GPT GROUP — Interim / Quarterly Report 2010

Aug 23, 2010

Interim Result 24 August 2010

Notes

Agenda

MICHAEL CAMERON, CEO and Managing Director

• Performance

• Strategy

• Operations

MICHAEL O’BRIEN, CFO

• Financial Overview

• Capital Management

MICHAEL CAMERON, CEO and Managing Director

• Outlook

• Questions

Notes

Performance

Notes

Reinvigorating GPT

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Notes

Reinvigorating GPT

GPT has returned to Strength, Stability and Earnings Growth and is on track to being Australia’s “Best Performing” property group

• Working investors’ capital hard

• Developing quality assets

• Engaging the best people

Notes

Highlights

• Realised operating income $205.8 million (up 12.5%)

• Comparable income growth 3.8%

• $580 million raised within wholesale funds (GWOF)

• Charlestown Square and One One One Eagle Street on target

• Average forecast debt cost reduced by 0.7%, rating increased to A- (S&P)

• $800 million new debt lines, including seven year bank facility

• Increased 2010 guidance from ‘exceed $376 million’ to ‘exceed $400 million’ in Realised Operating Income[(1)]

Other Key Information

Notes

ROI per ordinary security (adjusted)(1) 6 months to Jun 2010	6 months 30 Jun 10
Weighted average number of securities (million)	1,855.5
Realised operating income (ROI) ($m)	205.8
Less distribution on exchangeable securities ($m)	12.4
Total ($m)	193.4
ROI per ordinary security (cents)	10.4
Distribution per ordinary security(2)	7.6

Result Summary Strength, stability and earnings growth

	6 months 30 Jun 10	6 months 30 Jun 09
Realised OperatingIncome (ROI) from continuingoperations ($m) 197.2		168.5
Discontinuingoperations ($m) 8.6		14.5
Total Realised OperatingIncome ($m) 205.8		183.0
A-IFRS netprofit/(loss) ($m) 145.2		(1,195.5)
ROIper ordinarysecurity(cents)(1) 10.4		15.8
Distribution per ordinary security (cents)(1) 7.6		12.5
	30 Jun 10	31 Dec 09
Total assets ($m) 9,477		9,163
Total borrowings ($m) 2,435		2,184
Net tangible assetsper security($)(1) 3.45		3.46
Gearing(%)(2) 25.5		23.6
Interest cover (x) 4.1		2.9

Other Key Information		Notes

Strong Core Portfolio 3.8% comparable income growth

	Investments(1) (%)	Comparable income growth (%)	Weighted average lease expiry(2) (years)	Weighted average cap rate (%)	Occupancy(2) (%)
Retail	47.4	4.0	-	6.25	99.5
Office(3)	19.7	3.9	5.3	7.20	95.7
Industrial/Business Parks	8.6	2.2	6.9	8.45	97.0
GWOF(3)	9.7	-	5.9	7.29	91.7
GWSCF	6.4	-	-	6.68	99.2
Total	91.8	3.8	-	-	-

Valuation Movement[(4)]

	6 months 30 Jun 10 ($m)	12 months 31 Dec 09 ($m)	6 months 31 Dec 09 ($m)
Retail	14.5	(348.0)	(140.5)
Office	17.9	(295.3)	(42.1)

Notes

Strategy

Notes

Our Strategy

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Our Purpose
We create and sustain environments
that enrich people’s lives
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Our Strategy We own and actively manage a diversified portfolio of quality Australian property assets , delivering long term benefits

For our investors… We are a secure , reliable investment targeting superior risk‐adjusted returns over time

For our customers…

We provide well‐designed, well‐managed, sustainable properties that create great customer experiences

Notes

Strategy Journey Reinvigorating GPT

Re‐capitalisation S&P rating A‐ Strategic capital Working capital allocation hard Exit of non‐core Refinement of Reduce debt costs Additional revenue assets strategy High productivity opportunities Management Organisational Board refresh High performing changes, new design aligned with organisation skills strategy

Notes

Strategic Focus 2010 Closing the NTA gap

Theoretical Security Price Impact of Initiatives Being Reviewed

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Notes

Strategic Focus 2010/11 Driving for best performance

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• Working capital hard

• Delivering accretive acquisitions and developments

• Achieving sustainable growth through customer and revenue focus

Notes

Reinvigorating GPT Focus on enhancing culture

• Accountability

• Customer focus

• Excellence

• Better informed decisions

• Rigorous processes

• Innovation

Notes

Operations

Other Key Information Valuations

• 60% of all retail assets valued externally year to June 2010

Notes

All information includes GPT owned assets and GPT’s interest in GWSCF, unless otherwise stated.

• Portfolio weighted average cap rate[(1)] 6.25%, (6.26% Dec 09), (6.26% Jun 09)

Retail Portfolio - Weighted Average Capitalisation Rate (WACR)[(1)]

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Retail Portfolio Performance driven by high occupancy

• (1)

• � Comparable income up 4.0%

• Comparable centre MAT growth 1.4%

• Lower sales growth reflects stimulus in 2009

• Yield differential (based on quality) re-emerging

Key Operating Metrics

	30 Jun 10	30 Jun 09
Comparable income growth 4.0% 4.9%
Comparable total centre sales growth(2) 1.4% 3.1%
Comparable specialty sales growth(2) 0.2% 3.6%
Specialty sales psm(2) $9,015 $8,978
Specialty occupancy costs(2) 17.4% 16.6%
Occupancy(3) 99.5% 99.5%

Other Ke Information y

Specialty Lease Expiry Profile By Base Rent

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Notes

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Note: Excluding non-core Homemaker City Portfolio and assets under development. Excludes tenancies over 400 sqm.

GPT Retail Specialty Total MAT Growth

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Retail Portfolio Improved sales growth expected in 2011

• 150 basis point increase in interest rates over the last year has impacted household budgets, leading to weak sales growth over 2010

• Improvements in economic, employment and wages growth expected to support improved sales growth in 2011 (3% plus)

• Valuations stabilised with less volatility anticipated in the short term

Retail Yields

Structured Rent Increases

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• Average increase 4.5%[(1)]

Other Key Information Valuations

• 79% of all office assets valued externally year to June 2010

Notes

All information includes GPT owned assets and GPT’s interest in GWOF, unless otherwise stated.

• Portfolio weighted average cap rate 7.20%, (7.27% Dec 09), (7.13% Jun 09)

Office Portfolio - Weighted Average Capitalisation Rate (WACR)

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Office Portfolio Performance reflects quality

• Comparable income up 3.9%

• 95.7% space committed, above market (90.8%)

• Weighted average lease term 5.3 years (by area)

• 530 Collins refurbished to 5 Star NABERS Energy rating (HSBC Centre refurbishment in progress)

GPT Versus National Occupancy Structured Rent Increases

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� Average
increase
4.0% [(1)]
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Other Key Information

Notes

(1) Lease Expiry by Area (as at 1 July 2010)

Office Portfolio Market conditions to improve

• Positive net absorption in first half

• Supply constraints expected to continue

• Rental growth and occupancy levels forecast to improve in 2011

• Vacancy expected to peak in 2010 with future reductions in prime at expense of secondary

• Prime cap rates beginning to tighten

National Prime Gross Effective Rents

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Source: Jones Lang LaSalle.

Prime Incentives

Total Vacancy

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Other Key Information Valuations

Notes

• 50% of all industrial assets valued externally year to June 2010

• Portfolio weighted average cap rate 8.45%,

• (8.43% Dec 09), (8.25% Jun 09)

Industrial Portfolio - Weighted Average Capitalisation Rate (WACR)

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Industrial/Business Park Portfolio Solid performance

• Comparable income up 2.2%

Structured Rent Increases

• Portfolio occupancy 97.0% (by income)

• Average lease expiry 6.9 years (by income)

• 30,000 sqm of leasing achieved 6 months to June 2010

• 5 Star NABERS Energy and Water achieved for Quad Business Park

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� Average
increase
3.3% [(1)]
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Other Key Information

Notes

Lease Expiry by Income (as at 1 July 2010)

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Industrial/Business Park Portfolio Positive demand outlook

• Demand outlook positive as inventories and imports rise

• Tenant enquiry robust across retail and logistics

• New supply below historical average with limited speculative development

• Positive rental growth in 2011 as demand and supply in balance

• Capital values stabilising, supported by increased investor activity

Container Throughput

Industrial Prime Net Rents

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Notes

Australian Funds Management Market leading performance

� Strong performance against peers[(1)]

• GWSCF No. 1 (retail)

• GWOF No. 1 (office)

• Prudent capital management

• Re-emergence of investor demand

• GWOF $578 million raising, including $414 million new equity

Fund Summary

Fund Metrics	GWOF	GWSCF
Total Assets	$3.1b	$2.0b
GPT Investment	$895.6m	$595.7m
GPT Investment	33.8%	33.4%
One Year Total Return (post fees)	3.7%	6.5%
Gearing	11.6%	9.9%
Uncommitted Transfer/ Redemption requests	Nil	Nil

• New investors attracted

� GWOF Portfolio quality enhanced

• Purchase of Castlereagh Street asset

• Sale of 179 Elizabeth Street

Notes

Australian Funds Management Enhanced returns to GPT

� GPT income $52.2 million (six months to June 2010)

• GWOF distributions: $23.9 million

• GWSCF distributions: $17.1 million

• Funds Management fee income: $11.2 million

• Access to broader base of cost efficient capital

• Returns derived materially above direct ownership

At Current Investment Level(1)	GWOF (%)	GWSCF (%)	Consolidated (%)
30 June 2010 Weighted Average Cap Rate 7.29 6.68 7.02
Distribution Yield 6.75 5.81 6.34
Funds Management Fees 1.76 1.52 1.66 Property Management Fees - 1.58 0.69 Development Management Fees 0.23 0.47 0.34
Segment Costs (0.84) (0.72) (0.79) Tax Expense (0.30) (0.26) (0.57)
Total Income Return 7.60 8.40 7.67

• Yield 7.67% versus asset yield of 7.02%

Notes

Australian Funds Management Opportunity to further improve returns

� GPT to reduce holdings

• Enhances return on capital

• Ability to further extend range of capital partners

• Current returns strong but can be further enhanced at a co-investment level of 20%

• Yield 7.67% moves to 8.57%

• Will move towards 20% over time

At Assumed 20% Investment Level(1)	GWOF (%)	GWSCF (%)	Consolidated (%)
30 June 2010 Weighted Average Cap Rate 7.29 6.68			7.02
Distribution Yield 6.75 5.81			6.34
Funds Management Fees 2.98 2.55 Property Management Fees - 2.63 Development Management Fees 0.40 0.78			2.79 1.16 0.57
Segment Costs (1.43) (1.20) Tax Expense (0.51) (0.43)			(1.33) (0.96)
Total Income Return 8.19 10.14			8.57

Other Key Information

Developments Complete and Underway 2010	GPT ($m)	Funds ($m)
Charlestown Square 470 -
One One One Eagle Street 197 210
Melbourne Central (Stage 1) 30 -
7 Parkview Drive 60 -
530 Collins Street (complete) - 25
Erskine Park Stage 2 (complete) 19 -

• Other past completed projects include Rouse Hill Town Centre, workplace[6] , Quad Business Park and Wollongong Central

Development Disciplined approach

Criteria for Investment � Earnings accretive � Funding capacity � Consistent with portfolio strategy � Appropriate risk profile � Best use of investors’ capital

Development Targets
Accretive initial yields
IRR targets
Retail	10-13%
Office	11-14%
Industrial	12-15%

� Newcastle CBD exit demonstrates this approach

Other Key Information Charlestown Square

Notes

• Development expands the Centre to 88,000 sqm

• Targeting ecological footprint 30% less than a standard centre

• Gas fired co-generation plant for electricity and air conditioning

• Solar thermal technology

Charlestown Square	($m)
Spent to 30 June 2010 Remaining to be spent (2010/2011)	366 104

Total

470

Developments Underway Charlestown Square expansion

• $470 million, construction on program

• First opening (Level 1 food offer) August 2010

• Expansion to complete late 2010

• ‘Backfill’ of existing centre first half 2011

• Strong leasing

• Majors all secured

• 220 of 240 specialties leased

• On track for all new tenancies to be fully leased on opening of development

• Meets investment targets

• Enhances asset performance and portfolio quality

• Target yield 7%[(1)]

Other Key Information

Notes

One One One Eagle Street (GPT share)	($m)
Spent to 30 June 2010 89
Remaining to be spent 2010 estimate 35 2011 estimate 73
Total 197(1)
One One One Eagle Street	(sqm)
One One One Eagle St 64,000
Terms agreed (approx 20%) 13,000
Leasing Target by PC (40%) 12,600
Balance to be let 15 mths post PC (31 March 2013) 38,400
Brisbane Market	(sqm)
Forecast Net Absorption 2010 – 2013 (Source: JLL) 160,000
Estimated Lease Expiries 2011 – 2013 125,000 - Premium Grade 40,000

Developments Underway One One One Eagle Street

• $600 million, commenced May 2008

• On program for late 2011 completion

• Leasing consistent with commerce

• Target minimum yield 7%[(1)]

• Terms agreed for approx 13,000 sqm (20%)

• Progressed to Level 35

Other Key Information Development land

Notes

	($m)
Newcastle CBD	49.5
Erskine Park	65.0
17 Berry Street	5.0
Rouse Hill - Joint Venture (GPT Interest)	6.7
Talavera Road	10.2

Developments Underway Industrial/Business Park and Retail

� Erskine Park development

• Target facility – 12,700 sqm complete Feb 2010

• Year 1 yield 9%

• Seeking further pre-commitments for remaining 140,000 sqm

• 7 Parkview Drive commenced August 2010

• $60 million development

• Targeting 6 Star Green Star Rating

• Target yield 8.5%[(1) ]

• Completion due early 2012

• $30 million Melbourne Central remix

• Due to commence September 2010

• Capitalises on strong performance

Notes

Development Long list of opportunities

Pipeline	GPT ($m)	Funds ($m)
SydneyOlympic Park 360 -
Q Centre - 290
WollongongCentral - 250
Erskine Park (Stages 3-5) 220 -
Highpoint Shopping Centre 50 150
300 Lonsdale Street 170 -
Melbourne Central Retail(Stage 2) 45 -
Austrak Business Park 75 -
Casuarina Square 80 -

Other Key Information

� 2010 recognition

• Rouse Hill Town Centre: ULI Award for Excellence and Innovation

• Workplace[6] : PCA Award for Sustainable Development

• VIC Premier's Sustainability Awards - Large Business winner

• NSW DECCW Green Globe Awards - Commercial Property Sustainability - Highly Commended

• Global Environmental Real Estate Index Leader

• Rouse Hill Town Centre operational savings of $3.8 million pa relative to a similarly sized traditional NSW shopping centre

Group Total Energy Consumption Intensity (MJ/m2)

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24% Energy Reduction

Sustainable Communities A competitive advantage

• GPT recognised locally and globally as the world leading property group in sustainability

• Dow Jones Sustainability Index Global Real Estate Super Sector Leader

• Leader in the Environmental Real Estate Index (Maastricht/Berkeley)

• Meets growth in tenancy demand for premium green space

• Operational efficiencies are delivering commercial benefits

• Quality assets that are prepared for future increasing regulation and performance standards, minimising future retro-fit costs

• Leadership set to continue with increased focus on social aspects

Notes

Financial Overview

Notes

2010 Interim Result Segment performance

Segment	6 months 30 Jun 10 ($m)	6 months 30 Jun 09 ($m) Comments
Retail 134.7 140.4 � Asset sales Comparable income up 4%
Office 58.0 57.6 � Comparable income up 3.9%
Industrial/Business Park 27.1 24.5 � Comparable income up 2.2%
Australian Funds Management 45.0 47.8 � Equity stakes sold down April 2009
Hotel/Tourism 9.2 21.5 � Lower occupancy/assets sold
US Seniors Housing 11.4 9.1 � Higher occupancy
European Funds Management/Joint Venture (0.6) (7.0) � GPT Halverton sold end 2009
Development - 2.5
Corporate -Interest expense -Corporate overheads (64.0) (15.0) (99.9) (13.5) � � Lower debt Accrual reversal 1H09
Total Realised Operating Income (ROI)(1) 205.8 183.0 ROI per ordinary security (cents)(2) 10.4 15.8

Notes

2010 Interim Result Realised Operating Income to Statutory Result

	6 months 30 Jun 10 ($m)	6 months 31 Dec 09 ($m)	6 months 30 Jun 09 ($m)	12 months 31 Dec 09 ($m)
Core Business(1) 264.8		261.7	272.8 534.5
Non-core Operations 20.0		26.3	23.6 49.9
Financing and corporate overheads (79.0)		(95.2)	(113.4) (208.6)
Realised Operating Income 205.8		192.8	183.0 375.8
Changes in Fair Value of Assets (non cash)
1. Valuation movements Core Portfolios and Funds Management (Australia) 21.3 Hotel/Tourism Portfolio (0.2) European Funds Management (1.4) US Seniors Housing 30.2 Joint Venture Fund 4.8		(207.3) 11.5 2.2 (0.2) (7.2)	(567.2) (774.5) (97.4) (85.9) (81.5) (79.3) (37.6) (37.8) (1,085.7) (1,092.9)
2. Profit/Loss on disposals (5.3)		61.7	(80.2) (18.5)

Notes

2010 Interim Result Management expenses

			6 mths 30 Jun 09 12 mths 31 Dec 09 13.5 33.7(1) 12.6 30.2 1.0 3.0 27.1 66.9 5.8 11.1 32.9 78.0	6 mths 30 Jun 09 12 mths 31 Dec 09 13.5 33.7(1) 12.6 30.2 1.0 3.0 27.1 66.9 5.8 11.1 32.9 78.0	6 mths 30 Jun 09 12 mths 31 Dec 09 13.5 33.7(1) 12.6 30.2 1.0 3.0 27.1 66.9 5.8 11.1 32.9 78.0
Expenses ($m)	6 mths 30 Jun 10	6 mths 31 Dec 09	6 mths 30 Jun 09	12 mths 31 Dec 09
Corporate Expenses	15.0	20.2	13.5	33.7(1)
Portfolio Expenses	19.1	17.6	12.6	30.2
Tax Benefit	2.7	2.0	1.0	3.0
Total Management Expenses	36.8	39.8	27.1	66.9
One off items	(3.3)	5.3	5.8	11.1
Ongoing Management Expenses	33.5	45.1	32.9	78.0
Expense growth	1.8%

• Moderate growth against June 2009 of 1.8%

• On track to deliver savings in Corporate Expenses of circa

Other Key Information

Notes

Gearing

	30 Jun 10 ($m)
Total assets 9,476.9 Less: intangible assets (41.2)
Total tangible assets 9,435.7
Current borrowings 1,670.1 Non-current borrowings 764.8
Total borrowings 2,434.9
Headline Gearing 25.8%
Net Gearing(1) 25.5%

Interest Cover

	30 Jun 10 ($m)
Realised operating income 205.8 Less: tax credit (3.1) Add: Gross Finance Costs for the period (excluding capitalised interest)(2) 65.3
Earnings before Interest & Tax 268.0

2010 Interim Result Management expenses: maximising operational leverage

• ‘Jaws’ measure - Comparable NOI growth to Management Expense growth

• Need to balance cost focus with revenue focus

• Maximise ‘Jaws’ - maximise additional earnings

June 2010

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‘Jaws’ = 2.0%
3.8%
1.8%
Ongoing
Comparable
Management
NOI Growth
Expense Growth
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Notes

Capital Management

Notes

Capital Management Strategy Goals

Objectives Progress � $600 million new/$200 million extended Flatten maturity profile and extend � 5 and 7 year facilities announced – tenor len thens tenor g

Diversify debt sources � Bond market soft/expensive

� Improve credit rating S&P upgrade to A-

Reduce cost of debt

� Average cost for 2010 � 70 basis points

� 80% of Realised Operating Income

Sustainable distribution policy

Other Key Information Credit metrics

• Balance sheet will be managed to benchmarks established across key credit metrics

• Benchmarks are consistent with ‘A category’ credit ratings

• GPT comfortably within all benchmarks

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23.6% Dec’09 25.5% Jun’10 40% covenant
Balance sheet gearing (%) [1] 25% 30% 35%
31.6% Dec’09 32.7% Jun’10 55% covenant
Look through gearing (%) [2] <40%
2.0x covenant 2.9x Dec’09 4.1x Jun’10
Interest cover ratio (x) [3] >2.5x
2.4x Dec’09 3.0x Jun’10
Look through interest cover ratio (x) >2.0x
3.7x Dec’09 4.5x Jun’10
Debt/EBITDA (x) <5.5x
15.3% Jun’10 16.3% Dec’09
FFO [4] /debt (%) >12.0%
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2010 Interim Result Balance sheet overview

	30 Jun 10	31 Dec 09
Total assets ($b) 9.5 9.2
Total debt ($b) 2.4 2.2
Gearing(1)(%) 25.5 23.6
Interest cover(2)(x) 4.1 2.9

• Weighted average cost of debt (including fees and margins) 7.49%

• Weighted average term to maturity 3.3 years[(3)]

• Weighted average term of interest rate hedging 8.7 years

• Corporate credit ratings

Other Key Information Sources of debt funding (30 June 2010)

Sources of Drawn Debt

Sources of Debt Facilities

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Debt Maturity Profile[(1) ] New and extended facilities improve duration

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• Weighted average facility term to maturity of 3.3 years (from Oct 2010) v medium term target of > 4 years

Other Key Information

Credit markets overview

A$ Corporate Issuance

Debt Capital Markets

• Market volatility starting to subside however investors remain sensitive to

macroeconomic data and other news flow

• Demand for REITs and other corporate bond issuance has improved in global markets since the volatility experienced in May/June

• Domestic bond market also beginning to offer longer tenor, however total volumes still modest by historical standards

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Source: Bloomberg.

Australian Loan Volumes — expected to increase in 2010

Bank Lending

• Bank risk appetite is also beginning to

• improve, with selected examples of tighter margins and longer tenor

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Liquidity Profile – 2010 Well positioned

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• Significant liquidity headroom

• Estimated position at end 2010 covers current capital commitments, 2011 expiries and progress towards 2012 expiry

• Ongoing liquidity headroom dependent on

Other Key Information Debt cost (at end of June 2010)

	Debt ($m)	Interest rate (%)
Hedged debt 2,073 6.04 Floating debt 362 3.00
Total debt 2,435 5.59
Margin 1.10 Fees 0.80
All-in cost of funds 7.49
�Interest expense $64 million(1)for 6 months to 30 June 2010

Average Cost of Debt[(1) ] Reduced by 0.7%

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2.6%
1.9% 2.1%
5.6% 5.6% 5.4%
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• Cost of debt 7.5% at June 2010

• Average cost of debt forecast at 7.5% for 2010, lower than Feb 10 estimate

• Cancellation of excess undrawn lines

Notes

Summary of Financials

• Solid operating result - core business units contributing strongly

• Balance sheet remains in very strong position

• Clear Capital Management Strategy in place with significant progress made against objectives

• Credit metrics very healthy and consistent with “A category” credit ratings

• Liquidity position strong - well placed to address medium term expiries

• Focus for 2010/2011

• Continue to reduce cost of debt

• Opportunities to reduce operating costs

Notes

Outlook

Notes

Outlook Signs of improvement

• The Australian economy will continue its recovery

• Investors are cautiously gaining confidence

• Recent transactions indicate valuations have stabilised

• Bank risk appetite continues to improve for strong credits

• Bond markets showing signs of improvement

Notes

Outlook

• Retail sales growth expected to improve in 2011

• Office and industrial demand improving with supply constraints expected to continue

• Targeting

• Total Returns > 9%

• Average EPS growth of CPI +1% over 3 years[(1)]

• Leading relative total securityholder return

• Expect 2010 Realised Operating Income to exceed $400 million[(2)]

• 2010 distribution of at least 15.9 cents per ordinary

Notes

GPT’s Highlights

• Realised operating income $205.8 million (up 12.5%)

• Comparable income growth 3.8%

• $580 million raised within wholesale funds (GWOF)

• Charlestown Square and One One One Eagle Street on target

• Average forecast debt cost reduced by 0.7%, rating increased to A- (S&P)

• $800 million new debt lines, including seven year bank facility

• Increased 2010 guidance from ‘exceed $376 million’ to ‘exceed $400 million’ in Realised Operating Income[(1)]

GPT has returned to strength, stability and earnings growth

Questions

Appendices

Core Portfolio 92% of real estate investments

June 2010

December 2009

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Core Portfolio Contributing majority of income[(1)]

June 2010

June 2009

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Remaining Non-Core Assets

Asset	Asset		Asset Value(1) 30 Jun 10 ($m)	Income(2) 6 months Jun 10 ($m)
Ayers Rock Resort		300.0 10.0
US Seniors Housing		204.6 11.4
Remaining Homemaker City Portfolio(3)		193.2 8.7
Interest in DAF/GRP		33.8 2.3
		US Seniors Housing Occupancy 91%
Ayers Rock Resort		US Seniors Housing
Occupancy 45%

Increase in Disclosures

� Income and capex by property

• Core portfolio (income and fair value schedule)

• Funds

• Income by asset

• Valuations and cap rates per asset

• Fair values and cap rates per asset

• Income by category (distribution versus fees)

• Total return by Fund

• Detailed interest cover calculation

• Detailed look through gearing calculation

• Core portfolio summary tables (available in Excel format)

• Additional detail in segment note (A-IFRS reconciliation)

Securities on Issue

	Number of Securities
Opening balance 1 Jan 2010 9,277,584,743 5 to 1 security consolidation completed 19 May 2010 (7,422,055,312)
30 Jun 2010 balance post consolidation(1) 1,855,529,431

30 Jun 2010 balance post consolidation[(1)]

NTA Movement

	Net Assets ($m)	No. Securities (million)	NTA per security ($)
NTA position at 31 December 2009 6,636.0 9,599.5 0.69*
Acquisitions 13.0
Additions 303.9
Disposals (42.7)
Revaluations 49.6
Movement in Cash/Receivables/Other (23.6)
Movement in Assets 300.2 9,599.5 0.03
Change in Debt (251.2)
Movement in Provisions (3.1)
Movement in Derivative and Other Liabilities(1) (57.6)
Movement in Liabilities (311.9) 9,599.5 (0.03)
Less Intangibles - movement (8.8)
5 to 1 security consolidation (19 May 2010) - (7,422.1)

Look Through Gearing

	30 Jun 10 ($m)	GPT Group ($m)	GWOF ($m)	GWSCF ($m)	US Seniors Housing ($m)	US Retail ($m)	European Funds ($m)	Other(2) ($m)
Share of assets of non-consolidated entities Group total tangible assets 9,435.7 9,435.7 - - - - - -
(i) Plus: GPT share of assets of non- consolidated entities 3,788.6 - 1,050.2 679.7 839.4 217.1 126.8 875.4
(ii) Less: total equity investment in non- consolidated entities (2,467.5) - (895.6) (595.7) (126.5) - (23.1) (826.6)
(iii) Less: GPT loans to non-consolidated entities (84.8) - - - (78.1) - - (6.7)
Total look through assets 10,672.0 9,435.7 154.6 84.0 634.8 217.1 103.7 42.1
Group total borrowings 2,434.9 2,434.9 - - - - - -
(iv) Plus: GPT share of external debt of non- consolidated entities 1,081.5 - 121.1 67.2 573.4 232.9 86.9 -
Total look through borrowings 3,516.4 2,434.9 121.1 67.2 573.4 232.9 86.9 -

Look through gearing

33.0%

Core Assets Under Management

	Balance Sheet Assets	Funds	Joint Owner Share	Total Assets Under Management
	($m)	($m)	($m)	($m)
Retail 4,571.6 2,024.0 418.7 7,014.3
Office 1,832.8 3,074.1 93.3 5,000.2
Industrial/Business Parks 794.5 - - 794.5
Total 7,198.9 5,098.1 512.0 12,809.0

Debt Funded Investment Capacity at 30% Gearing

Debt	Current	Investment
	Gearing	Capacity
	(%)	($m)
Balance Sheet	25.5	$600
Wholesale Funds
- Office	11.6	$900(1)
-Retail	9.9	$590
Total		$2,090

• Additional capacity available through Capital Partners, Co-owners and Associates

� Criteria for investment (IRR)

-	Retail	8.5-9.5%
-	Office	9-10%

Current Debt Facilities GPT bonds

Tranche	Outstanding A$m (equiv)	Maturity Date	Fixed/ Indexed Rate (%)
Fixed MTN	100	7-Nov-2010	6.25
Floating MTN	123	7-Nov-2010
Fixed MTN(1)	199	22-Aug-2013
Floating MTN	12	22-Aug-2013
CPI indexed	85	10-Dec-2029	8.23
Total Borrowings	519

Current Debt Facilities Bank facilities

Tranche	Outstanding A$m (equiv)	Maturity Date	Limit A$m (equiv)	Available A$m (equiv)
Euro Multi Option Syndicated	338	26-Oct-2010	1,462	1,125
Multi Option Bilateral	-	22-Aug-2011	175	175
Bank Facility – 111 Eagle St	40	30-Nov-2011	151	111
Euro Multi Option Syndicated(1)	1,462	26-Oct-2012	1,462	-
Bank Facility – Somerton	76	31-Mar-2013	76	0
Forward Start Bilateral Facility(2)	-	31-Mar-2013	-	-
Bank Bilateral	-	31-Mar-2015	220	220
Bank Bilateral	-	31-Mar-2015	220	220
Forward Start Bilateral Facility(2)	-	1-Oct-2015	-	-
Bank Bilateral	-	26-Oct-2015	200	200
Forward Start Bilateral Facility(2)	-	31-Oct-2017	-	-

Hedging Profile

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• Average drawn debt for 2010, based on current commitments: $2.4 billion

• Projected hedging to remain ~ 85% at December 2010

Balance Sheet Projected AUD interest rate hedging

Hedging Position as at	Average Rate on hedged balance excl Margins	Principal amount of derivative financial instruments ($m)	Principal amount of fixed rate borrowings ($m)
30 June 2010	6.04%	1,889	184
30 June 2011	5.91%	2,572	84
30 June 2012	5.84%	2,875	84
30 June 2013	6.00%	2,340	84
30 June 2014	6.03%	2,090	85
30 June 2015	6.06%	1,890	85
30 June 2016	5.97%	800	85

Balance Sheet Projected AUD interest rate hedging

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Balance Sheet USD interest rate hedging

Hedging Position as at	Average Rate on hedged balance excl Margins	Principal amount of derivative financial instruments (US$m)
30 June 2010	-	-
30 June 2011	5.02%	130
30 June 2012	5.02%	130
30 June 2013	5.02%	130
30 June 2014	5.02%	130
30 June 2015	5.02%	130
30 June 2016	5.02%	130

Balance Sheet USD interest rate hedging

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Retail Portfolio ($5.2 billion)[(1) ] Sub sector by diversity

Sub sector
Regional 94%
Sub Regional 1 %
Neighbourhood 1 %
Homemaker 4 %

Asset Quality

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Retail Portfolio Top ten tenants

		% Income	(1)
1.	Woolworths	6.5%
2.	Wesfarmers	5.9%
3.	Myer	4.0%
4.	Just Group	2.7%
5.	Hoyts	2.0%
6.	Colorado Group	1.5%
7.	Prouds	1.4%
8.	Luxottica Group	1.3%
9.	Sussan	1.2%
10.	Red Group Retail	1.1%

Retail Portfolio Sales summary

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Retail Portfolio Sales growth v long term trend

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Retail Portfolio Comparable change in retail sales by category

	Period to 30 June 2010	Period to 30 June 2010	Period to 30 June 2010
	12 Months	6 Months	3 Months
Department Stores	1.8% 3.7% 1.0%
Discount Department Stores	-0.9% -6.1% -8.9%
Supermarkets	3.7% 1.4% 1.3%
Cinemas	12.7% 15.5% 6.7%
Clothing & Shoes/Bags/Accessories	-2.0% -4.8% -5.7%
Specialty Foods	-2.4% -2.1% -3.0%
Eating Establishments & Fast Food	0.8% 0.8% 1.0%
Discount Variety, Pharmacy/Cosmetics, Mobile Phones & Miscellaneous	-1.0% -1.7% -1.4%
Household Equipment	-8.6% -7.1% -9.2%
Jewellery	1.1% -1.1% -1.7%
Assorted Giftware & Newsagency/Books	-2.6% -5.8% -6.8%
Service	-1.0% 1.1% 0.2%

Consumer Sentiment Westpac Consumer Sentiment Index

CS Index Aug 10 � 119.2

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Retail Portfolio Fair values (investment assets)

Property	Jun 10 Fair Value ($m)	Dec 09 Cap Rate (%)	Jun 10 Cap Rate (%)(1)	Latest External Valuation
Casuarina Square $444.0 6.25 6.00 30 June 2010
Charlestown Square $751.8 6.00 6.00 31 March 2009
Dandenong Plaza $201.7 8.50 8.50 31 October 2009
Erina Fair (50%) $376.4 6.25 6.25 31 October 2009
Highpoint Shopping Centre (16.67%) $200.6 6.00 6.00 N/A
Homemaker City Maribyrnong (16.67%) $8.8 9.00 9.00 N/A
Melbourne Central(2) $744.9 5.75 5.75 30 June 2009
Rouse Hill Town Centre $476.0 6.25 6.25 31 December 2009
Sunshine Plaza (50%) $342.7 6.00 6.00 30 September 2009
Westfield Penrith (50%) $494.2 6.00 6.00 30 September 2009
Westfield Woden (50%) $287.8 6.25 6.25 31 March 2009
Interest in GWSCF $595.7 6.62 6.68 See Slide 129

Office Portfolio ($2.7 billion)[(1) ] Geographic weighting

Asset Quality

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Source: Company Reports.

Office Portfolio Top ten tenants

		% income(1)
1.	Commonwealth of Australia	6.9%
2.	Citigroup	5.5%
3.	National Australia Bank	4.6%
4.	BP Australia	4.0%
5.	Freehills Services	3.8%
6.	State Government	3.5%
7.	Commonwealth Bank of	3.2%
	Australia
8.	PricewaterhouseCoopers	3.1%
9.	Ericsson Australia	2.6%

Office Portfolio Over/under-renting by asset

Offices	Office Occ (%)	Office Occ (%)	Ownership	Average Lease Term by Area (Years)	Gross Passing Rent ($psm)	Estimated Gross Market Rent ($psm)	Over/Under- rented (%)
		(1)		(2)		(3)
Australia Square, Sydney 97.0% 98.5% 50% 3.9 760 779 -3%
MLC Centre, Sydney 99.6% 99.6% 50% 4.6 766 648 18%
Citigroup Centre, Sydney 97.5% 97.5% 50% 3.3 725 594 22%
1 Farrer Place, Sydney 97.7% 98.2% 25% 4.4 1,046 1,053 -1%
Melbourne Central Tower, Melbourne 97.6% 97.6% 100% 5.7 470 448 5%
818 Bourke Street, Melbourne 100.0% 100.0% 100% 7.1 446 464 -4%
GPT Core Portfolio 98.1% 98.3% 4.9 659 614 7.3%

Managed Portfolio (Weighted)

5.3

627

585

7.0%

93.9% 95.7%

Office Portfolio Over/under-renting by asset

Offices	Office Occ (%)	Office Occ (%)	Ownership	Average Lease Term by Area (Years)	Gross Passing Rent ($psm)	Estimated Gross Market Rent ($psm)	Over/Under- rented (%)
		(1)		(2)		(3)
Darling Park 1 & 2, Sydney 97.4% 97.8% 50% 8.4 734 672 9%
Darling Park 3, Sydney 98.0% 98.0% 100% 5.9 716 705 2%
Riverside Centre, Brisbane 89.8% 92.8% 100% 5.0 779 711 10%
800 Bourke Street, Melbourne 100.0% 100.0% 100% 5.6 429 394 9%
808 Bourke Street, Melbourne 100.0% 100.0% 100% 6.2 442 399 11%
530 Collins St, Melbourne 64.0% 80.8% 100% 6.0 476 479 -1%
HSBC Centre, Sydney 99.8% 99.8% 100% 6.6 566 530 7%
The Zenith, Chatswood 86.2% 97.7% 50% 3.6 487 480 2%
179 Elizabeth St, Sydney 98.1% 98.1% 100% 4.1 630 579 9%
Transit Centre, Brisbane 1.6% 8.6% 50% 0.2 456 458 0%
10 & 12 Mort St, Canberra 100.0% 100.0% 100% 1.4 377 349 8%
workplace6, Sydney 100.0% 100.0% 100% 9.4 617 540 14%
545 Queen Street, Brisbane 88.6% 88.6% 100% 6.3 597 516 16%
Twenty8 Freshwater Pl, Melbourne 100.0% 100.0% 50% 8.7 509 474 7%

Office Portfolio Fair values (investment assets)

Property	Jun 10 Fair Value ($m)	Dec 09 Cap Rate (%)	Jun 10 Cap Rate (%)(1)	Latest External Valuation
Australia Square, Sydney $269.9 7.15 7.15 31 March 2009
MLC Centre, Sydney $381.8 7.25 7.15 31 March 2009
Melbourne Central Tower, Melbourne $300.8 7.50 7.50 30 June 2009
818 Bourke Street, Melbourne $117.0 7.75 7.50 31 December 2009
Citigroup Centre, Sydney $360.0 7.25 7.20 30 June 2010
1 Farrer Place, Sydney $310.0 6.57 6.57 31 December 2009
Interest in GWOF $895.6 7.41 7.29 See Slide 128
Weighted average cap rate 7.27 7.20

Industrial/Business Park Portfolio ($795 million) Geographic weighting

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Industrial/Business Park Portfolio Top ten tenants

Top ten tenants
	% income(1)
1.Coles Myer	16.3%
2.Australian Pharmaceutical	14.2%
Industries
3.Steinhoff Asia Pacific	12.4%
4.Goodman Fielder	10.9%
5.Vodafone Australia	10.2%
6.SuperCheap Auto	8.7%
7.Mitsubishi Motors	7.8%
8.Effem foods	7.6%
9.Linfox	6.1%
10.Onesteel Trading	5.8%

Industrial/Business Park Portfolio Fair values (investment assets)

Property	Jun 10 Fair Value ($m)	Dec 09 Cap Rate (%)	Jun 10 Cap Rate (%)(1)	Latest External Valuation
18-24 Abbott Road, Seven Hills $13.5 10.00 10.00 31 December 2008
Austrak Business Park, Somerton (50%) $139.8 8.10 8.10 1 October 2009
15 Berry Street, Granville $12.1 8.75 8.75 30 September 2009
19 Berry Street, Granville $24.5 8.50 8.75 30 September 2009
Citiwest Industrial Estate, Altona North $69.1 8.75 8.75 31 March 2009
Erskine Park (Stages 1 and 2) $56.5 8.00 8.00 30 June 2009
134-140 Fairbairn Road, Sunshine West $13.0 8.50 8.50 31 December 2008
5 Figtree Drive, Sydney Olympic Park $18.6 8.50 8.50 30 June 2008
7 Figtree Drive, Sydney Olympic Park $10.0 8.50 8.50 30 June 2010
2-4 Harvey Road, Kings Park $44.1 8.25 8.25 30 June 2008
6 Herb Elliott Avenue, Sydney Olympic Park $12.0 N/A N/A N/A
8 Herb Elliott Avenue, Sydney Olympic Park $8.9 8.50 8.50 30 June 2010

Industrial/Business Park Portfolio Fair values (investment assets)

Property	Jun 10 Fair Value ($m)	Dec 09 Cap Rate (%)	Jun 10 Cap Rate (%)(1)	Latest External Valuation
4 Holker Street, Silverwater $30.0 8.50 8.50 31 December 2008
92-116 Holt Street, Pinkenba $15.3 9.25 9.00 31 December 2008
Lots 42-44 Ocean Steamers Drive, Port Adelaide (50%) $7.0 9.50 10.0 30 June 2009
407 Pembroke Road, Minto (50%) $25.0 8.00 8.00 N/A
Quad Business Park (Quads 1, 2, 3 & 4) Sydney Olympic Park $91.7 8.00 - 8.50 8.00-8.75 30 June 2010 (1&2) 31 December 2009 (3&4)
Rosehill Business Park, Camellia $64.1 8.50 8.50 30 September 2009
372-374 Victoria Street, Wetherill Park $18.0 9.50 9.50 30 June 2009
Weighted Average Cap Rate 8.43 8.45

Australian Funds Management Fees

� Funds management fee structure

• Base fee 45 bps per annum of Asset Value

• Performance fee 15% of the outperformance above 10 year bond yield plus 3% per annum (post base management fee)

• Fees capped at 90 bps per annum

� Property management fees

• Fees paid for shopping centres managed by GPT in GWSCF

• Development management fees

• Fees paid for services rendered at prevailing market rates

Australian Funds Management Ownership composition

GWSCF	No.	% Fund
GPT	1	33.4%
Domestic Super Funds	6	20.7%
Domestic - Other	8	13.8%
Offshore Pension Funds	4	18.7%
Sovereign Wealth Funds	2	13.4%
TOTAL	21	100%

GWOF	No.	% Fund
GPT	1	33.8%
Domestic Super Funds	16	38.4%
Domestic - Other	5	7.0%
Offshore Pension Funds	6	12.8%
Sovereign Wealth Funds	2	8.0%
TOTAL	30	100%

Australian Funds Management Fair values: GWOF (investment assets)

Property	Jun 10 Fair Value ($m)	Dec 09 Cap Rate (%)	Jun 10 Cap Rate (%)(1)	Latest External Valuation
Darling Park 1 & 2, Sydney $556.5 6.75 6.75 31 March 2010
Darling Park 3, Sydney $275.0 7.00 7.00 31 March 2010
Riverside Centre, Brisbane $443.2 7.50 7.50 31 December 2009
800 & 808 Bourke Street, Melbourne $328.0 7.25 7.25 30 September 2009
530 Collins Street, Melbourne $330.0 7.25 7.25 30 June 2010
HSBC Centre, Sydney $290.0 7.25 7.25 30 June 2010
Workplace6, Sydney $152.6 7.13 7.13 31 December 2009
The Zenith, Chatswood $110.6 8.00 8.00 30 September 2009
28 Freshwater Place, Melbourne $97.5 7.50 7.25 30 September 2009
179 Elizabeth Street(2), Sydney $93.1 7.63 7.63 31 December 2009
545 Queen Street, Brisbane $81.0 8.00 8.25 30 June 2010
Brisbane Transit Centre, Brisbane $74.8 8.50 8.50 30 June 2010

Australian Funds Management Fair values: GWSCF (investment assets)

Property	Jun 10 Fair Value ($m)	Dec 09 Cap Rate (%)	Jun 10 Cap Rate (%)(1)	Latest External Valuation
Carlingford Court 167.9 7.50 7.50 31 December 2009
Chirnside Park 200.0 6.75 7.00 31 March 2010
Forestway Shopping Centre 72.0 7.75 7.75 30 June 2010
Parkmore Shopping Centre 178.1 7.50 7.75 31 March 2010
Wollongong Central 295.1 6.75 6.75 30 June 2010
Macarthur Square 385.0 6.25 6.25 30 June 2010
Highpoint Shopping Centre 602.6 6.00 6.00 30 September 2009
Homemaker City Maribyrnong 26.6 9.00 9.00 31 December 2009
Norton Plaza/Berkeleow 96.7 6.75 7.00 31 March 2010
Weighted Average Cap Rate 6.62 6.68

Australian Funds Management Capital management: GWOF

• Gearing 11.6%

• $578 million equity raised

• $414 million new equity

• Strong demand from existing and new investors

• 6 new investors (51%)

• Weighted average cost of debt June quarter 7.8%

• Includes fees and margin of 2.1%

• Weighted average term 2.3 years

• Drawn debt 71% hedged[(1)]

• Weighted average term 1.9 years

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Australian Funds Management Capital management: GWSCF

• Gearing 9.9%

• Weighted average cost of debt for June quarter 8.4%

• Includes fees and margin of 2.3%

• Weighted average term 1.5 years

• Drawn debt 82% hedged

• Weighted average term 4.2 years

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Australian Funds Management Individual debt lines

Wholesale Funds: Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
GWOF Syndicated Facility $300 27-Jun-11 $106
One One One Eagle Street Facility $151 30-Nov-11 $43
Term Facility $60 18-Dec-12 $60
Bilateral Facility $150 30-Sep-13 -
Bilateral Facility $150 30-Nov-13 $150
Bilateral Facility $100 1-Jul-14 -
Total $911 $359
GWSCF Syndicated Facility $300 27-Jun-11 $131

Contact Information

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Michael Cameron Chief Executive Officer and Managing Director Tel: +61 2 8239 3565 Mob: +61 410 437 597 Email: michael.cameron@gpt.com.au

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Donna Byrne Head of Investor Relations and Corporate Affairs Tel: +61 2 8239 3515 Mob: +61 401 711 542 Email: donna.byrne@gpt.com.au

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Michael O’Brien Chief Financial Officer Tel: +61 2 8239 3544 Mob: +61 417 691 028 Email: michael.o’brien@gpt.com.au

The GPT Group ABN 27 107 426 504 Level 52 MLC Centre 19 Martin Place Sydney NSW 2000 Tel: +61 2 8239 3555 Fax:+61 2 9225 9318

www.gpt.com.au

Disclaimer

The information provided in this 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).

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 described in this paper to determine whether it is appropriate for you.

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. Furthermore, 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 forecasts, prospects or returns contained in the information - such material is, by its nature, subject to significant uncertainties and contingencies. 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.