy Q4 2022	14%	15.4%	13.9%
Prime Net Absorption (12 mths, sqm)	5,204	5,987	63,207
Secondary Net Absorption (12 mths, sqm)	-32,470	-19,776	-6,808
Prime Gross Effective Rental Growth (12 mths)	3.8%	1.2%	5.7%
	34.6%	39.2%	42.9%
Prime Incentive Q4 2022 (year on year change)	Gross	Net	Gross
	(+0.3pp)	(+1.0pp)	(nil)
~~Agenda~~

JLL Office Leasing Research Jan 2023 – Melbourne CBD and Sydney CBD. 2. Australian Office Footprint Analysis CBRE October 2022.
JLL Research Q4 2022 – Melbourne CBD, Sydney CBD and Brisbane CBD.

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Melbourne Central Tower, Melbourne
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Office portfolio leasing results

» 104,300sqm[1] of leasing across 145 deals, for an average lease term of 4.9 years
85% of leases by Net Lettable Area (NLA) commenced in 2022 or in 2023

Key leasing transactions[2]

3.8% average gross face leasing spread

Breakdown of leasing

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7,500sqm 5,800sqm
52% 48% 61% 115 5 years 5 years
111 Eagle Street, Darling Park 2,
39% Brisbane Sydney
30
Existing Customer New Customer >=1,000 sqm <1,000 sqm >=1,000 sqm <1,000 sqm 5,700sqm 4,800sqm
by NLA by NLA by deals 5 years 6 years
111 Eagle Street, 530 Collins Street,
Brisbane Melbourne
2022 DesignSuites performance [2]
69 48 4.0 14.5 3.3 4.3 8
33,800sqm 22,500sqm months per cent months years 4,500sqm
2,900sqm
10 years
Total Total Average Average face Average Average Suites 161 Castlereagh Street,
suites suites downtime rental time to lease term completed Sydney
delivered leased saving vs premium vs lease post achieved in Dec 22
Agenda independent independent practical ready for
valuation valuation completion lease
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Includes signed leases and heads of agreement (HoA) based on GPT and GWOF ownership NLA.
100% NLA basis.

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

2023 leasing outlook

» Currently 12% portfolio vacancy, with another 9% expiring in 2023[1]
» Focused leasing strategy targeting occupancy >90% by December 2023

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GPT lease expiry profile [1]
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As at 31 December 2022
15%
13%
12%
9%
7% 7%
Vacant 2023 2024 2025 2026 2027
Sydney CBD Parramatta Melbourne Brisbane Canberra
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GPT Office occupancy vs Eastern seaboard Prime grade average

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100%
95%
90%
87.9%
85%
84.4%
80%
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22
GPT Occupancy Eastern Seaboard Prime CBDs (JLL Research)²
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Agenda
1. Vacant % by Area. 2023-2027 Lease Expiry % by Income. 2 Southbank Boulevard, Melbourne
2. JLL Research includes Sydney CBD, Parramatta, Melbourne CBD and Brisbane CBD.
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Innovative workplace products

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Our differentiated workplace products are designed to fulfil the changing needs of our customers
—
Offer speed to market, reduced downtime and rental premium while diversifying our customer base
Larger customers are attracted to our enhanced lobbies, end of trip facilities, community spaces, asset
activations and flexible space options
—
Space&Co. and The Meeting Place by GPT address customer space on demand requirements
DesignSuites target ~40% of the office tenant market occupying <1,000sqm
—
Sustainably designed for repeated re-use
—
Targeting 6 Star Green Star Interiors rating and upfront embodied carbon [1] neutral certification using
Green Star and Climate Active
Customer composition
1% 1% 2% 5%
100%
9% 14%
20%
80% 25%
60%
40% 90% 85% 78%
70%
20%
Ag0% enda
Dec-21 Dec-22 Dec-23 Target Dec-25 Target
Customers >1,000sqm Customers <1,000sqm Owner operated Space on Demand DesignSuites, Queen & Collins, Melbourne
1. As defined in World Building Council Report, “Bringing embodied carbon upfront”, 2019.
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» Our differentiated workplace products are designed to fulfil the changing needs of our customers
» Larger customers are attracted to our enhanced lobbies, end of trip facilities, community spaces, asset activations and flexible space options
» DesignSuites target ~40% of the office tenant market occupying <1,000sqm

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Strategy case study: 181 William & 550 Bourke Streets

» Improved occupancy from 54.8% to 84.7% in 18 months following the departure of three major tenants
» Leasing success through building upgrades and the introduction of GPT’s workplace products and experiences
» 80% of new customers[[1]] sought out a higher-grade building[[2]]

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» 80% of new customers [[1]] sought out a higher-grade building [[2]]
Jun 2021 Dec 2022 Improvement
» The asset now has a more diversified income stream
Occupancy 54.8% 84.7% +30pp
Owner operated » 2 floors Space&Co. in February 2023 Office Net Passing Rent $587/sqm $626/sqm +7%
Space on » 1 floor, The Meeting Place in November 2023 (Avg $/sqm)
Demand
Lease expiry up to Dec 2024 35.0% 17.3% -18pp
(by income)
» 13 suites delivered, 8,700sqm
— 78% leased [1]
DesignSuites » 5 delivered December 2022, 3,200sqm
— ready to lease Customer Composition
100% 2% 13% 6%
14%
» New lobbies 80%
Upgrades » End of trip upgrade 60%
40% 98% 87% 80%
20%
0%
» 5 Star Green Star
Sustainability » Certified carbon neutral Dec-19 Dec-22 Dec-23 Target
Owner operated
Customers >1,000sqm Customers <1,000sqm
Space on Demand
1. On NLA basis.
2. Building grade classification as per Property Council of Australia.
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Office outlook

Occupier Outlook	GPT’s Response	GPT’s Response
Leasing market to remain	»	Our workplace products target the most active part of the market
challenging in 2023-2024	»	Targeting >90% portfolio occupancy at December 2023
	»	Additional DesignSuites being delivered to drive leasing in
Increased demand for flexible		2023
workplace products	»	Space&Co. and The Meeting Place by GPT planned to expand
		from 8 to 14 venues in 2023
Increased demand for	»	Customer centric focus with dedicated GPT customer
workplaces that foster		experience team
connection, collaboration and community	»	Significant investment has been made to enhance lobbies, third spaces and enhanced end of trip facilities
	»	All assets operating carbon neutral1
	»	GWOF portfolio certified as carbon neutral since 2020
Increased demand for assets with high sustainability	»	51 Flinders Lane and all new office developments to be upfront embodied carbon2 neutral upon completion
credentials	»	DesignSuites targeting 6 Star Green Star Interiors rating and
		upfront embodied carbon2 neutral certification using Green
		Star and Climate Active

GPT and GWOF operational assets. Excludes assets under or held for development (51 Flinders Lane, Melbourne, 81 & 91 George Streets, Parramatta, 155 Walker Street, North Sydney) or under the operational control of the tenant (750 Collins Street, Melbourne).
As defined in World Building Council Report, “Bringing embodied carbon upfront”, 2019.

Liberty Place, Sydney

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Logistics

Annual Result 2022

Logistics overview

$ 188.1 m 3.0 % Segment contribution, Comparable income up 21.6% growth

99.2 % 4.40 % Portfolio Weighted average occupancy capitalisation rate

6.2 yrs $ 4.7 b Weighted average Assets under management, lease expiry up 5%

Note: Logistics portfolio metrics exclude Rosehill Business Park, Camellia and Citiport Business Park, Port Melbourne, which are contracted for sale.

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50 Old Wallgrove Road, Eastern Creek, NSW
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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Occupier demand and low vacancy driving market rental growth

Demand driven by occupiers investing in the supply chain and a growing retail sector, underpinned by population growth

» Real estate still makes up a proportionately small amount of total supply chain costs, with transportation cost the largest factor
» Estimated that over the next 5 years 1.8 million sqm of additional e-commerce dedicated logistics space will be required in Australia[1]

Strong market demand and low vacancy in core markets expected to continue in 2023

Industrial & Logistics Market	Sydney	Melbourne	Brisbane
Vacancy2	0.2%	1.1%	0.5%
Prime net face rental growth (12 months)3	+22%	+19%	+14%
Supply under construction and	706,000sqm	622,100sqm	630,600sqm
~~Agenda~~ precommitment level3	39%	62%	54%

CBRE Research, Australia’s E-commerce Trend and Trajectory, September 2022.
CBRE Research, 2H 2022.
JLL Research, 4Q 2022.

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100 METROPLEX PLACE, WACOL, QLD100 Metroplex Place, Wacol, QLD
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Strong leasing outcomes achieved

» Total leasing[1] of 278,900sqm (2021: 182,300sqm) including 130,400sqm in developments

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Key leasing transactions
developments
» High occupancy of 99.2% and WALE of 6.2 years
40,700sqm 38,100sqm
» Strong rental outcomes being achieved
15 % 9 % 33,200sqm 15,200sqm
Operational Speculative
Portfolio Leasing Development Rent 13,600sqm 10,000sqm
Spread vs Feasibility
1. 1. Includes Heads of Agreement (HoA)Including Signed Leases (238,700sqm) and HoA (76,100sqm) on 100% area basis. 24A & 24B Niton Drive, Truganina, VIC3333
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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Access to market rental growth

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Ability to capture upside through expiry profile and development
25% of portfolio to capture market rent growth in next 3 years
—
21% lease expiry 2023-2025
— 4% are lease deals from 2022 that commence in 2023
Three developments totaling 60,700sqm to be completed and leased in 2023
GPT lease expiry profile by income
19%
11% 10%
9%
A enda1%
g
2023 2024 2025 2026 2027
42 COX PLACE, GLENDENNING, NSW55 Whitelaw Place, Wacol, QLD
34
THE GPT GROUP | 2022 ANNUAL RESULT 34
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» Ability to capture upside through expiry profile and development
» 25% of portfolio to capture market rent growth in next 3 years
» Three developments totaling 60,700sqm to be completed and leased in 2023

Enhancing returns through development and QuadReal Fund

» Delivered >30% development margin and average yield on cost of 5.7% across 4 GPT development completions
» GPT QuadReal Logistics Trust (GQLT) well progressed with AUM of $0.5b and half of the $2b target committed including pipeline projects » Pipeline of 10 underway and future development projects across core east coast markets, targeting yield on cost >5.5%

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Completions Land Acquisition Development Pipeline
100 Metroplex Place, Wacol Artist’s impression of GPT development product Gateway Logistics Hub - Stage 6, Truganina (Artist’s impression)
4 GPT development completions [1] 35.2 hectares acquired by GQLT Estimated end value $1.9b AUM
(settling in 2023)
3 fund-through completions 4 facilities underway
Prime location in Melbourne’s north
197,600sqm Development spend [2] of
approximately $200-250m expected in 2023
$460m AUM
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Includes post balance date completions. 2. GPT share, includes exchanged land to settle.

THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Future proofing the portfolio for transition to a low carbon future

Driving sustainability outcomes

» Developing efficient buildings, designed to achieve minimum 5 Star Green Star ratings
» Introducing onsite battery storage and preparing for electric vehicles
» Engaging with customers of existing facilities to install cost effective renewable energy via onsite solar

GPT leading the way

» 143 Foundation Road, Truganina is Australia’s first Climate Active certified upfront embodied carbon[1] neutral logistics development and has achieved 6 Star Green Star
» Committed to achieve upfront embodied carbon[1] neutral developments

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1. 1.As defined in World Building Council Report, “Bringing embodied carbon upfront”, 2019.Reflects AUM, includes GQLT share.
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Citiwest Industrial Estate, Altona North, VIC
33
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Logistics outlook

GPT Logistics Strategy

» Maximise income opportunities in our prime portfolio
» Enhance returns through development and QuadReal partnership
» Broaden relationships with our high-quality customer base
» Deliver on ESG by developing efficient and sustainably focused assets

Supportive Market Conditions

» Continuing to see high levels of market enquiry
» Very tight vacancy landscape providing tenants limited space options
» GPT has ability to capture income upside through development and the expiry profile, with 25% of portfolio set to capture market rent growth in next 3 years
» Valuation metrics movement has been largely offset by market rental growth
» Logistics asset class favoured for real estate investment

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42 Cox Place, Glendenning, NSW
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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Outlook and 2023 Guidance

Annual Result 2022

Outlook and 2023 Guidance

Outlook

» Tighter monetary conditions are expected to moderate economic growth over the next 12 months
» Volatility in bond yields creating uncertainty for valuation metrics
» Higher cost of debt a headwind for 2023 FFO growth
» Retail portfolio well positioned with strong retail sales growth momentum, high occupancy, fixed rental increases and ongoing tenant demand. Sales growth is however expected to moderate
» Improvement in Office occupancy expected in 2023 as our portfolio benefits from the ‘flight to quality’ and customer demand for our differentiated product offering
» Logistics portfolio will continue to benefit from strong demand, limited uncommitted supply, low vacancy and development pipeline creating new high quality product
» Chief Executive Officer and Managing Director, Bob Johnston announced his intention to retire by the end of this calendar year and a search has commenced for a successor

2023 Guidance

» While uncertainty remains in our trading environment, including the impact of rising interest rates and ongoing inflationary pressures, the Group expects to deliver 2023 FFO of approximately 31.3 cents per security and a distribution of 25.0 cents per security
»AgendaGPT has a high quality diversified portfolio, a strong balance sheet and an experienced management team focused on creating long term value for securityholders

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550 Bourke Street, Melbourne
39
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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Annual Result 2022

Thank you for joining us Questions

Disclaimer

This Presentation ( 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) (together, GPT ).

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. The information is in a summary form and is to be read in conjunction with GPT’s other announcements released to the Australian Securities Exchange (available at www.asx.com.au).

You should note 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 forward-looking statements contained in this Presentation or the assumptions on which they are based. Such material is, by its nature, subject to significant uncertainties and contingencies outside of GPT’s control. Actual results, circumstances and developments may differ materially from those expressed or implied in this Presentation.

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 2022 unless otherwise indicated. Except as required by applicable laws or regulations, GPT does not undertake to publicly update or review any forward-looking statements, whether as a result of new information or future events or circumstances.

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 2022. 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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THE GPT GROUP | 2022 ANNUAL RESULT | PRESENTATION

Data Pack

Annual Result 2022

GPT overview	43
Financial performance	49
Retail portfolio	59
Offce portfolio	69
Logistics portfolio	83
Funds management	115
Development	123
Sustainability	125

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

Contents

Annual Result 2022

Riverside Centre, Brisbane

GPT Overview

Annual Result 2022

GPT overview

GPT’s 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
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» 16 shopping centres
» 1,310,000 sqm GLA
» 4,000+ tenants

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GPT portfolio diversity
As at 31 December 2022
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» $5.6b GPT owned portfolio
» $13.0b AUM
Highpoint Shopping Centre, VIC
Office portfolio » 30 assets » 1,120,000 sqm NLA » 470+ office tenants » $6.0b GPT owned portfolio » $14.7b AUM Liberty Place, Sydney
Logistics portfolio » 70 assets » 1,480,000 sqm GLA » 90+ tenants » $4.5b GPT owned portfolio » $4.7b AUM 143 Foundation Road, Truganina, VIC

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Logistics
28%
NSW: 49%
VIC: 38%
QLD: 12%
Retail
Other: 1%
35%
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Office
37%
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THE GPT GROUP | 2022 ANNUAL RESULT | OVERVIEW

GPT portfolio metrics

	Portfolio size ($b)	WALE (years)	Occupancy (%)	WACR (%)
Retail	5.6	4.0	99.4	5.03
Offce	6.0	4.9	87.9	5.03
Logistics	4.5	6.2	99.2	4.40
Total	16.1	4.8	97.5	4.86

Structured rental increases[1]

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Retail
Office Logistics
(Specialties)
Fixed 83% Fixed 83%
Fixed 63% Fixed 81% Fixed 74%
Other 17% Other 17%
Other 27% Other 17% Other 5%
4.8% CPI linked 10% 3.8% CPI linked 2% 3.5% CPI linked 21%
Average structured Average structured Average structured
increase increase increase
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Fixed rent and CPI Linked reviews for the 12 months to 31 December 2023. CPI assumption of 5.8% utilised, CPI linked includes a range of review provisions that have reference to CPI. Other includes market reviews and expiries in 2023.

Portfolio valuation metrics

Overall portfolio revaluation loss of $159.3m.

	Offce	Logistics	Retail
2022 valuation movement (12 months to 31 Dec 22)	-$316.0m	+$63.4m	+$93.3m
	-5.0%	+1.4%	+1.7%
2H 2022 (6 months to 31 Dec 22)	-$322.8m	-$52.0m	-$4.0m
1H 2022 (6 months to 30 Jun 22)	+$6.8m	+$115.4m	+$97.3m
Capitalisation rate1	5.03%	4.40%	5.03%
	(+26 bps since Jun 22)	(+31 bps since Jun 22)	(+5 bps since Jun 22)
Discount rate1	6.06%	5.75%	6.31%
	(+16 bps since Jun 22)	(+29 bps since Jun 22)	(+13 bps since Jun 22)

Weighted average.

THE GPT GROUP | 2022 ANNUAL RESULT | OVERVIEW

Glossary

A-Grade	As per the Property Council of Australia’s ‘A Guide to Offce
	Building Quality’
ACRT	Australian Core Retail Trust
AFFO	Adjusted Funds From Operations, defned as FFO less
	maintenance capex, leasing incentives and one-off items
	calculated in accordance with the Property Council
	of Australia ‘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 Property Council of Australia ‘Voluntary Best Practice
	Guidelines for Disclosing FFO and AFFO’
Free Cash Flow	Operating cash fow less maintenance and leasing capex
	and inventory movements. The Group may make other adjustments in its determination of free cash fow for one-off
	or abnormal items

FUM	Funds under management
GAV	Gross Asset Value
GFA	Gross Floor Area
GLA	Gross Lettable Area
GQLT	GPT QuadReal Logistics Trust
Group Total Return	Total Return, calculated at the Group level 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
GWOF	GPT Wholesale Offce Fund
GWSCF	GPT Wholesale Shopping Centre Fund
HoA	Heads of Agreement
IFRS	International Financial Reporting Standards
IRR	Internal Rate of Return
Major Tenants	Retail tenancies including Supermarkets, Discount
	Department Stores, Department Stores and Cinemas
MAT	Moving Annual Turnover
Mini-Major Tenants	Retail tenancies with a GLA above 400sqm 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	Defned as debt less cash less cross currency derivative
	assets plus cross currency derivative liabilities divided
	by total tangible assets less cash less cross currency
	derivative assets less right-of-use assets less lease
	liabilities – investment properties

NLA	Net Lettable Area
NPAT	Net Proft After Tax
NTA	Net Tangible Assets
Ordinary securities	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 securityholders
PCA	Property Council of Australia
Premium grade	As per the Property Council of Australia’s ‘A Guide to Offce
	Building Quality’
Prime grade	Includes assets of Premium and A-Grade quality
psm	Per square metre
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.
Specialty Tenants	Retail tenancies with a GLA below 400 sqm

sqm	Square metre
Total Specialties	Retail tenancies including specialty tenants and
	mini-major tenants
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
TSR	Total Securityholder Return, defned as distribution
	per security plus change in security price, assuming
	distributions are reinvested
Unlevered Total Return	Unlevered Total Return is calculated as the sum of the net
	income and revaluation movement of the portfolio divided by
	the average book value of the portfolio, compounded monthly
	for a rolling 12 month period
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 | 2022 ANNUAL RESULT | OVERVIEW

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THE GPT GROUP | 2022 ANNUAL RESULT | OVERVIEW
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48
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Charlestown Square, NSW
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Financial Performance

Annual Result 2022

Financial summary

12 months to 31 December	2022	2021	Change
Funds From Operations ($m)	620.6	554.5	11.9%
Net proft after tax ($m)	469.3	1,422.8	(67.0%)
FFO per ordinary security (cents)1	32.40	28.82	12.4%
FFO yield (based on period end price)1	7.7%	5.3%
Distribution per ordinary security (cents)	25.00	23.20	7.8%
Distribution yield (based on period end price)1	6.0%	4.3%
Net interest expense ($m)	(139.9)	(85.2)	64.2%
Interest capitalised ($m)	9.1	5.9	54.2%
Weighted average cost of debt	3.2%	2.4%	Up 80bps
Interest cover	5.5 times	7.5 times	Down 2 times
	As at 31 Dec 22	As at 31 Dec 21	Change
Total assets ($m)	17,294.2	17,179.7	0.7%
Total borrowings ($m)	5,052.5	5,139.3	(1.7%)
NTA per security ($)	5.98	6.09	(1.8%)
Net gearing	28.5%	28.2%	Up 30bps
Net look through gearing	30.4%	29.9%	Up 50bps
Weighted average term to maturity of debt	6.2 years	6.3 years	Down 0.1 years
Credit ratings (S&P/Moody's)	A (negative)/A2 (stable)	A (negative)/A2 (stable)	Unchanged
Weighted average term of interest rate hedging	2.8 years	1.5 years	Up 1.3 years

The weighted average number of ordinary stapled securities was 1,915.6 million for 2022 and 1,924.3 million for 2021. The period end price was $4.20 at 31 December 2022 and $5.42 at 31 December 2021.

THE GPT GROUP | 2022 ANNUAL RESULT | FINANCIAL PERFORMANCE

Results summary

Results summary
Segment performance 12 months to 31 December ($m)	2022	2021
Retail
Operations net income	289.9	228.5
Funds management net income	13.7	11.8
Development net income	(0.1)	5.4
	303.5	245.7
Offce
Operations net income	290.3	268.0
Funds management net income	41.9	36.5
Development net income	2.7	1.2
	334.9	305.7
Logistics
Operations net income	182.4	151.2
Funds management net income	1.8	0.0
Development net income	3.9	3.5
	188.1	154.7
Net fnancing costs	(139.9)	(85.2)
Corporate management expenses	(57.6)	(62.5)
Tax expenses	(8.4)	(3.9)
Funds From Operations (FFO)	620.6	554.5
Valuation (decrease)/increase	(159.3)	924.3
Financial instruments mark to market movements, net foreign exchange movements and other items	8.0	(56.0)
Net Proft After Tax (NPAT)	469.3	1,422.8

Funds From Operations to Adjusted Funds From Operations

12 months to 31 December ($m)	2022	2021
Business segment Income	826.5	706.1
Financing and corporate overheads	(205.9)	(151.6)
Funds From Operations	620.6	554.5
Maintenance capital expenditure	(31.7)	(31.3)
Lease incentives (including rent free and leasing costs)	(78.1)	(60.3)
Adjusted Funds From Operations	510.8	462.9

25 Niton Drive, Truganina, VIC

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THE GPT GROUP | 2022 ANNUAL RESULT | FINANCIAL PERFORMANCE

NTA movement

	Number of securities
Securities on issue	(m)
Opening balance 1 January 2022	1,915.6
31 December 2022 balance	1,915.6

NTA movement Net tangible assets ($m) No. of securities (m)	NTA per security ($)
NTA position as at 31 December 20211 11,660.3 1,915.6	6.09
FFO 620.6 Revaluations (159.3) Mark to market of Treasury 4.3 Distribution (668.5) Other (6.3) Movement in NTA (209.2)
	0.32
	(0.08)
	0.00
	(0.35)
	0.00
	(0.11)

NTA position as at 31 December 20221 11,451.1 1,915.6	5.98

Includes right of use assets.

Capital management summary

Gearing ($m)	As at 31 December 2022
Total assets	17,294.2
Less: Intangible assets	(24.8)
Less: Right of use asset	(23.9)
Less: Lease liabilities – investment properties	(14.2)
Less: Cross currency swap assets	(237.6)
Adjusted total tangible assets	16,993.7
Current borrowings	704.9
Non-current borrowings	4,347.6
Less: Net cross currency derivative positions	(174.0)
Total borrowings1	4,878.5
Cash	60.2
Net Gearing2	28.5%

Interest Cover ($m)	31 December 2022
Funds From Operations	620.6
Add: Taxes deducted	8.4
Add: Finance costs for the period3	140.8
Earnings Before Interest and Tax (EBIT)	769.8
Finance costs3	140.8
Interest cover	5.5 times

Includes unamortised establishment costs and other adjustments. As at 31 December 2022, external drawn debt is $4,862 million.

Calculated net of cash, cross currency derivative positions, lease liabilities in relation to investment properties and excludes right of use asset.

Excludes Finance costs – leases.

THE GPT GROUP | 2022 ANNUAL RESULT | FINANCIAL PERFORMANCE

Look through gearing

Look through gearing
Look Through Gearing as at 31 December 2022 ($m)	GPT Group	GWOF	GWSCF	Other2	Total
Group adjusted total tangible assets	16,993.7				16,993.7
Plus: GPT share of assets of non-consolidated entities		2,103.1	1,014.1	1,714.1	4,831.3
Less: Total equity investment in non-consolidated entities		(1,601.5)	(828.8)	(1,668.0)	(4,098.3)
Total look through assets	16,993.7	501.6	185.3	46.1	17,726.7
Group total borrowings	4,878.5				4,878.5
Plus: GPT share of external debt of non-consolidated entities		437.0	149.3	0.0	586.3
Total look through borrowings	4,878.5	437.0	149.3	0.0	5,464.8
Total look through cash	60.2	6.6	4.8	37.5	109.1
Look through gearing based on net debt1					30.4%

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

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2 Southbank Boulevard, Melbourne
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Debt maturity profile

Liquidity of $1.1 billion funds all current commitments until February 2025.

Debt maturity profile

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700
As at 31 December 2022
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
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
$m
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Assumes commercial paper is refinanced with committed bank facilities.

THE GPT GROUP | 2022 ANNUAL RESULT | FINANCIAL PERFORMANCE

Liquidity profile

Liquidity profile As at 31 December 2022

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1.2
1.1
1.0
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0.0
Cash balance Undrawn Current Development Asset – Divestments Debt maturities Liquidity at
31 Dec 2022 facilities liquidity /Capex /Acquisitions 31 Dec 2023
($b)
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Source of drawn debt

Sources of drawn debt As at 31 December 2022

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USPP 31% Commercial Paper 10% Domestic MTNs 19% Foreign bank debt 6% Domestic bank debt 18% CPI Bonds 2% Foreign MTNs 15%

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Debt Capital Markets 77%
Bank Debt 23%
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THE GPT GROUP | 2022 ANNUAL RESULT | FINANCIAL PERFORMANCE

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THE GPT GROUP | 2022 ANNUAL RESULT | FINANCIAL PERFORMANCE 58
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Melbourne Central, VIC

Retail Portfolio

Annual Result 2022

Retail portfolio overview

GPT's retail portfolio comprises ownership in 10 high quality assets with a total investment of $5.6 billion. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF). Assets under management of $13.0 billion include a further 6 assets managed on behalf of the UniSuper direct real estate mandate and Australian Core Retail Trust (ACRT).

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NT
QLD
WA 2 Brisbane
SA
Perth 1 NSW
7 Sydney
VIC
l Number of assets in each state 6 Melbourne
TAS
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Western Australia

UniSuper Owned

» Karrinyup Shopping Centre

Queensland

GPT Owned

» Sunshine Plaza (50%)[1]

ACRT Owned

» Pacific Fair Shopping Centre

New South Wales

GPT Owned

» Charlestown Square
» Rouse Hill Town Centre
» Westfield Penrith (50%)[1]

GWSCF Owned

» Macarthur Square (50%)[1]

UniSuper Owned

» Dapto Mall
» Marrickville Metro

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

UniSuper Owned

» Malvern Central

ACRT Owned

» Macquarie Centre (50%)[1]

Total investment is based on GPT’s balance sheet portfolio and weighted ownership interest in the GWSCF portfolio. 1. External property manager.

THE GPT GROUP | 2022 ANNUAL RESULT | RETAIL PORTFOLIO

Retail portfolio summary

Top ten tenants[1]

As at 31 December 2022

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Woolworths
Group Myer Accent Group Wesfarmers Coles Group
3.5% 3.0% 2.9% 2.6% 2.4%
2.3% 2.3% 1.7% 1.4% 1.3%
Just Group Cotton On Hoyts Country Road Westpac Group
Clothing Group
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VIC 48%
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Geographic weighting As at 31 December 2022

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QLD 10%
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NSW 42%
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Based on gross rent (including turnover rent).

Retail portfolio summary

			GLA	31 Dec 22	31 Dec 22	Independent	Occupancy	Centre	Specialty	Specialty
		Ownership	(100% Interest)	Fair Value	Cap Rate	or Internal	(By Area)	MAT	Occupancy	MAT
	State	(%)	(sqm)	($m)	(%)	Valuation	(%)	($m)	Cost(%)	($psm)
GPT Portfolio
Charlestown Square	NSW	100	91,100	880.0	5.63	Independent	99.5	570.4	14.3	12,464
Highpoint Shopping Centre	VIC	17	150,000	400.0	4.50	Independent	99.9	1,167.1	16.6	12,884
Melbourne Central	VIC	100	55,800	1,514.0	4.63	Independent	98.0	520.2	18.9	12,813
Rouse Hill Town Centre	NSW	100	70,200	713.0	5.50	Independent	100.0	593.1	12.5	12,493
Sunshine Plaza	QLD	50	106,500	606.0	5.00	Independent	99.6	765.7	15.7	11,090
Westfeld Penrith	NSW	50	91,200	694.5	5.00	Independent	99.5	665.9	17.5	12,446
GWSCF Portfolio
Chirnside Park	VIC	100	38,800	289.5	5.88	Independent	100.0	330.7	15.3	12,912
Highpoint Shopping Centre	VIC	83	150,000	2,000.0	4.50	Independent	99.9	1,167.1	16.6	12,884
Macarthur Square	NSW	50	108,300	517.5	5.25	Independent	99.3	697.0	14.4	10,024
Northland Shopping Centre	VIC	50	97,800	417.5	5.63	Independent	99.0	607.1	14.7	10,306
Parkmore Shopping Centre	VIC	100	36,900	296.0	5.75	Independent	99.8	280.2	14.1	10,917
GPT Weighted Total			846,500		5.03		99.4	3,230.8	15.7	12,259

THE GPT GROUP | 2022 ANNUAL RESULT | RETAIL PORTFOLIO

Income and fair value schedule

	Income 12 months to 31 Dec ($m) 2021 2022 Variance 42.0 50.4 8.4 13.7 17.7 4.0 41.4 59.3 17.9 33.9 43.5 9.6 25.0 29.9 4.9 23.0 33.0 10.0 0.2 0.0 (0.2) 14.6 4.5 (10.1) 34.1 45.2 11.1 227.9 283.5 55.6	Fair Value Reconciliation
		Fair Value 31 Dec 21 ($m) Development Capex ($m) Maintenance Capex ($m) Incentive Capex ($m) Acquisitions/ Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 22 ($m) % of Portfolio (%)
GPT Portfolio
Charlestown Square		864.4 4.0 4.3 5.0 0.0 2.3 0.0 880.0 15.6
Highpoint Shopping Centre		366.7 8.8 1.2 1.7 0.0 21.6 0.0 400.0 7.1
Melbourne Central		1,492.0 22.0 4.3 12.6 0.0 (16.9) 0.0 1,514.0 26.9
Rouse Hill Town Centre		672.8 13.2 3.1 2.2 0.0 31.3 (9.6) 713.0 12.7
Sunshine Plaza		596.2 0.1 2.0 2.4 0.0 5.3 0.0 606.0 10.8
Westfeld Penrith		660.0 17.4 1.2 2.1 0.0 13.8 0.0 694.5 12.3
Assets Held for Sale
142-158 Pacifc Highway, Charlestown		0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Casuarina Square		198.6 0.0 0.6 0.1 (198.6) (0.7) 0.0 0.0 0.0
Equity Interests
GPT Equity Interest in GWSCF (28.5%)1		787.1 0.0 0.0 0.0 0.0 36.6 5.1 828.8 14.7
Total Retail Portfolio		5,637.8 65.5 16.7 26.1 (198.6) 93.3 (4.5) 5,636.3 100.0

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.

Retail sales summary

		Comparable	Comparable		Specialty
	Centre MAT	Centre MAT Growth	Specialty MAT Growth	Specialty MAT	Occupancy Cost
	($m)	(%)	(%)	($psm)	(%)
GPT Portfolio
Charlestown Square	570.4	15.0	22.3	12,464	14.3
Highpoint Shopping Centre	1,167.1	45.3	47.4	12,884	16.6
Melbourne Central	520.2	73.1	81.7	12,813	18.9
Rouse Hill Town Centre	593.1	28.4	35.9	12,493	12.5
Sunshine Plaza1	765.7	12.6	12.2	11,090	15.7
Westfeld Penrith1	665.9	32.0	38.8	12,446	17.5
GWSCF Portfolio
Chirnside Park	330.7	13.8	9.5	12,912	15.3
Highpoint Shopping Centre	1,167.1	45.3	47.4	12,884	16.6
Macarthur Square1	697.0	29.1	38.1	10,024	14.4
Northland Shopping Centre1	607.1	28.0	36.3	10,306	14.7
Parkmore Shopping Centre	280.2	20.8	31.6	10,917	14.1
GPT Weighted Total	3,230.8	30.9	38.2	12,259	15.7

Analysis provided by external manager.

THE GPT GROUP | 2022 ANNUAL RESULT | RETAIL PORTFOLIO

Comparable change in retail sales by category

Comparable change in retail sales by category as at 31 December 2022	MAT ($m)	12 Months Growth (%)
Department Store	146.6	24.4
Discount Department Store	286.4	12.9
Supermarket	501.7	10.6
Cinemas	49.1	87.1
Other Retail1	125.6	114.5
Total Specialties	2,121.5	36.1
• Specialties >400sqm	607.2	31.1
• Specialties <400sqm	1,514.4	38.2
Total Centre	3,230.8	30.9

Total Specialty Sales split
Fashion, Footwear & Accessories	609.8	43.1
Tech & Appliances	381.1	20.9
Dining	328.0	48.5
Health & Beauty	314.7	42.3
Leisure	163.1	30.7
General Retail	99.7	39.7
Food Retail	96.9	18.5
Jewellery	81.3	28.7
Homewares	36.4	31.2
Retail Services	10.5	56.9
Total Specialties	2,121.5	36.1

Note: Based on weighted GPT Interest.

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

38.2%

Retail sales

Specialty MAT growth

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5.9% 6.5% 6.4%
1.5% 1.1% 1.8% 2.7% 4.2% 4.2% 2.6% 2.1% 0.3% 1.7% 2.5%
-0.1% -0.5% -0.4%
-3.4%
-13.5%
-28.3%
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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 Jun 22 Dec 22

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

THE GPT GROUP | 2022 ANNUAL RESULT | RETAIL PORTFOLIO

Independent valuation summary

		Ownership			Valuation	Capitalisation Rate
	State	(%)	Date	Valuer	($m)	(%)
GPT Portfolio
Charlestown Square	NSW	100	31 Dec 22	Urbis	880.0	5.63
Highpoint ShoppingCentre	VIC	17	31 Dec 22	CB Richard Ellis	400.0	4.50
Melbourne Central	VIC	100	31 Dec 22	Colliers International	1,514.0	4.63
Rouse Hill Town Centre	NSW	100	31 Dec 22	Jones LangLaSalle	713.0	5.50
Sunshine Plaza	QLD	50	31 Dec 22	Jones LangLaSalle	606.0	5.00
Westfeld Penrith	NSW	50	31 Dec 22	CB Richard Ellis	694.5	5.00
GWSCF Portfolio
Chirnside Park	VIC	100	31 Dec 22	Urbis	289.5	5.88
Highpoint ShoppingCentre	VIC	83	31 Dec 22	CB Richard Ellis	2,000.0	4.50
Macarthur Square	NSW	50	31 Dec 22	Savills Australia	517.5	5.25
Northland ShoppingCentre	VIC	50	31 Dec 22	CB Richard Ellis	417.5	5.63
Parkmore ShoppingCentre	VIC	100	31 Dec 22	Jones LangLaSalle	296.0	5.75

Note: Valuations include ancillary assets.

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Melbourne Central, VIC
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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, Cotton 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 Coffee 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, Giftware, Pets, Toys, Miscellaneous Casey Toys, Daiso, Lincraft, T2, The Reject Shop, 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 Cutting/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, Lotto, Pad Sites/Bulky Goods, Travel Agent Anytime Fitness, Fitness First, Flight Centre, Holey Moley, Kmart Tyre and Auto, Lotto, 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

THE GPT GROUP | 2022 ANNUAL RESULT | RETAIL PORTFOLIO

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THE GPT GROUP | 2022 ANNUAL RESULT | RETAIL PORTFOLIO 68
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Highpoint Shopping Centre, VIC
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Office Portfolio

Annual Result 2022

Office portfolio overview

GPT’s office portfolio comprises ownership in 28 high quality assets[1] with a total investment of $6.0 billion. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF). Assets under management of $14.7 billion include a further 2 assets managed on behalf of the UniSuper direct real estate mandate.

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NT
QLD
WA
2 Brisbane
SA
NSW
16 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]
» 155 Walker Street, North Sydney
» 81 George Street, Parramatta
» 91 George Street, Parramatta

UniSuper Owned

» Brookfield Place (24.9%)
» 7 Macquarie Place

Victoria

GPT Owned

» Melbourne Central Tower
» 181 William & 550 Bourke Streets (50%)

GWOF Owned

» 2 Southbank Boulevard
» 8 Exhibition Street (50%)
» Queen & Collins
» 150 Collins Street
» 530 Collins Street
» 655 Collins Street
» 750 Collins Street
» 800/808 Bourke Street
» 181 William & 550 Bourke Streets (50%)
» 51 Flinders Lane

Queensland

GPT Owned

» One One One Eagle Street (33.3%)

GWOF Owned

» One One One Eagle Street (66.7%) » Riverside Centre

Australian Capital Territory GPT Owned

» 62 Northbourne Avenue, Canberra

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 George Street, 91 George Street, 155 Walker Street and 51 Flinders Lane).

THE GPT GROUP | 2022 ANNUAL RESULT | 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 tenants[1]

As at 31 December 2022

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Amazon
Web
Government IAG Services CBA ME Bank
12.1% 5.5% 5.3% 4.5% 3.2%
3.0% 2.4% 2.0% 1.8% 1.7%
QBE Citibank ANZ Monash EY
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Office tenant mix by industry [2]
As at 31 December 2022
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Government 16% Other 10%
Banking 15% Legal 10%
Info and Comms Technology 14% Accounting & Finance 7%
Insurance 13% Mining & Energy 3%
Other Business Services 10% Co-working/Serviced Offices 3%
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Geographic weighting As at 31 December 2022

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NSW
55%
VIC
34%
QLD
10%
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 ($m) 2021 2022 Variance 27.7 32.2 4.5 39.4 39.8 0.4 27.8 30.4 2.6 16.0 12.8 (3.2) 7.1 14.4 7.3 7.5 8.0 0.5 0.4 4.5 4.1 40.0 42.7 2.7 12.7 15.1 2.4 18.8 20.9 2.1 74.0 72.3 (1.7) 271.4 293.1 21.7	Fair Value Reconciliation
		Fair Value 31 Dec 21 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 22 ($m) % of Portfolio (%)
GPT Portfolio
Australia Square, Sydney		623.5 2.3 2.1 6.3 – (6.4) – 627.8 10.5
2 Park Street, Sydney		850.0 10.5 1.3 4.8 – (36.6) – 830.0 13.9
Darling Park 1 & 2, Sydney		575.8 1.7 0.3 3.5 – (31.0) – 550.3 9.2
60 Station Street, Parramatta		277.4 2.9 0.2 2.7 – (39.2) – 244.0 4.1
32 Smith, Parramatta – Completed Jan 2021		335.7 16.1 0.1 0.4 – (6.3) – 346.0 5.8
4 Murray Rose Avenue, Sydney Olympic Park		152.0 – 0.0 0.0 – (6.0) – 146.0 2.4
62 Northbourne Avenue, Canberra – Acquired Nov 2021		79.5 – – 1.2 – (27.7) – 53.0 0.9
Melbourne Central Tower, Melbourne		785.5 20.9 3.3 17.3 – (42.0) – 785.0 13.1
181 William & 550 Bourke Streets, Melbourne		449.0 20.6 1.9 6.0 – (21.5) – 456.0 7.6
One One One Eagle Street, Brisbane		316.7 3.6 0.7 2.1 – 6.9 – 330.0 5.5
Equity Interests
GPT Equity Interest in GWOF (21.7%)1		1,702.9 – – – – (106.2) 4.8 1,601.5 26.8
Total Offce Portfolio		6,148.0 78.6 9.9 44.3 – (316.0) 4.8 5,969.6 100.0

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 | 2022 ANNUAL RESULT | OFFICE PORTFOLIO

Office portfolio summary

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Office Occupancy (By Area)
Office NLA 31 Dec 22 31 Dec 22 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 51,800 627.8	5.08 93.0 93.3 93.4 3.1
2 Park Street, Sydney NSW 50 73,400 830.0	4.75 82.5 87.2 88.7 3.7
Darling Park 1, Sydney NSW 25 101,800 550.3 Darling Park 2, Sydney	DP1: 5.00 62.9 62.9 62.9 2.7
	DP2: 4.75 97.9 97.9 97.9 6.6
60 Station Street, Parramatta NSW 100 24,900 244.0	5.50 59.1 61.6 61.6 3.4
32 Smith, Parramatta NSW 100 26,800 346.0	5.25 84.0 84.0 84.0 7.6
4 Murray Rose Avenue, Sydney Olympic Park NSW 100 15,600 146.0	5.13 100.0 100.0 100.0 6.5
62 Northbourne Avenue, Canberra ACT 100 10,200 53.0	6.00 100.0 100.0 100.0 3.5
Melbourne Central Tower, Melbourne VIC 100 65,800 785.0	5.13 85.8 87.3 87.3 5.2
181 William & 550 Bourke Streets, Melbourne1 VIC 50 76,000 456.0	5.13 80.6 84.7 85.8 5.3
One One One Eagle Street, Brisbane QLD 33.3 63,700 330.0	5.13 94.6 95.2 97.4 4.9

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Liberty Place, 161 Castlereagh Street, Sydney NSW 50 56,400 750.0	4.63 92.0 97.1 97.1 6.9
Darling Park 1, Sydney NSW 50 101,800 1,100.5 Darling Park 2, Sydney	DP1: 5.00 62.9 62.9 62.9 2.7
	DP2: 4.75 97.9 97.9 97.9 6.6
Darling Park 3, Sydney NSW 100 29,800 582.0	4.88 95.0 100.0 100.0 3.7
580 George Street, Sydney NSW 100 37,100 677.5	5.13 100.0 100.0 100.0 3.3
workplace6, Sydney NSW 100 16,300 342.0	4.88 100.0 100.0 100.0 5.9
155 Walker Street, North Sydney2 NSW 100 N/A 85.0	N/A N/A N/A N/A N/A
81 George Street, Parramatta NSW 100 N/A 50.0	N/A N/A N/A N/A N/A
91 George Street, Parramatta NSW 100 N/A 73.5	N/A N/A N/A N/A N/A
2 Southbank Boulevard, Melbourne VIC 100 53,900 713.0	5.00 93.2 94.4 96.8 4.3
8 Exhibition Street, Melbourne VIC 50 44,500 307.5	5.00 94.3 94.3 94.3 3.2
51 Flinders Lane, Melbourne VIC 100 N/A 93.4	N/A N/A N/A N/A N/A
Queen & Collins, Melbourne1 VIC 100 33,600 546.0	4.88 60.4 67.8 72.2 5.2
150 Collins Street, Melbourne VIC 100 19,100 265.0	4.88 100.0 100.0 100.0 3.5
530 Collins Street, Melbourne VIC 100 65,000 795.0	5.00 76.7 76.7 78.9 4.4
655 Collins Street, Melbourne VIC 100 16,600 171.9	5.00 100.0 100.0 100.0 6.9
750 Collins Street, Melbourne VIC 100 41,400 518.0	4.75 100.0 100.0 100.0 12.8
800/808 Bourke Street, Melbourne VIC 100 60,100 597.0	5.00 100.0 100.0 100.0 6.5
181 William & 550 Bourke Streets, Melbourne1 VIC 50 76,000 456.0	5.13 80.6 84.7 85.8 5.3
One One One Eagle Street, Brisbane QLD 66.7 63,700 660.0	5.13 94.6 95.2 97.4 4.9
Riverside Centre, Brisbane QLD 100 51,200 769.0	5.25 99.2 99.5 99.5 5.0
Total3 1,035,000	5.03 86.3 87.9 88.5 4.9

Landlord operated flexible space excluded from occupancy metrics.
The site comprises two existing office buildings at 157 Walker Street which settled in June 2022 and 153 Walker Street structured under a deferred settlement due to occur in 2024. The fair value adopted reflects the value of 157 Walker Street.
Excludes assets under or held for development (81 George Street, 91 George Street, 155 Walker Street and 51 Flinders Lane).

THE GPT GROUP | 2022 ANNUAL RESULT | 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	31 Dec 22	Savills	627.8	5.08
2 Park Street, Sydney	NSW	50	31 Dec 22	Cushman & Wakefeld	830.0	4.75
Darling Park 1 & 2, Sydney	NSW	25	31 Dec 22	Colliers	550.3	DP1: 5.00, DP2: 4.75
60 Station Street, Parramatta	NSW	100	31 Dec 22	Knight Frank	244.0	5.50
32 Smith, Parramatta	NSW	100	31 Dec 22	Knight Frank	346.0	5.25
4 Murray Rose Avenue, Sydney Olympic Park	NSW	100	31 Dec 22	Cushman & Wakefeld	146.0	5.13
62 Northbourne Avenue, Canberra	ACT	100	31 Dec 22	Savills	53.0	6.00
Melbourne Central Tower, Melbourne	VIC	100	31 Dec 22	CBRE	785.0	5.13
181 William & 550 Bourke Streets, Melbourne	VIC	50	31 Dec 22	Savills	456.0	5.13
One One One Eagle Street, Brisbane	QLD	33.3	31 Dec 22	Cushman & Wakefeld	330.0	5.13

Melbourne Central Tower, Melbourne

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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 22	CBRE	750.0	4.63
Darling Park 1 & 2, Sydney	NSW	50	31 Dec 22	Colliers	1,100.5	DP1: 5.00, DP2: 4.75
Darling Park 3, Sydney	NSW	100	31 Dec 22	Colliers	582.0	4.88
580 George Street, Sydney	NSW	100	31 Dec 22	JLL	677.5	5.13
workplace6, Sydney	NSW	100	31 Dec 22	Knight Frank	342.0	4.88
155 Walker Street, North Sydney1	NSW	100	31 Dec 22	Colliers	85.0	N/A
81 George Street, Parramatta	NSW	100	31 Dec 22	Knight Frank	50.0	N/A
91 George Street, Parramatta	NSW	100	31 Dec 22	Knight Frank	73.5	N/A
2 Southbank Boulevard, Melbourne	VIC	100	31 Dec 22	CBRE	713.0	5.00
8 Exhibition Street, Melbourne	VIC	50	31 Dec 22	Colliers	307.5	5.00
51 Flinders Lane, Melbourne	VIC	100	31 Dec 22	Colliers	93.4	N/A
Queen & Collins, Melbourne	VIC	100	31 Dec 22	Savills	546.0	4.88
150 Collins Street, Melbourne	VIC	100	31 Dec 22	Savills	265.0	4.88
530 Collins Street, Melbourne	VIC	100	31 Dec 22	CBRE	795.0	5.00
655 Collins Street, Melbourne	VIC	100	31 Dec 22	CBRE	171.9	5.00
750 Collins Street, Melbourne	VIC	100	31 Dec 22	M3 Property	518.0	4.75
800/808 Bourke Street, Melbourne	VIC	100	31 Dec 22	Cushman & Wakefeld	597.0	5.00
181 William & 550 Bourke Streets, Melbourne	VIC	50	31 Dec 22	Savills	456.0	5.13
One One One Eagle Street, Brisbane	QLD	66.7	31 Dec 22	Cushman & Wakefeld	660.0	5.13
Riverside Centre, Brisbane	QLD	100	31 Dec 22	Colliers	769.0	5.25

The site comprises two existing office buildings at 157 Walker Street which settled in June 2022 and 153 Walker Street structured under a deferred settlement due to occur in 2024. The fair value adopted reflects the value of 157 Walker Street.

THE GPT GROUP | 2022 ANNUAL RESULT | OFFICE PORTFOLIO

Lease expiry profile

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Lease expiry profile
(by income)
16%
15%
13%
12%
10%
9%
7%
7%
6%
3%
2%
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033+
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Note: Office income includes signed leases.

Office market – Sydney CBD

» Sydney CBD recorded net absorption of -27,266sqm over 2022. Relocation activity out of older stock resulted in secondary grade net absorption of -32,470sqm, whilst prime grade stock recorded positive net absorption of 5,204sqm. Demand in prime space was driven by strong levels of precommitment in new office completions as well as organisations upgrading into better quality office accommodation. The total Sydney CBD vacancy rate increased by 0.3 pps to 14.0% in the quarter.
» 164,296sqm of office space was delivered over the year, with key projects including ‘Quay Quarter’ at 50 Bridge Street and ‘Salesforce Tower’ at 180 George Street, which delivered 88,000sqm and 57,965sqm respectively. There were nine withdrawals over the year which removed 108,610sqm of stock. A large portion of these withdrawals (42,378sqm) were a result of the Hunter Street metro station development.
» Over the past 12 months prime net face rents increased by 5.6% to $1,301 per sqm per annum. Prime incentives remain elevated, increasing marginally over the course of 2022 by 32 bps to 34.6%. Prime net effective rents increased by 4.7% over 2022.
» Average midpoint prime yields have softened by 25 bps over 2022 to 4.82%.

Sydney CBD: Demand, supply and vacancy

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300,000 20%
200,000 20 year vacancy avg. 8.7% 14.0% 15%
10%
100,000
55,686 5%
– 0%
-27,266 -5%
-100,000
-10%
-200,000
-15%
-300,000 -20%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS)
sqm per annum
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-22
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Sydney CBD: Rents and incentives*

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$1,400 $1,301 40%
+5.6%
$1,200 34.6%+32 bps
30%
$1,000
$800 20%
$686
$600 4.7%
10%
$400
$200 0%
Net face rent (LHS) Net effective rent (LHS) Gross incentive (RHS)
Sydney CBD: Upper and lower Prime yields
10%
9%
8%
7%
6% 5.25%
5%
4.38%
4%
3.60%
3%
2%
1%
0%
10 year bond yield Upper Prime Lower Prime
$/sqm per annum
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-22
Yield
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 -22
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Source: JLL Research 4Q 2022, 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 20 year vacancy average calculated as 2003–2022.

THE GPT GROUP | 2022 ANNUAL RESULT | OFFICE PORTFOLIO

Office market – Melbourne CBD

» Melbourne CBD recorded net absorption of -13,789sqm in 2022. Net absorption was weaker in secondary stock with -19,776sqm of net absorption recorded over 2022, whilst prime stock recorded positive net absorption of 5,987sqm. Total vacancy remains elevated, increasing to 15.4% in 4Q22.
» Office stock in the Melbourne CBD totals 5.21 million sqm. There was only one major office completion recorded in the CBD which was 637 Flinders Street (25,112sqm) 4Q22. There were no withdrawals from stock recorded over 2022.
» Over the past 12 months prime net face rents increased by 2.5% to $646 per sqm per annum. Prime incentives remain elevated, increasing marginally over the course of 2022 to 39.2%. Prime net effective rents increased by 0.1% over 2022.
» Average midpoint prime yields have softened 25 bps over 2022 to 5.00%.

Melbourne CBD: Demand, supply and vacancy

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400,000 20%
300,000 15.4% 15%
20 year vacancy avg. 8.2%
200,000 10%
100,000 5%
– 5,474 0%
-13,789
-100,000 -5%
-200,000 -10%
-300,000 -15%
-400,000 -20%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS)
sqm per annum
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-22
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Melbourne CBD: Rents and incentives*

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$800 39.2% 40%
+98 bps
$646 30%
+2.5%
$600
20%
$400
$354+0.1% 10%
$200 0%
Net face rent (LHS) Net effective rent (LHS) Net incentive (RHS)
Melbourne CBD: Upper and lower Prime yields
10%
9%
8%
7%
6% 5.75%
5%
4% 4.25%
3.60%
3%
2%
1%
0%
10 year bond yield Upper Prime Lower Prime
$/sqm per annum
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-22
Yield
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-22
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Source: JLL Research 4Q 2022, GPT Research.

Change during the past 12 months.

Office market – Brisbane CBD

» Brisbane CBD recorded positive net absorption of 56,399sqm in 2022, which is the largest positive annual result since 2011. Net absorption in prime office accommodation totalled 63,207sqm, whilst secondary stock recorded net absorption of -6,808sqm. The total vacancy rate decreased 1.6 pps to 13.9% over 2022.
» One major office project completed in the market which was 80 Ann Street (60,242sqm). There were six withdrawals over the year which removed 36,494sqm from Brisbane CBD office stock.
» Over the past 12 months prime net face rents increased by 5.2% to $674 per sqm per annum. Prime incentives remained stable at 42.9%. Prime net effective rents increased by 2.5% over 2022.
» Average midpoint prime yields have softened 25 bps over 2022 to 5.88%.

Brisbane CBD: Demand, supply and vacancy

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300,000 20%
200,000 13.9% 15%
20 year vacancy avg. 10.0% 10%
100,000
56,399 5%
– 22,718 0%
-5%
-100,000
-10%
-200,000
-15%
-300,000 -20%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS)
sqm per annum
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-22
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Brisbane CBD: Rents and incentives*

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$800 50%
42.9%
0 bps
$674 40%
+5.2%
$600
30%
20%
$400
10%
$263
+2.5%
$200 0%
Net face rent (LHS) Net effective rent (LHS) Gross incentive (RHS)
Brisbane CBD: Upper and lower Prime yields
10%
9%
8%
7% 6.50%
6%
5% 5.25%
4%
3.60%
3%
2%
1%
0%
10 year bond yield Upper Prime Lower Prime
$/sqm per annum
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-22
Yield
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-22
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Source: JLL Research 4Q 2022, GPT Research.

Change during the past 12 months.

THE GPT GROUP | 2022 ANNUAL RESULT | OFFICE PORTFOLIO

Office market – Parramatta CBD

» Parramatta’s office market recorded net absorption of -67,830sqm in 2022. Secondary grade net absorption totalled -78,302sqm. On the other hand, prime stock recorded positive net absorption of 10,472sqm. The majority of tenants are showing a preference to the newest builds within the market, and this is where the majority of leasing activity is concentrated in. The total vacancy rate increased to 22.6%.
» The only completion of 2022 was 8 Parramatta Square (50,000sqm) which completed in 2Q22. There were eight withdrawals over the year which removed 8,882sqm from stock.
» Over the past 12 months prime net face rents decreased marginally by 1.0% to $591 per sqm per annum. Prime incentives remain elevated, increasing over the course of 2022 by 713 bps to 42.5%. Prime net effective rents decreased by 19.5% over 2022.
» Average prime yields have softened 25 bps over 2022 to 5.50%.

Parramatta CBD: Demand, supply and vacancy

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200,000 22.6% 25%
150,000 20%
15%
100,000 20 year vacancy avg. 8.4% 10%
50,000 41,118 5%
– 0%
-50,000 -5%
-67,830 -10%
-100,000
-15%
-150,000 -20%
-200,000 -25%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS)
sqm per annum
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-22
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Parramatta CBD: Rents and incentives*

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$800 50%
42.5%
+713 bps 40%
$591
$600 -1.0%
30%
20%
$400
$242-19.5% 10%
$200 0%
Net face rent (LHS) Net effective rent (LHS) Net incentive (RHS)
Parramatta CBD: Upper and lower Prime yields
10%
9%
8%
7%
6% 6.00%
5% 5.00%
4%
3.60%
3%
2%
1%
0%
10 year bond yield Upper Prime Lower Prime
$/sqm per annum
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-22
Yield
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-22
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Source: JLL Research 4Q 2022, GPT Research.

Change during the past 12 months.

Office market – North Sydney

» North Sydney’s office market recorded total net absorption of -18,535sqm in 2022. The prime market recorded net absorption of -41,216sqm whilst secondary stock recorded positive net absorption of 22,681sqm. Negative net absorption in the prime market was largely driven by a regrading of prime stock to secondary in 1Q22. The total vacancy rate increased to 17.6% over the year.
» Total stock decreased by 19,027sqm over 2022 which was driven by four withdrawals. There were no completions or refurbishments recorded in the market over 2022.
» Over the past 12 months prime net face rents increased by 6.9% to $916 per sqm per annum. Prime incentives remain elevated, increasing over the course of 2022 by 166 bps to 37.1%. Prime net effective rents increased by 3.1% over 2022, driven by the strong uplift of face rents over the year.
» Average prime yields have softened 32 bps over 2022 to 5.19%.

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North Sydney: Demand, supply and vacancy
200,000 20%
17.6%
150,000 15%
20 year vacancy avg. 10.8%
100,000 10%
50,000 5%
– -18,535 0%
-50,000 -19,027 -5%
-100,000 -10%
-150,000 -15%
-200,000 -20%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS)
sqm per annum
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-22
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North Sydney: Rents and incentives*

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$1,000 50%
$916
+6.9%
$800 37.1%+166 bps 40%
30%
$600
$520+3.1% 20%
$400
10%
$200 0%
Net face rent (LHS) Net effective rent (LHS) Net incentive (RHS)
North Sydney: Upper and lower Prime yields
10%
9%
8%
7%
6% 5.63%
5% 4.75%
4%
3.60%
3%
2%
1%
0%
10 year bond yield Upper Prime Lower Prime
$/sqm per annum
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-22
Yield
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-22
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Source: JLL Research 4Q 2022, GPT Research.

Change during the past 12 months.

THE GPT GROUP | 2022 ANNUAL RESULT | OFFICE PORTFOLIO

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THE GPT GROUP | 2022 ANNUAL RESULT | OFFICE PORTFOLIO
----- End of picture text -----

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

82
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Liberty Place, Sydney
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Logistics Portfolio

Annual Result 2022

Logistics portfolio overview

GPT’s logistics portfolio consists of ownership in 70 high quality investment assets located across Australia together with a landbank for future development. The portfolio of $4.5 billion includes assets held on the Group’s balance sheet and an interest in the GPT QuadReal Logistics Trust (GQLT).

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1 Townsville
NT
QLD
WA 12 Brisbane
SA
Perth 4 NSW 1 Newcastle
Adelaide 5 1 27 Sydney
VIC Canberra
19 Melbourne
l Number of investment assets in each state
TAS
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» 128 Andrews Road, Penrith

New South Wales

» 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 » 16-34 Templar Road, Erskine Park » 36-52 Templar Road, Erskine Park » 54-70 Templar Road, Erskine Park » 67-75 Templar Road, Erskine Park » 29-55 Lockwood Road, Erskine Park
» 83 Derby Street, Silverwater
» Sydney Olympic Park Town Centre[1]
» Quad 1, Sydney Olympic Park
» Quad 4, Sydney Olympic Park
» 372-374 Victoria Street, Wetherill Park
» 38 Pine Road, Yennora » 38A Pine Road, Yennora
» 57-87 Lockwood Road, Erskine Park » 88-99 Lockwood Road, Erskine Park
» 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

» 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
» 143 Foundation Road, Truganina
» 399 Boundary Road, Truganina
» 1 Hurst Drive, Tarneit (50.1%)[2]
» 235-239 Boundary Road, Laverton North
» 79 Cherry Lane, Laverton North
» 16 Henderson Road, Knoxfield
» Austrak Business Park, Somerton (50%)
» Keylink Estate – South, Keysborough (50.1%)[2]

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
» 100 Metroplex Place, Wacol (50.1%)[2]
» 2 Ironbark Close, Berrinba
» 30 Ironbark Close, Berrinba
» 1 Wattlebird Court, Berrinba
» 2 Wattlebird Court, Berrinba
» 102-108 Magnesium Drive, Crestmead
» 248 Fleming Road, Tingalpa
» 48 Miller Street, Murarrie
» 18 Gorrick Court, Bundamba (50.1%)[2]
» 4 Enterprise Street, Wulkuraka
» 15 Northern Link Circuit, Townsville

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
Held in inventory, includes properties at 3 Figtree Drive and 6 Herb Elliott Avenue, Sydney Olympic Park.
Assets held in the GQLT.

Note: All totals and averages are based on GPT’s balance sheet portfolio and weighted interest in the GQLT. All totals and averages exclude Rosehill Business Park, Camellia and Citiport Business Park, Port Melbourne unless otherwise stated (assets contracted for sale).

THE GPT GROUP | 2022 ANNUAL RESULT | LOGISTICS PORTFOLIO

Logistics portfolio summary

Top ten tenants[1] As at 31 December 2022

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Scott’s
Refrigerated
Coles Group IVE Group Toll DHL Logistics
10.3% 5.8% 4.6% 3.8% 3.6%
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3.6% 3.1% 2.4% 2.4% 2.3%
FedEx Pact Group Visy Glass Goodman Asahi
Fielder
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Geographic weighting[2] As at 31 December 2022

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NSW 47% SA 2%
VIC 33% WA 2%
QLD 16% ACT 1%
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Based on net rent.
Excludes assets under development.

Lease expiry profile

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

Lease expiry profile
(by income)
19%
15%
15%
11% 10%
9%
8%
7%
3%
2%
1%
2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033+
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Note: Includes signed leases.

THE GPT GROUP | 2022 ANNUAL RESULT | LOGISTICS PORTFOLIO

Income and fair value schedule

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Income 12 months to
31 Dec ($m) Fair Value Reconciliation
Fair Value Development Maintenance Lease Acquisitions Net Other Fair Value % of
31 Dec 21 & Other Capex Capex Incentives & Sales Revaluations Adjustments 31 Dec 22 Portfolio
2021 2022 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
----- End of picture text -----

NSW 10 Interchange Drive, Eastern Creek 2.0 2.1 0.1 54 Eastern Creek Drive, Eastern Creek 3.0 3.1 0.1 50 Old Wallgrove Road, Eastern Creek 3.8 3.8 0.0 16-34 Templar Road, Erskine Park 4.2 4.3 0.1 36-52 Templar Road, Erskine Park 6.4 6.6 0.2 54-70 Templar Road, Erskine Park 11.4 11.7 0.3 67-75 Templar Road, Erskine Park 2.1 1.6 (0.5) 29-55 Lockwood Road, Erskine Park 6.2 6.3 0.1 57-87 & 89-99 Lockwood Road, Erskine Park 5.6 5.5 (0.1) 128 Andrews Road, Penrith 4.2 4.3 0.1 42 Cox Place, Glendenning Completed Feb 2021 1.8 2.2 0.4 407 Pembroke Road, Minto 2.2 2.2 0.0 4 Holker Street, Newington 2.4 2.5 0.1 83 DerbyStreet, Silverwater 2.6 2.4 (0.2) SydneyOlympic Park Town Centre 2.5 0.6 (1.9) Quad 1, SydneyOlympic Park 2.0 2.0 0.0 Quad 4, SydneyOlympic Park 3.7 3.7 0.0 372-374 Victoria Street, Wetherill Park 2.2 2.2 0.0 38 Pine Road, Yennora 4.0 4.1 0.1 38A Pine Road, Yennora 0.7 0.7 0.0 18-24 Abbott Road, Seven Hills 2.4 2.4 0.0 1A Huntingwood Drive, Huntingwood 2.9 2.6 (0.3)
	47.7 – – – – 1.3 – 49.0 1.0
	74.5 – – – – 2.0 – 76.5 1.6
	100.5 – 0.1 – – 1.2 – 101.8 2.2
	77.0 – 0.1 – – 3.7 – 80.8 1.7
	148.3 0.3 0.3 – – 0.6 – 149.5 3.2
	202.2 – – – – (1.2) – 201.0 4.2
	39.8 0.1 – 0.3 – 1.0 – 41.2 0.9
	148.0 – 1.0 – – (1.0) – 148.0 3.1
	124.1 – 0.1 – – 3.9 – 128.1 2.7
	105.7 – – – – 4.3 – 110.0 2.3
	52.7 (0.1) – – – 2.7 – 55.3 1.2
	45.5 – – 0.1 – (0.1) – 45.5 1.0
	50.0 – – – – (2.0) – 48.0 1.0
	56.1 – – – – 1.2 – 57.3 1.2
	54.8 1.6 0.2 0.1 – (1.7) (55.0) – –
	32.0 1.0 – 0.3 – (4.8) – 28.5 0.6
	60.0 – 0.1 0.8 – 0.1 – 61.0 1.3
	40.2 – 0.3 – – 1.5 – 42.0 0.9
	83.3 – 0.1 – – 23.6 – 107.0 2.3
	15.5 – – – – 1.2 – 16.7 0.4
	55.0 0.1 0.1 – – 0.6 – 55.8 1.2
	63.3 – 0.1 – – 0.1 – 63.5 1.3

	Income 12 months to 31 Dec($m) 2021 2022 Variance 1.5 1.5 0.0 1.2 1.4 0.2 2.4 2.5 0.1 2.5 2.6 0.1 1 – 0.2 0.2 1 0.1 1.3 1.2 1.6 1.6 0.0 6.8 6.7 (0.1) 5.6 5.1 (0.5) 1 0.2 1.8 1.6 0.7 0.8 0.1 1 0.1 0.6 0.5 2.1 2.2 0.1 1 0.1 1.9 1.8 1 0.7 2.3 1.6 2.0 2.1 0.1 4.9 5.0 0.1 2 – 0.4 0.4 1.1 1.1 0.0 1 1.0 2.8 1.8 1 0.1 1.7 1.6 1 0.1 1.3 1.2 11.2 12.1 0.9	Fair Value Reconciliation
		Fair Value 31 Dec 21 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 22 ($m) % of Portfolio (%)
1B Huntingwood Drive, Huntingwood		34.3 – 0.1 – – 1.1 – 35.5 0.8
104 Vanessa Street, Kingsgrove		34.0 – 0.1 0.2 – (0.5) – 33.8 0.7
64 Biloela Street, Villawood		48.0 0.1 0.5 – – 1.9 – 50.5 1.1
30-32 Bessemer Street, Blacktown		46.5 – 0.3 – – 2.2 – 49.0 1.0
21 PipeclayAvenue, Thornton Acquired Nov 202		4.0 – – – – 0.1 – 4.1 0.1
ACT
12 FauldingStreet, Symonston Acquired Nov 202		22.6 – – – – (2.1) – 20.5 0.4
VIC
21-23 WirrawayDrive, Port Melbourne		36.5 – – – – (3.0) – 33.5 0.7
Citiwest Industrial Estate, Altona North		154.0 – 0.4 0.8 – (1.3) – 153.9 3.3
Sunshine Business Estate, Sunshine		108.0 – – – – 4.0 – 112.0 2.4
521 GeelongRoad, Brooklyn Acquired Nov 202		50.9 – – – – 1.6 – 52.5 1.1
396 Mount Derrimut Road, Derrimut		18.8 – – 0.2 – – – 19.0 0.4
40 Fulton Drive, Derrimut Acquired Nov 202		17.2 – – – – (0.4) – 16.8 0.4
21 ShinyDrive, Truganina		55.5 – – – – 1.0 – 56.5 1.2
2 ProsperityStreet, Truganina Completed Dec 202		49.0 (0.2) – – – 2.7 – 51.5 1.1
25 Niton Drive, Truganina Completed Sep202		59.0 (0.4) – – – 3.9 – 62.5 1.3
1 Botero Place, Truganina		54.5 – – – – (1.0) – 53.5 1.1
Foundation Estate, Truganina		148.0 – 0.1 – – (10.1) – 138.0 2.9
143 Foundation Road, Truganina Completed Jul 202		8.0 10.6 – – – 4.4 – 23.0 0.5
399 BoundaryRoad, Truganina		27.0 – 0.1 – – 1.2 – 28.3 0.6
235-239 Boundary Road, Laverton North Acquired Aug 202		72.8 – – – – (1.0) – 71.8 1.5
79 CherryLane, Laverton North Acquired Nov 202		48.3 – – – – (2.5) – 45.8 1.0
16 Henderson Road, Knoxfeld Acquired Nov 202		34.2 – – – – (1.4) – 32.8 0.7
Austrak Business Park, Somerton		255.3 – 0.7 0.4 – (1.1) – 255.3 5.4

THE GPT GROUP | 2022 ANNUAL RESULT | LOGISTICS PORTFOLIO

	Income 12 months to 31 Dec($m) 2021 2022 Variance 0 0.1 – (0.1) 8.0 8.2 0.2 1.0 1.0 0.0 2.6 2.7 0.1 1.6 1.6 0.0 1 0.5 1.8 1.3 2 – 0.1 0.1 1 0.1 1.0 0.9 1 0.1 1.2 1.1 1 0.2 1.9 1.7 1 0.4 4.2 3.8 1 0.1 1.4 1.3 1 0.1 0.9 0.8 1 0.1 1.0 0.9 1 0.1 1.3 1.2 1 – 0.3 0.3 1 0.1 1.8 1.7	Fair Value Reconciliation
		Fair Value 31 Dec 21 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 22 ($m) % of Portfolio (%)
QLD
16–28 QuarryRoad, Yatala Divested Dec 202		– – – – – – – – –
59 Forest Way, Karawatha		157.5 – – – – (5.5) – 152.0 3.2
55 Whitelaw Place, Wacol		23.3 – – – – (0.6) – 22.7 0.5
2 Ironbark Close, Berrinba		66.3 – – – – – – 66.3 1.4
30 Ironbark Close, Berrinba		34.7 0.2 – – – 4.6 – 39.5 0.8
1 Wattlebird Court, Berrinba Completed Jul 202		40.6 (0.1) – – – 1.5 – 42.0 0.9
2 Wattlebird Court, Berrinba Completed Dec 202		15.1 28.0 – – – 12.7 – 55.8 1.2
102-108 Magnesium Drive, Crestmead Acquired Nov 202		26.8 – – – – (0.9) – 25.9 0.5
248 FlemingRoad, Tingalpa Acquired Nov 202		29.6 – – – – (0.2) – 29.4 0.6
48 Miller Street, Murarrie Acquired Nov 202		39.8 – – – – (3.1) – 36.7 0.8
4 Enterprise Street, Wulkuraka Acquired Nov 202		117.5 – – – – (14.5) – 103.0 2.2
15 Northern Link Circuit, Townsville Acquired Nov 202		28.7 – – 1.3 – – – 30.0 0.6
SA
1 VimyAvenue, Adelaide Airport Acquired Nov 202		20.2 – – – – (0.1) – 20.1 0.4
26 Butler Boulevard, Adelaide Airport Acquired Nov 202		16.5 – – 0.5 – 0.7 – 17.7 0.4
176 Eastern Parade, Gillman Acquired Nov 202		19.5 – – – – (0.5) – 19.0 0.4
1A Symonds Street, Royal Park Acquired Nov 202		6.8 – – – – – – 6.8 0.1
6-10 Senna Road, Wingfeld Acquired Nov 202		38.5 – – – – (1.8) – 36.7 0.8

	Income 12 months to 31 Dec($m) 2021 2022 Variance 1 0.1 1.1 1.0 1 0.1 1.3 1.2 1 0.1 0.4 0.3 1 – 0.3 0.3 – – – – – – – – – – – – 2 – – – 0.6 4.1 3.5 6.4 5.3 (1.1) 5.2 5.2 – – – – 2 – 0.1 0.1 2 – 0.2 0.2 2 – 0.1 0.1 1 0.7 – (0.7) 152.6 184.4 31.8	Fair Value Reconciliation
		Fair Value 31 Dec 21 ($m) Development & Other Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions & Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 31 Dec 22 ($m) % of Portfolio (%)
WA
15 Modal Crescent, Canning Vale Acquired Nov 202		23.8 – – – – 0.7 – 24.5 0.5
23 Destiny Way, Wangara Acquired Nov 202		25.5 – – – – 0.3 – 25.8 0.5
50 Triumph Avenue, Wangara Acquired Nov 202		7.3 – – – – 0.7 – 8.0 0.2
56 Triumph Avenue, Wangara Acquired Nov 202		4.9 – – – – 0.2 – 5.1 0.1
Assets Under Development
Yiribana Logistics Estate – East, Mamre Road, Kemps Creek		147.7 8.2 – – – – – 155.9 3.3
407 Pembroke Road, Minto		13.3 0.2 – – – (0.2) – 13.3 0.3
The Gateway Logistics Hub, Stages 4-6, Truganina		30.6 31.3 – – – 14.4 – 76.3 1.6
Austrak Business Park, Somerton		64.8 3.0 – – – (3.0) – 64.8 1.4
865 Boundary Road, Truganina Acquired Jul 202		– 5.6 – – 28.1 – – 33.7 0.7
Equity Interests
GPT Equity Interest in GQLT (50.1%)1		100.5 – – – – 5.8 134.7 241.0 5.1
Assets Held for Sale
Rosehill Business Park, Camellia2		118.0 3.7 – 1.6 – 14.0 – 137.3 2.9
Citiport Business Park, Port Melbourne2		117.5 0.1 0.3 1.1 – 0.3 – 119.3 2.5
Sydney Olympic Park Town Centre3		– – – – – – 55.0 55.0 1.2
2-8 Ridley Close, Cairns Divested Dec 202		2.5 – – – (2.4) – (0.1) – –
16 Anictomatis Road, Berrimah Divested Dec 202		3.0 – – – (2.8) – (0.2) – –
229 Kennedy Drive, Cambridge Divested Dec 202		2.9 – – – (2.8) – (0.1) – –
Sydney Olympic Park Town Centre – Metro Assets Divested Mar 202		– – – – – – – – –
Total Logistics Portfolio		4,406.3 93.3 5.1 7.7 20.1 63.4 134.3 4,730.2 100.0

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.
Held for sale with settlement expected in 1H 2023.
Held in inventory, includes properties at 3 Figtree Drive and 6 Herb Elliott Avenue, Sydney Olympic Park.

THE GPT GROUP | 2022 ANNUAL RESULT | LOGISTICS PORTFOLIO

Logistics portfolio summary

Logistics portfolio summary
State Ownership (%) GLA (100% Interest) (sqm) 31 Dec 22 Fair Value ($m) 31 Dec 22 Cap Rate (%)	Logistics Occupancy (By Area) WALE by Income (Years) Actual (%) Inc. Signed Leases (%) Inc. Heads of Agreement (%)
GPT Portfolio
10 Interchange Drive, Eastern Creek NSW 100 15,200 49.0 4.25	100.0 100.0 100.0 4.8
54 Eastern Creek Drive, Eastern Creek NSW 100 25,400 76.5 4.13	100.0 100.0 100.0 2.1
50 Old Wallgrove Road, Eastern Creek NSW 100 30,100 101.8 4.25	100.0 100.0 100.0 4.1
16-34 Templar Road, Erskine Park NSW 100 15,200 80.8 4.13	100.0 100.0 100.0 6.5
36-52 Templar Road, Erskine Park NSW 100 24,500 149.5 4.13	100.0 100.0 100.0 12.1
54-70 Templar Road, Erskine Park NSW 100 21,000 201.0 4.25	100.0 100.0 100.0 12.5
67-75 Templar Road, Erskine Park NSW 100 12,800 41.2 4.25	100.0 100.0 100.0 4.1
29-55 Lockwood Road, Erskine Park NSW 100 32,200 148.0 4.13	100.0 100.0 100.0 7.0
57-87 & 89-99 Lockwood Road, Erskine Park NSW 100 37,700 128.1 4.25	100.0 100.0 100.0 7.5
128 Andrews Road, Penrith NSW 100 50,200 110.0 4.25	100.0 100.0 100.0 7.7
42 Cox Place, Glendenning NSW 100 17,200 55.3 4.25	100.0 100.0 100.0 8.2
407 Pembroke Road, Minto NSW 50 15,400 45.5 4.38	100.0 100.0 100.0 1.9
4 Holker Street, Newington NSW 100 7,400 48.0 5.25	100.0 100.0 100.0 3.7
83 DerbyStreet, Silverwater NSW 100 17,000 57.3 4.25	100.0 100.0 100.0 3.0
SydneyOlympic Park Town Centre NSW 100 9,200 55.0 N/A	– – 73.2 –
Quad 1, SydneyOlympic Park NSW 100 4,700 28.5 6.25	85.9 85.9 85.9 2.0
Quad 4, SydneyOlympic Park NSW 100 7,600 61.0 5.50	100.0 100.0 100.0 9.0
372-374 Victoria Street, Wetherill Park NSW 100 20,500 42.0 5.00	100.0 100.0 100.0 2.2
38 Pine Road, Yennora NSW 100 33,200 107.0 4.50	100.0 100.0 100.0 4.2
38A Pine Road, Yennora NSW 100 4,800 16.7 4.38	100.0 100.0 100.0 2.2
18-24 Abbott Road, Seven Hills NSW 100 18,100 55.8 4.38	100.0 100.0 100.0 1.7
1A Huntingwood Drive, Huntingwood NSW 100 21,100 63.5 4.13	100.0 100.0 100.0 4.6

State Ownership (%) GLA (100% Interest) (sqm) 31 Dec 22 Fair Value ($m) 31 Dec 22 Cap Rate (%)	Logistics Occupancy (By Area) WALE by Income (Years) Actual (%) Inc. Signed Leases (%) Inc. Heads of Agreement (%)
1B Huntingwood Drive, Huntingwood NSW 100 11,300 35.5 4.13	100.0 100.0 100.0 2.7
104 Vanessa Street, Kingsgrove NSW 100 7,100 33.8 4.25	100.0 100.0 100.0 7.6
64 Biloela Street, Villawood NSW 100 23,300 50.5 5.00	100.0 100.0 100.0 4.5
30-32 Bessemer Street, Blacktown NSW 100 20,100 49.0 4.75	100.0 100.0 100.0 3.0
21 PipeclayAvenue, Thornton NSW 100 1,400 4.1 4.63	100.0 100.0 100.0 7.8
12 FauldingStreet, Symonston ACT 100 3,300 20.5 5.25	100.0 100.0 100.0 2.1
21-23 WirrawayDrive, Port Melbourne VIC 100 7,200 33.5 4.88	100.0 100.0 100.0 3.0
Citiwest Industrial Estate, Altona North VIC 100 90,100 153.9 4.69	100.0 100.0 100.0 2.4
Sunshine Business Estate, Sunshine VIC 100 52,800 112.0 4.50	100.0 100.0 100.0 3.9
521 GeelongRoad, Brooklyn VIC 100 12,600 52.5 N/A	100.0 100.0 100.0 6.3
396 Mount Derrimut Road, Derrimut VIC 100 10,700 19.0 4.50	100.0 100.0 100.0 3.0
40 Fulton Drive, Derrimut VIC 100 6,500 16.8 4.13	100.0 100.0 100.0 7.8
21 ShinyDrive, Truganina VIC 100 26,500 56.5 4.25	100.0 100.0 100.0 3.5
2 ProsperityStreet, Truganina VIC 100 24,000 51.5 4.25	100.0 100.0 100.0 4.0
25 Niton Drive, Truganina VIC 100 29,800 62.5 4.25	100.0 100.0 100.0 3.7
1 Botero Place, Truganina VIC 100 23,800 53.5 4.25	100.0 100.0 100.0 7.4
Foundation Estate, Truganina VIC 100 44,100 138.0 4.25	100.0 100.0 100.0 6.1
143 Foundation Road, Truganina VIC 100 10,700 23.0 4.25	100.0 100.0 100.0 6.6
399 BoundaryRoad, Truganina VIC 100 11,900 28.3 4.25	100.0 100.0 100.0 6.2
235-239 BoundaryRoad, Laverton North VIC 100 33,500 71.8 4.13	100.0 100.0 100.0 3.5
79 CherryLane, Laverton North VIC 100 17,000 45.8 4.13	100.0 100.0 100.0 15.7
16 Henderson Road, Knoxfeld VIC 100 12,200 32.8 4.13	100.0 100.0 100.0 9.8
Austrak Business Park, Somerton VIC 50 193,700 255.3 4.25	100.0 100.0 100.0 3.3
59 Forest Way, Karawatha QLD 100 44,000 152.0 4.50	100.0 100.0 100.0 6.2
55 Whitelaw Place, Wacol QLD 100 5,600 22.7 4.25	100.0 100.0 100.0 9.4

THE GPT GROUP | 2022 ANNUAL RESULT | LOGISTICS PORTFOLIO

State Ownership (%) GLA (100% Interest) (sqm) 31 Dec 22 Fair Value ($m) 31 Dec 22 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 4.25	100.0 100.0 100.0 7.2
30 Ironbark Close, Berrinba QLD 100 14,400 39.5 4.63	100.0 100.0 100.0 1.1
1 Wattlebird Court, Berrinba QLD 100 16,300 42.0 4.50	100.0 100.0 100.0 4.5
2 Wattlebird Court, Berrinba QLD 100 21,900 55.8 4.50	100.0 100.0 100.0 6.3
102-108 Magnesium Drive, Crestmead QLD 100 8,800 25.9 4.13	100.0 100.0 100.0 9.2
248 FlemingRoad, Tingalpa QLD 100 5,200 29.4 4.38	100.0 100.0 100.0 3.5
48 Miller Street, Murarrie QLD 100 4,000 36.7 4.75	100.0 100.0 100.0 5.9
4 Enterprise Street, Wulkuraka QLD 100 25,900 103.0 4.25	100.0 100.0 100.0 18.7
15 Northern Link Circuit, Townsville QLD 100 4,800 30.0 4.63	100.0 100.0 100.0 9.0
1 VimyAvenue, Adelaide Airport SA 100 9,800 20.1 4.50	100.0 100.0 100.0 6.4
26 Butler Boulevard, Adelaide Airport SA 100 6,800 17.7 4.50	100.0 100.0 100.0 7.9
176 Eastern Parade, Gillman SA 100 6,800 19.0 5.00	100.0 100.0 100.0 3.0
1A Symonds Street, Royal Park SA 100 2,700 6.8 4.25	100.0 100.0 100.0 7.8
6-10 Senna Road, Wingfeld SA 100 13,400 36.7 4.75	100.0 100.0 100.0 3.5
15 Modal Crescent, CanningVale WA 100 9,600 24.5 4.75	100.0 100.0 100.0 7.8
23 DestinyWay, Wangara WA 100 4,600 25.8 5.25	100.0 100.0 100.0 1.7
50 Triumph Avenue, Wangara WA 100 3,700 8.0 5.25	100.0 100.0 100.0 3.0
56 Triumph Avenue, Wangara WA 100 2,800 5.1 5.50	100.0 100.0 100.0 2.7
GQLT Portfolio(GPT share 50.1%)
1 Hurst Drive, Tarneit VIC 100 70,100 148.5 4.13	100.0 100.0 100.0 9.5
Keylink Estate – South, Keysborough1 VIC 100 38,100 89.8 4.13	100.0 100.0 100.0 9.7
100 Metroplex Place, Wacol QLD 100 17,100 45.4 4.50	100.0 100.0 100.0 4.4
18 Gorrick Court, Bundamba QLD 100 12,500 41.0 4.25	100.0 100.0 100.0 5.4
GPT Weighted Total 1,483,500 4.40	99.2 99.2 99.8 6.2

Note: Excludes assets under development and assets contracted for sale.

Cap rate for the Keylink Estate is inclusive of South and North components. North component is under development with completion expected in 1H 2023. Excluded from portfolio average cap rate.

Independent valuation summary

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

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

10 Interchange Drive, Eastern Creek	NSW	100%	31 Dec 22	Savills	49.0	4.25
54 Eastern Creek Drive, Eastern Creek	NSW	100%	31 Dec 22	CBRE	76.5	4.13
50 Old Wallgrove Road, Eastern Creek	NSW	100%	31 Dec 22	Knight Frank	101.8	4.25
16-34 Templar Road, Erskine Park	NSW	100%	31 Dec 22	Colliers	80.8	4.13
36-52 Templar Road, Erskine Park	NSW	100%	31 Dec 22	JLL	149.5	4.13
54-70 Templar Road, Erskine Park	NSW	100%	31 Dec 22	Colliers	201.0	4.25
67-75 Templar Road, Erskine Park	NSW	100%	31 Dec 22	Colliers	41.2	4.25
29-55 Lockwood Road, Erskine Park	NSW	100%	31 Dec 22	Savills	148.0	4.13
57-87 & 89-99 Lockwood Road, Erskine Park	NSW	100%	31 Dec 22	Colliers	128.1	4.25
128 Andrews Road, Penrith	NSW	100%	31 Dec 22	Knight Frank	110.0	4.25
42 Cox Place, Glendenning	NSW	100%	31 Dec 22	Colliers	55.3	4.25
407 Pembroke Road, Minto	NSW	50%	31 Dec 22	JLL	45.5	4.38
4 Holker Street, Newington	NSW	100%	31 Dec 22	Knight Frank	48.0	5.25
83 Derby Street, Silverwater	NSW	100%	31 Dec 22	Colliers	57.3	4.25
Sydney Olympic Park Town Centre	NSW	100%	31 Dec 22	Knight Frank	55.0	N/A
Quad 1, Sydney Olympic Park	NSW	100%	31 Dec 22	Knight Frank	28.5	6.25
Quad 4, Sydney Olympic Park	NSW	100%	31 Dec 22	Knight Frank	61.0	5.50
372-374 Victoria Street, Wetherill Park	NSW	100%	31 Dec 22	CBRE	42.0	5.00
38 Pine Road, Yennora	NSW	100%	31 Dec 22	CBRE	107.0	4.50
38A Pine Road, Yennora	NSW	100%	31 Dec 22	Knight Frank	16.7	4.38
18-24 Abbott Road, Seven Hills	NSW	100%	31 Dec 22	Colliers	55.8	4.38
1A Huntingwood Drive, Huntingwood	NSW	100%	31 Dec 22	Savills	63.5	4.13

THE GPT GROUP | 2022 ANNUAL RESULT | LOGISTICS PORTFOLIO

		Ownership			Valuation	Capitalisation Rate
	State	(%)	Date	Valuer	($m)	(%)
1B Huntingwood Drive, Huntingwood	NSW	100%	31 Dec 22	Savills	35.5	4.13
104 Vanessa Street, Kingsgrove	NSW	100%	31 Dec 22	JLL	33.8	4.25
64 Biloela Street, Villawood	NSW	100%	31 Dec 22	CBRE	50.5	5.00
30-32 Bessemer Street, Blacktown	NSW	100%	31 Dec 22	CBRE	49.0	4.75
21 Pipeclay Avenue, Thornton	NSW	100%	31 Dec 22	Savills	4.1	4.63
12 Faulding Street, Symonston	ACT	100%	31 Dec 22	Savills	20.5	5.25
21-23 Wirraway Drive, Port Melbourne	VIC	100%	31 Dec 22	CBRE	33.5	4.88
Citiwest Industrial Estate, Altona North	VIC	100%	31 Dec 22	Savills	153.9	4.69
Sunshine Business Estate, Sunshine	VIC	100%	31 Dec 22	CBRE	112.0	4.50
521 Geelong Road, Brooklyn	VIC	100%	31 Dec 22	Savills	52.5	N/A
396 Mount Derrimut Road, Derrimut	VIC	100%	31 Dec 22	CBRE	19.0	4.50
40 Fulton Drive, Derrimut	VIC	100%	31 Dec 22	Savills	16.8	4.13
21 Shiny Drive, Truganina	VIC	100%	31 Dec 22	CBRE	56.5	4.25
2 Prosperity Street, Truganina	VIC	100%	31 Dec 22	CBRE	51.5	4.25
25 Niton Drive, Truganina	VIC	100%	31 Dec 22	CBRE	62.5	4.25
1 Botero Place, Truganina	VIC	100%	31 Dec 22	CBRE	53.5	4.25
Foundation Estate, Truganina	VIC	100%	31 Dec 22	JLL	138.0	4.25
143 Foundation Road, Truganina	VIC	100%	31 Dec 22	JLL	23.0	4.25
399 Boundary Road, Truganina	VIC	100%	31 Dec 22	Colliers	28.3	4.25
235-239 Boundary Road, Laverton North	VIC	100%	31 Dec 22	CBRE	71.8	4.13
79 Cherry Lane, Laverton North	VIC	100%	31 Dec 22	Savills	45.8	4.13
16 Henderson Road, Knoxfeld	VIC	100%	31 Dec 22	Savills	32.8	4.13
Austrak Business Park, Somerton	VIC	50%	31 Dec 22	JLL	255.3	4.25
59 Forest Way, Karawatha	QLD	100%	31 Dec 22	Savills	152.0	4.50
55 Whitelaw Place, Wacol	QLD	100%	31 Dec 22	Savills	22.7	4.25

		Ownership			Valuation	Capitalisation Rate
	State	(%)	Date	Valuer	($m)	(%)
2 Ironbark Close, Berrinba	QLD	100%	31 Dec 22	JLL	66.3	4.25
30 Ironbark Close, Berrinba	QLD	100%	31 Dec 22	JLL	39.5	4.63
1 Wattlebird Court, Berrinba	QLD	100%	31 Dec 22	JLL	42.0	4.50
2 Wattlebird Court, Berrinba	QLD	100%	31 Dec 22	JLL	55.8	4.50
102-108 Magnesium Drive, Crestmead	QLD	100%	31 Dec 22	Savills	25.9	4.13
248 Fleming Road, Tingalpa	QLD	100%	31 Dec 22	Savills	29.4	4.38
48 Miller Street, Murarrie	QLD	100%	31 Dec 22	Savills	36.7	4.75
4 Enterprise Street, Wulkuraka	QLD	100%	31 Dec 22	Savills	103.0	4.25
15 Northern Link Circuit, Townsville	QLD	100%	31 Dec 22	Savills	30.0	4.63
1 Vimy Avenue, Adelaide Airport	SA	100%	31 Dec 22	Savills	20.1	4.50
26 Butler Boulevard, Adelaide Airport	SA	100%	31 Dec 22	Savills	17.7	4.50
176 Eastern Parade, Gillman	SA	100%	31 Dec 22	Savills	19.0	5.00
1A Symonds Street, Royal Park	SA	100%	31 Dec 22	Savills	6.8	4.25
6-10 Senna Road, Wingfeld	SA	100%	31 Dec 22	Savills	36.7	4.75
15 Modal Crescent, Canning Vale	WA	100%	31 Dec 22	Savills	24.5	4.75
23 Destiny Way, Wangara	WA	100%	31 Dec 22	Savills	25.8	5.25
50 Triumph Avenue, Wangara	WA	100%	31 Dec 22	Savills	8.0	5.25
56 Triumph Avenue, Wangara	WA	100%	31 Dec 22	Savills	5.1	5.50
GQLT Portfolio (GPT share 50.1%)
1 Hurst Drive, Tarneit	VIC	100%	31 Dec 22	Savills	148.5	4.13
Keylink Estate, Keysborough1	VIC	100%	31 Dec 22	Savills	130.9	4.13
100 Metroplex Place, Wacol	QLD	100%	31 Dec 22	JLL	45.4	4.50
18 Gorrick Court, Bundamba	QLD	100%	31 Dec 22	JLL	41.0	4.25

Note: Excludes assets under development and assets contracted for sale.

“As is” valuation for the Keylink Estate inclusive of South and North components. North component is under development with completion expected in 1H 2023.

THE GPT GROUP | 2022 ANNUAL RESULT | LOGISTICS PORTFOLIO

Logistics market – Sydney

» Take up in 2022 across Sydney totalled 685,000sqm. The Outer Central West and Outer South West precincts have driven demand, accounting for 69% of take up in 2022. The majority of demand came from transport users who made up 42% of take up.
» Completions in 2022 totalled 1,037,000sqm, which is significantly above the 10 year annual average, with 77% committed.
» Vacancy has reduced further to 0.2% in 2H 2022, and is the lowest vacancy rate nationwide.
» Prime net face rents grew 22.5% in the past 12 months, with continued elevated occupier activity. Prime incentives decreased by 3.5 percentage points over the same period.
» Average prime yields softened 63 bps to 4.31% over the past 12 months. The majority of this increase occurred in the last 6 months, with a slight compression in 1H 2022 to 3.57%, followed by an increase of 74.5 bps in 2H 2022.

Sydney industrial vacancy rate (>5,000sqm)

	2H 2022	1H 2022
Central West	0.3%	0.3%
Inner South West	0.0%	0.6%
North	0.0%	0.0%
North Sydney	0.0%	1.0%
South	0.7%	0.4%
Metropolitan West	0.0%	0.0%
Outer North West	0.2%	0.3%
Outer South West	0.2%	0.2%
Sydney average	0.2%	0.3%

Source: JLL 4Q 2022, CBRE 2H 2022, GPT Research. 10 year averages calculated 2012-2021.

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
2018 2019 2020 2021 2022
sqm
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Sydney industrial demand

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1,600,000 Pre-Lease and Design & Construct All Other
1,400,000
1,200,000
1,000,000 10 year average
800,000
600,000
400,000
200,000
2018 2019 2020 2021 2022
sqm
----- End of picture text -----

Logistics market – Melbourne

» Take up in 2022 across Melbourne totalled 1,449,000sqm. The West precinct has driven demand throughout Melbourne, accounting for 57% of total take up in 2022. The majority of demand came from transport users who made up 35% of take up, followed by retail trade users (28%).
» Completions in 2022 totalled 1,097,000sqm, double the 10 year annual average, with 68% committed.
» Vacancy in Melbourne held steady at 1.1% in 2H 2022.
» Prime net face rents grew 19.2% in the past 12 months, while prime incentives decreased by 5.8 percentage points over the same period. Rental growth in the market can be attributed to lack of supply in desirable locations combined with increased demand for space.
» Average prime yields softened 71 bps to 4.34% over the past 12 months. This increase has largely occurred in the second half.

Melbourne industrial vacancy rate (>5,000sqm)

	2H 2022	1H 2022
East & South East	2.1%	1.4%
North	0.5%	1.5%
West	0.5%	0.7%
City Fringe	0.0%	0.0%
Melbourne average	1.1%	1.1%

Source: JLL 4Q 2022, CBRE 2H 2022, GPT Research. 10 year averages calculated 2012-2021.

Melbourne industrial supply

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

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
2018 2019 2020 2021 2022
Melbourne industrial demand
2,000,000 Pre-Lease and Design & Construct All Other
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
2018 2019 2020 2021 2022
sqm
sqm
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THE GPT GROUP | 2022 ANNUAL RESULT | LOGISTICS PORTFOLIO

Logistics market – Brisbane

» Take up in 2022 across Brisbane totalled 777,000sqm. The Southern precinct continues to drive occupier demand, accounting for 74% of total take up in 2022. The industries driving demand over the year were transport users and manufacturers, which accounted for 33.9% and 29.7% of total take-up respectively.
» Completions in 2022 totalled 234,000sqm, which is below the 10 year average of 298,000sqm per annum, with the majority of this now leased.
» Vacancy tightened to 0.5% in 2H 2022, down from 1.4% in 1H 2022.
» Prime net face rents grew by 14.1% in the past 12 months, while prime incentives decreased by 9.8 percentage points over the same period. Scarcity of stock and increased demand for space has driven rental rates higher, especially across the Northern and Trade Coast precincts

Brisbane industrial supply

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

800,000
700,000
600,000
500,000
400,000
10 year average
300,000
200,000
100,000
2018 2019 2020 2021 2022
sqm
----- End of picture text -----

» Average prime yields softened 34 bps to 5.01% over the past 12 months. This increase in yields occurred in the second half of 2022 with a compression of 8bps in the first 6 months of 2022, and an increase of 42 bps in the last 6 months.

Brisbane industrial vacancy rate (>3,000sqm)

	2H 2022	1H 2022
Trade Coast	0.6%	0.9%
North	0.2%	0.2%
South	0.5%	1.7%
M1 Corridor	0.8%	2.6%
Western Corridor	0.6%	1.5%
Brisbane average	0.5%	1.4%

Source: JLL 4Q 2022, CBRE 2H 2022, GPT Research. 10 year averages calculated 2012-2021.

Brisbane industrial demand

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800,000 Pre-Lease and Design & Construct All Other
700,000
600,000
500,000 10 year average
400,000
300,000
200,000
100,000
2018 2019 2020 2021 2022
sqm
----- End of picture text -----

Logistics development track record

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

54-70 Templar Road, 36-52 Templar Road, 55 Whitelaw Place, 18-24 Abbott Road, 1A Huntingwood Drive, 54 Eastern Creek Drive,
Erskine Park NSW Erskine Park NSW Wacol QLD Seven Hills NSW Huntingwood NSW Eastern Creek NSW
1B Huntingwood Drive, 50 Old Wallgrove Road, 21 Shiny Drive, 2 Ironbark Close, 30 Ironbark Close,
Huntingwood NSW Eastern Creek NSW Gateway Logistics Hub, Wembley Business Wembley Business
Truganina VIC Park, Berrinba QLD Park, Berrinba QLD
38A Pine Road, 128 Andrews Road, 42 Cox Place, 1 Wattlebird Court, 25 Niton Drive, 2 Prosperity Street,
Yennora NSW Penrith NSW Glendenning NSW Wembley Business Gateway Logistics Gateway Logistics
Park, Berrinba QLD Hub, Truganina VIC Hub, Truganina VIC
100 Metroplex Place, 143 Foundation Road, 2 Wattlebird Court, 24A & 24B Niton Drive,
Wacol QLD Truganina VIC Wembley Business Gateway Logistics
Park, Berrinba QLD Hub, Truganina VIC
2015 2017
2018 2019 2020
2021
2022 2023
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Logistics development pipeline

			GPT Ownership	Underway	Pipeline	Estimated End
Project	Suburb	State	(%)	(sqm)	(sqm)	Value($m)	Estimated Timing
GatewayLogistics Hub	Truganina	VIC	100	31,600		75	2023
865 BoundaryRoad	Truganina	VIC	100		126,800	300	2023 – 2025
EppingEstate	Epping	VIC	50.1		134,400	330	2024 – 2026
Austrak Business Park	Somerton	VIC	50		121,300	100	2024 – 2026+
Yiribana Logistics Estate – East, Mamre Road	Kemps Creek	NSW	100		182,000	660	2023 – 2026+
Yiribana Logistics Estate – West, Mamre Road	Kemps Creek	NSW	50.1		38,900	160	2024 – 2025
Pembroke Road	Minto	NSW	50		19,500	25	2025 – 2026
149 & 153 Coulson Street	Wacol	QLD	50.1	17,500		40	2023
CrestLink Business Park	Crestmead	QLD	50.1		40,000	100	2023 – 2024
Apex Business Park	Bundamba	QLD	50.1	11,600	48,500	160	2023 – 2026+
Developmentpipeline(inclusive of underway projects)				60,700	711,400	1.9b

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

42 Cox Place, Glendenning, NSW

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Logistics development pipeline

149 & 153 Coulson Street Wacol, QLD

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~ [$]
3.2ha ~17,500sqm 40m
site located facility expected end value
in Brisbane on completion [1]
----- End of picture text -----

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

Artist’s impression
----- End of picture text -----

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

~15km ~35km ~30km Close proximity
to Brisbane to Port to Brisbane Ipswich
CBD of Brisbane Airport Motorway
----- End of picture text -----

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

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Logistics development pipeline

Apex Business Park Bundamba, QLD

~[$] 15.5ha ~60,100sqm 160m

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

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Artist’s impression
----- End of picture text -----

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

~30km ~45km ~40km Close proximity
to Brisbane to Port of to Brisbane Cunningham
CBD Brisbane Airport Highway and
Warrego Highway
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End value based on 100% ownership (GPT share 50.1%).

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5
----- End of picture text -----

Stage 1 15,000sqm

Stage 2

11,600sqm – underway

Stage 3 8,300sqm

Stage 4 25,200sqm

18 Gorrick Court 12,500sqm fund-through completed 2022

Denotes underway or completed stages.

Logistics development pipeline

CrestLink Business Park Crestmead, QLD

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

~ [$]
8.1ha ~40,000sqm 100m
site located in prime logistics space expected end value
Brisbane when complete on completion [1]
Two facilities of ~20,000sqm, with
Artist’s impression subdivision options from 4,100sqm
~25km ~35km ~35km Close proximity
to Brisbane to Port to Brisbane Logan Motorway
CBD of Brisbane Airport interchange
----- End of picture text -----

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C RE DP
----- End of picture text -----

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

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Logistics development pipeline

Gateway Logistics Hub Truganina, VIC

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~ [$]
280m
expected end value
on completion [1]
----- End of picture text -----

23.0ha

~139,100sqm prime logistics space when complete

site located in Melbourne’s West

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

HOUSEPUMP SPRINKLER TANK 2 STOREY500 SQMOFFICE FIRE ACCESS TRACK 1500 WATER TANK18500 400 SQMOFFICE 441.85 m (99° 57' 30")SITE BOUNDARY
2 STOREY500 SQMOFFICE 31,000 SQM (APPROX)STAGE 6WAREHOUSE INC. DOCK OFFICE 6 38000 WATER TANK STAGE 4 STAGE 513,110 13,202 SQMEXC. DOCK OFFICEEXC. DOCK OFFICE 45 SQM 400 SQM OFFICE 3000 3 2 1
401.62 m (279° 57' 40")SITE BOUNDARY 6m DRAINAGE EASEMENT TRUCK ENTRYTRUCK ENTRYENTRY/EXITCAR INTERNAL ROAD ELECTRICAL KIOSK
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
----- End of picture text -----

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Stage 6 due for completion
in 2H 2023 Artist’s impression
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21 Shiny Drive, Truganina 26,500sqm – completed 2019

2 Prosperity Street, Truganina 24,000sqm – completed 2021

25 Niton Drive, Truganina 29,800sqm – completed 2021

/ 5 24A & 24B Niton Drive, Truganina 27,200sqm – completed 2023

~20km ~20km ~20km B-Double to Melbourne to Port of to Melbourne approved road CBD Melbourne Airport network

30 Niton Drive, Truganina 31,600sqm – underway

Denotes underway or completed stages.

Inclusive of completed stages.

Logistics development pipeline

865 Boundary Road Truganina, VIC

Epping Estate Epping, VIC

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~ [$]
32.8ha ~126,800sqm 300m
site located in prime logistics space expected end value
Melbourne’s West when complete [1] on completion
RAVENHALL
865 BOUNDARY RD
TARNEIT
TRUGANINA
LAVERTON
~20km ~20km ~20km B-Double
to Melbourne to Port of to Melbourne approved road
CBD Melbourne Airport network
BOUNDARY RD
LEAKS RD
DOHERTY RD
HOPKINS RD
FITZGERALD RD
MOUNT DERRIMUT RD
ROBINSONS RD
ROBINSONS RD
STATION RD
----- End of picture text -----

~[$] 35.2ha ~134,400sqm 330m site located in prime logistics space expected end value Melbourne’s North when complete[1] on completion[2]

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Artist’s impression of comparable development product
----- End of picture text -----

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

~20km ~20km ~10km Close proximity
to Melbourne to Port of to Melbourne Western Ring Road
CBD Melbourne Airport and Hume Freeway
----- End of picture text -----

Masterplan subject to authority approvals. 2. End value based on 100% ownership (GPT share 50.1%).

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Logistics development pipeline

Keylink Estate Keysborough, VIC – fund-through acquisition

~[$] 10.5ha ~60,700sqm 155m site located in prime logistics space expected end value Melbourne’s South East when complete on completion[1]

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

Stage 1 reached completion in 2H 2022
Artist’s impression and Stage 2 due to complete in 1H 2023
~30km ~30km ~50km B-Double
to Melbourne to Port to Melbourne approved road
CBD of Melbourne Airport network
----- End of picture text -----

End value based on 100% ownership (GPT share 50.1%). Inclusive of completed stage.

Logistics development pipeline

Yiribana Logistics Estate – East, Mamre Road Kemps Creek, NSW

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37.2ha ~182,000sqm > [$] 660m
site located in prime logistics space expected end value
Sydney’s West when complete [1] on completion
~10km to Close proximity <5km Adjacent to established
future Western to M4 & M7 to proposed industrial precinct of
Sydney Airport interchange intermodal Erskine Park
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Artist’s impression
----- End of picture text -----

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

Artist’s impression
----- End of picture text -----

Masterplan subject to authority approvals.

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Logistics development pipeline

Yiribana Logistics Estate – West, Mamre Road Kemps Creek, NSW

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~ [$]
10.3ha ~38,900sqm 160m
industrial zoned land prime space when complete [1] expected end value
in Sydney’s West on completion [2]
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
----- End of picture text -----

Masterplan subject to authority approvals. 2. End value based on 100% ownership (GPT share 50.1%).

Sydney Logistics portfolio map

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

14 M7
Penrith Glendenning 15
Blacktown 10
13 Seven Hills M2
A40
M4 A6
A44 3 Huntingwood A28
Erskine Park
1 2 M4 Parramatta A3
A9 16 EasternCreek A28 A44 Silverwater6 7 A3 A40 A1
Newington
4 Smithfield 8
M12 Wetherill 5 Yennora A6 Sydney
BadgerysKemps Creek M7 Park 12 Villawood Olympic Park A22A4 Sydney
A9 WesternCreek A28 A22 Chullora A22 A36 CBD
Sydney Airport A34 M1
(underway) A34 A6 11 Kingsgrove M8
M5
Sydney
A9 City centres Planned Motorway Airport
9 Minto Arterial roads Airport Port
Port of
Motorways West Connex Sydney
----- End of picture text -----

1 Erskine Park (7 assets)
10 Seven Hills (1 asset)
2 Eastern Creek (3 assets)
11 Kingsgrove (1 asset)
3 Huntingwood (2 assets)
12 Villawood (1 asset)
4 Wetherill Park (1 asset)
13 Blacktown (1 asset)
5 Yennora (2 assets)
14 Penrith (1 asset)
6 Silverwater (1 asset)
15 Glendenning (1 asset)
7 Newington (1 asset)
16 Yiribana Logistics Estate, Mamre Rd, Kemps Creek (2 future development projects)
8 Sydney Olympic Park (4 assets)
9 Minto (1 asset)

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

50 Old Wallgrove Road, Eastern Creek
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----- Start of picture text -----

42 Cox Place, Glendenning
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----- Start of picture text -----

1B Huntingwood Drive, Huntingwood
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Melbourne Logistics portfolio map

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Melbourne A58 11 Somerton A58
Airport A39
Campbellfield 12 Epping
City centre
A35 A55 M31
M2 M80 A46 Arterial roads
M79
A40 M80 A45 A27 Motorways
A41 M79 Airport
A40
M80 A35 A40 Port
M8 M2
Tarneit C7021 LavertonNorthDerrimut42 Truganina3 M80Sunshine6 57BrooklynA83 A358 MelbourneCBD M3 Box HillDoncaster A34
AltonaNorth MelbournePort of A24 M1 A26
M1 A23 Glen Waverley
M3 9 Knoxfield
C109 Brighton
Moorabin
A33 A3 Springvale
M1
A10 A23
10 Keysborough
----- End of picture text -----

1 Tarneit (1 asset)
7 Brooklyn (1 asset)
2 Truganina (7 assets, 2 development projects)
8 Port Melbourne (1 asset)
9 Knoxfield (1 asset)
3 Laverton North (2 assets)
4 Derrimut (2 assets)
10 Keysborough (1 asset and 1 underway)
5 Sunshine (1 asset)
11 Somerton (1 asset)
6 Altona North (1 asset)
12 Epping (1 future development project)

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

1 Botero Place, Truganina
----- End of picture text -----

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

21 Shiny Drive, Gateway Logistics Hub, Truganina
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----- Start of picture text -----

25 Niton Drive, Gateway Logistics Hub, Truganina
----- End of picture text -----

Brisbane Logistics portfolio map

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

Brisbane
Airport
City centre A3 M1 Port of Brisbane
Arterial roads M7
Motorways
M4
Murarrie
Airport Brisbane 2 1 Tingalpa
Port CBD
M5 M1
A7
M3
A17
M7
Wacol
6
M2
Wulkuraka 8 7 Bundamba M2 Springwood
Karawatha
M2 3 4
Berrinba
A5 M6
Crestmead 5
M1
----- End of picture text -----

1 Tingalpa (1 asset) 2 Murarrie (1 asset)
5 Crestmead (1 asset and 1 future development) 6 Wacol (2 assets and 1 underway)
3 Karawatha (1 asset) 4 Berrinba (4 assets)
7 Bundamba (1 underway development project)
8 Wulkuraka (1 asset)

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

18 Gorrick Court, Bundamba
----- End of picture text -----

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

100 Metroplex Place, Wacol
----- End of picture text -----

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

2 Ironbark Close, Wembley Business Park, Berrinba
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Adelaide Logistics portfolio map

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

A20
A9 M2
Gillman 3 Wingfield 5 A16
Port of Adelaide A16
A10
4 A2
Royal A1
Park A7
A11
City centre
A14 Arterial roads
A15
Motorways
A17
A6 AdelaideCBD Airport
1 A2 Port
2
Adelaide
Airport
A3
M1
----- End of picture text -----

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

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

26 Butler Boulevard, Adelaide Airport
----- End of picture text -----

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

176 Eastern Parade, Gillman
----- End of picture text -----

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

1A Symonds Street, Royal Park
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Perth Logistics portfolio map

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

Wangara 34 2 A84
A95
A4
A81 A52
A56
A50
A60 A53 M1
A76
A75
A72 A2 15 Modal Crescent, Canning Vale
A64
Perth
Airport A41
A3
Perth
A5 CBD A8
City centre
M1
A7 Arterial roads
A6
Port of Perth A27 Motorways 23 Destiny Way, Wangara
A3 A30 A4 Airport
A13 1
A12 A2 Port
Canning Vale
1 15 Modal Crescent, Canning Vale
2 23 Destiny Way, Wangara
3 50 Triumph Avenue, Wangara
4 56 Triumph Avenue, Wangara
50 Triumph Avenue, Wangara
----- End of picture text -----

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24A & 24B Niton Drive, Truganina, VIC
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Funds Management

Annual Result 2022

GPT Funds Management summary

GPT’s funds management and partnerships platform manages ~$19.1 billion of assets in the Australian office, logistics and retail sectors, providing the Group with income through funds management, property management and development management fees.

In addition, GPT co-invests alongside wholesale fund investors and capital partners to access income and growth opportunities, with significant investments in the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF), and a strategic capital partnership with QuadReal Property Group known as the GPT QuadReal Logistics Trust (GQLT). Management of the UniSuper and Australian Core Retail Trust (ACRT) direct real estate mandates was transitioned to GPT during the second half of 2022.

Assets under management

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As at 31 December 2022
Funds $13.1b
Mandates $5.5b
Partnerships $0.5b
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Summary as at 31 December 2022	Wholesale Funds GWOF GWSCF July 2006 March 2007 21 5 $9.6b $3.5b 21.74% 28.48% $1,601.5m $828.8m	Partnership GQLT November 2020 9 $0.5b 50.10% $241.0m	Mandates
			UniSuper ACRT
Established			September 2022 December 2022
Number of assets			6 2
Assets under management			$2.8b $2.7b
GPT ownership interest
GPT co-investment

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GPT Funds Management overview

Historical growth in Funds Management platform

Change in Funds Management platform for the 12 months to 31 December 2022

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

$2.7b $19.1b
$19.1b
$2.8b
$12.6b $13.3b $12.9b $13.3b $13.3b $0.3b
$10.4b
$9.6b
$6.6b $7.1b
$5.6b
Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec Dec 2021 GQLT UniSuper ACRT Dec 2022
2011 2012 2013 2014 2016 2018 2019 2020 2021 2022
----- End of picture text -----

Karrinyup Shopping Centre, WA

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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 2022, the Fund had a gross asset value (GAV) of $9.7 billion.

	December 2022	December 2021
Number of assets	211	202
Total GAV	$9.7b	$9.8b
Weighted average capitalisation rate	4.97%	4.71%

GWOF performance versus benchmark

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

10.4 10.1 10.8
0 8.5 8.9 9.0
6.8
5 4.6 5.0 4.1
0
-1.9
-5
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
[GWOF ] [MSCI/Mercer All Office Index]
Total return (%) 7.0
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GWOF ownership composition

As at 31 December 2022

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

Domestic Super Funds 44%
GPT 22%
Offshore Pension Funds 13%
Domestic – Other 10%
Sovereign Wealth Funds 10%
Offshore – Other 1%
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Includes 51 Flinders Lane, Melbourne which is currently a development site and 81 George Street, Parramatta, 91 George Street, Parramatta and 155 Walker Street, North Sydney which are being held as future development sites.
Includes 51 Flinders Lane, Melbourne which was a development site, 81 George Street, Parramatta, and 91 George Street, Parramatta which were held as future development sites.

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GWOF Capital management

Total borrowings for the Fund at 31 December 2022 were $2,018 million resulting in net gearing of 20.5%.

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Queen & Collins, Melbourne
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GWOF Capital management summary as at 31 December 2022
Netgearing	20.5%
Weighted average cost of debt1	4.1%
Weighted average debt term2	6.4years
Interest cover ratio1	6.0x
Drawn debt hedging	42%
Weighted average hedge term	2.4years

For the financial year.
Includes credit approved facilities and extensions.

Debt maturity profile

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

As at 31 December 2022
800
700
600
500
400
300
200
100
0
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
$ millions
----- End of picture text -----

Note: Assumes commercial paper is refinanced with committed bank facilities and includes credit approved facilities and extensions.

GWSCF overview

GWSCF provides wholesale investors with exposure to 5 high quality retail assets. At 31 December 2022, the Fund had a gross asset value (GAV) of $3.6 billion.

	December 2022	December 2021
Number of assets	5	6
Total GAV	$3.6b	$3.5b
Weighted average capitalisation rate	4.96%	5.02%

GWSCF performance versus benchmark

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

10.8
8.5
7.0 7.1
4.6
3.9
2.6 2.9
-0.2
-1.3
-2.1
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
[GWSCF ] [MSCI/Mercer All Retail Index]
-0.9
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GWSCF ownership composition

As at 31 December 2022

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

Domestic Super Funds 38%
GPT 28%
Domestic – Other 14%
Offshore Pension Funds 12%
Sovereign Wealth Funds 5%
Offshore – Other 3%
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GWSCF Capital management

Total borrowings for the Fund at 31 December 2022 were $527 million resulting in net gearing of 14.3%.

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

Highpoint Shopping Centre, VIC
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GWSCF Capital management summary as at 31 December 2022

GWSCF Capital management summary as at 31 December 2022
Net gearing	14.3%
Weighted average cost of debt1	4.3%
Weighted average debt term	4.8 years
Interest cover ratio1	7.9x
Drawn debt hedging	52%
Weighted average hedge term	2.3 years

For the financial year.

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Debt maturity profile
As at 31 December 2022
300
250
200
150
100
50
0
FY23 FY24 FY25 FY26 FY27 FY28 FY29
Drawn Bank Facilities Undrawn Bank Facilities Medium term notes
$ millions
----- End of picture text -----

Direct real estate mandates – Overview

UniSuper

Australian Core Retail Trust (ACRT)

$2.8 billion mandate for management of four retail assets – Karrinyup Shopping Centre, WA, Marrickville Metro and Dapto Mall, NSW and Malvern Central, VIC and two office assets – 7 Macquarie Place, Sydney and a 25 per cent interest in Brookfield Place, Sydney.

$2.7 billion mandate for management of Australian Core Retail Trust (ACRT), with exposure to the premium retail assets of Macquarie Centre, NSW and Pacific Fair Shopping Centre, QLD.

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

Karrinyup Shopping Centre, WA
Marrickville Metro, NSW
----- End of picture text -----

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

Pacific Fair Shopping Centre, QLD
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One One One Eagle Street, Brisbane

Development

Annual Result 2022

Development overview – Underway

Sector Ownership Interest (%) Forecast Total Cost ($m)	Forecast Cost to Complete Target Completion Date GPT’s Share ($m) Fund/Partnership Share ($m)
Underway
Stage 4/5, GatewayLogistics Hub, Truganina, VIC Logistics 100% GPT 45	4 1H 2023
Keylink Estate Site 2, Keysborough, VIC(fund-through acquisition) Logistics 50.1% GPT/49.9% QR1 59	11 11 1H 2023
149 & 153 Coulson Street, Wacol, QLD Logistics 50.1% GPT/49.9% QR1 38	7 7 1H 2023
Stage 2, Apex Business Park, Bundamba, QLD Logistics 50.1% GPT/49.9% QR1 24	6 6 2H 2023
Stage 6, GatewayLogistics Hub, Truganina, VIC Logistics 100% GPT 53	34 2H 2023
51 Flinders Lane, Melbourne, VIC Offce 100% GWOF 485	370 2H 2025
Total underway 704	62 394

Held in the GPT QuadReal Logistics Trust.

Yiribana Logistics Estate – East, Mamre Road, Kemps Creek, NSW (Artist’s impression)

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Development overview – Future pipeline

	Sector Ownership Interest (%) Forecast Total Cost ($m)	Forecast Cost to Complete
		GPT’s Share ($m) Fund/Partnership Share ($m)
Futurepipeline
Yiribana Logistics Estate - East, Mamre Road, Kemps Creek, NSW	Logistics 100% GPT 560	412
Yiribana Logistics Estate - West, Mamre Road, Kemps Creek, NSW	Logistics 50.1% GPT/49.9% QR1 140	47 47
407 Pembroke Road, Minto, NSW	Logistics 50% GPT 18	12
865 BoundaryRoad, Truganina, VIC	Logistics 100% GPT 255	212
Austrak Business Park, Somerton, VIC	Logistics 50% GPT 81	59
EppingEstate, Epping, VIC2	Logistics 50.1% GPT/49.9% QR1 295	144 144
CrestLink Business Park, Crestmead, QLD2	Logistics 50.1% GPT/49.9% QR1 86	41 41
Stage 1, 3 & 4, Apex Business Park, Bundamba, QLD	Logistics 50.1% GPT/49.9% QR1 120	50 50
Lighthouse, Sydney, NSW	Offce 25% GPT/50% GWOF 1,600	485 970
81 George Street, Parramatta, NSW	Offce 100% GWOF 640	540
91 George Street, Parramatta, NSW	Offce 100% GWOF 890	790
Corner George & Bathurst, Sydney, NSW	Offce 100% GWOF 205	175
155 Walker St, North Sydney, NSW	Offce 100% GWOF 740	600
Skygarden, Brisbane, QLD	Offce 100% GWOF 610	570
300 Lonsdale, Melbourne VIC	Offce 100% GPT 220	220
	Retail 100% GPT 95	90
Rouse Hill Town Centre, NSW	Retail 100% GPT 175	165
Chirnside Park, VIC	Retail 100% GWSCF 115	— 115
Total futurepipeline	6,845	1,937 4,042
Total underway and futurepipeline3	7,549	1,999 4,436

Held in the GPT QuadReal Logistics Trust.
Land secured on deferred settlement terms.
Development pipeline excludes mixed-use opportunities.

Sustainability

Annual Result 2022

Demonstrating leadership in ESG

First placed

of 867 listed real estate companies in the S&P Global Corporate Sustainability Assessment[1]

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Carbon positive & restoring nature GPT’s certified carbon neutral buildings remove on average a further 12 kg CO2-e/m2 beyond Climate Active requirements[1] (Scope 1, 2 & 3)

LGBTQ+ Inclusive Employer

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Maximum

5 Star status for GPT, GWOF and GWSCF

Industry-leading ESG performance

Employer of Choice for fourth consecutive year

Signatory since 2022

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$7m

total Community Investment spend in 2022[1]

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Industry-leading Certified ISO14001 Environmental Management System

Stretch

Reconciliation Action Plan endorsed for a second Stretch RAP in 2022

Signatory

to the United Nations Global Compact since 2012, contributing to the UN Sustainable Development Goals.

As at 31 December 2022.

32 Smith, Parramatta

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Asset Certifications & Carbon Neutral Delivery – Office

	Carbon neutral	NABERS Rating
	Operating Climate Active Certifcation	Energy1 Water Waste Indoor Environment
GPT Portfolio
Australia Square2	Yes Certifed (Tower)	5.0/5.5 4.5/5.0 3.5 4.5/3.5
2 Park Street, Sydney	Yes Certifed	5.0 4.5 3.5
Darling Park1 & 2 and Cockle Bay3	Yes Certifed	5.5/5.5 4.0/4.5 3.5/3.5 4.0/4.5
60 Station Street, Parramatta	Yes Certifed	5.0 4.0 2.0
32 Smith, Parramatta	Yes Certifed	5.5 5.5 2.0
4 Murray Rose Avenue, Sydney Olympic Park	Yes Certifed	5.5 6.0 1.5
62 Northbourne Avenue, Canberra4	Yes Dec-23	4.5
Melbourne Central Tower, Melbourne5	Yes Dec-23	5.0 5.5 N/A 5.0
181 William & 550 Bourke Streets, Melbourne	Yes Certifed	5.0/4.5 5.5/5.0 3.5 4.0/4.0
One One One Eagle Street, Brisbane	Yes Certifed	6.0 5.5 3.5 4.5
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney	Yes Certifed	5.0 4.5 3.5
Darling Park1 & 2 and Cockle Bay3	Yes Certifed	5.5/5.5 4.0/4.5 3.5/3.5 4.0/4.5
Darling Park 3, Sydney	Yes Certifed	5.5 4.5 4.5 4.5
580 George Street, Sydney	Yes Certifed	5.5 4.5 3.5 5.5
workplace6, Sydney	Yes Certifed	5.5 5.5 3.5 4.5
155 Walker Street, North Sydney6	N/A N/A	3.5 4.5
81 George Street, Parramatta7	N/A N/A	N/A N/A N/A N/A
91 George Street, Parramatta7	N/A N/A	N/A N/A N/A N/A
2 Southbank Boulevard, Melbourne	Yes Certifed	5.0 5.0 3.0 5.0

	Carbon neutral	NABERS Rating
	Operating Climate Active Certifcation	Energy1 Water Waste Indoor Environment
8 Exhibition Street, Melbourne	Yes Certifed	5.0 5.0 2.5 5.5
51 Flinders Lane8	N/A N/A	N/A N/A N/A N/A
Queen & Collins, Melbourne9	Yes Certifed	N/A N/A N/A N/A
150 Collins Street, Melbourne	Yes Certifed	4.5 5.0 3.5 5.0
530 Collins Street, Melbourne	Yes Certifed	4.5 5.0 3.0 4.0
655 Collins Street, Melbourne	Yes Certifed	5.0 5.5 2.5
750 Collins Street, Melbourne10	N/A N/A	N/A N/A N/A N/A
181 William & 550 Bourke Streets, Melbourne	Yes Certifed	5.0/4.5 5.5/5.0 3.5 4.0/4.0
800/808 Bourke Street, Melbourne11	Yes Certifed	5.0 6.0 N/A
One One One Eagle Street, Brisbane	Yes Certifed	6.0 5.5 3.5 4.5
Riverside Centre, Brisbane	Yes Certifed	5.0 4.0 5.0

Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. Certifications are current as at 31 December 2022. N/A = Not Applicable to the scope or rating tool.

GPT has ceased reporting NABERS Energy with GreenPower from December 2022 following the announcement by NABERS of the retirement of NABERS Energy with GreenPower ratings in 2023. In delivering Climate Active Carbon Neutral certified buildings, GPT delivers leading energy efficiency, procures 100% renewables and offsets only the residual emissions that cannot be eliminated today, with plans for eliminating these emissions in the future.
Australia Square comprises two buildings Australia Square Tower and Plaza. Australia Square Tower, which represents >80% of the site by Lettable Area, is Climate Active Carbon Neutral (for Buildings) certified and its certification includes the Retail component. Australia Square Plaza, which represents the remainder of the site by Lettable Area, is currently finalising its certification as part of its NABERS rating and will be certified in 2023. NABERS ratings are reported for “Tower/Plaza”.
Darling Park 1 & 2 and Cockle Bay comprises three buildings, each with Climate Active Carbon Neutral (for Buildings) certification. NABERS ratings are reported for “Darling Park 1/Darling Park 2” – Cockle Bay NABERS ratings are not reported as it is a retail food & beverage precinct.
62 Northbourne Avenue has a NABERS Energy Whole building rating, as required by lease conditions. A certification pathway with Climate Active for Buildings is being finalised and will be delivered in 2023.
Melbourne Central Tower is operating carbon neutral with certification to be delivered by December 2023. Melbourne Central Tower materials recovery and waste management is shared with Melbourne Central Shopping Centre and so is not rateable with NABERS Waste.
155 Walker Street is excluded from the operating portfolio and Carbon Neutral certification targets as it is held for development. NABERS ratings are reported for the 157 Walker Street building.
81 George Street Parramatta and 91 George Street Parramatta are excluded from the operating portfolio and Carbon Neutral certification targets as they are held for development.
51 Flinders Lane is excluded from the operating portfolio as it is under development. The development has been verified at Green Star Design Review stage to be on track to deliver Climate Active Carbon Neutral (Products & Services: Upfront Carbon Buildings) certification upon completion. The asset will operate carbon neutral once operational and will be certified when eligible.
Queen & Collins is not rateable as it has recently completed construction. The asset is operating on a carbon neutral basis using 100% renewable electricity and will be rated once eligible.
750 Collins Street is excluded from the operating portfolio and Carbon Neutral certification targets. The asset is not rateable as it is under the operational control of the tenant.
800/808 Bourke Street waste management is conducted by the tenant and is excluded from Waste rating scope.

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Asset Certifications & Carbon Neutral Delivery – Retail

	Carbon neutral	NABERS Rating
	Operating Climate Active Certifcation	Energy1 Water
GPT Portfolio
Charlestown Square2	Oct-23 Dec-24	4.5 3.5
Highpoint Shopping Centre3	Yes Dec-23	5.0 3.5
Melbourne Central2	Oct-23 Dec-24	2.5 3.5
Rouse Hill Town Centre	Yes Certifed	5.0 3.5
Sunshine Plaza4	2030 2030	5.0 3.5
Westfeld Penrith4	2030 2030	4.5 2.5
GWOF Portfolio
Chirnside Park	Yes Certifed	4.5 3.5
Highpoint Shopping Centre3	Yes Dec-23	5.0 3.5
Macarthur Square4	2030 2030	5.0 4.5
Northland Shopping Centre4	2030 2030	4.05 4.05
Parkmore Shopping Centre3	Yes Dec-23	4.0 3.5

Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. Certifications are current as at 31 December 2022. N/A = Not Applicable to the scope or rating tool

GPT has ceased reporting NABERS Energy with GreenPower from December 2022 following the announcement by NABERS of the retirement of NABERS Energy with GreenPower ratings in 2023. In delivering Climate Active Carbon Neutral certified buildings, GPT delivers leading energy efficiency, procures 100% renewables and offsets only the residual emissions that cannot be eliminated today, with plans for eliminating these emissions in the future.
Charlestown Square and Melbourne Central will commence operating carbon neutral in October 2023 with certification to be delivered by December 2024.
Highpoint Shopping Centre and Parkmore Shopping Centre are operating carbon neutral with certification to be delivered by December 2023.
Asset under co-owner operational control.
Northland Shopping Centre’s NABERS ratings have been submitted but are not finalised.

Asset Certifications & Carbon Neutral Delivery – Logistics

GPT does not have operational control over the majority of its logistics assets, where tenants have principal decision making authority over matters such as entry into contracts for the supply of energy and its use on site.

	Carbon neutral	NABERS Rating
	Operating Climate Active Carbon Neutral	Energy1 Water Waste Indoor Environment
GPT Portfolio
Quad 12	Oct-23 Dec-24	5.5 6.0 2.5
Quad 43	Oct-23 Dec-24	N/A N/A N/A N/A
CitiPort4	N/A N/A	5.0 3.0 1.5

Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. Certifications are current as at 31 December 2022. N/A = Not Applicable to the scope or rating tool. 1. GPT has ceased reporting NABERS Energy with GreenPower from December 2022 following the announcement by NABERS of the retirement of NABERS Energy with GreenPower ratings in 2023. In delivering Climate Active Carbon Neutral certified buildings, GPT delivers leading energy efficiency, procures 100% renewables and offsets only the residual emissions that cannot be eliminated today, with plans for eliminating these emissions in the future. 2. Quad 1 will commence carbon neutral operation in 2023 with certification delivered by December 2024.

Quad 4 is an education facility and not rateable under NABERS. The asset will commence carbon neutral operation in 2023 with certification delivered by December 2024.
Citiport was in the portfolio through 31 December 2022 and so current certifications are reported; however, the asset is held for sale and excluded from the operating portfolio and Carbon Neutral certification targets.

143 Foundation Road, Truganina, VIC

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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	626	0	31
2 Park Street, Sydney	73,400	438	-2	42
Darling Park 1 & 2, Sydney1	101,800	292	-4	53
60 Station Street, Parramatta	24,900	284	-3	20
32 Smith, Parramatta	26,800	278	-2	25
4 Murray Rose Avenue, Sydney Olympic Park	15,600	247	-3	15
62 Northbourne Avenue, Canberra2	10,200	311	-6	N/A
Melbourne Central Tower, Melbourne3	65,800	238	38	24
181 William & 550 Bourke Streets, Melbourne	76,000	221	-6	32
One One One Eagle Street, Brisbane	63,700	484	-18	47

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workplace[6] , Sydney

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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	624	-5	49
Darling Park 1 & 2, Sydney1	101,800	292	-4	53
Darling Park 3, Sydney	29,800	309	-2	46
580 George Street, Sydney	37,100	371	-3	42
workplace6, Sydney	16,300	364	-1	48
155 Walker Street, North Sydney4	N/A	N/A	N/A	N/A
2 Southbank Boulevard, Melbourne	53,900	331	-6	35
8 Exhibition Street, Melbourne	44,500	360	-5	32
Queen & Collins, Melbourne	33,600	227	-12	24
150 Collins Street, Melbourne	19,100	377	-6	39
530 Collins Street, Melbourne	65,000	263	-3	39
655 Collins Street, Melbourne	16,600	215	-9	25
750 Collins Street, Melbourne5	41,400	N/A	N/A	N/A
800/808 Bourke Street, Melbourne	60,100	106	-5	17
181 William & 550 Bourke Streets, Melbourne	76,000	221	-6	32
One One One Eagle Street, Brisbane	63,700	484	-18	47
Riverside Centre, Brisbane	51,200	651	0	52
GPT Group Offce portfolio average		355	-2	44

Note: Sustainability data as at 31 December 2022 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.
62 Northbourne Avenue waste recycling is managed by the tenant.
Melbourne Central Tower waste recycling is a shared service with Melbourne Central retail centre.
155 Walker Street is held for development and not rateable.
750 Collins Street is not rateable as it is under the operational control of the tenant.

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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
Charlestown Square	91,100	591	51	40
Highpoint Shopping Centre	150,000	888	31	37
Melbourne Central1	55,800	1,229	92	24
Rouse Hill Town Centre	70,200	1,265	-1	33
Sunshine Plaza	106,500	870	55	42
Westfeld Penrith	91,200	1,350	52	37
GWSCF Portfolio
Chirnside Park	38,800	464	-3	26
Highpoint Shopping Centre	150,000	888	31	37
Macarthur Square	108,300	864	47	45
Northland Shopping Centre	97,800	780	62	37
Parkmore Shopping Centre	36,900	591	31	36
GPT Group Retail portfolio average		911	44	36

Melbourne Central retail centre waste recycling is a shared service with Melbourne Central Tower.

AI assistant

GPT GROUP — Annual Report 2022

65009_rns_2023-02-19_8873bf42-2ea8-4308-a507-4f44efc5b429.pdf

2022 Annual Result Data Pack

2022 Annual Result

Financial summary

25.0 cents

Investment portfolio

Portfolio valuation metrics

2022 highlights

Leadership in ESG

Integrating climate response and nature positive objectives

How we deliver carbon neutral certified buildings and developments

Results and Capital management Annual Result 2022

Financial result

$ 469.3 m

$ 620.6 m

Segment result

Interest rate hedge profile 2023–2025

Capital management

Retail overview

99.4 %

$ 13.0 b

4.5 %

5.03 %

9.4 %

National retail sales growth above 20-year average

Strong Total Retail sales growth in 2022

Leasing momentum continues

Centre sales outperform 2019

Sales MAT growth by category 2022 vs 2019

Melbourne Central recovery

Highpoint leasing and development driving record MAT

Growing Funds Management

Retail outlook

Office overview

87.9 %

3.4 %

5.03 %

Challenging office market conditions

Office portfolio leasing results

Key leasing transactions[2]

Breakdown of leasing

2023 leasing outlook

Innovative workplace products

Strategy case study: 181 William & 550 Bourke Streets

Office outlook

Logistics overview

Occupier demand and low vacancy driving market rental growth

Strong leasing outcomes achieved

Access to market rental growth

Enhancing returns through development and QuadReal Fund

Future proofing the portfolio for transition to a low carbon future

Driving sustainability outcomes

GPT leading the way

Logistics outlook

GPT Logistics Strategy

Supportive Market Conditions

Outlook and 2023 Guidance

Outlook and 2023 Guidance

Outlook

2023 Guidance

Disclaimer

GPT overview

GPT portfolio metrics

Structured rental increases[1]

Portfolio valuation metrics

Glossary

Financial Performance

Financial summary

Results summary

Funds From Operations to Adjusted Funds From Operations

NTA movement

Capital management summary

Look through gearing

Debt maturity profile

Debt maturity profile

Liquidity profile

Source of drawn debt

Retail portfolio overview

GPT GROUP Annual Report 2022