GPT INTERIM RESULT ~~2~~ 011

GPT Interim Result Data Pack

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Twenty8 Freshwater Place, Melbourne

GPT Overview .............................................................44 Financial Performance.................................................51 Retail Portfolio ............................................................63 Office Portfolio ............................................................95 Industrial Portfolio .....................................................125 Development .............................................................146 Funds Management...................................................154

All information included in this pack includes GPT owned assets and GPT’s interest in the Wholesale Funds (GWSCF and GWOF), unless otherwise stated This page numbering starts at page 43 as this document is a continuation of the Interim Result Presentation.

GPT INTERIM RESULT 2 011 GPT Overview

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GPT Overview

GPT’s portfolio consists of high quality properties in the Retail, Office and Industrial sectors. The portfolio includes some of the most iconic buildings in Australia and award winning developments. GPT’s investment management team is focused on maximising returns across the portfolio.

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GPT Core Portfolio Diversity
9% Industrial
Wollongong Central 530 Collins Street, Melbourne
Retail Portfolio
Office Portfolio
17 Shopping Centres 20 Assets
30% Office 61% Retail
1.17m Sqm GLA 865,000 Sqm NLA
3,500+ Tenants 300+ Tenants
$5.3b Portfolio $2.6b Portfolio
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Erskine Park, Sydney
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Industrial Portfolio

24 Assets 590,000 Sqm NLA

50+ Tenants $808m Portfolio

Portfolio Overview

Comparable income growth of 4.1% in Retail, 3.4% in Office and 2.8% in Industrial was delivered in the first half of 2011.

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Riverside Centre, Brisbane
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Core portfolio performance as at 30 June 2011	Investments	Comparable income growth	Weighted average lease expiry (years)	Weighted average cap rate	Occupancy
Retail	61%	4.1%	3.3years	6.19%	99.9%
Offce	30%	3.4%	4.9years	7.11%	97.5%
Industrial Portfolio	9%	2.8%	6.2years	8.47%	98.8%
Total	100%	3.6%
Note: Retail excludes Homemaker City Portfolio (non-core). Retail and Offce include GPT’s equity interest in each Fund. Occupancy includes committed space. WALE Retail Specialty Stores only.

Valuation movement ($m)	2011 6 months to 30 June	2010 12 months to 31 Dec	2010 6 months to 30 June	2009 12 months to 31 Dec
Retail	81.0	84.8	14.5	(348.0)
Offce	(5.4)	23.6	17.9	(295.3)
Industrial Portfolios	0.1	(1.7)	(4.1)	(69.2)
Total	75.7	106.7	28.3	(712.5)
Note: Includes GPT’s interest in GWOF and GWSCF. Includes Industrial development assets.

Remaining Non-Core Assets as at 30 June 2011	Remaining Non-Core Assets as at 30 June 2011	Criteria for investment (IRR)	Criteria for investment (IRR)
Asset	($m)	Retail	8.5-9.5%
Homemaker CityPortfolio	192.1
		Offce	9-10%
Interest in DAF/GRP	17.8
		Industrial	10-11%
Total	209.9
Note: Excludes Homemaker City Maribyrnong.

GPT Security price to NTA

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1.80
1.60
1.40
1.20
1.00
0.80
0.60
0.40
0.20
0.00
31 Jan-90 31 Jan-91 31 Jan-92 31 Jan-93 31 Jan-94 31 Jan-95 31 Jan-96 31 Jan-97 31 Jan-98 31 Jan-99 31 Jan-00 31 Jan-01 31 Jan-02 31 Jan-03 31 Jan-04 31 Jan-05 31 Jan-06 31 Jan-07 31 Jan-08 31 Jan-09 31 Jan-10 31 Jan-11 10 Aug-11
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Leadership Team

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Michael Cameron
CEO and
Managing Director
Michael O'Brien Mark Fookes Michelle Tierney Anthony McNulty
Head of Nicholas Harris
Chief Financial Head of Investment Head of
Officer Management Retail Property & Development Head of Wholesale
Asset Management
Judy Barraclough James Coyne Phil Taylor Rosemary Kirkby
Head of Strategy & General Counsel & Head of People & Head of
Corporate Affairs Company Secretary Performance Sustainability
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Sustainability Overview

GPT aims to be a sustainable business delivering long-term shareholder value.

GPT aspires to be an overall positive contributor to our communities, people and the environment. We aim to work in partnership with our customers and suppliers to this end. We aim to manage our sustainability performance in a way that invites our stakeholders to hold us to account. Our vision is to create and sustain environments that enrich people’s lives.

On an annual basis GPT provides detailed sustainability and environmental performance data including water and energy savings. Descriptions of recent community and sustainability initiatives that have been implemented at GPT’s assets are reported throughout this pack.

In addition to substantially reducing environmental impacts, in 2010 GPT avoided $13 million in costs when compared to its 2005 baseline.

36% WATER INTENSITY REducTIoN SINcE 2005

27% 28% 29-50% ENERGY INTENSITY EMISSIoNS INTENSITY IMPRoVEd REcYcLING RATE REducTIoN SINcE 2005 REducTIoNS SINcE 2005

Awards for the first half of 2011

530 Collins Street,

Melbourne awarded best sustainable development of an existing building

2011 Business Sustainability Award

In late July 2011 GPT was awarded the 2011 Business Sustainability Award at the NSW Department of Environment and Heritage’s Green Globes Awards. Recognising the achievements of business, government, community and individuals, the Green Globes Awards are the leading environmental awards in New South Wales.

During May 2011, 530 Collins Street was named Australia’s most Sustainable Development undertaken within an existing building at the prestigious PCA Innovation and Excellence awards. Refurbishment works on the floors in the office tower ensured recycling of more than 90% of demolition materials while new high efficiency lighting, low emissions paints and recyclable carpet prepared the space for new tenants. The building has achieved a 5 Star NABERS Energy rating.

GPT INTERIM RESULT ~~2~~ 011

Financial Performance

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Results Summary

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6 months to 30 June 1H2011 1H2010 Change
Realised Operating Income (ROI) from continuing 287.1 264.8 up 8%
operations ($m)
Discontinuing operations ($m) 20.7 20.0 up 4%
Finance and Corporate Overheads ($m) (86.3) (79.0) up 9%
Total Realised Operating Income ($m) 221.5 205.8 up 8%
A-IFRS net profit/(loss) ($m) 243.1 145.2 up 67%
ROI per ordinary security (cents) [1] 11.3 10.4 up 8%
Distribution per ordinary security (cents) [1] 8.5 7.6 up 12%
1. Includes the impact of the 5 to 1 security consolidation effective 19 May 2010.
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6 months to 30 June 1H2011
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6 months to 30 June	1H2011

Weighted average number of securities (#)	1,855.5m
Realised operating income (ROI) ($m)	221.5
Less distribution on exchangeable securities ($m)	(12.4)
Total($m)	209.1
ROI per ordinary security (cents)	11.3
Distribution per ordinary security (cents)	8.5
Note: Subsequent to balance date, approximately 16.0m securities were repurchased under the on-market buy- back. As at 23 August 2011, GPT has 1,839.6m securities on issue.

Segment Performance and Distributions

Segment Performance 6 months to 30 June	1H2011	1H2010	Comment
Retail	155.1	134.7	Comparable income up 4.1%
Offce	59.1	58.0	Comparable income up 3.4%
Industrial/Business Park	28.1	27.1	Comparable income up 2.8%
Australian Funds Management	44.8	45.0	Equity stakes sold down. Comparable distributions up 7.5%
Other	20.7	20.0	Divestment of Ayers Rock and US Seniors complete
Corporate
- Interest expense	(70.6)	(64.0)	Lower capitalised interest
- Corporate overheads	(15.7)	(15.0)	Continued focus on expense control
Total Realised Operating Income (ROI)1	221.5	205.8
Less: Distribution to exchangeable securities	12.4	12.4
Total	209.1	193.4
ROI per ordinary security (cents)2	11.3	10.4

Distribution per ordinary security	1H2011	1H2010	Change
Quarter 1	4.2	3.5	20.0%
Quarter 2	4.3	4.1	4.9%
Total ordinary distribution	8.5	7.6	11.8%
Ordinary distribution ($m)	157.4	141.0	11.6%
Exchangeable distribution ($m)	12.4	12.4	0.0%
Total Distribution ($m)	169.8	153.4	10.7%
Available for distribution	221.5	205.8	7.6%
1. Realised Operating Income is pre distribution on exchangeable securities. 2. ROI per ordinary security is post distribution on exchangeable securities. Number of ordinary stapled securities on issue at 30 June 2011 and 30 June 2010 1,855.5 million.

Realised Operating Income to Statutory Results

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6 months to 30 June ($m) 1H2011 1H2010
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6 months to 30 June ($m)	1H2011	1H2010

Core Business	287.1	264.8
Non-core Operations ROI	20.7	20.0
Financing and corporate overheads	(86.3)	(79.0)
Realised Operating Income	221.5	205.8
Changes in Fair Value of Assets (non cash)
1. Valuation movements
Core Portfolios and Funds Management (Australia)	85.3	21.3
Hotel/Tourism Portfolio	(25.1)	(0.2)
European Funds Management	(6.1)	(1.4)
US Seniors Housing	-	30.2
Joint Venture Fund	-	4.8
2. Proft/Loss on disposals	1.5	(5.3)
3. Financial instruments marked to market value and foreign exchange gains movement	(32.6)	(84.1)
Other Items	(1.4)	(25.9)
Statutory net proft after tax	243.1	145.2

Investments and Income

Proportion of Real Estate investments

Proportion of income

as at 30 June

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as at 30 Jun 11 as at 31 Dec 10 1H2011 1H2010
4% 3% 7% 7% 7%
4%
8%
15%
10% 16%
9%
8%
9%
10%
21%
51% 50% 47%
55%
20% 19% 20%
Retail GWOF Retail GWOF Retail Funds Retail Funds
Office GWSCF Office GWSCF Office Management Office Management
Industrial Non-Core Industrial Non-Core Industrial Non-Core Industrial Non-Core
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Retail GWOF Office GWSCF Industrial Non-Core

NTA Movement

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Securities on Issue Number of NTA Movement Net Assets No. Securities [1] NTA per security
Securities ($m) (m) ($)
Opening balance 1 January 1,855,529,431 NTA position at 1 January 2011 6,902.7 1,919.9 3.60
2011
30 June 2011 balance [1] 1,855,529,431
ROI 221.5 0.12
1 Excludes exchangeable securities
Note: Subsequent to balance date, approximately 16.0m securities Core portfolios revaluation 85.3 0.04
were repurchased under the on-market buy-back. As at 23 August
2011, GPT has 1,839.6m securities on issue. Capital Expenditure for Ayers Rock Resort (25.0) (0.01)
Fair value movement of derivatives (32.6) (0.02)
Non-cash IFRS revenue adjustments (9.7) (0.01)
Other Statutory items 3.6 0.00
Distribution paid (incl Exchangeable Securities) (175.7) (0.09)
Movement of Reserves 9.8 0.01
Movement in Net assets 77.2 0.04
Less Intangibles - Movement 1.6 0.00
NTA position at 30 June 2011 6,981.5 1,919.9 3.64
1. Includes conversion of exchangeable securities at conversion price of $3.88.
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Capital Management Summary

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Gearing ($m) as at 30 Jun 11
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Gearing ($m)	as at 30 Jun 11

Total assets	9,347.2
Less: intangible assets	(50.2)
Total tangible assets	9,297.0
Current borrowings	44.3
Non-current borrowings	1,946.2
Total borrowings	1,990.5
Headline Gearing	21.4%
Net Gearing	21.0%

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Interest Cover ($m) as at 30 Jun 11
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Interest Cover ($m)	as at 30 Jun 11

Realised operating income	221.5
Less: tax credit	(7.7)
Add: Gross Finance Costs for the period (excluding capitalised interest)2	71.9
Earnings before Interest & Tax	285.7
Gross Finance Costs	71.9
Interest Cover	4.0x

Balance Sheet Overview	as at 30 Jun 11	as at 30 Jun 10
Total assets	9,347.2	9,476.9
Total debt	1,990.5	2,434.9
Net gearing1	21.0%	25.5%
Interest cover2	4.0x	4.1x
Weighted average cost of debt (incl fees and margins)	6.64%	7.49%
Weighted average term to maturity	4.8 years	2.5 years
Weighted average term of interest rate hedging	6.2 years	8.7 years
Credit ratings	A- (stable) /A3 (stable)	A- (stable) / Baa1 (stable)
1. Borrowings less cash/total tangible assets less cash. 2. The calculation of interest cover under GPT’s covenants excludes capitalised interest. Capitalised interest for 6 months to 30 June 2011 was $5.9 million.

Look Through Gearing

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As at 30 Jun 11 ($m) GPT Group GWOF GWSCF US Seniors European Other [2] 30 Jun 11
Housing Funds
Share of assets of non-consolidated entities
Group total tangible assets 9,297.0 9,297.0
(i) Plus: GPT share of assets of non-consolidated entities 847.7 428.3 31.3 97.2 897.4 2,301.9
(ii) Less: total equity investment in non-consolidated entities (725.1) (373.5) (9.6) (7.9) (840.2) (1,956.3)
(iii) Less: GPT loans to non-consolidated entities (15.7) (15.7)
Total look through assets 9,297.0 122.6 54.8 21.7 89.3 41.5 9,626.9
Group total borrowings 1,990.5 1,990.5
(iv) Plus: GPT share of external debt of non-consolidated entities 98.4 43.0 78.8 220.2
Total look through borrowings 1,990.5 98.4 43.0 0.0 78.8 0.0 2,210.7
Look through gearing 23.0%
Based on net debt [1] 22.6%
1. Net debt equals debt less cash/total tangible assets less cash. 2. Retail, Office, Hotels and master-planned communities (held in associates).
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Debt

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Debt Cost Debt ($m) Interest rate (%)
as at 30 Jun 11
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Debt Cost as at 30 Jun 11	Debt ($m)	Interest rate (%)

Hedged debt	1,906	5.10%
Floating debt	85	5.62%
Total debt	1,991	5.12%
Margin		1.10%
Fees		0.42%
All-in cost of funds		6.64%

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Debt Funded Capacity Current Gearing Investment Capacity ($m)
as at 30 Jun 11
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Debt Funded Capacity as at 30 Jun 11	Current Gearing	Investment Capacity ($m)

Balance Sheet	21%	1,150
Wholesale Funds
- Offce	12%	840
- Retail	10%	605
Total		2,595

Sources of Drawn Debt

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4%
11%
38%
Domestic bank debt
Foreign bank debt
MTNs
CPI Bonds
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47%
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Sources of Debt Facilities

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3%
8%
48%
Domestic bank debt
Foreign bank debt
MTNs
CPI Bonds
41%
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Debt Facilities

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Current debt facilities as at 30 Jun 2011
Outstanding ($m) Maturity Date Limit ($m) Available ($m)
(equiv) (equiv) (equiv)
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Current debt facilities as at 30 Jun 2011	Current debt facilities as at 30 Jun 2011	Current debt facilities as at 30 Jun 2011	Current debt facilities as at 30 Jun 2011	Current debt facilities as at 30 Jun 2011
	Outstanding ($m) (equiv)	Maturity Date	Limit ($m) (equiv)	Available ($m) (equiv)

Multi Option Bilateral	175	22-Aug-11	175	0
Bank Facility – 111 Eagle St	89	30-Nov-11	151	62
Euro Multi Option Syndicated Facility	1,355	26-Oct-12	1,361	6
Bank Facility – Somerton	76	31-Mar-13	76	0
Medium Term Notes	211	22-Aug-13	212	1
Bank Bilateral	0	26-Oct-15	200	200
CPI indexed bonds	85	10-Dec-29	85	0
Total Borrowings	1,991		2,260	269

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Current forward start debt facilities
Start Date Maturity Date Limit ($m) (equiv)
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Current forward start debt facilities	Current forward start debt facilities	Current forward start debt facilities
Start Date	Maturity Date	Limit ($m) (equiv)

22 Aug 11	26 Oct 18	175
31 Aug 11	31 Aug 14	225
31 Aug 11	1 Apr 15	160
30 Nov 11	11 Nov 17	150
1 Oct 12	1 Oct 15	250
26 Oct 12	1 Oct 15	50
26 Oct 12	1 Apr 16	140
26 Oct 12	26 Oct 16	200
26 Oct 12	26 Oct 17	75
26 Oct 12	11 Nov 17	150
26 Oct 12	26 Oct 18	150
		1,725

Liquidity Profile

Liquidity Profile as at 30 June 2011

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$bn
1.0
0.8
0.6
0.4
0.2
0.0
Cash balance Undrawn Current Fwd start Retained Asset 2011/2012 Debt facility Excess liquidity
30 June 2011 existing liquidity facilities earnings sales capex expiries at 30 June 2012
facilities
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Hedging Profile

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Hedging Profile as at 30 Jun 11
Hedging Average rate on hedged Principal amount of derivative Principal amount of fixed rate
Position balance excl margins financial instruments ($m) borrowings ($m)
30 Jun 11 5.10% 1,822 84
30 Jun 12 4.95% 2,130 84
30 Jun 13 5.23% 1,930 84
30 Jun 14 5.25% 1,880 85
30 Jun 15 5.32% 1,680 85
30 Jun 16 5.53% 740 85
30 Jun 17 5.46% 640 85
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Hedging Profile as at 30 June 2011

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$m
3,000 5.13% 5.10% 4.89% 4.95% 5.05% [5.23%] 5.33% 5.25% [5.27%] 5.32% [5.43%] 5.53% 5.52% 6.0%
2,500 5.0%
2,000 Forecast Debt 4.0%
Hedges
1,500 WA fixed rate 3.0%
1,000 2.0%
500 1.0%
0 0 0.0%
Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16
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GPT INTERIM RESULT 2 011

Retail Portfolio

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Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s Retail investments of $5.3 billion include a portfolio of assets held on the Group’s balance sheet and an investment in the GPT Wholesale Shopping Centre Fund (GWSCF).

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1
4
10
Canberra
1
6
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Northern Territory

GPT Owned

Casuarina Square

Queensland

GPT Owned

Sunshine Plaza (50%)* Homemaker City Aspley Homemaker City Fortitude Valley Homemaker City Jindalee

Australian Capital Territory

GPT Owned

Westfield Woden (50%)*

New South Wales

GPT Owned

Charlestown Square (Hunter Region)

Erina Fair (Central Coast) (50%) Westfield Penrith (50%) Rouse Hill Town Centre Newcastle CBD Land Holdings

GWSCF Owned

Carlingford Court

Forestway Shopping Centre Macarthur Square (50%)* Norton Plaza

Wollongong Central (Illawarra Region)

Victoria

GPT Owned

Dandenong Plaza Melbourne Central Highpoint Shopping Centre (16.67%)

Homemaker City Maribyrnong (16.67%)

GWSCF Owned

Chirnside Park

Parkmore Shopping Centre Highpoint Shopping Centre (50%) Homemaker City Maribyrnong (50%)

l Number of assets in each state

Not managed by GPT

Retail Portfolio Summary

The GPT Retail portfolio is well positioned with a high level of occupancy at 99.9% and low arrears reflecting the quality of the portfolio.

Top Ten Tenants as at 30 June 2011

Portfolio by sub-sector as at 30 June 2011

Asset Quality as at 30 June 2011

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Tenant Income
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Tenant	Income
Woolworths	6.4%
Wesfarmers	6.0%
Myer	3.3%
Just Group	2.4%
Hoyts	1.7%
Prouds	1.3%
Luxottica Group	1.1%
Sussan	1.1%
Cotton On Clothing	1.1%
BB Retail Capital	1.1%
1. Based on gross rent (including turnover rent).

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4%
1%
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95%
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100%
80%
60%
40%
20%
0%
GPT Peer 1 Peer 2 Peer 3 Peer 4
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Regional
Sub Regional
Other
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Regional Sub Regional Other
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Retail Portfolio Summary

The high quality Retail Portfolio has been built over approximately 40 years and currently consists of interests in 17 shopping centres and 4 Homemaker City (bulky goods) centres.

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Property Ownership GLA 30 Jun 11 30 Jun 11 31 Dec 10 External or Retail 6 mths to Annual Occ Cost Specialty
(100% Fair Value Cap Rate Cap Rate Directors Occupancy 30 Jun 11 Sales Specialty Sales
interest) ($m) Valuation Income Turnover ($psm)
(sqm) ($m) ($m)
GPT Portfolio
Casuarina Square, NT 100% 53,100 454.3 6.00% 6.00% Directors 99.9% 14.4 380.3 14.4% 10,480
Charlestown Square, NSW 100% 90,300 834.9 6.00% 6.00% Directors N/A 23.6 365.0 17.0% 8,221
Dandenong Plaza, VIC 100% 62,000 180.0 8.50% 8.50% External 100.0% 9.7 240.5 17.5% 6,585
Erina Fair, NSW 50% 113,500 377.7 6.25% 6.25% Directors 99.7% 11.7 621.4 17.4% 7,737
Melbourne Central, VIC [1] 100% 52,200 916.0 5.75% 5.75% External 100.0% 25.6 355.0 19.0% 9,392
Highpoint Shopping Centre,VIC 16.67% 122,800 211.9 6.00% 6.00% Directors N/A 6.2 769.6 21.0% 9,331
Homemaker City, Maribrynong, VIC 16.67% 21,200 9.3 9.00% 9.00% Directors 100.0% 0.4 N/A N/A N/A
Homemaker City Portfolio, QLD 100% 84,700 191.9 9.49% [2] 9.48% [2] Directors 94.7% 8.8 N/A N/A N/A
Rouse Hill Town Centre, NSW 100% 69,400 483.4 6.25% 6.25% Directors 100.0% 18.7 362.5 16.4% 6,287
Sunshine Plaza, QLD 50% 72,600 356.5 6.00% 6.00% External 99.9% 11.3 503.7 17.6% 10,683
Westfeld Penrith, NSW 50% 93,300 518.0 6.00% 6.00% Directors 100.0% 15.6 575.8 19.6% 10,099
Westfeld Woden, ACT 50% 72,300 320.8 6.25% 6.25% Directors 99.5% 9.8 424.5 17.8% 9,502
GWSCF Portfolio
Carlingford Court, NSW 100% 33,000 165.7 7.50% 7.50% Directors 99.3% 6.1 179.2 16.1% 8,545
Chirnside Park, VIC 100% 37,900 212.4 7.00% 7.00% Directors 100.0% 7.5 278.9 13.9% 10,330
Forestway Shopping Centre, NSW 100% 9,600 78.0 7.50% 7.75% External 99.8% 2.8 101.1 14.1% 10,360
Highpoint Shopping Centre, VIC 50% 122,800 637.4 6.00% 6.00% Directors N/A 18.6 769.6 21.0% 9,331
Homemaker City, Maribyrnong, VIC 50% 21,200 27.6 9.00% 9.00% Directors 100.0% 1.3 N/A N/A N/A
Macarthur Square, NSW 50% 94,900 390.3 6.25% 6.25% External 99.1% 11.4 537.0 17.5% 8,898
Norton Plaza, NSW 100% 12,000 101.4 7.00% [3] 7.00% Directors 100.0% 3.5 101.3 10.4% 12,863
Parkmore Shopping Centre, VIC 100% 36,800 191.2 7.50% 7.75% Directors 99.6% 7.1 236.2 14.1% 8,157
Wollongong Central, NSW 100% 37,900 298.6 6.75% 6.75% Directors 98.8% 8.6 169.1 17.7% 8,876
Total 1,169,500 6.19% [4] 6.21% [4] 99.9% [4] 6,201.1 [5] 17.3% [5] 8,904 [5]
Note: Excludes Newcastle CBD land holdings. 1. Includes retail and 100% interest of carpark. Carpark cap rate of 8.25%. 2. Weighted average Homemaker City portfolio cap rate. 3. Excludes Norton Central cap rate of 7.25%. 4. Includes GPT shopping
centres and GPT interest in GWSCF (excludes Qld Homemaker City Portfolio). 5. 100% of GPT & GWSCF assets, excludes Homemaker centres, development impacted centres (Charlestown, Highpoint and Wollongong) and Norton Plaza.
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Retail Sales Summary

The Retail portfolio achieved comparable income growth of 4.1% from its shopping centres in the first half of 2011.

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Moving Annual Turnover Occupancy Costs
Centre Name Centre MAT ($psm) Comparable Centre Specialty MAT Comparable Specialty Centre Specialty
MAT Growth ($psm) MAT Growth
GPT Owned
Casuarina Square [1] 7,911 3.6% 10,480 2.1% 9.4% 14.4%
Dandenong Plaza 4,110 0.5% 6,585 3.6% 11.1% 17.5%
Erina Fair 6,095 3.0% 7,737 4.1% 9.2% 17.4%
Melbourne Central Retail 7,396 1.3% 9,392 1.3% 16.1% 19.0%
Rouse Hill Town Centre 5,948 4.2% 6,287 5.8% 9.6% 16.4%
Sunshine Plaza [1] 8,127 -1.1% 10,683 -0.3% 10.3% 17.6%
Westfield Penrith [2] 6,891 -1.4% 10,099 -0.6% 12.1% 19.6%
Westfield Woden [2] 6,860 -1.5% 9,502 1.7% 10.0% 17.8%
GWSCF Owned
Carlingford Court 6,648 -2.0% 8,545 -0.3% 8.5% 16.1%
Chirnside Park 8,279 2.4% 10,330 6.7% 6.5% 13.9%
Forestway 13,634 6.6% 10,360 7.4% 6.5% 14.1%
Parkmore 6,836 5.3% 8,157 9.9% 7.6% 14.1%
Macarthur Square 6,169 0.9% 8,898 -0.2% 10.7% 17.5%
Total Portfolio 6,712 1.2% 8,904 2.1% 10.3% 17.3%
Centres Under Development
GPT Owned
Charlestown Square [1] 5,692 79.2% 8,221 83.7% 11.6% 17.0%
GWSCF Owned
Highpoint 6,808 (1.1%) 9,331 1.4% 12.4% 21.0%
Wollongong Central 5,582 13.4% 8,876 18.5% 12.9% 17.7%
Norton Plaza [3] 14,574 N/A 12,863 N/A 5.1% 10.4%
1. Casuarina excludes Monterey House; Charlestown excludes Pacific Hwy properties; Sunshine excludes Plaza Parade, Maroochydore Superstore and Horton Parade. 2. Analysis provided by Westfield. 3. Norton Plaza, whilst not under development, has
been excluded because it does not have a full 24 months of reported sales data. GPT reports in accordance with the Shopping Centre Council of Australia (SCCA) guidelines.
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Comparable Change in Retail Sales By Category Specialty stores sales have grown in the 12 months to June 2011.

GPT’s Retail portfolio occupancy levels remain high at 99.9%, with a relatively high proportion of structured rental increases. This positions GPT well to continue to deliver income growth.

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Structured rent increases
12%
Average 4.5%
increase
88%
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Market
Fixed
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Comparable Change in Retail Sales by Category MAT ($m) 12 months
as at 30 Jun 2011 growth
Department Store $221 (4.8%)
Discount Department Store $594 (2.4%)
Supermarket $1,076 3.3%
Cinemas $92 (8.8%)
Mini Major $291 (4.8%)
Large Format $301 0.1%
Non Retail $251 12.1%
Total Specialties $1,969 2.1%
Total Centre $4,796 1.2%
Specialty Sales Split
Food Retail $176 3.0%
Food Catering $332 3.9%
Apparel $675 2.6%
Jewellery $143 5.3%
Leisure $130 (3.8%)
General Retail $218 (4.8%)
Homewares $84 (1.9%)
Mobile Phone $67 16.0%
Retail Services $145 4.8%
Excludes Norton Plaza and development impacted centres, excludes Homemaker centres .
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Structured specialty rent increases for full year 2011. Based on specialty base rent.

Retail Sales

Specialty MAT Growth

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7.0%
6.0%
6.0% 5.8%
5.0% 4.8%
4.4%
4.1% 4.0%
4.0% 3.9%
3.6%
3.3%
3.2% 3.3% Average
3.0% 2.8%
2.3%
2.1%
2.0%
1.4%
1.0%
0.5%
0.2%
0.0%
Dec-03 Jun-04 Dec-04 Jun-05 Dec-05 Jun-06 Dec-06 Jun-07 Dec-07 Jun-08 Dec-08 Jun-09 Dec-09 Jun-10 Dec-10 Jun-11
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GPT and GWSCF owned assets (excludes development impacted assets and Norton Plaza and homemaker centres)

Weighted Average Capitalisation Rate (WACR) – Retail

The weighted average capitalisation rate of the Retail portfolio firmed by 6 basis points over the past 12 months to 6.19% at 30 June 2011.

Weighted Average Capitalisation Rate (WACR as at 30 June 2011)

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6.26% 6.26% 6.25%
6.21% 6.19%
6.04%
5.84%
5.72%
5.63%
30 Jun 07 31 Dec 07 30 Jun 08 31 Dec 08 30 Jun 09 31 Dec 09 30 Jun 10 31 Dec 10 30 Jun 11
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Retail Portfolio External Valuation Summary

32% of the GPT Retail portfolio was valued externally in the 6 months to 30 June 2011.

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GPT Owned State Date Valuer Valuation Interest Discount Rate Terminal Current Capitalisation
($m) (%) Capitalisation Rate (%) Rate (%)
Casuarina Square NT 30-Jun-10 KF 444.0 100% 9.25 6.25 6.00
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GPT Owned	State	Date	Valuer	Valuation ($m)	Interest	Discount Rate (%)	Terminal Capitalisation Rate(%)	Current Capitalisation Rate(%)
Casuarina Square	NT	30-Jun-10	KF	444.0	100%	9.25	6.25	6.00
Charlestown Square1	NSW	31-Dec-10	JLL	827.4	100%	9.00	6.25	6.00
DandenongPlaza	VIC	30-Jun-11	CBRE	180.0	100%	9.75	8.75	8.50
Erina Fair	NSW	31-Oct-09	CBRE	375.0	50%	8.75	6.30	6.25
Melbourne Central2	VIC	30-Jun-11	CBRE	916.0	100%	Retail: 9.00	6.00	5.75
						Car Park: 9.75	8.75	8.25
Highpoint ShoppingCentre	VIC	16.67%				n/a
Homemaker CityMaribyrnong	VIC	16.67%				n/a
Newcastle CBD	NSW	31-Dec-08	KF	66.5	100%	n/a
Rouse Hill Town Centre	NSW	31-Dec-09	CBRE	475.0	100%	9.75	6.25	6.25
Sunshine Plaza	QLD	30-Jun-11	KF	356.5	50%	9.00	6.25	6.00
Westfeld Penrith	NSW	31-Dec-10	CBRE	516.5	50%	8.75	6.00	6.00
Westfeld Woden	ACT	31-Dec-10	KF	320.0	50%	9.00	6.50	6.25

GWSCF owned	GWSCF owned	GWSCF owned	GWSCF owned	GWSCF owned	GWSCF owned	GWSCF owned	GWSCF owned	GWSCF owned
Carlingford Court	NSW	31-Dec-10	Colliers	165.5	100%	9.50	7.75	7.50
Chirnside Park	VIC	31-Mar-11	JLL	212.0	100%	9.00	7.25	7.00
ForestwayShoppingCentre	NSW	30-Jun-11	Savills	78.0	100%	9.50	7.75	7.50
Highpoint ShoppingCentre	VIC	30-Sep-10	JLL	625.0	50%	9.00	6.25	6.00
Homemaker CityMaribyrnong	VIC	31-Dec-10	JLL	27.5	50%	9.00	9.50	9.00
Macarthur Square	NSW	30-Jun-11	KF	390.3	50%	9.25	6.50	6.25
Norton Plaza	NSW	31-Mar-11	JLL	101.3	100%	9.50	7.25³	7.00³
Parkmore ShoppingCentre	VIC	31-Mar-11	Colliers	191.0	100%	9.50	7.75	7.50
WollongongCentral	NSW	31-Dec-10	KF	294.9	100%	9.25	7.00	6.75
1. Valuation includes ancillary assets. 2. Valuation includes retail and car park. 3. Excludes Norton Central cap rate of 7.25% & terminal cap rate of 7.50%.

Retail Portfolio Income and Fair Value Schedule as at 30 June 2011

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GPT Portfolio Income Fair Value
Jun 10 Jun 11 Variance Fair Value Capex Lease Acquisitions Sales Net Other Fair Value
$m $m Jun 11 Dec 2010 ($m) incentives ($m) ($m) Revaluations Adjustments June 2011
(6 mths) (6 mths) ($m) ($m) ($m) ($m) ($m) ($m)
GPT Owned
Casuarina Square 14.0 14.4 0.4 448.1 2.9 3.4 0.0 0.0 0.0 (0.1) 454.3
Charlestown Square 6.6 23.6 17.0 827.4 7.4 0.3 0.0 0.0 0.0 (0.2) 834.9
Dandenong Plaza 9.5 9.7 0.2 190.0 (0.2) 0.1 0.0 0.0 (9.9) 0.0 180.0
Erina Fair 11.4 11.7 0.3 376.7 0.1 0.0 0.0 0.0 0.8 0.1 377.7
Highpoint 6.0 6.2 0.2 208.3 3.6 0.0 0.0 0.0 0.0 0.0 211.9
Homemaker City Maribyrnong 0.4 0.4 0.0 9.2 0.0 0.0 0.0 0.0 0.0 0.1 9.3
Westfield Penrith 14.6 15.6 1.1 516.5 1.4 0.0 0.0 0.0 0.0 0.1 518.0
Sunshine Plaza 10.9 11.3 0.4 343.1 1.1 0.0 0.0 0.0 12.3 0.0 356.5
Westfield Woden 9.4 9.8 0.4 320.0 0.8 0.0 0.0 0.0 0.0 0.0 320.8
Homemaker City Aspley 2.1 2.2 0.1 46.5 0.3 0.0 0.0 0.0 0.0 0.0 46.8
Homemaker City Fortitude Valley 1 1.5 1.3 (0.1) 30.0 0.0 0.0 0.0 0.0 0.9 0.0 30.9
Homemaker City Fortitude Valley 2 1.3 1.3 0.0 32.0 0.0 0.0 0.0 0.0 (2.3) 0.0 29.7
Homemaker City Fortitude Valley 3 1.6 1.5 (0.1) 38.5 1.2 0.5 0.0 0.0 (4.2) 0.0 36.0
Homemaker City Jindalee 2.2 2.5 0.3 48.4 0.1 0.2 0.0 0.0 0.0 (0.2) 48.5
Melbourne Central - includes
100% of car park 25.1 25.6 0.6 812.5 15.7 3.0 0.0 0.0 85.4 (0.7) 916.0
Rouse Hill Town Centre 17.9 18.7 0.9 481.1 2.2 0.2 0.0 0.0 0.0 0.0 483.4
Newcastle CBD 0.3 0.1 (0.2) 49.1 0.1 0.0 0.0 0.0 (9.2) 0.0 40.0
Asset sold during the period
Homemaker City Bankstown 1.2 0.0 (1.2)
GPT equity Interest in GWSCF [1] 17.1 11.5 (5.6) 393.9 0.0 0.0 5.7 (33.3) 7.2 0.0 373.5
Total Retail 153.1 167.6 14.5 5,171.3 36.7 7.7 5.7 (33.3) 81.0 (0.9) 5,268.2
1. GPT’s ownersship interest in GWSCF is 20.2%
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Retail Income and Fair Value Summary – GWSCF

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GWSCF Portfolio Income Fair Value
Jun 10 Jun 11 Variance Fair Value Fair Value Cap Rate as Cap Rate as Latest External
$m $m Jun 11 Dec 10 Jun 11 at Dec 10 at Jun 11 Valuation
(6 mths) (6 mths) ($m) ($m) ($m) (%) (%)
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GWSCF Portfolio	Income	Income	Income	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value
	Jun 10 $m (6 mths)	Jun 11 $m (6 mths)	Variance Jun 11 ($m)	Fair Value Dec 10 ($m)	Fair Value Jun 11 ($m)	Cap Rate as at Dec 10 (%)	Cap Rate as at Jun 11 (%)	Latest External Valuation

Carlingford Court	6.1	6.1	0.0	165.5	165.7	7.50	7.50	31 Dec 10
Chirnside Park	6.7	7.5	0.8	200.2	212.4	7.00	7.00	31 Mar 11
ForestwayShoppingCentre	2.7	2.8	0.1	72.1	78.0	7.75	7.50	30 Jun 11
Parkmore ShoppingCentre	6.8	7.1	0.3	178.6	191.2	7.75	7.50	31 Mar 11
WollongongCentral	7.7	8.6	0.8	294.9	298.6	6.75	6.75	31 Dec 10
Macarthur Square	11.6	11.4	(0.2)	385.8	390.3	6.25	6.25	30 Jun 11
Highpoint ShoppingCentre	18.1	18.6	0.5	626.6	637.4	6.00	6.00	30 Sep10
Homemaker CityMaribyrnong	1.2	1.3	0.1	27.5	27.6	9.00	9.00	31 Dec 10
Norton Plaza¹	3.3	3.5	0.2	97.2	101.4	7.00	7.00	31 Mar 11
Total	64.3	67.0	2.7	2,048.4	2,102.5	6.68	6.65
¹ Norton Plaza valuation includes the adjoining Norton Central complex. Cap rate as at 30 June 2011 excludes Norton Central (7.25%).

Sustainability Retail

Ongoing community and sustainability initiatives are important for the Retail portfolio.

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Melbourne Central, Victoria
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With community engagement fundamental to our strategy and helping to ensure that our sites and services meet the needs of our stakeholders, engaging with our retailers and the communities is an important area of competitive advantage for the GPT Group.

During 2010 GPT invested $1.6 million in communities in which our assets are located.

31% of GPT employees volunteered a total of 938 hours of their time in community programs.

Environmental Sustainability

25% 27% WATER INTENSITY ENERGY INTENSITY REducTIoN SINcE 2005 REducTIoN SINcE 2005

13% 40% EMISSIoNS INTENSITY REcYcLING RATE REducTIoNS SINcE 2005

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Casuarina Square
Northern Territory
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casuarinasquare.com.au
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Casuarina Square is the premier shopping destination in Darwin and the Northern Territory. The Centre includes two discount department stores, two supermarkets and a cinema entertainment offer.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GPT)	October 1973	Construction/Refurbishment	Completed 1973/Refurbished 1998
Property Details
Retail	50,800 sqm	Other1	1,700 sqm
Offce	600 sqm	Total	53,100 sqm
Latest Valuation
Value	$444.0m	Capitalisation Rate	6.00%
Valuer	Knight Frank	Terminal Capitalisation Rate	6.25%
Valuation Date	30 June 2010	Discount Rate	9.25%
GPT Fair Value2	$454.3m	Income (6 Months)	$14.4m
Centre Details
Number of Tenancies	189	Retail Occupancy	99.9%
Car Parking Spaces	2,400
Expiry Profle by Base Rent3	2 H 2011: 18%	2012: 14%	2013: 16%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	$7,911	$10,480
Occupancy Costs	9.4%	14.4%
Annual Sales Turnover	$380.3m
Key Tenants	Area (sqm)	Expiry Date
Kmart	7,450	September 2030
Big W4	6,860	October 2010
Woolworths	5,020	June 2018
BCC Cinemas	4,120	December 2018
Coles	3,930	December 2020

Service Station & Health Club. 2. GPT Fair Value based on cap rate of 6.00%. 3. Excludes tenancies over 400sqm. 4 Terms agreed on new 20 year lease.

Community initiatives - Arts, Music and Culture Program

Casuarina Square launched its Arts, Music and Culture Program in mid-2011, which is an ongoing program consisting of live performances and exhibitions at Casuarina Square showcasing local talent and expertise.

Sustainability initiatives

Recent upgrades to chilled water systems will provide improved service and higher energy efficiency to the Centre and to major tenants.

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Dandenong Plaza
Victoria
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dandenongplaza.com.au
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Dandenong Plaza is located in southeast Melbourne. The Centre is the retail heart of Central Dandenong, a social and economic centre of south-east metropolitan Melbourne and a culturally diverse locality in Victoria. The Centre has been servicing its local region and community since 1989.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%	Asset Type	Major Regional Centre
Acquired (by GPT)	December 1993	Construction/Refurbishment	Completed 1989/ Refurbished 1995
Property Details
Retail	61,800 sqm	Other1	200 sqm
Offce	n/a	Total	62,000 sqm
Latest Valuation
Value	$180.0m	Capitalisation Rate	8.50%
Valuer	CB Richard Ellis	Terminal Capitalisation Rate	8.75%
Valuation Date	30 June 2011	Discount Rate	9.75%
GPT Fair Value2	$180.0m	Income (6 Months)	$9.7m
Centre Details
Number of Tenancies	181	Retail Occupancy	100%
Car Parking Spaces	3,248
Expiry Profle by Base Rent3	2 H 2011: 8%	2012: 12%	2013: 19%
Sales Information	Total Centre	Specialties
Sales Turnover per Square Metre	$4,110	$6,585
Occupancy Costs	11.1%	17.5%
Annual Sales Turnover	$240.5m
Key Tenants	Area (sqm)	Expiry Date
Myer	15,080	July 2016
Target	6,660	July 2015
Kmart	5,790	July 2012
Safeway	3,890	December 2014
Coles4	3,300	August 2010
Reading Cinemas	2,780	August 2023
1. Car Wash. 2. GPT Fair Value based on external valuation. 3. Excludes tenancies over 400sqm. 4. New lease currently under negotiation.

Community initiatives - Youth Information Centre

A joint initiative of Mission Australia and Dandenong Plaza, the Youth Information Centre provides information and referral services to young people, parents and families, benefiting retailers and the broader community. It also delivers a range of programs, events and activities that engage and promote positive images of young people.

Erina Fair New South Wales

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Erina Fair is located on the NSW Central Coast. The Centre includes a large mix of major retailers, specialty shops, bulk retail, entertainment and restaurant precincts. Erina Fair is owned jointly with Australian Prime Property Fund Retail and is managed by Lend Lease.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	50%	Asset Type	Super Regional Centre
Co-Owner	Australian Prime Property Fund Retail	Construction/Refurbishment	Completed 1987/Refurbished 2003, 2009
Acquired (by GPT)	June 1992
Property Details
Retail	104,300 sqm	Other1	9,200 sqm
Offce	n/a	Total	113,500 sqm
Latest Valuation
Value	$375.0m	Capitalisation Rate	6.25%
Valuer	CB Richard Ellis	Terminal Capitalisation Rate	6.30%
Valuation Date	31 October 2009	Discount Rate	8.75%
GPT Fair Value2	$377.7m	Income (6 Months)	$11.7m
Centre Details
Number of Tenancies	326	Retail Occupancy	99.7%
Car Parking Spaces	4,600
Expiry Profle by Base Rent3	2 H 2011: 7%	2012: 9%	2013: 29%
Sales Information	Total Centre	Specialities
Sales Turnover per Square Metre	$6,095	$7,737
Occupancy Costs	9.2%	17.4%
Annual Sales Turnover	$621.4m
Key Tenants	Area (sqm)	Expiry Date
Myer	12,130	August 2032
Big W	8,270	August 2028
Target	7,840	July 2013
Kmart	6,210	October 2029
Woolworths	4,850	November 2033
Coles	4,000	February 2018
Hoyts	3,800	November 2016
1. Car Wash, Health Club & Ice Rink. 2. GPT Fair Value based on cap rate of 6.25% and		includes surplus land. 3. Excludes tenancies over 400sqm.

Sustainability initiatives

Recent sustainability measures include a major water collection and a re-use project which is part funded through a government grant.

Melbourne Central

Victoria

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melbournecentral.com.au
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Melbourne Central is a landmark office and retail property located in the Melbourne CBD. GPT’s redevelopment of the retail component in 2005 converted a traditional regional shopping centre into Melbourne’s premier retail, leisure and lifestyle destination.

Work commenced in 2010 at Melbourne Central that created a unique food precinct and new on-trend fashion offer with iconic brands including Converse (third store in the world) and a Nike flagship store. The project will be completed late 2011.

For information on the office tower which forms part of Melbourne Central, see the Office section of this document.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%	Asset Type	City Centre
Acquired [by GPT]	May 1999	Construction/Refurbishment	Completed 1991/ Refurbished 2005 & 2011
Property Details
Retail	48,400 sqm	Other1	4,000 sqm
Offce	n/a	Total	52,200 sqm
Latest Valuation
Value2	$916.0m	Capitalisation Rate3	5.75%
Valuer	CB Richard Ellis	Terminal Capitalisation Rate3	6.00%
Valuation Date	30 June 2011	Discount Rate3	9.00%
GPT Fair Value4	Retail: $846.0m Car Park: $70.0m	Income (6 months)	$25.6m
Centre Details
Number of Tenancies	292	Retail Occupancy	100%
Car Parking Spaces	1,592
Expiry Profle by Base Rent5	2 H 2011: 4%	2012: 4%	2013: 7%
Sales Information
Annual Sales Turnover	Total Centre	Specialties
Sales Turnover per Square Metre	$7,396	$9,392
Occupancy Costs	16.1%	19.0%
Annual Sales Turnover	$355.0m
Key Tenants	Area (sqm)	Expiry Date
Hoyts	7,710	September 2020
Coles	1,310	September 2014
1. Health Club and Bowling Alley. 2. Includes retail and car park. 3. Retail component only. 4. GPT Fair Value based on external valuation. 5. Excluding tenancies over 400sqm.

Community initiatives - STREAT Partnership

GPT’s partnership with STREAT celebrated the milestone of 30,000 coffees served at Melbourne Central in early 2011. STREAT is a social enterprise providing homeless youth with a supported pathway to long-term careers in the hospitality industry. In March 2011 STREAT’s Coffee Cadets program was kick started which trains youth to become baristas to work at Melbourne Central and future sites.

Charlestown Square New South Wales

charlestownsquare.com.au

The GPT Group’s Charlestown Square is the largest shopping centre in the Hunter Region, servicing the local area since 1979.

GPT’s $470 million Charlestown Square development, completed late 2010, has added approximately 41,000 sqm and provided a new retail, entertainment and community destination for the Hunter Region of NSW.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%	Asset Type	Super Regional Centre
Acquired (by GPT)	December 1977	Construction/Refurbishment	Completed 1979/Refurbished 1989, 2010
Property Details
Retail	84,700 sqm	Other1	3,300 sqm
Offce	2,400 sqm	Total	90,300 sqm
Latest Valuation
Value	$827.35m	Capitalisation Rate	6.00%
Valuer	Jones Lang LaSalle	Terminal Capitalisation Rate	6.25%
Valuation Date	31 December 2010	Discount Rate	9.00%
GPT Fair Value2	$834.9m	Income (6 Months)	$23.6m
Centre Details
Number of Tenancies	307	Retail Occupancy3	n/a
Car Parking Spaces	3,450
Expiry Profle by Base Rent4	2 H 2011: 3%	2012: 2%	2013: 4%
Sales Information3	Total Centre	Specialties
Sales Turnover per Square Metre	$5,692	$8,221
Occupancy Costs	11.6%	17.0%
Annual Sales Turnover	$365.0m
Key Tenants	Area (sqm)	Expiry Date
Myer	12,840	October 2035
Target	5,585	July 2016
Woolworths	4,800	August 2030
Reading Cinemas	4,580	October 2025
Coles	4,315	August 2030
Big W	7,750	October 2030
1. Health Club, Bowling Alley, Car Wash and Service Station. 2. GPT Fair Value based on cap r 4. Excludes tenancies over 400sqm.		ate of 6.00% and includes value of ancilliary	properties. 3. Development Impacted

Community initiatives

The Charlestown Square redevelopment brought with it 1,250 new retail job opportunities to the Hunter Region. Together, GPT and RAS Recruitment developed the My Job at Charlestown Square program. At the program’s core is a dedicated website, www.myjobatcharlestownsquare.com.au, which acts as an information hub for job seekers where they can register their interest in role categories or specific positions, and upload their resumes.

Sustainability initiatives

Commissioning of a low carbon, high efficiency energy system has been commissioned with electricity, hot water and chilled water provided by a natural gas trigeneration system. A highly innovative solar thermal chilled water system is included in the recent additions.

Homemaker City Portfolio Queensland

homemakercity.com.au

Following the divestment of a number of assets, GPT’s Homemaker City Portfolio now consists of three Homemaker City centres located in Queensland, and one in Victoria adjacent to Highpoint Shopping Centre. All major bulk retail categories are represented within the portfolio and major retailers include the Freedom Group, Domayne/Harvey Norman, Forty Winks, Nick Scali and Snooze.

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Key Metrics as at 30 June 2011
Ownership Interest 100%
Acquired (by GPT) Various
Asset Type Bulky Goods Centres
Construction/Refurbishment Various
Property Details
Income (6 months) $8.8m Retail Occupancy 94.70%
GPT Fair Value $191.9m
Asset State Gross Lettable Number of Car Parking GPT Fair Value
Area (sqm) Tenancies Spaces Capitalisation Rate
Aspley QLD 24,600 47 500 10.00%
Jindalee QLD 21,800 44 600 9.75%
Fortitude Valley QLD 38,300 37 660 9.11%
Total 84,700 128 1,760 9.49%
Key Tenants Area (sqm)
Domayne/Harvey Norman 7,380
Nick Scali 5,460
Freedom Furniture 4,570
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The remaining Homemaker assets will be sold in due course.

Rouse Hill Town Centre New South Wales

rhtc.com.au

Rouse Hill Town Centre is located approximately 35kms north-west of the Sydney CBD. Rouse Hill Town Centre combines the traditional values and streetscape of a contemporary market town with the latest shopping, dining and lifestyle choices, and has set a new standard for sustainable retail development.

Developed by GPT and completed in March 2008, Rouse Hill Town Centre forms the centrepiece of a wider urban development, called The New Rouse Hill, a joint venture between GPT and Lend Lease in conjunction with Landcom and the NSW LPMA.

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Key Metrics as at 30 June 2011
Ownership Interest 100% Asset Type Regional Centre
Acquired (by GPT) Stage 1: September 2007 Construction/Refurbishment Completed 2008
Stage 2: March 2008
Property Details
Retail 63,600 sqm Other [1] 3,000 sqm
Offce 2,800 sqm Total 69,400 sqm
Latest Valuation
Value $475.0m Capitalisation Rate 6.25%
Valuer CB Richard Ellis Terminal Capitalisation Rate 6.25%
Valuation Date 31 December 2009 Discount Rate 9.75%
GPT Fair Value [2] $483.4m Income (6 Months) $18.7m
Centre Details
Number of Tenancies 233 Retail Occupancy 100%
Car Parking Spaces 2,900
Expiry Profle by Base Rent [3] 2 H 2011: 1% 2012: 15% 2013: 48%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $5,948 $6,287
Occupancy Costs 9.6% 16.4%
Annual Sales Turnover $362.5m
Key Tenants Area (sqm) Expiry Date
Big W 8,560 March 2028
Target 6,820 March 2028
Reading Cinemas 5,780 April 2023
Woolworths 4,610 September 2027
Coles 4,120 September 2027
1. Learning and Community, Car Wash. 2. GPT Fair Value based on cap rate of 6.25%. 3. Excludes tenancies over 400sqm.
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Awards

In October 2010 the Centre was recognised as a winner in the 2010 Urban Land Institute (ULI) Global Awards for Excellence. In 2011, Rouse Hill Town Centre received a highly commended recognition for Australian Retail Development in the International Property Awards.

Community initiatives - GPT Food Recovery Program

GPT launched the GPT Food Recovery Program in September 2010 with a five year partnership with Parramatta Mission. GPT’s Food Recovery Van collects left over fresh food from Rouse Hill Town Centre retailers each day and re-distributes it via the Mission’s crisis services to people in need. As at April 2011, Parramatta Mission had collected over 13,500 kilograms of left-over fresh and prepared food – enough food for over 40,000 meals.

Sunshine Plaza Queensland

sunshineplaza.com

Sunshine Plaza is located in Maroochydore on Queensland’s Sunshine Coast.

Sunshine Plaza includes the region’s only Myer department store, two discount department stores and two full line supermarkets. In addition, the Centre has a strong entertainment, leisure and lifestyle component.

Sunshine Plaza is owned jointly with Australian Prime Property Fund Retail and is managed by Lend Lease.

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Key Metrics as at 30 June 2011
Ownership Interest 50% Asset Type Major Regional Centre
Co-Owner Australian Prime Property Fund Construction/Refurbishment [Completed 1994/]
Retail (50%) Refurbished 2002
Acquired (by GPT) December 1992
Property Details
Retail 71,800 sqm Other [1] 700 sqm
Offce 200 sqm Total 72,600 sqm
Latest Valuation
Value $356.5m Capitalisation Rate 6.00%
Valuer Knight Frank Terminal Capitalisation Rate 6.25%
Valuation Date 30 June 2011 Discount Rate 9.25%
GPT Fair Value [2] $356.5m Income (6 Months) $11.3m
Centre Details
Number of Tenancies 254 Retail Occupancy 99.9%
Car Parking Spaces 3,521
Expiry Profle by Base Rent [3] 2 H 2011: 10% 2012: 22% 2013: 21%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $8,127 $10,683
Occupancy Costs 10.3% 17.6%
Annual Sales Turnover $503.7m
Key Tenants Area (sqm) Expiry Date
Myer 12,890 July 2024
Target 6,900 July 2018
Kmart 6,590 September 2020
Coles 5,630 February 2019
BCC Cinemas 4,690 November 2022
Woolworths 3,880 November 2022
1. Tavern & Car Wash. 2. GPT Fair Value based on external valuation. 3. Excludes tenancies over 400sqm.
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Westfield Penrith New South Wales

westfield.com.au/penrith

Westfield Penrith is a regional shopping centre located in the heart of Penrith, one hour’s drive west of the Sydney CBD.

The Centre includes a Myer department store, two discount department stores, a cinema complex and two supermarkets. Westfield Penrith is owned jointly with, and managed by Westfield.

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Key Metrics as at 30 June 2011
Ownership Interest 50% Asset Type Super Regional Centre
Co-Owner Westfield (50%) Construction/Refurbishment Completed 1971/Refurbished 2005
Acquired (by GPT) Westfeld Penrith: June 1971, Riley Square: June 1994, Borec House: July 2002
Property Details
Retail 86,200 sqm Other [1] 2,600 sqm
Offce 4,600 sqm Total 93,300 sqm
Latest Valuation
Value $516.5m Capitalisation Rate 6.00%
Valuer CB Richard Ellis Terminal Capitalisation Rate 6.00%
Valuation Date 31 December 2010 Discount Rate 8.75%
GPT Fair Value [2] $518.0m Income (6 Months) $15.6m
Centre Details
Number of Tenancies 328 Retail Occupancy 100%
Car Parking Spaces 3,521
Expiry Profle by Base Rent [3] 2 H 2011: 16% 2012: 24% 2013: 11%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,891 $10,099
Occupancy Costs 12.1% 19.6%
Annual Sales Turnover $575.8m
Key Tenants Area (sqm) Expiry Date
Myer 20,110 July 2013
Big W 8,740 March 2012
Target 7,100 July 2019
Hoyts Cinema 4,790 April 2018
Woolworths 3,800 March 2012
Franklins 2,010 July 2016
1. Tavern & Car Wash. 2. GPT Fair Value based on cap rate of 6.00%. 3. Excludes tenancies over 400sqm.
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Westfield Woden Australian Capital Territory

westfield.com.au/woden

Westfield Woden is one of the largest shopping, leisure and lifestyle destinations in Canberra, and is approximately 10 minutes’ drive south of the CBD.

The Centre includes a strong retail offer, with a department store and discount department store, as well as a cinema complex and over 200 specialty retailers. Westfield Woden is owned jointly with, and managed by Westfield.

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Key Metrics as at 30 June 2011
Ownership Interest 50% Asset Type Major Regional Centre
Co-Owner Westfield (50%) Construction/Refurbishment [Completed 1972/] Refurbished 2000
Acquired (by GPT) February 1986
Property Details
Retail 64,700 sqm Other [1] 1,000 sqm
Offce 6,600 sqm Total 72,300 sqm
Latest Valuation
Value $320.0m Capitalisation Rate 6.25%
Valuer Knight Frank Terminal Capitalisation Rate 6.50%
Valuation Date 31 December 2010 Discount Rate 9.00%
GPT Fair Value [2] $320.8m Income (6 months) $9.8m
Centre Details
Number of Tenancies 241 Retail Occupancy 99.5%
Car Parking Spaces 2,700
Expiry Profle by Base Rent [3] 2 H 2011: 12% 2012: 19% 2013: 18%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,860 $9,502
Occupancy Costs 10.0% 17.8%
Annual Sales Turnover $424.5m
Key Tenants Area (sqm) Expiry Date
David Jones 13,630 March 2030
Big W 8,490 August 2019
Woolworths 4,080 March 2019
Hoyts Cinemas 3,780 June 2020
Coles 3,400 March 2014
1. Health Club & Car Wash. 2. GPT Fair Value based on cap rate of 6.25%. 3. Excludes tenancies over 400sqm.
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GPT Wholesale Shopping Centre Fund

The GPT Wholesale Shopping Centre Fund (GWSCF) provides GPT with an important source of income through funds management, property management and development management fees.

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Wollongong Shopping Centre, NSW
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Top Ten Tenants

as at 30 June 2011

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Tenant Income (%) [1]
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Tenant	Income(%)1

Wesfarmers	7.1%
Woolworths	5.9%
Myer	2.2%
Premier Retail(Just Group)	1.9%
Fitness First	1.4%
Cotton On	1.3%
Hoyts	1.2%
SpecialtyFashion Group	1.2%
David Jones	1.1%
Prouds	1.1%
1. Based on gross rent (including turnover rent).

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Portfolio Diversity
as at 30 June 2011
1%
14%
30%
9%
8%
19%
19%
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Super Regional Neighbourhood
Major Regional City centre
Regional Bulky goods centre
Sub Regional
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Carlingford Court New South Wales

carlingfordcourt.com.au

Carlingford Court is located in a well established market approximately 20 kilometres north-west of the Sydney CBD. The Centre is convenience and everyday needs focused, with a strong social and neighbourhood feel. The Centre includes two supermarkets, a two level Target discount department store and a restaurant precinct.

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Key Metrics as at 30 June 2011
Ownership Interest 100% Asset Type Sub Regional Centre
Completed 1965/
Acquired (by GWSCF) March 2007 Construction/Refurbishment Refurbished 1971,
1978, 1989, 2000, 2007
Property Details
Retail 28,700 sqm Other [1] 4,100 sqm
Offce 200 sqm Total 33,000 sqm
Latest Valuation
Value $165.5m Capitalisation Rate 7.50%
Valuer Colliers International Terminal Capitalisation Rate 7.75%
Valuation Date 31 December 2010 Discount Rate 9.50%
GWSCF Fair Value [2] $165.7m Income (6 Months) $6.1m
Centre Details
Number of Tenancies 106 Retail Occupancy 99.3%
Car Parking Spaces 1,443
Expiry Profle by Base Rent [3] 2 H 2011: 8% 2012: 12% 2013: 15%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,648 $8,545
Occupancy Costs 8.5% 16.1%
Annual Sales Turnover $179.2m
Key Tenants Area (sqm) Expiry Date
Target 8,010 November 2026
Woolworths 3,870 November 2018
Coles 3,500 November 2015
1. Health Club & Car Wash. 2. GWSCF Fair Value based on cap rate of 7.50%. 3. Excludes tenancies over 400sqm.
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Community initiatives - GPT Kitchen Gardens Program

In 2010, GPT entered into a partnership with Stephanie Alexander Kitchen Garden Foundation as part of its social investment program. This partnership has seen GPT develop the Magic of Growth program which replaces typical shopping centre interiors with sustainable kitchen gardens for the community to share. Carlingford Court have introduced a Community Kitchen Garden near a main entry into the Centre and has seen over 1,000 children participate in the Magic of Growth Program since October 2010.

Sustainability - initiatives

A successful application to the Federal Government’s Green Building Fund will allow for further energy efficiency works to be completed during 2011/12.

Chirnside Park

Victoria

chirnsidepark.com.au

Chirnside Park is a regional shopping centre situated approximately 30 kilometres north-east of Melbourne.

The Centre, which incorporates two discount department stores and three supermarkets, provides an excellent convenience offer in the north-eastern region of Melbourne.

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Key Metrics as at 30 June 2011
Ownership Interest 100% Asset Type Regional Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment [Completed 1979/] Refurbished 1999,2002
Property Details
Retail 36,700 sqm Other [1] 1,100 sqm
Offce n/a Total 37,900 sqm
Latest Valuation
Value $212.0m Capitalisation Rate 7.00%
Valuer Jones Lang LaSalle Terminal Capitalisation Rate 7.25%
Valuation Date 31 March 2011 Discount Rate 9.00%
GWSCF Fair Value [2] $212.4m Income (6 Months) $7.5m
Centre Details
Number of Tenancies 117 Retail Occupancy 100%
Car Parking Spaces 2045
Expiry Profle by Base Rent [3] 2 H 2011: 10% 2012: 16% 2013: 22%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $8,279 $10,330
Occupancy Costs 6.5% 13.9%
Annual Sales Turnover $278.9m
Key Tenants Area (sqm) Expiry Date
Kmart 8,250 September 2014
Target 4,770 July 2018
Woolworths 4,180 September 2014
Reading Cinemas 3,500 May 2016
Coles 3,290 September 2014
Aldi 1,370 April 2013
1. Service Station. 2. GWSCF Fair Value based on cap rate of 7.00%. 3. Excludes tenancies over 400sqm.
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Community initiatives - GPT Kitchen Gardens Program

Chirnside Park is now home to a Community Kitchen Garden located at a main entry to the Centre. The Chirnside Park Kitchen Garden Club has grown to 67 members, who regularly attend the Centre to participate in Garden “Working Bees”.

Forestway Shopping Centre New South Wales

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forestway.com.au

Forestway Shopping Centre is a convenience based shopping centre situated in an affluent market in the suburb of Frenchs Forest, approximately 13 kilometres north of the Sydney CBD.

Forestway Shopping Centre is a highly productive centre and includes two supermarkets and a strong service offer.

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Key Metrics as at 30 June 2011
Ownership Interest 100% Asset Type Neighbourhood Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment [Completed 1964/] Refurbished 2004
Property Details
Retail 8,300 sqm Other [1] 550 sqm
Offce 750 sqm Total 9,600 sqm
Latest Valuation
Value $78.0m Capitalisation Rate 7.50%
Valuer Savills Terminal Capitalisation Rate 7.75%
Valuation Date 30 June 2011 Discount Rate 9.50%
GWSCF Fair Value [2] $78.0m Income (6 Months) $2.8m
Centre Details
Number of Tenancies 53 Retail Occupancy 99.8%
Car Parking Spaces [3] 437
Expiry Profile by Base Rent [4] 2 H 2011: 13% 2012: 9% 2013: 17%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $13,634 $10,360
Occupancy Costs 6.5% 14.1%
Annual Sales Turnover $101.1m
Key Tenants Area (sqm) Expiry Date
Woolworths 2,660 November 2028
Franklins 1,250 September 2018
1. Car Wash. 2. GWSCF Fair Value based on external valuation. 3. Includes 99 council owned car spaces. 4. Exludes tenancies over 400sqm.
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Highpoint Shopping Centre Victoria

highpoint.com.au

Highpoint Shopping Centre is located in Maribyrnong, eight kilometres north-west of the Melbourne CBD and is one of Australia’s leading retail destinations.

A $300 million re-development of Highpoint Shopping Centre commenced in 2011 and will take approximately two years to complete.

The expansion represents a greatly improved Highpoint for customers and the western region of Melbourne with an extensively enhanced retail offer, including the first David Jones to Melbourne’s west, the creation of significant job opportunities, improved traffic flow, new public spaces and sustainability initiatives.

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Key Metrics as at 30 June 2011
Super Regional
Ownership Interest 50% (GWSCF) 16.67% (GPT) Asset Type Centre
Co-Owners Highpoint Property Group Construction/Refurbishment Completed 1975/
(33.33%) Refurbished 1989,
1995, 2006
Acquired August 2009 (GPT) March 2007 (GWSCF)
Property Details
Retail 113,900 sqm Other 7,100 sqm
Office 1,800 sqm Total [2] 122,800 sqm
Latest Valuation
Value $625.0m Capitalisation Rate 6.00%
Valuer Jones Lang LaSalle Terminal Capitalisation Rate 6.25%
Valuation Date 30 September 2010 Discount Rate 9.00%
Fair Value [3] (GWSCF) $637.4m Income (6 Months) (GWSCF) $18.6m
(GPT) $211.9m (GPT) $6.2m
Centre Details
Number of Tenancies 412 Retail Occupancy [4] n/a
Car Parking Spaces [1] 6,200
Expiry Profle by Base Rent [3] 2 H 2011: 12% 2012: 16% 2013: 23%
Sales information [4] Total Centre Specialties
Sales Turnover per Square Metre $6,808 $9,331
Occupancy Costs 12.4% 21.0%
Annual Sales Turnover $769.6m
Key Tenants Area (sqm) Expiry Date
Myer 19,120 June 2021
Target 9,920 July 2015
Hoyts 9,030 April 2014
Big W 8,160 June 2025
Safeway² 3,410 N/A
1. Car Park is impacted by development works. 2. Pre-development impact. 3. Excludes tenancies over 400sqm. 4. Development impacted.
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Community initiatives - The Learning Store @ Highpoint Shopping Centre

Victoria University has extended its reach into the community with the launch of The Learning Store @ Highpoint Shopping Centre. The Learning Store is located permanently at Highpoint from November to February, offering free study and employment advice by trained counsellors in addition to courses in collaboration with a growing network of partners. In February 2011 the Learning Store @ Highpoint was relocated to Level 4 and the opportunity to open the Learning Store Kiosk, in the Centre on Level 1 was provided. This has been very successful with a 95% increase in the number of general enquiries about education and training.

Homemaker City Maribyrnong Victoria

homemakercity.com.au

Homemaker City Maribyrnong is located adjacent to Highpoint Shopping Centre. This location offers synergies in management and the ability to integrate the retail offer with that of Highpoint Shopping Centre.

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Key Metrics as at 30 June 2011
Ownership Interest 50% (GWSCF) 16.67% (GPT) Asset Type Bulky Goods Centre
Co-Owners Highpoint Property Group (33.33%) [Construction/] Refurbishment Completed 1990
Acquired (by GWSCF) March 2007 (GWSCF) August 2009 (GPT)
Property Details
Retail 21,200 sqm Other n/a
Offce n/a Total 21,200 sqm
Latest Valuation
Value [1] $27.5m Capitalisation Rate 9.00%
Valuer Jones Lang LaSalle Terminal Capitalisation Rate 9.50%
Valuation Date 31 December 2010 Discount Rate 9.00%
Fair Value [2] $27.6m (GWSCF) & $9.3m (GPT) Income (6 Months) (GWSCF) $1.3m
(GPT) $0.4m
Centre Details
Number of Tenancies 19 Retail Occupancy 100%
Car Parking Spaces 505
Expiry Profle by Base Rent [3] 2 H 2011: 27% 2012: 21% 2013: 8%
Key Tenants Area (sqm) Expiry Date
Fantastic Furniture 2,210 October 2011
Easy Living Furniture [4] 2,210 April 2011
Retravision 1,500 July 2014
Mothercare 1,270 August 2015
Furniture Galore 1,180 October 2015
Alex's Discount Furniture 1,180 November 2012
BBQs Galore 1,170 August 2011
1. GWSCF external valuation. 2. Fair Value based on cap rate of 9.00%. 3. Includes all tenancies. 4. New lease currently under negotiation.
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Macarthur Square New South Wales

macarthursquare.com.au

Macarthur Square is located in Campbelltown, 50 kilometres south-west of the Sydney CBD, in an area of strong population growth.

The Centre is the only regional centre in its trade area and enjoys a strong trading position. The Centre is jointly owned with Australian Prime Property Fund Retail and managed by Lend Lease.

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Key Metrics as at 30 June 2011
Ownership Interest 50% Asset Type Major Regional Centre
Co-Owner Australian Prime Property Retail Construction/Refurbishment [Completed 1979/]
Fund (50%) Refurbished 2006
Acquired (by GWSCF) March 2007
Property Details
Retail 83,700 sqm Other [1] 8,800 sqm
Offce 2,400 sqm Total 94,900 sqm
Latest Valuation
Value $390.25m Capitalisation Rate 6.25%
Valuer Knight Frank Terminal Capitalisation Rate 6.50%
Valuation Date 30 June 2011 Discount Rate 9.25%
GWSCF Fair Value [2] $390.25m Income (6 Months) $11.4m
Centre Details
Number of Tenancies 306 Retail Occupancy 99.1%
Car Parking Spaces 3,600
Expiry Profle by Base Rent [3] 2 H 2011: 22% 2012: 17% 2013: 14%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $6,169 $8,898
Occupancy Costs 10.7% 17.5%
Annual Sales Turnover $537.0m
Key Tenants Area (sqm) Expiry Date
David Jones 12,240 April 2017
Big W 8,790 September 2019
Event Cinemas 6,090 March 2021
Target 4,450 April 2016
Woolworths 4,190 November 2015
Coles 3,760 November 2020
1. Bowling Alley, Service Station, Health Clubs, Car Wash and Swim School. 2. GWSCF Fair Value based on external valuation. 3. Excludes tenancies over 400sqm.
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Norton Plaza

New South Wales

nortonplaza.com.au

Norton Plaza is a high performing neighbourhood shopping centre anchored by a full line Coles supermarket and Norton Street Grocer.

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Key Metrics as at 30 June 2011
Ownership Interest 100% Asset Type Neighbourhood Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment Completed late 1990s and 2000
Property Details
Retail 9,000 sqm Other [1] 600 sqm
Offce 2,400 sqm Total 11,900 sqm
Latest Valuation
Value [2] $101.3m Capitalisation Rate [3] 7.00%
Valuer Jones Lang LaSalle Terminal Capitalisation Rate [3] 7.25%
Valuation Date 31 March 2011 Discount Rate 9.50%
GWSCF Fair Value [4] $101.4m Income (6 Months) $3.5m
Centre Details
Number of Tenancies 55 Retail Occupancy 100%
Car Parking Spaces 485
Expiry Profle by Base Rent [5] 2 H 2011: 9% 2012: 16% 2013: 9%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $14,574 $12,863
Occupancy Costs 5.1% 10.4%
Annual Sales Turnover $101.3m
Key Tenants Area (sqm) Expiry Date
Coles 3,770 November 2019
1. Car wash & tavern. 2. Includes Norton Plaza and Norton Central. 3. Norton Plaza only. 4. GWSCF Fair Value based on cap rates: Norton Plaza (7.00%) and Norton Central
(7.25%). 5. Excludes tenancies over 400sqm.
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Community initiatives - GPT Kitchen Gardens Program

Through GPT’s partnership with Stephanie Alexander Kitchen Garden Foundation as part of its social investment program, developed the Magic of Growth program which replaces typical shopping centre interiors with sustainable kitchen gardens for the community to share.

Leveraging this partnership, Norton Plaza has delivered a rooftop community garden, a space custom made for shoppers, retailers and the broader community. Norton Plaza’s Kitchen Garden Club has grown to 22 engaged and passionate volunteers who dedicate their time to tend to the Community Kitchen Garden.

Parkmore Shopping Centre Victoria

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parkmoreshopping.com.au
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Parkmore Shopping Centre is a regional shopping centre located approximately 35 kilometres south-east of the Melbourne CBD, in the suburb of Keysborough.

The Centre, which incorporates two discount department stores and two supermarkets, provides a strong convenience and service offer.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1973/ Refurbished 1995,2007
Property Details
Retail	36,600 sqm	Other1	200
Offce	n/a	Total	36,800 sqm
Latest Valuation
Value	$191.0m	Capitalisation Rate	7.50%
Valuer	Colliers International	Terminal Capitalisation Rate	7.75%
Valuation Date	31 March 2011	Discount Rate	9.50%
GWSCF Fair Value2	$191.2m	Income (6 Months)	$7.1m
Centre Details
Number of Tenancies	128	Retail Occupancy	99.6%
Car Parking Spaces	2,600
Expiry Profle by Base Rent3	2 H 2011: 10%	2012: 17%	2013: 12%
Sales Information	Total Centre	Specialties
Sales Turnoverper Square Metre	$6,836	$8,157
Occupancy Costs	7.6%	14.1%
Annual Sales Turnover	$236.2m
Key Tenants	Area (sqm)	Expiry Date
Kmart	8,390	September 2017
Big W	6,670	November 2015
Coles	3,850	August 2014
Safeway	3,490	July 2027
1. Car Wash. 2. GWSCF Fair Value based on cap rate of 7.50%. 3. Excludes tenancies over 400sqm.

Community initiatives - GPT Kitchen Gardens Program

GPT’s partnership with Stephanie Alexander Kitchen Garden Foundation has seen GPT develop the Magic of Growth program which replaces typical shopping centre interiors with sustainable kitchen gardens for the community to share.

As part of the program, Parkmore has delivered a rooftop community garden, a space custom-made for shoppers, retailers and the broader community. Parkmore has seen over 800 children participate in the Magic of Growth program since October 2010.

Wollongong Central New South Wales

wollongongcentral.com.au

Wollongong Central is located in the CBD of Wollongong, approximately 90 kilometres south of Sydney. Refurbishment works to the north building were completed in December 2009 to improve the customer experience of the Centre and greatly improve the retail mix.

In July 2011 GPT lodged a modification to the Development Application with the Department of Planning. This modification refers to the West Keira land holding and its connections to the existing Wollongong Central.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%	Asset Type	City Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1975/ Refurbished 1985,2009
Property Details
Retail	32,200 sqm	Other1	2,600 sqm
Offce	3,100 sqm	Total	37,900 sqm
Latest Valuation
Value	$294.9m	Capitalisation Rate	6.75%
Valuer	Knight Frank	Terminal Capitalisation Rate	7.00%
Valuation Date	31 December 2010	Discount Rate	9.25%
GWSCF Fair Value2	$298.6m	Income (6 Months)	$8.6m
Centre Details
Number of Tenancies	154	Retail Occupancy	98.8%
Car Parking Spaces	1,429
Expiry Profle by Base Rent3	2 H 2011: 11%	2012: 16%	2013: 3%
Sales Information4	Total Centre	Specialties
Sales Turnoverper Square Metre	$5,582	$8,876
Occupancy Costs	12.9%	17.7%
Annual Sales Turnover	$169.1m
Key Tenants	Area (sqm)	Expiry Date
Myer	12,150	October 2011
David Jones	1,840	October 2015
1. Car Wash and Health Club. 2. Fair Value based on cap rate of 6.75% and includes value of ancilliary properties. 3. Excludes tenancies over 400sqm. 4. Development Impacted.

Community initiatives - Wollongong Central’s visitor information centre

Wollongong Central is now an official Visitor Information Centre. Staff at the Centre’s Customer Service Centre are trained to advise customers on the best places to eat, play and stay in Wollongong and the surrounding areas. Staff work closely with Tourism Wollongong to ensure that they have up to date and accurate information to provide to customers. In July 2011 the number of tourism related enquiries from customers rose from 33 in the first week to 58 in the last week, delivering a valuable service to local visitors.

The proposal for West Keira is to deliver a unique retail experience with a total GLA of approximately 18,000 sqm.

GPT INTERIM RESULT 2 011

Office Portfolio

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Office Portfolio Overview

GPT’s Office portfolio comprises ownership in 20 high quality assets with a total investment of $2.6 billion. The Portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF), giving GPT the highest quality office portfolio in Australia.

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4
10
Canberra
1
5
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Queensland

GPT Owned

One One One Eagle Street (33%)

GWOF Owned

One One One Eagle Street (33%)

Riverside Centre

Brisbane Transit Centre (50%) 545 Queen Street

Australian Capital Territory

GWOF Owned

10-12 Mort Street, Canberra

New South Wales GPT Owned

Australia Square (50%) MLC Centre (50%) Citigroup Centre (50%)

1 Farrer Place (25%) GWOF Owned Darling Park 1 and 2 (50%)

Darling Park Stage 3

HSBC Centre

The Zenith, Chatswood (50%)

Victoria

GPT Owned

Melbourne Central Tower 818 Bourke Street

GWOF Owned

530 Collins Street

800/808 Bourke Street

28 Freshwater Place (50%)

161 Castlereagh Street (50%)

Workplace[6]

l Number of assets in each state

Office Portfolio Summary

At 30 June 2011 the GPT managed office portfolio had an average lease term of 4.9 years and a high level of occupancy, with 97.5% of space committed.

Tenant Income1 Commonwealth of Australia 6.3% Citibank Limited 5.0% Origin Energy 3.8% Freehills Services 3.6% National Australia Bank 3.3% Ericsson Australia 2.5% Commonwealth Bank of Australia 2.3% PriceWaterhouse Coopers 2.3% Members Equity 2.2% Gilbert & Tobin Premises 1.9% 1. Based on gross rent. Top Ten Tenants as at 30 June 2011 100% 80% 60% 40% 20% 0%	Asset Quality as at 30 June 2011	Asset Quality as at 30 June 2011	Asset Quality as at 30 June 2011	Asset Quality as at 30 June 2011	Asset Quality as at 30 June 2011	Asset Quality as at 30 June 2011	Asset Quality as at 30 June 2011	Asset Quality as at 30 June 2011	Asset Quality as at 30 June 2011	Asset Quality as at 30 June 2011	Asset Quality as at 30 June 2011







	Premium A Grade Other GPT Peer 1 Peer 2 Peer 3 Peer 4 Peer 5

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Geographic Weighting
as at 30 June 2011
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1%
25%
66%
8%
Sydney Melbourne
Brisbane Canberra
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Office Portfolio Summary

Property	Ownership	Offce NLA (100%) (sqm)	Retail NLA (100%) (sqm)	30 Jun 11 Fair Value ($m)	30 Jun 11 Cap Rate1	31 Dec 10 Cap Rate	External or Directors Valuation	Offce Occupancy	Inc signed leases	Inc HoA	6 mths to Jun 2011 Income ($m)	Weighted Average Lease Expiry (years, by income)
GPT Portfolio
MLC Centre, Sydney, NSW	50%	68,289	5,236	367.8	7.13%	7.13%	External	92.9%	92.9%	92.9%	14.1	4.0
CitigroupCentre, Sydney, NSW	50%	73,479	469	360.2	7.20%	7.20%	Directors	96.3%	96.3%	96.3%	12.5	3.4
1 Farrer Place, Sydney, NSW	25%	86,444	314	322.6	6.44%	6.44%	Directors	98.0%	98.3%	98.5%	9.7	3.8
Australia Square, Sydney, NSW	50%	51,386	1,577	275.5	7.13%	7.13%	Directors	95.7%	95.7%	95.7%	9.3	3.4
Melbourne Central, Melbourne, VIC	100%	65,630	N/A	330.2	7.25%	7.50%	External	100.0%	100.0%	100.0%	11.8	5.6
818 Bourke Street, Melbourne, VIC	100%	21,875	1,447	126.8	7.25%	7.25%	External	100.0%	100.0%	100.0%	4.5	6.1
GWOF Portfolio
Darling Park 1 & 2, Sydney, NSW	50%	102,009	9,715	566.5	6.70%- 7.20%	6.75%- 7.25%	Directors	97.8%	98.1%	98.1%	19.1	7.7
DarlingPark 3, Sydney, NSW	100%	29,628	18	279.2	7.00%	7.00%	Directors	93.0%	98.1%	100.0%	10.8	5.3
HSBC Centre, Sydney, NSW	100%	37,491	4,227	310.0	7.25%	7.25%	External	100.0%	100.0%	100.0%	11.0	6.0
workplace6, Sydney, NSW	100%	16,304	1,892	155.0	7.13%	7.13%	Directors	100.0%	100.0%	100.0%	6.0	8.4
The Zenith, Chatswood, NSW	50%	43,386	868	121.2	8.00%	8.00%	Directors	99.5%	99.5%	99.5%	4.7	3.0
530 Collins Street, Melbourne, VIC	100%	66,024	1,755	360.0	7.25%	7.25%	External	90.6%	90.6%	90.9%	9.6	5.7
800/808 Bourke Street, Melbourne, VIC	100%	59,623	1,600	336.8	7.25%	7.25%	Directors	100.0%	100.0%	100.0%	12.6	4.9
Twenty8 Freshwater Place, Melbourne, VIC	50%	33,865	146	103.7	7.25%	7.25%	Directors	100.0%	100.0%	100.0%	3.9	7.7
Riverside Centre, Brisbane, QLD	100%	51,514	4,633	474.0	7.25%	7.25%	Directors	92.8%	97.3%	97.3%	17.6	5.4
Brisbane Transit Centre, Brisbane, QLD	50%	29,521	3,034	88.9	8.50%	8.50%	Directors	86.4%	93.5%	93.5%	1.5	3.1
545 Queen Street, Brisbane, QLD	100%	13,129	475	81.9	8.25%	8.25%	Directors	94.3%	100.0%	100.0%	3.5	5.9
10-12 Mort Street, Canberra, ACT	100%	15,360	78	41.7	9.25%	9.25%	Directors	100.0%	100.0%	100.0%	2.5	0.4
Total2								96.9%	97.4%	97.5%		4.9
1. CapRate used for Fair Value. 2. GPT owned assets and GPT’s interest in GWOF.

Over/Under-Renting by Asset – Office

Market rents are forecast to grow in all major markets and trend towards passing levels across the portfolio.

Property	Weighted Average Lease Expiry (years by income)1	Gross Passing Rent2 ($psm)	Estimated Gross Market Rent ($psm)	Over/Under-rented
GPT Portfolio
MLC Centre, Sydney	4.0	923	802	15%
CitigroupCentre, Sydney	3.4	901	797	13%
1 Farrer Place, Sydney	3.8	1,080	1,074	1%
Australia Square, Sydney	3.4	887	844	5%
Melbourne Central Tower, Melbourne	5.6	529	533	(1%)
818 Bourke Street, Melbourne	6.1	449	459	(2%)
GPT Portfolio Total	4.5	755	713	5.9%
GWOF Portfolio
DarlingPark 1 & 2, Sydney	7.7	821	776	6%
DarlingPark 3, Sydney	5.3	737	719	3%
HSBC Centre, Sydney	6.0	665	590	13%
workplace6, Sydney	8.4	695	651	7%
The Zenith, Chatswood	3.0	507	490	3%
530 Collins St, Melbourne	5.7	496	518	(4%)
800/808 Bourke Street, Melbourne	4.9	534	483	11%
Twenty8 Freshwater Pl, Melbourne	7.7	525	520	1%
Riverside Centre, Brisbane	5.4	892	764	17%
Transit Centre, Brisbane	3.1	465	455	2%
545 Queen Street, Brisbane	5.9	630	533	18%
10 & 12 Mort St, Canberra	0.4	456	380	20%
GWOF Portfolio Total	5.5	642	597	7.5%
Managed Portfolio(Weighted)	4.9	717	674	6.4%
1. Does not include signed Heads of Agreement. 2. Effective leases “faced up” at current incentive levels.

GPT Office Portfolio Income and Fair Value Summary

With comparable income growth of 3.4%, the GPT Office portfolio continued to perform well.

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GPT Portfolio ($m) Income Fair Value
Jun 10 Jun 11 Variance Fair Value Capex Sales Book Purchases Net Other Fair Value
(6mths) (6 mths) Jun 11 Dec 10 ($m) ($m) Profit/ ($m) Revaluations Adjustments Jun 11
($m) ($m) ($m) ($m) (loss) on ($m) ($m) ($m)
Sale
GPT Owned
MLC Centre 12.8 14.1 1.3 385.0 6.1 0.0 0.0 0.0 (22.9) (0.4) 367.8
Citigroup Centre 12.1 12.5 0.4 360.0 0.2 0.0 0.0 0.0 0.0 0.0 360.2
1 Farrer Place 9.6 9.7 0.1 321.5 0.9 0.0 0.0 0.0 0.2 0.0 322.6
Australia Square 8.9 9.3 0.4 272.8 2.9 0.0 0.0 0.0 0.0 (0.2) 275.5
Melbourne Central 12.5 11.8 (0.7) 304.9 14.6 0.0 0.0 0.0 10.7 0.0 330.2
818 Bourke Street 4.4 4.5 0.1 125.6 0.1 0.0 0.0 0.0 1.1 0.0 126.8
Asset under development
One One One Eagle Street 0.0 0.0 0.0 100.0 24.3 0.0 0.0 0.0 0.0 0.0 124.3
GPT interest in GWOF 23.9 29.1 5.2 897.7 0.0 (178.0) 0.0 0.0 5.4 0.0 725.1
Total Offce 84.2 91.0 6.8 2,767.5 49.1 (178.0) 0.0 0.0 (5.5) (0.6) 2,632.5
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GWOF Portfolio Income Fair Value
Jun 10 Jun 11 Variance Fair Value Fair Value Cap Rate as Cap Rate as Latest External
($m) ($m) Jun 11 Dec 10 Jun 11 at Dec 10 at Jun 11 Valuation
(6 mths) (6 mths) ($m) ($m) ($m) (%) (%)
Darling Park 1 & 2 19.1 19.1 (0.0) 557.9 566.5 6.75-7.25 6.70-7.20 31-Mar-11
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GWOF Portfolio	Income	Income	Income	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value
	Jun 10 ($m) (6 mths)	Jun 11 ($m) (6 mths)	Variance Jun 11 ($m)	Fair Value Dec 10 ($m)	Fair Value Jun 11 ($m)	Cap Rate as at Dec 10 (%)	Cap Rate as at Jun 11 (%)	Latest External Valuation
DarlingPark 1 & 2	19.1	19.1	(0.0)	557.9	566.5	6.75-7.25	6.70-7.20	31-Mar-11
DarlingPark 3	9.5	10.8	1.3	275.0	279.2	7.00	7.00	31-Mar-11
Riverside Centre	20.6	17.6	(3.0)	470.0	474.1	7.25	7.25	31-Dec-10
800 & 808 Bourke Street	11.9	12.6	0.7	336.6	336.8	7.25	7.25	30-Sep-10
530 Collins Street	6.8	9.6	2.8	344.3	360.0	7.25	7.25	30-Jun-11
HSBC Centre	10.3	11.0	0.7	294.1	310.0	7.25	7.25	30-Jun-11
Workplace6	5.6	6.0	0.4	155.0	155.0	7.13	7.13	31-Dec-10
The Zenith	3.7	4.7	1.0	119.2	121.2	8.00	8.00	30-Sep-10
28 Freshwater Place	3.6	3.9	0.3	103.7	103.7	7.25	7.25	30-Sep-10
545 Queen Street	3.2	3.5	0.3	81.0	81.9	8.25	8.25	31-Dec-10
Brisbane Transit Centre	0.2	1.5	1.3	81.0	88.9	8.50	8.50	31-Dec-10
10-12 Mort Street	2.6	2.5	(0.1)	41.3	41.7	9.25	9.25	30-Sep-10
Total	97.0	102.8	5.8	2,859.1	2,919.1	7.25	7.24

100

Weighted Average Capitalisation Rate (WACR) – Office

GPT’s managed portfolio WACR has gradually firmed since the beginning of 2010. Market cap rates are forecast to firm and GPT’s high quality portfolio is well positioned to realise potential valuation up-lift.

Weighted Average Capitalisation Rate

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7.10% 7.27% 7.20% 7.14% 7.11%
6.60%
6.10%
5.90%
31 Dec 07 30 Jun 08 31 Dec 08 30 Jun 09 31 Dec 09 30 Jun 10 31 Dec 10 30 Jun 11
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101

Office Market Outlook

Total Vacancy

GPT’s office portfolio is well positioned due to high occupancy levels and a diverse tenant mix across a wide range of sectors.

Income growth is underpinned by 90% of leases being subject to a fixed rental review with an average increase of 3.8%.

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Structured rent increases
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3%
7%
Average 3.8%
increase
90%
Market with Ratchet
Fixed
Market without Ratchet
Structured rent increases for leases subject to review for full year 2011
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16.0%
14.0% 13.7%
12.0%
10.0%
8.0% 7.9%
7.2%
6.0%
5.7%
4.0%
2.0%
2011-2013
0.0% Average Vacancy
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Forecast
Sydney CBD Melbourne Brisbane CBD Canberra
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Source: Jones Lang LaSalle Research June 2011.

Prime Incentives

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35.0%
30.0%
25.0%
23.3%
20.0% 21.1%
15.0% 15.8%
14.4%
10.0%
5.0%
2011-2013
0.0% Average Prime
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 Incentives Forecast
Sydney CBD Melbourne Brisbane CBD Canberra
Source: Jones Lang LaSalle Research June 2011.
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102

Office Portfolio External Valuation Summary

48% of the GPT Office portfolio was externally valued in the first half of 2011.

Offce Portfolio GPT Owned	Date	Valuer	GPT Share Valuation ($m)	Interest	Discount Rate (%)	Terminal Capitalisation Rate (%)	Capitalisation Rate (%)
MLC Centre (Offce/Retail), Sydney, NSW	30-Jun-11	Colliers	$367.9	50%	9.00	7.00	7.13
Citigroup Centre, Sydney, NSW	30-Jun-10	KF	$360.0	50%	8.75	7.00	7.20
1 Farrer Place, Sydney, NSW	31-Dec-10	JLL	$321.5	25%	8.63	6.54	6.44
Australia Square, Sydney, NSW	31-Mar-09	CBRE	$267.0	50%	9.00-9.25	6.90-7.25	6.90-7.25
Melbourne Central Tower, Melbourne VIC	30-Jun-11	CBRE	$330.0	100%	9.25	7.50	7.25
818 Bourke Street, Melbourne,VIC	31-Mar-11	Savills	$126.6	100%	9.50	7.50	7.25

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Office Portfolio GWOF Owned Date Valuer GPT Share Interest Discount Rate Terminal Capitalisation
Valuation (%) Capitalisation Rate Rate
($m) (%) (%)
Darling Park 1&2, Sydney, NSW 31-Mar-11 KF $566.5 50% Office: 8.75 Retail: 9.50 Office: 7.00 Retail: 7.25 Office: 6.70-7.20 Retail: 6.90
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Offce Portfolio GWOF Owned	Date	Valuer	GPT Share Valuation ($m)	Interest	Discount Rate (%)	Terminal Capitalisation Rate (%)	Capitalisation Rate (%)
Darling Park 1&2, Sydney, NSW	31-Mar-11	KF	$566.5	50%	Offce: 8.75 Retail: 9.50	Offce: 7.00 Retail: 7.25	Offce: 6.70-7.20 Retail: 6.90
Darling Park 3, Sydney, NSW	31-Mar-11	KF	$279.0	100%	9.00	7.00	7.00
HSBC Centre, Sydney, NSW	30-Jun-11	JLL	$310.0	100%	9.25	7.50	7.25
workplace6, Sydney, NSW	31-Dec-10	Savills	$155.0	100%	9.25	7.63	7.13
The Zenith, Chatswood, NSW	30-Sep-10	JLL	$118.4	50%	9.00	8.25	8.00
530 Collins Street, Melbourne, VIC	30-Jun-11	JLL	$360.0	100%	9.25	7.50	7.25
800/808Bourke Street,Melbourne,VIC	30-Sep-10	Colliers	$336.5	100%	9.25	7.63	7.25
Twenty8 Freshwater Place, Melbourne, VIC	30-Sep-10	Colliers	$103.8	50%	9.25	7.50	7.25
Riverside Centre, Brisbane, QLD	31-Dec-10	CBRE	$470.0	100%	9.25	7.50	7.25
Transit Centre, Brisbane, QLD	31-Dec-10	KF	$81.0	50%	9.50	8.75	8.50
545 Queen Street, Brisbane, QLD	31-Dec-10	Colliers	$81.0	100%	9.25	8.50	8.25
10-12 Mort Street, Canberra, QLD	30-Sep-10	JLL	$41.0	100%	11.25	9.50	9.25

103

Office Occupancy Summary as at 30 June 2011

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Lease Expiry by Area GPT Owned Portfolio
30%
25%
20%
15%
10%
5%
0%
Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
Lease Expiry by Area GWOF Owned Portfolio
30%
25%
20%
15%
10%
5%
0%
Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
Lease Expiry by Area GPT Weighted Portfolio
25%
20%
15%
10%
5%
0%
Workplace6, Sydney Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
% by Area
% by Area
% by Area
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30%
25%
20%
15%
10%
5%
0%
Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021+
% by Area
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104

Sustainability Office

On 18 August NABERS announced that is has extended its NABERS Energy and NABERS Water ratings scale to 6 stars, with 6 stars representing market leading performance.

GPT welcomes the extension of the NABERS rating scale which provides the opportunity to set higher targets and to demonstrate the effectiveness of the environmental initiatives underway across GPT’s portfolio’s.

GPT and Grocon also signed a NABERS Energy Commitment Agreement to target a 6 star NABERS Energy rating for the Legion House project in Sydney as part of the 161 Castlereagh Street development.

GPT is pleased to inform that the following buildings have achieved a 5.5 NABERS Energy or NABERS Water rating;

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NABERS Energy NABERS Water
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	NABERS Energy	NABERS Water

Workplace 6, Sydney	5.5	5.0
Darling Park 3, Sydney	5.5	3.5
Darling Park 1, Sydney	5.5	3.5
818 Bourke Street, Melbourne	5.0	5.5

51%

WATER INTENSITY REducTIoN SINcE 2005

26% 74% ENERGY INTENSITY REcYcLING RATE REducTIoN SINcE 2005

74%

42% EMISSIoNS INTENSITY REducTIoNS SINcE 2005

105

MLC Centre, 19 Martin Place Sydney

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The MLC Centre dominates the Sydney skyline, and is located in the core of the Sydney CBD. The Centre comprises a 67-level tower, an extensive retail complex, expansive outdoor areas, car parking and the Theatre Royal.

The retail precinct comprises a dominant food court, a strong representation in the international brand fashion market, and the Harvey Norman Technology Superstore.

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Key Metrics as at 30 June 2011
Ownership Interest 50%
Acquired (by GPT) April 1987
Asset Quality Grade A
Construction/Refurbishment Completed 1978/Refurbished late 1990s
Property Details
Offce 68,289 sqm Typical Floor Plate 1,300 sqm
Retail 5,239 sqm Income (6 Months) $14.1m
Car Parking Spaces 300 GPT Fair Value $367.8m
Latest Valuation
Value $367.9m Capitalisation Rate 7.13%
Valuer Colliers Terminal Capitalisation Rate 7.00%
Valuation Date 30 June 2011 Discount Rate 9.00%
Tenant Details
Number of Offce Tenants 45
Offce Occupancy (Inc Signed Leases) 92.9%
Offce Occupancy (Inc HoA) 92.9%
Weighted Average Lease Expiry 4.0 Years by Income
Key Tenants Area (sqm) Expiry Date
Freehills 20,137 Dec-13
Industry & Investment (HMGM) 5,003 Mar-12
GPT Fair Value based on external valuation
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Lease Expiry Profile
7% 3% 10% 40% 9% 3%1% 9% 2% 6% 5% 7%
Currently Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
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Sustainability

MLC Centre has achieved a NABERS 5 star Energy rating, the highest rating available at the time and testament to the building’s inherent design excellence.

106

Citigroup Centre, 2 Park Street

Sydney

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The Citigroup Centre at 2 Park Street is a landmark Premium-Grade office building located on the corner of George and Park Streets, Sydney. Completed in 2000, the 47-level building dominates the Sydney skyline and has large, highly efficient floor plates and upper levels that command expansive city and harbour views.

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Key Metrics as at 30 June 2011
Ownership Interest 50%
Acquired (by GPT) December 2001
Asset Quality Premium Grade
Construction/Refurbishment Completed 2000
Property Details
Offce 73,479 sqm Typical Floor Plate 1,850 sqm
Retail 469 sqm Income (6 Months) $12.5m
Car Parking Spaces 280 GPT Fair Value $360.2m
Latest Valuation
Value $360.0m Capitalisation Rate 7.20%
Valuer Knight Frank Terminal Capitalisation Rate 7.00%
Valuation Date 30 June 2010 Discount Rate 8.75%
Tenant Details
Number of Offce Tenants 22
Offce Occupancy (Inc Signed Leases) 96.3%
Offce Occupancy (Inc HoA) 96.3%
Weighted Average Lease Expiry 3.4 years by Income
Key Tenants Area (sqm) Expiry Date
Citigroup 34,210 Jul-14
Gilbert & Tobin 9,280 Jun-16
GPT Fair Value based on cap rate of 7.20%.
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Lease Expiry Profile 4% 1% 10% 7% 59% 15% 4% Currently vacant 2011 2012 2013 2014 2016 2021

Sustainability

With a NABERS Energy rating of 5 stars and NABERS water rating of an excellent 3.5 stars, Citigroup Centre ensures premium services with a comparably low environmental footprint.

107

Governor Phillip & Governor Macquarie Towers, 1 Farrer Place Sydney

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1 Farrer Place is regarded as Sydney’s pre-eminent office building with expansive harbour views.

The complex consists of 86,000 sqm of Premium-Grade accommodation comprising Governor Phillip Tower, a 64-level office building, Governor Macquarie Tower, a 41-level office building; Philip Street Terraces, being five restored historic terraces; and nine levels of basement car parking for 650 cars.

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Key Metrics as at 30 June 2011
Ownership Interest 25%
Acquired (by GPT) December 2003
Asset Quality Premium Grade
Construction/Refurbishment Completed 1993/1994
Property Details
GPT: 1,600sqm
Office 86,444 sqm Typical Floor Plate GMT: 1,200sqm
Retail 314 sqm Income (6 Months) $9.7m
Car Parking Spaces 650 GPT Fair Value $322.6m
Latest Valuation
Value $321.5m Capitalisation Rate 6.44%
Valuer Jone Lang LaSalle Terminal Capitalisation Rate 6.50%
Valuation Date 31 December 2010 Discount Rate 8.63%
Tenant Details
Number of Offce Tenants 35
Offce Occupancy (Inc Signed Leases) 98.3%
Offce Occupancy (Inc HoA) 98.5%
Weighted Average Lease Expiry 3.8 Years by Income
Key Tenants Area (sqm) Expiry Date
HMGMQEII 20,989 Dec-14
Mallesons Stephen Jacques 18,800 Sep-16
GPT Fair Value based on cap rate of 6.44%.
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13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry Profle	13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry Profle	13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry Profle	13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry Profle	13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry Profle	13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry Profle	13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry Profle	13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry Profle	13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry Profle	13% 7% 36% 13% 2% 2% 2% 3% 4% 18% Lease Expiry Profle

Currently Vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019

108

Australia Square, 264 George Street

Sydney

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One of the most enduring prime office properties, Australia Square is situated in the core of Sydney’s CBD.

The complex comprises the 48-level circular Tower building, the adjacent 13-level Plaza building, the Summit revolving restaurant, a substantial car park, and external Plaza courtyard featuring a landmark fountain.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	50%
Acquired (by GPT)	September 1981
Asset Quality	Grade A
Construction/Refurbishment	Completed 1967/Refurbished 2004
Property Details
Offce	41,266 sqm	Typical Floor Plate	1,030 sqm
Plaza	10,094 sqm	Income (6 Months)	$9.3m
Retail	1,577 sqm	GPT Fair Value	$275.5m
Car Parking Spaces	385
Latest Valuation
Value	$267.0m	Capitalisation Rate	6.90-7.25%
Valuer	CBRE	Terminal Capitalisation Rate	6.90-7.25%
Valuation Date	31 March 2009	Discount Rate	9.00-9.25%
Tenant Details
Number of Offce Tenants	57
Offce Occupancy (Inc Signed Leases)	95.7%
Offce Occupancy (Inc HoA)	95.7%
Weighted Average Lease Expiry	3.4 Years by Income
Key Tenants	Area (sqm)	Expiry Date
Origin Energy	5,937	Aug-14
HWL Ebsworth Leasing	5,160	Feb-16
GPT Fair Value based on cap rate of 7.13%
4% 7% 20% 14% 24% 6% 10% 5% 4% 4% 2% Lease Expiry Profle

Currently vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2021

109

Melbourne Central Tower, 360 Elizabeth Street

Melbourne

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Melbourne Central is a landmark office and retail property located in the Melbourne CBD.

Melbourne Central Tower is a 51-level, Premium-Grade office tower located adjacent to Melbourne Central’s retail component. Completed in 1991, the Tower is dominant in the Melbourne skyline and occupied by blue chip and government tenants such as Origin, Members Equity Bank, ACCC and Allianz.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	May 1999
Asset Quality	Premium Grade
Construction/Refurbishment	Completed 1991
Property Details
Offce	65,630 sqm	Typical Floor Plate	1,530 sqm
Retail	NA	Income (6 Months)	$11.8m
Car Parking Spaces	1600	GPT Fair Value	$330.2m
Latest Valuation
Value	$330.0m	Capitalisation Rate	7.25%
Valuer	CBRE	Terminal Capitalisation Rate	7.50%
Valuation Date	30 June 2011	Discount Rate	9.50%
Tenant Details
Number of Offce Tenants	16
Offce Occupancy (Inc Signed Leases)	100.0%
Offce Occupancy (Inc HoA)	100.0%
Weighted Average Lease Expiry	5.6 Years by Income
Key Tenants	Area (sqm)	Expiry Date
Commonwealth of Australia	21,786	Dec-17
Origin Energy	12,236	Oct-11
GPT Fair Value based on external valuation
14% 8% 3% 24% 2% 19% 11% 1% 17% Lease Expiry Profle


2011 2012 2013 2014 2016 2017 2018 2019 2021

For information about the retail component of Melbourne Central, see the Retail Section of this document.

110

818 Bourke Street Melbourne

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818 Bourke Street is a campus-style office building on the waterfront at Docklands, Melbourne, completed in 2006. The building consists of approximately 21,700 sqm of office space over six levels fully leased to Ericsson, Infosys and AMP, parking for 175 cars and approximately 1,500 sqm of retail space. The building is of Prime-Grade standard with expansive floor plates of 3,500 sqm, an energy efficient design and northerly water views from each floor.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	December 2007
Asset Quality	Grade A
Construction/Refurbishment	Completed 2007
Property Details
Offce	21,875 sqm	Typical Floor Plate	1,530 sqm
Retail	1,447 sqm	Income (6 Months)	$4.5m
Car Parking Spaces	175	GPT Fair Value	$126.8m
Latest Valuation
Value	$126.6m	Capitalisation Rate	7.25%
Valuer	Savills	Terminal Capitalisation Rate	7.50%
Valuation Date	31 March 2011	Discount Rate	9.25%
Tenant Details
Number of Offce Tenants	3
Offce Occupancy (Inc Signed Leases)	100.0%
Offce Occupancy (Inc HoA)	100.0%
Weighted Average Lease Expiry	6.1 Years by Income
Key Tenants	Area (sqm)	Expiry Date
Ericsson	12,212	Dec-17
Infosys	5,678	Jul-18
GPT Fair Value based on cap rate of 7.25%
17% 7% 33% 44% Lease Expiry Profle

2012 2015 2017 2018

Sustainability

With a NABERS Energy rating of 5 stars and NABERS water rating of an excellent 3.5 stars, Citigroup Centre ensures premium services with a comparably low environmental footprint.

111

GPT Wholesale Office Fund

The GPT Wholesale Office Fund (GWOF) provides GPT with an important source of income through management and development management fees. This provides investors with an income stream through exposure to high quality assets in addition to the income received from the funds.

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HSBC Centre, Sydney
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Geographic Weighting

Top Ten Key Tenants

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----- Start of picture text -----

as at 30 June 2011
2%
22%
49%
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as at 30 June 2011

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----- Start of picture text -----

Tenant Income(%) [1]
National Australia Bank 10.3%
Commonwealth Bank of Australia 7.4% 22%
PriceWaterhouse Coopers 7.2%
Marsh Mercer 5.8%
Allens Arthur Robinson 4.8%
Commonwealth of Australia 4.0%
HSBC Bank 3.0%
Google 2.6%
Co-Op Centrale Raiffeisen-Boer 2.6%
Flight Centre 1.9%
1. Based on gross rent.
27%
Sydney Melbourne
Brisbane Canberra
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112

Darling Park 1 & 2 and Cockle Bay Wharf 201 Sussex Street Sydney

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Darling Park is a landmark commercial and retail complex located in Sydney’s popular Darling Harbour precinct. The site comprises two PremiumGrade office buildings and a retail and entertainment complex, known as Cockle Bay Wharf. The towers and Cockle Bay Wharf are connected by plazas, galleries, business lounges and conference facilities. Darling Park provides its tenants with a complete environment, including the crescent gardens, waterfront restaurants and cafes, and large, efficient, column-free floor plates and expansive water views.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	50%
Acquired (by GWOF)	July 2006
Asset Quality	Premium Grade
Construction/Refurbishment	Tower 1 completed 1994, Tower 2 completed 1999
Property Details
Offce	102,009 sqm	Typical Floor Plate	1,900 sqm
Retail	9,715 sqm	Income (6 Months)	$19.1m
Car Parking Spaces	680	GWOF Fair Value	$566.5m
Latest Valuation
Value	$566.5m	Capitalisation Rate	6.70-7.20%
Valuer	KnightFrank	Terminal Capitalisation Rate	7.00%
Valuation Date	31 March 2011	Discount Rate	8.75%
Tenant Details
Number of Offce Tenants	7
Offce Occupancy (Inc Signed Leases)	98.1%
Offce Occupancy (Inc HoA)	98.1%
Weighted Average Lease Expiry	7.7 Years by Income
Key Tenants	Area (sqm)	Expiry Date
Commonwealth Bank of Australia	48,898	Dec-20
Pricewaterhouse Coopers	39,366	Dec-15
GWOF Fair Value based on cap rate of 6.70-7.20%
44% 1% 17% 16% 2% 3% Lease Expiry Profle


Currently Vacant 2015 2016 2019 2020 2021

Sustainability

Both office towers, Darling Park 1 and 2 achieve 5 stars NABERS Energy ratings.

113

Darling Park 3, 201 Sussex Street Sydney

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The Premium–Grade Darling Park 3, the third and final stage of the Darling Park complex, was completed in November 2005.

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Key Metrics as at 30 June 2011
Ownership Interest 100%
Acquired (by GWOF) July 2006
Asset Quality Premium Grade
Construction/Refurbishment Completed 2005
Property Details
Offce 29,628 sqm Typical Floor Plate 1,500 sqm
Retail 18 sqm Income (6 Months) $10.8m
Car Parking Spaces 160 GWOF Fair Value $279.2m
Latest Valuation
Value $279.0sqm Capitalisation Rate 7.00%
Valuer Knight Frank Terminal Capitalisation Rate 7.00%
Valuation Date 31 March 2011 Discount Rate 9.00%
Tenant Details
Number of Offce Tenants 7
Offce Occupancy (Inc Signed Leases) 98.1%
Offce Occupancy (Inc HoA) 100%
Weighted Average Lease Expiry 5.3 Years by Income
Key Tenants Area (sqm) Expiry Date
March Mercer 17,779 Nov-16
Rabobank 8,054 Jun-16
GWOF Fair Value based on cap rate of 7.00%
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Lease Expiry Profile 2% 7% 90% 1% Currently Vacant 2011 2016 2019

Sustainability

Darling Park 3 was the first office tower to be rated 5-Star Base Building under the NABERS Energy rating, the highest rating available at the time, and has major tenants Marsh Mercer and Rabobank.

114

HSBC Centre, 580 George Street

Sydney

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HSBC Centre comprises a landmark office and retail asset prominently located in the midtown precinct of the Sydney CBD.

The building comprises 33 office levels and a retail precinct which is linked by a pedestrian underpass to Town Hall railway station.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GWOF)	July 2006
Asset Quality	Grade A
Construction/Refurbishment	Completed 1988/Refurbished 2002
Property Details
Offce	37,491 sqm	Typical Floor Plate	1,300 sqm
Retail	4,227 sqm	Income (6 Months)	$11.0m
Car Parking Spaces	140	GWOF Fair Value	$310.0m
Latest Valuation
Value	$310.0m	Capitalisation Rate	7.25%
Valuer	Jones Lang LaSalle	Terminal Capitalisation Rate	7.50%
Valuation Date	30 June 2011	Discount Rate	9.25%
Tenant Details
Number of Offce Tenants	23
Offce Occupancy (Inc Signed Leases)	100.0%
Offce Occupancy (Inc HoA)	100.0%
Weighted Average Lease Expiry	6.0 Years by Income
Key Tenants	Area (sqm)	Expiry Date
HSBC Bank Australia	13,130	Dec-20
Mission Australia	3,700	May-17
GWOF Fair Value based on external valuation
2%1%5% 18% 11% 10% 17% 1% 32% 3% Lease Expiry Profle

Currently vacant 2011 2012 2013 2014 2015 2016 2017 2019 2020 2021

Sustainability

In 2009, HSBC extended its lease of 12,000 sqm for a further ten years to December 2020. As part of the lease agreement, works have commenced to upgrade the building to a 4.5 Star NABERS Energy rating.

115

workplace[6] , 48 Pirrama Road Sydney

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workplace[6] is a waterfront Prime-Grade office building achieving world leading standards in environmental design and resource efficiency.

The building, which was developed by GPT, was the first office development to achieve a 6 Star Green Star rating for Design and also As Built in NSW. The asset features spectacular harbour views, large campus-style floor plates and two levels of basement parking with 135 car spaces. Accenture and Google occupy all of the office space with the award winning Doltone House function centre occupying the waterfront retail.

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Key Metrics as at 30 June 2011
Ownership Interest 100%
Acquired (by GWOF) December 2007
Asset Quality Grade A
Construction/Refurbishment Completed 2008
Property Details
Offce 16,304 sqm Typical Floor Plate 3,600 sqm
Retail 1,892 sqm Income (6 Months) $6.0m
Car Parking Spaces 135 GWOF Fair Value $155.0m
Latest Valuation
Value $155.0m Capitalisation Rate 7.13%
Valuer Savills Terminal Capitalisation Rate 7.63%
Valuation Date 31 December 2010 Discount Rate 9.25%
Tenant Details
Number of Offce Tenants 2
Offce Occupancy (Inc Signed Leases) 100.0%
Offce Occupancy (Inc HoA) 100.0%
Weighted Average Lease Expiry 8.4 Years by Income
Key Tenants Area (sqm) Expiry Date
Google Australia 9,846 Dec-18
Accenture 6,458 Feb-21
GWOF Fair Value based on cap rate of 7.13%
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Lease Expiry Profile

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60% 40%
Currently Vacant 2018 2021
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Sustainability

workplace[6] joins a small group of buildings rated 5 Star NABERS Energy and Water.

116

The Zenith, 821 Pacific Highway Chatswood

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The Zenith is the pre-eminent A-Grade office complex located in the commercial heart of Chatswood CBD.

The asset consists of two prominent office towers, connected by a multistorey glass atrium. The asset features large and efficient floor plates and the Zenith Theatre.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	50%
Acquired (by GWOF)	January 2007
Asset Quality	Grade A
Construction/Refurbishment	Completed 1987/Refurbished 2008
Property Details
Offce	43,386 sqm	Typical Floor Plate	1,100 sqm
Retail	868 sqm	Income (6 Months)	$4.7m
Car Parking Spaces	800	GWOF Fair Value	$121.2m
Latest Valuation
Value	$118.4m	Capitalisation Rate	8.00%
Valuer	JLL	Terminal Capitalisation Rate	8.25%
Valuation Date	30 September 2010	Discount Rate	9.00%
Tenant Details
Number of Offce Tenants	31
Offce Occupancy (Inc Signed Leases)	99.5%
Offce Occupancy (Inc HoA)	99.5%
Weighted Average Lease Expiry	3.0 Years by Income
Key Tenants	Area(sqm)	Expiry Date
Austrac	6,321	May-12
Transport Construction Authority	5,245	Mar-13
GWOF Fair Value based on cap rate of 8.00%
5% 12% 1% 36% 11% 5% 19% 11% Lease Expiry Profle

Currently Vacant 2011 2012 2013 2014 2015 2017 2018

117

530 Collins Street Melbourne

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Located on the north east corner of Collins and King Streets in the Melbourne CBD, 530 Collins Street is a Premium-Grade commercial office building which was completed in 1991. The asset is a sought after property due to its large floor plates, prime location, and spectacular city views.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GWOF)	July 2006
Asset Quality	Premium Grade
Construction/Refurbishment	Completed 1991/Refurbished 2009
Property Details
Offce	66,024 sqm	Typical Floor Plate	Podium: 3,500 sqm Tower: 1,300 sqm
Retail	1,755 sqm	Income (6 Months)	$9.6m
Car Parking Spaces	320	GWOF Fair Value	$360.0m
Latest Valuation
Value	$360.0m	Capitalisation Rate	7.25%
Valuer	CBRE	Terminal Capitalisation Rate	7.50%
Valuation Date	30 June 2011	Discount Rate	9.25%
Tenant Details
Number of Offce Tenants	22
Offce Occupancy (Inc Signed Leases)	90.6%
Offce Occupancy (Inc HoA)	90.9%
Weighted Average Lease Expiry	5.7 Years by Income
Key Tenants	Area (sqm)	Expiry Date
Allens Arthur Robinson	12,828	Jun-12
St George Bank	7,027	Dec-16
GWOF Fair Value based on external valuation
9% 1% 25% 4% 1% 11% 8% 8% 1% 12% 12% Lease Expiry Profle

Currently vacant 2011 2012 2013 2014 2016 2017 2018 2019 2020 2021

Sustainability

530 Collins Street demonstrates GPT’s capability to reposition an asset to meet new standards in sustainability. In 2009, GPT repositioned the asset to improve its sustainability credentials from a 2.5 to 5.0 Star NABERS Energy rating and at the same time enhance the building’s ground floor lobby, retail and building services to attract new tenants. The building is one of the few buildings in Melbourne with an operational low carbon cogeneration system.

Awards

530 Collins Street was named Australia’s most Sustainable Development undertaken within an existing building at the prestigious PCA Innovation and Excellence awards, which are held annually to recognise the highest achievements in the property development industry.

118

800/808 Bourke Street Melbourne

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800 and 808 Bourke Street were completed in 2004. This contemporary home to the Australian head office of the National Australia Bank (NAB) is located on a prime, north-facing waterfront site in the Docklands precinct in Melbourne.

The asset embodies the key design elements of a modern workplace such as large open plan floors, open atria, operable windows, balconies, terraces, sunshades and extensive use of natural light.

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Key Metrics as at 30 June 2011
Ownership Interest 100%
Acquired (by GWOF) July 2006
Asset Quality Grade A
Construction/Refurbishment Completed 2004
Property Details
Offce 59,623 sqm Typical Floor Plate 3,500 sqm
Retail 1,600 sqm Income (6 Months) $12.6m
Car Parking Spaces 410 GWOF Fair Value $336.8m
Latest Valuation
Value $336.5m Capitalisation Rate 7.25%
Valuer Colliers Terminal Capitalisation Rate 7.63%
Valuation Date 30 September 2010 Discount Rate 9.25%
Tenant Details
Number of Offce Tenants 1
Offce Occupancy (Inc Signed Leases) 100.0%
Office Occupancy (Inc HoA) 100.0%
Weighted Average Lease Expiry 4.9 Years by Income
Key Tenants Area (sqm) Expiry Date
National Australia Bank 59,623 Feb-16
GWOF Fair Value based on cap rate of 7.25%
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Lease Expiry Profile

100% Currently vacant 2016

Sustainability

The 800/808 Bourke Street building has received considerable local and international awards for its leading edge design including the Banksia Award for sustainable buildings in 2005.

The building achieves a 5 Star NABERS Energy rating.

119

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Twenty8 Freshwater Place
Melbourne
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Twenty8 Freshwater Place is a Prime-Grade development located in Melbourne’s Southbank, between the popular Crown Entertainment complex and Southgate.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	50%
Acquired (by GWOF)	August 2007
Asset Quality	Grade A
Construction/Refurbishment	Completed 2008
Property Details
Offce	33,865 sqm	Typical Floor Plate	Tower: 1,780 Podium 2,270
Retail	146 sqm	Income (6 Months)	$3.9m
Car Parking Spaces	250	GWOF Fair Value	$103.7m
Latest Valuation
Value	$103.8m	Capitalisation Rate	7.25%
Valuer	Colliers	Terminal Capitalisation Rate	7.50%
Valuation Date	30 September 2010	Discount Rate	9.25%
Tenant Details
Number of Offce Tenants	14
Offce Occupancy (Inc Signed Leases)	100.0%
Offce Occupancy (Inc HoA)	100.0%
Weighted Average Lease Expiry	7.7 Years by Income
Key Tenants	Area (sqm)	Expiry Date
MMG Group	7,120	Mar-19
CPA	7,120	May-21
GWOF Fair Value based on cap rate of 7.25%
18% 5% 3% 5% 21% 48% Lease Expiry Profle

2015 Currently vacant 2016 2018 2019 2020 2021

Sustainability

The building comprises 34,000 sqm of contemporary office space built to a 4.5 Star NABERS and a 4 Star Green Star standard. The building has achieved a higher than design, 5 Star NABERS Energy rating and an excellent 4.5 Star NABERS Water rating.

120

Riverside Centre, 123 Eagle Street Brisbane

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This pre-eminent landmark complex comprises a 41-level Premium-Grade commercial building located in the heart of the Golden Triangle of the Brisbane CBD. Originally constructed in 1986, the complex has been periodically refurbished and upgraded.

The building incorporates quality office accommodation, waterfront restaurants, a car park for 473 cars and an open plaza surrounded by retail accommodation.

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Key Metrics as at 30 June 2011
Ownership Interest 100%
Acquired (by GWOF) July 2006
Asset Quality Premium Grade
Construction/Refurbishment Completed 1986/Refurbished 1998
Property Details
Offce 51,514 sqm Typical Floor Plate 1,500 sqm
Retail 4,633 sqm Income (6 Months) $17.6m
Car Parking Spaces 473 GWOF Fair Value $474.0m
Latest Valuation
Value $470m Capitalisation Rate 7.25%
Valuer CBRE Terminal Capitalisation Rate 7.50%
Valuation Date 31 December 2010 Discount Rate 9.25%
Tenant Details
Number of Offce Tenants 39
Offce Occupancy (Inc Signed Leases) 97.3%
Offce Occupancy (Inc HoA) 97.3%
Weighted Average Lease Expiry 5.4 Years by Income
Key Tenants Area (sqm) Expiry Date
Pricewaterhouse Coopers 8,710 Jan-19
Allens Arthur Robinson 4,788 Sep-15
GWOF Fair Value based on cap rate of 7.25%
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Lease Expiry Profile

3% 2% 5% 8% 13% 15% 2% 3% 13% 17% 14% 4% Currently vacant 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Sustainability

The building achieves a 5 Star NABERS Energy rating.

121

Brisbane Transit Centre, 151 - 171 Roma Street Brisbane

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The Brisbane Transit Centre comprises a multi-use complex with two office towers, three levels of retail, a car park and Holiday Inn Hotel.

During 2009 and early 2010, a refurbishment and services upgrade enhanced the office tower to a PrimeGrade rating. In addition, Brisbane City Council granted approval in December 2007 for the construction of an additional 32-level tower of 70,000 sqm (the Q Centre) on the vacant western end of the site. The development is subject to tenant pre-commitment.

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Key Metrics as at 30 June 2011
Ownership Interest 50%
Acquired (by GWOF) July 2006
Asset Quality Grade A
Construction/Refurbishment Completed 1988, with periodic refurbishment
Property Details
East Tower: 1,030
Office 29,521 sqm Typical Floor Plate West Tower 2,095
Retail 3,034 sqm Income (6 Months) $1.5m
Car Parking Spaces 790 GWOF Fair Value 88.9m
Latest Valuation
Value $81.0m Capitalisation Rate 8.50%
Valuer Knight Frank Terminal Capitalisation Rate 8.75%
Valuation Date 31 December 2010 Discount Rate 9.50%
Tenant Details
Number of Offce Tenants 8
Offce Occupancy (Inc Signed Leases) 93.5%
Offce Occupancy (Inc HoA) 93.5%
Weighted Average Lease Expiry 3.1 Years by Income
Key Tenants Area (sqm) Expiry Date
Brisbane City Council 8,324 Jul-14
Worley Parsons 8,240 Nov-14
GWOF Fair Value based on cap rate of 8.50%
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Lease Expiry Profile 7% 56% 17% 21% Currently vacant 2014 2015 2016

122

545 Queen Street Brisbane

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545 Queen Street is situated on a prominent island site located in the north eastern fringe of the financial precinct of Brisbane CBD.

The site is located approximately 500 metres from the Brisbane Central Rail Station with good exposure to the high volumes of traffic on the northern entrance of Brisbane CBD.

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Key Metrics as at 30 June 2011
Ownership Interest 100%
Acquired (by GWOF) June 2007
Asset Quality Grade A
Construction/Refurbishment Completed 1991/ Re-developed 2008
Property Details
Podium:2,090
Office 13,129 sqm Typical Floor Plate Tower 750
Retail 475 sqm Income (6 Months) $3.5m
Car Parking Spaces 100 GWOF Fair Value $81.9m
Latest Valuation
Value $81.0m Capitalisation Rate 8.25%
Valuer Colliers Terminal Capitalisation Rate 8.50%
Valuation Date 31 December 2010 Discount Rate 9.25%
Tenant Details
Number of Offce Tenants 5
Offce Occupancy (Inc Signed Leases) 100.0%
Offce Occupancy (Inc HoA) 100.0%
Weighted Average Lease Expiry 5.9 Years by Income
Key Tenants Area (sqm) Expiry Date
Flight Centre 8,108 Jan-17
Calibre Global 2,770 Jan-19
GWOF Fair Value based on cap rate of 8.25%. .
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Lease Expiry Profile

6% 6% 62% 6% 21% Currently vacant 2015 2016 2017 2018 2019

Sustainability

In 2008, a substantial refurbishment was completed and provides 13,604 sqm of A-Grade office and retail space. Originally designed to a 4.5 Star NABERS Energy standard, the building has now achieved a 5 Star NABERS Energy rating.

123

10-12 Mort Street Canberra

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10-12 Mort Street, Canberra comprises adjoining A-Grade office buildings located in Canberra’s CBD.

The properties are interlinked and comprise six upper levels of office space, ground floor retail and basement car parking. During 2011 the buildings will be refurbished due to the expiry of the DEEWR leases.

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Key Metrics as at 30 June 2011
Ownership Interest 100%
Acquired (by GWOF) July 2006
Asset Quality Grade A
Construction/Refurbishment 10 Mort Street: Completed 1994/Refurbished 1988
12 Mort Street: Completed 1994/Refurbished 1999
Property Details
10 Mort: 1,250
Office 15,360 sqm Typical Floor Plate 12 Mort: 1,100
Retail 78 sqm Income (6 Months) $2.5m
Car Parking Spaces 170 GWOF Fair Value $41.7m
Latest Valuation
Value $41.0m Capitalisation Rate 9.25%
Valuer JLL Terminal Capitalisation Rate 9.50%
Valuation Date 30 September 2010 Discount Rate 11.25%
Tenant Details
Number of Offce Tenants 1
Offce Occupancy (Inc Signed Leases) 100.0%
Offce Occupancy (Inc HoA) 100.0%
Weighted Average Lease Expiry 0.4 Years by Income
Key Tenants Area (sqm) Expiry Date
Commonwealth of Australia 15,360 Nov-11
GWOF Fair Value based on cap rate of 9.25%
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Lease Expiry Profile

100%

Currently vacant 2011

124

GPT INTERIM RESULT ~~2~~ 011

Industrial Portfolio

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Industrial Portfolio Overview

GPT’s Industrial portfolio consists of ownership in 24 high quality traditional industrial and business park assets located in Australia’s major industrial and business park areas.

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1
1
19
Canberra
3
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Queensland

92-116 Holt Street, Pinkenba

South Australia

Lots 42-44 Ocean Steamers Drive, Port Adelaide

Victoria

Austrak Business Park, Somerton Citiwest Industrial Estate, Altona North

134-140 Fairbairn Road, Sunshine West

New South Wales

18-24 Abbott Road, Seven Hills

15 & 19 Berry Street, Granville 2-4 Harvey Road, Kings Park 4 Holker Street, Newington

407 Pembroke Road, Minto

372-374 Victoria Street, Wetherill Park

Rosehill Business Park, Camellia Connect@Erskine Park Stage 1 Connect@Erskine Park Stage 2

5 Figtree Drive, Sydney Olympic Park

7 Figtree Drive, Sydney Olympic Park

6 Herb Elliott Avenue, Sydney Olympic Park

8 Herb Elliott Avenue, Sydney Olympic Park

Quads 1, 2, 3 and 4 Quad Business Park, Sydney Oympic Park

7 Parkview Drive, Sydney Oympic Park

l Number of Assets in each state

126

Industrial Portfolio Summary

The Industrial portfolio continued to deliver solid income growth of 2.8%, maintaining high occupancy levels of 98.8% and a long dated weighted average lease expiry of 6.2 years.

Top Ten Tenants

as at 30 June 2011

Key Operating Metrics

as at 30 June 2011

Geographic Weighting as at 30 June 2011

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%
Tenant
Income [1]
----- End of picture text -----

Tenant	% Income1

Coles Myer	8.19%
Australian Pharmaceutical Industries	7.11%
Steinhoff Asia Pacifc	6.56%
Goodman Fielder	5.44%
Vodafone Australia	5.16%
SuperCheapAuto	4.39%
Mitsubishi Motors	3.91%
Effem Foods	3.78%
Linfox	3.09%
Onesteel Trading	2.90%
Based on net rent

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30 Jun 11 30 Jun 10
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	30 Jun 11	30 Jun 10

Number of Assets	24	25
Portfolio Value	$808.0m	$794.5m
Comparable Income Growth	2.8%	2.2%
Occupancy	98.8%	97.0%
Weighted Average Lease Expiry	6.2years	6.9years

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2% 1%
31%
66%
NSW QLD
VIC SA
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127

Industrial Portfolio Summary Schedule

The total value of the Industrial portfolio has increased to $808 million (including development assets) as at 30 June 2011. The portfolio achieved strong leasing activity during the half year.

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Property Ownership GLA 30 Jun 11 30 Jun 11 31 Dec 10 External or Industrial 6 mths to Weighted
(100% Fair Value Cap Rate Cap Rate Directors Occupancy 30 Jun 11 Average Lease
interest) ($m) Valuation (by income) Income ($m) Expiry (years, by
(sqm) income)
Quad 1, Sydney Olympic Park, NSW 100% 4,978 20.4 8.50% 8.75% Directors 100% 0.9 3.6
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Property	Ownership	GLA (100% interest) (sqm)	30 Jun 11 Fair Value ($m)	30 Jun 11 Cap Rate	31 Dec 10 Cap Rate	External or Directors Valuation	Industrial Occupancy (by income)	6 mths to 30 Jun 11 Income ($m)	Weighted Average Lease Expiry (years, by income)
Quad 1, Sydney Olympic Park, NSW	100%	4,978	20.4	8.50%	8.75%	Directors	100%	0.9	3.6
Quad 2, Sydney Olympic Park, NSW	100%	5,145	20.4	8.75%	8.75%	Directors	94%	0.8	0.9
Quad 3, Sydney Olympic Park, NSW	100%	5,249	21.2	8.50%	7.50%	Directors	100%	0.9	1.2
Quad 4, Sydney Olympic Park, NSW	100%	7,998	35.6	8.25%	8.25%	Directors	100%	1.4	4.4
Rosehill Business Park, Camellia, NSW	100%	49,425	66.6	8.50%	8.50%	Directors	86%	2.6	3.0
2-4 Harvey Road, Kings Park, NSW	100%	40,336	44.0	8.50%	8.25%	External	100%	1.9	5.9
Erskine Park-Stage 1, NSW	100%	15,243	39.1	8.13%	8.13%	Directors	100%	1.5	18.0
Erskine Park-Stage 2, NSW	100%	12,700	19.0	7.85%	7.82%	Directors	100%	0.8	10.6
407 Pembroke Road,Minto,NSW	50%	15,278	22.9	8.25%	8.25%	Directors	100%	0.9	8.4
4 Holker Street,Newington,NSW	100%	7,430	30.2	8.50%	8.50%	Directors	100%	1.4	6.0
15 BerrySt,Granville,NSW	100%	10,025	12.9	8.75%	8.75%	Directors	100%	0.6	3.8
19 BerrySt,Granville,NSW	100%	19,632	25.7	8.75%	8.75%	Directors	100%	1.1	4.4
5 Figtree Drive,SydneyOlympic Park,NSW	100%	9,018	18.7	8.75%	8.50%	External	100%	0.8	0.2
7 Figtree Drive,SydneyOlympic Park,NSW	100%	3,457	10.4	8.50%	8.50%	Directors	100%	0.0	4.2
372-374 Victoria Street,Wetherill Park,NSW	100%	20,462	18.1	9.50%	9.50%	Directors	100%	0.8	3.7
7 Parkview Drive, Sydney Olympic Park, NSW	100%	2,312	17.5	n/a	n/a	External	100%	0.2	2.3
18-24 Abbott Road, Seven Hills, NSW	100%	19,380	14.0	9.75%	10.00%	Directors	100%	0.7	4.3
6 Herb Elliott Avenue, Sydney Olympic Park, NSW	100%	4,144	12.1	n/a	n/a	Directors	100%	0.4	0.8
8 Herb Elliott Avenue, Sydney Olympic Park, NSW	100%	3,294	9.3	8.50%	8.50%	Directors	100%	0.4	8.6
Austrak Business Park, Somerton, VIC	50%	193,626	140.3	8.00%	8.10%	Directors	100%	5.7	9.8
Citiwest Industrial Estate, Altona North, VIC	100%	91,467	66.2	8.75%	8.75%	Directors	100%	2.9	4.0
134-140 Fairbairn Road, Sunshine West, VIC	100%	16,824	13.1	8.50%	8.50%	Directors	100%	0.6	6.6
92-116 Holt Street, Pinkenba, QLD	100%	15,429	13.0	9.25%	9.25%	External	100%	0.6	6.6
Lots 42-44 Ocean Steamers Drive, Port Adelaide, SA	50%	12,570	6.1	9.75%	10.00%	External	100%	0.2	1.8
Total		585,422	808.01	8.47%	8.48%		98.81%	28.1	6.2
1. Includes Landbank

128

Industrial Portfolio Weighted Average Capitalisation Rate & Lease Expiry Profile

The weighted average capitalisation rate of the Industrial portfolio was 8.47% at 30 June 2011. The portfolio has an attractive lease expiry profile with a WALE of 6.2 years.

Weighted Average Capitalisation Rate (WACR) as at 30 June 2011

Weighted Average Lease Expiry (years by income) as at 30 June 2011

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8.30% 8.43% 8.45% 8.48% 8.47% 19%
7.90%
11%
7%
5%
1% 1%
Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Vacant 2012 2013 2014 2015 2016
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129

Industrial Market Outlook

Market conditions are improving with positive tenant demand and limited new supply experienced during the first half of 2011. The portfolio achieved positive leasing activity of 20,417 sqm during the 6 months to 30 June 2011.

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Container Throughput
89% of the industrial portfolio is subject 3,000,000
to fixed rental increase with an average
increase of 3.3% over the 2011 period 2,500,000
with the balance subject to market 2,000,000
review.
1,500,000
The industrial portfolio is positioned 1,000,000
well with occupancy levels increasing to
98.8% and a long WALE of 6.2 years. 500,000
0
1995/96 1997/98 1999/00 2001/02 2003/04 2005/06 2007/08 2009/10 2011/12 2013/14 2015/16
Structured rent increase
Container throughput Sydney Container throughput Melbourne Container throughput Brisbane
11% Source: Bureau of Infrastructure, Transport and Regional Economics.
Industrial Existing Net Rents ($sqm)
160
140
120 $115.8
Average 3.3% 100 $109.3
increase 80 $71.71
60
Forecast
40 2011-2013
20 Average Rent
89% 0
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Market
Fixed Industrial Prime Net Rents Sydney Outer Central Industrial Prime Net Rents Brisbane South
Industrial Prime Net Rents Melbourne West
Structured rent increases for leases subject to review for
full year 2011.
Source: Jones Lang LaSalle Research June 2011.
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130

Industrial Income and Fair Value Schedule

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Income Fair Value
GPT Property ($m) Jun 10 Jun 11 Variance Fair Capex Sales Book Net Other Fair Value
(6 (6 Jun 11 Value ($m) ($m) Profit/ Purchases Revaluations Adjustments Jun 11
mths) mths) ($m) Dec 10 (loss) on ($m) ($m) ($m) ($m)
($m) ($m) ($m) Sale
Quad 1, Sydney Olympic Park 0.8 0.9 0.1 19.7 0.0 0.0 0.0 0.0 0.8 (0.1) 20.4
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GPT Property ($m)	Income	Income	Income	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value	Fair Value
	Jun 10 (6 mths) ($m)	Jun 11 (6 mths) ($m)	Variance Jun 11 ($m)	Fair Value Dec 10 ($m)	Capex ($m)	Sales ($m)	Book Proft/ (loss) on Sale	Purchases ($m)	Net Revaluations ($m)	Other Adjustments ($m)	Fair Value Jun 11 ($m)
Quad 1, Sydney Olympic Park	0.8	0.9	0.1	19.7	0.0	0.0	0.0	0.0	0.8	(0.1)	20.4
Quad 2, Sydney Olympic Park	0.8	0.8	0.0	20.3	0.0	0.0	0.0	0.0	0.1	0.0	20.4
Quad 3, Sydney Olympic Park	0.9	0.9	0.0	21.3	0.0	0.0	0.0	0.0	0.0	(0.1)	21.2
Quad 4, Sydney Olympic Park	1.4	1.4	0.0	34.1	0.1	0.0	0.0	0.0	1.4	0.0	35.6
Rosehill Business Park, Camellia	2.5	2.6	0.1	66.5	0.1	0.0	0.0	0.0	0.0	0.0	66.6
2-4 Harvey Road, Kings Park	1.8	1.9	0.1	44.1	0.1	0.0	0.0	0.0	(0.2)	0.0	44.0
Erskine Park-Stage 1	1.6	1.5	(0.1)	38.6	0.5	0.0	0.0	0.0	0.0	0.0	39.1
Erskine Park-Stage 21	0.9	0.8	(0.1)	19.0	0.0	0.0	0.0	0.0	0.0	0.0	19.0
407 Pembroke Road, Minto	1.0	0.9	(0.1)	22.9	0.1	0.0	0.0	0.0	0.0	(0.1)	22.9
4 Holker Street, Newington	1.4	1.4	0.0	30.1	0.1	0.0	0.0	0.0	0.0	0.0	30.2
15 Berry Street, Granville	0.3	0.6	0.3	12.6	0.3	0.0	0.0	0.0	0.0	0.0	12.9
19 Berry Street, Granville	1.1	1.1	0.0	25.7	0.1	0.0	0.0	0.0	0.0	(0.1)	25.7
5 Figtree Drive, Sydney Olympic Park	0.8	0.8	0.0	18.7	0.0	0.0	0.0	0.0	0.0	0.0	18.7
7 Figtree Drive, Sydney Olympic Park	0.8	0.0	(0.8)	10.0	0.4	0.0	0.0	0.0	0.0	0.0	10.4
372-374 Victoria Street, Wetherill Park	0.8	0.8	0.0	18.1	0.0	0.0	0.0	0.0	0.0	0.0	18.1
7 Parkview Drive, Sydney Olympic Park	0.2	0.2	0.0	17.5	0.3	0.0	0.0	0.0	(0.4)	0.1	17.5
18-24 Abbott Road, Seven Hills	0.7	0.7	0.0	14.0	0.0	0.0	0.0	0.0	0.0	0.0	14.0
6 Herb Elliot Avenue, Sydney Olympic Park	0.0	0.4	0.4	12.0	0.0	0.0	0.0	0.0	0.0	0.1	12.1
8 Herb Elliot Avenue, Sydney Olympic Park	0.4	0.4	0.0	9.3	0.0	0.0	0.0	0.0	0.0	0.0	9.3
Austrak Business Park, Somerton	5.3	5.7	0.4	140.0	0.3	0.0	0.0	0.0	0.0	0.0	140.3
Citiwest Industrial Estate, Altona North	2.7	2.9	0.2	66.1	0.2	0.0	0.0	0.0	0.0	(0.1)	66.2
134-140 Fairbairn Road, Sunshine West	0.6	0.6	0.0	13.0	0.0	0.0	0.0	0.0	0.0	0.1	13.1
92-116 Holt Street, Pinkenba	0.5	0.6	0.1	13.4	0.0	0.0	0.0	0.0	(0.4)	0.0	13.0
Lots 42-44 Ocean Steamers Drive, Port Adelaide	0.2	0.2	0.0	6.0	0.0	0.0	0.0	0.0	0.1	0.0	6.1
Assets under development
17 Berry St, Granville	0.0	0.0	0.0	5.0	0.5	0.0	0.0	0.0	(0.4)	0.0	5.1
Austrak Business Park, Somerton	0.0	0.0	0.0	17.6	1.0	0.0	0.0	0.0	(0.8)	0.1	17.9
Erskine Park	0.0	0.0	0.0	64.0	0.4	0.0	0.0	0.0	0.0	0.0	64.4
407 Pembroke Road, Minto	0.0	0.0	0.0	5.2	0.0	0.0	0.0	0.0	0.0	0.0	5.2
5 Murray Rose Dr, Sydney Olympic Park	0.0	0.0	0.0	7.1	11.6	0.0	0.0	0.0	(0.1)	0.0	18.6
Assets sold
21 Talavera Road, Macquarie Park	0.1	0.0	(0.1)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Total Industrial & Business Park	27.6	28.1	0.5	791.9	16.1	0.0	0.0	0.0	0.1	(0.1)	808.0

131

Industrial Portfolio External Valuation Schedule

14% of the GPT Industrial portfolio was valued externally in the 6 months to 30 June 2011.

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Industrial Portfolio Date Valuer Valuation Interest Capitalisation Discount Rate Terminal
($m) Rate (%) Capitalisation
(%) Rate
(%)
Quad 1, Sydney Olympic Park, NSW 30-Jun-10 CBRE 19.5 100% 8.75 9.50 8.75
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Industrial Portfolio	Date	Valuer	Valuation ($m)	Interest	Capitalisation Rate (%)	Discount Rate (%)	Terminal Capitalisation Rate (%)
Quad 1, Sydney Olympic Park, NSW	30-Jun-10	CBRE	19.5	100%	8.75	9.50	8.75
Quad 2, Sydney Olympic Park, NSW	30-Jun-10	CBRE	19.6	100%	8.75	9.50	8.75
Quad 3, Sydney Olympic Park, NSW	31-Dec-09	JLL	20.2	100%	8.25	9.50	8.50
Quad 4, Sydney Olympic Park, NSW	31-Dec-09	JLL	32.4	100%	8.00	9.25	8.00
Rosehill Business Park, Camellia, NSW	30-Sep-09	CBRE	64.0	100%	8.50	9.75	8.75
2-4 Harvey Road, Kings Park, NSW	30-Jun-11	Savills	44.0	100%	8.50	9.75	9.00
Erskine Park-Stage 1, NSW	30-Jun-09	KF	36.0	100%	7.75	9.75	8.00
Erskine Park-Stage 2, NSW	30-Sep-10	KF	19.0	100%	7.82	9.50	8.50
407 Pembroke Road, Minto , NSW	31-Dec-10	KF	22.9	50%	8.25	9.50	8.50
4 Holker Street, Silverwater, NSW	31-Dec-08	JLL	32.6	100%	8.25	9.75	8.75
15 Berry Street, Granville, NSW	30-Sep-09	CBRE	12.0	100%	8.75	9.75	9.00
19 Berry Street, Granville, NSW	30-Sep-09	CBRE	24.5	100%	8.50	9.75	8.75
5 Figtree Drive, Sydney Olympic Park, NSW	30-Jun-11	Colliers	18.7	100%	8.75	10.25	9.00
7 Figtree Drive, Sydney Olympic Park, NSW	30-Jun-10	CBRE	10.0	100%	8.50	9.50	8.50
372-374 Victoria Street, Wetherill Park, NSW	30-Jun-09	KF	18.0	100%	9.25-9.50	10.00	9.75
7 Parkview Drive, Sydney Olympic Park, NSW	30-Jun-11	JLL	17.5	100%	NA
18-24 Abbott Road, Seven Hills, NSW	31-Dec-08	JLL	13.5	100%	10.00	10.50	10.25
6 Herb Elliot Ave, Sydney Olympic Park, NSW	31-Dec-10	JLL	12.00	100%	NA
8 Herb Elliott Ave,SydneyOlympic Park,NSW	30-Jun-10	CBRE	8.9	100%	8.50	9.50	8.50
Austrak Business Park, Somerton, VIC	01-Oct-09	JLL	138.6	50%	8.10	9.50	8.70
Citiwest Industrial Estate, Altona North, VIC	31-Mar-09	JLL	70.0	100%	8.25-9.00	9.50-9.75	8.75-9.50
134-140 Fairbairn Road, Sunshine West, VIC	31-Dec-08	JLL	13.6	100%	8.00	9.00	8.50
92-116 Holt Street, Pinkenba, QLD	30-Jun-11	JLL	13.0	100%	9.25	10.25	9.25
Lots 42-44 Ocean Steamers Drive, Port Adelaide, SA	30-Jun-11	Colliers	6.1	50%	9.75	10.50	10.00

132

Industrial Portfolio Occupancy Schedule

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GLA (100% Vacant (100% Leased Land
Occupancy
Occupancy Schedule as at 30 Jun 2011 Ownership interest) interest) (100%
(By income)
(sqm) (sqm) interest sqm)
----- End of picture text -----

Occupancy Schedule as at 30 Jun 2011	Ownership	GLA (100% interest) (sqm)	Vacant (100% interest) (sqm)	Occupancy (By income)	Leased Land (100% interest sqm)

Quad 1, SydneyOlympic Park, NSW	100%	4,978	0	100.0%	0
Quad 2, SydneyOlympic Park, NSW	100%	5,145	391	93.7%	0
Quad 3, SydneyOlympic Park, NSW	100%	5,249	0	100.0%	0
Quad 4, SydneyOlympic Park, NSW	100%	7,998	0	100.0%	0
Rosehill Business Park, Camellia, NSW	100%	49,425	6,970	85.9%	7,624
2-4 HarveyRoad, Kings Park, NSW	100%	40,336	0	100.0%	0
Erskine Park - Stage 1, NSW	100%	15,243	0	100.0%	0
Erskine Park - Stage 2, NSW	100%	12,700	0	100.0%	0
407 Pembroke Road, Minto, NSW	50%	15,278	0	100.0%	0
4 Holker Street, Newington, NSW	100%	7,430	0	100.0%	0
15 BerrySt, Granville, NSW	100%	10,025	0	100.0%	0
19 BerrySt, Granville, NSW	100%	19,632	0	100.0%	0
5 Figtree Drive, SydneyOlympic Park, NSW	100%	9,018	0	100.0%	0
7 Figtree Drive, SydneyOlympic Park, NSW	100%	3,457	0	100.0%	0
372-374 Victoria Street, Wetherill Park, NSW	100%	20,462	0	100.0%	0
7 Parkview Drive, SydneyOlympic Park, NSW	100%	2,312	0	100.0%	0
18-24 Abbott Road, Seven Hills, NSW	100%	19,380	0	100.0%	0
6 Herb Elliott Avenue, SydneyOlympic Park, NSW	100%	4,144	0	100.0%	0
8 Herb Elliott Avenue, SydneyOlympic Park, NSW	100%	3,294	0	100.0%	0
Austrak Business Park, Somerton, VIC	50%	197,642	0	100.0%	140,581
Citiwest Industrial Estate, Altona North, VIC	100%	91,467	0	100.0%	0
134-140 Fairbairn Road, Sunshine West, VIC	100%	16,824	0	100.0%	0
92-116 Holt Street, Pinkenba, QLD	100%	15,429	0	100.0%	0
Lots 42-44 Ocean Steamers Drive, Port Adelaide, SA	50%	14,537	0	100.0%	0
Total		591,405	7,361	98.81%	148,205

133

Sustainability Industrial

On 18 August NABERS announced that is has extended its NABERS Energy and NABERS Water ratings scale to 6 stars, with 6 stars representing market leading performance.

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Quad, Sydney Olympic Park
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GPT welcomes the extension of the NABERS rating scale which provides the opportunity to set higher targets and to demonstrate the effectiveness of our environmental initiatives across GPT’s portfolio’s.

GPT is pleased to inform that the following buildings have achieved a 5.5 and 6 star NABERS Energy or NABERS Water rating;

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NABERS Energy NABERS Water
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	NABERS Energy	NABERS Water

Quad 1, Sydney Olympic Park	5.0	5.0
Quad 2, Sydney Olympic Park	5.0	6.0
Quad 4, Sydney Olympic Park	5.5	6.0

134

Quad Business Park Sydney Olympic Park

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Quad Business Park is a four stage integrated office development, located at Sydney Olympic Park (SOP), close to significant infrastructure and public recreational amenities.

The business park comprises four office buildings, totalling 23,400 sqm of net lettable space, completed in stages between July 2001 and June 2007.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	June 2001 to March 2003
Property Details (Includes Quads 1-4)
Location	Sydney Olympic Park, NSW
Lettable Area	23,370 sqm
Site Area	31,910 sqm
Income (6 Months)	$4.0m
GPT Fair Value	$97.6m
Latest Valuation
Value	$91.7m
Valuer	CBRE (Quad 1 & 2), JLL (Quad 3 & 4)
Valuation date	Quad 1 & 2, 30 June 2010. Quad 3 & 4, 31 December 2009
Occupancy	98.3%
Weighted Average Lease Expiry	2.9 Years by Income
	Quad 1	Quad 2	Quad 3	Quad 4
Valuation Date	30-Jun-10	30-Jun-10	31-Dec-09	31-Dec-09
Capitalisation Rate	8.75%	8.75%	8.25%	8.00%
Terminal Capitalisation Rate	8.75%	8.75%	8.50%	8.00%
Discount Rate	9.50%	9.50%	9.50%	9.25%
GPT Fair Value based on cap rate range of 8.25% - 8.75%

Winner of the 2009 PCA Industrial & Business Park Award, Quad 4 was the first speculative building in Sydney to be designed to Australian Best Practice environmental performance. The building was certified as a 5 Star Green Star - Office Design v2 rating and has been designed to the standards of a NABERS greenhouse rating of 5 Stars (the highest performance possible).

135

Rosehill Business Park

Camellia

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2-4 Harvey Road Kings Park

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Rosehill Business Park is a modern industrial development located in the established central west industrial area of Sydney.

The property features 41,900 sqm of lettable area and is located near to James Ruse Drive and the M4 motorway.

2-4 Harvey Road, Kings Park comprises a modern high clearance warehouse and associated high quality office accommodation. The site measures 6.5 ha and features 40,300 sqm of lettable area, including a recently completed warehouse extension.

Kings Park is located approximately 40 kilometres west of the Sydney CBD and approximately 15 kilometres northwest of the Parramatta CBD. The area is characterised by a large number of transport and distribution facilities due to its close proximity to the M2, M4 and M7 Motorways.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	May 1988
Property Details
Location	Camellia, NSW
Lettable Area	49,425 sqm
Site Area	79,744 sqm
Land Leased	7,624 sqm
Income (6 Months)	$2.6m
GPT Fair Value	$66.6m
Latest Valuation
Value	$64.0m
Valuer	CBRE
Valuation Date	30 September 2009
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%
Occupancy	85.9%
Weighted Average Lease Expiry	3.0 Years by Income
GPT Fair Value based on cap rate of 8.50%

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	May 1999
Property Details
Location	Kings Park, NSW
Lettable Area	40,336 sqm
Site Area	64,780 sqm
Income (6 Months)	$1.9m
GPT Fair Value	$44.0m
Latest Valuation
Value	$44.0m
Valuer	Savills
Valuation Date	30 June 2011
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	9.00%
Discount Rate	9.75%
Occupancy	100%
Weighted Average Lease Expiry	5.9 Years by Income
GPT Fair Value based on external valuation

136

Connect@Erskine Park, Cnr Lockwood and Templar Road

Erskine Park

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Erskine Park is a 37.6 ha site situated on the corner of Lockwood and Templar Road, Erskine Park. Erskine Park is located approximately 26 kilometres west of the Parramatta CBD and 46 kilometres west of the Sydney CBD with good access to Sydney’s major traffic arteries including the Great Western Highway, the M4 and M7 Motorways.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	May 2008
Location	Erskine Park, NSW
Site Area	37.6 ha
Property Details	Stage 1 (GoodmanFielder)1	Stage 2 (Target)2
Lettable Area	15,243 sqm	12,700 sqm
Site Area	39,735 sqm	22,981 sqm
Income (6 Months)	$1.5m	$0.8m
GPT Fair Value	$39.1m	$19.0m
Latest Valuation
Value	$36.0m	$19.0m
Valuer	Knight Frank	Knight Frank
Valuation Date	30 June 2009	30-Sep-10
Capitalisation Rate	7.75%	7.82%
Terminal Capitalisation Rate	8.00%	8.50%
Discount Rate	9.75%	9.50%
Occupancy	100%	100%
Weighted Average Lease Expiry	18.0 Years by Income	10.6 Years by Income
1. GPT Fair Value based on cap rate of 8.13%. 2. GPT Fair Value based on cap rate of 7.85%.

Stage 1 (15,243 sqm) reached practical completion in June 2009 and is leased to Goodman Fielder on a 20 year lease. Stage 2 (12,700 sqm) reached practical completion in February 2010 and is leased to Target Australia on a 12 year lease. Approximately 26.7 ha remains for future development.

137

407 Pembroke Road

Minto

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4 Holker Street Newington

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The property is located within easy access to major road networks (M5 and M7 Motorways) and has the benefit of access to a railway siding from the Main Southern Railway.

Current improvements comprise 15,300 sqm of modern office, warehouse and cold storage and 6.7 ha of land remains for future development.

The property is co-owned with Austrak, GPT’s existing joint venture partner at both Austrak Business Park in Somerton, Victoria, and Port Adelaide, South Australia.

4 Holker Street, Newington comprises a modern hi-tech industrial property, purpose-built for Vodafone Australia Limited in 2002.

The property is well located close to major transport routes, approximately one kilometre north of the M4 Motorway, and in close proximity to Newington Shopping Centre and Sydney Olympic Park.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	50%
Co-owner	Austrak
Acquired (by GPT)	October 2008
Property Details
Location	Minto, NSW
Lettable Area (100%)	15,278 sqm
Site Area (100%)	2 ha
Income (6 Months)	$0.9m
GPT Fair Value	$22.9m
Latest Valuation
Value	$22.9m
Valuer	Knight Frank
Valuation Date	31-Dec-10
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Occupancy	100%
Weighted Average Lease Expiry	8.4 Years by Income
GPT Fair Value based on cap rate of 8.25%.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	March 2006
Property Details
Location	Silverwater,NSW
Lettable Area	7,430 sqm
Site Area	8,065 sqm
Income (6 Months)	$1.4m
GPT Fair Value	$30.2m
Latest Valuation
Value	$32.6m
Valuer	Jones Lang LaSalle
Valuation Date	31 December 2008
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%
Occupancy	100%
Weighted Average Lease Expiry	6.0 Years by Income
GPT Fair Value based on cap rate of 8.50%.

138

Granville Logistics Centre, 15-19 Berry Street

Granville

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5 Figtree Drive Sydney Olympic Park

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Granville Logistics Centre is at Berry Street Granville and comprises 29,700 sqm of high clearance warehouses and modern office accommodation. Together with DA approval for an additional 9,000 sqm of improvements.

Berry Street is a continuation of James Ruse Drive, a major north-south arterial road servicing Sydney’s central west. Other major road arteries in the near vicinity include Parramatta Road, and the M4 Motorway. Surrounding development is a mixture of industrial warehousing and distribution and bulky goods retailing.

5 Figtree Drive comprises a modern two-level office facility and attached high clearance warehouse.

The property is situated on the north western side of Figtree Drive between Olympic Boulevard and Australia Avenue, within Sydney Olympic Park. This precinct is located close to the majority of Olympic facilities, including the Sydney Aquatic Centre, the Sydney International Athletics Centre, the Olympic Stadium and Agricultural Society Showground.

The area is well serviced by an orbital road network and rail transport is available via Olympic Park Rail Station.

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Key Metrics as at
30 June 2011 15 Berry Street 19 Berry Street
Ownership Interest 100% 100%
Acquired (by GPT) November 2000 December 2000
Property Details
Location Granville, NSW Granville, NSW
Lettable Area 10,025 sqm 19,632 sqm
Site Area 20,600 sqm 38,000 sqm
Income (6 Months) $0.6m $1.1m
GPT Fair Value $12.9m $25.7m
Latest Valuation
Value $12.0m $24.5m
Valuer CBRE CBRE
Valuation Date 30 September 2009 30 September 2009
Capitalisation Rate 8.75% 8.50%
Terminal Capitalisation Rate 9.00% 8.75%
Discount Rate 9.75% 9.75%
Occupancy 100% 100%
Weighted Average Lease Expiry 3.8 Years by Income 4.4 Years by Income
GPT Fair Value based on cap rate of 8.75%.
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Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	July 2005
Property Details
Location	Sydney Olympic Park, NSW
Lettable Area	9,018 sqm
Site Area	12,890 sqm
Income (6 Months)	$0.8m
GPT Fair Value	$18.75m
Latest Valuation
Value	$18.75m
Valuer	Colliers
Valuation Date	30 June 2011
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.25%
Occupancy	100%
Weighted Average Lease Expiry	0.2 Years by Income
GPT Fair Value based on external valuation.

139

7 Figtree Drive

Sydney Olympic Park

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372-374 Victoria Street Wetherill Park

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7 Figtree Drive comprises a single level office and warehouse building located at Sydney Olympic Park.

The site is currently leased to BSA Limited and occupies a prime location on the corner of Figtree Drive and Olympic Boulevard. In conjunction with neighbouring GPT assets, the property forms part of a 4 ha consolidated holding.

372-374 Victoria Street comprises a high bay warehouse and associated offices secured under long term lease to OneSteel Trading.

Wetherill Park is a traditional industrial area popular with transport, storage and distribution users. Victoria Street provides direct access to the Cumberland Highway, and proximity to the M4 and M7 Motorways.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	July 2004
Property Details
Location	Sydney Olympic Park, NSW
Lettable Area	3,457 sqm
Site Area	9,602 sqm
Income (6 Months)	$0.1m
GPT Fair Value	$10.4m
Latest Valuation
Value	$10.0m
Valuer	CBRE
Valuation Date	30 June 2010
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Occupancy	100%
Weighted Average Lease Expiry	4.2 Years by Income
GPT Fair Value based on cap rate of 8.50%.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	July 2006
Property Details
Location	Wetherill Park, NSW
Lettable Area	20,462 sqm
Site Area	40,924 sqm
Income (6 Months)	$0.8m
GPT Fair Value	$18.1m
Latest Valuation
Value	$18.0m
Valuer	Knight Frank
Valuation Date	30 June 2009
Capitalisation Rate	9.25-9.50%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.00%
Occupancy	100%
Weighted Average Lease Expiry	3.7 Years by Income
GPT Fair Value based on capr rate of 9.50%.

140

7 Parkview Drive

Sydney Olympic Park

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18-24 Abbott Road

Seven Hills

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7 Parkview Drive forms part of the Sydney Olympic Park commercial precinct and is located in close proximity to key park amenities and infrastructure. Over the medium to longer term, existing site improvements will make way for a new campus style office park, forming part of GPT’s development at 5 Murray Rose Avenue.

Abbott Road, Seven Hills provides a strategic 4 ha land bank near the junction of the M2 and M7 Motorways.

The site, which is currently leased to Broens Industries until 2015, is suitable for a variety of future industrial development opportunities.

	Key Metrics as at 30 June 2011 Ownership Interest 100%	Key Metrics as at 30 June 2011 Ownership Interest 100%
	Acquired (by GPT) Property Details Location Lettable Area Site Area Income (6 Months)	May 2002 Sydney Olympic Park, NSW 2,312 sqm 24,500 sqm $0.2m
	GPT Fair Value	$17.5m
	Latest Valuation
	Value	$17.5m
	Valuer	Jones Lang LaSalle
	Valuation Date	30 June 2011
	Capitalisation Rate	n/a
	Terminal Capitalisation Rate	n/a
	Discount Rate	n/a
	Occupancy	100%
	Weighted Average Lease Expiry	2.3 Years by Income
	7 Parkview has been valued on a rate per sqm of Gross Floor Area (GFA). Costs such as demolition and
	deferrment of development have been deducted. The PV of the current lease income stream has then been
	added to the value.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	October 2006
Property Details
Location	Seven Hills, NSW
Lettable Area	19,380 sqm
Site Area	40,750 sqm
Income (6 Months)	$0.7m
GPT Fair Value	$14.0m
Latest Valuation
Value	$13.5m
Valuer	Jones Lang LaSalle
Valuation Date	31 December 2008
Capitalisation Rate	10.00%
Terminal Capitalisation Rate	10.25%
Discount Rate	10.50%
Occupancy	100%
Weighted Average Lease Expiry	4.3 Years by Income
GPT Fair Value based on cap rate of 9.75%.

141

6 Herb Elliott Avenue

Sydney Olympic Park

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8 Herb Elliott Avenue

Sydney Olympic Park

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6 Herb Elliott Avenue is situated opposite the Olympic Park Rail Station, midway between Australia Avenue and Olympic Boulevard.

Considerable upgrading of infrastructure has occurred throughout Sydney Olympic Park with improved road and rail transport increasing the amenity of the area.

8 Herb Elliott Avenue is situated opposite the Olympic Park Rail Station, between Australia Avenue and Olympic Boulevard.

Current site improvements comprise 3,300 sqm of high quality office and warehouse accommodation leased to Sapphicon.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	June 2010
Property Details
Location	Sydney Olympic Park, NSW
Lettable Area	4,144 sqm
Site Area	8,402 sqm
Income (6 Months)	$0.4m
GPT Fair Value	$12.1m
Latest Valuation
Value	$12.0m
Valuer	Jones Lang LaSalle
Valuation Date	31 December 2010
Capitalisation Rate	NA
Terminal Capitalisation Rate	NA
Discount Rate	NA
Occupancy	100%
Weighted Average Lease Expiry	0.8 Years by Income
GPT Fair Value based on external valuation. 6 Herb Elliot has been valued on the basis of discounting the future value of the development potential of the site. The PV of the current lease income has then been added to the value.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	August 2004
Property Details
Location	Sydney Olympic Park, NSW
Lettable Area	3,294 sqm
Site Area	9,069 sqm
Income (6 Months)	$0.4m
GPT Fair Value	$9.3m
Latest Valuation
Value	$8.9m
Valuer	CBRE
Valuation Date	30 June 2010
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Occupancy	100%
Weighted Average Lease Expiry	8.6 Years by Income
GPT Fair Value based on cap rate of 8.50%.

142

Austrak Business Park

Somerton

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Citiwest Industrial Estate Altona North

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Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	50%
Co-owner	Austrak
Acquired (by GPT)	October 2003
Location	Somerton, VIC
Property Details1
Lettable Area (100%)	193,626 sqm
Land Leases (100%)	281,162 sqm
Site Area (100%)	64.4 ha
Income (6 Months)	$5.7m
GPT Fair Value	$140.3m
Latest Valuation
Value	$138.6m
Valuer	Jones Lang LaSalle
Valuation Date	1 October 2009
Capitalisation Rate	8.10%
Terminal Capitalisation Rate	8.70%
Discount Rate	9.50%
Occupancy	100%
Weighted Average Lease Expiry	9.8 Years by Income
1. Includes investment asset and land lease. GPT Fair Value based on caprate of 8.00%.

Austrak Business Park comprises approximately 100 ha of industrially zoned land and is located 20 kilometres from the Melbourne CBD. The land offers a key point of difference for tenants with access to one of Australia’s first fully integrated inter-modal rail terminals.

GPT and Austrak have developed approximately 70% of the Park since acquisition, with average yields of approximately 8%. Recent developments include 74,700 sqm leased to Coles and a 43,300 sqm facility leased to Linfox.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	August 1994
Property Details
Location	Altona North, VIC
Lettable Area	91,467 sqm
Site Area	201,765 sqm
Income (6 Months)	$2.9m
GPT Fair Value	$66.2m
Latest Valuation
Value	$70.0m
Valuer	Jones Lang LaSalle
Valuation Date	31 March 2009
Capitalisation Rate	8.25%-9.00%
Terminal Capitalisation Rate	8.75%-9.50%
Discount Rate	9.50%-9.75%
Occupancy	100%
Weighted Average Lease Expiry	4.0 Years by Income
GPT Fair Value based on cap rate of 8.75%.

The Citiwest Industrial Estate

comprises a complex of six modern high clearance warehouse distribution centres 15 kilometres south-west of the Melbourne CBD.

The estate is bounded by Dohertys Road to the north, Grieve Parade to the east and Pinnacle Road to the south. Access to the Westgate Freeway and the Western Ring Road are available from Grieve Parade.

134-140 Fairbairn Road

Sunshine West

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92–116 Holt Street Pinkenba

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Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	March 2006
Property Details
Location	Sunshine West, VIC
Lettable Area	16,824 sqm
Site Area	52,010 sqm
Income (6 Months)	$0.6m
GPT Fair Value	$13.1m
Latest Valuation
Value	$13.6m
Valuer	Jones Lang LaSalle
Valuation Date	31 December 2008
Capitalisation Rate	8.00%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.00%
Occupancy	100%
Weighted Average Lease Expiry	6.6 Years by Income
GPT Fair Value based on cap rate of 8.50%.

134-140 Fairbairn Road comprises two high bay warehouses and extensive hardstand areas used for the storage and distribution of steel products.

The industrial suburb of Sunshine West is located approximately 13 kilometres west of the Melbourne CBD and is an area popular with transport and logistics users due to its close proximity to the Western Ring Road and West Gate Freeway.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100%
Acquired (by GPT)	March 2006
Property Details
Location	Pinkenba, QLD
Lettable Area	15,429 sqm
Site Area	32,800 sqm
Income (6 Months)	$0.6m
GPT Fair Value	$13.0m
Latest Valuation
Value	$13.0m
Valuer	Jones Lang LaSalle
Valuation Date	30 June 2011
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.25%
Discount Rate	10.25%
Occupancy	100%
Weighted Average Lease Expiry	6.6 Years by Income
GPT Fair Value based on external valuation.

92–116 Holt Street comprises two large high bay warehouses, leased to Smorgon Steel Distribution.

Pinkenba is adjacent to Eagle Farm in Brisbane’s industrial northern suburbs. The area benefits from easy access to the Gateway Motorway and Brisbane Airport, which is located approximately two kilometres to the north of the site.

144

Lots 42–44 Ocean Steamers Drive

Port Adelaide

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Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	50%
Co-owner	Austrak
Acquired (by GPT)	July 2006
Property Details
Location	Port Adelaide, SA
Lettable Area (100%)	12,570 sqm
Site Area (100%)	5.7 ha
Income (6 Months)	$0.2m
GPT Fair Value	$6.1m
Latest Valuation
Value	$6.1m
Valuer	Colliers
Valuation Date	30 June 2011
Capitalisation Rate	9.75%
Terminal Capitalisation Rate	10.00%
Discount Rate	10.50%
Occupancy	100%
Weighted Average Lease Expiry	1.8 Years by Income
GPT Fair Value based on external valuation.

Port Adelaide is a well established industrial suburb, located approximately one kilometre north of the Port River Expressway and 13 kilometres north-west of the Adelaide CBD.

The property is 100% leased and has approximately 2.6 ha of land for future development.

GPT INTERIM RESULT ~~2~~ 011 Development

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Development Approach

Development is a core part of GPT’s business, adding value through improved income, development profits and increased fund management fees. Development is managed within GPT by a team of experienced executives whose core focus is to identify new opportunities and deliver projects aligned with GPT’s development goals and expectations.

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Highpoint Shopping Centre, VIC
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Criteria for Investment

a[Earnings accretive]

a[Funding capacity] a[Consistent with portfolio strategy] a[Appropriate risk profile]

a[Best use of investors capital ]

Development Targets	Development Targets
Accretive initialyield – IRR targets
Retail	10 - 13%
Offce	11 - 14%
Industrial	12 - 15%

Development Track Record

a[23 Developments completed over the past 9 years worth $2.4 billion of which 9 were over $100 million each ]

a[Average $300 million investment per year ]

a[Development IRRs delivered in the target range, with development assets outperforming the overall portfolio ]

147

Development Summary

GPT has a $3.3 billion development pipeline on behalf of assets held on the balance sheet and in GPT’s Wholesale Funds. This comprises $1.8 billion underway and planned and $1.5 billion in the future pipeline.

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5 Murray Rose Avenue, Sydney

Development summary	Portfolio	Total GPT and Funds ($m)	Forecast to Complete GPT ($m)	Forecast to Complete Funds ($m)
Underway
Charlestown Square, NSW	Retail	470	5	0
Melbourne Central-Eatery / Fashion Mall, VIC	Retail	30	10	0
Highpoint Shopping Centre, VIC	Retail	200	46	135
111 Eagle Street, QLD	Offce	696	82	83
161 Castlereagh Street, NSW	Offce	380		245
5 Murray Rose-Sydney Olympic Park, NSW	Industrial	60	33	0
Total underway developments		1,836	176	463
Planned
Casuarina Square, NT	Retail	220	220	0
Wollongong Central-West Keira, NSW	Retail	224	0	224
Rouse Hill Town Centre Expansion, NSW	Retail	275	275	0
Melbourne Central Level 3	Retail	20	20	0
300 Lonsdale Street, VIC	Offce	170	170	0
1-3 Murray Rose-Sydney Olympic Park, NSW	Industrial	65	65	0
Erksine Park, NSW	Industrial	50	50	0
Austrak Business Park-Somerton, VIC	Industrial	40	40	0
Austrak Business Park-Minto, NSW	Industrial	40	40	0
17 Berry St-Granville, NSW	Industrial	15	15	0
Total planned developments		1,119	895	224
Total underway and planned developments		2,955
Future pipeline Projects
There is a futurepipeline of approximately $1.5 billion ofprojects.
Total underway, planned and future pipeline developments	4,476
111 Eagle Street - represents approximately two third share for GPT and the Wholesale fund with approximately one third share from co-owner. 161 Castlereagh Street - Grocon is the developer. Highpoint - development is forecast at $300m including $100m share from external co-owner. Austrak Business Parks Somerton and Minto - Austrak and GPT are the joint developers.

148

Development Planning

Underway	Charlestown Square	Retail

	Melbourne Central	Retail
	111 Eagle Street	Offce
	161 Castlereagh Street	Offce
	5 Murray Rose	Industrial
	Highpoint	Retail
Planned	Casuarina Square	Retail

	Wollongong-West Kiera	Retail

	Rouse Hill expansion	Retail

	Melbourne Central L3	Retail

	300 Lonsdale Street	Offce
	1 - 3 Murray Rose	Industrial

	Erskine Park	Industrial
	Somerton Business Park	Industrial
	Minto Business Park	Industrial
	Berry St - Granville	Industrial
			Q1 Q2 Q3 Q 2011	4 Q1 Q2 Q3 Q	4 Q1 Q2 Q3 Q	4 Q1 Q2 Q3 Q	4 Q1 Q2 Q3 Q	4
				2012 2013 2014			2015

149

Development Fair Value Schedule

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Development land Ownership Development 30 June 2011
Land (100% Fair Value
interest sqm) ($m)
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Development land	Ownership	Development Land (100% interest sqm)	30 June 2011 Fair Value ($m)

Industrial Development Land
connect@erskine Park, NSW	100%	267,400	64.4
17 BerryStreet, Granville, NSW	100%	17,947	5.1
407 Pembroke Road, Minto, NSW	50%	64,186	5.2
Austrak Business Park, Somerton, VIC	50%	345,532	17.8
Connect@Erskine Park Fair Value includes land held for sale.

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Development Property Ownership GLA/ 30 Jun 11 30 June 11 External or
NLA(100% Fair Value Cap Rate Directors
interest) ($m) (%) Valuation
(sqm)
GPT Portfolio
One One One Eagle Street, QLD 33% 64,000 124.3 6.75 Directors
5 Murray Rose Avenue, Sydney Olympic Park, NSW 100% 12,200 18.6 7.75 Directors
Highpoint Shopping Centre, VIC 16.67% 122,800 211.9 6.00 Directors
Melbourne Central, VIC [1] 100% 52,200 916.0 5.75 External
GWOF Portfolio
One One One Eagle Street, QLD 33% 64,000 120.8 6.75 Directors
161 Castlereagh Street, NSW 50% 54,450 145.3 6.50 Directors
GWSCF Portfolio
Highpoint Shopping Centre, VIC 50% 122,800 637.4 6.00 Directors
Capitalisation Rate used in determining As if Complete Value. 1. Includes retail and 100% interest of carpark.
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150

One One One Eagle Street Brisbane

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One One One Eagle Street is a Premium–Grade 64,000 sqm, 54 level office tower development in Brisbane’s prime commercial ‘Golden Triangle’ precinct. Construction commenced in May 2008.

The new tower is designed to take advantage of the outstanding location and Brisbane River views and has achieved a 6 Star Green Star Design Rating and is targeting a 5 Star NABERS Energy rating and will explore the new 6 Star NABERS rating opportunity.

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Key Metrics as at 30 June 2011
33.33 % GPT
Ownership Interest 33.33 % GWOF Office 64,000 sqm
33.33% Third Party
Project Commenced May 2008 Retail 198 sqm
Asset Quality Premium Grade Car Parking Spaces 114
Construction Due for completion early 2012 Typical Floor Plate 1,500 sqm
GPT Fair Value $124.3m GWOF Fair Value $120.8m
Latest External Valuation GPT
Value (as if complete, 33.33% share) $220.0m Current Capitalisation Rate 6.75%
Value (as is, 33.33% share) [1] 106.7 Terminal Capitalisation Rate 6.75%
Valuer Jones Lang LaSalle Discount Rate 9.00%
Valuation Date [1] 31 December 2010
Latest External Valuation GWOF
Value (as if complete, 33.33% share) $220.0m Current Capitalisation Rate 6.75%
Value (as is, 33.33% share) $108.3m Terminal Capitalisation Rate 6.75%
Valuer Jones Lang LaSalle Discount Rate 9.00%
Valuation Date 31 March 2011
GPT & GWOF Current Fair Values supported by Director’s valuation involving residual feasibilty workbacks from an ‘As If Complete’ value of $660m (100%) with an associated
capitalisation rate of 6.75%. 1. GPT adopted a Director’s valuation of $100 million at December 2010.
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Awards

Leasing

One One One Eagle Street development was named Australia’s Best Office Architecture project at the Asia Pacific International Commercial Property Awards in Shanghai on 31 May 2011.

Leasing of One One One Eagle Street is progressing well with 49% of floor space committed under Heads of Agreement or Agreements for Lease, against a forecast of 40% by practical completion. There is a good level of interest in the building and the commerce and program (allowing for 3 months extension due to January’s floods) are on forecast.

Established 16 years ago, the International Property Awards is the world’s most prestigious competition dedicated to finding the most outstanding property professionals across the globe.

The panel of judges for 2011 was chaired by Lord Bates of Langbaurgh with Helen Shield, Editor- In-Chief of International Property as the Vice Chairman.

151

161 Castlereagh Street Sydney

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5 Murray Rose Avenue, Sydney Olympic Park Sydney

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161 Castlereagh Street, Sydney is a new Premium Grade office tower featuring 54,000 sqm of accommodation over 43 floors scheduled for completion in mid-2013.

GWOF has a 50% interest in the development. The development is being undertaken by Grocon.

Combined with unrivalled views and a landmark design, the asset will provide new and dynamic public spaces complete with 2,800 sqm of premium ground level retail, extensive transport, parking and a wide range of amenities in a prominent Sydney CBD location.

5 Murray Rose Avenue forms part of the Sydney Olympic Park commercial precinct and is located in close proximity to the Olympic Park Rail Station.

GPT’s masterplan for the site provides a total of 42,700 sqm of campus style business and retail space.

In October 2010 GPT commenced stage 1 of the development to deliver a 12,200 sqm 6 Green Star Campus Business Park building.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest (GWOF)	50%
Location	Sydney, NSW
Acquired	April 2010
Development Cost	$380m
Target Yield	6.69%
Target IRR	11%
Commencement	April 2010
Completion	Mid-2013

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Key Metrics as at 30 June 2011
Ownership Interest (GPT) 100%
Location Sydney Olympic Park, NSW
Acquired May-02
Development Cost $59.8m
Target Yield 8.50%
Target IRR > 12%
Commencement Oct-10
Completion Apr-12
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152

Highpoint Shopping Centre

Victoria

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Melbourne Central Victoria

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The significant expansion of Highpoint commenced in March 2011 and will see the introduction of David Jones (second department store) and approximately 100 specialty shops.

The $300 million development represents a greatly improved centre for customers and the western region of Melbourne with an enhanced retail offer, the creation of significant job opportunities, improved traffic flow, new public spaces and sustainability initiatives.

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	GPT (16.67%) GWSCF (50%) Highpoint Property Group (33.33%)
Location	Maribyrnong, VIC
Acquired (by GPT)	August 2009
Development Cost	$50.0m (GPT) $150.0m (GWSCF)
Target Yield	10% (GPT)1 7% (GWSCF)
Target IRR	15% (GPT)1 12% (GWSCF)
Completion	March 2013
1. GPT returns include property management and fund management fees

Key Metrics as at 30 June 2011	Key Metrics as at 30 June 2011
Ownership Interest	100% (GPT)
Location	Melbourne, VIC
Acquired (by GPT)	May 1999
Development Cost	$30m
Target Yield	8%
Target IRR	>10%
Commencement	September 2010
Completion	November 2011

153

GPT INTERIM RESULT ~~2~~ 011 Funds Management

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GPT Wholesale Office Fund

GWOF provides wholesale investors with exposure to high quality office assets, located in Australia’s major office markets. At 30 June 2011, the Fund consisted of 14 office assets located across Australia’s key CBD office markets with a value of $3.2 billion.

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Jun 2011 Jun 2010
Number of Assets 14 15
Property Investments $3,176m $3,072m
Gearing 11.6% 11.6%
One Year Total Return (post-fees) 8.8% 3.7%
Fund Details as at 30 June 2011
GPT's Ownership Interest (%) 26.4%
GPT's Ownership Interest ($m) $725.1m
Established Jul-06
Weighted Average Capitalisation Rate 7.24%
Portfolio Occupancy (Inc Signed Leases) 97.6%
Distributions Received ($m) $29.1m
GPT Base Fee ($m) $7.3m
GPT Performance Fee ($m) Nil
Wholesale Office Fund
Total return 1 July 2010 to Inception to date
30 June 2011 (annualised) 21 July
2006 to 30 June 2011
Post fees 8.8% 6.8%
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GWOF Ownership Composition

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8%
14%
26%
8%
44%
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GPT Offshore Pension Funds Domestic Superfunds Sovereign Wealth Funds Domestic - Other

Twenty 8 Freshwater Place, Melbourne

155

GWOF Capital Management

Total borrowings for the Fund at 30 June 2011 were $374 million resulting in gearing of 11.6%.

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Darling Park 1 & 2, Sydney
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GWOF Capital Management Summary as at 30 June 2011	GWOF Capital Management Summary as at 30 June 2011
Gearing	11.6%
Weighted Average Cost of Debt	8.2%
Fees and Margins	2.6%
Weighted Average Debt Term	2.6years
Drawn Debt Hedging	91%
Weighted Average Hedge Term	5.0years

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GWOF: Loan Facilities Facility Limit Facility Expiry Amount Currently
($m) Drawn ($m)
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GWOF: Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)

One One One Eagle Street Facility	$150.5	30-Nov-11	$96.4
Bilateral Facility	$150.0	30-Sep-13	-
Bilateral Facility	$150.0	30-Nov-13	$150.0
Bilateral Facility	$100.0	1-Jul-14	$28.0
Bilateral Facility	$100.0	1-Jul-16	$100.0
Total	$650.5		$374.4

GWOF Forward Start Debt Facilities	GWOF Forward Start Debt Facilities	GWOF Forward Start Debt Facilities	GWOF Forward Start Debt Facilities
	Facility Limit ($m)	Start Date	Facility Expiry
Bilateral Facility	$100.0	30-Nov-11	1-Jul-16
Total	$100.0

156

GWOF Capital Management

GWOF has $342 million of derivative instruments (being 91% hedged) and these have a weighted average term of 5 years.

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GWOF Hedging Profile as at 30 June 2011
700 5.66% 5.68% 5.68% 5.63% 5.63% 5.63% 5.59% 5.59% 5.45% 5.45% 5.45% 7.0%
600 6.0%
500 5.0%
Forecast Debt
400 Hedges 4.0%
WA fixed rate
300 3.0%
200 2.0%
100 1.0%
0 0.0%
Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16
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530 Collins Street, Melbourne
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157

GPT Wholesale Shopping Centre Fund

GWSCF provides wholesale investors with exposure to high quality retail assets. At 30 June 2011, the Fund consisted of 9 retail assets with a value of $2.1 billion.

		Jun 11	Jun 11	Jun 10
Number of Assets		9		9
PropertyInvestments		$2,103m		$2,024m
Gearing		10.0%		9.9%
One Year Total Return(post-fees)		9.5%		6.5%

Fund Details as at 30 June 2011
GPT's OwnershipInterest(%)			20.2%
GPT's OwnershipInterest($m)			$373.5 m
Established			31-Mar-07
Weighted Average Capitalisation Rate			6.65%
Portfolio Occupancy (committed space)			99.4%
Distributions Received($m)			$11.5m
GPT Base Fee($m)			$4.7m
GPT Performance Fee($m)			Nil
Wholesale Shopping Centre Fund
Total return	1 July 2010 to 30 June 2011	Inception to date (annualised) 31 Mar 2007 to 30 June 2011
Post fees	9.5%	3.5%

GWSCF Ownership Composition

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13%
20%
19%
32%
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16% GPT Offshore Pension Funds Domestic Superfunds Sovereign Wealth Funds Domestic - Other

158

GWSCF Capital Management

Total borrowings for the Fund were $214 million as at 30 June 2011, resulting in gearing of 10%.

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Wollongong Central, Wollongong
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GWSCF Capital Management
Summary as at 30 June 2011
Gearing 10.0%
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GWSCF Capital Management Summary as at 30 June 2011
Gearing	10.0%
Weighted Average Cost of Debt	7.9%
Fees and Margins	2.1%
Weighted Average Debt Term	4.9 years
Drawn Debt Hedging	91%
Weighted Average Hedge Term	6 years

GWSCF: Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bilateral Facility	$200.0	24-Jun-16	$200.0
Bilateral Facility	$100.0	30-Sep-15	$14.0
Total	$300.0		$214.0

GWSCF Forward Start Debt Facilities
	Facility Limit ($m)	Start Date	Facility Expiry
Bilateral Facility	$50.0	30-Sep-11	31-Mar-15
Bilateral Facility	$100.0	31-Mar-12	31-Mar-15
Total	$150.0

159

GWSCF Capital Management

The Fund has $195 million of derivative instruments (being 91% hedged) and these have a weighted average term of 6 years.

GWSCF Hedging Profile as at 30 June 2011

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450 7.0%
400 5.84% 5.74% 5.67% 5.66% 5.66% 5.66% 5.80% 5.70% 5.45% 5.45% 5.45% 5.39% 6.0%
350
5.0%
300
Forecast Debt
250 Hedges 4.0%
WA fixed rate
200 3.0%
150
2.0%
100
1.0%
50
0 0.0%
Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16
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Highpoint Shopping Centre, Victoria
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160

Disclaimer

The information provided in this document 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 document 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 document 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 document 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 document.

Information is stated as at June 2011 unless otherwise indicated. All values are expressed in Australian currency unless otherwise indicated.

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AI assistant

GPT GROUP — Interim / Quarterly Report 2011

65009_rns_2011-08-25_23c33384-6b17-40f8-86d3-2ab299ef0d9d.pdf

Contents

GPT INTERIM RESULT ~~2~~ 011 GPT Overview

GPT Overview

Industrial Portfolio

Portfolio Overview

GPT Security price to NTA

GPT Security price to NTA

Leadership Team

Sustainability Overview

GPT aims to be a sustainable business delivering long-term shareholder value.

Awards for the first half of 2011

530 Collins Street,

Melbourne awarded best sustainable development of an existing building

2011 Business Sustainability Award

Financial Performance

Results Summary

Segment Performance and Distributions

Realised Operating Income to Statutory Results

Investments and Income

Proportion of Real Estate investments

Proportion of income

NTA Movement

Capital Management Summary

Look Through Gearing

Debt

Sources of Drawn Debt

Sources of Debt Facilities

Debt Facilities

Liquidity Profile

Liquidity Profile as at 30 June 2011

Hedging Profile

Hedging Profile as at 30 June 2011

GPT INTERIM RESULT ~~2~~ 011

Retail Portfolio

Retail Portfolio Overview

Northern Territory

Queensland

GPT Owned

Australian Capital Territory

GPT Owned

New South Wales

GPT Owned

GWSCF Owned

Victoria

GPT Owned

GWSCF Owned

Chirnside Park

Retail Portfolio Summary

Retail Portfolio Summary

Retail Sales Summary

The Retail portfolio achieved comparable income growth of 4.1% from its shopping centres in the first half of 2011.

Comparable Change in Retail Sales By Category Specialty stores sales have grown in the 12 months to June 2011.

Retail Sales

Specialty MAT Growth

Weighted Average Capitalisation Rate (WACR) – Retail

Weighted Average Capitalisation Rate (WACR as at 30 June 2011)

Retail Portfolio External Valuation Summary

32% of the GPT Retail portfolio was valued externally in the 6 months to 30 June 2011.

Retail Portfolio Income and Fair Value Schedule as at 30 June 2011

Retail Income and Fair Value Summary – GWSCF

Sustainability Retail

Ongoing community and sustainability initiatives are important for the Retail portfolio.

Environmental Sustainability

Community initiatives - Arts, Music and Culture Program

Sustainability initiatives

Community initiatives - Youth Information Centre

Erina Fair New South Wales

Sustainability initiatives

Melbourne Central

Victoria

Community initiatives - STREAT Partnership

Charlestown Square New South Wales

charlestownsquare.com.au

Community initiatives

Sustainability initiatives

Awards

Community initiatives - GPT Food Recovery Program

GPT GROUP Interim / Quarterly Report 2011

GPT INTERIM RESULT 2 011 GPT Overview

GPT INTERIM RESULT 2 011

GPT INTERIM RESULT 2 011