GPT GROUP — Interim / Quarterly Report 2005

May 2, 2005

General Property Trust ASX Announcement

GPT MARCH QUARTERLY UPDATE

3 May 2005

GPT Management Limited provides a guarterly update for the March and September quarters to supplement the Mid-vear and Annual Results disclosures. The following information provides investors with an update on the activities of the Trust for the March 2005 quarter.

SUMMARY

A distribution of 5.7 cents per unit for the March 2005 quarter was announced on 29 April 2005. The distribution will be paid on 20 May 2005.

Highlights during the quarter included:

• Further progress on a range of developments across the Retail, Industrial, Office and Masterplanned Urban Communities Portfolios.
• Continued leasing activity across the Office, Industrial and Retail Portfolios.
• The acquisition of the final stage of the Homemaker City Centre at Fortitude Valley in Queensland.

INTERNALISATION PROPOSAL

On 2 May 2005, GPT released a Notice of Meeting and Explanatory Memorandum for a Meeting of Unitholders to be held on 2 June 2005. Unitholders will be asked to vote on a Proposal which is recommended by GPT's Independent Directors (in the absence of a superior proposal) to internalise GPT's management, enter into a joint venture arrangement with Babcock & Brown and sell interests in three of the Trust's assets to Westfield. Full details of the Proposal are contained in the Notice of Meeting and Explanatory Memorandum.

Unitholders will also be asked to vote on a change to GPT's Constitution relating to the introduction of A-IFRS at the meeting to be held on 2 June 2005.

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Retail Portfolio

Transactions

Fortitude Vallev Homemaker Citv

GPT has agreed terms with Property Solutions Group Australia to purchase the remaining component of the first stage of the Fortitude Valley Homemaker City. Brisbane, for \$35.6 million. The purchase price represents an initial vield of 7% (excluding acquisition costs). The property, which was completed in early 2003, is strategically located between the two stages of the development already owned by GPT.

The acquisition gives GPT ownership of the entire 3 stages of the Complex, consisting of Homemaker retail and commercial facilities with associated car parking.

The remaining component of the first stage of development is fully committed to quality tenants with long lease terms. Tenants include Freedom Furniture (2,700 sqm for a period of 10 years) and Video Pro (750 sqm for a period of 7 years). In addition, the Australian Bureau of Statistics has agreed to lease three levels of office space (4.500 sam) for a term of 10.5 years.

The acquisition, which will be debt funded, is expected to be finalised in May 2005.

Sales Performance Update

The Retail Portfolio's sales performance continues to be positive, with total centre sales up 4.3% and specialty sales up 5.3% in the year to March 2005. Across GPT's shopping centres, occupancy costs remain at a level which provides a strong platform for growth and, importantly, vacancies and arrears remain very low.

Total centre sales growth per square metre for the 12 months to 31 March 2005 was up 4.8% (up 4.4% for the 12 months to December 2004).

Total specialty sales growth per square metre for the 12 months to 31 March 2005 was up 5.9% (up 6.4% for the 12 months to December 2004).

The specialty occupancy cost for the regional Retail Portfolio was 14.3% at 31 March 2005. This compares favourably with the JHD regional retail average (2003/2004) of 14.8%.

Note: The above sales figures are exclusive of Floreat Forum, Erina Fair and Melbourne Central, which are currently impacted by development.

Within the maior retailers, the Discount Department Stores are showing the strongest performance (MAT per sqm up 7%). Department Stores and Supermarkets MAT psm were up 2% respectively.

The strongest performing specialty commodity groups include Clothing, Eating Establishments, Newsagency/Books, Fast Food and Household Equipment. Weaker commodity groups include Discount Variety, Specialty Foods and Assorted Giftware.

(GST Inclusive)
	Moving Annual Turnover / PSM				Occupancy Costs (%)
CENTRE NAME	Contra ien	T6121 contro Growth (24)	Specialty I.	Specialty Growth (%)	Centre (%)	Specialty WA
Carlingford Court	5,846	2.1%	7,689	1.4%	8.5%	15.0%
Casuarina Square *	5,710	6.6%	8,373	6.2%	9.7%	13.6%
Charlestown Square*	6,765	12.5%	10,544	7.9%	9.3%	14.3%
Chirnside Park	6,438	3.4%	8,142	3.7%	6.2%	13.4%
Dandenong Plaza	3,544	3.3%	6,218	3.6%	10.8%	15.7%
Forestway	10,284	0.6%	8,056	2.8%	7.2%	13.3%
Macarthur Square	5,185	1.1%	9,656	7.2%	9.3%	13.8%
Parkmore	5,171	2.7%	6,085	5.8%	7.1%	14.1%
Penrith Plaza *	6,693	5.0%	11,797	7.1%	9.5%	14.4%
Sunshine Plaza *	6,861	6.3%	9,607	6.3%	8.8%	14.5%
Moden Plaza	6,442	4.5%	8,963	4.4%	8.5%	14.2%
Wollongong Central	5,229	2.8%	8,483	6.1%	10.2%	13.7%
Total Portfolio	5.869	4.8%	8,969	5.9%	$9.0\%$	14.2%

Retail Portfolio Moving Annual Turnover per square metre as at 31 March 2005

Centres Under Development
Floreat Forum	6,453	4.8%	4,963	2.1%	8.1%	15.1%
Melbourne Central Retail	4,564	$(13.5\%)$	5.243	$(9.0\%)$	19.5%	20.6%
Erina Fair	5.551	$(2.1\%)$	7.004	(11.5%)	9.9%	18.1%

* Casuarina does not include Monterey House; Charlestown does not include Charlestown Convenience Centre or Pacific Highway; Sunshine includes Plaza Parade but does not include Maroochydore Superstore or Horton Parade; Penrith does not include Red Cow Land, Riley Square, Borec House or High Street.
A Total Centre Sales include Commercia

Entertainment.

Centres under development are shown for information only. Until centres have traded for a full 24 month period post
development these figures do not accurately reflect underlying performance.

Retail Development Update

Melbourne Central – The \$260 million redevelopment of Melbourne Central is now nearing completion. Income is 99% committed with only 3 shops and 5 kiosks still to be leased. Approximately 245 of the 286 shops are open and trading, with the remaining shops scheduled to open progressively over the next 4 months. Hoyts and the level 3 leisure and entertainment precinct are programmed to be open in September 2005.

Macarthur Square - The \$100 million (GPT's 50% share) major expansion of Macarthur Square is progressing well. Income associated with the development is now 75% committed and works are on programme for completion of the first stage in late 2005

The second stage of the development is expected to open in early 2006.

Penrith Plaza – The \$140 million major expansion of Penrith Plaza is progressing well, with income associated with the development already 75% committed. Completion of the majority of works is anticipated in late 2005.

Rouse Hill - In January 2005, the Town Centre DA was submitted for the Rouse Hill Regional Centre. The Town Centre is one of the last major greenfield regional retail opportunities within the Sydney metropolitan area. Construction is targeted to commence late 2005 with completion anticipated in late 2007.

Homemaker Portfolio

High occupancy across the Homemaker City Portfolio has been maintained and average rents increased by 8% on review in the first quarter of 2005. Occupancy is at 98%.

Stage 2 of the Fortitude Valley Homemaker City centre in Brisbane (which was acquired by GPT in March 2004) is due to be completed in May 2005. The 16,000 sqm centre is currently 80% committed to high calibre homemaker tenants such as Nick Scali, Capt'n Snooze, Barbeques Galore, Oz Design and Howard's Storage. GPT has a rental guarantee on any vacant space for 12 months post completion. The forecast acquisition cost (based on a vield of 8.0%) is approximately \$50 million.

Following completion of the development and acquisition of the remaining component of the first stage of the Centre, GPT's investment will be approximately \$120 million.

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Office Portfolio

GPT's Office Portfolio continues to perform well, with 21,500 sqm leased and terms agreed over a further 11.000 som across the Portfolio in the three months to 31 March 2005. As a result. Portfolio occupancy has increased to 94.1%.

The east coast office market fundamentals are improving, with moderate positive net absorption and a decline in vacancy rates recorded across the major markets over the March quarter. However, in Sydney, where the vacancy rate is over 11%, incentives remain high, and leasing of vacant space continues to be challenging.

Leasing Update

Leasing results in the first quarter have further improved the Portfolio's position. reducing 2005 expiry from 8.1% of the Portfolio to 7.5% of the Portfolio. Leasing of the remaining vacancy to reduce short and medium term expiry risk continues to be the maior focus of the Office Portfolio team.

In Sydney, 3,100 sqm was leased at Australia Square over the quarter. Thomson Playford have signed a lease over 1,570 sqm for a 7 year term commencing April 2005 and the Taxation Institute have leased 650 som in the Plaza Building for a 6 year term commencing March 2005. Several smaller leases have been achieved over a total of 850 sqm for terms of between 2 and 7 years.

At the HSBC Centre. HSBC have committed to a further 6-year term over their whole 13,140 sqm tenancy commencing January 2005. This improves the lease expiry profile of the building and significantly reduces short-term leasing risk.

SK Global have executed their lease over 220 sqm at 2 Park Street for 2 years. The building continues to be 100% occupied with a weighted average lease term of 6.9 years.

At the Riverside Centre in Brisbane, over 2.700 sam of deals were concluded over the March quarter. Ray White has signed a lease over 2,100 sqm for a term of 10 years and 4 months commencing March 2005. Smaller leases executed include Booz Allen Hamilton (230 som for a term of 5 years and 4 months commencing March 2005, and Jumbo Corporation (320 sqm for 3 years and 6 months). The Riverside Centre is now 100% occupied with a weighted average term to lease expiry of 5 years.

At Black Ink House, John Findlay Engineering have signed a deal over 340 sgm commencing February 2005 for 5 years and 5 months. Adcorp Australia have leased 480 sqm for a 5 year term commencing July 2005.

Development Update

The construction of Darling Park Stage 3 is now well progressed with practical completion expected to be achieved ahead of the scheduled date of May 2006.

Marsh and Mercer Human Resource Consulting, part of Marsh and McLennan Companies (MMC), have committed to a lease for 60% of the development for a term of 10 years. The remainder of the space, being the high rise, is being actively marketed

Industrial & Business Park Portfolio

GPT's Industrial & Business Park Portfolio continues to maintain strong fundamentals, with occupancy of 99.7% and an average lease term of 5.0 years across the Portfolio.

During the first quarter of 2005, 21,500 sqm was leased and renewed in the Portfolio. including:

• At 15 Berry Street, Granville, Toll Transport have leased 10,020 sqm for a 5 year term from April 2005.
• At Quad 3. Samsung Electronics have leased 470 sqm. Samsung are an existing tenant within the GPT portfolio, occupying 7 Parkview Drive, which is co-located alongside the Quad precinct at Homebush Bay.
• At the Citiwest Industrial Estate, Altona, Heavy Duty Transport have renewed for a five-year term over 2,660 sqm.

Development Update

GPT has secured a 16,700 sqm pre-lease to Labelmakers at the Austrak Business Park. Somerton. With an initial term of 15 years this deal will have a value on completion of \$14.2 million, reflecting an initial vield of above 8% on cost. Construction has now commenced and is anticipated to be complete in September 2005.

A development application has been lodged to construct Quad 4 at Homebush Bay. This development will provide approximately 7,000 square metres of A grade office space, providing the final component of the Quad Business Park. Completion is expected to occur in the second half of 2006.

Hotel & Tourism Portfolio

In the first quarter of the year, inbound tourism demand to Australia has continued to experience solid growth after a record year in 2004. Overall inbound tourism was up 10% in 2004 and 11.8% for the three months to March 2005. Growth in 2005 is occurring across most markets but with particularly strong growth from China. SE Asia. UK and New Zealand.

Domestic demand, however, has been weaker than expected during the first three months of 2005 compared to 2004. Factors contributing to this may include a stronger Australian dollar (encouraging overseas travel), and softer domestic economic conditions. Notwithstanding, we expect an overall net improvement in demand in 2005.

Ayers Rock Resort

Avers Rock Resort has performed well in the first quarter with increased international tourism contributing to occupancy growth. Including the impact of the reopening of Longitude 131, room nights sold and room rates were up 12% and 8.9% respectively on the previous year.

Avers Rock Resort (incl. Alice Springs)	YTD March 2004	YTD March 2005	Variance
Rooms Available	84.720	83.731	$-1.2%$
Rooms Sold	46.240	51.776	12.0%
Occupancy	55%	62%	7.0%
Room Rate	\$202	\$220	8.9%
Total Revenue (000)	\$23,800	\$27,945	17.4%

The key performance indicators to March 2005 are shown below.

Note: On a like with like basis, after adjustment for Longitude 131's closure in 2004, rooms sold grew by 10%, room rates by 5.2% and revenue by 12.9%.

Four Points by Sheraton Hotel, Sydney

In the first quarter, Four Points performed well with occupancy remaining high (at 86%) and room rates up. With Sydney's CBD hotel market fundamentals remaining strong, we expect this performance to continue through 2005, although the refurbished Sydney Hilton, which is expected to re-open this June, will add to the competitive room supply.

The key performance indicators to March 2005 are shown below.

Four Points Sydney	YTD March	YTD March
	2004	2005	Variance
Rooms Available	57.390	56,700	$-1.2%$
Rooms Sold	50.040	48.638	$-2.8%$
Occupancy	87%	86%	$-1.0%$
Room Rate	\$160	\$178	11.3%
Total Revenue (000)	\$11,120	\$11.711	5.3%

Voyages Lodges (P&O Resorts)

The performance of Voyages Lodges over the period was negatively impacted by weaker domestic demand in the Queensland resort market. Tactical marketing efforts are currently being implemented which we anticipate will improve performance over the balance of the year. The integration of this business has been successfully completed and the merger of the P&O and Voyages operating entities is on track to deliver synergy savings in excess of \$2 million per annum.

Voyages Lodges (P&O)	YTD March	YTD March
	2004	2005	Variance
Rooms Available	49.368	51.622	4.6%
Rooms Sold	36,106	33.077	$-8.4%$
Occupancy	73%	64%	$-9.1%$
Occupancy (adjusted)	73%	68%	$-5.0\%$
Room Rate	\$239	\$245	2.4%
Total Revenue (000)	\$19,922	\$19.051	$-4.4%$

The key performance indicators to March 2005 are shown below.

Note: Rooms available increased due to additional rooms being added at Dunk Island in late 2004. Occupancy on a like with like basis adjusting for new rooms and additional days in the month in 2004 is 68%.

Holiday Inn Brisbane

The Brisbane market remains strong with no new supply and steady demand growth. As a result, the Holiday Inn continues to demonstrate growth across its key performance indicators.

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The key performance indicators to March 2005 are shown below.

Holiday Inn Brisbane	YTD March	YTD March
	2004	2005	Variance
Rooms Available	17,470	17.280	$-1.1%$
Rooms Sold	14.760	14.968	1.4%
Occupancy	85%	87%	2.0%
Room Rate	\$109	\$118	8.3%
Total Revenue (000)	\$2,670	\$2,783	4.2%

Masterplanned Urban Communities Portfolio

The development application for the Town Centre of the Rouse Hill Regional Centre was lodged in January 2005. Pending approvals, commencement of works is anticipated at the end of 2005. Sales are continuing at Honeveater Crescent. consisting of 50 lots, which represents the first of the residential lots which were released in January 2005.

At Twin Waters Resort sales for the first residential lots are progressing well and a revised masterplan for the site is expected to be lodged with Council shortly. In the meantime, the existing Resort continues to trade above expectations.

GPT's Capital Management

At 31 March 2004, GPT had total debt of \$2,764 million, representing a gearing level of approximately 30%. The weighted average cost of debt was 6.02%, with over 95% of GPT's debt hedged against movements in interest rates.

The weighted average length of debt was 2.9 years at 31 March 2005. GPT expects to extend the average length of debt over time.

A detailed Debt Schedule is attached.

For further information please call:

Nic Lyons	Chief Executive	02 9237 5816
Michael O'Brien	Fund Manager	02 9236 6235
Donna Byrne	Investor Relations Manager	02 9237 5844
Kieran Pryke	Chief Financial Officer	02 9236 6024
Mark Fookes	General Manager Retail Investment	02 9237 5664
Tony Cope	Office Portfolio Manager	02 9236 6003
Bruce Morris	Hotel/Tourism Portfolio Manager	02 9237 5641
Victor Georos	Industrial/Business Park Portfolio Manager	02 9237 5875
Martin Janes	Masterplanned Urban Communities Portfolio Manager	02 9277 2450

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GPT Portfolio Swap & Debt Issuance Schedule As at 31 March 2005

Overview

• Credit Rating A+ (long term), currently on credit watch $\bullet$
• Increased standby facilities by \$200m to \$600m $\bullet$
• Current gearing is 30.4% $\bullet$
• Weighted average cost of debt including fees and margins is 6.02%
• Weighted average length of debt is 2.9 yrs.

GPT Debt		\$m
Short Term Notes, due within 3 months		\$580
Commercial Bills, due in 10 months		\$232
Medium Term Notes Floating Rate due in 1 year Fixed Rate, due in 1 year Floating rate, due in 2 years Fixed Rate, due in 2 years Fixed Rate, due in 3 years Floating rate, due in 4 years Floating rate, due in 9 years Fixed Rate, due in 9 years	(1) (2) (3)	\$475 \$100 \$320 \$320 \$300 \$100 \$12 \$200
CPI Bonds, due in 2029		\$125
Total Debt		\$2,764
$\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$ $\sim$

GPT Interest Rate Management

Total		\$2,764
CPI		\$125
Fixed	(1)(2)(3)	\$470
Current Swaps		\$2075
Floating	(4)	\$94

Total

(1) \$100m has been swapped to floating

(2) \$150m has been swapped to floating

(3) \$200m has been swapped to floating

(4) Floating debt after taking into account current swaps

Debt Maturity Profile (as at 31 March 2005)

Current Interest Rate Hedging

Hedging Position As at	Average Rate	Total Principal	Principal amount of	Principal amount of
	Incl Margins &	Amountl	derivative financial	fixed rate borrowings
	Feesl		instruments
		\$ millionsl	\$ millionsl	\$ millions
31 March 2005*	$6.02\%$	2,670	2,075	595
31 December 2005	6.13%	2.770	2.175	595
31 December 2006	6.16%	2,256	1.942	314
31 December 2007	6.18%	2,029	1.856	174
31 December 2008	6.09%	1,599	1.474	125
31 December 2009	6.13%	1,205	1.080	125
31 December 2010	6.16%	871	746	125

* Average Rate at March 2005 is the current cost of total debt

Fixed Exposures & Weighted Average Cost (including Margin & Fees)

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