GPT GROUP — Interim / Quarterly Report 2009

Jun 2, 2009

GPT RE Limited ABN 27 107 426 504 as Responsible Entity of General Property Trust AFSL 286511

GPT Management Holdings Limited ABN 67 113 510 188

Level 52 T: +61 2 8239 3555 MLC Centre F: +61 2 9225 9318 19 Martin Place E: gpt@gpt.com.au Sydney NSW 2000 www.gpt.com.au Australia

3 June 2009

Lux Wigneswaran Adviser, Issuers (Sydney) Australian Securities Exchange Exchange Centre 20 Bridge Street Sydney NSW 2000

By electronic lodgement

Dear Lux

Re: Quarterly Update March 2009 – Joint Venture Fund

I refer to the Quarterly Update March 2009 lodged with the ASX this morning. Attached is the detailed JV overview appendices referred to on page 7 of the Quarterly Update March 2009.

Yours sincerely

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James A Coyne Company Secretary

GPT Securityholder Service Centre

T: 1800 025 095 F: +61 2 9287 0303 E: gpt@gpt.com.au

www.gpt.com.au

Letter enclosing JV Update Appendix 030609.doc

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JOINT VENTURE FUND AS AT MARCH 2009

JOINT VENTURE FUND OVERVIEW (March 2009)

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Portfolio Book Value Book Value %
Mar-09 (Local Currency) AUD
(m) ($m)
German Residential 1,208.0 2,314.1 38.4%
Euro Multi Let Industrial 798.0 1,528.8 25.4%
European Retail 479.8 919.1 15.2%
US Retail 783.9 1,133.8 18.8%
Other [(2)] 131.1 131.1 2.2%
Total 6,027.0 100.0%
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Note:

• 1 Exchange rate AUD/Euro 0.522, AUD/USD 0.6914, (Spot Rate at 31 March 2009)

• 2 Other includes Australian and New Zealand Mezzanine ($58.0m), US Loans ($18.1m) and German Office ($55.0m)

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Investment by Sector
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Other 2%
Residential 39%
Retail 34%
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Multi Let Industrial 25%
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Investment by Region

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Other 1%
USA 19%
Other Europe 5%
Germany 61%
France 3%
Spain 3%
Netherlands 8%
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2

JOINT VENTURE DEBT (March 2009)

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Debt Summary Europe USA Other Total
Portfolio Book Value (A$m) 4,817.1 1,151.9 58.0 6,027.0
Bank Debt (A$m) 3,857.8 965.3 16.0 4,839.0
LVR (gearing) 80.1% 83.8% 27.5% 80.1%
Weighted Average Term to Maturity 4.7 yrs 5.9 yrs 0.8 yrs 4.9 yrs
Bank Debt Fixed or Hedged 96.6% 98.2% 110.7% 97.0%
Weighted Average Hedge Duration 4.4 yrs 6.0 yrs 0.7 yrs 4.7 yrs
Weighted Average Bank Margin 91 bps 108 bps 200 bps 94.8 bps
Weighted Average Debt Cost 5.2% 5.4% 10.5% 5.2%
Interest Cover Ratio 154% 214% 259% 166%
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Note:

1 Exchange rate AUD/Euro 0.522, AUD/USD 0.6914 (Spot Rate at 31 March 2009)

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Debt Maturity Profile 31 March 2009 31 Dec 2008
$m % $m %
2009 146 3.0 178 3.6
2010 63 1.3 70 1.4
2011 471 9.7 458 9.2
2012 884 18.3 922 18.5
2013 830 17.1 860 17.3
2014 184 3.8 188 3.8
2015 1,731 35.8 1,779 35.7
2016 294 6.1 295 5.9
2017 237 4.9 230 4.6
Total 4,839 100.0 4,980 100.0
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Note:

1 Exchange rate AUD/Euro 0.522, AUD/USD 0.6914 (Spot Rate at 31 March 2009)

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Refinancing Requirements in the next 12 months
Loan A$m Maturity
Euro Retail (Straubing) 3.3 Jul 2009
US Retail (Westgate Brockton) 37.7 Current
US Retail (Greenfield) 16.9 Current
US Retail (Myrtle Beach) 72.6 Dec 2009
US Retail (University Village) 31.8 Feb 2010
Other 16.0 Various [(2)]
Total 178.3
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Note:

• 1 Exchange rate AUD/Euro 0.522, AUD/USD 0.6914 (Spot Rate at 31 March 2009)

• 2 A loan facility is in place against the NZ Mezzanine portfolio, the facility will be repaid as loans mature

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3

JOINT VENTURE DEBT (cont) (March 2009)

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LVR by Portfolio Asset Loan LVR LVR ICR/DSCR ICR/DSCR Remaining
Value Balance at 31 Covenant at 31 Mar 2009 Covenant Term
A$m A$m Mar 2009
German Residential
Compliant with loan covenants
Securitised Portfolio 859.5 707.1 82% n/a 179% 105% 4.4 yrs
Heidi 281.5 159.2 57% 63%-75% 110%-160% 110%-140% 3.8 yrs
Idealwert II [(2)] 214.5 172.1 80% 75% 150% 120% 3.8 yrs
Idealwert III 71.6 49.3 69% 70% 173% 120% 4.0 yrs
Otto-Dix (A) [(2)] 192.7 151.3 78% 75% 75% 120% 3.8 yrs
Nau II 10.2 - 0% n/a n/a n/a n/a
1,630.0 1,239.0 76%
Non-Compliant (actual/
potential breach)
Bohnke [(4)] 139.6 153.6 110% n/a 101% 110% 3.1 yrs
Franz Mark (A) 83.7 81.2 97% n/a 131% 112% 7.7 yrs
Franz Mark (B) [(4)] 244.0 264.8 109% 75% 100% 105% 3.2 yrs
Immo-West [(4)] 115.1 137.8 120% 80% 82% 110% 2.0 yrs
Otto-Dix (B) 101.8 94.6 93% n/a n/a n/a 2.8 yrs
684.1 731.9 107%
Total German Residential 2,314.1 1,970.9 85%
Portfolio
Euro Light Industrial
Compliant with loan covenants
Netherlands 472.1 337.5 71% 80% 175% 110% [(3)] 5.9 yrs
Sweden 22.4 15.2 68% 80% 251% 110% [(3)] 3.3 yrs
494.5 352.6 71%
Non-Compliant (actual/
potential breach,
or near term maturity)
France [(4)] 170.5 132.5 78% 80% 153% 110% [(3)] 5.9 yrs
Germany 748.2 588.6 79% 80% 171% 110% [(3)] 5.9 yrs
Denmark 115.7 93.5 81% 80% 157% 110% [(3)] 5.9 yrs
1,034.4 814.5 79%
Total Euro Light Industrial 1,528.8 1,167.1 76%
Portfolio
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Note:

• 1 Exchange rate AUD/EUR 0.522, AUD/USD 0.6914 (Spot Rate at 31 March 2009)

2 Idealwert II is cross collateralised with Otto-Dix (A)

3 Cash sweep in place if ICR falls below 140%, however, a breach is not considered to occur until ICR <110%

• 4 In breach of loan covenants

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4

JOINT VENTURE DEBT (cont) (March 2009)

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LVR by Portfolio Asset Loan LVR LVR ICR/DSCR ICR/DSCR Remaining
Value Balance at 31 Covenant at 31 Mar 2009 Covenant Term
A$m A$m Mar 2009
Euro Retail
Compliant with loan covenants
German Retail 253.2 183.6 73% n/a Compliant Various 6.5 yrs [(2)]
MKV 148.9 99.1 67% n/a n/a n/a 5.5 yrs
Straubing 86.7 72.3 83% n/a 172% 110% 6.3 yrs
Kelheim 48.7 35.6 73% n/a 197% 110% 6.4 yrs
Senukai Portfolio 174.7 122.6 70% 75% 134% 120% 4.7 yrs
712.2 513.2 72%
Non-Compliant (actual/
potential breach,
or near term maturity))
Heron [(4)] 206.9 206.6 100% 75% 140% 130% 2.7 yrs
Total Euro Retail Portfolio 919.1 719.7 78%
US Retail
Compliant/No loan covenants
Colonial Portfolio [(3)] 648.8 567.3 87% n/a 170% [(3)] 125% [(3)] 5.0 yrs [(2)]
Non-Compliant (actual/
potential breach,
or near term maturity)
Greenfield Portfolio [(5)] 485.0 398.0 82% n/a 160%-190% 105% [(6)] 6.5 yrs [(2)]
Total US Retail Portfolio 1,133.8 965.3 85%
Other [(7)] 131.1 16.0 12%
Compliant with loan covenants 3,616.6 2,688.0 74%
Non-Compliant (actual/ 2,410.4 2,151.0 89%
potential breach,
or near term maturity))
Total 6,027.0 4,839.0 80%
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Note:

• 1 Exchange rate AUD/EUR 0.522, AUD/USD 0.6914 (Spot Rate at 31 March 2009)

2 Weighted average debt maturity

• 3 Only one asset (University Village) has a DSCR Covenant. An insolvency of Babcock & Brown International Pty Ltd would be an event of default of this one loan 4 In breach of loan covenants

• 5 An insolvency of Babcock & Brown International Pty Ltd would be an event of default in respect of each loan in this Portfolio

• 6 Four of the eight Greenfield properties have a DCSR Covenant of 105%

• 7 The insolvency of Babcock & Brown Limited is an event of default of this loan

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5

GERMAN RESIDENTIAL (March 2009)

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Key Metrics Mar 2009 Dec 2008
No of Apartments 29,312 29,333
No of Commercial Units 996 1,004
Total GLA (‘000) sqm 1,992 1,993
Avg Apartment Size sqm 65.7 65.7
Occupancy 88.3% 88.1%
Rent per sqm per month (€) 5.03 4.99
Book Value (€m) 1,208.0 1,206.7
Value per apartment 41,211 41,138
Value per sqm 606 606
Multiplier 11.1 11.4
Passing Yield 6.2% 6.2%
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Note: 1 Yield is an estimate of the passing yield calculated as the March 2009 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
Securitised Portfolio
AMB II Lower Saxony 1,770 7 110,031 87.6% 4.61
Annenhoeffe Berlin 218 46 22,434 93.8% 7.97
Endler West/South - West 516 35 45,918 81.8% 6.15
Germany
Gleinecker Spitze Berlin 323 35 33,054 94.6% 7.13
Gontiatt Kiel (Northern 1,424 26 74,391 86.8% 4.99
Germany)
Muenster Muenster (North 624 13 51,739 84.4% 4.42
Rhine Westphalia)
Residential 2 Berlin, Bavaria 1,012 106 84,410 98.2% 7.08
Vivacon II Berlin, Nuremburg, 3,193 49 206,330 93.1% 4.73
Hanover
Sub-total 9,080 316 628,306 90.6% 5.40
Securitised Portfolio
Bohnke East Germany 2,136 83 147,516 92.1% 4.45
Franz Mark Berlin, Northern 5,474 155 354,707 85.2% 4.46
Germany
Heidi Westphalia 4,040 13 238,347 88.5% 4.51
Idealwert II Bremen 821 225 106,154 95.4% 7.70
Immo-West Northern Germany 2,359 40 152,996 83.2% 4.39
Idealwert III Northern Germany 567 86 52,422 95.6% 5.84
Nau II North Rhine 52 13 7,326 57.3% 4.64
Westphalia
Otto-Dix Northern Germany, 4,782 66 304,637 84.7% 4.70
Lower Saxony
Total / Weighted 29,312 996 1,992,411 88.3% 5.03
Ave.
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6

EUROPEAN MULTI–LET INDUSTRIAL (March 2009)

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Key Metrics Mar 2009 Dec 2008
No of Properties 107 107
No of Leases 2,227 2,174
Total GLA (‘000) sqm 1,642 1,642
Occupancy 84.0% 86.3%
Book Value (€m) 798.0 795.7
Monthly rent (€) sqm [(3)] 4.3 4.2
Yield [(2)] 7.6% 7.8%
WALE [(1)] 2.4 yrs 2.4 yrs
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Note:

1 Weighted Average Lease Expiry, by rent

2 Yield is an estimate based on the March 2009 quarter NOI over Book Value

3 Rent per sqm is rented space only

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Portfolio Assets GLA (SQM) Occ (%) WALE
By Country
Netherlands 44 382,680 88% 2.6
Germany 34 887,526 83% 2.4
France 21 181,747 74% 2.4
Denmark 6 164,671 91% 1.3
Sweden 2 25,570 88% 3.0
Total 107 1,642,194 84% 2.4
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EUROPEAN RETAIL (March 2009)

Key Metrics	Mar 2009	Dec 2008	Note: 1 Weighted Average Lease Expiry, by rent 2 Yield is an estimate based on the March 2009 quarter NOI over Book Value
Book Value (€m)	479.8	479.5
No of Properties	52	52
Total GLA (‘000) SQM	362	362
Occupancy	99.4%	99.3%
WALE(1)	8.9	9.2
Yield(2)	7.1%	7.1%

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Portfolio Asset Type Location Assets GLA Occ WALE
By Asset / SQM %
Sub Portfolio
Straubing Shopping Germany 1 33,864 99.2% 6.2
Centre
Kelheim Shopping Germany 1 18,774 95.1% 5.8
Centre
Heron Shopping Barcelona 1 36,220 96.9% 14.2
Centre
Cash & Carry Cash & Carry Berlin 1 15,500 100.0% 10.8
Edeka Retail Germany 8 11,479 100.0% 9.0
Warehouse
Isarkies Retail Germany 10 24,886 100.0% 8.9
Warehouse
MKV Retail Munich 1 57,354 100.0% 7.2
Warehouse
ST Bau Retail Germany 4 12,324 100.0% 8.1
Warehouse
Timon Retail / Office Germany 7 19,070 100.0% 5.7
Zoebisch Retail Germany 5 16,953 100.0% 7.6
Warehouse
Senukai Portfolio DIY Retail Lithuania 13 115,647 100.0% 5.3
Total 52 362,071 99.4% 8.9
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US RETAIL (March 2009)

US RETAIL (March 2009)
KeyMetrics	Mar 2009	Dec 2008	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 based on the March 2009 quarter NOI over Book Value
Book Value($USm) (1)	783.9	781.5
No of Properties	16	16
Total GLA(‘000)sqft(2)	3,798	3,761
Occupancy	85.8%	87.0%
Salesper sqft(US$) (3)	301	302
Occupancycost(4)	12.1%	12.0%
Yield(5)	7.3%	7.6%

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Centre Location GLA JV Occ % Sales Occ Anchors
SQFT [(1)] Interest per cost [(3)]
SQFT [(2)]
Glynn Place Brunswick, Georgia 189,545 100% 54.4% 217 11.0% Sears (non owned), Belk
(non-owned), JC Penney (non
owned)
Valdosta Valdosta, Georgia 290,712 100% 88.9% 294 10.4% Belk (non owned), JC Penney, Sears
Bel Air Mobile, Alabama 442,375 100% 95.8% 329 12.8% Dillard's (non owned), JC Penney,
Belk, Sears, Target
(non-owned)
Myrtle Beach Myrtle Beach, SC 246,037 100% 86.5% 207 14.0% Belk, Belk Men's, JC Penney, Bass
Pro, Carmike Theater
University Village Auburn, Alabama 179,274 100% 85.5% 229 12.9% Belk, JC Penney, Sears, Dillard's
(non owned)
Greenville Greenville, NC 164,660 100% 80.5% 321 11.8% Belk (non owned), Belk Men's,
JC Penney
Promenade Birmingham, Alabama 38,287 100% 100.0% 188 11.0% Target (non owned), Home
Tutwiler Depot, Academy Sports, TJ Maxx,
Michael's, Old Navy, Bed Bath &
Beyond, Books A Million
Pinnacle Tutwiler Birmingham, Alabama 122,532 100% 96.6% N/A N/A Belk, JC Penney, Best Buy
Killeen Killeen, Texas 243,233 51% 71.0% 427 11.0% Dillard's, Dillard's Men's &
Children's, JC Penney (all non
owned), Sears
South Park San Antonio, Texas 233,135 51% 86.6% 367 12.1% Macy's (non owned), Sears,
JC Penney, Beall's
Central Mall Fort Smith, Arkansas 259,523 51% 96.0% 325 10.2% Dillard's (non owned), Dillard's
Men's, JC Penney, Sears
Westland Westland, Michigan 205,905 51% 88.8% 293 14.8% JC Penney, Kohl's, Sears, Macy's
(all non owned)
Westgate Brockton Brockton, 262,148 51% 92.8% 302 16.2% Macy's, Sears (non owned)
Massachusetts
Westgate Amarillo Amarillo, Texas 312,429 51% 90.2% 334 12.2% Dillard's Men's, JC Penney, Sears
(all non owned), Dillard's, Beall's
Mesilla Las Cruces, New 329,752 51% 79.6% 258 11.0% Dillard's, Dillard's Men's JC Penney
Mexico (all non owned), Sears
Santa Fe Satan Fe, New Mexico 278,563 51% 79.6% 263 11.8% Dillard's, JC Penney, Mervyn's
(all non owned), Sears
Total 3,798,110 85.8% 301 12.1%
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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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9

OTHER (March 2009)

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Portfolio Value ($m) Mar 2009 Dec 2008
A&NZ Mezzanine 58.0 70.9
US Loans 18.1 33.2
German Office 55.0 54.8
Total 131.1 158.9
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Note:

1 Exchange rate AUD/Euro 0.522, AUD/USD 0.6914, AUD/NZD 1.2361 (Spot Rate at 31 March 2009)

Australia and New Zealand Mezzanine

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Key Metrics Mar 2009 Dec 2008
Book Value (AU$m) 58.0 70.9
No. of Loans 9 9
No. of Assets 19 19
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US Loans

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Key Metrics Mar 2009 Dec 2008
Book Value ($USm) [(1)] 12.5 22.9
No. of Loans 2 2
No. of Assets 2 2
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Note:

1. The above loans have been sold since 31 March 2009 for US$12.5 million

German Office

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Key Metrics Mar 2009 Dec 2008
Book Value (€m) [(1)] 28.7 28.6
GLA (‘000) 117.3 117.3
Occupancy 94% 96%
Rent per sqm 10.0 10.2
Equity Yield 7.1% 5.9%
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Note

1 Represents the JV’s 30% interest in Cologne Technology Park

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10