GPT GROUP — Interim / Quarterly Report 2013

Oct 27, 2013

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GPT 2013 SEPTEMBER QUARTER <<<<<<<< RESULT UPDATE

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SEPTEMBER QUARTER HIGHLIGHTS Delivering on core property principles

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Guidance upgraded Low gearing with
Robust portfolio
targeting at least $2.8 billion
metrics maintained
6% EPS growth for 2013 capacity [(1) ]
GWOF and GWSCF the best
GWSCF successfully raised
performing funds in the
$178 million, with $569 million
Mercer/IPD Unlisted Pooled
raised over the last 12 months
Property Fund Index
Highpoint expansion GPT leadership position in sustainability
delivered significant continues as evidenced by Green Globe awards,
revaluation uplift DJSI Sustainability Index and GRESB results
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(1) Includes investment capacity of GWOF and GWSCF

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INVESTMENT MANAGEMENT Resilient portfolio maintains solid fundamentals

PORTFOLIO SUMMARY

As at 30 September 2013	Portfolio Size	WALE	Occupancy	WACR
Retail	$4.4bn	4.3 years	99.6%	6.00%
Office	$2.8bn	5.4 years	95.4%(1)	6.78%
Logistics & Business Parks	$1.0bn	5.6 years	95.4%	8.27%
Total	$8.3bn	4.9 years	96.8%	6.51%

(1) Includes Heads of Agreement

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RETAIL Occupancy levels remain steady

	30 Sep 2013(2)	30 Jun 2013
Comparable total centre sales growth(1)	0.3%	1.0%
Comparable specialty sales growth(1)	0.8%	1.1%
Specialty sales psm(1)	$9,174	$8,984
Specialty occupancy costs(1)	18.2%	18.2%
Occupancy rate	99.6%	99.5%
Weighted average capitalisation rate	6.00%	6.03%

(1) Includes GPT and GWSCF assets and excludes Homemaker assets and assets under development. Growth is for the 12 months compared to the prior 12 months

4 4 4 (2) Erina Fair divested and excluded from 30 Sep 2013 analysis

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RETAIL

The cautious consumer environment remains

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Comparable Change in Annual Retail Sales Growth by Category
10%
8.1%
8%
6%
4.5%
4.0%
3.5%
4%
2% 0.8% 1.2% 0.8%
0.3%
0%
-0.1%
-2% -1.0% -1.0%
-1.5%
-4% -2.7%
-6% -4.8%
-8%
-7.8% -7.9%
-10%
Specialties breakdown
Total Centre Dept Store DDS Supermarket Mini & Other Majors Other Retail Total Specialties Retail Services Food Catering Mobile Phones Apparel Food Retail General Retail Jewellery Homewares Leisure
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Note: Includes GPT and GWSCF assets and excludes development impacted centres. Growth for the 12 months compared to the prior 12 months.

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RETAIL

Early indications of growth driver improvement

Stable economic growth anticipated

Supportive monetary policy and weaker dollar

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Cash Rate and Exchange Rate [(1) ]
Cash Rate (LHS)
8% $A/$US (RHS) 1.2
7%
1.0
6%
0.8
5%
4% 0.6
3%
0.4
2%
0.2
1%
0% 0.0
2003 2005 2007 2009 2011 2013
Cash Rate
Exchange Rate
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IMF Australian Economic Growth Forecast[(2) ]

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Cash Rate (LHS)
8% $A/$US (RHS) 1.2 5% Forecast
7% 1.0 4%
6%
5% 0.8 3%
4% 0.6
2%
3%
0.4
2%
1%
0.2
1%
0% 0.0 0%
2003 2005 2007 2009 2011 2013 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018
Consumer wealth improving Consumer sentiment stabilising
House Prices and S&P/ASX 200 [(3) ] Consumer Sentiment and Retail Sales Growth [(4) ]
Australian Retail Turnover (LHS)
House Prices (LHS) 10% 130
25% ASX 200 (RHS) 60% Consumer Sentiment (RHS)
8%
120
40%
15%
6%
20% 110
5%
4%
0%
100
-5% 2%
-20%
90
-15% 0%
-40%
-25% -60% -2% 80
2003 2005 2007 2009 2011 2013 2003 2005 2007 2009 2011 2013
(1) Data source: RBA Oct-13
(2) Data source: IMF World Economic Outlook Oct-13
(3) Data source: ASX, monthly rests. ABS Established Houses Index (weighted average of 8 capital cities), quarterly rests
Exchange Rate
Annual Real GDP Growth
Index
Moving Annual Growth Moving Annual Growth Moving annual % change
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• 6 6 6 (4) Data source: Westpac-MI Consumer Sentiment Index, base index=100. ABS Retail Trade, seasonally adjusted

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OFFICE Portfolio metrics remain solid

	30 Sep 2013	30 Jun 2013
Occupancy (including terms agreed)	95.4%	95.2%
Weighted average lease expiry	5.4 years	5.6 years
Leases signed during the quarter	26,110 sqm	19,310 sqm
Terms agreed at period end	16,790 sqm	27,560 sqm
Weighted average capitalisation rate	6.78%	6.78%

Office Portfolio Lease Expiry Profile (by Area)

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16%
11% 12% 12%
8% 9%
6% 6% 5% 7%
5%
3%
Vacant 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+
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OFFICE

Solid work on retaining existing tenants

• Solid activity year to date with 72,840 sqm of signed leases

• Renewals representing 78% of September quarter 2013 leasing activity

LEASING TRANSACTIONS

Asset	Status	Tenant	Sqm	Term
8 Exhibition Street	Signed Lease	UBS	4,950 sqm	12 years
Brisbane Transit Centre	Signed Lease	Australia Post	4,160 sqm	5 years
Melbourne Central Tower	HoA	Rigby Cooke	2,230 sqm	10 years
Riverside Centre	Signed Lease	Marsh	1,870 sqm	5 years
2 Park Street	Signed Lease	Chubb	1,740 sqm	7 years

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OFFICE

Demand showing signs of improvement

 Leading indicators suggesting space markets passing the trough

• NAB business confidence survey showing stages of improvement on a rolling twelve month basis

• Prime grade net absorption for Eastern Seaboard CBD average starting to recover from a three year decline

• Strongest quarter of net absorption in Q3, since mid 2009

• On a rolling 12 months basis, the ANZ job ads has also turned up from its decline and has been increasing for the last 3 months

NAB Business Confidence Survey[(1)]

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15
10
5
0
-5
-10
-15
-20
Dec 03 May 04 Oct 04 Mar 05 Aug 05 Jan 06 Jun 06 Nov 06 Apr 07 Sep 07 Feb 08 Jul 08 Dec 08 May 09 Oct 09 Mar 10 Aug 10 Jan 11 Jun 11 Nov 11 Apr 12 Sep 12 Feb 13 Jul 13
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Eastern Seaboard CBDs: Prime Grade Net Absorption[(2) ]

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500,000 Quarterly Growth
450,000 Annual Growth
400,000
350,000
300,000
250,000
200,000
150,000
100,000
50,000
0
-50,000
-100,000
-150,000
-200,000
Jun 03 Dec 04 Jun 06 Dec 07 Jun 09 Dec 10 Jun 12 Dec 13
Square Metres
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• (1) Data source: GPT and National Australia Bank. Rolling annual monthly results aggregation (2) Data source: GPT and Jones Lang LaSalle. Q3 2013

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LOGISTICS & BUSINESS PARKS Stable portfolio metrics

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30 Sep 2013 30 Jun 2013
Occupancy 95.4% 98.5%
Weighted average lease expiry 5.6 years 5.4 years
Leases signed during the quarter 37,580 sqm 36,750 sqm
Weighted average capitalisation rate 8.27% 8.27%
Logistics and Business Parks Lease Expiry (By Area)
31%
17%
13% 14%
6% 7%
1% 3% 1% 4% 0% 3%
Vacant 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+
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LOGISTICS & BUSINESS PARKS Demand driven by logistics companies

• Supply and demand forecast for CY13 likely to be near 10 year averages and at a similar level to 2012

• Logistics providers and major retailers continue to provide the majority of leasing demand

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Industrial Project Completions [(1)]
3.0
Under Construction
Completed
2.5
2.0
1.5
1.35
1.0 0.50
0.5 0.83
0.0
2007 2008 2009 2010 2011 2012 2013 (f)
(milllon sqm)
Total Gross Lettable Area
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• Overall rents have modestly increased during the third quarter and over the past 12 months

• Evidence of cap rate tightening for prime product with solid lease covenants

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Industrial Leasing Activity (by industry sector) [(1)]
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2,500,000 ManufacturingTransport and Storage Wholesale & Retail TradeOther 40%
35%
2,000,000 22% 30%
1,500,000 25%
16%
26% 20%
1,000,000 30% 15%
27%
500,000 39% 10%
25% 5%
15%
- 0%
2007 2008 2009 2010 2011 2012 2013 Avg.
YTD
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(1) Data source: GPT and Jones Lang LaSalle. Q3 2013

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LOGISTICS & BUSINESS PARKS

Two new acquisitions in logistics

Quarry Road, Yatala, QLD

• $44.5 million

• Prime logistics facility in SE QLD

• Built in 2009

• Three tenants with a 2.4 year WALE

• Initial Yield 10.09%

LBP Portfolio Growth Summary

• In Jan 2012 – $0.8 billion portfolio

• At Sep 2013 – $1.4 billion (including developments)

• Have undertaken $307 million in acquisitions

• Current developments total $313 million

• Seeking further value add opportunities

Pine Road, Yennora, NSW

• $43.6 million

• Strategically located logistics facility

• Fully leased to DB Schenker with a 2.3 year WALE

• Initial Yield 9.43%

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Quarry Road, Yatala, QLD

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Pine Road, Yennora, NSW

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FUNDS MANAGEMENT Both Funds continue to perform strongly

• GWOF

• 10.8% one year total return

• Number 1 performing office fund over one, three and five years

• 2nd overall fund in the Mercer/IPD Unlisted Property Fund Index over one year

• Global leader (listed and unlisted) in the 2013 Global Real Estate Sustainability Benchmark (GRESB), out of 543 entries

• GPT internalised the property management of eight GWOF assets

• GWSCF

• 11.3% one year total return

• Ranked highest in the Mercer/IPD Unlisted Property Fund Index over one year

• Successfully raised $178m of equity, completing the $500m target capital raise with a total of $569m raised

• Gearing reduced to 16.4%

• Highpoint cap rate compression resulting in an upward revaluation of $42m

• Achieved global number 6 ranking, and number 1 for retail in GRESB

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FUNDS MANAGEMENT Growth in FUM to $7.2 billion

KEY FUND METRICS

	GWOF	GWOF	GWSCF	GWSCF
	30 Sep 13	30 Jun 13	30 Sep 13	30 Jun 13
GPT Ownership Interest (%)	20.2%	20.1%	20.4%	21.9%
Number of assets	15	15	10	10
AUM (Funds under Management)	$4,076m	$4,021m	$3,168m	$3,070m
Gearing	12.1%	12.4%	16.4%	25.3%
One Year Total Return (post-fees)	10.8%	10.6%	11.3%	9.3%

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CAPITAL MANAGEMENT Maintaining a disciplined approach

GPT BALANCE SHEET

	30 Sep 2013	30 Jun 2013
Total borrowings ($m)	$2,141m	$2,046m
Gearing (%)(1)	21.2%	19.9%
Weighted average cost of debt	5.05%	5.21%
Weighted average term to maturity	6.0 years	6.6 years

CREDIT METRICS

	30	Sep	2013	30	Jun	2013
Standard & Poor’s		A–	(stable)		A–	(stable)
Moody’s		A3	(stable)		A3	(stable)

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(1) Based on net debt

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CAPITAL MANAGEMENT

Long and diversified debt expiry profile

• $270 million purchased through buyback (year to date)

• $2.8 billion capacity[(1)] with diversified borrowings and long flat maturity profile

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Sources of debt Debt maturity profile
4% Facilities
11% A$ millions
5%
46%
19%
4%
11%
Domestic bank debt Foreign bank debt
Secured bank debt Domestic MTNs 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
Foreign MTNs USPP 2014 2015 2016 2017 2018 2019 2022 2025 2028 2029
CPI Bonds
425
405
305
250
216
196
146
100
75 85
50
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(1) Includes investment capacity of GWOF and GWSCF

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GUIDANCE Upgraded guidance for 2013

 Targeting EPS[(1)] growth of at least 6% for 2013

• Payout ratio of 80% of ROI

(1) EPS defined as Realised Operating Income (ROI) per ordinary security

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APPENDICES<<<<<<<<

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CAPITAL MANAGEMENT Hedging profile

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3,500
3,000 3.89% 4.06% 3.89% 3.92% 3.87%
3.77% 3.75% 3.74% 3.70% 3.72% 3.73% 3.72% 3.71%
2,500
2,000
1,500
1,000
500
0
Forecast Debt Interest rate swaps Fixed rate debt WA fixed rate
$ millions
Sep-13 Mar-14 Sep-14 Mar-15 Sep-15 Mar-16 Sep-16 Mar-17 Sep-17 Mar-18 Sep-18 Mar-19 Sep-19
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RETAIL Specialty monthly sales growth

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5%
4.2%
4% 3.6%
3% 2.6%
2.0%
2% 1.7%
1.3%
0.9%
1% 0.6% 0.6%
0%
-0.3%
-1%
-1.3%
-2% -1.5%
-3%
-2.9%
-4%
Sep 12 Oct 12 Nov 12 Dec 12 Jan 13 Feb 13 Mar 13 Apr 13 May 13 Jun 13 Jul 13 Aug 13 Sep 13
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Note: Includes GPT and GWSCF assets and excludes development impacted centres. Represents the growth for the month compared to the corresponding month in the prior year.

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RETAIL Retail portfolio sales performance

		Moving Annual Turnover	Moving Annual Turnover	Moving Annual Turnover	Moving Annual Turnover	Occupancy Costs (%)	Occupancy Costs (%)
Centre Name	Owner	Centre MAT $PSM	Comparable Centre MAT Growth (%)	Specialty MAT $PSM	Comparable Specialty MAT Growth (%)	Centre (%)	Specialty (%)
Carlingford Court GWSCF 6,747 0.5% 8,852 0.7% 8.6% 16.9%
Casuarina Square GWSCF/GPT 8,388 0.9% 10,685 4.4% 9.7% 15.6%
Charlestown Square GPT 6,109 4.3% 8,989 4.8% 11.4% 16.9%
Chirnside Park GWSCF 8,083 -3.0% 10,137 -2.8% 7.2% 15.3%
DandenongPlaza GPT 3,887 -6.7% 6,315 -8.6% 11.5% 19.0%
Forestway GWSCF 15,822 2.0% 10,240 -3.0% 6.4% 15.3%
Melbourne Central Retail GPT 7,636 2.2% 9,228 1.2% 18.1% 21.7%
Macarthur Square GWSCF/APPF 6,190 -0.2% 9,048 -0.1% 11.0% 17.9%
Norton Plaza GWSCF 13,800 0.9% 10,995 -1.5% 6.0% 13.8%
Parkmore GWSCF 7,056 1.0% 8,338 -0.9% 7.9% 15.3%
Rouse Hill Town Centre GPT 6,424 3.8% 7,011 4.2% 9.3% 15.9%
Sunshine Plaza GPT/APPF 8,391 3.6% 11,192 3.8% 10.8% 18.3%
Westfield Penrith(1) GPT/Westfield 7,136 0.2% 10,325 0.7% 12.4% 20.1%
Westfield Woden(1) GWSCF/Westfield 6,466 -8.3% 8,675 -5.2% 11.8% 20.1%
Total Portfolio 6,928 0.3% 9,174 0.8% 10.9% 18.2%
Centres under development
Highpoint GPT/GWSCF/HPG 6,004 27.1% 9,360 18.6% 14.2% 21.0%
WollongongCentral GWSCF 5,176 -6.9% 8,470 -8.0% 14.2% 19.2%

(1) Analysis provided by Westfield GPT reports in accordance with the Shopping Centre Council of Australia guidelines

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RETAIL Valuation summary

As at 30 September 2013	As at 30 September 2013	As at 30 September 2013	As at 30 September 2013	As at 30 June 2013	As at 30 June 2013
Interest	Valuer	Valuation	Cap Rate	Fair Value	Cap Rate
GPT Portfolio
Highpoint(1) 33.33% Savills $306.4m 5.50% $291.5m 5.75%
GWSCF Portfolio
Highpoint(1) 50% Savills $919.3m 5.50% $873.7m 5.75%
Wollongong Central(2) 100% CBRE $407.2m 6.50% $374.5m 6.50%

(1) Valuation Includes Homemaker Maribyrnong

(2) Valuation undertaken on an ‘As if Complete’ less costs to completion

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OFFICE Valuation summary

As at 30 September 2013	As at 30 September 2013	As at 30 September 2013	As at 30 September 2013	As at 30 June 2013	As at 30 June 2013
Interest	Valuer	Valuation	Cap Rate	Fair Value	Cap Rate
GWOF Portfolio
800/808 Bourke Street 100% JLL $385.0m 6.50% $372.5m 6.50%
28 Freshwater Place 50% M3 $117.5m 7.00% $115.0m 7.00%
The Zenith 50% Colliers $121.0m 8.50% $117.1m 8.50%

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DISCLAIMER

The information provided in this presentation has been prepared by The GPT Group comprising GPT RE Limited (ACN 107 426 504) AFSL (286511), as responsible entity of the General Property Trust, and GPT Management Holdings Limited (ACN 113 510 188).

The information provided in this presentation is for general information only. It is not intended to be investment, legal or other advice and should not be relied upon as such. You should make your own assessment of, or obtain professional advice about, the information described in this paper to determine whether it is appropriate for you.

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. Furthermore, while every effort is made to provide accurate and complete information, The GPT Group does not represent or warrant that the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in the information - such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this presentation. Information is stated as at 30 September 2013 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.

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