GPT GROUP — Interim / Quarterly Report 2005

Feb 10, 2005

Amnuel RGSU September PADO A

Hontons

• Underlying earnings per unit up 3.1%*
• Distribution per unit up 3.8%
• Strong underlying portfolio performance
• Future growth
• Retail development pipeline
• Recent acquisitions
• Before abnormal items, including profit on sale of properties and costs in relation to the Lend Lease merger proposal and Stockland takeover offer

Consistent frames arowin

	2001	2002	2003	2004
Distribution (cpu)	19.7	20.4	21.2	22.0
Growth	2.1%	3.5%	3.9%	3.8%
Earnings (cpu)	19.7	20.4	21.6	21.3
Underlying earnings*	19.7	20.4	21.2	22.0
Underlying growth*	2.1%	3.6%	3.1%	$3.1\%$
1 Yr Total Return	9.9%	12.8%	8.2%	33.6%

* Excludes the impact of the change in fee, and costs associated with the Lend Lease merger proposal and the Stockland takeover offer

Financia Periomence

	2003	2004
Net Operating Income*	$+7.3%$	5.4%
Total Assets	\$7.7 b	\$9.1 b
Total Borrowings	\$2.1 b	\$2.7b
Interest Cover	5.1x	4.8x
Gearing	27.6%	29.7%
NTA per unit	\$2.73	\$3.

• Excludes \$16.5 million in costs associated with the Lend Lease merger proposal and Stockland takeover offer

Key Results: Shopping Genires

• Total Portfolio income up 8%
• Specialty base rent per sqm up 5%
• Strong sales and operating results
• $-$ Total centre MAT/sqm up 4.4%
• $-$ Specialty MAT/sqm up 6.4%
• Regional specialty productivity at \$9,355/sqm*
• Regional specialty occupancy costs at $14.4\%$ *

GPT

*Excluding centres impacted by development (Melbourne Central & Erina Fair)

Strong Shopping Centre Revaluations

• 13 centres valued 6 months to December 2004
• Quality reflected in strong valuation increases

-\$612.5 million net increase

• Average capitalisation rate of 6.5%

Melbourne Centre !

• Major stages now open
• Level 3 entertainment precinct open mid 2005
• Only 3 uncommitted tenancies
• Retail mix delivered on vision
• Initial trading results positive

Melbourne (Centre)

Melbourne Central

GPT

• \$138 million development commenced in June 2004
• Leasing progressing well
• Completion end 2005
• On track to achieve Year 1 yield of 8%

Macarthur Souare

• \$200 million development (\$100m GPT share) commenced in September 2004
• Leasing progressing well
• Completion
• $-$ Stage 1 end 2005
• $-$ Stage 2 early 2006
• On track to achieve Year 1 yield of 8%

Stong Davalophen. Divaline

	2002	2003	2004	2005	2006	2007	2008
Floreat Forum	\$48M
Erina Fair	\$106M
Melbourne Central			\$260M
Penrith Plaza								Complete
Macarthur Square								Planned
Rouse Hill Regional Centre					\$350M*			* Approximate value & timing
Charlestown Square
Chirnside
Wollongong
Sunshine Plaza	\$20M							$\blacksquare$

• 0

Key Results: Office

• $\cdot$ Income up 15%
• Portfolio quality enhanced
• Stage 2 National Building complete
• Darling Park Stage 3 acquired
• Refurbishments

• Occupancy remains high (93.7%)

• Over 120,000 sqm leased

• Manageable lease expiry profile

• Average lease term 6.4 years

Manageable Expiry Risk

Office Lease Expiry Profile by Area 31 December 2004*

* Excludes Darling Park Stage 3

Office Portfolio Outlook

• Improving market fundamentals
• Portfolio well positioned
• Quality improved
• Manageable expiry profile
• Minimal vacancy majority in Sydney

Strong Operating Results

• Portfolio income up 28%
• Ayers Rock Resort

– Revenue	$+6.7\%$
- Room Nights Sold	$+4.6%$
- Room Rate	$+1.9%$
- GPT Income	$+10.7\%$

• Four Points by Sheraton Sydney

– Revenue	$+14.4\%$
- Room Nights Sold	$+5.6%$
- Room Rate	$+8.6%$
– GPT Income	$+12.7\%$

Portolo Expanded

• Voyages Lodges (P&O Resorts) acquisition \$218m
• Perfect strategic fit (quality & scale)
• Australia's Natural Treasures
• Significant benefits
• Marketing/cross selling
• Greater diversity
• Cost savings
• Expansion land
• 9.4% yield (excl land), increasing to 10% year 2

Key Results: Industral/Business Park=

• $\cdot$ Income up 25%
• Significant development potential
• Homebush Bay
  • Quad 3 (complete)
  • Quad 4
  • 8 Herb Elliott Avenue
  • 7 Figtree Drive
• -Austrak, Somerton

Masterdanitsd Urban Communities

Capital Management

• Total Assets \$9.1 billion
• Gearing of 29.7% (limit $40\%$ )
• Borrowings
• Maturities from within 1 month to 2029
• $-93%$ hedged
• Current effective interest rate $6.09\%$
• Average duration 2.9 years
• S&P ratings (Long term: A+, Short term: A-1)

RPT

In Summery....

• Performance strong
• Retail highly productive quality portfolio
• $\sim$ Office asset quality enhanced, improving market
• Hotel portfolio scale & diversity enhanced, exposure to major markets and sectors
• Industrial well leased, retain significant expansion and acquisition options
• Masterplanned Urban Communities first project sales underway