GPT GROUP - Annual Report 2023 | FinancialReports.eu

ASX Announcement

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19 February 2024

2023 Annual Result Data Pack

The GPT Group (‘GPT’) provides its 2023 Annual Result Data Pack.

-ENDS-

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

GPT Management Holdings Limited (ACN 113 510 188) and GPT RE Limited (ABN 27 107 426 504) as responsible entity of General Property Trust (ARSN 090 110357), together GPT.

Level 51, 25 Martin Place Sydney NSW 2000 gpt.com.au

Experience First

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2023 Annual Result

Experience First

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2023 Annual Result Market Briefing

GPT – 2023 ANNUAL RESULT DATA PACK

PRESENTATION

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Agenda 2023 Annual Result -	B	ob	Johnston 4
Results and Capital m	a	n	agement – Dean McGuire 7
Retail - Chris Barnett			12
Office - Martin Ritchie			19
Logistics - Chris Davi	s		26
Outlook and 2024 Gu	id	a	nce - Bob Johnston 33

Agenda

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.

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Artwork: ‘Saltwater Spirit’ by Lowell Hunter (proud Nyul Nyul Saltwater man) and Bobbi Lockyer (proud Ngarluma, Kariyarra, Nyul Nyul and Yawuru woman).

GPT – 2023 ANNUAL RESULT DATA PACK

PRESENTATION

GPT – 2023 ANNUAL RESULT DATA PACK

PRESENTATION

2023 Annual Result

Financial summary

Investment portfolio

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31.37c
Funds From Operations
per security, down 3.2%
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Portfolio Occupancy 31.37c 25.0c 98.2% (Incl. HoA) Funds From Operations Distribution per security, per security, down 3.2% unchanged Weighted average lease expiry 4.5yrs $5.61 $32.6b Net Tangible Assets per Assets under management security, down 6.2% Weighted average 5.41% capitalisation rate

Overview of operations

Strong leasing results achieved in Retail portfolio
Occupancy 99.8%, with high sales productivity and sustainable occupancy cost
Melbourne Central occupancy 100% and Moving Annual Turnover (MAT) up 17.1% on 2022
Office portfolio occupancy of 92.3%[1] achieved
Customers attracted to our portfolio of modern assets with high sustainability credentials
Differentiated fitted and flexible workplace offerings remain a key attractor for customers
Positive leasing outcomes continue in Logistics portfolio
High occupancy of 99.5%[1] and achieved leasing spreads of 39%
- Development pipeline with an estimated end value of $2.0b assets under management (AUM) provides future opportunity

$32.6b

AUM

GPT Portfolio[2]

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Office Logistics
$5.5b $4.4b
$15.4b
Retail
$5.5b
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Continued expansion of the Funds Management platform
Selected by QuadReal as the investment manager for its 5,000 bed Student Accommodation portfolio which transitioned to GPT management in 4Q 2023

Funds management platform growth AUM $b (excluding CSC)

Commonwealth Superannuation Corporation (CSC) has selected GPT as the investment manager for a portfolio of office and retail assets, with transition planned for 2Q 2024
Balance sheet gearing remains below mid-point of target range at 28.3%
All owned and managed Office and Retail assets are now operating carbon neutral with independent certification to be complete by December 2024
Includes heads of agreement (HoA).
Includes co-investments in GPT Wholesale Office Fund (GWOF) and GPT Wholesale Shopping Centre Fund (GWSCF).

GPT – 2023 ANNUAL RESULT DATA PACK

PRESENTATION

GPT – 2023 ANNUAL RESULT DATA PACK

PRESENTATION

	e	t
Portfolio valuation m			rics
Investment property valuation decline of $819.0m1or 5.1% ~~1.~~ ~~Includes +$0.2m of revaluations on othe~~r assets. 2023 Valuation movement 12 months to 31 December 2023 Capitalisation Rate Movement since 31 December 2022 Discount Rate Movement since 31 December 2022 Investment property valuation decline of $819.0m1or 5.1% 1 Ild +$02 f lti th t 2023 Valuation movement 12 months to 31 December 2023 Capitalisation Rate Movement since 31 December 2022 Discount Rate Movement since 31 December 2022		R ~~R~~	etail ~~etail~~	Office ~~Office~~	Logistics Logistics

	- -	$ $	178.7m -3.1% 178.7m -3.1%	-$555.8m -9.2% -$555.8m -9.2%	-$84.7m -1.9% -$84.7m -1.9%

		5 + 5 +	.43% 40 bps .43% 40 bps	5.49% +46 bps 5.49% +46 bps	5.26% +86 bps 5.26% +86 bps

		6 + 6 +	.77% 46 bps .77% 46 bps	6.47% +41 bps 6.47% +41 bps	6.84% +109 bps 6.84% +109 bps


. ncues .m o revauaons on oer asses.

Experience First

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Results and Capital management

GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Financial result ($m)	Dec 2	0	2
Net (loss)/profit after tax	(240	.	0)
Valuation decrease	819	.0
Treasury instruments marked to market and other items	21.	9
Funds from operations (FFO)	600	.	9
FFO per security (cents)	31.	37
Adjusted FFO (AFFO)	488	.	0
Free Cash Flow (FCF)	498	.	9
Distribution per security (cents)	25	.0
Payout Ratio (% of FCF)	96.	0	%

Segment result ($m) 2023 2022	Change Comments
Retail 317.5 289.8	9.6% Rent review (+$32.2m),	s, a	h nd	igher turnover rent an lower GWSCF FFO (-$	d 4.	oc 5	cupancy partially offset by divestments m) primarily due to interest costs
Office 283.9 293.0	(3.1%) Lower aver FFO (-$2.5m	ag )	e p	occupancy partially o rimarily due to interes	ff t c	se o	t by rent reviews (-$6.6m), and lower GWOF sts, partially offset by higher property income
Logistics 195.8 186.3	5.1% Rent review Trust FFO (+	s $	a 3.	nd positive leasing spr 2m) inclusive of develo	ea p	d m	s (+$6.3m), and higher GPT QuadReal Logistics ent completions and asset divestments
Funds Management 65.6 57.4	14.3% Manageme devaluation	n s	t f	ees from full year imp	ac	t	of new mandates, partially offset by asset
Finance costs (193.0) (139.9)	38.0% Average co	st	o	f debt increased to 4.7	%
Corporate overhead (58.2) (57.6)	1.0%
Tax expense (10.7) (8.4)	27.4% Higher tax f	ro	m	higher management	n	et	income
FFO 600.9 620.6	(3.2%)
Maintenance capex (32.8) (31.7)	3.5%
Lease incentives (80.1) (78.1)	2.6%
AFFO 488.0 510.8	(4.5%)

GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Interest rate hedge profile 2024-2026

71%

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hedged over the next 3 years
at an average fixed base rate of 3.5%
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5.2%

Full year 2024 forecast all-in-cost of debt

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Hedge Profile
96% 10.0%
9.0%
8.0%
65%
7.0%
51% 6.0%
5.0%
4.0%
3.6% 3.7% 3.0%
3.2%
2.0%
1.0%
2024 2025 2026
% Drawn debt hedged Hedged rate
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Hedge Profile
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Capital management
Key Statistics Dec 2023 Dec 2022 Comments
Net Tangible Assets per security $5.61 $5.98 Driven by a valuation decrease of $819m
Net gearing 28.3% 28.5% Within stated range of 25%-35% and material headroom to 50% covenant
Liquidity $1.5b $1.1b Funds capital commitments and debt maturities through to mid-2026
Weighted average cost of debt 4.7% 3.2% Increased cost of debt due to RBA rate rises of 425 bps in 2022-2023
Weighted average term to maturity 5.9 years 6.2 years Long debt maturity maintained
Interest cover ratio 4.0x 5.5x 2.0x headroom to covenant of 2.0x
Credit ratings (S&P/Moody’s) A-(stable)/A2(stable) A(neg)/A2(stable) Credit ratings within the target "A" range
700 Debt maturity profile
As at 31 December 2023
600
500
400
300
200
100
0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
Undrawn Bank Facilities Drawn Bank Facilities Medium Term Notes US Private Placements CPI Bonds
Millions ($)
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GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Experience First

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Retail

Retail overview

$340.9m Segment contribution, up 12.3%

5.43% Weighted average capitalisation rate, up 40 bps

12.5% 99.8% Comparable income growth Portfolio occupancy

$12.8b

7.4% Total Centre sales growth

Assets under management

GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Excellent leasing outcomes achieved

High tenant demand for quality retail space
Positive leasing spreads across renewals and new leases
Average lease terms of 5.2 years all with fixed base rents and annual increases
Specialty occupancy costs of 16.1% (78 bps below long-term average)

12 months to 31 December	2023		2022
Portfolio occupancy atperiod end	99.8%		99.4%
Total Specialty leasing metrics
Deals completed	678		581
Retention rate	72%		73%
Average annual fixed increase	4.8%		4.4%
Average lease term	5.2 years	4.7 years
Leasingspreads	5.3%		(2.8%)
Holdovers as % of base rent at period end	4.0%		2.7%

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Karrinyup Shopping Centre, WA

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Centre sales performance
• Total Centre MAT up 7.4% on 2022
• Total Centre sales in the December 2023 quarter up 3.3% on prior year
• Black Friday sales event continues to grow in customer popularity and
bolstered sales in November, delivering a 5.6% uplift compared to the
prior year
• Specialty Productivity of $12,824 psm up 4.8% on 2022
MAT Sales growth by category 2023 vs 2022 Sales growth 2023 vs 2022
48.7%
18.2%
16.5%
15.4%
13.4%
12.5%
9.5% 10.2% 9.1%
7.4% 7.0% 7.8% 7.4%
6.1% 5.5% 6.1%
3.0% 3.3% 4.0% 2.4% 3.3% 2.5%
0.2%
-0.3% -0.3% 1Q 2Q 3Q 4Q Full Year
-2.1%
-7.1% Total centre Total specialty
Total centre DS DDS Supermarket Cinemas Other retail Total specialty Retail services Dining Health & Beauty Food retail General retail Technology Leisure Fashion Jewellery Homewares
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GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Melbourne Central achiev es record MAT

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Record Total Centre MAT of $612.3m (+17.1% growth on 2022) as customers return to Melbourne CBD
Market share and customer penetration have fully recovered, with number of visits per customer now at a record high
Total Specialty productivity of $15,988 psm
100% occupied with Total Specialty leasing spreads of 5.0%
Monopoly Dreams successfully opened for trade November 2023, creating a unique experience for Melbourne Central
Potential for further accretive retail development project on the asset

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Melbourne Central 2013 – 2023
Total Specialty Productivity (psm)
$15,988
$14,002 $14,431 $14,269
$12,379
$11,512
$10,458
$9,403
$8,978
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 2020-2021 Dec-22 Dec-23
Total Centre MAT $612m
$585m
$574m
$527m $523m
$498m
$443m
$402m
$381m
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 2020-2021 Dec-22 Dec-23
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GPT Retail Platform
GPT is a leading retail
property and asset
16
management platform
in Australia Assets owned
and/or managed
New South Wales
Charlestown Square
Dapto Mall
Macarthur Square
Macquarie Centre
Marrickville Metro
Rouse Hill Town Centre
Westfield Penrith
2 Brisbane
Victoria
Perth 1
7 Sydney Chirnside Park
6 Highpoint Shopping Centre
Melbourne Malvern Central
Melbourne Central
Northland Shopping Centre
Parkmore Shopping Centre
Western Australia
Karrinyup Shopping Centre
Queensland
Pacific Fair Shopping Centre
Sunshine Plaza
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GPT Retail Platform

GPT is a leading retail property and asset management platform in Australia

$10.3b 1.3m sqm GLA Total MAT

207m

4,000+

Retail tenancies Customer Visits

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Customer advocacy continues to grow
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Net Promoter Score - GPT property managed assets
72
63
55
2021 2022 2023
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GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Retail outlook

We expect retail sales growth to remain positive over 2024
Retailers expected to maintain healthy levels of profitability and sustainable occupancy costs
The Group will continue leasing strategies to drive sales productivity and position our assets to attract first to market retailers
Low unemployment and above-trend population growth should provide support to retail sales over the year
Supply of retail floorspace should remain low, underpinning support of established quality assets with limited vacancy

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Highpoint Shopping Centre, VIC

Experience First

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GPT – 2023 ANNUAL RESULT DATA PACK PRESENTATION

GPT – 2023 ANNUAL RESULT DATA PACK

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$323.4m

Segment contribution, down 3.4%

5.49% Weighted average capitalisation rate, up 46 bps

-0.8% Comparable income growth 4.7yrs Weighted average lease expiry

92.3% Portfolio occupancy (incl. HoA)

$13.9b Assets under management

Office leasing market remains challenging

Vacancy rates in Sydney and Melbourne are elevated, with subdued demand and high incentives
Brisbane prime market outperformed with solid demand, vacancy trending lower and strong rental growth
Customers continue to prefer prime, high-quality workplaces with exceptional amenity and high sustainability credentials
Worker activity in both Sydney and Melbourne CBDs has increased, with large corporates starting to mandate a return to the office

CBD Prime Grade market

CBD Prime Grade market
December 2023	Sydney	Melbourne		Brisbane
Vacancy	15.9%	18.8%		9.8%
Net Absorption (sqm, 12 months)	-59,499	9,842		66,461
Net Face Rental Growth (12 months)	6.8%		2.8%	10.2%
Net Effective Rental growth (12 months)	3.5%	-5.4%		17.0%
Incentive	Gross: 35.0%	Net: 42.2%		Gross: 41.3%
(year on year change)	(+42 bps)	(+299 bps)		(-164 bps)

Source: JLL Q4 2023.

Propella.ai Worker Activity Index, week ending 15 December 2023.

Worker activity in Sydney CBD, Melbourne CBD & Fringe[1]

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% of pre-COVID worker activity
80%
60%
40%
20%
0%
Dec-21 Mar-22 Jun-22 Sep-22 Dec-22 Mar-23 Jun-23 Sep-23 Dec-23
Sydney CBD - Average Melbourne CBD & Fringe - Average
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GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

PRESENTATION

Strong leasing results

5.1 133,800 sqm years

Leased across 167 deals (incl. HoA) GPT and GWOF NLA

Average lease term

35%

Average gross incentive

506

Customers, up 13%

Leasing activity breakdown

Key Leasing 2023

				Key L	e
				Customer		Area (sqm)	Term (years)	Asset
By NLA		By number of deals
				Confidential (HoA)		12,300	7.0
67%				Citibank		7,000	7.0	2 Park St, Sydney
			44	Property NSW		4,000	5.0	60 Station St, Parramatta
	33%			Slater & Gordon		3,900	7.0	530 Collins St, Melbourne
		123		Baker	McKenzie	3,900	3.5	181 William St, Melbourne
Greater than 1,000sqm Less than 1,000sqm		Greater than 1,000sqm Less than 1,000sqm		Collins Biggers Paisley Hall & Wilcox		3,800 3,600	7.0 10.0	2 Park St, Sydney Queen & Collins, Melbourne

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Leasing remains a core focus
•
Portfolio occupancy increased to 92.3% (including HoA) at December 2023
• 11% of the portfolio expiring in 2024 of which 6% occurs in the first half
GPT Office vs Market Prime Grade Average Occupancy Lease expiry profile (incl. HoA) [2]
17%
14%
13%
92.3% 11%
8%
90.3% 8%
6%
83.6%
Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Vacant 2024 2025 2026 2027 2028 2029
GPT incl. HoA GPT incl. Signed Leases Eastern Seaboard Prime incl. Signed Leases¹ Sydney CBD Sydney Metro & Parramatta Melbourne Brisbane Canberra
1. JLL research. Eastern seaboard includes Sydney CBD, Parramatta, Melbourne CBD and Brisbane CBD.
2. Vacant % by area. 2024-2029 lease expiry % by income.
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GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Portfolio well positioned for leasing in 2024

Three distinctive office products with a focused leasing strategy

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100%

Prime portfolio

100% Portfolio certified carbon neutral[1]

GPT Space&Co

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78%

Portfolio constructed or refurbished since 2012

5.1stars NABERS energy portfolio rating[2]

GPT DesignSuites

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Traditional Space
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4.6stars

73

NABERS water portfolio rating[2]

Net Promoter Score

1 GPT and GWOF operational office assets. Excludes assets under or held for development or under the operational control of the tenant. 2 Calculated in accordance with the NABERS Rules for Conducting a Portfolio Rating.

Office outlook

Market vacancy is expected to remain elevated however prime assets with appealing amenity will continue to be in demand
Leasing to stay competitive. GPT’s three distinctive office products designed to cater to all market segments
GPT’s high quality portfolio is well located, offering strong amenity and high sustainability credentials
Leasing incentives expected to remain elevated
Operations net income in 2024 expected to be in line with 2023

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One One One Eagle Street, Brisbane
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GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Experience First

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Logistics

99.5% Portfolio occupancy (Incl. HoA)

Logistics overview

$198.5m 5.5% Segment contribution, up 5.5% Comparable income growth

5.26% Weighted average capitalisation rate, up 86bps

5.4yrs Weighted average lease expiry

$4.7b Assets under management

GPT – 2023 ANNUAL RESULT DATA PACK PRESENTATION

GPT – 2023 ANNUAL RESULT DATA PACK

PRESENTATION

Market conditions remain favourable

	Industrial & Logistics Market	Sydney			Melbourne			Brisbane
	Vacancy1 Prime net face rental growth (12 months)2 Under Construction supply due to complete in 2024 and precommitment level1	0.5% +20% 1.0m sqm 47%			1.6% +18% 0.8m sqm 28%			1.4% +14% 0.4m sqm 49%

2023 gross take-up of 2.2 million sqm with demand normalising to the 10-year average (2.4 million sqm)[2]
Transport/Postal users are the dominant occupier group, accounting for 41% of 2023 demand[2] , reflecting continued growth of 3PLs
Supply is increasing however vacancy rates remain tight
CBRE Research. 2. JLL Research.

18-24 Abbott Road, Seven Hills, NSW All figures reflect Eastern states unless otherwise stated.

Customer Asset Strong leasing outcom • Total leasing1of 168,000sqm and leasing sprea • High occupancy1maintained at 99.5% • Portfolio under-rented compared to market, 3 in next three years with >15% average leasing s Key Leasing 2023	d 2% p	e s b re	Area s achieved of 39% y income expiring ads expected	(s	q
Super Retail Group Citiwest Industrial Estate, VIC	Al	to	na North, 41,	70	0
Mainfreight 149 & 153 Coulson Street,	Wa	c	ol, QLD 17,	60	0
Couriers Please Foundation Estate, Trugan	in	a	, VIC 14,	8	00
[Followmont] 89-99 Lockwood Road, Ers NSW	ki	n	e Park, 12,	30	0
DHL 30 Ironbark Close, Berrinb	a,	Q	LD 10,	0	00
1. Including HoA.

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30 Ironbark Close, Berrinba, QLD
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GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Development completions

Five projects of $259.3m AUM delivered, adding 111,200sqm of prime logistics stock
Half of the Logistics portfolio has been created via the development pipeline[1] providing customers with high quality product and delivering enhanced returns

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Keylink Estate – North, Keysborough, VIC [2] 149 & 153 Coulson Street, Wacol, QLD [2]
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24A & 24B Niton Drive, Gateway Logistics Hub, Truganina, VIC

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30 Niton Drive, Gateway Logistics Hub, Truganina, VIC

22 Hume Drive, Apex Business Park, Bundamba, QLD[2]

By value.
Held in GPT QuadReal Logistics Trust (GPT 50.1%).

Developing high quality sustainable product

Progressing ~$2b AUM pipeline[1] (52% Sydney, 36% Melbourne, 12% Brisbane)
Onsite works at Yiribana East Logistics Estate, Kemps Creek to commence this quarter
DA achieved for two of six facilities, targeting 1H 2025 completion for first phase
The precinct caters to pent up demand from large occupiers adjacent to established industrial markets
Site servicing underway at our Truganina estate, with planning approval achieved for first two facilities in the ~123,600sqm estate
Developing highly sustainable assets with GPT recognised as a Global Sector Leader for the Industrial sector in the 2023 GRESB Development Benchmark

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

Estimated end value.

Mamre Road Precinct, Kemps Creek, NSWMamre Road Precinct, Kemps Creek, NSW

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w E
E Yiribana East Logistics Estate
• Ownership: GPT 100%
• Site Area: 36.9ha
• Future GLA: ~182,000sqm
w Yiribana West Logistics Estate
• Ownership: GQLT (GPT 50.1%)
• Site Area: 10.3ha industrial zoned
• Future GLA: ~38,900sqm
Mamre Road Precinct (indicative
boundary)
M12 Motorway (under construction)
Proposed Southern Link Road
Proposed Intermodal Terminal
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GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Logistics outlook

Market vacancy expected to remain low through 2024, supporting rent growth
Market supply expected to increase, however timing dependent on authority approvals, with delays particularly acute in Sydney
Executing leasing strategies to maximise income upside with 7% lease expiry in 2024
Activating new projects in the development pipeline and growing the QuadReal partnership
While investment metrics have softened, investor appetite for the sector remains strong

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55 Whitelaw Place, Wacol, QLD

Experience First

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Outlook and 2024 Guidance

GPT – 2023 ANNUAL RESULT DATA PACK PRESENTATION

GPT – 2023 ANNUAL RESULT DATA PACK

PRESENTATION

Outlook and 2024 Guidance

Outlook

Operating environment remains uncertain, however interest rates appear close to peak and inflation is trending lower. Transaction market remains subdued but is expected to improve as bond yields stabilise
Retail sales growth moderated in 2H 2023, however we expect our portfolio to continue to benefit from high occupancy and fixed rental increases
Office leasing market expected to remain competitive with elevated vacancy, new supply and subdued demand. Despite 11% expiry in 2024 we are targeting the Office portfolio to deliver a net income result in line with 2023
Our Logistics portfolio is well positioned to benefit from favorable market conditions, positive leasing spreads and development

2024 Guidance

GPT expects to deliver FFO of approximately 32.0 cents per security and a distribution of 24.0 cents per security
Net income growth across the diversified portfolio is expected to be offset by higher interest costs. Trading profits from contracted sales at Sydney Olympic Park are expected to contribute circa 4% of FFO, which is higher than the historical average
Higher Office lease incentives and a lower distribution payout ratio from GWOF impacts free cash flow and the 2024 distribution

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Highpoint Shopping Centre, VIC

Experience First

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Thank you for joining us Questions

GPT – 2023 ANNUAL RESULT DATA PACK

PRESENTATION

GPT – 2023 ANNUAL RESULT DATA PACK

PRESENTATION

Disclaimer

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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 ). It has been prepared for the purpose of providing GPT’s investors with general information regarding GPT’s performance and plans for the future and risks. It is not intended to be and does not constitute an offer or a recommendation to acquire any securities in The GPT Group.

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 2023 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. Some totals may not add up to 100% due to rounding.

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 2023. 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.

Experience First

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Data Pack

Note: All information included in this pack includes GPT owned assets and GPT’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. Some totals may not add up to 100% due to rounding.

	Contents
	Overview	39
	Financials	45
	Retail	53
	Offce	61
	Logistics	75
	Funds Management	105
	Development	111
	Sustainability	113

GPT – 2023 ANNUAL RESULT DATA PACK

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Melbourne Central, VIC
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Experience First

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Overview

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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Portfolio summary and sector weightings Portfolio geographic weighting
31 December 2023 31 December 2023
Retail 36%
• 16 shopping centres
Logistics 28% • 1,310,000sqm GLA• 4000 + tenants NSW 47%
• 72 assets
• $5.5b GPT owned
• 1,550,000sqm GLA
portfolio
• 90 + tenants
• $12.8b AUM
• $4.4b GPT owned
portfolio
• $4.7b AUM
VIC 40%
QLD 12%
36%
Office
• 30 assets
• 1,120,000sqm NLA
• 500 + office tenants
• $5.5b GPT owned
portfolio Other 1%
• $13.9b AUM
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GPT – 2023 ANNUAL RESULT DATA PACK

OVERVIEW

GPT – 2023 ANNUAL RESULT DATA PACK

OVERVIEW

GPT portfolio metrics

	Portfolio size ($b)	WALE (years)	Occupancy (%)1	WACR (%)
Retail	5.5	3.9	99.8	5.43
Offce	5.5	4.7	92.3	5.49
Logistics	4.4	5.4	99.5	5.26
Total	15.4	4.5	98.2	5.41

Average structured rental increases[2]

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Specialty retail Office Logistics
+4.8% +3.7% +3.3%
Fixed 63% Other 28% CPI linked 9% Fixed 83% Other 15% CPI linked 2% Fixed 59% Other 9% CPI linked 32%
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Includes heads of agreement (HoA).
Fixed rent and CPI linked reviews for the 12 months to 31 December 2024. CPI assumption of 3.5% utilised, CPI linked includes a range of review provisions that have reference to CPI. Other includes market reviews and expiries in 2024.

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 is 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
Carbon neutral	Carbon neutral means reducing emissions where
	possible and compensating for the remainder by
	investing in carbon offset projects to achieve net
	zero overall emissions, as defned in the Australian
	Government Climate Active Carbon Neutral Standards
Climate Active	Climate Active is an ongoing partnership between the
	Australian Government and Australian businesses to
	drive voluntary climate action. Climate Active certifes
	businesses and organisations that have proven
	that they are measuring, reducing and offsetting
	their emissions, with a net result of zero emissions. www.
	climateactive.org.au
CO2	Carbon dioxide

CPI	Consumer price index
cps	Cents per security
DPS	Distribution per security
EBIT	Earnings before interest and tax
Embodied carbon	As per the World Green Building Council 2019 report,
	“Bringing embodied carbon upfront”
EPS	Earnings per security is defned as Funds From
	Operations per security
FFO	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 fow	Defned as 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 foor area
GLA	Gross lettable area
GQLT	GPT QuadReal Logistics Trust
Group total return	Calculated at the Group level as the change in 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

GPT – 2023 ANNUAL RESULT DATA PACK

OVERVIEW

GPT – 2023 ANNUAL RESULT DATA PACK

OVERVIEW

Glossary (continued)

Glossar	y (continued)
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
Net Zero	A target of completely negating the amount of
	greenhouse gases produced by human activity, to be
	achieved by reducing emissions and implementing
	methods of absorbing carbon dioxide from the
	atmosphere. GPT uses the term ‘carbon neutral’ to
	describe the outcomes for its emissions reduction
	targets. This aligns with the language of the Australian
	Government’s Climate Active Carbon Neutral program,
	which certifes buildings as operating on a carbon
	neutral basis. GPT’s carbon neutral achievements have
	all been certifed by Climate Active and are part of its
	overall net zero plan

NLA	Net lettable area
NPAT	Net proft after tax
NTA	Net tangible assets
Occupancy	The proportion of lettable area of a portfolio or
	asset that is occupied, divided by the asset’s total
	lettable area. Offce and Logistics report three layers of occupancy (1) actual occupancy, (2) occupancy
	including signed leases and (3) occupancy
	including HoA
Ordinary securities	As per the ASX, 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
Portfolio total return	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
ppt/s	Percentage point/s
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 400sqm

sqm	Square metre
Task Force on	The TCFD was established by the Financial Stability
Climate-Related	Board to develop recommendations for more
Financial Disclosures	effective climate-related disclosures that could
(TCFD)	promote more informed investment, credit, and
	insurance underwriting decisions and, in turn, enable
	stakeholders understanding of the concentrations of
	carbon-related assets in the fnancial sector and the fnancial system’s exposures to climate-related risks.
	These recommendations were released in 2017 to
	help companies provide better information to support
	informed capital allocation: www.fsb-tcfd.org
Total specialties	Retail tenancies including specialty tenants and
	mini-major tenants

Total tangible assets	Defned as per the Constitution of the Trust and equals
	total assets less intangible assets reported in the
	statement of fnancial position
TSR	Total securityholder return is defned as distribution per
	security plus change in security price
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

GPT – 2023 ANNUAL RESULT DATA PACK

OVERVIEW

GPT – 2023 ANNUAL RESULT DATA PACK

OVERVIEW

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Melbourne Central Tower, Melbourne
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Experience First

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Financials

Financial summary

Financial summary
12 months to 31 December	2023	2022	Change
Funds from Operations ($m)	600.9	620.6	(3.2%)
Net (loss)/proft after tax ($m)	(240.0)	469.3	(151.1%)
FFO per ordinary security (cents)1	31.37	32.40	(3.2%)
FFO yield (based on period end price)1	6.8%	7.7%
Distribution per ordinary security (cents)	25.00	25.00	Unchanged
Distribution yield (based on period end price)1	5.4%	6.0%
Net interest expense ($m)	(193.0)	(139.9)	38.0%
Interest capitalised ($m)	11.1	9.1	22.0%
Weighted average cost of debt	4.7%	3.2%	Up 150bps
Interest cover	4.0 times	5.5 times	Down 1.5 times
	As at 31 Dec 23	As at 31 Dec 22	Change
Total assets ($m)	16,279.8	17,317.0	(6.0%)
Total borrowings ($m)	4,796.3	5,052.5	(5.1%)
NTA per security ($)	5.61	5.98	(6.2%)
Net gearing	28.3%	28.5%	Down 20bps
Net look through gearing	30.7%	30.4%	Up 30bps
Weighted average term to maturity of debt	5.9 years	6.2 years	Down 0.3 years
Credit ratings (S&P/Moody's)	A- (stable)/A2 (stable)	A (negative)/A2 (stable)	S&P down one notch
Weighted average term of interest rate hedging	2.8 years	2.8 years	Unchanged

The weighted average number of ordinary stapled securities was 1,915.6 million for 2022 and 2023. The period end price was $4.64 at 31 December 2023 and $4.20 at 31 December 2022.

GPT – 2023 ANNUAL RESULT DATA PACK

FINANCIALS

GPT – 2023 ANNUAL RESULT DATA PACK

FINANCIALS

Results summary

FINANCIALS GPT – 2023 ANNUAL RESULT DATA PACK Results summary	46
Segmentperformance 12 months to 31 December ($m) 2023	2022
Retail Operations net income 317.5	289.9
Funds management net income 23.4	13.7
Development net income –	(0.1)
340.9	303.5
Offce Operations net income 281.3	290.3
Funds management net income 39.5	41.9
Development net income 2.6	2.7
323.4	334.9
Logistics Operations net income 192.7	182.4
Funds management net income 2.7	1.8
Development net income 3.1	3.9
198.5	188.1
Corporate Net fnancing costs (193.0) Corporate management expenses (58.2)	(139.9) (57.6)
Tax expense (10.7)	(8.4)
Funds from operations (FFO) 600.9	620.6
Valuation decrease (819.0)	(159.3)
Financial instruments mark to market movements, net foreign exchange movements and other items (21.9)	8.0
Net (loss)/proft after tax (NPAT) (240.0)	469.3

Funds from operations to adjusted funds from operations

12 months to 31 December ($m)	2023	2022
Business segment income	862.8	826.5
Financing and corporate overheads	(261.9)	(205.9)
Funds from operations	600.9	620.6
Maintenance capital expenditure	(32.8)	(31.7)
Lease incentives (including rent free and leasing costs)	(80.1)	(78.1)
Adjusted funds from operations	488.0	510.8

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Lonsdale Street entry, Melbourne Central, VIC
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GPT – 2023 ANNUAL RESULT DATA PACK

FINANCIALS

GPT – 2023 ANNUAL RESULT DATA PACK

FINANCIALS

NTA movement

GPT – 2023 ANNUAL RESULT DATA PACK NTA movement	FINANCIALS	48
Securities on issue	Number of securities (m)
Opening balance 1 January 2023	1,915.6
31 December 2023 balance	1,915.6
NTA movement	Net tangible assets ($m)	NTA per security ($)
NTA position as at 31 December 20221	11,451.1	5.98
FFO	600.9	0.31
Revaluations	(819.0)	(0.43)
Mark to market of Treasury	(8.6)	0.00
Distribution	(478.8)	(0.25)
Other	(2.1)	0.00
Movement in NTA	(707.6)	(0.37)
NTA position as at 31 December 20231	10,743.5	5.61

Includes right of use assets.

Gearing and interest cover

Gearing ($m)	31 December 2023
Total assets	16,279.8
Less: Intangible assets	(22.7)
Less: Right of use asset	(14.6)
Less: Lease liabilities – investment properties	(13.9)
Less: Cross currency swap assets	(300.4)
Adjusted total tangible assets	15,928.2
Current borrowings	267.0
Non-current borrowings	4,529.3
Less: Net cross currency derivative positions	(232.3)
Total borrowings1	4,564.0
Cash	67.9
Net gearing2	28.3%

Interest cover ($m)	31 December 2023
Funds from operations	600.9
Add: taxes deducted	10.7
Add: Finance costs for the period3	204.4
Earnings before interest and tax (EBIT)	816.0
Finance costs3	204.4
Interest cover	4.0 times

Includes unamortised establishment costs and other adjustments. As at 31 December 2023, external drawn debt is $4,570 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.

GPT – 2023 ANNUAL RESULT DATA PACK

FINANCIALS

GPT – 2023 ANNUAL RESULT DATA PACK

FINANCIALS

Look through gearing

GPT – 2023 ANNUAL RESULT DATA PACK Look through gearing	FINANCIALS				50
31 December 2023 ($m)	GPT Group	GWOF	GWSCF	Other2	Total
Group adjusted total tangible assets	15,928.2				15,928.2
Plus: GPT share of assets of non-consolidated entities		1,995.8	993.3	1,641.5	4,630.6
Less: total equity investment in non-consolidated entities		(1,459.4)	(794.6)	(1,595.1)	(3,849.1)
Total look through assets	15,928.2	536.4	198.7	46.4	16,709.7
Group total borrowings	4,564.0				4,564.0
Plus: GPT share of external debt of non-consolidated entities		474.9	167.9	–	642.8
Total look through borrowings	4,564.0	474.9	167.9	–	5,206.8
Total look through cash	67.9	7.8	7.2	30.7	113.6
Look through gearing based on net debt1,2					30.7%

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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800-808 Bourke Street, Melbourne
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Liquidity profile

0.0 0.4 0.5 0.6 0.7 0.8 0.9 1.0 1.2 1.3 1.4 1.6 1.5 1.1 Billions ($) 0.1 0.2 0.3
	Liquidity at 31 Dec 2024 Cash balance 31 Dec 2023 Undrawn facilities Current liquidity Development /Capex Asset – Divestments /Acquisitions Debt maturities

GPT – 2023 ANNUAL RESULT DATA PACK

FINANCIALS

GPT – 2023 ANNUAL RESULT DATA PACK FINANCIALS 52

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Lobby, 530 Collins Street, Melbourne
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Experience First

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Retail

Retail portfolio overview

GPT's retail portfolio comprises ownership in ten high quality assets with a total investment of $5.5 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 $12.8 billion include a further six 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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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

ACRT owned Macquarie Centre (50%)[1]

Victoria

GPT owned

Melbourne Central Highpoint Shopping Centre (16.7%)

GWSCF owned

Chirnside Park

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

UniSuper owned

Malvern Central

Queensland

GPT owned Sunshine Plaza (50%)[1]

ACRT owned Pacific Fair Shopping Centre

Western Australia UniSuper owned Karrinyup Shopping Centre

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

GPT – 2023 ANNUAL RESULT DATA PACK

RETAIL

GPT – 2023 ANNUAL RESULT DATA PACK

RETAIL

Retail portfolio summary

Top ten tenants[1] 31 December 2023

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Woolworths Accent
Group Group Myer Wesfarmers Just Group
3.4% 3.0% 2.9% 2.7% 2.3%
2.3% 2.3% 1.7% 1.5% 1.4%
Coles Group Cotton On Hoyts Mecca Super Retail
Clothing
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Geographic weighting 31 December 2023

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VIC 48%
NSW 42%
QLD 10%
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Based on gross rent (including turnover rent).

Portfolio occupancy and sales

Portfolio occupancy and sales
Ownership (%) Retail GLA – 100% interest (sqm) Occupancy by area (%) Centre MAT ($m)	Comparable MATgrowth (%)	Specialty2
	Centre Specialty2	MAT ($psm) Occupancy cost (%)
GPT portfolio Charlestown Square 100 91,200 99.7 581.0	1.4 3.1	12,830 14.5
Highpoint Shopping Centre 16.7 149,600 99.9 1,266.8	7.9 0.7	12,562 17.2
Melbourne Central 100 55,700 100.0 612.3	17.1 18.4	14,534 19.1
Rouse Hill Town Centre 100 70,100 100.0 621.1	4.7 3.7	12,870 13.3
Sunshine Plaza1 50 106,600 99.5 810.4	5.7 3.4	11,269 15.7
Westfeld Penrith1 50 91,500 99.5 728.9	9.2 4.3	13,106 17.4
GWSCF portfolio Chirnside Park 100 38,800 100.0 354.9	7.1 5.4	13,205 15.2
Highpoint Shopping Centre 83.3 149,600 99.9 1,266.8	7.9 0.7	12,562 17.2
Macarthur Square1 50 108,100 99.6 720.6	3.2 2.8	10,045 14.8
Northland Shopping Centre1 50 97,800 99.4 659.7	7.2 2.5	10,687 14.2
Parkmore Shopping Centre 100 36,900 99.5 308.0	11.2 15.9	12,570 13.3
GPT weighted total 846,400 99.8 3,481.5	7.4 6.3	12,824 16.1

Analysis provided by external manager.
Specialty GLA < 400sqm.

GPT – 2023 ANNUAL RESULT DATA PACK

RETAIL

GPT – 2023 ANNUAL RESULT DATA PACK

RETAIL

Portfolio sales by category

31 December 2023	MAT ($m)	12 months growth (%)
Department store	146.7	0.2
Discount department store	285.2	(0.3)
Supermarket	555.5	9.5
Cinemas	51.2	3.0
Other retail1	185.2	48.7
Total specialty	2,257.7	6.1
Total centre sales	3,481.5	7.4

Total specialty sales by category
Fashion	610.2	(0.3)
Technology	408.1	7.0
Dining	371.4	13.4
Health & Beauty	356.0	12.5
Leisure	169.2	3.3
General retail	109.2	9.1
Food retail	107.7	10.2
Jewellery	79.8	(2.1)
Homewares	33.8	(7.1)
Retail services	12.4	18.2
Total specialty	2,257.7	6.1
Specialty GLA >400sqm	645.2	5.6
Specialty GLA <400sqm	1,612.4	6.3

Note: Based on weighted GPT Interest.

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

Specialty sales

Comparable MAT growth (%)

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38.2 37.0
1.8 2.7 4.2 5.9 6.5 4.2 2.6 2.1 0.3 1.7 2.5 6.4 6.3
(0.1) (0.5) (3.4) (0.4)
(13.5)
(28.3)
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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 Jun 23 Dec 23

Note: From December 2014, based on GPT weighted interest. Specialty GLA <400sqm, excludes development impacted centres.

GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

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Income and fair value schedules

	Income ($m)	Fair value reconciliation ($m)	Portfolio weight (%)
	12 months to 31 Dec	Fair value 31 Dec 22 Development capex Maintenance capex Incentive capex Acquisitions & sales Net revaluations Other adjustments Fair value 31 Dec 23
	2022 2023 Variance
GPT portfolio Charlestown Square	50.4 50.2 (0.2)	880.0 10.2 3.0 3.8 – (33.0) – 864.0	15.6
Highpoint Shopping Centre	17.7 20.0 2.3	400.0 3.0 0.6 1.1 – (13.9) – 390.8	7.1
Melbourne Central	59.3 79.8 20.5	1,514.0 7.0 5.7 12.1 – (41.8) – 1,497.0	27.1
Rouse Hill Town Centre	43.5 43.4 (0.1)	713.0 8.2 2.1 2.2 – 4.5 – 730.0	13.2
Sunshine Plaza	29.9 31.6 1.7	606.0 0.6 1.8 2.0 – (29.6) – 580.8	10.5
Westfeld Penrith	33.0 41.0 8.0	694.5 4.5 1.5 2.5 – (27.0) – 676.0	12.2
Assets held for sale Casuarina Square (divested March 2022)	4.5 0.3 (4.2)	– – – – – – – –	–
Equity interests GPT equity interest in GWSCF (28.5%)1	45.2 40.7 (4.5)	828.8 – – – – (37.9) 3.7 794.6	14.4
Total Retail portfolio	283.5 307.0 23.5	5,636.3 33.5 14.7 23.7 – (178.7) 3.7 5,533.2	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.

Independent valuation summary

	State	Ownership (%)	Date	Valuer	Valuation ($m)	Capitalisation rate (%)
GPT portfolio
Charlestown Square	NSW	100	31 Dec 23	Urbis	864.0	6.00
Highpoint ShoppingCentre	VIC	16.7	31 Dec 23	CBRE	390.8	5.00
Melbourne Central1	VIC	100	31 Dec 23	Colliers	1,497.0	5.06
Rouse Hill Town Centre	NSW	100	31 Dec 23	Savills	730.0	5.75
Sunshine Plaza	QLD	50	31 Dec 23	JLL	580.8	5.38
Westfeld Penrith	NSW	50	31 Dec 23	CBRE	676.0	5.50
GWSCF portfolio
Chirnside Park	VIC	100	31 Dec 23	Colliers	277.3	6.25
Highpoint ShoppingCentre	VIC	83.3	31 Dec 23	CBRE	1,954.2	5.00
Macarthur Square	NSW	50	31 Dec 23	Savills	493.5	5.75
Northland ShoppingCentre	VIC	50	31 Dec 23	Savills	423.5	5.88
Parkmore Shopping Centre	VIC	100	31 Dec 23	Colliers	291.0	6.25

Note: Valuations include ancillary assets.

Weighted average capitalisation rate is 5.06%, comprising retail 5.00% and car park 6.00%.

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Charlestown Square, NSW
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Retail sales categories

Broad category	Sub category	GPT Retailportfolio 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	Childrenswear, Fashion accessories, Footwear, Menswear, Unisex,	Best & Less, Connor, Cotton On, Country Road, Foot Locker, H&M,
	Womenswear	Lovisa, Peter Alexander, Platypus, Sportsgirl, Strand, Sunglass Hut,
		Uniqlo, Witchery, Zara
Dining	Cafes, Restaurants, Takeaway – Food court, Takeaway Non-food	Boost Juice, Donut King, Grill’d, Guzman y Gomez, KFC, McDonalds,
	court	The Coffee Club
Food retail	Bakeries/Cakes/Pastries, Butcher, Delicatessen, Fruit & Vegetables,	7-Eleven, Bakers Delight, Costi Seafood, Dan Murphy, Deliworld,
	Liquor, Other specialty food, Poultry, Seafood	Healthy Life, Michel’s Patisserie, Rainbow Meats
Health & Beauty	Cosmetics, Hairdressing/Beauty/Laser, Massage & Nail bars,	Chemist Warehouse, Just Cuts, Laser Clinics, Mecca, OPSM,
	Optometrist, Pharmacy	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	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	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, ReadingCinemas
Other retail	Automotive, Car wash, Entertainment, Fitness, Lotto, Pad sites/	Anytime Fitness, Fitness First, Flight Centre, Holey Moley, Lotto,
	Bulkygoods, Travel agent	Star Car Wash, Strike Bowling, Timezone
Non-retail	ATM, Banks/Insurance/Other fnancial, Education, Medical, Petrol station, Other non-retail	ANZ, Australia Post, BUPA, CBA, Currency Exchange, Medicare, Westpac

Experience First

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Office

Office portfolio overview

GPT’s office portfolio comprises ownership in 28 high quality assets¹ with a total investment of $5.5 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 $13.9 billion include a further two 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).

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GPT – 2023 ANNUAL RESULT DATA PACK

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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] Tenant mix by industry[2] 31 December 2023 31 December 2023

Geographic weighting 31 December 2023

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Amazon
Web
Government IAG Services CBA ME Bank
NSW 53%
11.4% 5.4% 5.2% 4.3% 3.2%
VIC 35%
3.1% 2.4% 2.0% 1.7% 1.7%
QLD 12%
QBE Citibank ANZ Monash EY
ACT 1%
Government 15% Legal 10%
Banking 14% Other 9%
Insurance 13% Accounting & Finance 7%
Info and Comms Technology 13% Mining & Energy 4%
Other Business Services 12% Co-working/Serviced Offices 3%
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Note: Includes signed leases. 1. Based on gross rent.
By area.

Portfolio occupancy and leasing

Portfolio occupancy and leasing
Ownership (%) Offce NLA – 100% interest (sqm)	Offce occupancy by area (%) Offce WALE by income (years) Actual Incl. signed leases Incl. heads of agreement
GPT portfolio Australia Square, Sydney 50 51,700	81.2 82.0 82.0 3.0
2 Park Street, Sydney 50 73,400	79.2 87.6 90.4 4.5
Darling Park 1 & 2, Sydney1 25 101,800	DP 1: 65.8 69.7 84.6 2.3
	DP 2: 96.0 96.9 98.8 5.9
60 Station Street, Parramatta 100 24,700	70.4 75.8 84.5 4.1
32 Smith, Parramatta 100 26,600	84.8 87.6 88.9 6.7
4 Murray Rose Avenue, Sydney Olympic Park 100 15,600	98.8 98.8 98.8 6.0
62 Northbourne Avenue, Canberra 100 10,200	100.0 100.0 100.0 2.5
Melbourne Central Tower, Melbourne 100 65,800	87.2 90.8 92.6 4.5
181 William & 550 Bourke Streets, Melbourne1 50 76,900	89.3 92.7 93.2 4.9
One One One Eagle Street, Brisbane1 33.3 63,600	97.4 98.5 98.5 5.0

Landlord operated flexible space excluded from occupancy metrics.

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Portfolio occupancy and leasing (continued)

Ownership (%) Offce NLA – 100% interest (sqm)	Offce occupancy by area (%) Offce WALE by income (years) Actual Incl. signed leases Incl. heads of agreement
GWOF portfolio Liberty Place, 161 Castlereagh Street, Sydney 50 56,500	91.0 91.0 91.0 6.5
Darling Park 1 & 2, Sydney1 50 101,800	DP 1: 65.8 69.7 84.6 2.3
	DP 2: 96.0 96.9 98.8 5.9
Darling Park 3, Sydney 100 29,800	75.2 80.1 80.1 3.9
580 George Street, Sydney 100 37,100	98.4 98.4 98.4 2.9
workplace6, Sydney 100 16,300	100.0 100.0 100.0 4.9
2 Southbank Boulevard, Melbourne 100 53,900	90.5 90.5 91.8 4.1
8 Exhibition Street, Melbourne 50 44,500	99.1 99.1 99.1 2.6
Queen & Collins, Melbourne1 100 33,600	77.8 93.2 96.0 5.0
150 Collins Street, Melbourne 100 19,100	100.0 100.0 100.0 7.3
530 Collins Street, Melbourne1 100 65,000	74.4 81.4 83.6 4.7
655 Collins Street, Melbourne 100 16,600	100.0 100.0 100.0 5.9
750 Collins Street, Melbourne 100 41,400	100.0 100.0 100.0 11.8
800/808 Bourke Street, Melbourne 100 60,000	100.0 100.0 100.0 5.4
181 William & 550 Bourke Streets, Melbourne1 50 76,900	89.3 92.7 93.2 4.9
One One One Eagle Street, Brisbane1 66.7 63,600	97.4 98.5 98.5 5.0
Riverside Centre, Brisbane 100 51,200	99.2 99.2 99.2 4.5
GPT weighted total2 1,035,300	87.2 90.3 92.3 4.7

Landlord operated flexible space excluded from occupancy metrics.
Excludes assets under or held for development (81 George Street, 91 George Street, 155 Walker Street and 51 Flinders Lane).

Lease expiry by income (%)

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17
14 14
13
11
8 8
6
3
3 2
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+
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Note: Office income, includes heads of agreement.

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Income and fair value schedule

	Income ($m)	Fair value reconciliation ($m)	Portfolio weight (%)
	12 months to 31 Dec	Fair value 31 Dec 22 Development & other capex Maintenance capex Lease incentives Acquisitions & sales Net revaluations Other adjustments Fair value 31 Dec 23
	2022 2023 Variance
GPT portfolio Australia Square, Sydney	32.2 33.9 1.7	627.8 1.0 3.7 6.0 – (73.0) – 565.5	10.2
2 Park Street, Sydney	39.8 39.0 (0.8)	830.0 10.9 0.9 9.4 – (81.2) – 770.0	14.0
DarlingPark 1 & 2, Sydney	30.4 26.5 (3.9)	550.3 5.3 0.3 3.9 – (73.9) – 485.9	8.8
60 Station Street, Parramatta	12.8 8.4 (4.4)	244.0 5.3 0.1 6.1 – (52.0) – 203.5	3.7
32 Smith, Parramatta	14.4 14.9 0.5	346.0 3.2 0.2 0.9 – (42.3) – 308.0	5.6
4 Murray Rose Avenue, Sydney Olympic Park	8.0 8.3 0.3	146.0 – 0.1 0.2 – (17.8) – 128.5	2.3
62 Northbourne Avenue, Canberra	4.5 4.6 0.1	53.0 – – 1.2 – (10.2) – 44.0	0.8
Melbourne Central Tower, Melbourne	42.7 41.6 (1.1)	785.0 1.7 0.6 6.4 – (52.7) – 741.0	13.4
181 William & 550 Bourke Streets, Melbourne	15.1 19.2 4.1	456.0 6.5 1.8 8.6 – (23.9) – 449.0	8.1
One One One Eagle Street, Brisbane	20.9 20.3 (0.6)	330.0 1.7 0.8 3.4 – 27.4 – 363.3	6.6
Equity interests GPT equity interest in GWOF (21.7%)1	72.3 69.8 (2.5)	1,601.5 – – – – (156.2) 14.1 1,459.4	26.4
Total Offce portfolio	293.1 286.5 (6.6)	5,969.6 35.6 8.5 46.1 – (555.8) 14.1 5,518.1	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.

Independent valuation summary

Independent valuation summary
State Ownership (%) Date Valuer Valuation ($m)	Capitalisation rate (%)
GPT portfolio Australia Square, Sydney NSW 50 31 Dec 23 Knight Frank 565.5	5.56
2 Park Street, Sydney NSW 50 31 Dec 23 Savills 770.0	5.25
Darling Park 1 & 2, Sydney NSW 25 31 Dec 23 Knight Frank 485.9	DP 1: 5.50
	DP 2: 5.25
60 Station Street, Parramatta NSW 100 31 Dec 23 Knight Frank 203.5	6.50
32 Smith, Parramatta NSW 100 31 Dec 23 M3 Property 308.0	5.75
4 MurrayRose Avenue, SydneyOlympic Park NSW 100 31 Dec 23 JLL 128.5	6.00
62 Northbourne Avenue, Canberra ACT 100 31 Dec 23 M3 Property 44.0	6.75
Melbourne Central Tower, Melbourne VIC 100 31 Dec 23 Savills 741.0	5.50
181 William & 550 Bourke Streets, Melbourne VIC 50 31 Dec 23 Colliers 449.0	5.38
One One One Eagle Street, Brisbane QLD 33.3 31 Dec 23 JLL 363.3	5.50

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GPT Space&Co, 580 George Street, Sydney
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Independent valuation summary (continued)

Independent valuation summary (continued)
State Ownership (%) Date Valuer Valuation ($m)	Capitalisation rate (%)
GWOF portfolio LibertyPlace, 161 Castlereagh Street, Sydney NSW 50 31 Dec 23 Colliers 685.0	5.00
Darling Park 1 & 2, Sydney NSW 50 31 Dec 23 Knight Frank 971.8	DP 1: 5.50
	DP 2: 5.25
DarlingPark 3, Sydney NSW 100 31 Dec 23 Knight Frank 525.0	5.38
580 George Street, Sydney NSW 100 31 Dec 23 JLL 615.5	5.63
workplace6, Sydney NSW 100 31 Dec 23 Knight Frank 317.5	5.38
155 Walker Street, North Sydney1 NSW 100 31 Dec 23 Colliers 75.0	7.25
81 George Street, Parramatta NSW 100 31 Dec 23 Cushman & Wakefeld 50.0	N/A
91 George Street, Parramatta NSW 100 31 Dec 23 Cushman & Wakefeld 53.5	N/A
2 Southbank Boulevard, Melbourne VIC 100 31 Dec 23 JLL 693.0	5.38
8 Exhibition Street, Melbourne VIC 50 31 Dec 23 M3 Property 310.0	5.13
51 Flinders Lane, Melbourne VIC 100 31 Dec 23 Colliers 150.0	N/A
Queen & Collins, Melbourne VIC 100 31 Dec 23 Savills 511.0	5.13
150 Collins Street, Melbourne VIC 100 31 Dec 23 Savills 251.0	5.13
530 Collins Street, Melbourne VIC 100 31 Dec 23 CBRE 740.0	5.50
655 Collins Street, Melbourne VIC 100 31 Dec 23 CBRE 153.0	5.63
750 Collins Street, Melbourne VIC 100 31 Dec 23 Knight Frank 448.0	5.25
800/808 Bourke Street, Melbourne VIC 100 31 Dec 23 Cushman & Wakefeld 515.0	5.63
181 William & 550 Bourke Streets, Melbourne VIC 50 31 Dec 23 Colliers 449.0	5.38
One One One Eagle Street, Brisbane QLD 66.7 31 Dec 23 JLL 726.7	5.50
Riverside Centre, Brisbane QLD 100 31 Dec 23 Cushman & Wakefeld 847.0	5.63

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.

Development & refurbishment timeline

78% of the portfolio constructed or refurbished since 2012.

2012 2013 2014 2015 2017 2018 2020 2021 2022

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60 Station St Liberty Place 150 Collins St 580 George St New construction New construction New construction Refurbishment

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One One One Eagle St

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Darling Park 3 Refurbishment

Darling Park 2 750 Collins St Queen & Collins 181 William St Refurbishment Refurbishment Refurbishment Refurbishment

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Riverside Centre 2 Southbank Blvd 8 Exhibition St 530 Collins St Darling Park 1 Refurbishment Refurbishment Refurbishment Refurbishment Refurbishment

New construction

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4 Murray Rose New construction

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Melbourne 32 Smith Central Tower New construction Refurbishment

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550 Bourke St Refurbishment

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GPT – 2023 ANNUAL RESULT DATA PACK

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Office market

Sydney CBD

Rents and incentives*

The Sydney CBD office market recorded negative net absorption of -64,116sqm over 2023. Consolidation activity and sublease space being offered to market across the finance, professional services and media and telecommunications sectors were key contributors to this result. Both prime and secondary stock recorded negative net absorption of -59,499sqm and -4,617sqm, respectively. As a result of the overall negative demand figure, the Sydney CBD total vacancy rate increased by 43 basis points (bps) to 14.4% over the 12 months to 4Q 2023. The prime grade vacancy rate has increased by 118 bps to 15.9% over the 12 months to 4Q 2023.

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$1,400 $1,389 40%
over 2023. Consolidation activity and sublease space being offered to market 6.8%
across the finance, professional services and media and telecommunications $1,200 35.0%
sectors were key contributors to this result. Both prime and secondary stock +42bps 30%
recorded negative net absorption of -59,499sqm and -4,617sqm, respectively. $1,000
As a result of the overall negative demand figure, the Sydney CBD total vacancy
rate increased by 43 basis points (bps) to 14.4% over the 12 months to 4Q 2023. $800 $710 20%
The prime grade vacancy rate has increased by 118 bps to 15.9% over the 3.5%
12 months to 4Q 2023. $600
10%
• Office stock in the Sydney CBD totals 5.18 million sqm. There were six withdrawals $400
in 2023, which removed 48,445sqm from the market. Key withdrawals include
the demolition of 133 Liverpool Street (15,000sqm) for the development of a $200 0%
residential tower and the demolition of 26-30 Lee Street (12,587sqm) for a future
office development. There were no new office completions over 2023.
• Prime net face rents increased by 6.8% to $1,389 per sqm per annum over the
12 months to 4Q 2023. Prime incentives increased over the past 12 months by Net face rent (LHS) Net effective rent (LHS) Gross incentive (RHS)
42 bps to 35.0%. Prime net effective rents increased by 3.5% over the 12 months to
4Q 2023.
• Average midpoint prime yields have softened by 88 bps over 2023 to 5.69%.
Demand, supply and vacancy Upper and lower Prime yields
300,000 20% 10%
14.4% 15% 9%
200,000 20 year vacancy avg. 9.0% 10% 8%
100,000 5% 6%7% 6.38%
0 0% 5% 5.00%
-48,771-64,116 -5% 4% 4.19%
-100,000 3%
-10%
-200,000 -15% 2%1%
-300,000 -20% 0%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS) 10 year bond yield Upper Prime Lower Prime
$/sqm per annum
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Yield
sqm per annum
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 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 Dec-23
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Office stock in the Sydney CBD totals 5.18 million sqm. There were six withdrawals in 2023, which removed 48,445sqm from the market. Key withdrawals include the demolition of 133 Liverpool Street (15,000sqm) for the development of a residential tower and the demolition of 26-30 Lee Street (12,587sqm) for a future office development. There were no new office completions over 2023.
Prime net face rents increased by 6.8% to $1,389 per sqm per annum over the 12 months to 4Q 2023. Prime incentives increased over the past 12 months by 42 bps to 35.0%. Prime net effective rents increased by 3.5% over the 12 months to 4Q 2023.
Average midpoint prime yields have softened by 88 bps over 2023 to 5.69%.

Demand, supply and vacancy

Source: JLL Research 4Q 2023, 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 1Q 2004 to 4Q 2023.

Melbourne CBD

Rents and incentives*

The Melbourne CBD office market recorded negative net absorption of -71,165sqm over 2023. Relocation and expansionary activity across both the public sector and the rental hiring and real estate services industry contributed to positive prime grade net absorption of 9,842sqm over 2023, whilst consolidation and relocation activity out of older stock resulted in negative secondary grade net absorption of -81,007sqm. The total vacancy rate remains elevated, increasing by 284 bps to 18.2% over the 12 months to 4Q 2023. The prime grade vacancy rate has increased by 275 bps to 18.8% over the 12 months to 4Q 2023.

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over 2023. Relocation and expansionary activity across both the public sector and $800 50%
the rental hiring and real estate services industry contributed to positive prime 42.2%+299 bps
grade net absorption of 9,842sqm over 2023, whilst consolidation and relocation $664 40%
activity out of older stock resulted in negative secondary grade net absorption of $600 2.8%
-81,007sqm. The total vacancy rate remains elevated, increasing by 284 bps to 30%
18.2% over the 12 months to 4Q 2023. The prime grade vacancy rate has increased
by 275 bps to 18.8% over the 12 months to 4Q 2023. 20%
• Office stock in the Melbourne CBD totals 5.30 million sqm. There were four $400
major office completions recorded in the CBD, which delivered 119,239sqm of $335 10%
office space in 2023. Key projects include 555 Collins Street (47,800sqm) and -5.4%
500 Bourke Street (44,890sqm). There were two withdrawals in 2023, which $200 0%
removed 22,815sqm of office stock from the market. Withdrawals include the
conversion of 55 King Street (12,803sqm) for another use and the demolition of
383 La Trobe Street (10,012sqm) for office redevelopment.
• Over 2023 prime net face rents increased by 2.8% to $664 per sqm per annum. Net face rent (LHS) Net effective rent (LHS) Net incentive (RHS)
Prime incentives remain elevated, increasing over the past 12 months by 299 bps
to 42.2%. Prime net effective rents decreased by 5.4% over the 12 months to
4Q 2023.
• Average midpoint prime yields have softened by 100 bps over 2023 to 6.00%.
Demand, supply and vacancy Upper and lower Prime yields
400,000 18.2% 20% 10%
300,000 15% 9%
200,000 20 year vacancy avg. 8.5% 10% 8%7% 7.00%
100,000 93,951 5% 6%
0 0% 5% 5.00%
-100,000 -71,165 -5% 4% 4.19%
3%
-200,000 -10%
2%
-300,000 -15% 1%
-400,000 -20% 0%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS) 10 year bond yield Upper Prime Lower Prime
$/sqm per annum
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Yield
sqm per annum
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 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 Dec-23
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Office stock in the Melbourne CBD totals 5.30 million sqm. There were four major office completions recorded in the CBD, which delivered 119,239sqm of office space in 2023. Key projects include 555 Collins Street (47,800sqm) and 500 Bourke Street (44,890sqm). There were two withdrawals in 2023, which removed 22,815sqm of office stock from the market. Withdrawals include the conversion of 55 King Street (12,803sqm) for another use and the demolition of 383 La Trobe Street (10,012sqm) for office redevelopment.
Over 2023 prime net face rents increased by 2.8% to $664 per sqm per annum. Prime incentives remain elevated, increasing over the past 12 months by 299 bps to 42.2%. Prime net effective rents decreased by 5.4% over the 12 months to 4Q 2023.
Average midpoint prime yields have softened by 100 bps over 2023 to 6.00%.

Demand, supply and vacancy

Source: JLL Research 4Q 2023, 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 1Q 2004 to 4Q 2023.

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Office market (continued)

Brisbane CBD

Rents and incentives*

The Brisbane CBD recorded positive net absorption of 40,534sqm over 2023. Prime grade stock recorded positive net absorption of 66,461sqm which was driven by centralisation and expansionary activity from both the public and driven by centralisation and expansionary activity from both the public and private sectors, whilst contraction and relocation activity out of older stock resulted in negative secondary grade net absorption of -25,927sqm. The total vacancy rate decreased 278 bps to 11.1% over the 12 months to 4Q 2023. The total vacancy rate is at its lowest level since 3Q 2019. The prime grade vacancy rate has reduced by 490 bps to 9.8% over the 12 months to 4Q 2023.

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Prime grade stock recorded positive net absorption of 66,461sqm which was driven by centralisation and expansionary activity from both the public and $800 $74341.3%10.2% 50%40%
private sectors, whilst contraction and relocation activity out of older stock -164 bps
resulted in negative secondary grade net absorption of -25,927sqm. The total $600
vacancy rate decreased 278 bps to 11.1% over the 12 months to 4Q 2023. The total 30%
vacancy rate is at its lowest level since 3Q 2019. The prime grade vacancy rate
has reduced by 490 bps to 9.8% over the 12 months to 4Q 2023. 20%
$400
• Office stock in the Brisbane CBD totals 2.31 million sqm. There was one withdrawal
in the CBD over 2023, which was Mineral House, 41-59 George Street (28,548sqm). There were no major completions recorded in the CBD over 2023.There were no major completions recorded in the CBD over 2023. $30717.0% 10%
• Prime net face rents increased by 10.2% to $743 per sqm per annum over the $200 0%
12 months to 4Q 2023. Prime incentives decreased by 164 bps to 41.3% over the
same period. Prime net effective rents increased by 17.0% over the 12 months to
4Q 2023, driven by a strong uplift in face rents.
Net face rent (LHS) Net effective rent (LHS) Gross incentive (RHS)
• Average midpoint prime yields have softened 38 bps over 2023 to 6.25%.
Demand, supply and vacancy Upper and lower Prime yields
300,000 20% 10%
15% 9%
200,000 20 year vacancy avg. 10.3% 11.1% 10% 8%
100,000 40,534 5% 6%7% 7.00%5.50%
0 -27,296 0% 5%
-5% 4% 4.19%
-100,000 3%
-10%
-200,000 -15% 2%1%
-300,000 -20% 0%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS) 10 year bond yield Upper Prime Lower Prime
$/sqm per annum
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Yield
sqm per annum
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 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 Dec-23
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Office stock in the Brisbane CBD totals 2.31 million sqm. There was one withdrawal in the CBD over 2023, which was Mineral House, 41-59 George Street (28,548sqm). There were no major completions recorded in the CBD over 2023.There were no major completions recorded in the CBD over 2023.
Prime net face rents increased by 10.2% to $743 per sqm per annum over the 12 months to 4Q 2023. Prime incentives decreased by 164 bps to 41.3% over the same period. Prime net effective rents increased by 17.0% over the 12 months to 4Q 2023, driven by a strong uplift in face rents.
Average midpoint prime yields have softened 38 bps over 2023 to 6.25%.

Demand, supply and vacancy

Parramatta CBD

Rents and incentives*

The Parramatta office market recorded negative net absorption of -18,616sqm over 2023. This was largely driven by consolidation activity in the finance sector as well as the public sector. Net absorption was slightly weaker -18,616sqm over 2023. This was largely driven by consolidation activity in the in prime grade stock with negative -10,466sqm of net absorption recorded over 2023, whilst secondary grade stock recorded negative -8,150sqm. As a result, the Parramatta total vacancy rate increased by 151 bps to 24.2% over the 12 months to 4Q 2023. The prime grade vacancy rate has reduced 99 bps to 18.7% over the 12 months to 4Q 2023.

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$800 50%
finance sector as well as the public sector. Net absorption was slightly weaker -18,616sqm over 2023. This was largely driven by consolidation activity in the 46.1%+353bps 40%
in prime grade stock with negative -10,466sqm of net absorption recorded $593
over 2023, whilst secondary grade stock recorded negative -8,150sqm. As a $600 0.3%
result, the Parramatta total vacancy rate increased by 151 bps to 24.2% over 30%
the 12 months to 4Q 2023. The prime grade vacancy rate has reduced 99 bps
to 18.7% over the 12 months to 4Q 2023. 20%
$400
• Parramatta office stock totals 981,639sqm. There was one withdrawal in 2023
which was the conversion of 68 Macquarie Street (1,026sqm) for another use. 10%
There were no new completions recorded in the market over 2023.
• Prime net face rents increased marginally by 0.3% to $593 per sqm per $200 0%
annum over 2023. Prime incentives remain elevated, increasing by 353 bps to
46.1% over the same period.
• Average midpoint prime yields have softened 106 bps to 6.56% over 2023. Net face rent (LHS) Net incentive (RHS)
Demand, supply and vacancy Upper and lower Prime yields
200,000 24.2% 25% 10%
150,000 20% 9%
15% 8%
100,000 20 year vacancy avg. 9.2% 10% 7% 7.25%
50,000 5% 6% 5.88%
0 -4,876 0% 5%
-50,000 -18,616 -5% 4% 4.19%
-10% 3%
-100,000
-15% 2%
-150,000 -20% 1%
-200,000 -25% 0%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS) 10 year bond yield Upper Prime Lower Prime
$/sqm per annum
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Yield
sqm per annum
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 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 Dec-23
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Source: JLL Research 4Q 2023, GPT Research. * Change during the past 12 months.

GPT – 2023 ANNUAL RESULT DATA PACK

OFFICE

GPT – 2023 ANNUAL RESULT DATA PACK

OFFICE

Office market (continued)

Rents and incentives*

North Sydney

The North Sydney office market recorded negative net absorption of -31,247sqm over 2023. This was largely driven by the consolidation of MLC Limited (26,980sqm) out of 105 Miller Street who will move into existing office accommodation across Sydney. Prime grade net absorption totalled -35,422sqm, whilst secondary grade net absorption totalled 4,175sqm. The North Sydney total vacancy rate remains elevated, increasing by 372 bps office accommodation across Sydney. Prime grade net absorption totalled North Sydney total vacancy rate remains elevated, increasing by 372 bps office accommodation across Sydney. Prime grade net absorption totalled to 21.4% over the 12 months to 4Q 2023. The prime grade vacancy rate also remains elevated, increasing by 736 bps to 23.3% over the 12 months to 4Q 2023.

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The North Sydney office market recorded negative net absorption of $1,000 50%
$960
-31,247sqm over 2023. This was largely driven by the consolidation of MLC 4.8%
Limited (26,980sqm) out of 105 Miller Street who will move into existing 40%
-35,422sqm, whilst secondary grade net absorption totalled 4,175sqm. The North Sydney total vacancy rate remains elevated, increasing by 372 bps office accommodation across Sydney. Prime grade net absorption totalled $800 37.9%+82bps 30%
to 21.4% over the 12 months to 4Q 2023. The prime grade vacancy rate also $600
remains elevated, increasing by 736 bps to 23.3% over the 12 months to 1.8%$529 20%
4Q 2023.
$400
• Office stock in North Sydney totals 905,659sqm. There were two major office 10%
completions recorded in 2023 which delivered 27,752sqm of office space.
These projects were Blue & William, 2-4 Blue Street (14,150sqm) and 88 Walker $200 0%
Street (13,602sqm). The only major withdrawal recorded in the market over
2023 was 105 Miller Street (26,980sqm).
• Over 2023 prime net face rents increased by 4.8% to $960 per sqm per Net face rent (LHS) Net effective rent (LHS) Net incentive (RHS)
annum. Prime incentives increased by 82 bps to 37.9% over 2023. Prime net
effective rents increased by 1.8% over the 12 months to 4Q 2023.
• Average midpoint prime yields have softened 63 bps to 5.82% over 2023.
Demand, supply and vacancy Upper and lower Prime yields
200,000 25% 10%
150,000 21.4% 20% 9%
20 year vacancy avg. 11.2% 15% 8%
100,000
10% 7%
50,000 5% 6% 6.25%
0 2,924 0% 5% 5.38%
-50,000 -31,247 -5% 4% 4.19%
-10% 3%
-100,000
-15% 2%
-150,000 -20% 1%
-200,000 -25% 0%
Net absorption (LHS) Net supply (LHS) Vacancy rate (RHS) 10 year bond yield Upper Prime Lower Prime
$/sqm per annum
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23
Yield
sqm per annum
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 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 Dec-23
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Experience First

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Logistics

Logistics portfolio overview

GPT’s logistics portfolio consists of ownership in 72 high quality investment assets located across Australia together with a landbank for future development. The portfolio of $4.4 billion includes assets held on the Group’s balance sheet and an interest in the GPT QuadReal Logistics Trust (GQLT).

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1 Townsville
NT
QLD
WA 14 Brisbane
SA
NSW 1 Newcastle
Perth 4
Adelaide 5 25 Sydney
1
VIC Canberra
21 Melbourne
l Number of investment assets in each state
TAS
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New South Wales

10 Interchange Drive, Eastern Creek

88-99 Lockwood Road, Erskine Park 128 Andrews Road, Penrith 42 Cox Place, Glendenning 407 Pembroke Road, Minto (50%) 4 Holker Street, Newington Sydney Olympic Park Town Centre[1] Quad 1, Sydney Olympic Park Quad 4, Sydney Olympic Park 372-374 Victoria Street, Wetherill Park
54 Eastern Creek Drive, Eastern Creek 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 57-87 Lockwood Road, Erskine Park

38 Pine Road, Yennora

38A Pine Road, Yennora 18-24 Abbott Road, Seven Hills 1A Huntingwood Drive, Huntingwood 1B Huntingwood Drive, Huntingwood 104 Vanessa Street, Kingsgrove 30-32 Bessemer Street, Blacktown 21 Pipeclay Avenue, Thornton

Victoria

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 24A & 24B Niton Drive, Truganina 25 Niton Drive, Truganina 30 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] Keylink Estate – North, 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] 149 & 153 Coulson Street, 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] 22 Hume Drive, 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. 2. Assets held in GQLT.

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

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

Logistics portfolio summary

Top ten tenants[1] 31 December 2023

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Coles Woolworths
Group Toll IVE Group DHL Group
9.8% 4.3% 4.3% 4.2% 3.6%
3.4% 2.9% 2.3% 2.2% 2.2%
FedEx Mars Visy Glass Goodman Asahi
Australia Fielder
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Geographic weighting[2] 31 December 2023

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NSW 46% SA 2%
VIC 34% WA 1%
QLD 16% ACT 0.4%
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Based on net rent.
Excludes assets under development.

Portfolio occupancy and leasing

Portfolio occupancy and leasing
State Ownership (%) GLA – 100% interest (sqm)	Logistics occupancy by area(%) WALE by income (years) Actual Incl. signed leases Incl. heads of agreement
GPT portfolio 10 Interchange Drive, Eastern Creek NSW 100 15,200	100.0 100.0 100.0 3.8
54 Eastern Creek Drive, Eastern Creek NSW 100 25,400	100.0 100.0 100.0 1.1
50 Old Wallgrove Road, Eastern Creek NSW 100 30,100	100.0 100.0 100.0 3.1
16-34 Templar Road, Erskine Park NSW 100 15,200	100.0 100.0 100.0 5.5
36-52 Templar Road, Erskine Park NSW 100 24,500	100.0 100.0 100.0 11.1
54-70 Templar Road, Erskine Park NSW 100 21,000	100.0 100.0 100.0 11.5
67-75 Templar Road, Erskine Park NSW 100 12,800	100.0 100.0 100.0 3.1
29-55 Lockwood Road, Erskine Park NSW 100 32,200	100.0 100.0 100.0 6.0
57-87 & 89-99 Lockwood Road, Erskine Park NSW 100 37,700	100.0 100.0 100.0 8.2
128 Andrews Road, Penrith NSW 100 50,200	100.0 100.0 100.0 6.7
42 Cox Place, Glendenning NSW 100 17,200	100.0 100.0 100.0 7.2
407 Pembroke Road, Minto NSW 50 15,400	100.0 100.0 100.0 0.9
4 Holker Street, Newington NSW 100 7,400	100.0 100.0 100.0 2.7
SydneyOlympic Park Town Centre NSW 100 9,200	91.4 91.4 91.4 3.9
Quad 1, SydneyOlympic Park NSW 100 4,700	78.0 78.0 92.0 2.1
Quad 4, SydneyOlympic Park NSW 100 7,600	100.0 100.0 100.0 8.0
372-374 Victoria Street, Wetherill Park NSW 100 20,500	100.0 100.0 100.0 1.2
38 Pine Road, Yennora NSW 100 33,200	100.0 100.0 100.0 3.2
38A Pine Road, Yennora NSW 100 4,800	100.0 100.0 100.0 3.2
18-24 Abbott Road, Seven Hills NSW 100 18,100	100.0 100.0 100.0 4.3
1A Huntingwood Drive, Huntingwood NSW 100 21,100	100.0 100.0 100.0 3.6
1B Huntingwood Drive, Huntingwood NSW 100 11,300	100.0 100.0 100.0 1.7

Note: Excludes assets under development.

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

Portfolio occupancy and leasing (continued)

State Ownership (%) GLA – 100% interest (sqm)	Logistics occupancy by area(%) WALE by income (years) Actual Incl. signed leases Incl. heads of agreement
GPT portfolio 104 Vanessa Street, Kingsgrove NSW 100 7,100	100.0 100.0 100.0 6.6
30-32 Bessemer Street, Blacktown NSW 100 20,100	100.0 100.0 100.0 2.0
21 PipeclayAvenue, Thornton NSW 100 1,400	100.0 100.0 100.0 6.8
12 FauldingStreet, Symonston ACT 100 3,300	100.0 100.0 100.0 1.1
Citiwest Industrial Estate, Altona North VIC 100 90,100	92.4 92.4 100.0 2.9
Sunshine Business Estate, Sunshine VIC 100 52,800	100.0 100.0 100.0 2.9
521 GeelongRoad, Brooklyn VIC 100 12,600	100.0 100.0 100.0 5.3
396 Mount Derrimut Road, Derrimut VIC 100 10,700	100.0 100.0 100.0 2.0
40 Fulton Drive, Derrimut VIC 100 6,500	100.0 100.0 100.0 6.8
21 ShinyDrive, Truganina VIC 100 26,500	100.0 100.0 100.0 2.5
2 ProsperityStreet, Truganina VIC 100 24,000	100.0 100.0 100.0 3.0
24A & 24B Niton Drive, Truganina VIC 100 27,300	100.0 100.0 100.0 4.0
25 Niton Drive, Truganina VIC 100 29,800	100.0 100.0 100.0 2.7
30 Niton Drive, Truganina VIC 100 31,700	100.0 100.0 100.0 0.4
1 Botero Place, Truganina VIC 100 23,800	100.0 100.0 100.0 6.4
Foundation Estate, Truganina VIC 100 44,100	100.0 100.0 100.0 6.2
143 Foundation Road, Truganina VIC 100 10,700	100.0 100.0 100.0 5.6
399 BoundaryRoad, Truganina VIC 100 11,900	100.0 100.0 100.0 5.2
235-239 BoundaryRoad, Laverton North VIC 100 33,500	100.0 100.0 100.0 2.5
79 CherryLane, Laverton North VIC 100 17,000	100.0 100.0 100.0 14.7
16 Henderson Road, Knoxfeld VIC 100 14,500	100.0 100.0 100.0 8.8
Austrak Business Park, Somerton1 VIC 50 193,700	100.0 100.0 100.0 2.3

State Ownership (%) GLA – 100% interest (sqm)	Logistics occupancy by area(%) WALE by income (years) Actual Incl. signed leases Incl. heads of agreement
59 Forest Way, Karawatha QLD 100 44,000	100.0 100.0 100.0 5.2
55 Whitelaw Place, Wacol QLD 100 5,600	100.0 100.0 100.0 8.4
2 Ironbark Close, Berrinba QLD 100 20,600	100.0 100.0 100.0 6.2
30 Ironbark Close, Berrinba QLD 100 14,400	100.0 100.0 100.0 2.9
1 Wattlebird Court, Berrinba QLD 100 16,300	100.0 100.0 100.0 3.5
2 Wattlebird Court, Berrinba QLD 100 21,900	100.0 100.0 100.0 5.3
102-108 Magnesium Drive, Crestmead QLD 100 8,800	100.0 100.0 100.0 8.2
248 FlemingRoad, Tingalpa QLD 100 5,200	100.0 100.0 100.0 2.5
48 Miller Street, Murarrie QLD 100 4,000	100.0 100.0 100.0 4.9
4 Enterprise Street, Wulkuraka QLD 100 25,900	100.0 100.0 100.0 17.7
15 Northern Link Circuit, Townsville QLD 100 4,800	100.0 100.0 100.0 8.0
1 VimyAvenue, Adelaide Airport SA 100 9,800	100.0 100.0 100.0 5.4
26 Butler Boulevard, Adelaide Airport SA 100 6,800	100.0 100.0 100.0 6.9
176 Eastern Parade, Gillman SA 100 6,800	100.0 100.0 100.0 2.0
1A Symonds Street, Royal Park SA 100 2,700	100.0 100.0 100.0 6.8
6-10 Senna Road, Wingfeld SA 100 13,400	100.0 100.0 100.0 2.5
15 Modal Crescent, CanningVale WA 100 9,600	100.0 100.0 100.0 6.8
23 DestinyWay, Wangara WA 100 4,700	100.0 100.0 100.0 0.7
50 Triumph Avenue, Wangara WA 100 3,700	100.0 100.0 100.0 2.0
56 Triumph Avenue, Wangara WA 100 2,800	100.0 100.0 100.0 1.7

Note: Excludes assets under development.

WALE by income excludes rail terminal ground lease.

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

Portfolio occupancy and leasing (continued)

State Ownership (%) GLA – 100% interest (sqm)	Logistics occupancy by area(%) WALE by income (years) Actual Incl. signed leases Incl. heads of agreement
GQLT portfolio (GPT share 50.1%) 1 Hurst Drive, Tarneit VIC 100 70,100	100 100 100 8.5
Keylink Estate – South, Keysborough VIC 100 38,100	100 100 100 8.7
Keylink Estate – North, Keysborough VIC 100 22,800	100 100 100 3.8
100 Metroplex Place, Wacol QLD 100 17,100	100 100 100 3.4
149 & 153 Coulson Street, Wacol QLD 100 17,600	100 100 100 4.4
18 Gorrick Court, Bundamba QLD 100 12,500	100 100 100 4.4
22 Hume Drive, Bundamba QLD 100 11,700	0.0 0.0 0.0 N/A
GPT weighted total 1,549,500	98.9 98.9 99.5 5.4

Note: Excludes assets under development.

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Keylink Estate – South, Keysborough, VIC
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Lease expiry by income (%)

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18
15
15
13
8
8
7 7
7
3
–
2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034+
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Note: Includes signed leases.

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

Income and fair value schedule

	Income($m)	Fair value reconciliation($m)	Portfolio weight(%)
	12 months to 31 Dec 2022 2023 Variance	Fair value 31 Dec 22 Development & other capex Maintenance capex Lease incentives Acquisitions & sales Net revaluations Other adjustments Fair value 31 Dec 23
GPT portfolio NSW 10 Interchange Drive, Eastern Creek	2.1 2.1 0.0	49.0 – – – – 1.0 – 50.0	1.1
54 Eastern Creek Drive, Eastern Creek	3.1 3.2 0.1	76.5 – – – – 1.0 – 77.5	1.8
50 Old Wallgrove Road, Eastern Creek	3.8 3.9 0.1	101.8 – – – – 2.2 – 104.0	2.4
16-34 Templar Road,Erskine Park	4.3 4.3 0.0	80.8 – 0.1 – – 1.4 – 82.3	1.9
36-52 Templar Road,Erskine Park	6.6 7.0 0.4	149.5 – 0.2 – – (1.7) – 148.0	3.4
54-70 Templar Road,Erskine Park	11.7 12.0 0.3	201.0 – 0.4 – – 2.6 – 204.0	4.6
67-75 Templar Road,Erskine Park	1.6 1.6 0.0	41.2 – 0.1 0.3 – 1.8 – 43.4	1.0
29-55 Lockwood Road, Erskine Park	6.3 6.4 0.1	148.0 – 1.6 – – (0.6) – 149.0	3.4
57-87 & 89-99 Lockwood Road, Erskine Park	5.5 5.7 0.2	128.1 – 0.8 0.4 – 12.2 – 141.5	3.2
128 Andrews Road,Penrith	4.3 4.4 0.1	110.0 – – – – (5.0) – 105.0	2.4
42 Cox Place,Glendenning	2.2 2.2 0.0	55.3 – – – – (0.3) – 55.0	1.3
407 Pembroke Road,Minto	2.2 2.1 (0.1)	45.5 – – – – 2.3 – 47.8	1.1
4 Holker Street,Newington	2.5 2.5 0.0	48.0 – – – – (5.0) – 43.0	1.0
83 Derby Street, Silverwater Diveste Dec 202	d 3 2.4 2.3 (0.1)	57.3 – 0.1 – (62.2) 4.8 – –	–
Quad 1,SydneyOlympic Park	2.0 1.5 (0.5)	28.5 0.2 0.2 0.3 – (5.2) – 24.0	0.5
Quad 4,SydneyOlympic Park	3.7 4.1 0.4	61.0 – – 0.9 – (4.4) – 57.5	1.3
372-374 Victoria Street, Wetherill Park	2.2 2.3 0.1	42.0 – 0.2 – – 8.8 – 51.0	1.2
38 Pine Road,Yennora	4.1 5.1 1.0	107.0 – 1.8 3.4 – 9.8 – 122.0	2.8
38A Pine Road,Yennora	0.7 0.7 0.0	16.7 – – – – 4.6 – 21.3	0.5
18-24 Abbott Road,Seven Hills	2.4 3.5 1.1	55.8 – 0.2 1.5 – 19.3 – 76.8	1.7
1A Huntingwood Drive, Huntingwood	2.6 2.6 0.0	63.5 – – – – 1.5 – 65.0	1.5

	Income($m)	Fair value reconciliation($m)	Portfolio weight(%)
	12 months to 31 Dec 2022 2023 Variance	Fair value 31 Dec 22 Development & other capex Maintenance capex Lease incentives Acquisitions & sales Net revaluations Other adjustments Fair value 31 Dec 23
1B Huntingwood Drive, Huntingwood	1.5 1.5 0.0	35.5 – – – – 2.9 – 38.4	0.9
104 Vanessa Street,Kingsgrove	1.4 1.4 0.0	33.8 – – 0.2 – (0.2) – 33.8	0.8
64 Biloela Street, Villawood Diveste Dec 202	d 3 2.5 2.5 0.0	50.5 – 0.5 – (54.4) 3.4 – –	–
30-32 Bessemer Street,Blacktow	n 2.6 2.6 0.0	49.0 – 0.1 – – (3.1) – 46.0	1.0
21 Pipeclay Avenue, Thornton	0.2 0.2 0.0	4.1 – – – – (0.4) – 3.7	0.1
ACT 12 FauldingStreet, Symonston	1.3 1.3 0.0	20.5 – 0.1 – – (4.0) – 16.6	0.4
VIC 21-23 Wirraway Drive, Port Melbourne Diveste Dec 202	d 3 1.6 1.6 0.0	33.5 – 0.2 – (28.5) (5.2) – –	–
Citiwest Industrial Estate, Altona North	6.7 7.0 0.3	153.9 – 1.4 1.1 – 3.0 – 159.4	3.6
Sunshine Business Estate, Sunshine	5.1 5.4 0.3	112.0 – 0.3 – – (5.3) – 107.0	2.4
521 GeelongRoad,Brooklyn	1.8 1.8 0.0	52.5 – – – – (8.5) – 44.0	1.0
396 Mount Derrimut Road, Derrimut	0.8 0.9 0.1	19.0 – 0.1 – – 1.4 – 20.5	0.5
40 Fulton Drive,Derrimut	0.6 0.6 0.0	16.8 – – – – (0.8) – 16.0	0.4
21 ShinyDrive,Truganina	2.2 2.2 0.0	56.5 – – – – (6.0) – 50.5	1.2
2 ProsperityStreet,Truganina	1.9 1.9 0.0	51.5 0.1 – – – (1.6) – 50.0	1.1
24A & 24B Niton Drive,Truganina1 Completed Jan 2023 – 2.4 2.4		– – – – – – 57.5 57.5	1.3
25 Niton Drive,Truganina 2.3 2.3 0.0		62.5 – – – – (0.5) – 62.0	1.4
30 Niton Drive, Truganina1 Completed Oct 2023 – 0.4 0.4		– – – – – – 71.0 71.0	1.6
1 Botero Place,Truganina 2.1 2.1 0.0		53.5 – 0.1 – – (3.6) – 50.0	1.1
Foundation Estate,Truganina 5.0 5.0 0.0		138.0 – 0.1 – – (12.8) – 125.3	2.9
143 Foundation Road,Truganina Completed Jul 2022 0.4 1.0 0.6		23.0 0.1 – – – (1.6) – 21.5	0.5
399 Boundary Road, Truganina 1.1 1.2 0.1		28.3 – – – – – – 28.3	0.6

24A & 24B Niton Drive and 30 Niton Drive (previously Stages 4-6 of Gateway Logistics Hub) reached practical completion in 2023.

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

Income and fair value schedule (continued)

Income and	fair value	schedule (continued)
	Income($m)	Fair value reconciliation($m)	Portfolio weight(%)
	12 months to 31 Dec 2022 2023 Variance	Fair value 31 Dec 22 Development & other capex Maintenance capex Lease incentives Acquisitions & sales Net revaluations Other adjustments Fair value 31 Dec 23
GPT portfolio 235-239 Boundary Road, LavertonNorth	2.8 2.8 0.0	71.8 – – – – (4.3) – 67.5	1.5
79 CherryLane,Laverton North	1.7 1.8 0.1	45.8 – – – – (7.4) – 38.4	0.9
16 Henderson Road, Knoxfeld	1.3 1.2 (0.1)	32.8 – – – – (3.8) – 29.0	0.7
QLD 59 Forest Way,Karawatha	8.2 8.4 0.2	152.0 – 0.1 – – 5.9 – 158.0	3.6
55 Whitelaw Place,Wacol	1.0 1.0 0.0	22.7 – – – – (2.2) – 20.5	0.5
2 Ironbark Close,Berrinba	2.7 2.7 0.0	66.3 – 0.1 – – (9.9) – 56.5	1.3
30 Ironbark Close,Berrinba	1.6 1.8 0.2	39.5 0.3 – 0.2 – (3.4) – 36.6	0.8
1 Wattlebird Court,Berrinba	1.8 1.8 0.0	42.0 – 0.3 – – (0.8) – 41.5	0.9
2 Wattlebird Court, Berrinba Completed Dec 2022 0.1 2.3 2.2		55.8 (0.9) – – – (0.9) – 54.0	1.2
102-108 Magnesium Drive, Crestmead 1.0 1.0 0.0		25.9 – – – – (3.9) – 22.0	0.5
248 FlemingRoad,Tingalpa 1.2 1.2 0.0		29.4 – – – – (4.6) – 24.8	0.6
48 Miller Street,Murarrie 1.9 1.9 0.0		36.7 1.0 – – – (10.2) – 27.5	0.6
4 Enterprise Street,Wulkuraka 4.2 4.2 0.0		103.0 – – – – (12.5) – 90.5	2.1
15 Northern Link Circuit, Townsville 1.4 1.3 (0.1)		30.0 – – – – (6.0) – 24.0	0.5
SA 1 VimyAvenue,Adelaide Airport 0.9 1.0 0.1		20.1 – – – – (3.3) – 16.8	0.4
26 Butler Boulevard, Adelaide Airport 1.0 1.1 0.1		17.7 – – 0.6 – (3.0) – 15.3	0.3
176 Eastern Parade,Gillman 1.3 1.3 0.0		19.0 – – – – (2.0) – 17.0	0.4
1A Symonds Street,Royal Park 0.3 0.3 0.0		6.8 – – – – (1.6) – 5.2	0.1
6-10 Senna Road, Wingfeld 1.8 1.8 0.0		36.7 – 0.2 – – (4.4) – 32.5	0.7

	Income($m)	Fair value reconciliation($m)	Portfolio weight(%)
	12 months to 31 Dec 2022 2023 Variance	Fair value 31 Dec 22 Development & other capex Maintenance capex Lease incentives Acquisitions & sales Net revaluations Other adjustments Fair value 31 Dec 23
WA 15 Modal Crescent,CanningVale	1.1 1.1 0.0	24.5 – – – – (2.2) – 22.3	0.5
23 DestinyWay,Wangara	1.3 1.4 0.1	25.8 – – – – (5.3) – 20.5	0.5
50 Triumph Avenue,Wangara	0.4 0.4 0.0	8.0 – – – – 0.5 – 8.5	0.2
56 Triumph Avenue, Wangara	0.3 0.3 0.0	5.1 – – – – 0.4 – 5.5	0.1
Assets under development Gateway Logistics Hub, Stages 4–6,Truganina1	– – –	76.3 32.5 – – – 19.7 (128.5) –	–
Yiribana Logistics Estate – East, Mamre Road,Kemps Creek	– – –	155.9 12.2 – – – 4.4 – 172.5	3.9
407 Pembroke Road,Minto	– – –	13.3 – – – – 3.5 – 16.8	0.4
Djeembana Estate, Truganina Acquired Jul 2022 – – –		33.7 5.9 – – – 7.1 – 46.7	1.1
Equity interests GPT Equity Interest in GQLT (50.1%)2 4.1 7.3 3.2		241.0 – – – – (17.2) 73.6 297.4	6.8
Assets held for sale Austrak Business Park,Somerton 12.1 15.4 3.3		320.1 2.2 0.3 1.2 (5.0) (22.7) – 296.1	6.7
Rosehill Business Park,Camellia Divested Apr 2023 5.3 2.1 (3.2)		137.3 0.2 – – (136.2) (1.3) – –	–
Citiport Business Park, Port Melbourne Divested Apr 2023 5.2 1.7 (3.5)		119.3 – – 0.2 (118.0) (1.5) – –	–
Sydney Olympic Park Town Centre3 0.6 0.8 0.2		55.0 – – – – – 1.4 56.4	1.3
2-8 Ridley Close, Cairns Divested Dec 2022 0.1 – (0.1)		– – – – – – – –	–
16 Anictomatis Road,Berrimah Divested Dec 2022 0.2 – (0.2)		– – – – – – – –	–
229 Kennedy Drive, Cambridge Divested Dec 2022 0.1 – (0.1)		– – – – – – – –	–
Total Logistics portfolio 184.4 194.2 9.8		4,730.2 53.8 9.6 10.3 (404.3) (84.7) 75.0 4,389.9	100.0

24A & 24B Niton Drive and 30 Niton Drive (previously Stages 4-6 of Gateway Logistics Hub) reached practical completion in 2023.
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 in inventory, includes properties at 3 Figtree Drive and 6 Herb Elliott Avenue, Sydney Olympic Park.

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

Independent valuation summary

	State	Ownership (%)	Date	Valuer	Valuation($m)	Capitalisation rate(%)
GPT portfolio
10 Interchange Drive, Eastern Creek	NSW	100	31 Dec 23	Colliers	50.0	4.88
54 Eastern Creek Drive, Eastern Creek	NSW	100	31 Dec 23	CBRE	77.5	5.00
50 Old Wallgrove Road, Eastern Creek	NSW	100	31 Dec 23	Knight Frank	104.0	5.25
16-34 Templar Road, Erskine Park	NSW	100	31 Dec 23	Colliers	82.3	4.75
36-52 Templar Road, Erskine Park	NSW	100	31 Dec 23	JLL	148.0	4.88
54-70 Templar Road, Erskine Park	NSW	100	31 Dec 23	CBRE	204.0	5.00
67-75 Templar Road, Erskine Park	NSW	100	31 Dec 23	Colliers	43.4	4.88
29-55 Lockwood Road, Erskine Park	NSW	100	31 Dec 23	CBRE	149.0	4.75
57-87 & 89-99 Lockwood Road, Erskine Park	NSW	100	31 Dec 23	Colliers	141.5	4.88
128 Andrews Road, Penrith	NSW	100	31 Dec 23	Knight Frank	105.0	5.25
42 Cox Place, Glendenning	NSW	100	31 Dec 23	Colliers	55.0	4.75
407 Pembroke Road, Minto1	NSW	50	31 Dec 23	Colliers	47.8	4.63
4 Holker Street, Newington	NSW	100	31 Dec 23	Knight Frank	43.0	5.88
Quad 1, SydneyOlympic Park	NSW	100	31 Dec 23	Colliers	24.0	7.00
Quad 4, SydneyOlympic Park	NSW	100	31 Dec 23	Colliers	57.5	6.13
372-374 Victoria Street, Wetherill Park	NSW	100	31 Dec 23	CBRE	51.0	5.50
38 Pine Road, Yennora	NSW	100	31 Dec 23	CBRE	122.0	5.25
38A Pine Road, Yennora	NSW	100	31 Dec 23	Knight Frank	21.3	5.25
18-24 Abbott Road, Seven Hills	NSW	100	31 Dec 23	JLL	76.8	5.25
1A Huntingwood Drive, Huntingwood	NSW	100	31 Dec 23	Colliers	65.0	4.63
1B Huntingwood Drive, Huntingwood	NSW	100	31 Dec 23	Colliers	38.4	4.88
104 Vanessa Street, Kingsgrove	NSW	100	31 Dec 23	JLL	33.8	5.00

	State	Ownership (%)	Date	Valuer	Valuation($m)	Capitalisation rate(%)
30-32 Bessemer Street, Blacktown	NSW	100	31 Dec 23	Savills	46.0	5.50
21 PipeclayAvenue, Thornton	NSW	100	31 Dec 23	Knight Frank	3.7	5.75
12 FauldingStreet, Symonston	ACT	100	31 Dec 23	JLL	16.6	6.25
Citiwest Industrial Estate, Altona North	VIC	100	31 Dec 23	Savills	159.4	5.45
Sunshine Business Estate, Sunshine	VIC	100	31 Dec 23	Savills	107.0	5.38
521 GeelongRoad, Brooklyn	VIC	100	31 Dec 23	Knight Frank	44.0	N/A
396 Mount Derrimut Road, Derrimut	VIC	100	31 Dec 23	Colliers	20.5	5.50
40 Fulton Drive, Derrimut	VIC	100	31 Dec 23	Colliers	16.0	5.25
21 ShinyDrive, Truganina	VIC	100	31 Dec 23	JLL	50.5	5.00
2 ProsperityStreet, Truganina	VIC	100	31 Dec 23	Savills	50.0	5.25
24A & 24B Niton Drive, Truganina	VIC	100	31 Dec 23	JLL	57.5	5.25
25 Niton Drive, Truganina	VIC	100	31 Dec 23	CBRE	62.0	5.50
30 Niton Drive, Truganina	VIC	100	31 Dec 23	JLL	71.0	5.25
1 Botero Place, Truganina	VIC	100	31 Dec 23	Savills	50.0	5.13
Foundation Estate, Truganina	VIC	100	31 Dec 23	JLL	125.3	5.25
143 Foundation Road, Truganina	VIC	100	31 Dec 23	JLL	21.5	5.25
399 BoundaryRoad, Truganina	VIC	100	31 Dec 23	Colliers	28.3	5.25
235-239 BoundaryRoad, Laverton North	VIC	100	31 Dec 23	Savills	67.5	5.25
79 CherryLane, Laverton North	VIC	100	31 Dec 23	Knight Frank	38.4	5.00
16 Henderson Road, Knoxfeld	VIC	100	31 Dec 23	JLL	29.0	5.00
Austrak Business Park, Somerton1	VIC	50	31 Dec 23	Savills	214.4	5.88
59 Forest Way, Karawatha	QLD	100	31 Dec 23	JLL	158.0	5.50
55 Whitelaw Place, Wacol	QLD	100	31 Dec 23	Savills	20.5	5.38
2 Ironbark Close, Berrinba	QLD	100	31 Dec 23	Savills	56.5	5.38

Note: Excludes assets under development and assets held in inventory.

Does not include land component.

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

Independent valuation summary (continued)

	State	Ownership (%)	Date	Valuer	Valuation($m)	Capitalisation rate(%)
GPT portfolio
30 Ironbark Close,Berrinba	QLD	100	31 Dec 23	Savills	36.6	5.38
1 Wattlebird Court,Berrinba	QLD	100	31 Dec 23	Savills	41.5	5.38
2 Wattlebird Court,Berrinba	QLD	100	31 Dec 23	Savills	54.0	5.38
102-108 Magnesium Drive,Crestmead	QLD	100	31 Dec 23	Knight Frank	22.0	5.50
248 FlemingRoad,Tingalpa	QLD	100	31 Dec 23	JLL	24.8	5.75
48 Miller Street,Murarrie	QLD	100	31 Dec 23	JLL	27.5	6.25
4 Enterprise Street,Wulkuraka	QLD	100	31 Dec 23	Knight Frank	90.5	5.00
15 Northern Link Circuit,Townsville	QLD	100	31 Dec 23	Knight Frank	24.0	6.00
1 VimyAvenue,Adelaide Airport	SA	100	31 Dec 23	Knight Frank	16.8	5.75
26 Butler Boulevard,Adelaide Airport	SA	100	31 Dec 23	JLL	15.3	5.25
176 Eastern Parade,Gillman	SA	100	31 Dec 23	JLL	17.0	5.50
1A Symonds Street,Royal Park	SA	100	31 Dec 23	Knight Frank	5.2	6.00
6-10 Senna Road,Wingfeld	SA	100	31 Dec 23	JLL	32.5	5.25
15 Modal Crescent,CanningVale	WA	100	31 Dec 23	Knight Frank	22.3	6.00
23 DestinyWay,Wangara	WA	100	31 Dec 23	Knight Frank	20.5	6.00
50 Triumph Avenue,Wangara	WA	100	31 Dec 23	JLL	8.5	5.75
56 Triumph Avenue, Wangara	WA	100	31 Dec 23	JLL	5.5	6.00
GQLT portfolio (GPT share 50.1%)
1 Hurst Drive,Tarneit	VIC	100	31 Dec 23	CBRE	128.0	5.38
Keylink Estate – South,Keysborough	VIC	100	31 Dec 23	CBRE	88.0	5.13
Keylink Estate – North,Keysborough	VIC	100	31 Dec 23	CBRE	61.5	5.13
100 Metroplex Place,Wacol	QLD	100	31 Dec 23	Savills	42.0	5.38
149 & 153 Coulson Street,Wacol	QLD	100	31 Dec 23	Savills	43.5	5.38
18 Gorrick Court,Bundamba	QLD	100	31 Dec 23	Savills	35.1	5.38
22 Hume Drive, Bundamba	QLD	100	31 Dec 23	Savills	25.8	5.50

Note: Excludes assets under development and assets held in inventory.

Logistics market

Sydney

Gross take up in 2023 across Sydney totalled 799,000sqm. Occupier demand was dominated by Transport, Postal and Warehousing users, making up nearly half of leasing volumes.
Completions in 2023 totalled 493,000sqm, compared to the 10-year average of 543,900sqm.
Vacancy increased in the second half of 2023, albeit remains extremely tight at 0.5%, being the lowest nationally.
Prime net face rents grew by 19.6% over the 12 months as a result of the low vacancy environment. Prime incentives have increased through the year to now average ~9%.
Average prime mid-point yields expanded by 100 bps to 5.31% over the past year, with 46 bps of softening in the second half.

Industrial vacancy rate (>5,000sqm)

Industrial vacancy rate (>5,000sqm)
	2H 2023	1H 2023
Central West	0.6%	0.3%
Inner South West	1.1%	0.0%
North	0.0%	0.0%
North Sydney	0.0%	0.0%
South	0.7%	0.5%
Metropolitan West	0.4%	0.0%
Outer North West	0.6%	0.1%
Outer South West	0.0%	0.2%
Sydney Average	0.5%	0.2%

Source: JLL 4Q 2023, CBRE 2H 2023, GPT Research. 10 year averages calculated 2013-2022.

Industrial supply

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

1,600,000
1,400,000
1,200,000
1,000,000
800,000
600,000 10 year average
400,000
200,000
2019 2020 2021 2022 2023
0
sqm
----- End of picture text -----

Industrial demand

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

1,600,000
1,400,000
1,200,000
1,000,000 10 year average
800,000
600,000
400,000
200,000
2019 2020 2021 2022 2023
0
Pre-Lease and Design & Construct All Other
sqm
----- End of picture text -----

GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

GPT – 2023 ANNUAL RESULT DATA PACK

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Logistics market (continued)

Melbourne

Industrial supply

Gross take up in 2023 across Melbourne totalled 875,000sqm, with limited activity in the >30,000sqm tenant cohort.
Completions in 2023 totalled 476,000sqm, with much of this delivered in the final quarter.
Vacancy in Melbourne increased to 1.6% in the second half due to supply deliveries, with vacancy in the west at 2.9%.
Prime net face rents grew by 18.0% over the past 12 months and prime incentives have also increased to approximately 18%.
Average prime mid-point yields expanded by 119 bps to 5.53% over the past 12 months.

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2,000,000
1,800,000
1,600,000
1,400,000
1,200,000
1,000,000
800,000
10 year average
600,000
400,000
200,000
2019 2020 2021 2022 2023
0
sqm
----- End of picture text -----

Industrial vacancy rate (>5,000sqm)

Industrial demand

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2H 2023 1H 2023 2,000,000
1,800,000
East & South East 1.4% 1.2%
1,600,000
North 0.7% 0.7% 1,400,000
West 2.9% 1.4% 1,200,000 10 year average
1,000,000
City Fringe 0.0% 0.0% 800,000
Melbourne Average 1.6% 1.1% 600,000
400,000
200,000
2019 2020 2021 2022 2023
0
Pre-Lease and Design & Construct All Other
sqm
----- End of picture text -----

Source: JLL 4Q 2023, CBRE 2H 2023, GPT Research. 10 year averages calculated 2013-2022.

Brisbane

Industrial supply

Gross take up in 2023 across Brisbane totalled 507,000sqm, in line with the 10 year average, albeit down on strong result in 2022. Transport, Postal and Warehousing users accounted for 38% of 2023 demand.
Completions in 2023 totalled 604,000sqm. Activity was concentrated in the Southern precinct, accounting for 78% of supply.
The city-wide vacancy rate increased to 1.4%, with movement most pronounced in the south, where vacancy has increased to 2.7%.
Prime net face rents grew by 14.2% over the 12 months, while prime incentives have remained broadly stable.
Average prime mid-point yields expanded by 78 bps to 5.79% over the past 12 months.

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1,000,000
900,000
800,000
700,000
600,000
500,000
400,000
10 year average
300,000
200,000
100,000
2019 2020 2021 2022 2023
0
sqm
----- End of picture text -----

Industrial vacancy rate (>3,000sqm)

Industrial demand

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

2H 2023 1H 2023 1,000,000
900,000
Trade Coast 1.3% 1.1%
800,000
North 0.2% 0.7% 700,000
600,000
South 2.7% 0.3% 10 year average
500,000
M1 Corridor 2.0% 0.4% 400,000
Western Corridor 0.4% 0.5% 300,000
200,000
Brisbane Average 1.4% 0.6% 100,000
2019 2020 2021 2022 2023
0
Pre-Lease and Design & Construct All Other
sqm
----- End of picture text -----

Source: JLL 4Q 2023, CBRE 2H 2023, GPT Research. 10 year averages calculated 2013-2022.

GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

Development track record

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2015 2017 2018 2019 2020 2021 2022 2023
54-70 Templar Road, 55 Whitelaw Place, 1B Huntingwood Drive, 50 Old Wallgrove Road, 2 Ironbark Close, 42 Cox Place, 100 Metroplex Place, 24A & 24B Niton Drive,
Erskine Park NSW Wacol QLD Huntingwood NSW Eastern Creek NSW Wembley Business Park, Glendenning NSW Wacol QLD Gateway Logistics Hub,
Berrinba QLD Truganina VIC
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36-52 Templar Road, 18-24 Abbott Road,
Erskine Park NSW Seven Hills NSW
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1A Huntingwood Drive,
Huntingwood NSW
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54 Eastern Creek Drive, Eastern Creek NSW

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21 Shiny Drive, 30 Ironbark Close, 1 Wattlebird Court, 143 Foundation Road, 149 & 153 Coulson Gateway Logistics Hub, Wembley Business Park, Wembley Business Park, Truganina VIC Street, Wacol QLD Truganina VIC Berrinba QLD Berrinba QLD

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38A Pine Road, 25 Niton Drive, 2 Wattlebird Court, 22 Hume Drive, Yennora NSW Gateway Logistics Hub, Wembley Business Park, Apex Business Park, Truganina VIC Berrinba QLD Bundamba QLD

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128 Andrews Road, 2 Prosperity Street,
Penrith NSW Gateway Logistics Hub,
Truganina VIC
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30 Niton Drive,
Gateway Logistics Hub,
Truganina VIC
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Development pipeline

Project	Suburb	State	GPT ownership (%)	Pipeline (sqm)	Estimated end value($m)	Estimated timing
Djeembana Estate	Truganina	VIC	100	123,600	340	2024 – 2027
EppingEstate1	Epping	VIC	50.1	134,400	380	2024 – 2027
Yiribana Logistics Estate – East, Mamre Road	Kemps Creek	NSW	100	182,000	815	2024 – 2028
Yiribana Logistics Estate – West, Mamre Road1	Kemps Creek	NSW	50.1	38,900	185	2024 – 2026
Pembroke Road	Minto	NSW	50	19,500	25	2026 – 2027
CrestLink Business Park1	Crestmead	QLD	50.1	40,000	100	2024 – 2025
Apex Business Park1	Bundamba	QLD	50.1	49,000	130	2024 – 2027
Developmentpipeline				587,400	2.0b

All estimated end values on an AUM basis, inclusive of GPT and GQLT. Lettable areas subject to authority approvals. 1. Held in GQLT (GPT share 50.1%).

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Yiribana Logistics Estate – East, Mamre Road, Kemps Creek (Artist’s impression).
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GPT – 2023 ANNUAL RESULT DATA PACK

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GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

Development pipeline (continued)

Apex Business Park, Bundamba, QLD

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1
4 2
5
3
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15.5ha

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site located in Brisbane
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~30km

to Brisbane CBD

~60,700sqm

prime logistics space when complete

~45km

to Port of Brisbane

~$155m

expected end value on completion[1,2]

~40km

to Brisbane Airport

Stage 1 16,800sqm

22 Hume Drive

2 11,700sqm – completed August 2023

Stage 3 8,200sqm

Stage 4 4 24,000sqm

5 18 Gorrick Court 12,500sqm fund-through completed 2022

Denotes underway or completed stages.

Inclusive of 22 Hume Drive.
End value based on 100% ownership (GPT share 50.1%).

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Artist’s impression
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CrestLink Business Park, Crestmead, QLD

8.1ha

site located in Brisbane

~40,000sqm

prime logistics space when complete

~$100m

expected end value on completion[1]

~25km

to Brisbane CBD

~35km to Port of Brisbane

~35km to Brisbane Airport

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Artist’s impression
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End value based on 100% ownership (GPT share 50.1%).

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GPT – 2023 ANNUAL RESULT DATA PACK

LOGISTICS

Development pipeline (continued)

Djeembana Estate, Truganina, VIC

32.8ha

site located in Melbourne’s west

~123,600sqm

prime logistics space when complete[1]

~$340m expected end value on completion

~20km

to Melbourne CBD

~20km to Port of Melbourne

~20km to Melbourne Airport

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Artist’s impression
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Masterplan subject to authority approvals.

Epping Estate, Epping, VIC

35.2ha site located in Melbourne’s north

~20km

to Melbourne CBD

~134,400sqm

prime logistics space when complete[1]

~20km

to Port of Melbourne

~$380m expected end value on completion[2]

~10km

to Melbourne Airport

Artist’s impression of comparable development product

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

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Development pipeline (continued)

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

36.9ha

site located in Sydney’s west

~182,000sqm prime logistics space when complete[1]

~$815m expected end value on completion

~10km

to future Western Sydney Airport

<5km

to proposed intermodal

~50km

to Sydney CBD

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Artist’s impression
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1. Masterplan subject to authority approvals.
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Yiribana Logistics Estate – West, Mamre Road, Kemps Creek, NSW

10.3ha

industrial zoned land in Sydney’s west

~38,900sqm

prime space when complete[1]

~$185m expected end value on completion[2]

~10km to future Western Sydney Airport

<5km

to proposed intermodal

~50km

to Sydney CBD

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

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

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Portfolio Map – Sydney

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

Penrith 12 M7
Glendenning 13
Blacktown 9
11 Seven Hills M2
A40
M4 A6
A44 3 Huntingwood A28
Erskine Park
1 2 M4 Parramatta A3
A9 14 EasternCreek A28 A44 6 A3 A40 A1
Newington
4 Smithfield 7
M12 Wetherill 5 Yennora A6 Sydney
Kemps Creek M7 Park Olympic Park A4
Badgerys A22 Sydney
A9 WesternCreek A28 A22 Chullora A22 A36 CBD
Sydney Airport A34 M1
(underway) A34 A6 10 Kingsgrove M8
M5
Sydney
A9 City centres Planned Motorway Airport
8 Minto Arterial roads Airport Port
Port of
Motorways West Connex Sydney
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42 Cox Place, Glendenning
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50 Old Wallgrove Road, Eastern Creek
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1 Erskine Park (7 assets)
2 Eastern Creek (3 assets)
3 Huntingwood (2 assets)
4 Wetherill Park (1 asset)
5 Yennora (2 assets)
6 Newington (1 asset)
7 Sydney Olympic Park (4 assets)
8 Minto (1 asset)
9 Seven Hills (1 asset)
10 Kingsgrove (1 asset)
11 Blacktown (1 asset)
12 Penrith (1 asset)
13 Glendenning (1 asset)
14 Kemps Creek (2 future development projects)

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1B Huntingwood Drive, Huntingwood
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Portfolio Map – Melbourne

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

Melbourne A58 10 Somerton A58
Airport A39
Campbellfield 11 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
C702 Derrimut Doncaster
Tarneit 1 42 Truganina M80 Sunshine 57 A83 A35 MelbourneCBD M3 Box Hill A34
Laverton 3 6 Brooklyn
North
AltonaNorth MelbournePort of A24 M1 A26
M1 A23 Glen Waverley
M3 8 Knoxfield
C109 Brighton
Moorabin
A33 A3 Springvale
M1
A10 A23
9 Keysborough
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1 Tarneit (1 asset)
2 Truganina (9 assets, 1 future development project)
3 Laverton North (2 assets)
4 Derrimut (2 assets)
5 Sunshine (1 asset)
6 Altona North (1 asset)
7 Brooklyn (1 asset)
8 Knoxfield (1 asset)
9 Keysborough (2 assets)
10 Somerton (1 asset)
11 Epping (1 future development project)

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1 Botero Place, Truganina
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Keylink Estate – North, Keysborough
----- End of picture text -----

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30 Niton Drive, Gateway Logistics Hub, Truganina
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Portfolio Map – Brisbane

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

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

22 Hume Drive, Apex Business Park, Bundamba
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2 Ironbark Close, Wembley Business Park, Berrinba
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Portfolio Map – Adelaide

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

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

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

3
Wangara 4 2 A84
A95
A4
A81 A52
A56
A50
A60 A53 M1
A76
A75
A72 A2
A64
Perth
Airport A3 A41
Perth
A5 CBD A8
City centre
M1
A7 Arterial roads
A6
Port of Perth A27 Motorways
A3 A30 A4 Airport
A13 1
A12 A2 Port
Canning Vale
----- End of picture text -----

1 15 Modal Crescent, Canning Vale
2 23 Destiny Way, Wangara
3 50 Triumph Avenue, Wangara
4 56 Triumph Avenue, Wangara

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15 Modal Crescent, Canning Vale
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23 Destiny Way, Wangara
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50 Triumph Avenue, Wangara
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Experience First

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Funds Management

Funds Management overview

GPT has $19.7 billion of assets under management (AUM) in the office, logistics, retail and student accommodation sectors, providing the Group with income through investment management, property management and development management fees.

The platform includes GPT managed Wholesale Funds – GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF), a strategic capital partnership with QuadReal Property Group known as the GPT Quadreal Logistics Trust (GQLT) and management of the UniSuper, Australian Core Retail Trust (ACRT) and QuadReal Student Accommodation (QRSA) mandates.

Historic growth in Funds Management platform and AUM composition as at 31 December ($b)

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19.7
19.1
12.6 13.3 12.9 13.3
12.0
9.6 10.0 10.4
7.1
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Funds Partnership Mandates
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As at 31 December 2023	Wholesale Funds Partnership Mandates
	GWOF GWSCF GQLT UniSuper ACRT QRSA
Established	July 2006 March 2007 November 2020 September 2022 December 2022 October 2023
Number of assets	21 5 11 6 2 9
Assets under management	$9.1b $3.4b $0.6b $2.7b $2.7b Approx.$1b
GPT ownership interest	21.69% 28.48% 50.10% $1,459.4m $794.6m $297.4m
GPT co-investment

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GWOF overview

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Dec 2023 Dec 2022 Ownership composition
31 December 2023
Number of assets 21 [1] 21 [1]
Total GAV $9.3b $9.7b
Weighted average capitalisation rate 5.41% 4.97%
GWOF performance versus benchmark
8.4 8.7
6.7
6.0
3.8
1.4 1.7 Domestic Super Funds 44%
GPT 22%
-3.3 Offshore Pension Funds 13%
-3.7
Domestic – Other 10%
-5.4
Sovereign Wealth Funds 10%
Offshore – Other 1%
-10.6
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
GWOF MSCI/Mercer All Office Index
3.3
Total return (%)
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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.

GWOF capital management

Total borrowings for the Fund as at 31 December 2023 were $2,205 million resulting in net gearing of 23.5%.

As at 31 December 2023
Net gearing	23.5%
Weighted average cost of debt1	5.3%
Weighted average debt term	5.8 years
Interest cover ratio1	4.4x
Drawn debt hedging	81%
Weighted average hedge term	3.2 years

For the financial year.

Debt maturity profile 31 December 2023

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800
700
600
500
400
300
200
100
FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32 FY33 FY34 FY35 FY36
0
US Private placement Medium term notes Drawn bank facilities Undrawn bank facilities
Millions ($)
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Note: Assumes commercial paper is refinanced with committed bank facilities.

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GWSCF overview

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Dec 2023 Dec 2022 Ownership composition
31 December 2023
Number of assets 5 5
Total GAV $3.5b $3.6b
Weighted average capitalisation rate 5.42% 4.94%
GWSCF performance versus benchmark
5.8
5.5
3.7
3.5
3.0
Domestic Super Funds 41%
2.0 GPT 28%
1.1 1.1 Offshore Pension Funds 12%
0.5
Domestic – Other 11%
Sovereign Wealth Funds 5%
-1.6
Offshore – Other 3%
-2.7
1 Year 2 Years 3 Years 5 Years 7 Years 10 Years
GWSCF MSCI/Mercer All Retail Index
-1.8
Total return (%)
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GWSCF capital management

Total borrowings for the Fund as at 31 December 2023 were $592 million resulting in net gearing of 16.3%.

As at 31 December 2023

Net gearing	16.3%
Weighted average cost of debt1	5.7%
Weighted average debt term	4.3 years
Interest cover ratio1	5.6x
Drawn debt hedging	80%
Weighted average hedge term	2.5 years

For the financial year.

Debt maturity profile 31 December 2023

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400
300
200
100
FY24 FY25 FY26 FY27 FY28 FY29 FY30
0
Medium term notes Drawn bank facilities Undrawn bank facilities
Millions ($)
----- End of picture text -----

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Highpoint Shopping Centre, VIC
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Mandates

UniSuper

$2.7 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 and a 25 per cent interest in Brookfield Place, Sydney.

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Karrinyup Shopping Centre, WA
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Australian Core Retail Trust (ACRT)

$2.7 billion mandate for management of ACRT, with exposure to the premium retail assets of Macquarie Centre, Sydney and Pacific Fair, Gold Coast.

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Pacific Fair Shopping Centre, QLD
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QuadReal Student Accommodation (QRSA)

Investment management of QuadReal’s portfolio of nine purpose-built student accommodation facilities. Located in key locations across Australia and New Zealand with a total of ~5,000 beds.

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125 Colchester Street, South Brisbane, QLD
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Experience First

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Development

Development pipeline

Development underway

Development underway Development pipeline
Sector Ownership interest Forecast total cost ($m)	Forecast cost to complete ($m) Target completion date GPT share Fund/Partnership share
51 Flinders Lane, Melbourne, VIC Offce 100% GWOF 485	315 2H 2025
Total development underway 485	315

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Cross section, 51 Flinders Lane, Melbourne (Artist's impression).
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Development pipeline (continued)

Future development pipeline

Future development pipeline Development pipeline (continued)
Sector Ownership interest Forecast total cost ($m)	Forecast cost to complete ($m)
	GPT share Fund/Partnership share
Yiribana Logistics Estate – East, Mamre Road, Kemps Creek, NSW Logistics 100% GPT 665	504
Yiribana Logistics Estate – West, Mamre Road, Kemps Creek, NSW Logistics 50.1% GPT/49.9% QR1 165	58 58
407 Pembroke Road, Minto, NSW Logistics 50% GPT 18	12
Djeembana Estate, Truganina, VIC Logistics 100% GPT 280	231
EppingEstate, Epping, VIC Logistics 50.1% GPT/49.9% QR1 320	120 120
CrestLink Business Park, Crestmead, QLD Logistics 50.1% GPT/49.9% QR1 86	29 29
Stage 1, 3 & 4, Apex Business Park, Bundamba, QLD Logistics 50.1% GPT/49.9% QR1 120	49 49
Lighthouse, Sydney, NSW Offce 25% GPT/50% GWOF 1,635	495 990
Corner George & Bathurst, Sydney, NSW Offce 100% GWOF 235	205
155 Walker St, North Sydney, NSW Offce 100% GWOF 770	630
Skygarden, Brisbane, QLD Offce 100% GWOF 680	640
Melbourne Central, VIC Retail 100% GPT 90	80
Rouse Hill Town Centre, NSW Retail 100% GPT 180	170
Chirnside Park, VIC Retail 100% GWSCF 130	125
Total future developmentpipeline 5,374	1,748 2,846
Total developmentpipeline2 5,859	1,748 3,161

Held in the GPT QuadReal Logistics Trust.
Development pipeline excludes mixed-use opportunities.

Experience First

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Sustainability

Demonstrating leadership in ESG

Key achievements in 2023

Released our first Climate and Nature
Disclosure Statement
Achieved carbon neutrality for all material emissions sources (including scope 1, 2 and 3) under our operational control
GPT continues to have the largest amount of commercial space certified carbon neutral in Australia (by floor area) in the NABERS Sustainable Portfolio Index 2023
Contracted 500k tonnes of carbon offsets via the ‘Restoring Country for Climate’ project in partnership with Greenfleet and Traditional Owners
Second Stretch Reconciliation Action Plan was endorsed and launched in October 2023, and
Ranked second of real estate investment trusts in the S&P Global Corporate Sustainability Assessment 2024 Sustainability Yearbook.

Ratings and benchmarks

Gold Employer for LGBTQIA+ inclusion in the Australian Workplace Equality Index (AWEI) small employer category since 2022
Workplace Gender Equality Agency (WGEA) Employer of Choice
Accredited as a Family Inclusive Workplace[TM] by Family Friendly Workplaces
Prime status in ISS ESG Corporate Rating
Constituent of the FTSE4Good Global Index Series
Rating of AAA in the MSCI ESG Ratings assessment
Climate Bonds Initiative Certification of green
bonds and green loans where applicable
Participant in the United Nations Global Compact Network since 2012, contributing to the UN Sustainable Development Goals
Signatory to the United Nations Principles for Responsible Investment
The GPT Group is a signatory to the World Green Building Council Net Zero Carbon Buildings Commitment
Included in the Euronext Vigeo World 120 Index as one of the highest-ranking listed companies in corporate responsibility performance
Included in the STOXX Global ESG Leaders Indices, and
Signatory to the United Nation’s Women’s Empowerment Principles (WEPs).

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Solar array, Highpoint Shopping Centre, VIC

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Asset certifications & carbon neutral delivery

Offce		Carbon neutral	NABERS ratings	NABERS ratings	Green Star ratings
		Operating Climate Active certifcation	Energy1 Water Waste	Indoor environment	Design & As Built Performance
GPT portfolio Australia Square, Sydney2	Tower:	Yes Certifed	4.5 4.5 3.0 5.0 4.5	5.0	N/R 5
	Plaza:	Yes Certifed		5.5	N/R 5
2 Park Street, Sydney		Yes Certifed	5.0 4.5 3.5	5.0	N/R 6
Darling Park 1 & 2 and Cockle Bay, Sydney3	DP 1:	Yes Certifed	5.5 4.5 2.5	4.0	N/R 6
	DP 2:	Yes Certifed	5.5 4.5 2.5	5.0	N/R 6
60 Station Street, Parramatta		Yes Certifed	5.0 4.0 2.0	N/R	N/R N/R
32 Smith, Parramatta		Yes Certifed	5.5 4.5 2.0	N/R	N/R N/R
4 Murray Rose Avenue, Sydney Olympic Park		Yes Certifed	5.5 5.5 1.5	N/R	N/R N/R
62 Northbourne Avenue, Canberra4		Yes Certifed	5.0 N/R N/A	N/R	N/R N/R
Melbourne Central Tower, Melbourne		Yes Certifed	5.0 5.0 2.0	3.5	N/R N/R
181 William & 550 Bourke Streets, Melbourne	181 William:	Yes Certifed	5.0 5.5 3.0 4.5 4.5	5.0	5 N/R
	550 Bourke:	Yes Certifed		5.0	5 4
One One One Eagle Street, Brisbane		Yes Certifed	5.5 4.5 4.0	5.0	6 N/R
GWOF portfolio Liberty Place, 161 Castlereagh Street, Sydney		Yes Certifed	5.0 4.5 3.5	6.0	6 6
Darling Park 1 & 2 and Cockle Bay, Sydney3	DP 1:	Yes Certifed	5.5 4.5 2.5	4.0	N/R 6
	DP 2:	Yes Certifed	5.5 4.5 2.5	5.0	N/R 6
DarlingPark 3, Sydney		Yes Certifed	5.5 4.5 3.5	4.5	N/R 6
580 George Street, Sydney		Yes Certifed	6.0 4.5 4.0	5.0	N/R N/R
workplace6, Sydney		Yes Certifed	5.5 5.0 N/R	4.5	6 N/R
155 Walker Street, North Sydney5		N/A N/A	2.5 3.5 N/R	N/R	N/R N/R

		Carbon neutral	NABERS ratings	NABERS ratings	Green Star ratings
		Operating Climate Active certifcation	Energy1 Water Waste	Indoor environment	Design & As Built Performance
2 Southbank Boulevard, Melbourne		Yes Certifed	5.0 4.5 3.0	N/R	N/R 6
8 Exhibition Street, Melbourne		Yes Certifed	4.5 4.5 3.0	5.5	N/R N/R
Queen & Collins, Melbourne6		Yes Certifed	N/A N/A N/A	N/A	6 N/R
150 Collins Street, Melbourne		Yes Certifed	5.0 4.5 3.0	6.0	6 N/R
530 Collins Street, Melbourne		Yes Certifed	4.5 4.5 3.0	N/R	N/R N/R
655 Collins Street, Melbourne		Yes Certifed	5.5 5.5 2.5	2.5	5 N/R
181 William & 550 Bourke Streets, Melbourne	181 William:	Yes Certifed	5.0 5.5 3.0 4.5 4.5	5.0	5 N/R
	550 Bourke:	Yes Certifed		5.0	5 4
800/808 Bourke Street, Melbourne		Yes Certifed	5.0 5.0 2.0	N/R	N/R N/R
One One One Eagle Street, Brisbane		Yes Certifed	5.5 4.5 4.0	5.0	6 N/R
Riverside Centre, Brisbane		Yes Certifed	5.0 4.0 N/R	4.5	N/R N/R

81 & 91 George Street, Parramatta and 51 Flinders Lane, Melbourne are held for development, so are excluded from the operating portfolio. The 51 Flinders Lane 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. It will operate on a carbon neutral basis once operational and will be certified when eligible. 750 Collins Street, Melbourne is under the operational control of the tenant, so is excluded from the operating portfolio.

Represents NABERS Energy without GreenPower. NABERS Energy with GreenPower ratings were retired by NABERS in 2023.
Climate Active carbon neutral (for Buildings) certification for Australia Square Tower includes the Retail component.
Darling Park 1 & 2 and Cockle Bay comprises three buildings, each with Climate Active carbon neutral (for Buildings) certification. 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.
155 Walker Street site includes the existing office building at 157 Walker Street. This site is held for development, so is excluded from the operating portfolio and Carbon Neutral certification targets. NABERS ratings and intensities are reported for the 157 Walker Street building.
Queen & Collins has recently completed construction, so is not rateable under NABERS for Office. The asset is operating on a carbon neutral basis and will be rated once eligible.

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Asset certifications & carbon neutral delivery (continued)

Retail	Carbon neutral	NABERS ratings2	Green Star ratings
	Operating Climate Active certifcation1	Energy Water	Design & As Built Performance
GPT portfolio Charlestown Square	Jul 2023 Oct 2024	4.5 4.0	N/R N/R
Highpoint ShoppingCentre	Yes Certifed	5.0 3.0	N/R N/R
Melbourne Central	Jul 2023 Oct 2024	2.0 3.0	N/R N/R
Rouse Hill Town Centre	Yes Certifed	4.5 2.5	N/R N/R
Sunshine Plaza	20303 20303	5.0 4.0	5 2
Westfeld Penrith	20303 20303	4.5 2.0	N/R N/R
GWSCF portfolio Chirnside Park	Yes Certifed	5.0 3.0	N/R N/R
Highpoint ShoppingCentre	Yes Certifed	5.0 3.0	N/R N/R
Macarthur Square	20253 20253	5.0 4.5	N/R 2
Northland ShoppingCentre	20253 20253	4.0 3.5	N/R 4
Parkmore ShoppingCentre	Yes Certifed	4.0 3.5	N/R N/R

Climate Active certification is awarded to buildings that have achieved a state of net zero emissions, otherwise known as carbon neutrality. 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.
NABERS is a performance-based rating system for existing buildings and provides a simple indication of how well a company is managing these environmental impacts. Represents NABERS Energy without GreenPower. NABERS Energy with GreenPower ratings were retired by NABERS in 2023.
Carbon neutral targets for externally managed assets to be agreed with the co-owners.

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 ratings
	Operating Climate Active certifcation	Energy1 Water Waste
GPT portfolio Quad 1, Sydney Olympic Park	Jul 2023 Oct 2024	5.5 6.0 4.0

Note: Certifications are current as at 31 December 2023. N/A = Not Applicable to the scope or rating tool. N/R = Not rated. GPT reports asset certification and carbon neutral delivery for assets within our operating portfolio. This excludes assets under tenant operational control and/or under development. 143 Foundation Road, Truganina development has been Climate Active Carbon Neutral (Products & Services: Upfront Carbon Buildings) certified. Quad 4, Sydney Olympic Park is an educational facility so is not rateable under NABERS for Office.

Represents NABERS Energy without GreenPower. NABERS Energy with GreenPower ratings were retired by NABERS in 2023.

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143 Foundation Road, Truganina, VIC
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Environmental performance data

Offce	Energy Water Emissions Waste
	MJ/m2 Litres/m2 kg CO2-e/m2 % Recycled/Diverted
GPT portfolio Australia Square, Sydney	329 742 0 33
2 Park Street, Sydney	260 446 -1 40
DarlingPark 1 & 2, Sydney1	248 346 -2 48
60 Station Street, Parramatta	205 435 -6 20
32 Smith, Parramatta	184 411 -2 17
4 MurrayRose Avenue, SydneyOlympic Park	169 290 -2 15
62 Northbourne Avenue, Canberra2	225 403 -41 N/A
Melbourne Central Tower, Melbourne	185 273 -2 15
181 William & 550 Bourke Streets, Melbourne	208 238 -5 26
One One One Eagle Street, Brisbane	199 502 -3 52
GWOF portfolio LibertyPlace, 161 Castlereagh Street, Sydney	304 511 -5 48
DarlingPark 1 & 2, Sydney1	248 346 -2 48
DarlingPark 3, Sydney	244 422 -2 39
580 George Street, Sydney	313 453 -5 41
workplace6, Sydney	199 319 -7 43
155 Walker Street, North Sydney3	592 599 71 18
2 Southbank Boulevard, Melbourne	256 346 -4 31
8 Exhibition Street, Melbourne	252 432 -27 42
Queen & Collins, Melbourne	346 265 -10 54
150 Collins Street, Melbourne	249 381 -5 32
530 Collins Street, Melbourne	183 315 -3 30
655 Collins Street, Melbourne	281 203 -7 19

	Energy Water Emissions Waste
	MJ/m2 Litres/m2 kg CO2-e/m2 % Recycled/Diverted
GWOF portfolio 750 Collins Street, Melbourne4	N/A N/A N/A N/A
800/808 Bourke Street, Melbourne	194 205 -5 24
181 William & 550 Bourke Streets, Melbourne	208 238 -5 26
One One One Eagle Street, Brisbane	199 502 -3 52
Riverside Centre, Brisbane	272 744 0 55
Total Offceportfolio average	246 404 -4 42

Note: Sustainability data as at 31 December 2023 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.
155 Walker Street site includes the existing office building at 157 Walker Street. 155 Walker is held for development, so is excluded from the operating portfolio and Carbon Neutral certification targets. NABERS ratings are reported for the 157 Walker Street building.
750 Collins Street is not rateable as it is under the operational control of the tenant.

119

GPT – 2023 ANNUAL RESULT DATA PACK

SUSTAINABILITY

GPT – 2023 ANNUAL RESULT DATA PACK

120

SUSTAINABILITY

Environmental performance data (continued)

Environmental perform	ance data(continued)
Retail	Energy Water Emissions Waste
	MJ/m2 Litres/m2 kg CO2-e/m2 % Recycled/Diverted
GPT portfolio Charlestown Square	287 436 25 36
Highpoint ShoppingCentre	260 971 -5 38
Melbourne Central	561 1497 45 23
Rouse Hill Town Centre	173 1461 -6 35
Sunshine Plaza	308 1058 58 41
Westfeld Penrith	292 1384 53 33
GWSCF portfolio Chirnside Park	209 613 -2 27
Highpoint ShoppingCentre	260 971 -5 38
Macarthur Square	273 1040 50 47
Northland ShoppingCentre	442 819 58 39
Parkmore ShoppingCentre	242 486 -5 38
Total Retailportfolio average	305 998 30 36

AI assistant

GPT GROUP — Annual Report 2023

65009_rns_2024-02-18_ab767dcb-033f-4235-b4a5-133ef194eb3f.pdf

ASX Announcement

19 February 2024

2023 Annual Result Data Pack

Investors

Media

Experience First

Agenda

2023 Annual Result

Overview of operations

$32.6b

AUM

GPT Portfolio[2]

Experience First

Interest rate hedge profile 2024-2026

Experience First

Retail

Retail overview

Excellent leasing outcomes achieved

Melbourne Central achiev es record MAT

GPT Retail Platform

207m

Retail outlook

Experience First

Office leasing market remains challenging

CBD Prime Grade market

Worker activity in Sydney CBD, Melbourne CBD & Fringe[1]

Strong leasing results

5.1 133,800 sqm years

506

Leasing activity breakdown

Portfolio well positioned for leasing in 2024

100%

78%

4.6stars

73

Office outlook

Experience First

Logistics overview

Market conditions remain favourable

Development completions

Developing high quality sustainable product

Mamre Road Precinct, Kemps Creek, NSWMamre Road Precinct, Kemps Creek, NSW

Logistics outlook

Experience First

Outlook and 2024 Guidance

Outlook

2024 Guidance

Disclaimer

Experience First

Overview

GPT overview

GPT portfolio metrics

Average structured rental increases[2]

Glossary

Glossary (continued)

Financial summary

Results summary

Funds from operations to adjusted funds from operations

NTA movement

Gearing and interest cover

Look through gearing

Liquidity profile

Retail portfolio overview

New South Wales

GPT owned

UniSuper owned

Victoria

GWSCF owned

UniSuper owned

Queensland

Retail portfolio summary

Portfolio occupancy and sales

Portfolio sales by category

Specialty sales

Income and fair value schedules

Independent valuation summary

Retail sales categories

GPT GROUP Annual Report 2023