GPT GROUP — Interim / Quarterly Report 2008

Nov 19, 2008

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Registered Office: Level 52, MLC Centre, 19 Martin Place, Sydney NSW 2000 www.gpt.com.au

QUARTERLY UPDATE 2008 September

ASX Announcement / Media Release

The following information provides investors with an update on the activities of GPT for the September 2008 quarter.

GPT issued a Prospectus and Product Disclosure Statement (“PDS”) for a 1 for 1 Pro-rata Entitlement Offer at $0.60 per New Security on 24 October 2008 which included distribution guidance of 17.7 cents per Security for 2008. From 2009, the Group intends to base its distribution payout on underlying realised earnings excluding development profits or income from its Joint Venture with Babcock and Brown. On this basis, as outlined in the Prospectus, a distribution of 7.2 cents per Security is forecast for 2009, primarily derived from the Group’s high quality Australian portfolio.

GPT Capital Raising

Further to the announcement in October 2008, the Group is undertaking a major balance sheet recapitalisation through an accelerated nonrenounceable entitlement offer (“Entitlement Offer”) together with the issue of exchangeable securities and, if applicable, top-up securities to an affiliate of GIC RE. The recapitalisation will position GPT to repay existing debt facilities, reduce overall gearing and fund the Group’s business plan and debt maturities through to January 2010.

subscribed with securities to be issued through the Offer on 28 November. GIC RE will receive New Securities through the sub–underwriting arrangement and will be issued exchangeable securities and, if applicable, top up securities on 28 November in conjunction with completion of the Retail Offer. GIC RE has now received Foreign Investment Review Board (FIRB) approval for the subscription for and acquisition of all securities it has agreed to sub–underwrite and the exchangeable securities.

The Entitlement Offer gave eligible Securityholders the opportunity to subscribe for one (1) new GPT security for every GPT stapled security owned at 27 October 2008, at the Offer Price of $0.60. This price was determined by the successful Institutional Offer which raised approximately $1 billion, through 1.76 billion New Securities issued on 11 November. The Retail Offer, which is sub–underwritten by GIC RE, closed on 17 November 2008 and was well

The legal action by National Nominees Limited, as custodian of stapled securities held for IOOF Investment Management on behalf of funds managed by Perennial Investment Partners Limited in relation to this capital raising has now been resolved and will not impact the capital raising or investment by GIC RE.

QUARTERLY UPDATE – September 2008

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CAPITAL MANAGEMENT

In September, the Group raised $32.5 million in additional capital through the Distribution Reinvestment Plan (DRP) for the June quarter distribution. The Distribution Reinvestment Plan has been discontinued and is not anticipated to be utilised in 2009.

Following announcement of the Group’s major recapitalisation in October 2008, GPT’s credit rating was improved, with Standard & Poor’s removing the ‘negative outlook’ in relation to GPT’s rating and improving GPT’s short term rating to A-2. At 30 September 2008, GPT had debt of $5.6 billion and an effective interest rate (after fees and margins) of 5.50%. Note these figures are prior to the repayment of debt following the capital raising outlined on page 1.

The weighted average maturity of debt was 3.2 years. Both headline and look through gearing subsequent to June 2008 (the latest period) were impacted by the significant devaluation of the Australian dollar against both the USD and Euro.

headline gearing is expected to reduce to 28.8% and look through gearing to 41.5%, providing additional headroom in relation to the Group’s gearing covenants of 40% on a headline basis and 55% on a look through basis.

Post quarter end, GPT increased the headline gearing limit specified in the Trust’s Constitution to 50% (from 40%) and renegotiated a look through gearing covenant of 55% (from 50%) for the Group’s €2 billion Syndicated Facility.

GPT’s next debt maturities occur in March 2009 ($700 million in domestic MTNs due to expire) and October 2010 (€1 billion tranche of a €2 billion facility due to expire). The Group is well positioned to meet all of its near term refinancing obligations.

Further details in relation to the Group’s debt arrangements are contained in the Prospectus issued 24 October 2008. A detailed Debt and Hedging Schedule, showing the Group’s debt profile following completion of the capital raising, will be provided with the Group’s Full Year results in February 2009.

GPT will utilise the proceeds of the capital raising to repay existing debt, as outlined in the Prospectus issued 24 October 2008. Based on 30 June 2008 financial statements and using the assumptions outlined in this Prospectus,

Asset Sales

Over the quarter GPT continued to progress the sale of non core assets, including the Group’s Hotel/Tourism Portfolio and the Homemaker assets. However, this remains a very difficult environment in which to conclude asset sales, given the effects of the global credit crisis.

The sale process for the Hotel/Tourism assets continues to progress with separate sales programs occurring for

the Four Points Hotel and Voyages resorts. A number of Homemaker assets are also being marketed for sale, with varied interest shown in individual assets. It is difficult to determine a sales time frame at this point, however reflecting increasingly challenging market conditions, it is expected the process will continue into 2009.

Page 2 – The GPT Group – Quarterly Update – September 2008

QUARTERLY UPDATE – September 2008

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OPERATIONAL UPDATE - HIGH QUALITY AUSTRALIAN PORTFOLIO

Australian Retail

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Joint Venture 15%
Funds Management 4%
Industrial 6%
Retail 41%
US Seniors Housing 2%
Hotel/Tourism 6%
Office 26%
Above: Investments by Sector at 30 June 2008
US Seniors Housing and Joint Venture equals contributed equity. Office and
Retail include GPT’s equity interest in the GPT Wholesale Office and Shopping
Centre Funds.
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GPT’s investment in high quality Australian retail assets totals $5.4 billion (at June 2008), consisting of assets on GPT’s balance sheet and a 40% interest in the GPT Wholesale Shopping Centre Fund (GWSCF).

Sales Performance

Whilst sales growth across the Shopping Centre Portfolio (owned by GPT and GWSCF) was reasonably strong for the year, the pace of growth is slowing and we expect this to continue over the short term. Comparable centre moving annual turnover (MAT) was up 4.6% and comparable specialty MAT up 3.6% in the year to September 2008 (down from 5.1% and 4.4% respectively at June 2008). The specialty occupancy cost across the Portfolio was 16.5% at 30 September 2008 and vacancies and arrears remain low.

Within the major retailers, Mini Majors are showing the strongest growth (comparable MAT up 5.1%). Discount Department Stores and Supermarkets comparable MAT showed solid growth up 4.9% and up 4.4% respectively. Department Stores were disappointing with comparable MAT down 1.0%. The strongest performing specialty commodity groups include Discount Variety, Jewellery and Eating Establishments. Weaker commodity groups include Clothing, Specialty Foods and Newsagency/Books.

Australian Office

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Joint Venture 15%
Funds Management 4%
Industrial 6%
Retail 41%
US Seniors Housing 2%
Hotel/Tourism 6%
Office 26%
Above: Investments by Sector at 30 June 2008
US Seniors Housing and Joint Venture equals contributed equity. Office and
Retail include GPT’s equity interest in the GPT Wholesale Office and Shopping
Centre Funds.
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GPT’s high quality office investment totals $3.3 billion (at June 2008), consisting of assets held on the Group’s balance sheet and a 38% interest in the GPT Wholesale Office Fund (GWOF).

Leasing

Across the GPT managed Portfolio, 8,600 sqm was leased in the third quarter of 2008 and terms agreed for 40,800 sqm, resulting in occupancy of 98.6% and 99% of space being committed, above market occupancy of 94.3%. Across the GPT managed Portfolio, the average lease term is 5.4 years (by area), with limited short-term expiry, providing long term secure income with growth through leasing, fixed increases and market reviews.

Across the Portfolio of investment assets owned by GPT and GWOF only 5,700 sqm of space by ownership is now available to be leased.

Signed leases across the GPT managed portfolio include:

• At HSBC Centre (580 George Street Sydney), HSBC have leased 1,220 sqm for a five year term;

• At Citigroup Centre, CVC Asia Pacific have leased 650 sqm for a five year term; and

• At Australia Square, a total of 530 sqm has been leased to Axiom Properties (180 sqm for a three year term) and Thomson Playford (350 sqm for 4.5 years).

Terms agreed for 40,800 sqm occurred over the quarter in the GPT managed portfolio, highlights include:

• At HSBC Centre, HSBC Bank have agreed terms for 13,100 sqm for ten years to commence in January 2011;

• At MLC Centre in Sydney, the US Consulate have agreed terms for 2,900 sqm over five years;

• At Darling Park, PricewaterhouseCoopers have agreed terms for 3,900 sqm for a seven year term from January 2009; and IBA Health Limited have agreed terms for 2,400 sqm for a ten year term;

• At Melbourne Central tower; Accenture have agreed terms for 4,400 sqm for a ten year term from November 2009; and

• At 28 Freshwater Place in Melbourne, CPA have agreed terms for 7,100 sqm for a 12 year term from June 2009 and Publicis Group have agreed terms for 3,100 sqm for ten years.

Page 3 – The GPT Group – Quarterly Update – September 2008

QUARTERLY UPDATE – September 2008

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Australian Industrial & Business Park

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Joint Venture 15%
unds Management 4%
Industrial 6%
Seniors Housing 2 %
Hotel/Tourism 6%
Office 26%
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Retail 41%
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GPT’s Industrial and Business Park Portfolio continues to maintain strong fundamentals, with occupancy (including land leases) at 100% across the investment assets and an average lease term of 7 years (by income) across the Portfolio at September 2008. During the third quarter of 2008, no leasing took place as the Portfolio has remained 100% occupied since the June 2008 quarter.

The Portfolio’s latest acquisition, connect@erskinepark secured its first pre-lease in July 2008 with the commitment of Goodman Fielder to a 14,000 sqm facility on a 20 year lease. The development is progressing well and due to complete in April 2009.

Above: Investments by Sector at 30 June 2008 US Seniors Housing and Joint Venture equals contributed equity. Office and Retail include GPT’s equity interest in the GPT Wholesale Office and Shopping Centre Funds.

OTHER INVESTMENTS

Australian Hotel & Tourism

Total portfolio revenue was down 3.1% for the year to date at September (based on the prior corresponding period) largely as a result of continued weakness in inbound demand which is expected to continue over the short to medium term. The recent decline in the Australian dollar against most major currencies and the significant reduction in oil prices, however, provide some positive demand momentum which should assist in balancing, to some extent, the negative impacts of the global slowdown.

Ayers Rock Resort and Voyages Lodges showed solid trading in the September quarter with good growth in domestic demand. We expect domestic leisure demand to continue to benefit from the weaker dollar as Australians choose, increasingly, to holiday at home.

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Ayers Rock Resort

The Four Points by Sheraton, Sydney continues to demonstrate high occupancy (84%) and room rate growth (7.5%) reflecting the hotel’s superb location. The Sydney hotel market has excellent long term supply and demand fundamentals and, notwithstanding some expected near term slow down in the economy, these fundamentals should continue to underpin solid performance.

The Portfolio’s key performance indicators to September 2008 are shown in the appendices.

Page 4 – The GPT Group – Quarterly Update – September 2008

QUARTERLY UPDATE – September 2008

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US Seniors Housing

GPT’s investment in the US seniors housing market consists of interests in 34 assets and a 20% interest in the manager of the Portfolio, Benchmark Assisted Living (BAL). Year to date occupancy across the 34 asset portfolio at 30 September 2008 was 88.3% (slightly down from the 88.5% occupancy at June 2008). Average rent per unit is US$5,100 per month (versus US $4,800 in 2007), reflecting the benefit of rent reviews undertaken in January.

As the US economy has softened, deteriorating sentiment and general caution is resulting in longer lead times to re-lease vacant apartments through the communities. This has resulted in occupancy declining slightly over the quarter.

GPT is working with BAL on an exit of the portfolio over time.

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US Seniors Housing

Joint Venture Fund

The Joint Venture Fund comprises a portfolio valued at $7.2 billion (approximate AUD equivalent – for exchange rates see the Appendices), with assets located predominantly in Europe and the United States.

During the quarter, the JV has completed the sale of two German retail assets, at book cost (€46 million ). One other German retail transaction is currently under advanced negotiation, however the likelihood of this transaction completing in the current environment remains uncertain.

The JV Fund’s bank debt was $5.1 billion at 30 September (approximate AUD equivalent). This debt has a weighted average term to maturity of 5.4 years and is 91% hedged. The all in debt cost is 5.3%. Approximately 6% of the JV’s debt matures in the next 12 months. The Loan to Value Ratio (LVR) of the JV is 71% at September 2008 (June 2008: 71%). As disclosed in the Prospectus and Product Disclosure Statement issued on 24 October the borrowings of the JV are non recourse to GPT, however GPT (together with Babcock & Brown) has provided a limited guarantee with respect to one loan within the JV. Since the issue of the Prospectus GPT and Babcock & Brown announced that the JV was negotiating with Wachovia Bank with respect to a non recourse loan provided to a JV special purpose vehicle as a result of a decision not to provide additional collateral requested by the bank. GPT does not intend to provide additional equity in relation to this loan. The Group’s exposure is limited to the amount of equity contributed and retained earnings of $US41 million.

Global real estate and capital markets have deteriorated further in the September quarter, including Germany where 54% of the JV’s assets are located. The weakening global economy will impact on occupier markets going forward.

Notwithstanding the lack of transaction evidence in the market, asset values are expected to decline at December 2008. This may lead to LVR tests not being met for a number of assets, which, while not an event of default, will most likely lead to bank discussions regarding remedies. We will be negotiating appropriate outcomes with the various banks involved. In these circumstances, GPT’s exposure is limited to the equity committed to individual assets and portfolios.

The current equity contributed (at 30 September spot rate) is $2.1 billion, including $1.8 billion of preferred equity. The JV will continue to pursue asset dispositions where appropriate; however in the current climate it is unclear whether significant asset sales will eventuate. Accordingly, the redemption of $163 million of GPT’s preferred capital at January 2009 is expected to be delayed. As outlined in the Prospectus dated 24 October, GPT has not forecast any income from the JV in 2009.

A detailed Joint Venture Fund Overview can be found in the Appendices.

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Rivium Rotterdam, Netherlands.

Page 5 – The GPT Group – Quarterly Update – September 2008

QUARTERLY UPDATE – September 2008

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FUNDS MANAGEMENT

At 30 September 2008, the Group had assets under management of $9.2 billion.

Australian Funds Management

The GPT Wholesale Office Fund (GWOF) now has 14 assets valued at over $3.1 billion. The GPT Group has a 38% interest in the Fund. The Fund retains low gearing of 13% and an active distribution reinvestment plan.

At 30 September 2008, the GPT Wholesale Shopping Centre Fund (GWSCF) comprised a portfolio of interests in 9 retail assets, with a value of $2.2 billion. The GPT Group has a 40% interest in the Fund. The Fund also has low gearing, of 8%, and an active distribution reinvestment plan.

Operating performance across the Fund’s assets continues to be solid, as indicated by retail performance statistics (detailed in appendix 1) and the ongoing high office occupancy across the GPT managed assets.

European Funds Management

GPT’s European funds management platform consists of GPT Halverton and an 80% interest in Hamburg Trust. At 30 September, these businesses held assets under management of EUR $2.2 billion ($3.9 billion).

GPT’s current focus, in addition to continuing to provide performance for Fund investors is on the sale of the Group’s warehoused assets and stabilising the GPT Halverton business in what is a challenging market environment.

GPT Halverton had $3.8 billion in assets under management at September 2008 (€2.1 billion) through six established funds and mandates.

Page 6 – The GPT Group – Quarterly Update – September 2008

QUARTERLY UPDATE – September 2008

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DEVELOPMENT

GPT Owned Developments

Post quarter-end workplace[6] , which commenced in April 2007, was completed. The sale to the GPT Wholesale Office Fund is currently being finalised and will be sold to the Fund for approximately $190 million. The six-level office building of approximately 18,000 sqm located on the waterfront at Darling Island, Sydney, has been leased to Google and Accenture with terms agreed for Doltone House to lease the remaining 1,800 sqm on the ground level. The asset is now fully leased.

The Group retains an extensive pipeline of future development opportunities for the medium term. However, given the current challenging capital market environment, near term development plans are focussed on three main projects:

• At Charlestown Square, a major expansion which will increase the Centre by approximately 40,000 sqm at a cost of approximately $450 million commenced in January 2008. The redevelopment will add 110 new speciality retailers and create a revitalised retail and leisure offer. Construction is well underway with the demolition phase advanced. The community facilities, a child care centre and bowling club being delivered by GPT are close to completion and will enable works on the expansion of the Centre to begin early in 2009. This major expansion is anticipated to be completed in late 2010.

Fund Owned Developments

Whilst GPT’s wholesale funds retain substantial development pipelines, the Group is taking a conservative stance to new commencements.

Office developments owned by GWOF include:

• 545 Queen Street, a development in Brisbane which completed post quarter end in November 2008. At 30 September 2008, approximately 9,150 sqm (69%) of space had been leased; and

• 28 Freshwater Place Melbourne, a development due for completion in December 2008. At 30 September 2008, approximately 9,960 sqm (29%) of space had been leased. Australand has provided a rental guarantee over the remaining space for a period of 5 years.

Retail developments owned by GWSCF include:

• Wollongong Central: GWSCF announced during the quarter that the proposed major redevelopment and expansion would now be delivered in two stages, with the larger, expansion component of the project having been deferred until at least 2010. It is anticipated that refurbishment works of the existing Wollongong Central buildings will begin in early 2009 to improve the ambience and customer experience of the Centre and a new leasing program will see the retail mix greatly improve.

• At One One One Eagle Street, Brisbane, demolition of the existing Indigo House building commenced in the first quarter of 2008 to make way for the construction of a 63,000 sqm Premium-Grade office tower on the site which is located in Brisbane’s prime commercial “Golden Triangle” precinct. Leighton Contractors have been appointed to undertake project management through to the project’s completion in the second half of 2011. GPT has sold two thirds of the project to GWOF and a third party and is funding one third of the $630 million development.

• At connect@erskinepark the first pre-lease was secured in July 2008 with the commitment of Goodman Fielder to a 14,000 sqm facility on a 20 year lease at a cost of approximately $37 million (including land cost) and a completion date of April 2009. Further developments are planned on the remaining 30 hectares of land subject to satisfactory pre-commitment from major industrial tenants.

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Artist’s impression - 28 Freshwater Place, Melbourne

Page 7 – The GPT Group – Quarterly Update – September 2008

QUARTERLY UPDATE – September 2008

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For further information please call:

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Michael O’Brien Acting Chief Executive Officer, and 02 8239 3544
Chief Operating Officer
Kieran Pryke Chief Financial Officer 02 8239 3547
Neil Tobin General Manager, Joint Venture 02 8239 3552
Nicholas Harris Head of Wholesale 02 8239 3780
Mark Fookes Head of Retail 02 8239 3518
Tony Cope Head of Office 02 8239 3535
Victor Georos Head of Industrial/Business Park 02 8239 3560
Bruce Morris Hotel/Tourism Portfolio Manager 02 8239 3541
Martin Janes Portfolio Manager 02 8239 3522
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APPENDICES

• Retail Sales Overview at 30 September 2008

• Office Lease Expiry by Area at 1 October 2008 (GPT Managed Assets)

• Industrial/Business Park Lease Expiry by Income at 1 October 2008

• Hotel/Tourism Portfolio Overview at 30 September 2008

• GPT Halverton Overview at 30 September 2008

• Joint Venture Fund Overview at September 2008

Page 8 – The GPT Group – Quarterly Update – September 2008

QUARTERLY UPDATE – September 2008

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Retail Sales Overview at 30 September 2008

Total Portfolio (Excluding development)

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Moving Annual Turnover Occupancy Costs (%)
Centre Name Centre MAT Comparable Specialty Comparable Centre (%) Specialty (%)
$PSM Centre MAT MAT $PSM Specialty
Growth (%) MAT Growth
(%)
GPT Owned
Casuarina Square 7,201 4.9% 9,700 4.7% 9.1% 13.7%
Dandenong Plaza 4,023 0.6% 6,302 (2.7%) 10.4% 16.7%
Erina Fair 6,065 0.3% 7,172 2.5% 9.5% 18.3%
Floreat Forum 8,085 6.0% 6,127 1.8% 7.3% 14.2%
Melbourne Central Retail 6,819 9.5% 9,195 8.2% 13.0% 14.5%
Sunshine Plaza 7,805 5.0% 10,401 6.5% 9.5% 16.4%
Westfield Penrith 6,826 4.8% 9,789 5.0% 11.2% 18.0%
Westfield Woden 7,088 4.9% 9,660 0.9% 9.1% 15.8%
GWSCF Owned
Carlingford Court 6,715 6.6% 8,385 (1.7%) 8.3% 15.7%
Chirnside Park 7,418 5.2% 8,851 0.6% 6.3% 13.9%
Forestway 12,048 5.1% 9,386 6.4% 6.7% 13.5%
Highpoint 6,622 5.1% 8,790 3.5% 11.0% 18.8%
Macarthur Square 5,976 7.0% 8,168 3.6% 10.2% 16.8%
Wollongong Central 5,728 (1.4%) 9,248 (0.6%) 11.9% 15.9%
Total Portfolio 6,576 4.6% 8,753 3.6% 10.0% 16.5%
Centres under Development
GPT Owned
Charlestown Square 6,407 (17.4%) 9,245 (21.4%) 10.7% 18.2%
GWSCF Owned
Parkmore 5,992 13.6% 6,722 13.4% 7.8% 14.9%
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GPT reports in accordance with the Shopping Centre Council of Australia (SCCA) guidelines. Includes GST.

Page 9 – The GPT Group – Quarterly Update – September 2008

QUARTERLY UPDATE – September 2008

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Office Lease Expiry by Area at 1 October 2008 (GPT Managed Assets)

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25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Vacant 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021Beyond
% of Area
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Industrial/Business Park Lease Expiry by Income at 30 September 2008

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80.0%
70.0%
60.0%
50.0%
40.0%
30.0%
20.0%
10.0%
0.0%
Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Beyond
% of Incone
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Page 10 – The GPT Group – Quarterly Update – September 2008

QUARTERLY UPDATE – September 2008

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Hotel/Tourism Portfolio Overview

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Total Portfolio YTD Sep YTD Mar Variance
2007 2008
Rooms Available 598,245 600,718 0.4%
Rooms Sold 417,090 407,523 -2.3%
Occupancy 70% 68% -2.0%
Room Rate $216 $218 1.0%
Total Revenue (000) $194,375 $188,293 -3.1%
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Note: Excludes Holiday Inn Brisbane

Ayers Rock Resort

Ayers Rock Resort has traded at satisfactory levels to September particularly given the weakness in inbound tourism and a continued fall in the Japanese market. Positively, domestic guest demand was up over 4% on 2007.

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Ayers Rock Resort YTD Sep YTD Sep Variance
(inc Alice Springs) 2007 2008
Rooms Available 253,890 254,820 0.4%
Rooms Sold 160,126 156,404 -2.3%
Occupancy 63% 61% -2.0%
Room Rate $213 $218 2.3%
Total Revenue (000) $88,849 $86,537 -2.6%
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Four Points by Sheraton Hotel, Sydney

Voyages Lodges

After a poor start to the year as a direct result of very poor weather conditions across Queensland, the Lodges resorts has increased demand to September resulting in occupancy now only being marginally down on 2007. The demand growth post quarter one has been stimulated by strong tactical sales activity, reflecting this activity domestic demand was up over 6% to September.

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Voyages Lodges YTD Mar YTD Mar Variance
2007 2008
Rooms Available 172,365 173,278 0.5%
Rooms Sold 107,432 106,403 -1.0%
Occupancy 62% 61% -1.0%
Room Rate $263 $243 -7.6%
Total Revenue (000) $67,185 $61,886 -7.9%
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Four Points continues to trade well both in terms of occupancy and room rate. The Sydney hotel market has had no significant increase in room supply for several years and no further major additions are expected in the medium term. The hotel is positioned to perform consistently well notwithstanding some expected near term slow down in the economy. Whilst occupancy fell against 2007, this is due to an exceptionally strong first half in 2007, rather than underperformance in 2008.

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Four Points, YTD Sep YTD Sep Variance
Sydney 2007 2008
Rooms Available 171,990 172,620 0.4%
Rooms Sold 149,532 144,716 -3.2%
Occupancy 87% 84% -3.0%
Room Rate $186 $200 7.5%
Total Revenue (000) $38,341 $39,870 4.0%
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Page 11 – The GPT Group – Quarterly Update – September 2008

QUARTERLY UPDATE – September 2008

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GPT Halverton

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GPT Halverton Focus Current AUM
Managed Funds (EUR)
HBI European multi-let industrial 893 million
GO German multi-let offices (outside main CBD areas) 118 million
EB8 European warehouses 278 million
BIP Multi-let industrial (Dutch and German) 257 million
GRP German retail assets 158 million
DAF Dutch industrial and office assets 264 million
Separate account c.160 million
mandates and other
TOTAL €2.1 billion
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Page 12 – The GPT Group – Quarterly Update – September 2008

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JOINT VENTURE FUND AS AT SEPTEMBER 2008

JOINT VENTURE FUND OVERVIEW (September 2008)

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Portfolio Book Value Book Value %
Sep-08 (Local Currency) AUD
(m) ($m)
German Residential 1,400.0 2,492.9 34.7%
Euro Multi Let Industrial 871.0 1,550.9 21.6%
European Retail 605.1 1,077.5 15.0%
US Retail 875.0 1,104.5 15.4%
US Multifamily 319.1 402.8 5.6%
US Loans 245.6 310.0 4.3%
A, NZ Mezzanine 123.9 123.9 1.7%
Other 113.6 1.6%
Total 7,176.1 100.0%
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Note:

1 Exchange rate AUD/Euro 0.5616, AUD/USD 0.7922, AUD/GBP 0.4448 (Spot Rate at 30 September 2008)

Investment by Sector

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Other 3.7%
Office 3.1%
Residential 40.8%
Retail 30.6%
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Multi Let Industrial 21.8%
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Investment by Region

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Other 1.7%
USA 25.3%
Germany 54.0%
Other Europe 6.8%
France 2.5%
Spain 3.0%
Netherlands 6.6%
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2

JOINT VENTURE DEBT

(September 2008)

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Debt Summary Europe USA Other Total
Portfolio Book Value (A$m) 5,234.9 1,817.3 123.9 7,176.1
Bank Debt (A$m) 3,738.3 1,315.3 16.6 5,070.2
LVR (gearing) 71.4% 72.4% 13.4% 70.7%
Weighted Average Term to Maturity 5.1 5.8 1.3 5.3
Bank Debt Fixed or Hedged 95.5% 86.6% 101.2% 93.2%
Weighted Average Hedge Duration 4.9 6.7 1.2 5.3
Weighted Average Bank Margin 93 bps 111bps 200bps 98bps
Weighted Average Debt Cost 5.27% 5.3% 10.44% 5.28%
Interest Cover Ratio 1.57 1.80 2.59 1.63
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Note:

1 Exchange rate AUD/Euro 0.5616, AUD/USD 0.7922, AUD/GBP 0.4448 (Spot Rate at 30 September 2008)

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Debt Maturity Profile Sep 30 2008 Jun 30 2008
$m % $m %
2008 [(1)] 227 4.5% 61 1.3%
2009 96 1.9% 266 5.7%
2010 64 1.3% 55 1.2%
2011 410 8.1% 379 8.1%
2012 964 19.0% 892 19.1%
2013 773 15.2% 704 15.1%
2014 167 3.3% 204 4.4%
2015 1,593 31.4% 1,438 30.9%
2016 573 11.3% 485 10.4%
2017 203 4.0% 177 3.8%
Total 5,070 100.0% 4,661 100.0%
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Note:

1 Exchange rate AUD/Euro 0.5616, AUD/USD 0.7922, AUD/GBP 0.4448 (Spot Rate at 30 September 2008)

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Refinancing Requirements in the next 12 months
Loan A$m Due
US Retail (Myrtle Beach) 63.4 Dec 2008
German Residential (Heidi) 37.4 Jan 2009
US Retail (Westgate Brockton/ 17.1 Jan 2009
Westland)
US Retail (Westgate Brockton) 32.4 April 2009
US Loans [(2)] 158.9 Feb - July 2009
Other 8.0 Jan – Sept 2009
Total 317.1
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Note:

1 Exchange rate AUD/Euro 0.5616, AUD/USD 0.7922, AUD/GBP 0.4448 (Spot Rate at 30 September 2008)

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3

GERMAN RESIDENTIAL

(September 2008)

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Key Metrics Sep 2008 Jun 2008
No of Apartments 29,335 29,335
No of Commercial Units 985 985
Total GLA (‘000) sqm 1,983 1,983
Ave Apartment/Unit Size sqm 65.4 65.4
Occupancy 87.7% 88.9%
Rent per sqm/per month (€) 5.00 4.96
Book Value (€m) 1,400.0 1,396.4
Value per apartment 47,700 46,700
Value per sqm 706 704
Multiplier 12.9 12.9
Yield 5.4% 5.7%
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Note:

1 Includes both Apartments and Commercial Units

2 Yield is an estimate of the passing yield calculated as the September 2008 quarter NOI over Book Value

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Portfolio Overview Location/Region Apartments Commercial GLA Occ % Rent per
By Sub Portfolio Units SQM SQM
AMB II Lower Saxony 1,768 7 109,991 85.1% 4.61
Annenhoeffe Berlin 218 47 22,279 81.1% 7.92
Bohnke North Rhine 2,139 83 147,664 86.4% 4.48
Westphalia, North
East Germany
Endler West/South - West 516 35 45,938 81.4% 6.15
Germany
Franz Mark Berlin, Northern 5,481 160 354,807 86.8% 4.47
Germany
Gleinecker Spitze Berlin 323 35 26,177 95.7% 7.12
Gontiatt Kiel (Northern 1,424 26 74,423 84.8% 4.97
Germany)
Heidi Lower Saxony, North 4,053 14 238,798 88.6% 4.51
Rhine Westphalia
Idealwert II Berlin, North Rhine 822 227 106,693 95.9% 7.37
Westphalia, Bremen
Immo-West Northern Germany 2,361 39 153,061 82.6% 4.42
Idealwert III Northern Germany 566 67 48,298 94.1% 5.77
Muenster Muenster (North 624 13 51,751 84.9% 4.41
Rhine Westphalia)
Nau II North Rhine 52 13 7,446 53.8% 5.05
Westphalia
Otto-Dix Northern Germany, 4,782 65 304,656 84.6% 4.68
Lower Saxony
Residential 2 Berlin, Bavaria 1,014 104 84,365 97.5% 7.00
Vivacon II Berlin, Nuremburg, 3,192 50 206,557 93.0% 4.72
Hanover
Total / Weighted Ave. 29,335 985 1,982,904 87.7% 5.00
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4

EUROPEAN MULTI–LET INDUSTRIAL (September 2008)

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Key Metrics Sep 2008 Jun 2008
No of Properties 107 107
No of Units 2,157 2,157
Total GLA (‘000) sqm 1,644 1,642
Occupancy 88% 86%
Book Value (€m) 871.0 868.6
Monthly rent (€) sqm 4.1 4.1
Yield 6.4% 6.6%
WALE 2.4 yrs 2.3 yrs
No. of Leases 1,768 1,698
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Note:

1 Yield is an estimate of the passing yield calculated as the Septembr 2008 quarter NOI over Book Value

2 Rent per sqm is rented space only

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Portfolio Assets GLA (SQM) Occ (%) WALE
By Country
Netherlands 44 383,695 89.6% 2.59
Germany 34 888,308 88.5% 2.48
France 21 181,748 79.2% 2.15
Denmark 6 164,596 93.4% 1.69
Sweden 2 25,756 94% 2.98
Total 107 1,644,103 88.3% 2.42
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5

EUROPEAN RETAIL

(September 2008)

(September	2008)
Key Metrics	Sep 2008	Jun 2008	Note: 1 Yield is an estimate of the passing yield calculated as the September 2008 quarter NOI over Book Value 2 Weighted Average Lease Expiry, by rent
Book Value (€m)	605.1	648.7
No of Properties	53	55
Total GLA (‘000) SQM	406.8	430.4
Occupancy	97.2%	97.5%
WALE(2)	7.6	7.9
Yield(1)	7.1%	6.1%

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Portfolio Asset Type Location Assets GLA Occ WALE
By Asset / SQM %
Sub Portfolio
Galerie Butovice [(1)] Shopping Prague 1 45,132 79.7% 8.1
Centre
Straubing Shopping Germany 1 33,503 100.0% 6.4
Centre
Kelheim Shopping Germany 1 18,764 95.1% 6.4
Centre
Heron Shopping Barcelona 1 36,220 96.3% 13.6
Centre
Cash & Carry Cash & Carry Berlin 1 15,500 100.0% 11.5
Edeka Retail Germany 8 11,479 100.0% 9.8
Warehouse
Isarkies Retail Germany 10 24,886 100.0% 9.7
Warehouse
MKV Retail Munich 1 57,354 100.0% 7.4
Warehouse
ST Bau Retail Germany 4 12,324 100.0% 8.9
Warehouse
Timon Retail / Office Germany 7 19,070 100.0% 5.9
Zoebisch Retail Germany 5 16,953 100.0% 8.3
Warehouse
Senukai Portfolio DIY Retail Lithuania 13 115,647 100.0% 5.50
Total 53 406,832 97.2% 7.6
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Note:

1 Galerie Butovice includes an adjacent office building (8,564m2)

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6

US RETAIL

(September 2008)

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Key Metrics Sep 2008 Jun 2008
Book Value ($USm) [(1)] 875.0 871.8
No of Properties 16 16
Total GLA (‘000) sqm [(2)] 3,762 3,778
Occupancy 91.7% 92%
Sales per sqft (US $) [(3)] 310 309
Occupancy cost [(4)] 11.7% 11.8%
Yield [(5)] 6.4% 7.0%
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Note:

• 1 Book Value excludes minority interests

• 2 GLA excludes anchors (owned and non owned)

• 3 Sales per sqft is for speciality retail sales. 12 month trailing average.

• 4 Occupancy cost excludes anchors and tenants >10,000 sqft

• 5 Yield is an estimate of passing yield calculated as September 2008 quarter NOI over Book Value

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Centre Location GLA JV Occ % Sales Occ Anchors
SQFT Interest per cost
SQFT
Glynn Place Brunswick, Georgia 189,654 100% 88.9% 210 11.3% Sears (non owned), Belk (non-
owned), JC Penney (non owned),
Steve & Barry’s
Valdosta Valdosta, Georgia 290,678 100% 89.4% 279 10.7% Belk (non owned), JC Penney,
Sears
Bel Air Mobile, Alabama 442,535 100% 96.9% 341 11.9% Dillard’s (non owned), JC Penney,
Belk, Sears, Target (non-owned)
Myrtle Beach Myrtle Beach, SC 246,037 100% 87.6% 231 14.1% Belk, Belk Men’s, JC Penney,
Bass Pro, Carmike Theater
University Village Auburn, Alabama 180,189 100% 87.6% 239 12.2% Belk, JC Penney, Sears, Dillard’s
(non owned)
Greenville Greenville, NC 164,728 100% 95.2% 332 10.8% Belk (non owned), Belk Men’s, JC
Penney, Steve & Barry’s
Promenade Tutwiler Birmingham, 38,287 100% 100.0% 178 11.6% Target (non owned), Home
Alabama Depot, Academy Sports, TJ Maxx,
Michael’s, Old Navy, Bed Bath &
Beyond, Books A Million
Pinnacle Tutwiler Birmingham, 122,532 100% 97.9% Belk, JC Penney (non owned),
Alabama Best Buy
Killeen Killeen, Texas 243,233 51% 90.9% 500 9.7% Dillard’s, Dillard’s Men’s &
Children’s, JC Penney (all non
owned), Sears, Steve & Barry’s
South Park San Antonio, Texas 234,259 51% 97.9% 394 11.4% Macy’s (non owned), Sears, JC
penney, Mervyn’s, Beall’s
Central Mall Fort Smith, 259,362 51% 96.7% 341 9.8% Dillard’s (non owned), Dillard’s
Arkansas Men’s, JC Penney, Sears
Westland Westland, Michigan 206,025 51% 94.3% 310 14.9% JC Penney, Kohl’s, Sears, Macy’s
(all non owned)
Westgate Brockton Brockton, 264,738 51% 94.3% 290 15.1% Macy’s, Sears (non owned)
Massachusetts
Westgate Amarillo Amarillo, Texas 307,041 51% 91.3% 332 12.0% Dillard’s Men’s, JC Penney, Sears
(all non owned), Dillard’s, Beall’s
Mesilla Las Cruces, New 294,425 51% 84.4% 261 11.0% Dillard’s, Dillard’s Men’s JC
Mexico Penney (all non owned), Sears
Santa Fe Satan Fe, New 278,703 51% 82.6% 262 11.4% Dillard’s, JC Penney, Mervyn’s
Mexico (all non owned), Sears
Total 3,762,426 91.7% 310 11.7%
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Note:

• 1 GLA excludes anchors (owned and non owned)

• 2 Sales per sqft is for specialty retail sales. 12 month trailing average

• 3 Occupancy cost excludes anchors and tenants > 10,000 sqft

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7

US MULTIFAMILY (September 2008)

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Key Metrics Sep 2008 Jun 2008
Book Value ($USm) [(1)] 319.1 318.5
No of Properties 64 64
No. of units 18,796 18,796
Ave. Economic 89.1% 90.1%
Occupancy
Ave. Revenue per 592 585
Occupied Unit
Yield [(2)] 6.3% 6.6%
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Note:

• 1 Book Value includes the mezzanine interest held by the JV

• 2 Yield is an estimate of the passing yield calculated as the September 2008 quarter NOI over Book Value

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Yield on JV’s Interest Mezzanine Interest Equity Interest Total
Book Value ($USm) 62.4 256.8 319.1
Yield 10.2% 4.9% 6.3%
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Portfolio Summary No. of Units Occupancy Rent per
By State % Occupied
Unit
Texas 11,076 88.6% 570
South Carolina 1,972 90.9% 576
Virginia 1,899 89.2% 604
Georgia 1,288 89.2% 564
Nevada 860 90.4% 781
Missouri 608 90.2% 586
North Carolina 476 87.3% 527
Florida 473 89.3% 737
DC/Maryland 144 91.6% 1,117
18,796 89.1% 592
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8

US LOANS (September 2008)

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Key Metrics Sep 2008 Jun 2008
Book Value ($USm) 245.6 285.0
No of Loans 18 21
Gross Asset Backing ($USm) 775.3 995.5
No. of Assets 31 34
Loan Types
- Whole Loans 57.8% 51.9%
- B Notes 27.8% 36.7%
- Mezzanine 14.4% 11.4%
LTV 80.3% 78.1%
Weighted ave portfolio term [(1)] 13.7 mths 12.5 mths
Yield 6.8% 6.5%
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Note:

1 Subject to term extensions

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Loan Property Loc Value of Loan % of Loan LTV Yield Remaining Permitted
Type Property Amount Loan Type Spread Term Annual
US$’000 US$’000 Portfolio (months) Extensions
333-337 Turnpike Office MA 8,085 4,263 1.7% Whole Loan 52.7% 2.55% 16 2
470 West Avenue Office CT 7,800 6,727 2.7% Whole Loan 86.2% 2.30% 17 2
85 Devonshire Office MA 21,008 16,404 6.7% Whole Loan 78.1% 2.05% 17 2
Blackpoint Puerto Rico Retail Retail PR 114,900 7,089 2.9% B-Note 79.8% 6.56% 40 -
Portfolio
Casselberry Plaza Retail FL 7,000 6,653 2.7% Whole Loan 95.0% 2.50% 0 -
Dedham Office MA 24,200 20,105 8.2% Whole Loan 83.1% 2.05% 16 2
Electronics Drive Industrial NJ 6,500 4,790 2.0% Whole Loan 73.7% 2.75% 2 2
Firestone Self Storage Self-Storage CA 10,200 7,356 3.0% Whole Loan 72.1% 2.75% 3 -
LaGrange Parking Lot Parking MA 7,700 4,207 1.7% Whole Loan 54.6% 2.50% 4 -
Garage
Le Meridien Dallas Hospitality TX 42,600 11,293 4.6% B-Note 75.1% 5.46% 12 2
Leestown Square Office KY 39,000 11,486 4.7% B-Note 79.5% 4.25% 2 -
Scuderi Building Office MD 10,000 7,801 3.2% Whole Loan 78.0% 2.25% 1 3
The Vinings at West Oak Multi-Family TX 17,000 13,568 5.5% Whole Loan 79.8% 2.25% 3 2
Toluca Lake Multi-Family CA 7,450 6,366 2.6% Whole Loan 85.5% 2.00% 5 1
VHA Place - Irving Office TX 30,000 22,855 9.3% Whole Loan 76.2% 2.40% 11 2
Wyndham Dallas North by the Hospitality TX 27,100 18,305 7.5% Whole Loan 67.5% 2.10% 9 2
Galleria
YPI Transwestern Portfolio Office IL/TX 286,100 36,905 15.0% Mezz 91.2% 4.42% 36 -
Marriott Fairview Hospitality VA 108,700 39,388 16.0% B-Note 84.2% 2.10% 7 3
Total / Weighted Average Office IL/TX 775,343 245,561 100.0% 80.3% 2.76% 13.7
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Note

1 Remaining term is subject to extensions

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9

AUSTRALIA AND NEW ZEALAND MEZZANINE (September 2008)

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Key Metrics Sep 2008 Jun 2008
Book Value ($m) 123.9 121.2
No of Loans 8 9
Gross Asset Backing 789.4 N/A
No. of Assets 19 19
LTV 86% 80%
Weighted average portfolio term 7.5 months 11 months
Yield 16% 16%
Property / Loan Location Value of Loan % of Loan LTV [(2)] Remaining
As at September 2008 Property Amount Portfolio Term
(Months)
$ ‘000 $ ‘000
Australia
Industrial Arndell park, 23,806 5,090 3.8% 100% -
Development Western Sydney
Retail / Residential Chatswood, 162,000 3,656 23.1% 97% 2
NSW
Seven Mile Beach Forster, NSW 93,304 7,008 5.3% 33% 33
Total Australia 279,110 42,754 32.3% 87% 6.8
New Zealand
Residential / Retail Auckland 112,274 31,057 19.8% 84% -
Industrial Auckland 102,000 2,632 13.2% 77% 22
Apartment Auckland 68,819 8,645 5.5% 81% 11
Development
Retail Auckland 158,636 33,692 21.5% 78% 3
Residential Auckland 7,000 1,646 1.0% 91% -
Residential New Zealand 154,948 10,584 6.7% 72% 17
Total New Zealand 603,677 106,256 67.7% 72% 7.8
(NZD)
Total New Zealand 510,250 89,811
(AUD)
Total Australia & NZ 789,360 132,565 100.0% 86% 7.5
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Note:

1 Assumed exchange rate AUD/NZD 1.00:1.1831

2 Fully drawn

3 LTV is the maximum loan value as a proportion of the estimated completion value of the project

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10

OTHER (September 2008)

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Portfolio Value ($m) Sep 2008 Jun 2008
UK Mezzanine 62.5 57.2
German Office [(1)] 51.1 47.2
Total 113.6 104.4
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Note

1 Exchange rate AUD/Euro 0.5616, AUD/USD 0.7922, AUD/GBP 0.4448 (Spot Rate at 30 September 2008)

UK Mezzanine

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Key Metrics Sep 2008 Jun 2008
Book Value (£m) 27.8 27.5
No. of Loans 2 2
No. of Assets 23 24
LTV 94% 92%
Weighted average portfolio term 5.3 years 5.6 years
Weighted average portfolio yield 17.0% 17.0%
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UK Mezzanine Portfolio By Property Loan LTV Yield Remaining
Sub Portfolio Type Amount % Term
£’m
Spacemaker Portfolio Self Storage 15.7 98% 17% 4.9 years
Safeland Portfolio Flex Space 12.1 91% 17% 5.9 years
Total / Weighted Average 27.8 94% 17% 5.3 years
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German Office

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Key Metrics Sep 2008 Jun 2008
Book Value (€m) 28.7 28.7
GLA (‘000) 116.1 116.1
Occupancy 94% 94%
Rent per sqm 10.2 10.2
Property Yield 6.0% 6.0%
Note
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1 Represent the JV’s 30% interest in Cologne Technology Park

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11