GPT GROUP - Interim / Quarterly Report 2013

GPT INTERIM RESULT DATAPACK

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Highpoint Shopping Centre, VIC
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Contents
GPT Overview	52
Financial Performance	60
Retail Portfolio	77
Office Portfolio	110
Logistics & Business Parks	145
Development	168
Funds Management	176

All information included in this pack includes GPT owned assets and GPT’s interest in the Wholesale Funds (GWOF and GWSCF), unless otherwise stated.

GPT INTERIM RESULT GPT OVERVIEW

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GPT Overview

GPT’s core portfolio consists of high quality properties in the retail, office and logistics & business park 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.

GPT Portfolio Diversity

As at 30 June 2013

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Logistics
13%
Retail [1]
53%
Office
34% Highpoint Shopping Centre, VIC 161 Castlereagh Street, Sydney 5 Murray Rose Avenue, NSW
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Retail Portfolio

Office Portfolio

Logistics & Business Parks Portfolio

20 assets

16 shopping centres 980,000 sqm GLA
1,010,000 sqm NLA 350+ tenants
29 assets 640,000 sqm GLA 70+ tenants

3,500+ tenants

$4.5b portfolio
$2.8b portfolio
$7.5b AUM
$6.3b AUM
$1.0b portfolio
$1.0b AUM

GPT Portfolio Overview

Across the three sectors, GPT has maintained high occupancy and a long WALE.

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Portfolio Size [1] Comparable Income WALE Occupancy WACR
Growth [2]
Retail $4.48b 1.5% 4.3 years 99.5% 6.03%
Office $2.83b (0.7%) 5.6 years 95.2% 6.78%
Logistics & Business Parks $1.02b 3.2% 5.4 years 98.5% 8.27%
Total $8.33b 0.9% 4.9 years 98.1% 6.53%
Structured Rental Increases [3]
Other [1] Other [2] Other
19% 25% 17%
4.5% Retail Office 3.4% Logistics &
IncreaseAverage 4.1%Average IncreaseAverage Business
Increase Parks
Fixed
Fixed Fixed
83%
81% 75%
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Assets as at 30 June 2013
Income for the 6 months to 30 June 2013 compared to the previous corresponding period
For the full year to 31 December 2013

GPT Securityholder Overview

GPT Securityholders by Geography As at 30 June 2013

GPT Securityholders by Type As at 30 June 2013

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Retail
Asia
Investors
14%
10%
Domestic
Europe
(ex UK) Institutions
45%
6%
Australia
55%
North
America Foreign
Institutions
20%
45%
UK
5%
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Drivers of Earnings and Value

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Retail: 81%
@ 4.5%
Derivatives
Office: 75%
Banks
@ 4.1%
Gearing 49%
19.9%
Bonds LBP: 83%
Development 51% @ 3.4%
Cap Rates Fixed Increases 79%
Valuation Retail: 6.03% @ 4.2% Retail: 99.5%
Office: 95.2%
Office: 6.78%
LBP: 8.27% LBP LBP: 98.5%
Development Profit
2014 expiries
Retail: 16%
Portfolio mix Acquisitions Occupancy Office: 11%
Retail: 53% 98.1% LBP: 12%
Office: 34% Divestments
LBP: 13% $0.5bn Other Fees Innogen
Asset Scrub Others
NTA Change New Profit
2.9% WANOS [1] Sources
Total Return LiquidSpace Average Term
8.6% 6.6 years
Distribution EPS Yield FM Fees
100% of AFFO 6.6% Income Existing Funds
5.7% WACD [2]
5.21%
Less Exchangeable Jaws MER < 50bps New Funds
100% Hedged
Less Capex AUD
Expenses Capital Buy-back
81% Hedged
Fixed
Maintenance Incentives
Interest Expense
12 months
Refi: Nil
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Weighted average number of securities
Weighted average cost of debt

Strategy on a Pagey on a Page

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

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Glossary

AREIT ..........................................................Australian Real Estate Investment Trust AUM ............................................................Assets under management Bps .............................................................Basis Points Capex..........................................................Capital Expenditure CBD ...........................................................Central Business District CO2 ..............................................................Carbon Dioxide CPI ..............................................................Consumer Price Index DPS.............................................................Distribution per security EPS .............................................................Earnings per security Gearing .......................................................The level of borrowings relative to assets GFA .............................................................Gross Floor Area GLA .............................................................Gross Lettable Area GWOF..........................................................GPT Wholesale Office Fund GWSCF .......................................................GPT Wholesale Shopping Centre Fund IFRS ............................................................International Financial Reporting Standards IPD ..............................................................Investment Property Databank IRR ..............................................................Internal Rate of Return LBP .............................................................Logistics & Business Parks Major Tenants ............................................“Retail tenancies including Supermarkets, Discount Department Stores, Department Stores and Cinemas” MAT ............................................................Moving Annual Turnover Mini-Major Tenants ....................................Retail tenancies with a GLA above 400 sqm not classified as a Major Tenant MTN ............................................................Medium Term Notes N/A .............................................................Not Applicable NABERS .....................................................National Australian Built Environment Rating System NLA ............................................................Net Lettable Area NTA .............................................................Net Tangible Assets PCA .............................................................Property Council of Australia PV ...............................................................Present Value Retail Sales ................................................“100% of GPT and GWSCF assets. GPT reports retail sales in accordance with the Shopping Centre Council of Australia (SCCA) guidelines” ROI ..............................................................Realised Operating Income Specialty Tenants .......................................Retail tenancies with a GLA below 400 sqm Sqm ............................................................Square metre WALE ..........................................................Weighted Average Lease Expiry

GPT INTERIM RESULT FINANCIAL PERFORMANCE

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Financial Summary

Financial Performance	Financial Performance	Financial Performance	Financial Performance
6 months to 30 June	2013	2012	Change
Total Realised Operating Income ($m)	236.5	227.2	Up 4.1%
Net profit after tax ($m)	257.0	275.5	Down 6.7%
ROI per ordinary security (cents)	12.7	12.0	Up 6.0%
ROI yield (based on year end price)	6.6%	7.3%	Down 70 bps
Distribution per security (cents)	10.1	9.5	Up 6.3%
Distribution yield (based on period end price)	5.3%	5.8%	Down 50 bps
Net interest expense ($m)	(49.8)	(59.2)	Down 15.9%
Interest capitalised ($m)	0.6	7.3	Down 91.8%
Interest cover (x)	5.4	4.7	Up 14.9%
	As at 30 Jun 13	As at 31 Dec 12	Change
Total assets ($m)	9,106.7	9,343.2	Down 2.5%
Total borrowings ($m)	2,045.9	2,143.6	Down 4.6%
NTA per security ($)	3.76	3.73	Up 0.8%
Net gearing	19.9%	21.7%	Down 180 bps
Net look through gearing	21.9%	23.9%	Down 200 bps
Weighted average term to maturity	6.6 years	5.4 years	Up 1.2 years
Credit ratings	A- (stable) / A3 (stable)	A- (stable) / A3 (stable)
Weighted average cost of debt	5.21%	5.08%	Up 13 bps
Weighted average term of interest rate hedging	6.4 years	2.4 years	Up 4.0 years

Results Summary

Realised OperatingIncome 6 months to 30 June 2013 2012 Change Realised OperatingIncome (ROI) for continuingoperations ($m) 294.5 289.2 p1.8% Non-core operations ($m) 5.6 8.7 q 35.6% Finance and corporate overheads ($m) (63.6) (70.7) q 10.0% Total Realised Operating Income ($m) 236.5 227.2 p 4.1% Netprofit after tax ($m) 257.0 275.5 q 6.7% ROIper ordinary security (cents) 12.7 12.0 p 6.0% Distributionper ordinary security (cents) 10.1 9.5 p 6.3%	Realised OperatingIncome 6 months to 30 June 2013 2012 Change Realised OperatingIncome (ROI) for continuingoperations ($m) 294.5 289.2 p1.8% Non-core operations ($m) 5.6 8.7 q 35.6% Finance and corporate overheads ($m) (63.6) (70.7) q 10.0% Total Realised Operating Income ($m) 236.5 227.2 p 4.1% Netprofit after tax ($m) 257.0 275.5 q 6.7% ROIper ordinary security (cents) 12.7 12.0 p 6.0% Distributionper ordinary security (cents) 10.1 9.5 p 6.3%	Realised OperatingIncome 6 months to 30 June 2013 2012 Change Realised OperatingIncome (ROI) for continuingoperations ($m) 294.5 289.2 p1.8% Non-core operations ($m) 5.6 8.7 q 35.6% Finance and corporate overheads ($m) (63.6) (70.7) q 10.0% Total Realised Operating Income ($m) 236.5 227.2 p 4.1% Netprofit after tax ($m) 257.0 275.5 q 6.7% ROIper ordinary security (cents) 12.7 12.0 p 6.0% Distributionper ordinary security (cents) 10.1 9.5 p 6.3%	Realised OperatingIncome 6 months to 30 June 2013 2012 Change Realised OperatingIncome (ROI) for continuingoperations ($m) 294.5 289.2 p1.8% Non-core operations ($m) 5.6 8.7 q 35.6% Finance and corporate overheads ($m) (63.6) (70.7) q 10.0% Total Realised Operating Income ($m) 236.5 227.2 p 4.1% Netprofit after tax ($m) 257.0 275.5 q 6.7% ROIper ordinary security (cents) 12.7 12.0 p 6.0% Distributionper ordinary security (cents) 10.1 9.5 p 6.3%
Segment Performance 6 months to 30 June ($m)	2013	2012	Comment
Retail NOI	139.6	160.4	Impact of asset sales offset bycomparable incomegrowth of 1.5%
Office NOI	73.1	68.0	Contribution from One One One Eagle Street offset by comparable income decline of 0.7%
Logistics & Business Parks NOI	37.1	32.4	Impact of asset acquisitions and developments plus comparable incomegrowth of 3.2%
Funds Distributions	35.8	33.5	Increased distributions from higher interest in GWSCF
Investment Management Expenses	(3.2)	(4.1)
Investment Management ROI	282.4	290.2
Asset Management	2.0	(4.1)
Development - Retail & Major Projects	1.2	(4.7)
Development - Logistics & Business Parks	(1.3)	0.1
Funds Management	10.1	7.4
Net Interest Expense	(49.8)	(59.2)	Reduced amount and cost of debt
Unallocated Management Expenses	(13.1)	(13.3)
Tax Benefit / (Expenses)	(0.6)	2.1
Non-Core	5.6	8.7
Total Realised Operating Income (ROI)¹	236.5	227.2
Less: distribution to exchangeable securities	(12.4)	(12.4)
Total	224.1	214.8
ROIper ordinarysecurity(cents)²	12.7	12.0

Realised Operating Income is pre distribution on exchangeable securities

ROI per ordinary security is post distribution on exchangeable securities Number of ordinary stapled securities on issue was 1,743.5 million at 30 June 2013 and 1,766.8 million at 31 December 2012

Results Summary

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Segment Result
6 months to 30 June 2013 ($m) Investment Asset Development Funds Corporate Total Core Non-Core, Total
Management Management Management Operations Consolidation
& Eliminations
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	Investment Management	Asset Management	Development	Funds Management	Corporate	Total Core Operations	Non-Core, Consolidation & Eliminations	Non-Core, Consolidation & Eliminations
Property net income (including share from joint venture entities and associates)	287.5					287.5	(1.9)	285.6
Management fees income		14.9	6.0	15.1		36.0	(10.8)	25.2

Management & Administrative Expenses	(5.1)	(12.8)	(6.1)	(5.0)	(13.2)	(42.2)	12.5	(29.7)
Net interest expense					(49.8)	(49.8)	6.7	(43.1)
Segment Result Before Tax	282.4	2.1	(0.1)	10.1	(63.0)	231.5	6.5	238.0
Income tax expense					(0.6)	(0.6)	(0.9)	(1.5)
Segment Result for the 6 months	282.4	2.1	(0.1)	10.1	(63.6)	230.9	5.6	236.5

Fair value adjustments to investment properties and equity accounted investments	31.6					31.6		31.6
Financial instruments marked to market and foreign exchange movements					8.1	8.1	0.2	8.3
Non-cash IFRS revenue adjustments	(11.6)					(11.6)		(11.6)
Other	(1.6)	(0.2)			(5.5)	(7.3)	(0.5)	(7.8)
Net profit/(loss) for the 6 months	300.8	1.9	(0.1)	10.1	(61.0)	251.7	5.3	257.0

Results Summary

Calculation of EPS and DPS 6 months to 30 June	2013	On-market Security Buy Back at 30 June	On-market Security Buy Back at 30 June	2013
Weighted average number of securities (#)	1,766.4m	Securities acquired		113.9m
Realised operating income (ROI) ($m)	236.5	% of securities on issue		6.1%
Less distribution on exchangeable securities ($m)	(12.4)	Cost		$368.6m
Total ($m)	224.1	Average price paid		$3.235
ROI per ordinary security (cents)	12.7	Average discount to NTA		14.0%1
Distribution per ordinary security (cents)	10.1 Value created			$50.4m
			1. Discount to 30 June 2013 NTA

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Distribution per ordinary security 2013 2012 Change
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Quarter 1 (cents)	5.1	4.6	p 10.9%
Quarter 2 (cents)	5.0	4.9	p 2.0%
Total ordinary distribution (cents)	10.1	9.5	p 6.3%
Ordinary distribution ($m)	177.4	168.8	p 5.1%
Exchangeable distribution ($m)	(12.4)	(12.4)	-
Total distribution ($m)	165.0	156.4	p 5.5%
Available for distribution ($m)	236.5	227.2	p 4.1%

Realised Operating Income to Statutory Results

6 months to 30 June ($m)	2013	2012
Core business	294.5	289.2
Non-core operations	5.6	8.7
Financing and corporate overheads	(63.6)	(70.7)
Realised operating income	236.5	227.2
1. Valuation movements	31.6	122.2
2. Financial instruments marked to market and foreign exchange movements	8.3	(55.1)
3. Other items	(19.4)	(18.8)
Net profit after tax	257.0	275.5

Capital Expenditure Overview

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Capital Expenditure ($m) 1H 2013 FY 2012 1H 2012
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	1H 2013	1H 2013	1H 2013

Maintenance capital expenditure	13.2	24.5	17.7
Lease incentives (including rent free)	27.7	50.8	13.2
Total operating capital expenditure	40.9	75.3	31.0
Development capital expenditure	17.9	72.7	59.9
Interest capitalised	0.6	8.8	7.3
Total property capital expenditure	59.4	156.8	98.2
Other corporate expenditure	5.5	3.0	-
Total capital expenditure	64.9	159.8	98.2

Investments and Income

Proportion of Real Estate Investments

Proportion of Income

As at 30 June 2013 As at 31 December 2012

6 months to June 2013 6 months to June 2012

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6% 2% 5% 1% 14% 2% 3%
8% 8%
13%
11% 12%
12%
47% 51% 48% 10% 53%
25% 24%
24%
21%
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Retail Office Logistics & Business Parks GWOF GWSCF Non-Core

Retail Office Logistics & Business Parks Funds Management Non-Core

NTA Movement

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Securities on Issue Number of NTA Movement Net Assets No. Securities¹ NTA per
Securities ($m) (million) Security ($)
(million)
NTA position as at 31 December 2012 6,826.3 1,831.2 3.73
Opening balance 1 January 2013 1,766.8
Issue of securities 1.9
ROI 236.5 0.13
Buy back of securities (25.2)
Core revaluation 20.0 0.01
30 June 2013 balance¹ 1,743.5
Fair value movement of derivatives and foreign 0.2 -
1. Excludes exchangeable securities currency denominated borrowings
Distribution paid (incl exchangeable securities) (192.7) (0.11)
Buy back of securities (93.9) (25.2) -
Issue of securities - 1.9 -
Other (4.5) -
Movement in net assets (34.5) 0.03
Less intangibles - movement (1.0) -
NTA position as at 30 June 2013 6,790.8 1,807.9 3.76
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Includes conversion of exchangeable securities at conversion price of $3.883

Capital Management Summary

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Balance Sheet Overview 30 June 2013 31 December 2012
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Total assets ($m)	9,106.7	9,343.2
Total debt ($m)1	2,045.9	2,143.6
Net Gearing	19.9%	21.7%
Weighted average cost of debt (incl fees and margins)	5.21%	5.08%
Weighted average term to maturity	6.6 years	5.4 years
Weighted average term of interest rate hedging	6.4 years	2.4 years
Credit Ratings	A- (stable) / A3 (stable)	A- (stable) / A3 (stable)

Includes fair value adjustment. Drawn debt at 30 June 2013 is $2,031 million

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Gearing ($m) As at 30 June 2013
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Total assets	9,106.7
Less: intangible assets	(50.9)
Total tangible assets	9,055.8
Current borrowings	416.0
Non-current borrowings	1,629.9
Total borrowings1	2,045.9
Headline Gearing	22.6%
Net Gearing	19.9%

Interest Cover ($m)	30 June 2013
Realised operating income	236.5
Plus: taxes deducted	1.5
Add: Gross Finance Costs for the period (post capitalised interest)	53.6
Earnings before Interest & Tax	291.6
Gross Finance Costs	53.6
Interest Cover	5.4x

Look Through Gearing

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Look Through Gearing as at 30 June 2013 ($m) GPT Group GWOF GWSCF Other² 30 Jun 13
Share of assets of non-consolidated entities
Group total tangible assets 9,055.8 9,055.8
(i) Plus: GPT share of assets of non-consolidated entities 810.9 670.7 790.3 2,271.9
(ii) Less: total equity investment in non-consolidated entities (684.1) (487.1) (735.2) (1,906.4)
(iii) Less: GPT loans to non-consolidated entities (7.9) (7.9)
Total look through assets 9,055.8 126.8 183.6 47.2 9,413.4
Group total borrowings 2,045.9 2,045.9
(iv) Plus: GPT share of external debt of non-consolidated entities 100.2 169.6 269.8
Total look through borrowings 2,045.9 100.2 169.6 0.0 2,315.7
Look through gearing 24.6%
Based on net debt [1] 21.9%
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Net debt equals debt less cash/total tangible assets less cash
Retail, office and other assets (held in associates)

Debt

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Debt Cost Debt % of Total Interest Rate
as at 30 June 2013 ($m) Debt (%)
(%)
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	Debt ($m)	% of Total Debt (%)	% of Total Debt (%)
Hedged debt	1,649	81%	3.79%
Floating debt	382	19%	2.85%
Total debt	2,031		3.62%
Margin			1.06%
Fees			0.53%
All-in cost of funds			5.21%

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Debt Funded Capacity Current Gearing Investment Capacity
as at 30 June 2013 (%) ($m)
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Balance Sheet	19.9%	1,260
Wholesale Funds
- Office	12.0%	1,030
- Retail	24.3%	245
Total		2,535

Sources of Drawn Debt

As at 30 June 2013

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CPI bonds
4%
USPP
12%
Domestic bank
Foreign
debt 35%
MTN’s
5%
Domestic
MTN’s 30%
Foreign
bank debt
Secured
10%
bank debt 4%
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Debt Facilities

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Current Debt Facilities as at 30 June 2013 Current Forward Start Debt Facilities
Outstanding Maturity Date Limit Available Start Date Maturity Limit
($m) (equiv) ($m) (equiv) ($m) (equiv) Date ($m) (equiv)
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	Outstanding ($m) (equiv)	Maturity Date	Limit ($m) (equiv)	Limit ($m) (equiv)	Limit ($m) (equiv)	Maturity Date	Maturity Date
Medium Term Notes	211	22 Aug 13	212	1 0 0 0 0 5 0 110 0 128 75 75 0 0 0 0 0 0 0 0 394	22 Aug 13	11 Nov 17	150
Medium Term Notes	50	19 Feb 14	50		22 Aug 13	11 Nov 17	150
Medium Term Notes	30	24 Apr 14	30		11 Dec 13	11 Dec 14	150
Bank Bilateral	125	27 May 14	125		31 Jan 14	31 Jan 18	100
Bank Bilateral	150	1 Jul 14	150		31 Jul 14	31 Jul 18	100
Bank Bilateral	195	11 Sep 14	200		Total		650
Bank Bilateral	100	15 Sep 14	100
Bank Bilateral	0	1 Apr 15	110
Bank Facility - Somerton	76	31 Mar 16	76
Bank Bilateral	12	1 Apr 16	140
Bank Bilateral	0	30 Nov 16	75
Bank Bilateral	0	26 Oct 17	75
Medium Term Notes	30	19 Nov 17	30
Bank Bilateral	325	26 Oct 18	325
Medium Term Notes	250	24 Jan 19	250
Medium Term Notes	50	16 Aug 22	50
US Private Placement	146	19 Jun 25	146
Medium Term Notes	99	5 Feb 28	99
US Private Placement	97	19 Jun 28	97
CPI Indexed Bonds	85	10 Dec 29	85
Total	2,031		2,425

Liquidity Profile

Liquidity Profile As at 30 June 2013 1.6 1.4 1.2 1.0 ($bn) 0.8 0.6 0.4 0.2 0.0 Cash balance Undrawn Current Forward Retained ROI Sale of Participation in Capex Debt facility Excess 30 June 2013 existing liquidity Start & impact of assets Funds’ DRP expiries liquidity at facilities Facilities change in 30 June 2014 distribution frequency

Hedging Profile

Hedging Profile as at 30 June 2013	Hedging Profile as at 30 June 2013	Hedging Profile as at 30 June 2013	Hedging Profile as at 30 June 2013
Hedging Position	Average Rate on Hedged Balance excl Margins	Principal Amount of Derivative Financial Instruments ($m)	Principal Amount of Fixed Rate Borrowings ($m)
30 June 2013	3.79%	1,090	559
30 June 2014	3.85%	1,165	560
30 June 2015	3.84%	965	710
30 June 2016	3.73%	940	710
30 June 2017	3.71%	940	710
30 June 2018	4.06%	1,140	710

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3,500 7%
3,000
5%
4.06%
2,500 3.79% [3.99%] 3.85% 3.83% 3.84% 3.75% 3.73% 3.71% 3.71% 3.71%
2,500 3%
($m)
1,500
1%
1,000
-1%
500
0 -3%
Forecast debt Swaps Fixed rate debt Weighted average fixed rate
Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18
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GPT Portfolio Overview

Across the three sectors, GPT has maintained high occupancy and a long WALE.

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Assets as at 30 June 2013
Income for the 6 months to 30 June 2013 compared to the previous corresponding period
For the full year to 31 December 2013

GPT Securityholder Overview

GPT Securityholders by Geography As at 30 June 2013

GPT Securityholders by Type As at 30 June 2013

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GPT INTERIM RESULT 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 $4.5 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 Darwin
NT Brisbane
QLD
1
WA
SA
Sydney
NSW
8
Canberra
1
VIC
5 Melbourne
TAS
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Number of assets in each state
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New South Wales GPT Owned

Northern Territory GPT Owned Casuarina Square (50%)

Charlestown Square (Hunter Region) Rouse Hill Town Centre Westfield Penrith (50%)*

GWSCF Owned Casuarina Square (50%)

GWSCF Owned

Carlingford Court Forestway Shopping Centre Macarthur Square (50%)* Norton Plaza Wollongong Central (Illawarra Region)

Queensland

GPT Owned Sunshine Plaza (50%)*

Australian Capital Territory GWSCF Owned Westfield Woden (50%)*

Victoria

GPT Owned

Dandenong Plaza Melbourne Central Highpoint Shopping Centre (16.67%)

Not managed by GPT Retail Portfolio Definitions

Specialty Tenants - includes tenancies with a GLA below 400 sqm

GWSCF Owned

Mini-Major Tenants - includes tenancies with a GLA above 400 sqm not classified as a Major Tenant Major Tenants - includes Supermarkets, Discount Department Stores, Department Stores and Cinemas Retail Sales - 100% of GPT and GWSCF assets GPT reports retail sales in accordance with the Shopping Centre Council of Australia (SCCA) guidelines

Chirnside Park

Highpoint Shopping Centre (50%) Parkmore Shopping Centre

Retail Portfolio Summary

The GPT retail portfolio is well positioned with a high level of occupancy at 99.5%. The retail portfolio achieved comparable income growth of 1.5% over the first half of 2013.

Top Ten Tenants[1] As at 30 June 2013

Asset Quality As at 30 June 2013

Geographic Weighting As at 30 June 2013

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Wesfarmers Woolworths Myer Premier Retail (Just Group) 100 NT 6%
ACT 2%
80 QLD 9%
5.1% 4.7%
3.0% 2.5% 60
(%)
Cotton On James Speciality 40
Hoyts Clothing Pascoe Grp BB Retail Sussan Fashion Grp
20 VIC 37% NSW 46%
1.6% 1.4% 1.1% 1.1% 1.1% 1.0%
0
GPT Peer Peer Peer Peer
1. Based on gross rent (including turnover rent) 1 2 3 4
Other
Regional Sub Regional
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Retail Portfolio Summary

The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 16 shopping centres.

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Property Location Ownership GLA 30 Jun 13 30 Jun 13 31 Dec 12 External or Occupancy Annual Occupancy Specialty
(100% Fair Value Cap Rate Cap Rate Directors Centre Cost Sales
Interest) ($m) (%) (%) Valuation Turnover Specialty ($psm)
(sqm) ($m)
GPT Portfolio
Casuarina Square NT 50% 53,500 239.9 6.00% 6.00% Directors 100.0% 393.7 15.4% 10,737
Charlestown Square NSW 100% 90,800 828.0 6.00% 6.00% External 99.1% 494.5 16.8% 8,980
Dandenong Plaza VIC 100% 61,300 155.0 8.00% 8.50% External 99.9% 226.4 18.7% 6,404
Highpoint Shopping Centre¹ VIC 16.67% 153,900 291.5 5.75% 5.75% Directors 99.6% 700.0 20.8% 9,440
Melbourne Central [2] VIC 100% 52,700 961.7 5.75% 5.75% Directors 99.6% 372.5 21.7% 9,111
Rouse Hill Town Centre NSW 100% 68,400 462.7 6.00% 6.00% Directors 99.2% 384.1 16.3% 6,847
Sunshine Plaza QLD 50% 72,700 395.0 5.75% 5.75% External 100.0% 511.5 18.4% 11,088
Westfield Penrith NSW 50% 92,100 552.5 5.75% 5.85% External 100.0% 597.1 20.3% 10,290
GWSCF Portfolio
Carlingford Court NSW 100% 33,000 168.4 7.50% 7.50% Directors 98.9% 177.4 17.1% 8,787
Casuarina Square NT 50% 53,500 240.1 6.00% 6.00% Directors 100.0% 393.7 15.4% 10,737
Chirnside Park VIC 100% 37,900 231.0 7.00% 7.00% External 100.0% 277.6 14.9% 10,295
Forestway Shopping Centre NSW 100% 9,600 83.9 7.50% 7.50% Directors 98.5% 98.8 15.4% 10,038
Highpoint Shopping Centre¹ VIC 50% 153,900 873.7 5.75% 5.75% Directors 99.6% 700.0 20.8% 9,440
Macarthur Square NSW 50% 94,400 401.5 6.25% 6.25% Directors 99.3% 545.6 17.8% 9,031
Norton Plaza NSW 100% 11,900 105.8 7.00% 7.00% External 100.0% 117.3 13.5% 11,240
Parkmore Shopping Centre VIC 100% 36,800 212.0 7.25% 7.50% External 99.5% 243.6 15.0% 8,363
Westfield Woden ACT 50% 72,200 325.6 6.25% 6.25% External 99.3% 374.0 19.8% 8,814
Wollongong Central NSW 100% 37,900 374.5 6.50% 6.50% Directors N/A 161.4 18.9% 8,551
Total 979,100 6.03% [3] 6.07% [3] 99.5% [3] 5,675.4 18.2% [4] 8,984 [4]
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Fair value includes Homemaker City Maribyrnong. Cap rate of 9.00%
Fair value includes retail and 100% interest of car park. Car park cap rate of 7.50%
Includes GPT shopping centres and GPT interest in GWSCF
Includes 100% interest in GPT and GWSCF assets. Excludes development impacted centres: Highpoint and Wollongong Central

Retail Sales Summary

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As at 30 June 2013 Moving Annual Turnover (MAT) Occupancy Costs
Property Ownership Centre MAT Comparable Centre Specialty MAT Comparable Specialty Centre Specialty
($psm) MAT Growth ($psm) MAT Growth
Carlingford Court GWSCF 6,735 (0.2%) 8,787 (0.6%) 8.6% 17.1%
Casuarina Square GWSCF/GPT 8,453 2.8% 10,737 3.9% 9.5% 15.4%
Charlestown Square GPT 6,100 6.4% 8,980 7.9% 11.4% 16.8%
Chirnside Park GWSCF 8,283 (0.5%) 10,295 (0.8%) 7.0% 14.9%
Dandenong Plaza GPT 3,937 (5.6%) 6,404 (6.2%) 11.4% 18.7%
Erina Fair GPT/APPF 6,277 2.3% 7,630 1.0% 9.5% 18.9%
Forestway Shopping Centre GWSCF 14,964 2.2% 10,038 (1.3%) 6.6% 15.4%
Melbourne Central Retail GPT 7,553 2.7% 9,111 1.7% 18.1% 21.7%
Macarthur Square GWSCF/APPF 6,217 0.6% 9,031 0.0% 10.8% 17.8%
Norton Plaza GWSCF 14,800 0.7% 11,240 (1.9%) 5.7% 13.5%
Parkmore Shopping Centre GWSCF 7,078 1.4% 8,363 (0.7%) 7.8% 15.0%
Rouse Hill Town Centre GPT 6,345 3.8% 6,847 3.7% 9.4% 16.3%
Sunshine Plaza GPT/APPF 8,301 2.5% 11,088 3.3% 10.8% 18.4%
Westfield Penrith¹ GPT/Westfield 7,120 0.7% 10,290 (0.3%) 12.5% 20.3%
Westfield Woden¹ GWSCF/Westfield 6,656 (9.2%) 8,814 (5.3%) 11.7% 19.8%
Total 6,858 1.0% 8,984 1.1% 10.7% 18.2%
Centres Under Development
Highpoint Shopping Centre GPT/GWSCF/HPG 5,938 16.0% 9,440 10.8% 14.2% 20.8%
Wollongong Central GWSCF 5,255 (6.1%) 8,551 (7.3%) 14.0% 18.9%
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Analysis provided by Westfield

Note: Wesfarmers and Woolworths have reported an extra week of turnover compared to the comparable period last year

Comparable Change in Retail Sales By Category

Retail sales showed positive growth over the 12 months to June 2013 with total centre sales up 1.0% and specialties up 1.1%.

GPT’s retail portfolio occupancy levels remain high at 99.5%, with a relatively high proportion of structured rental increases. This positions GPT well to continue to deliver income growth.

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Other [1]
19%
Structured
4.5%
Average Rent
Increase Increases
Fixed
81%
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Comparable Change in Retail Sales by Category as at 30 June 2013	MAT ($m)	12 Months Growth
Department Store	$239	(2.4%)
Discount Department Store	$632	0.5%
Supermarket	$1,257	3.8%
Mini Majors and Other Majors	$587	(4.8%)
Other Retail2	$507	2.6%
Total Specialties	$2,240	1.1%
Total Centre	$5,462	1.0%
Specialty Sales Split
Retail Services	$177	8.0%
Mobile Phone	$82	7.0%
Food Catering	$406	4.9%
Apparel	$763	1.6%
Jewellery	$153	(1.3%)
Food Retail	$196	(1.6%)
General Retail	$222	(1.9%)
Homewares	$105	(3.8%)
Leisure	$135	(7.9%)

Excludes development impacted centres: Highpoint and Wollongong Central. Includes Erina Fair. Wesfarmers and Woolworths have reported an extra week of turnover compared to the comparable period last year

Other Retail includes travel agents, lotto, automotive accessories, cinemas, and other entertainment and other retail (including sales reporting pad sites)

Structured specialty rent increases for the full year to 31 December 2013

Based on specialty base rent

Other includes expiries in 2013

Retail Sales

Retail sales have slowed over the first half of 2013.

Specialty MAT Growth

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7.0%
6.0%
6.0% 5.8%
5.0% 4.8%
4.4%
4.0%
4.0% 3.9%
3.6%
3.3% 3.2%
3.0% 2.8%
2.3%
2.1%
2.0%
1.5%
1.4%
1.2% 1.1%
1.0%
0.5%
0.4%
0.2%
0.0%
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 Dec 11 Jun 12 Dec 12 Jun 13
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100% of GPT & GWSCF assets. Excludes development impacted centres

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the retail portfolio firmed by 4 basis points over the past 6 months to 6.03% at 30 June 2013.

Weighted Average Capitalisation Rate

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6.26% 6.26% 6.25% 6.21% 6.19% 6.21%
6.04% 6.10% 6.07% 6.03%
5.84%
5.63%
Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13
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Lease Expiry Profile

Weighted Average Lease Expiry (by base rent) as at 30 June 2013	Weighted Average Lease Expiry (by base rent) as at 30 June 2013
Major Tenants	12.1 years
Mini-Major Tenants	4.9 years
Specialty Tenants	2.8 years
Weighted Total	4.3 years

Total Centres

Total Specialty Tenants

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18.3%
21.5%
15.6%
18.4%
13.1% 13.0%
15.5% 15.7%
10.7%
10.2%
9.5% 11.7%
10.3%
4.0% [4.6%]
3.7%
2.1%
1.0%
0.4% [0.8%]
2H 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+ 2H 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022+
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Retail Portfolio External Valuation Summary

49% of the GPT retail portfolio was valued externally in the 6 months to 30 June 2013.

Property as at 30 June 2013	State	Date	Valuer	Valuation ($m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
GPT Portfolio
Casuarina Square	NT	31-Dec-12	CBRE	239.5	50%	6.00%	6.25%	9.00%
Charlestown Square	NSW	30-Jun-13	Savills	828.0	100%	6.00%	6.25%	8.75%
DandenongPlaza	VIC	30-Jun-13	Colliers	155.0	100%	8.00%	8.25%	9.50%
Highpoint ShoppingCentre¹	VIC	30-Jun-12	CBRE	255.0	16.67%	5.75%	6.00%	8.75%
Melbourne Central2	VIC	31-Dec-12	CBRE	961.2	100%	5.75%	6.00%	8.75%
Rouse Hill Town Centre	NSW	30-Jun-12	CBRE	460.0	100%	6.00%	6.25%	9.00%
Sunshine Plaza	QLD	30-Jun-13	Savills	395.0	50%	5.75%	6.00%	8.75%
Westfield Penrith	NSW	30-Jun-13	Knight Frank	552.5	50%	5.75%	6.00%	8.75%
GWSCF Portfolio
Carlingford Court	NSW	31-Dec-12	Savills	168.0	100%	7.50%	7.75%	9.50%
Casuarina Square	NT	31-Dec-12	CBRE	239.5	50%	6.00%	6.25%	9.00%
Chirnside Park	VIC	30-Jun-13	Colliers	231.0	100%	7.00%	7.25%	9.00%
ForestwayShoppingCentre	NSW	31-Mar-13	CBRE	83.6	100%	7.50%	7.75%	9.00%
Highpoint ShoppingCentre¹	VIC	31-Dec-12	Savills	845.0	50%	5.75%	6.00%	8.75%
Macarthur Square	NSW	31-Mar-13	CBRE	401.3	50%	6.25%	6.50%	9.00%
Norton Plaza	NSW	30-Jun-13	Knight Frank	105.8	100%	7.00%	7.25%	9.25%
Parkmore ShoppingCentre	VIC	30-Jun-13	Colliers	212.0	100%	7.25%	7.50%	9.00%
Westfield Woden	ACT	30-Jun-13	CBRE	325.6	50%	6.25%	6.50%	8.75%
WollongongCentral	NSW	30-Sep-12	Colliers	337.0	100%	6.50%	6.75%	9.00%

Note: Valuations include ancillary assets

Valuation includes Homemaker City Maribyrnong
Valuation includes Melbourne Central Retail and car park

Retail Portfolio Income and Fair Value Schedule

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Retail Sustainability

Sustainability is core to GPT’s portfolio, not only to operate its buildings as efficiently as possible but to create positive experiences for GPT’s people, tenants, customers and visitors.

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Water Intensity Emissions Intensity
1,400 (litres/m [2] ) 140 (kg CO2-e/m [2] )
1,200 120
1,000 100
800 33% 80 31%
600 Water Intensity 60 Emissions Intensity
reduction reduction
400 since 2005 40 since 2005
200 20
0 0
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Operational Waste Energy
(% reused/recycled) (MJ/m [2] )
50% 500
40% 400
30% 300
27%
Recycling rate
Energy Intensity
20% 200
37% reduction
since 2005
10% 100
0 0
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Data as at 31 December 2012

Retail Sustainability

Property	Area GLA	Water (Total) Litres/m2	Emissions kg CO2-e/m2	Waste % Recycled/Reused
GPT Portfolio
Casuarina Square	53,500	1,888	108	23%
Charlestown Square	90,900	847	60	83%
Dandenong Plaza	61,300	1,271	137	17%
Erina Fair	113,500	1,163	75	28%
Highpoint Shopping Centre	122,800	795	100	31%
Melbourne Central	52,700	1,942	199	26%
Rouse Hill Town Centre	68,600	712	55	81%
Sunshine Plaza	72,600	1,205	83	31%
Westfield Penrith	92,100	1,348	112	26%
GWSCF Portfolio
Carlingford Court	33,000	776	75	34%
Casuarina Square	53,500	1,888	108	23%
Chirnside Park	37,900	661	67	32%
Forestway Shopping Centre	9,600	1,568	148	26%
Highpoint Shopping Centre	122,800	795	100	31%
Macarthur Square	94,600	1,047	67	51%
Norton Plaza	11,800	1,343	98	31%
Parkmore Shopping Centre	36,800	769	102	40%
Westfield Woden	72,300	1,374	83	16%
Wollongong Central	37,900	749	83	46%
Total		1,116	92	37%

Note: Data as at 31 December 2012

Casuarina Square Northern Territory

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Water Intensity Emissions Intensity Operational Waste
2,500 (litres/m [2] ) 125 (kg C02-e/m [2] ) 30% (% reused/recycled)
38%
2,000 120 reduction
since 2005
20%
1,500 115
1,000 46% 110 Recycling
reduction 10% rate of
500 since 2005 105 23%
0 100 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

casuarinasquare.com.au

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.

A 50% interest in the Centre was sold to GWSCF in June 2012.

Myer have agreed terms to open a store at Casuarina Square as part of a future development of the centre.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	50%	Asset Type	Regional Centre
Co-Owner	GWSCF(50%)	Construction/Refurbishment	Completed 1973/Refurbished 1998
Acquired (by GPT)	October 1973
Property Details
Retail	51,300 sqm	Other	1,700 sqm
Office	600 sqm	Total	53,500 sqm
Current Valuation Latest External Valuation
Fair Value	$239.9m	Value	$239.5m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	CB Richard Ellis
Income (6 months)	$7.7m	Valuation Date	31 December 2012
Centre Details
Number of Tenancies	189	Retail Occupancy	100.0%
Car Parking Spaces	2,410
Specialty Expiry Profile by Base Rent	2H 2013: 20%	2014: 17%	2015: 17%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$8,453	$10,737
Occupancy Costs	9.5%	15.4%
Annual Centre Turnover	$393.7m
Key Tenants Area (sqm) Expiry Date
Kmart	8,150	September 2030
BigW	6,850	December 2030
Woolworths	5,020	June 2018
BCC Cinemas	4,120	December 2018
Coles	3,750	December 2020

Charlestown Square New South Wales

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,000 100 100%
800 80 80%
600 60 60%
400 49% 40 38% 40% Recycling rate of
reduction reduction
200 since 2005 20 since 2005 20% 83%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

charlestownsquare.com.au

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

A redevelopment, completed late 2010, has added approximately 41,000 sqm and provided a new retail, entertainment and community destination for the Hunter Region of NSW.

Refurbishment and remixing of the original part of the centre was completed at the end of 2011.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%	Asset Type	Super Regional Centre
Acquired (by GPT)	December 1977	Construction/Refurbishment	Completed 1979 / Refurbished 1989, 2010-11
Property Details
Retail	83,400 sqm	Other	5,000 sqm
Office	2,400 sqm	Total	90,800 sqm
Current Valuation Latest External Valuation
Fair Value	$828.0m	Value	$828.0m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	External	Valuer	Savills
Income (6 months)	$24.4m	Valuation Date	30 June 2013
Centre Details
Number of Tenancies	313	Retail Occupancy	99.1%
Car Parking Spaces	3,450
Specialty Expiry Profile by Base Rent	2H 2013: 2%	2014: 3%	2015: 38%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$6,100	$8,980
Occupancy Costs	11.4%	16.8%
Annual Centre Turnover	$494.5m
Key Tenants Area (sqm) Expiry Date
Myer	12,840	October 2035
Big W	7,750	October 2030
Target	5,590	July 2016
Woolworths	4,800	August 2030
Reading Cinemas	4,580	October 2025
Coles	4,320	August 2030

Dandenong Plaza

Victoria

dandenongplaza.com.au

Dandenong Plaza is located in south-east 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.

20% reduction since 2005 0% 17% Recycling rate of 0 50 100 150 40% 35% 30% 25% 20% 15% 10% 5% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 0 400 200 600 800 1,000 1,200 1,400 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled) Note: Sustainability data as at 31 December 2012	20% reduction since 2005 0% 17% Recycling rate of 0 50 100 150 40% 35% 30% 25% 20% 15% 10% 5% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 0 400 200 600 800 1,000 1,200 1,400 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled) Note: Sustainability data as at 31 December 2012	20% reduction since 2005 0% 17% Recycling rate of 0 50 100 150 40% 35% 30% 25% 20% 15% 10% 5% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 0 400 200 600 800 1,000 1,200 1,400 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled) Note: Sustainability data as at 31 December 2012	20% reduction since 2005 0% 17% Recycling rate of 0 50 100 150 40% 35% 30% 25% 20% 15% 10% 5% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 0 400 200 600 800 1,000 1,200 1,400 Water Intensity (litres/m2) Emissions Intensity (kg C02-e/m2) Operational Waste (% reused/recycled) Note: Sustainability data as at 31 December 2012
Key Metrics as at 30 June 2013
Ownership Interest	100%	Asset Type	Major Regional Centre
Acquired (by GPT)	December 1993	Construction/Refurbishment	Completed 1989 / Refurbished 1995
Property Details
Retail	61,200 sqm	Other	100 sqm
Office	0 sqm	Total	61,300 sqm
Current Valuation	Latest External Valuation
Fair Value	$155.0m	Value	$155.0m
Capitalisation Rate	8.00%	Capitalisation Rate	8.00%
Terminal Capitalisation Rate	8.25%	Terminal Capitalisation Rate	8.25%
Discount Rate	9.50%	Discount Rate	9.50%
Valuation Type	External	Valuer	Colliers
Income (6 months)	$9.5m	Valuation Date	30 June 2013
Centre Details
Number of Tenancies	180	Retail Occupancy	99.9%
Car Parking Spaces	3,248
Specialty Expiry Profile by Base Rent	2H 2013:13%	2014: 18%	2015: 24%
Sales Information	Total Centre Specialties
Sales Turnover per Square Metre	$3,937	$6,404
Occupancy Costs	11.4%	18.7%
Annual Centre Turnover	$226.4m
Key Tenants	Area (sqm) Expiry Date
Myer	15,080	July 2016
Target	6,660	July 2015
Kmart	5,790	July 2027
Safeway	3,890	December 2014
Coles	3,300	July 2028
Reading Cinemas	2,780	August 2023

Highpoint Shopping Centre Victoria

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highpoint.com.au
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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 reached completion in March 2013. The expansion represents a greatly improved centre 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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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,200 150 50%
Recycling
1,000 120 40% rate of
31%
800
90 30%
600
36% 60 34% 20% Highpoint has a
400 reduction reduction smartphone app,
200 since 2005 30 since 2005 10% part of GPT’s digital
strategy.
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	16.67%	Asset Type	Super Regional Centre
Co-Owner	GWSCF (50%) Highpoint PropertyGroup(33.33%)	Construction/ Refurbishment	Main Centre: Completed 1975 / Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990
Acquired (by GPT)	August 2009
Property Details
Retail	147,000 sqm	Other	5,100 sqm
Office	1,900 sqm	Total	153,900 sqm
Current Valuation Latest External Valuation
Fair Value1	$291.5m	Value1	$263.3m
Capitalisation Rate	5.75%	Capitalisation Rate	5.75%
Terminal Capitalisation Rate	6.00%	Terminal Capitalisation Rate	6.00%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	Directors	Valuer	CB Richard Ellis
Income (6 months)	$7.5m	Valuation Date	30 June 2012
Centre Details
Number of Tenancies	497	Retail Occupancy	99.6%
Car Parking Spaces	7,341
Specialty Expiry Profile by Base Rent	2H 2013: 14%	2014: 12%	2015: 12%
Sales Information2 Total Centre Specialties			Notes
Sales Turnover per Square Metre	$5,938	$9,440	1. Includes Homemaker City Maribyrnong 2. Development impacted
Occupancy Costs	14.2%	20.8%
Annual Centre Turnover	$700.0m
Key Tenants Area (sqm) Expiry Date
Myer	19,120	June 2021
David Jones	14,000	March 2033
Target	9,920	July 2015
Hoyts	9,030	April 2014
Big W	8,160	June 2025
Woolworths	4,240	October 2032

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 was completed in 2011 on a new dining hall and specialty fashion precinct including iconic brands like Converse and Nike.

Information on the office tower which forms part of Melbourne Central, is contained in the Office section of this document.

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,200 240 40%
Recycling
rate of
180 30% 26%
2,000
120 24% 20% Melbourne Central
1,800 reduction has a smartphone
60 since 2005 10% app, part of GPT’s
digital strategy.
1,600 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%	Asset Type	CityCentre
Acquired (by GPT)	May 1999	Construction/Refurbishment	Completed 1991 / Refurbished 2005, 2011
Property Details
Retail	47,500 sqm	Other	5,200 sqm
Office	0 sqm	Total	52,700 sqm
Current Valuation Latest External Valuation
Fair Value¹	$961.7m	Value¹	$961.2m
Capitalisation Rate²	5.75%	Capitalisation Rate²	5.75%
Terminal Capitalisation Rate²	6.00%	Terminal Capitalisation Rate²	6.00%
Discount Rate²	8.75%	Discount Rate²	8.75%
Valuation Type	Directors	Valuer	CB Richard Ellis
Income (6 months)	$30.4m	Valuation Date	31 December 2012
Centre Details
Number of Tenancies	304	Retail Occupancy	99.6%
Car Parking Spaces	822
Specialty Expiry Profile by Base Rent	2H 2013: 5%	2014: 18%	2015: 22%
Sales Information Total Centre Specialties Notes
Sales Turnoverper Square Metre	$7,553	$9,111	1. Includes retail and car park 2. Retail component only
Occupancy Costs	18.1%	21.7%
Annual Centre Turnover	$372.5m
Key Tenants Area (sqm) Expiry Date
Hoyts	7,710	September 2020
Coles	1,310	September 2014

Rouse Hill Town Centre New South Wales

rhtc.com.au

Rouse Hill Town Centre is located approximately 35km 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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----- Start of picture text -----

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 100 100%
1,200 80 80%
900 60 60%
600 40 40% Recycling
rate of
300 20 20% 81%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Note: Sustainability data as at 31 December 2012. This asset not operational in the baseline year (2005)

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GPT)	Stage 1: September 2007 Stage 2: March 2008	Construction/Refurbishment	Completed 2008
Property Details
Retail	61,800 sqm	Other	3,900 sqm
Office	2,700 sqm	Total	68,400 sqm
Current Valuation Latest External Valuation
Fair Value	$462.7m	Value	$460.0m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	CB Richard Ellis
Income (6 months)	$14.4m	Valuation Date	30 June 2012
Centre Details
Number of Tenancies	244	Retail Occupancy	99.2%
Car Parking Spaces	2,939
Specialty Expiry Profile by Base Rent	2H 2013: 26%	2014: 20%	2015: 11%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$6,345	$6,847
Occupancy Costs	9.4%	16.3%
Annual Centre Turnover	$384.1m
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

Sunshine Plaza Queensland

==> picture [407 x 368] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,300 150 50%
120 40% Recycling
975 rate of
90 30% 31%
650
32% 60 22% 20%
325 reduction reduction
since 2005 30 since 2005 10%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
Note: Sustainability data as at 31 December 2012
Key Metrics as at 30 June 2013
Ownership Interest 50% Asset Type Major Regional Centre
Co-Owner Australian Prime Property Construction/Refurbishment Completed 1994 /
Fund Retail (50%) Refurbished 2002
Acquired (by GPT) December 1992
Property Details
Retail 71,800 sqm Other 700 sqm
Office 200 sqm Total 72,700 sqm
Current Valuation Latest External Valuation
Fair Value $395.0m Value $395.0m
Capitalisation Rate 5.75% Capitalisation Rate 5.75%
Terminal Capitalisation Rate 6.00% Terminal Capitalisation Rate 6.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type External Valuer Savills
Income (6 months) $11.4m Valuation Date 30 June 2013
Centre Details
Number of Tenancies 250 Retail Occupancy 100.0%
Car Parking Spaces 3,500
Specialty Expiry Profile by Base Rent 2H 2013: 16% 2014: 25% 2015: 18%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $8,301 $11,088
Occupancy Costs 10.8% 18.4%
Annual Centre Turnover $511.5m
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
----- End of picture text -----

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

120
975
90
650
32% 60
325 reduction
since 2005 30
0 0
2008 2009 2010 2011 2012
Note: Sustainability data as at 31 December 2012
sunshineplaza.com Key Metrics as at 30 June 2013
----- End of picture text -----

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.

David Jones have agreed terms to open a store at Sunshine Plaza as part of a future development of the centre.

Westfield Penrith

New South Wales

==> picture [139 x 159] intentionally omitted <==

Westfield Penrith is a super 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.

==> picture [323 x 125] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,800 150 30%
1,600
1,400 120
1,200 20%
90
1,000
800 31% 60 25% Recycling
600 reduction reduction 10% rate of
400 since 2005 30 since 2005 26%
200
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Note: Sustainability data as at 31 December 2012

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	50%	Asset Type	Super Regional Centre
Co-Owners	Westfield Group (25%) Westfield Retail Trust (25%)	Construction/Refurbishment	Completed 1971 / Refurbished 2005
Acquired (by GPT)	June 1971
Property Details
Retail	85,300 sqm	Other	2,600 sqm
Office	4,200 sqm	Total	92,100 sqm
Current Valuation Latest External Valuation
Fair Value	$552.5m	Value	$552.5m
Capitalisation Rate	5.75%	Capitalisation Rate	5.75%
Terminal Capitalisation Rate	6.00%	Terminal Capitalisation Rate	6.00%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	External	Valuer	Knight Frank
Income (6 months)	$16.2m	Valuation Date	30 June 2013
Centre Details
Number of Tenancies	324	Retail Occupancy	100.0%
Car Parking Spaces	3,521
Specialty Expiry Profile by Base Rent	2H 2013: 15%	2014: 15%	2015: 17%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$7,120	$10,290
Occupancy Costs	12.5%	20.3%
Annual Centre Turnover	$597.1m
Key Tenants Area (sqm) Expiry Date
Myer	20,110	July 2033
Big W	8,740	March 2037
Target	7,100	July 2019
Hoyts	4,790	April 2018
Woolworths	3,800	March 2032
Franklins	2,010	July 2016

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 in addition to the distribution received from the Fund.

GWSCF - Top Ten Tenants[1] As at 30 June 2013

GWSCF - Portfolio by Sub-Sector As at 30 June 2013

==> picture [396 x 157] intentionally omitted <==

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

Woolworths Wesfarmers David Jones Just Group Other
Sub 7%
Regional
6%
6.2% 6.2% 2.2% 1.8%
James Speciality Cotton on
Pascoe Fashion Clothing
Myer Hoyts Priceline Grp Grp Grp
1.6% 1.3% 1.3% 1.2% 1.1% 1.1% Regional
87%
----- End of picture text -----

Based on gross rent (including turnover rent)

Carlingford Court New South Wales

==> picture [139 x 128] intentionally omitted <==

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

carlingfordcourt.com.au
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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.

==> picture [323 x 125] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,000 120 100%
1,800
100
1,600 80%
1,400 80
1,200 60%
1,000 60
800 72% 49% 40% Recycling
600 reduction 40 reduction rate of
400 since 2005 20 since 2005 20% 34%
200
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Note: Sustainability data as at 31 December 2012

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%	Asset Type	Sub Regional Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1965 / Refurbished 1971, 1978, 1989, 2000, 2007
Property Details
Retail	28,700 sqm	Other	4,100 sqm
Office	200 sqm	Total	33,000 sqm
Current Valuation Latest External Valuation
Fair Value	$168.4m	Value	$168.0m
Capitalisation Rate	7.50%	Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%	Terminal Capitalisation Rate	7.75%
Discount Rate	9.50%	Discount Rate	9.50%
Valuation Type	Directors	Valuer	Savills
Valuation Date			31 December 2012
Centre Details
Number of Tenancies	105	Retail Occupancy	98.9%
Car Parking Spaces	1,443
Specialty Expiry Profile by Base Rent	2H 2013: 12%	2014: 19%	2015: 26%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$6,735	$8,787
Occupancy Costs	8.6%	17.1%
Annual Centre Turnover	$177.4m

100

Casuarina Square Northern Territory

==> picture [324 x 123] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,500 125 30%
38%
2,000 120 reduction
since 2005
20%
1,500 115
1,000 46% 110 Recycling
reduction 10% rate of
500 since 2005 105 23%
0 100 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Note: Sustainability data as at 31 December 2012

casuarinasquare.com.au

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.

A 50% interest in the Centre was acquired by GWSCF in June 2012.

Myer have agreed terms to open a store at Casuarina Square as part of a future development of the centre.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	50%	Asset Type	Regional Centre
Co-Owner	GPT (50%)	Construction/Refurbishment	Completed 1973 / Refurbished 1998
Acquired (by GWSCF)	June 2012
Property Details
Retail	51,300 sqm	Other	1,700 sqm
Office	600 sqm	Total	53,500 sqm
Current Valuation Latest External Valuation
Fair Value	$240.1m	Value	$239.5m
Capitalisation Rate	6.00%	Capitalisation Rate	6.00%
Terminal Capitalisation Rate	6.25%	Terminal Capitalisation Rate	6.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	CB Richard Ellis
		Valuation Date	31 December 2012
Centre Details
Number of Tenancies	189	Retail Occupancy	100.0%
Car Parking Spaces	2,410
Specialty Expiry Profile by Base Rent	2H 2013: 20%	2014: 17%	2015: 17%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$8,453	$10,737
Occupancy Costs	9.5%	15.4%
Annual Centre Turnover	$393.7m
Key Tenants Area (sqm) Expiry Date
Kmart	8,150	September 2030
Big W	6,850	December 2030
Woolworths	5,020	June 2018
BCC Cinemas	4,120	December 2018
Coles	3,750	December 2020

101

Chirnside Park

Victoria

==> picture [140 x 104] intentionally omitted <==

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

chirnsidepark.com.au
----- End of picture text -----

==> picture [323 x 121] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
1,000 (litres/m [2] ) 100 (kg C02-e/m [2] ) 40% (% reused/recycled)
800 80
30%
600 60
20%
400 38% 40 29% Recycling
reduction reduction rate of
200 since 2005 20 since 2005 10% 32%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Note: Sustainability data as at 31 December 2012

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.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%	Asset Type	Regional Centre
Acquired (by GWSCF)	March 2007	Construction/Refurbishment	Completed 1979 / Refurbished 1999, 2002
Property Details
Retail	36,900 sqm	Other	1,000 sqm
Office	0 sqm	Total	37,900 sqm
Current Valuation Latest External Valuation
Fair Value	$231.0m	Value	$231.0m
Capitalisation Rate	7.00%	Capitalisation Rate	7.00%
Terminal Capitalisation Rate	7.25%	Terminal Capitalisation Rate	7.25%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	Colliers
		Valuation Date	30 June 2013
Centre Details
Number of Tenancies	114	Retail Occupancy	100.0%
Car Parking Spaces	2,045
Specialty Expiry Profile by Base Rent	2H 2013: 23%	2014: 24%	2015: 13%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$8,283	$10,295
Occupancy Costs	7.0%	14.9%
Annual Centre Turnover	$277.6m
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 2018

102

Forestway Shopping Centre New South Wales

==> picture [139 x 92] intentionally omitted <==

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

forestway.com.au
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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.

==> picture [324 x 122] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
3,000 (litres/m [2] ) 180 (kg C02-e/m [2] ) 50% (% reused/recycled)
2,500 150 40%
2,000 120
30%
1,500 90
18% 20% Recycling
1,000 reduction 60 rate of
500 since 2005 30 10% 26%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Note: Sustainability data as at 31 December 2012

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
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	600 sqm
Office	800 sqm	Total	9,600 sqm
Current Valuation Latest External Valuation
Fair Value	$83.9m	Value	$83.6m
Capitalisation Rate	7.50%	Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%	Terminal Capitalisation Rate	7.75%
Discount Rate	9.50%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	CB Richard Ellis
		Valuation Date	31 March 2013
Centre Details
Number of Tenancies	54	Retail Occupancy	98.5%
Car Parking Spaces	437
Specialty Expiry Profile by Base Rent	2H 2013: 17%	2014: 31%	2015: 10%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$14,964	$10,038
Occupancy Costs	6.6%	15.4%
Annual Centre Turnover	$98.8m
Key Tenants Area (sqm) Expiry Date
Woolworths	2,660	November 2028
Aldi	1,250	September 2023

103

Highpoint Shopping Centre Victoria

==> picture [140 x 84] intentionally omitted <==

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.

==> picture [398 x 120] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,200 160 50%
Recycling
1,000 40% rate of
800 120 31%
30%
600 80
36% 34% 20% Highpoint has a
400 reduction reduction smartphone app,
200 since 2005 40 since 2005 10% part of GPT’s digital
strategy.
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Note: Sustainability data as at 31 December 2012

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	50%	Asset Type	Super Regional Centre
Co-Owner	GPT (16.67%) Highpoint PropertyGroup (33.33%)	Construction/Refurbishment	Main Centre: Completed 1975 / Refurbished 1989, 1995, 2006, 2013 Homemaker Centre: Completed 1990
Acquired (by GWSCF)	March 2007
Property Details
Retail	147,000 sqm	Other	5,100 sqm
Office	1,900 sqm	Total	153,900 sqm
Current Valuation Latest External Valuation
Fair Value1	$873.7m	Value1	$867.5m
Capitalisation Rate	5.75%	Capitalisation Rate	5.75%
Terminal Capitalisation Rate	6.00%	Terminal Capitalisation Rate	6.00%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	Directors	Valuer	Savills
		Valuation Date	31 December 2012
Centre Details
Number of Tenancies	497	Retail Occupancy	99.6%
Car Parking Spaces	7,341
Specialty Expiry Profile by Base Rent	2H 2013: 14%	2014: 12%	2015: 12%
Sales Information2 Total Centre Specialties Notes
Sales Turnover per Square Metre	$5,938	$9,440	1. Includes Homemaker City Maribyrnong 2. Development impacted
Occupancy Costs	14.2%	20.8%
Annual Centre Turnover	$700.0m
Key Tenants Area (sqm) Expiry Date
Myer	19,120	June 2021
David Jones	14,000	March 2033
Target	9,920	July 2015
Hoyts	9,030	April 2014
Big W	8,160	June 2025
Woolworths	4,240	October 2032

104

Macarthur Square New South Wales

==> picture [140 x 162] intentionally omitted <==

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.

==> picture [324 x 126] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
1,500 140 60%
1,250 120 50%
100
1,000 40%
80
750 30%
31% 60 37% Recycling
500 reduction 40 reduction 20% rate of
250 since 2005 20 since 2005 10% 51%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Note: Sustainability data as at 31 December 2012

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	50%	Asset Type	Major Regional Centre
Co-Owners	Australian Prime Property Fund Retail(50%)	Construction/Refurbishment	Completed 1979 / Refurbished 2006
Acquired (by GWSCF)	March 2007
Property Details
Retail	82,800 sqm	Other	9,200 sqm
Office	2,400 sqm	Total	94,400 sqm
Current Valuation Latest External Valuation
Fair Value	$401.5m	Value	$401.3m
Capitalisation Rate	6.25%	Capitalisation Rate	6.25%
Terminal Capitalisation Rate	6.50%	Terminal Capitalisation Rate	6.50%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	Directors	Valuer	CB Richard Ellis
		Valuation Date	31 March 2013
Centre Details
Number of Tenancies	307	Retail Occupancy	99.3%
Car Parking Spaces	3,600
Specialty Expiry Profile by Base Rent	2H 2013: 13%	2014: 8%	2015: 22%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$6,217	$9,031
Occupancy Costs	10.8%	17.8%
Annual Centre Turnover	$545.6m
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

105

Norton Plaza

New South Wales

==> picture [323 x 125] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,000 140 40%
120 Recycling
rate of
1,500 100 30% 31%
80
1,000 20%
60
40
500 10%
20
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----*

Note: Sustainability data as at 31 December 2012. This asset not operational in the baseline year (2005)

nortonplaza.com.au

Norton Plaza is located in Leichhardt, six kilometres west of Sydney and is a high performing neighbourhood shopping centre anchored by a full line Coles supermarket and Norton Street Grocer.

==> picture [407 x 198] intentionally omitted <==

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

Key Metrics as at 30 June 2013
Ownership Interest 100% Asset Type Neighbourhood Centre
Acquired (by GWSCF) March 2007 Construction/Refurbishment Completed late 1990s and 2000
Property Details
Retail 10,500 sqm Other 600 sqm
Office 800 sqm Total 11,900 sqm
Current Valuation Latest External Valuation
Fair Value $105.8m Value $105.8m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.25% Terminal Capitalisation Rate 7.25%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type External Valuer Knight Frank
Valuation Date 30 June 2013
Centre Details
Number of Tenancies 52 Retail Occupancy 100.0%
Car Parking Spaces 485
Specialty Expiry Profile by Base Rent 2H 2013: 2% 2014: 8% 2015: 35%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre $14,800 $11,240
Occupancy Costs 5.7% 13.5%
Annual Centre Turnover $117.3m
Key Tenants Area (sqm) Expiry Date
Coles 3,770 November 2019
----- End of picture text -----

106

Parkmore Shopping Centre Victoria

==> picture [318 x 121] intentionally omitted <==

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

Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
800 120 60%
50%
600 90
40%
400 60 30%
22% 14% Recycling
reduction reduction 20% rate of
200 since 2005 30 since 2005 10% 40%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
----- End of picture text -----

Note: Sustainability data as at 31 December 2012

parkmoreshopping.com.au

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 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
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	Other	200 sqm
Office	0 sqm	Total	36,800 sqm
Current Valuation Latest External Valuation
Fair Value	$212.0m	Value	$212.0m
Capitalisation Rate	7.25%	Capitalisation Rate	7.25%
Terminal Capitalisation Rate	7.50%	Terminal Capitalisation Rate	7.50%
Discount Rate	9.00%	Discount Rate	9.00%
Valuation Type	External	Valuer	Colliers
		Valuation Date	30 June 2013
Centre Details
Number of Tenancies	128	Retail Occupancy	99.5%
Car Parking Spaces	2,600
Specialty Expiry Profile by Base Rent	2H 2013: 9%	2014: 18%	2015: 18%
Sales Information Total Centre Specialties
Sales Turnoverper Square Metre	$7,078	$8,363
Occupancy Costs	7.8%	15.0%
Annual Centre Turnover	$243.6m
Key Tenants Area (sqm) Expiry Date
Kmart	8,390	September 2017
BigW	6,670	November 2015
Coles	3,850	August 2014
Woolworths	3,490	July2027

107

Westfield Woden

Australian Capital Territory

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westfield.com.au/woden
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Westfield Woden is one of the largest shopping, leisure and lifestyle destinations in Canberra, and is an approximate 10 minute drive south of the CBD.

The Centre includes a strong retail offer, with a department store, discount department store and two supermarkets, as well as a cinema complex and over 200 specialty retailers.

Westfield Woden is owned jointly with, and managed by Westfield. A 50% interest in the centre was acquired by GWSCF in June 2012.

Myer have agreed terms to open a store at Westfield Woden as part of a future development of the centre.

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Water Intensity Emissions Intensity Operational Waste
(litres/m [2] ) (kg C02-e/m [2] ) (% reused/recycled)
2,000 150 40%
120
1,500 30%
90
1,000 20%
21% 60 30% Recycling
reduction reduction rate of
500 since 2005 30 since 2005 10% 16%
0 0 0%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	50%	Asset Type	Major Regional Centre
Co-Owners	Westfield Group (25%) Westfield Retail Trust(25%)	Construction/Refurbishment	Completed 1972 / Refurbished 2000
Acquired (by GWSCF)	June 2012
Property Details
Retail	64,500 sqm	Other	1,000 sqm
Office	6,600 sqm	Total	72,200 sqm
Current Valuation Latest External Valuation
Fair Value	$325.6m	Value	$325.6m
Capitalisation Rate	6.25%	Capitalisation Rate	6.25%
Terminal Capitalisation Rate	6.50%	Terminal Capitalisation Rate	6.50%
Discount Rate	8.75%	Discount Rate	8.75%
Valuation Type	External	Valuer	CB Richard Ellis
		Valuation Date	30 June 2013
Centre Details
Number of Tenancies	238	Retail Occupancy	99.3%
Car Parking Spaces	2,700
Specialty Expiry Profile by Base Rent	2H 2013: 20%	2014: 18%	2015: 18%
Sales Information Total Centre Specialties
Sales Turnover per Square Metre	$6,656	$8,814
Occupancy Costs	11.7%	19.8%
Annual Centre Turnover	$374.0m
Key Tenants Area (sqm) Expiry Date
David Jones	13,630	March 2030
Big W	8,490	August 2019
Woolworths	4,080	March 2019
Hoyts	3,780	June 2020
Coles	3,400	March 2014

108

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.

Works commenced late 2011 on the $200 million extension of Wollongong Central on the West Kiera land holding. The 18,000 sqm expansion will include approximately 80 additional specialty stores, a new Coles supermarket and fresh food precinct, a city-central food offer and food court, and 600 car spaces, that will connect directly to the existing Wollongong Central. The project will be completed in the second half of 2014.

54% reduction since 2005 0 300 600 1,200 900 0 40 20 60 80 100 120 2008 2009 2010 2011 2012 Water Intensity (litres/m2) Note: Sustainability data as at 31 December 20	0% 28% reduction since 2005 10% 20% 30% 50% 40% 2008 2009 2010 2011 2012 Emissions Intensity (kg C02-e/m2) 12	0% 28% reduction since 2005 10% 20% 30% 50% 40% 2008 2009 2010 2011 2012 Emissions Intensity (kg C02-e/m2) 12	0% 28% reduction since 2005 10% 20% 30% 50% 40% 2008 2009 2010 2011 2012 Emissions Intensity (kg C02-e/m2) 12	46% Recycling rate of 2008 2009 2010 2011 2012 Operational Waste (% reused/recycled)	46% Recycling rate of 2008 2009 2010 2011 2012 Operational Waste (% reused/recycled)
Key Metrics as at 30 June 2013
Ownership Interest		100%	Asset	Type	CityCentre
Acquired (by GWSCF)		March 2007	Construction/Refurbishment		Completed 1975 / Refurbished 1985, 2009
Property Details¹
Retail		32,100 sqm	Other		2,600 sqm
Office		3,100 sqm	Total		37,900 sqm
Current Valuation	Latest External Valuation
Fair Value²		$374.5m	Value²		$337.0m
Capitalisation Rate		6.50%	Capitalisation Rate		6.50%
Terminal Capitalisation Rate		6.75%	Terminal Capitalisation Rate		6.75%
Discount Rate		9.00%	Discount Rate		9.00%
Valuation Type		Directors	Valuer		Colliers
			Valuation Date		30 September 2012
Centre Details
Number of Tenancies¹		153	Retail Occupancy³		N/A
Car Parking Spaces¹		1,429
Specialty Expiry Profile by Base Rent		2H 2013: 8%	2014: 23%		2015: 34%
Sales Information	Total Centre Specialties				Notes
Sales Turnoverper Square Metre		$5,255	$8,551		1. Pre-development impact 2. Includes ancillary properties 3. Development impacted
Occupancy Costs		14.0%	18.9%
Annual Centre Turnover		$161.4m
Key Tenants	Area (sqm) Expiry Date
Myer		12,150	October 2016
David Jones		1,840	October 2015

109

GPT INTERIM RESULT OFFICE PORTFOLIO

110

Office Portfolio Overview

GPT’s office portfolio comprises ownership in 20 high quality assets with a total investment of $2.8 billion. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF).

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NT
QLD Brisbane
4
WA
SA
Sydney
NSW
10
VIC
6
Melbourne
TAS
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New South Wales GPT Owned

Australia Square (50%) Citigroup Centre (50%) MLC Centre (50%) 1 Farrer Place (25%)

GWOF Owned

161 Castlereagh Street (50%) Darling Park 1 & 2 (50%) Darling Park 3 HSBC Centre workplace[6] The Zenith, Chatswood (50%)

Queensland

GPT Owned One One One Eagle Street (33%)

GWOF Owned

Brisbane Transit Centre (50%) Riverside Centre 545 Queen Street One One One Eagle Street (33%)

Victoria

GPT Owned

Melbourne Central Tower 818 Bourke Street

GWOF Owned

8 Exhibition Street (50%) Twenty8 Freshwater Place (50%) 530 Collins Street 800/808 Bourke Street

l Number of assets in each state

112

Office Portfolio Summary

GPT has the highest exposure to Premium Grade office assets out of the listed AREIT sector. The GPT office portfolio maintained high average occupancy level and a long weighted average lease term of 5.6 years.

Top Ten Tenants[1] As at 30 June 2013

Asset Quality As at 30 June 2013

Geographic Weighting As at 30 June 2013

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100
Herbert
Smith Members Brisbane
Government Freehills Citibank Equity NAB 80 14%
60
11.9% 4.8% 3.8% 3.3% 2.9%
(%)
40
Melbourne
Mallesons ANZ 25%
Ericcson Arrow Stephen Banking
Australia Energy Jacques Group NBN Co 20
Sydney
2.4% 2.2% 2.2% 2.1% 2.1% 61%
0
GPT Peer Peer Peer Peer Peer
1 2 3 4 5
Other
A Grade
Premium
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Based on gross rent

113

Office Portfolio Summary

Property	Location	Ownership	Office NLA	30 Jun 13 Fair Value	30 Jun 13 Cap Rate	31 Dec 12 Cap Rate	External or Directors	Office Occupancy	Office Occupancy	Office Occupancy	WALE By Income (Years)
			(100% Interest) (sqm)	($m)	(%)	(%)	Valuation	Actual	Inc. Signed Leases	Inc. Heads of Agreement
GPT Portfolio
Australia Square,Sydney	NSW	50%	51,400	305.0	6.75%	6.88%	External	86.1%	87.2%	91.4%	5.5
CitigroupCentre,Sydney	NSW	50%	73,400	389.4	6.63%	6.63%	Directors	96.8%	96.8%	96.8%	5.3
MLC Centre,Sydney	NSW	50%	68,400	375.0	7.00%	7.00%	External	94.2%	94.2%	94.2%	3.8
1 Farrer Place,Sydney	NSW	25%	86,700	332.5	6.25%	6.44%	External	96.6%	96.6%	96.6%	3.0
Melbourne Central Tower,Melbourne	VIC	100%	65,600	380.7	7.00%	7.00%	Directors	93.0%	93.0%	94.2%	5.1
818 Bourke Street,Melbourne	VIC	100%	21,900	138.0	7.25%	7.25%	External	100.0%	100.0%	100.0%	5.2
One One One Eagle Street,Brisbane	QLD	33%	63,800	222.7	6.50%	6.63%	Directors	83.7%	83.7%	83.7%	9.4
GWOF Portfolio
161 Castlereagh Street,Sydney	NSW	50%	56,300	415.0	6.25%	6.38%	External	100.0%	100.0%	100.0%	11.6
DarlingPark 1 & 2,Sydney	NSW	50%	102,000	596.4	6.50% - 6.75%	6.75% - 7.38%	Directors	100.0%	100.0%	100.0%	5.8
DarlingPark 3,Sydney	NSW	100%	29,800	288.0	7.00%	7.13%	Directors	100.0%	100.0%	100.0%	3.3
HSBC Centre,Sydney	NSW	100%	37,300	325.0	7.25%	7.25%	External	98.0%	98.0%	98.0%	4.2
workplace6,Sydney	NSW	100%	16,300	167.0	7.00%	7.00%	Directors	100.0%	100.0%	100.0%	6.4
The Zenith,Chatswood	NSW	50%	43,400	117.1	8.50%	8.50%	Directors	96.7%	96.7%	96.7%	3.0
8 Exhibition Street,Melbourne	VIC	50%	44,600	169.1	6.50%	N/A	Directors	100.0%	100.0%	100.0%	4.2
Twenty8 Freshwater Place,Melbourne	VIC	50%	33,900	115.0	7.00%	7.00%	Directors	100.0%	100.0%	100.0%	5.7
530 Collins Street,Melbourne	VIC	100%	66,000	432.0	6.88%	6.88%	Directors	96.8%	96.8%	96.8%	7.4
800/808 Bourke Street,Melbourne	VIC	100%	59,600	372.5	6.50%	6.50%	Directors	100.0%	100.0%	100.0%	14.1
Brisbane Transit Centre,Brisbane	QLD	50%	29,500	62.5	9.00%	9.00%	Directors	100.0%	100.0%	100.0%	1.8
One One One Eagle Street,Brisbane	QLD	33%	63,800	221.3	6.50%	6.63%	Directors	83.7%	83.7%	83.7%	9.4
Riverside Centre,Brisbane	QLD	100%	51,500	560.0	7.00%	7.00%	External	96.8%	96.8%	96.8%	4.7
545 Queen Street,Brisbane	QLD	100%	13,100	89.0	8.25%	8.25%	Directors	100.0%	100.0%	100.0%	3.9
Total			1,014,500		6.78%	6.86%		94.5%	94.6%	95.2%	5.6

114

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the office portfolio firmed by 8 basis points over the 6 months to 30 June 2013.

Weighted Average Capitalisation Rate

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7.27% 7.20%
7.10% 7.14% 7.11% 7.07% 7.01%
6.86%
6.78%
6.60%
6.10%
30 Jun 08 31 Dec 08 30 Jun 09 31 Dec 09 30 Jun 10 31 Dec 10 30 Jun 11 31 Dec 11 30 Jun 12 31 Dec 12 30 Jun 13
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115

Office Portfolio Lease Expiry Profile

GPT continues to proactively manage its lease expiries, as evidenced by a reduction in lease expiries over 2014-16, from 40% down to 25%.

Office Portfolio Lease Expiry Profile (by Area)

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16%
12% 12%
11%
9%
8%
7% 7%
6% 6%
5%
3%
Vacant 2H 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+
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116

Office Market Outlook

Base office demand deteriorated in the first half of 2013 resulting in higher market vacancy and an increase in incentives.

GPT’s office portfolio has a diverse tenant mix across a wide range of sectors. Income growth is underpinned by 75% of reviewed leases being subject to a fixed rental review with an average increase of 4.1%. The weighted Office portfolio is over-rented by 3.4%[1] .

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Other [2]
25%
Rent
4.1% Reviews
Average
Increase
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Fixed
75%
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Structured rent reviews for the full year to 31 December 2013.

Passing rents struck on effective deals “faced up” at current incentive levels
Other includes market reviews, CPI reviews and expiries in 2013

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Total Vacancy
14%
12% 11.1%
10%
9.6%
8% 9.5%
6%
4%
Forecast
2% 2014-2016
0% Average
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Vacancy
Sydney CBD Melbourne CBD Brisbane CBD
Source: Jones Lang LaSalle Research, June 2013
Prime Incentives
30%
28.3%
25% 27.8%
27.2%
20%
15%
10% Forecast
2014-2016
5% Average Prime
Incentives
0%
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
Sydney CBD Melbourne CBD Brisbane CBD
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Source: Jones Lang LaSalle Research, June 2013

117

Office Portfolio External Valuation Summary 64% of the GPT office portfolio was valued externally in the 6 months to 30 June 2013.

Property	State	Date	Valuer	Valuation ($m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
GPT Portfolio
Australia Square,Sydney	NSW	30-Jun-13	Knight Frank	305.0	50%	6.75%	6.88%	8.75%
CitigroupCentre,Sydney	NSW	31-Dec-12	CBRE	385.0	50%	6.63%	6.88%	8.75%
MLC Centre,Sydney	NSW	30-Jun-13	Colliers	375.0	50%	7.00%	7.00%	9.00%
1 Farrer Place,Sydney	NSW	30-Jun-13	Knight Frank	332.5	25%	6.25%	6.25%	8.50%
Melbourne Central Tower,Melbourne	VIC	31-Dec-12	CBRE	375.0	100%	7.00%	7.25%	9.00%
818 Bourke Street,Melbourne	VIC	30-Jun-13	Savills	138.0	100%	7.25%	7.50%	9.00%
One One One Eagle Street, Brisbane	QLD	31-Mar-13	Knight Frank	220.0	33%	6.50%	6.88%	8.75%
GWOF Portfolio
161 Castlereagh Street,Sydney	NSW	30-Jun-13	JLL	415.0	50%	6.25%	6.50%	8.50%
Darling Park 1 & 2, Sydney	NSW	31-Mar-13	Knight Frank	595.0	50%	Office: 6.50%-6.75% Retail: 7.00%	Office: 6.50% - 6.75% Retail: 7.00%	Office: 8.75% - 9.00% Retail: 9.25%
DarlingPark 3,Sydney	NSW	31-Mar-13	Knight Frank	285.0	100%	7.00%	7.00%	8.75%
HSBC Centre,Sydney	NSW	30-Jun-13	Knight Frank	325.0	100%	7.25%	7.50%	9.00%
workplace6,Sydney	NSW	31-Dec-12	JLL	167.0	100%	7.00%	7.25%	9.00%
The Zenith,Chatswood	NSW	30-Sep-12	Colliers	116.5	50%	8.50%	8.75%	9.50%
8 Exhibition Street,Melbourne	NSW	31-Mar-13	m3	162.3	50%	6.50%	6.50%	9.00%
Twenty8 Freshwater Place,Melbourne	VIC	30-Sep-12	m3	115.0	50%	7.00%	7.00%	9.00%
530 Collins Street,Melbourne	VIC	31-Dec-12	JLL	410.0	100%	6.88%	7.00%	8.75%
800/808 Bourke Street,Melbourne	VIC	31-Dec-12	Knight Frank	372.0	100%	6.50%	7.00%	8.75%
Brisbane Transit Centre,Brisbane	QLD	31-Dec-12	Colliers	65.0	50%	9.00%	9.25%	9.25%
One One One Eagle Street,Brisbane	QLD	31-Mar-13	Knight Frank	220.0	33%	6.50%	6.88%	8.75%
Riverside Centre,Brisbane	QLD	30-Jun-13	Knight Frank	560.0	100%	7.00%	7.00%	8.75%
545 Queen Street,Brisbane	QLD	31-Dec-12	CBRE	89.0	100%	8.25%	8.50%	9.50%

118

Office Portfolio Income and Fair Value Schedule

Strong capital growth was offset by an income decline of 0.7% in the first half of 2013.

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119

Office Sustainability

Sustainability is core to GPT’s portfolio, not only to operate its buildings as efficiently as possible but to create positive experiences for GPT’s people, tenants, customers and visitors.

Water Intensity Emissions Intensity (litres/m[2] ) (kg CO2-e/m[2] )

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900
800
700
600
500 55%
400 Water Intensity
300 reduction
since 2005
200
100
0
2008 2009 2010 2011 2012
----- End of picture text -----

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100
80
60
49%
40 Emissions Intensity
reduction
since 2005
20
0
2008 2009 2010 2011 2012
----- End of picture text -----

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Operational Waste
(% reused/recycled)
70%
60%
50%
40%
Recycling rate
30%
56%
20%
10%
0
2008 2009 2010 2011 2012
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Energy
(MJ/m [2] )
600
500
400
35%
300
Energy Intensity
200 reduction
since 2005
100
0
2008 2009 2010 2011 2012
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Note: Data as at 31 December 2012

120

Office Sustainability

A number of GPT office assets are recognised for exceptional performance with the extension of their NABERS rating[1] to 5.5 star.

Property	NABERS Energy Rating (includingGreen Power)	NABERS Energy Rating (includingGreen Power)	NABERS Energy Rating (includingGreen Power)	NABERS Energy Rating (includingGreen Power)	NABERS Energy Rating (includingGreen Power)	NABERS Energy Rating (includingGreen Power)	NABERS Water Rating	NABERS Water Rating	NABERS Water Rating	NABERS Water Rating	NABERS Water Rating	NABERS Water Rating
	2008	2009	2010	2011	2012	2013	2008	2009	2010	2011	2012	2013
GPT Portfolio
Australia Square,Sydney (Tower)	4.0	4.5	4.5	4.0	4.5	4.0	3.5	3.5	3.5	4.0	4.0	4.0
Australia Square,Sydney (Plaza)	5.0	5.0	5.0	5.0	5.0	5.0	3.5	4.0	4.0	3.5	4.0	4.0
CitigroupCentre,Sydney	4.5	5.0	5.0	5.0	5.0	5.0	4.0	4.0	4.0	3.5	3.5	3.5
MLC Centre,Sydney	4.5	5.0	5.0	5.0	5.5	5.0	2.5	3.0	3.0	3.5	3.0	3.5
1 Farrer Place,Sydney, (GMT)	3.0	3.0	4.5	4.5	4.5	4.5	-	4.0	4.0	4.0	4.0	3.5
1 Farrer Place,Sydney (GPT)	3.0	3.0	4.0	4.0	3.5	4.5	-	3.0	3.0	3.0	3.0	3.5
Melbourne Central,Melbourne	4.5	4.5	4.5	5.0	5.0	5.0	2.0	3.5	3.5	2.5	3.0	3.0
818 Bourke Street,Melbourne	5.0	5.0	5.0	5.0	5.5	5.0	-	5.0	5.0	5.0	5.5	5.0
One One One Eagle Street, Brisbane2	-	-	-	-	-	-	-	-	-	-	-	-
GWOF Portfolio
161 Castlereagh Street,Sydney2	-	-	-	-	-	-	-	-	-	-	-	-
DarlingPark 1,Sydney	4.5	4.0	5.0	5.5	5.5	5.0	2.0	2.5	2.5	3.5	3.5	3.5
DarlingPark 2,Sydney	5.0	5.0	5.0	5.0	5.0	5.0	3.0	3.0	3.0	3.5	3.5	3.0
DarlingPark 3,Sydney	5.0	5.0	5.0	5.5	5.5	5.0	3.5	3.0	3.0	3.5	3.5	3.5
HSBC Centre,Sydney	3.5	3.5	4.0	4.0	4.5	5.0	3.0	3.0	3.0	2.5	3.0	3.5
workplace6,Sydney	-	-	5.0	5.5	5.5	5.0	-	-	5.0	5.0	5.0	5.0
The Zenith,Chatswood	3.0	3.0	3.5	3.5	3.5	5.0	1.5	2.0	2.0	2.0	2.0	4.0
8 Exhibition Street,Melbourne	-	-	-	-	-	4.5	-	-	-	-	-	4.0
530 Collins Street,Melbourne	4.0	4.5	5.0	5.0	5.5	5.5	3.0	3.0	3.0	3.5	3.5	3.0
800/808 Bourke Street,Melbourne	4.5	5.0	5.0	5.0	4.5	5.0	3.0	3.0	3.0	2.5	2.5	2.5
Twenty8 Freshwater Place,Melbourne	-	-	5.0	5.0	5.0	5.0	-	-	3.5	4.5	4.5	4.5
One One One Eagle Street,Brisbane2	-	-	-	-	-	-	-	-	-	-	-	-
Riverside Centre,Brisbane	5.0	5.0	5.0	5.0	5.0	5.0	3.5	3.5	3.5	3.5	3.0	3.5
Brisbane Transit Centre,Brisbane	-	-	-	-	-	5.0/5.5	-	-	-	-	-	2.5/3.5
545 Queen Street,Brisbane	-	5.0	5.0	5.0	5.0	5.5	-	-	4.5	4.5	4.5	4.0
Portfolio Average	4.4	4.6	4.8	5.0	5.0	5.0	2.8	3.2	3.3	3.7	3.7	3.7

One One One Eagle Street, Brisbane

NABERS rating: 1 to 6 stars, 1=poor performance, 6=exceptional performance
Asset in the process of being rated, requiring 12 months post commissioning and occupancy data to be assessed

121

Office Sustainability

GPT is committed to carbon neutrality in areas within its control. GPT is also committed to supporting and encouraging its stakeholders to reduce greenhouse gas emissions and energy use in areas within its influence.

Property	Area NLA	Water (total) Litres/m2	Emissions kg CO2-e/m2	Waste % Reused/Recycled
GPT Portfolio
Australia Square, Sydney	51,400	616	88	60%
Citigroup Centre, Sydney	73,500	683	89	79%
MLC Centre, Sydney	68,400	591	85	48%
1 Farrer Place, Sydney	86,900	785	124	59%
Melbourne Central Tower, Melbourne	65,600	563	63	64%
818 Bourke Street, Melbourne	21,900	193	44	28%
GWOF Portfolio
Darling Park 1 & 2, Sydney	102,000	703	46	60%
Darling Park 3, Sydney	29,800	758	47	63%
HSBC Centre, Sydney	37,300	768	83	58%
workplace6, Sydney	16,300	872	48	53%
The Zenith, Chatswood	44,300	591	78	42%
Twenty8 Freshwater Place, Melbourne	33,900	389	53	75%
530 Collins Street, Melbourne	66,000	468	52	62%
800/808 Bourke Street, Melbourne	59,600	682	50	35%
Brisbane Transit Centre, Brisbane	29,500	1,088	113	42%
Riverside Centre, Brisbane	51,500	783	56	55%
545 Queen Street, Brisbane	13,100	472	56	45%
Portfolio Average		648	71	56%

Note: Data as at 31 December 2013

122

Australia Square, 264 George Street Sydney

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,000 110 100% Vacant 9%
2013 1%
2014 10%
800 100 80%
2015 8%
2016 2%
600 90 60% 2017 6%
400 53% 80 40% Recycling 20182019 20%16%
reduction 30% rate of 2020 8%
200 since 2005 70 since 2005reduction 20% 60% 2021 6%
2022 2%
0 60 0 2023+ 12%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

One of the most iconic 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.

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Key Metrics as at 30 June 2013
Ownership Interest 50% Asset Quality A Grade
Co-Owner Dexus Property Group (50%) Construction/Refurbishment Completed 1967 / Refurbished 2004
Acquired (by GPT) September 1981
Property Details
Office 51,400 sqm Car Parking Spaces 385
Retail 1,300 sqm Typical Floor Plate 1,030 sqm
Current Valuation Latest External Valuation
Fair Value $305.0m Value $305.0m
Capitalisation Rate 6.75% Capitalisation Rate 6.75%
Terminal Capitalisation Rate 6.88% Terminal Capitalisation Rate 6.88%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type External Valuer Knight Frank
Income (6 months) $9.2m Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 60 Actual 86.1%
WALE (by income) 5.5 years Including Signed Leases 87.2%
Including Heads of Agreement 91.4%
Key Tenants Area (sqm) Expiry Date
HWL Ebsworth 6,190 July 2026
Origin Energy 5,150 August 2019
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123

Citigroup Centre, 2 Park Street Sydney

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
800 100 100% Vacant 3%
2013 4%
90 80% 2014 25%
700 2015
2016 17%
80 60% 2017 4%
600 2018
57% 70 33% 40% Recycling 2019 3%
reduction reduction rate of 2020 7%
500 since 2005 60 since 2005 20% 79% 2021 6%
2022 5%
400 50 0 2023+ 25%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

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

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Key Metrics as at 30 June 2013
Ownership Interest 50% Asset Quality Premium Grade
Co-Owner Charter Hall Office Trust (50%) Construction/Refurbishment Completed 2000
Acquired (by GPT) December 2001
Property Details
Office 73,400 sqm Car Parking Spaces 284
Retail 500 sqm Typical Floor Plate 1,850 sqm
Current Valuation Latest External Valuation
Fair Value $389.4m Value $385.0m
Capitalisation Rate 6.63% Capitalisation Rate 6.63%
Terminal Capitalisation Rate 6.88% Terminal Capitalisation Rate 6.88%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer CB Richard Ellis
Income (6 months) $13.2m Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 29 Actual 96.8%
WALE (by income) 5.3 years Including Signed Leases 96.8%
Including Heads of Agreement 96.8%
Key Tenants Area (sqm) Expiry Date
Citigroup 18,500 July 2024
Gilbert + Tobin 9,280 June 2016
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124

MLC Centre, 19 Martin Place Sydney

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,250 120 100% Vacant 6%
2013 33%
100 2014 8%
1000 80%
2015 3%
80 2016 8%
750 60% 2017 11%
500 reduction 64% 6040 reduction 46% 40% Recyclingrate of 201820192020 5%6%6%
250 since 2005 20 since 2005 20% 2021 7%
2022 5%
0 0 0 2023+ 4%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
48%
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Note: Sustainability data as at 31 December 2012

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 includes a dominant food court and a number of international fashion brands.

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Key Metrics as at 30 June 2013
Ownership Interest 50% Asset Quality A Grade
Co-Owner QIC (50%) Construction/Refurbishment Completed 1978 /
Acquired (by GPT) April 1987 Refurbished late 1990s
Property Details
Office 68,400 sqm Car Parking Spaces 311
Retail 5,200 sqm Typical Floor Plate 1,300 sqm
Current Valuation Latest External Valuation
Fair Value $375.0m Value $375.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type External Valuer Colliers
Income (6 months) $13.7m Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 36 Actual 94.2%
WALE (by income) 3.8 years Including Signed Leases 94.2%
Including Heads of Agreement 94.2%
Key Tenants Area (sqm) Expiry Date
Herbert Smith Freehills 20,140 December 2013
Government 5,000 March 2016
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125

Governor Phillip & Governor Macquarie Towers, 1 Farrer Place Sydney

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,200 180 100% Vacant 3%
160 2013 6%
1,000 140 80% 2014 36%
2015 13%
800 120 2016 21%
100 60% 2017 5%
600400 reduction 28% 8060 reduction 36% 40% Recyclingrate of 201820192020 6%
200 since 2005 40 since 2005 20% 59% 2021 2%
20 2022 7%
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

1 Farrer Place is regarded as Sydney’s pre-eminent office building with expansive harbour views. The complex consists 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 2013
Ownership Interest 25% Asset Quality Premium Grade
Co-Owners Dexus Property Group (50%) APPF Commercial (25%) Construction/Refurbishment Completed 1993/1994
Acquired (by GPT) December 2003
Property Details
Office 86,700 sqm Car Parking Spaces 654
Retail 600 sqm Typical Floor Plate GPT: 1,600 sqm
GMT: 1,200 sqm
Current Valuation Latest External Valuation
Fair Value $332.5m Value $332.5m
Capitalisation Rate 6.25% Capitalisation Rate 6.25%
Terminal Capitalisation Rate 6.25% Terminal Capitalisation Rate 6.25%
Discount Rate 8.50% Discount Rate 8.50%
Valuation Type External Valuer Knight Frank
Income (6 months) $10.7m Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 31 Actual 96.6%
WALE (by income) 3.0 years Including Signed Leases 96.6%
Including Heads of Agreement 96.6%
Key Tenants Area (sqm) Expiry Date
Government 20,520 December 2014
Mallesons Stephen Jacques 15,680 September 2016
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126

Melbourne Central Tower, 360 Elizabeth Street Melbourne

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,000 100 100% Vacant 6%
2013 8%
800 80 80% 2014 13%
2015
2016 2%
600 60 60% 2017 21%
2018 11%
400 39% 40 51% 40% Recycling 2019 5%
rate of
reduction reduction 2020
200 since 2005 20 since 2005 20% 64% 2021 28%
2022
0 0 0 2023+ 6%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

melbournecentraltower.com.au

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. Information on the retail asset which forms part of Melbourne Central, is contained in the Retail section of this document.

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Key Metrics as at 30 June 2013
Ownership Interest 100% Asset Quality Premium Grade
Acquired (by GPT) May 1999 Construction/Refurbishment Completed 1991
Property Details
Office 65,600 sqm Car Parking Spaces N/A
Retail N/A Typical Floor Plate 1,530 sqm
Current Valuation Latest External Valuation
Fair Value $380.7m Value $375.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.25% Terminal Capitalisation Rate 7.25%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer CB Richard Ellis
Income (6 months) $15.9m Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 14 Actual 93.0%
WALE (by income) 5.1 years Including Signed Leases 93.0%
Including Heads of Agreement 94.2%
Key Tenants Area (sqm) Expiry Date
Members Equity 12,200 January 2021
Government 7,640 December 2017
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127

818 Bourke Street Melbourne

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818 Bourke Street is a campusstyle office building on the waterfront at Docklands,

Melbourne. The building consists of approximately 21,900 sqm of office space over six levels fully leased to Ericsson, Infosys and AMP, parking for 175 cars and approximately 1,400 sqm of retail space.

The building is of Prime Grade standard with expansive floor plates of 3,600 sqm, an energy efficient design and northerly water views from each floor.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
200 100 50% Vacant
2013
2014 1%
80 40%
150 2015 16%
2016
60 30% 2017 33%
100 40 20% Recyclingrate of 20182019 17%43%
2020 33%
50 20 10% 28% 2021
2022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012. This asset not operational in the baseline year (2005)

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Key Metrics as at 30 June 2013
Ownership Interest 100% Asset Quality A Grade
Acquired (by GPT) December 2007 Construction/Refurbishment Completed 2007
Property Details
Office 21,900 sqm Car Parking Spaces 175
Retail 1,400 sqm Typical Floor Plate 3,600 sqm
Current Valuation Latest External Valuation
Fair Value $138.0m Value $138.0m
Capitalisation Rate 7.25% Capitalisation Rate 7.25%
Terminal Capitalisation Rate 7.50% Terminal Capitalisation Rate 7.50%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type External Valuer Savills
Income (6 months) $5.0m Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 4 Actual 100.0%
WALE (by income) 5.2 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Ericsson 10,740 December 2015/2017
Infosys 7,150 November 2020
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128

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. 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 (without Green Power).

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Lease Expiry
by Area
Vacant 16%
2013
2014
2015
2016
2017 1%
2018 4%
2019 9%
2020 2%
2021 20%
2022 5%
2023+ 42%
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Sustainability

With practical completion in 2012, One One One Eagle Street has targeted and achieved the highest Green Star rating available. Featuring the latest Tri-generation technology, the building can generate its own power, reducing peak demand on energy supply and lowering greenhouse gas emissions.

The building’s design was focused on the reduction of energy and water consumption, providing long-term cost efficiencies without compromising functionality and facility.

Award winning

One One One Eagle Street was named Queensland’s Best La ~~rge Commercial~~ Development and received the President’s Award for Overall Excellence at the Urban Development Institute of Australia (Qld) 2012 Awards for Excellence.

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Key Metrics as at 30 June 2013
Ownership Interest 33% Asset Quality Premium Grade
Co-Owner GWOF (33%) Third Party Investor (33%) Construction/Refurbishment Completed 2012
Acquired (by GPT) October 2008
Property Details
Office 63,800 sqm Car Parking Spaces 115
Retail 400 sqm Typical Floor Plate 1,450 sqm
Current Valuation Latest External Valuation
Fair Value $222.7m Value $220.0m
Capitalisation Rate 6.50% Capitalisation Rate 6.50%
Terminal Capitalisation Rate 6.88% Terminal Capitalisation Rate 6.88%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer Knight Frank
Income (6 months) $5.4m Valuation Date 31 March 2013
Tenant Details Office Occupancy
Number of Office Tenants 14 Actual 83.7%
WALE (by income) 9.4 years Including Signed Leases 83.7%
Including Heads of Agreement 83.7%
Key Tenants Area (sqm) Expiry Date
Arrow Energy 14,800 February 2021
Ernst & Young 9,000 June 2024
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129

GPT Wholesale Office Fund

The GPT Wholesale Office Fund (GWOF) provides GPT with an important source of income through funds management and development management fees in addition to the distribution received from the Fund.

GWOF - Top Ten Tenants[1] As at 30 June 2013

GWOF - Geographic Weighting As at 30 June 2013

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Price
Waterhouse Marsh
NAB CBA Government Coopers Mercer
Brisbane
24%
9.3% 7.6% 7.2% 6.6% 5.5%
Herbert HSBC
ANZ Smith Ernst & Bank
Banking Group Freehills Suncorp Young Australia
4.5% 3.6% 3.2% 3.2% 2.7%
Melbourne Sydney
28% 49%
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Based on gross rent

130

161 Castlereagh Street

Sydney

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Lease Expiry
by Area
700 60 50% Vacant 16%
Reaching practical completion in June 2013, 161 Castlereagh Street is a new 600 50 40% 20132014
Premium Grade office complex in the heart of the Sydney CBD comprising 500 40 2015 3%
ANZ Tower, Legion House, 167 Castlereagh Street, an outdoor retail plaza 400 30% 2016
and a carpark. The 42-level ANZ Tower features unrivalled harbour and city 30 2017
views and incorporates a dual street frontage, connecting Castlereagh and Pitt Streets. The asset has achieved a 6 Star Green Star rating for Office Design 300200 since 2005reduction 81% 20 since 2005reduction 76% 20%10% 45%Recyclingrate of 201820192020
and is targeting a 5 Star NABERS Energy Rating.100 10 2021 9%
2022
0 0 0 2023+ 88%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011
Key Metrics as at 30 June 2013
Ownership Interest 50% Asset Quality Premium Grade
Co-Owners LaSalle Investment (25%) ISPT (25%) Construction/Refurbishment Completed 2013
Acquired (by GWOF) April 2010
Property Details
Office 56,300 sqm Car Parking Spaces 144
Retail 2,900 sqm Typical Floor Plate 1,625 sqm
Current Valuation Latest External Valuation
Fair Value $415.0m Value $415.0m
Capitalisation Rate 6.25% Capitalisation Rate 6.25%
Terminal Capitalisation Rate 6.50% Terminal Capitalisation Rate 6.50%
Discount Rate 8.50% Discount Rate 8.50%
Valuation Type External Valuer Jones Lang LaSalle
Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 7 Actual 100.0%
WALE (by income) 11.6 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
ANZ Banking Group 28,240 June 2028
Herbert Smith Freehills 20,100 June 2023
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131

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

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,200 100 100% Vacant
41% 2013
1,000 reduction 80 80% 2014
2015 89%
since 2005
800 2016 1%
60 60%
2017
600
2018
40 64% 40% Recycling 2019 9%
400 reduction rate of 2020 34%
200 20 since 2005 20% 60% 2021 33%
2022 34%
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 DP 1 DP2
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Note: Sustainability data as at 31 December 2012

Darling Park is a landmark commercial and retail complex located in Sydney’s Darling Harbour precinct. The site comprises two Premium-Grade 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.

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Key Metrics as at 30 June 2013
Ownership Interest 50% Asset Quality Premium Grade
Co-Owners AMP Capital Investors (20%) Construction/Refurbishment Tower 1 Completed 1994
Brookfield (30%) Tower 2 Completed 1999
Acquired (by GWOF) July 2006
Property Details
Office 102,000 sqm Car Parking Spaces 691
Retail 9,700 sqm Typical Floor Plate 1,900 sqm
Current Valuation Latest External Valuation
Fair Value $596.4m Value $595.0m
Office: 6.50%-6.75% Office: 6.50%-6.75%
Capitalisation Rate Retail: 7.00% Capitalisation Rate Retail: 7.00%
Office: 6.50%-6.75% Office: 6.50%-6.75%
Terminal Capitalisation Rate Retail: 7.00% Terminal Capitalisation Rate Retail: 7.00%
Office: 8.75% - 9.00% Office: 8.75% - 9.00%
Discount Rate Discount Rate
Retail: 9.25% Retail: 9.25%
Valuation Type Directors Valuer Knight Frank
Valuation Date 31 March 2013
Tenant Details Office Occupancy
Number of Office Tenants 8 Actual 100.0%
WALE (by income) 5.8 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Commonwealth Bank of Australia 51,220 December 2020/2021/2022
PricewaterhouseCoopers 39,370 December 2015
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132

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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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,200 60 100% Vacant
2013
1,000 50 2014
80%
2015
800 40 2016 100%
60% 2017
600400 3020 40% Recyclingrate of 20182019
2020
200 10 20% 63% 2021
2022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012. This asset not operational in baseline year (2005)

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Key Metrics as at 30 June 2013
Ownership Interest 100% Asset Quality Premium Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 2005
Property Details
Office 29,800 sqm Car Parking Spaces 160
Retail 20 sqm Typical Floor Plate 1,500 sqm
Current Valuation Latest External Valuation
Fair Value $288.0m Value $285.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer Knight Frank
Valuation Date 31 March 2013
Tenant Details Office Occupancy
Number of Office Tenants 3 Actual 100.0%
WALE (by income) 3.3 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Marsh Mercer 17,780 November 2016
Rabobank 9,060 June 2016
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133

HSBC Centre,

580 George Street

Sydney

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HSBC Centre comprises a Prime Grade 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.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,600 140 100% Vacant 2%
2013
1,400 120 2014 18%
80%
1,200 100 2015 12%
2016 14%
1,000 80 60% 2017 17%
800 2018 5%
600 62% 60 47% 40% Recycling 2019
reduction 40 reduction rate of 2020 29%
400200 since 2005 20 since 2005 20% 58% 20212022 3%
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

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Key Metrics as at 30 June 2013
Ownership Interest 100% Asset Quality A Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 1988 / Refurbished 2002
Property Details
Office 37,300 sqm Car Parking Spaces 141
Retail 4,200 sqm Typical Floor Plate 1,300 sqm
Current Valuation Latest External Valuation
Fair Value $325.0m Value $325.0m
Capitalisation Rate 7.25% Capitalisation Rate 7.25%
Terminal Capitalisation Rate 7.50% Terminal Capitalisation Rate 7.50%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type External Valuer Knight Frank
Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 22 Actual 98.0%
WALE (by income) 4.2 years Including Signed Leases 98.0%
Including Heads of Agreement 98.0%
Key Tenants Area (sqm) Expiry Date
HSBC Bank Australia 11,900 December 2020
Mission Australia 3,700 May 2017
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134

workplace[6] , 48 Pirrama Road Sydney

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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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,000 70 80% Vacant
2013
60 2014
800
50 60% 2015
2016
600 40 2017
40% 2018 60%
400 30 Recycling 2019
rate of
20 2020
20%
200 53% 2021 40%
10 2022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012. This asset not operational in baseline year (2005)

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Key Metrics as at 30 June 2013
Ownership Interest 100% Asset Quality A Grade
Acquired (by GWOF) December 2007 Construction/Refurbishment Completed 2008
Property Details
Office 16,300 sqm Car Parking Spaces 135
Retail 1,900 sqm Typical Floor Plate 3,620 sqm
Current Valuation Latest External Valuation
Fair Value $167.0m Value $167.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.25% Terminal Capitalisation Rate 7.25%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer Jones Lang LaSalle
Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 2 Actual 100.0%
WALE (by income) 6.4 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Google Australia 9,850 December 2018
Accenture 6,460 February 2021
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135

Water intensity Emissions intensity Operational Waste Lease Expiry (litres/m[2] ) (kg C02-e/m[2] ) (%reused/recycled) by Area

The Zenith, 821 Pacific Highway Chatswood

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1,250 200 60% Vacant 3%
54% 2013 13%
1,000 160 reduction 50% 2014 14%
since 2005 2015 19%
40% 2016 4%
750 140 2017 15%
30% 2018 22%
500 62% 80 20% Recyclingrate of 2019
reduction 2020
250 since 2005 40 10% 42% 2021
2022 10%
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012. This asset not operational in baseline year (2005)

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.

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Key Metrics as at 30 June 2013
Ownership Interest 50% Asset Quality A Grade
Co-Owner Dexus Property Group (50%) Construction/Refurbishment Completed 1987 / Refurbished 2008
Acquired (by GWOF) January 2007
Property Details
Office 43,400 sqm Car Parking Spaces 801
Retail 900 sqm Typical Floor Plate 1,100 sqm
Current Valuation Latest External Valuation
Fair Value $117.1m Value $116.5m
Capitalisation Rate 8.50% Capitalisation Rate 8.50%
Terminal Capitalisation Rate 8.75% Terminal Capitalisation Rate 8.75%
Discount Rate 9.50% Discount Rate 9.50%
Valuation Type Directors Valuer Colliers
Valuation Date 30 September 2012
Tenant Details Office Occupancy
Number of Office Tenants 35 Actual 96.7%
WALE (by income) 3.0 years Including Signed Leases 96.7%
Including Heads of Agreement 96.7%
Key Tenants Area (sqm) Expiry Date
Government 9,590 March 2018
Government 5,270 May 2022
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136

Lease Expiry by Area

8 Exhibition Street

Melbourne

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700 60 50% Vacant 16% Located at the East or ‘Paris’ end of Melbourne’s CBD, 8 Exhibition Street is 600 50 2013 2% a 45,000 sqm, 35-level, A Grade office tower, with Premium Grade services. 40% 2014 4% Central to public transport and road systems, the building offers views over 500 40 2015 4% The Domain, Royal Botanic Gardens, South Bank and further out towards Port 400 30 30% 20162017 54%11% Phillip Bay. 300 81% 76% 20% Recycling 2018 22% 200 reduction 20 reduction rate of 2019 1% Built in 2005, the asset has water and energy efficient systems in place and achieves a 4.5 star NABERS Energy rating and 4 star NABERS Water Rating.100 since 2005 10 since 2005 10% 45% 202020212022 4% 0 0 0 2023+ 88% 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011

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Key Metrics as at 30 June 2013
Ownership Interest 50% Asset Quality Premium Grade
Co-Owner KREIT (50%) Construction/Refurbishment Completed 2005
Acquired (by GWOF) April 2013
Property Details
Office 44,600 sqm Car Parking Spaces 0
Retail 300 sqm Typical Floor Plate 1,618 sqm
Current Valuation Latest External Valuation
Fair Value $169.1m Value $162.3m
Capitalisation Rate 6.50% Capitalisation Rate 6.50%
Terminal Capitalisation Rate 6.50% Terminal Capitalisation Rate 6.50%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer m3
Valuation Date 31 March 2013
Tenant Details Office Occupancy
Number of Office Tenants 10 Actual 100.0%
WALE (by income) 4.2 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Ernst & Young 23,190 November 2017
UBS 6,480 June 2018
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137

Twenty8 Freshwater Place Melbourne

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
500 60 100% Vacant
2013
50 2014
400 80%
2015 3%
40 2016 18%
300 60% 2017
30 2018 5%
200 40% Recycling 2019 48%
20 rate of 2020 5%
100 20% 75% 2021 21%
10
2022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012. This asset not operational in baseline year (2005)

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

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Key Metrics as at 30 June 2013
Ownership Interest 50% Asset Quality A Grade
Co-Owner Australand (50%) Construction/Refurbishment Completed 2008
Acquired (by GWOF) August 2007
Property Details
Office 33,900 sqm Car Parking Spaces 250
Retail 100 sqm Typical Floor Plate Tower: 1,780 sqm
Podium: 2,270 sqm
Current Valuation Latest External Valuation
Fair Value $115.0m Value $115.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 9.00% Discount Rate 9.00%
Valuation Type Directors Valuer m3
Valuation Date 30 September 2012
Tenant Details Office Occupancy
Number of Office Tenants 14 Actual 100.0%
WALE (by income) 5.7 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
MMG Australia 7,670 March 2019
CPA 7,120 May 2021
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138

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.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
800 100 80% Vacant 3%
2013
2014 2%
80
600 60% 2015
2016 12%
60
2017 11%
400 40% 2018 9%
35% 40 62% Recycling 2019 2%
rate of
reduction reduction 2020 13%
200 since 2005 20 since 2005 20% 62% 2021 12%
2022 6%
0 0 0 2023+ 31%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

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Key Metrics as at 30 June 2013
Ownership Interest 100% Asset Quality Premium Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 1991 / Refurbished 2009
Property Details
Office 66,000 sqm Car Parking Spaces 324
Retail 1,600 sqm Typical Floor Plate Tower: 1,300 sqm
Podium: 3,500 sqm
Current Valuation Latest External Valuation
Fair Value $432.0m Value $410.0m
Capitalisation Rate 6.88% Capitalisation Rate 6.88%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer Jones Lang LaSalle
Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 20 Actual 96.8%
WALE (by income) 7.4 years Including Signed Leases 96.8%
Including Heads of Agreement 96.8%
Key Tenants Area (sqm) Expiry Date
Suncorp 15,450 June 2023
St George Bank 7,030 December 2016
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139

800/808 Bourke Street Melbourne

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
750 80 40% Vacant
2013
35%
60 Recycling 2014
700
30% rate of 2015
650 40 25% 35% 20162017
20 20% 2018
600 18% 15% 2019
0
reduction 2020
10%
550 since 2005 2021
-20
5% 2022
500 -40 0 2023+ 100%
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

818bourke.com.au

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 2013
Ownership Interest 100% Asset Quality A Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 2004
Property Details
Office 59,600 sqm Car Parking Spaces 416
Retail 1,600 sqm Typical Floor Plate 3,500 sqm
Current Valuation Latest External Valuation
Fair Value $372.5m Value $372.0m
Capitalisation Rate 6.50% Capitalisation Rate 6.50%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer Knight Frank
Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 1 Actual 100.0%
WALE (by income) 14.1 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
National Australia Bank 59,620 August 2027
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140

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 and a car park. During 2009 and early 2010, a refurbishment and services upgrade enhanced the office tower to a Prime Grade rating.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,500 140 50% Vacant
2013 39%
1,250 120 2014 14%
40%
2015 20%
100
1,000 2016 14%
80 30% 2017 21%
750 2018 14%
73% 60 20% Recycling 2019
500 reduction 40 rate of 2020
250 since 2005 20 10% 42% 20212022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

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Key Metrics as at 30 June 2013
Ownership Interest 50% Asset Quality A Grade
Co-Owner APPF Commercial (50%) Construction/Refurbishment Completed 1988, with periodic refurbishment
Acquired (by GWOF) July 2006
Property Details
Office 29,500 sqm Car Parking Spaces 805
Retail 3,100 sqm Typical Floor Plate East Tower: 1,030 sqm
West Tower: 2,095 sqm
Current Valuation Latest External Valuation
Fair Value $62.5m Value $65.0m
Capitalisation Rate 9.00% Capitalisation Rate 9.00%
Terminal Capitalisation Rate 9.25% Terminal Capitalisation Rate 9.25%
Discount Rate 9.25% Discount Rate 9.25%
Valuation Type Directors Valuer Colliers
Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 8 Actual 100.0%
WALE (by income) 1.8 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
WorleyParsons 9,270 June 2013/November 2014
Australia Post 6,240 August 2018
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141

One One One Eagle Street Brisbane

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Sustainability

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Lease Expiry
by Area
Vacant 16%
2013
2014
2015
2016
2017 1%
2018 4%
2019 9%
2020 2%
2021 20%
2022 5%
2023+ 42%
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The building’s design was focused on the reduction of energy and water consumption, providing long-term cost efficiencies without compromising functionality and facility.

Award winning

One One One Eagle Street was named Queensland’s Best Large Commercial Development and received the President’s Award for Overall Excellence at the Urban Development Institute of Australia (Qld) 2012 Aw ~~ards for Excellence.~~

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Key Metrics as at 30 June 2013
Ownership Interest 33% Asset Quality Premium Grade
Co-Owner GPT (33%) Third Party Investor (33%) Construction/Refurbishment Completed 2012
Acquired (by GWOF) October 2008
Property Details
Office 63,800 sqm Car Parking Spaces 115
Retail 400 sqm Typical Floor Plate 1,450 sqm
Current Valuation Latest External Valuation
Fair Value $221.3m Value $220.0m
Capitalisation Rate 6.50% Capitalisation Rate 6.50%
Terminal Capitalisation Rate 6.88% Terminal Capitalisation Rate 6.88%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type Directors Valuer Knight Frank
Valuation Date 31 March 2013
Tenant Details Office Occupancy
Number of Office Tenants 14 Actual 83.7%
WALE (by income) 9.4 years Including Signed Leases 83.7%
Including Heads of Agreement 83.7%
Key Tenants Area (sqm) Expiry Date
Arrow Energy 14,800 February 2021
Ernst & Young 9,000 June 2024
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142

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 509 cars and an open plaza surrounded by retail accommodation.

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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
1,200 100 62% Vacant 3%
1,000 80 60% Recyclingrate of 20132014 12%1%
2015 15%
58%
800 55% 2016 3%
60
56% 2017 3%
600 2018 19%
63% 40 60% 54% 2019 21%
400 reduction reduction 52% 2020 15%
since 2005 20 since 2005 2021 5%
200 50% 2022 1%
0 0 48% 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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Note: Sustainability data as at 31 December 2012

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Key Metrics as at 30 June 2013
Ownership Interest 100% Asset Quality Premium Grade
Acquired (by GWOF) July 2006 Construction/Refurbishment Completed 1986 / Refurbished 1998
Property Details
Office 51,500 sqm Car Parking Spaces 509
Retail 4,900 sqm Typical Floor Plate 1,500 sqm
Current Valuation Latest External Valuation
Fair Value $560.0m Value $560.0m
Capitalisation Rate 7.00% Capitalisation Rate 7.00%
Terminal Capitalisation Rate 7.00% Terminal Capitalisation Rate 7.00%
Discount Rate 8.75% Discount Rate 8.75%
Valuation Type External Valuer Knight Frank
Valuation Date 30 June 2013
Tenant Details Office Occupancy
Number of Office Tenants 38 Actual 96.8%
WALE (by income) 4.7 years Including Signed Leases 96.8%
Including Heads of Agreement 96.8%
Key Tenants Area (sqm) Expiry Date
PricewaterhouseCoopers 8,710 January 2019
Ashurst 5,160 September 2015
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143

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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Water intensity Emissions intensity Operational Waste Lease Expiry
(litres/m [2] ) (kg C02-e/m [2] ) (%reused/recycled) by Area
600 60 50% Vacant
2013
500 50 2014
40%
2015 6%
400 40 2016 6%
30% 2017 62%
300 30 Recycling 2018 6%
200 20 20% rate of 2019 21%
10% 45% 20202021
100 10
2022
0 0 0 2023+
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
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This asset not operational in baseline year (2005)

Note: Sustainability data as at 31 December 2012

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Key Metrics as at 30 June 2013
Ownership Interest 100% Asset Quality A Grade
Acquired (by GWOF) June 2007 Construction/Refurbishment Completed 1991 / Re-developed 2008
Property Details
Office 13,100 sqm Car Parking Spaces 100
Retail 500 sqm Typical Floor Plate Tower: 750 sqm
Podium: 2,090 sqm
Current Valuation Latest External Valuation
Fair Value $89.0m Value $89.0m
Capitalisation Rate 8.25% Capitalisation Rate 8.25%
Terminal Capitalisation Rate 8.50% Terminal Capitalisation Rate 8.50%
Discount Rate 9.50% Discount Rate 9.50%
Valuation Type Directors Valuer CB Richard Ellis
Valuation Date 31 December 2012
Tenant Details Office Occupancy
Number of Office Tenants 5 Actual 100.0%
WALE (by income) 3.9 years Including Signed Leases 100.0%
Including Heads of Agreement 100.0%
Key Tenants Area (sqm) Expiry Date
Flight Centre 8,110 January 2017
Calibre Global 2,770 January 2019
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144

GPT INTERIM RESULT LOGISTICS & BUSINESS PARKS PORTFOLIO

145

Logistics & Business Parks Portfolio Overview

GPT’s logistics & business parks portfolio consists of ownership in 29 high quality traditional logistics and business park assets located in Australia’s major industrial and business park areas.

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NT Brisbane
QLD
2
WA
SA
Sydney
NSW
23
VIC
4 Melbourne
TAS
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New South Wales

Rosehill Business Park, Camellia 10 Interchange Drive, Eastern Creek Connect@Erskine Park Stage 1 Connect@Erskine Park Stage 2 15 & 19 Berry Street, Granville 2-4 Harvey Road, Kings Park 407 Pembroke Road, Minto (50%) 4 Holker Street, Newington 18-24 Abbott Road, Seven Hills 83 Derby Street, Silverwater

3 Figtree Drive, Sydney Olympic Park 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 5 Murray Rose Avenue, Sydney Olympic Park Quads 1, 2, 3 and 4, Sydney Olympic Park 7 Parkview Drive, Sydney Olympic Park 372-374 Victoria Street, Wetherill Park

Victoria

Citiwest Industrial Estate, Altona North Citiport Business Park, Port Melbourne Austrak Business Park, Somerton (50%) 134-140 Fairbairn Road, Sunshine West

Queensland

92-116 Holt Street, Pinkenba Toll NQX, Karawatha

Number of assets in each state

147

Logistics & Business Parks Portfolio Summary

The logistics & business parks portfolio delivered solid income growth of 3.2%, maintaining a high occupancy level of 98.5% and a long weighted average lease expiry of 5.4 years.

Top Ten Tenants[1] As at 30 June 2013

Key Operating Metrics As at 30 June 2013

Geographic Weighting As at 30 June 2013

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Australian
Pharmaceutical Freedom Goodman
Wesfarmers Lion Group Industries Furniture Fielder
9.0% 6.3% 5.8% 5.1% 4.5%
Vodafone Super Toll Linfox
Australia Cheap Auto Bluescope Transport Armaguard
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Based on net rent

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1H 2013 1H 2012
Number of Assets [2] 29 25
Portfolio Value $1,024.8m $905.1m
Comparable Net 3.2% 2.5%
Income Growth
Occupancy 98.5% 99.0%
Weighted Average 5.4 years 6.1 years
Lease Expiry
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Consolidated properties are counted individually

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QLD
5%
VIC
30%
NSW
65%
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148

Logistics & Business Parks Portfolio Summary The total value of the logistics & business parks portfolio has increased to $1,025 million (including development assets) as at 30 June 2013.

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Property Location Ownership GLA (100% 30 Jun 13 30 Jun 13 31 Dec 12 External or Occupancy WALE
Interest) Fair Value Cap Rate Cap Rate Directors by Income
(sqm) ($m) (%) (%) Valuation (Years)
Rosehill Business Park, Camellia NSW 100% 41,900 67.4 8.25%¹ 8.25%¹ Directors 89.1% 2.7
10 Interchange Drive, Eastern Creek NSW 100% 15,100 28.6 7.65% 7.65% Directors 100.0% 7.0
Connect@Erskine Park Stage 1 NSW 100% 15,200 38.8 7.50% 7.50% Directors 100.0% 16.0
Connect@Erskine Park Stage 2 NSW 100% 12,700 20.0 7.75% 7.75% External 100.0% 8.6
15 Berry Street, Granville NSW 100% 10,000 13.3 8.75% 8.75% Directors 100.0% 1.8
19 Berry Street, Granville NSW 100% 19,600 26.6 8.50% 8.50% Directors 100.0% 4.7
2-4 Harvey Road, Kings Park NSW 100% 40,300 44.1 8.50% 8.50% Directors 100.0% 4.2
407 Pembroke Road, Minto NSW 50% 15,300 23.3 8.50% 8.25% External 100.0% 6.4
4 Holker Street, Newington NSW 100% 7,400 26.0 9.00% 9.00% External 100.0% 4.0
18-24 Abbott Road, Seven Hills NSW 100% 19,400 13.7 10.00% N/A [2] Directors 100.0% 4.4
83 Derby Street, Silverwater NSW 100% 17,000 25.2 8.50% 8.60% Directors 100.0% 4.4
3 Figtree Drive, Sydney Olympic Park NSW 100% 6,800 19.4 9.25% N/A Directors 100.0% 3.5
5 Figtree Drive, Sydney Olympic Park NSW 100% 8,800 20.6 8.75% 8.75% Directors 100.0% 5.6
7 Figtree Drive, Sydney Olympic Park [2] NSW 100% 3,500 13.5 N/A 8.50% External 100.0% 2.2
6 Herb Elliott Avenue, Sydney Olympic Park [2] NSW 100% 4,100 12.5 N/A N/A External 100.0% 1.7
8 Herb Elliott Avenue, Sydney Olympic Park [2] NSW 100% 3,300 10.2 N/A 8.50% External 100.0% 6.6
5 Murray Rose Avenue, Sydney Olympic Park NSW 100% 12,400 70.2 7.50% 7.50% External 100.0% 10.8
Quad 1, Sydney Olympic Park NSW 100% 5,000 20.0 8.50% 8.50% External 37.9% 1.8
Quad 2, Sydney Olympic Park NSW 100% 5,100 24.4 8.25% 8.50% External 100.0% 5.5
Quad 3, Sydney Olympic Park NSW 100% 5,200 23.6 8.25% 8.25% External 100.0% 2.9
Quad 4, Sydney Olympic Park NSW 100% 8,000 33.8 8.25% 8.25% External 100.0% 2.1
7 Parkview Drive, Sydney Olympic Park [2] NSW 100% 2,300 19.4 N/A N/A Directors 100.0% 0.3
372-374 Victoria Street, Wetherill Park NSW 100% 20,500 18.4 9.25% 9.25% Directors 100.0% 1.7
Citiwest Industrial Estate, Altona North VIC 100% 90,000 66.6 8.56%¹ 8.56%¹ Directors 100.0% 3.0
Citiport Business Park, Port Melbourne VIC 100% 27,100 62.0 8.50% 8.50% Directors 94.4% 2.3
Austrak Business Park, Somerton VIC 50% 193,600 140.0 7.75% 8.15% External 100.0% 7.8
134-140 Fairbairn Road, Sunshine West VIC 100% 16,700 13.2 9.25% 9.25% Directors 100.0% 4.6
92-116 Holt Street, Pinkenba QLD 100% 15,400 13.5 9.25% 9.25% Directors 100.0% 4.6
Sub Total 641,700 908.2 8.27% 8.30% 98.5% 5.4
Assets under development
Erskine Park - Land NSW 100% 51.8 Directors
17 Berry Street, Granville - Land NSW 100% 2.8 Directors
407 Pembroke Road, Minto - Land NSW 50% 4.5 External
Austrak Business Park, Somerton - Land VIC 50% 21.8 External
Toll NQX, Karawatha QLD 100% 35.6 Directors
Total Logistics & Business Parks 1,024.8
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Represents weighted average cap rate of constituent properties
Valued on a rate per sqm of potential Gross Floor Area (GFA). Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value

149

Weighted Average Capitalisation Rate

The weighted average capitalisation rate of the logistics & business parks portfolio firmed by 3 basis points over the past 6 months to 8.27% as at 30 June 2013.

Weighted Average Capitalisation Rate

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8.30% 8.43% 8.45% 8.48% 8.47% 8.44% 8.36% 8.30% 8.27%
Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13
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150

Lease Expiry Profile

The portfolio has an attractive lease expiry profile with a weighted average lease expiry of 5.4 years.

Lease Expiry Profile (by Area)

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31%
13% 14%
12%
11%
5%
4%
3% 3%
2%
1%
0%
Vacant 2H 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+
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151

Industrial Market Outlook

Solid market fundamentals of steady demand and below average supply are supportive for continued low vacancy, rising rents and stable incentives.

Prime Industrial Vacancy

83% of the portfolio is subject to fixed rental increases with an average increase of 3.4% over the 2013 period with the balance subject to market and CPI reviews.

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8.00% 7
7.00% 6
6.00% 55
5.00% 4
4.00% 3
3.00% 2
2.00% 1
1.00% 0
Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13
NSW VIC
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The logistics & business parks portfolio is well positioned with occupancy levels at 98.5% and a long WALE of 5.4 years. The logistics & business parks portfolio is over-rented by 6.1%.

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Other [1] NSW VIC
17%
Source: Savills Stock Survey, H2 2013
National Supply (m [2] )
3.4% Rent 1,800,000
Average
Increase Reviews 1,350,000
10 Year Average
900,000
Fixed 450,000
83%
0
Structured rent reviews for the full year to 31 December 2013 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
)Supply (m2
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Structured rent reviews for the full year to 31 December 2013 1. Other includes market reviews, CPI reviews and expiries in 2013

Source: Jones Lang LaSalle Research, Q2 2013

152

Logistics & Business Parks Portfolio External Valuation Summary

48% of the portfolio was valued externally in the 6 months to 30 June 2013.

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Property Location Date Valuer Valuation Interest Capitalisation Terminal Discount Rate (%)
($m) (%) Rate Capitalisation
(%) Rate (%)
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Rosehill Business Park,Camellia	NSW	30-Jun-12	JLL	67.5	100%	8.25%1	8.25%1	9.50%1
10 Interchange Drive,Eastern Creek	NSW	31-Jul-12	CBRE	28.6	100%	7.65%	7.90%	9.50%
Connect@Erskine Park Stage 1	NSW	30-Jun-12	KF	38.8	100%	7.50%	8.00%	9.50%
Connect@Erskine Park Stage 2	NSW	30-Jun-13	CBRE	20.0	100%	7.75%	8.25%	9.50%
15 BerryStreet,Granville	NSW	30-Jun-12	Savills	13.3	100%	8.75%	9.00%	9.50%
19 BerryStreet,Granville	NSW	30-Jun-12	Savills	26.7	100%	8.50%	8.75%	9.50%
2-4 HarveyRoad,Kings Park	NSW	30-Jun-11	Savills	44.0	100%	8.50%	9.00%	9.75%
407 Pembroke Road,Minto	NSW	30-Jun-13	KF	23.3	50%	8.50%	8.50%	9.50%
4 Holker Street,Newington	NSW	30-Jun-13	Colliers	26.0	100%	9.00%	10.00%	10.25%
18-24 Abbott Road,Seven Hills2	NSW	31-Dec-11	CBRE	13.6	100%	10.00%	N/A	N/A
83 DerbyStreet,Silverwater	NSW	30-Jun-12	KF	25.0	100%	8.62%	8.75%	10.00%
3 Figtree Drive,SydneyOlympic Park	NSW	1-Mar-13	CBRE	19.4	100%	9.25%	9.50%	10.00%
5 Figtree Drive,SydneyOlympic Park	NSW	30-Jun-11	Colliers	18.8	100%	8.75%	9.00%	10.25%
7 Figtree Drive,SydneyOlympic Park2	NSW	30-Jun-13	KF	13.5	100%	N/A	N/A	N/A
6 Herb Elliott Avenue,SydneyOlympic Park2	NSW	30-Jun-13	JLL	12.5	100%	N/A	N/A	N/A
8 Herb Elliott Avenue,SydneyOlympic Park2	NSW	30-Jun-13	KF	10.2	100%	N/A	N/A	N/A
5 MurrayRose Avenue,SydneyOlympic Park	NSW	30-Jun-13	m3	70.2	100%	7.50%	7.75%	9.25%
Quad 1,SydneyOlympic Park	NSW	30-Jun-13	KF	20.0	100%	8.50%	8.75%	9.25%
Quad 2,SydneyOlympic Park	NSW	30-Jun-13	KF	24.4	100%	8.25%	8.50%	9.25%
Quad 3,SydneyOlympic Park	NSW	30-Jun-13	KF	23.6	100%	8.25%	8.50%	9.25%
Quad 4,SydneyOlympic Park	NSW	30-Jun-13	KF	33.8	100%	8.25%	8.50%	9.25%
7 Parkview Drive,SydneyOlympic Park²	NSW	30-Jun-11	JLL	17.5	100%	N/A	N/A	N/A
372-374 Victoria Street,Wetherill Park	NSW	30-Jun-12	KF	18.3	100%	9.25%	9.75%	10.50%
Citiwest Industrial Estate,Altona North	VIC	31-Mar-12	JLL	66.6	100%	8.50%-8.75%	8.75%-9.00%	9.50%-9.75%
Citiport Business Park,Port Melbourne	VIC	1-Feb-12	JLL	61.0	100%	8.50%	8.75%	9.75%
Austrak Business Park,Somerton	VIC	30-Jun-13	CBRE	140.0	50%	7.75%	8.50%	9.00%
134-140 Fairbairn Road,Sunshine West	VIC	31-Dec-11	CBRE	13.2	100%	9.25%	10.50%	10.00%
92-116 Holt Street,Pinkenba	QLD	30-Jun-11	JLL	13.0	100%	9.25%	9.25%	10.25%

Represents weighted average cap rate of constituent properties
Valued on a rate per sqm of potential Gross Floor Area (GFA). Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value

153

Logistics & Business Parks Portfolio Income and Fair Value Schedule

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

Property Income Fair Value
6 months to Fair Value Capex Lease Acquisitions Sales Net Other Fair Value % of
30 June ($m) 31 Dec 12 ($m) Incentives ($m) ($m) Revaluations Adjustments 30 Jun 13 Portfolio
2012 2013 Variance ($m) ($m) ($m) ($m) ($m) (%)
Rosehill Business Park, Camellia 2.9 2.6 (0.3) 67.6 0.0 0.0 0.0 0.0 0.0 (0.2) 67.4 6.6
10 Interchange Drive, Eastern Creek 0.0 0.9 0.9 28.6 0.0 0.0 0.0 0.0 0.0 0.0 28.6 2.8
Connect@Erskine Park Stage 1 1.8 1.6 (0.2) 38.8 0.0 0.0 0.0 0.0 0.0 0.0 38.8 3.8
Connect@Erskine Park Stage 2 0.8 0.8 0.0 19.1 0.0 0.0 0.0 0.0 0.9 0.0 20.0 2.0
15 Berry Street, Granville 0.6 0.6 0.0 13.3 0.0 0.0 0.0 0.0 0.0 (0.1) 13.3 1.3
19 Berry Street, Granville 1.2 1.2 0.0 26.7 0.0 0.0 0.0 0.0 0.0 (0.1) 26.6 2.6
2-4 Harvey Road, Kings Park 2.0 2.0 0.1 44.1 0.0 0.0 0.0 0.0 0.0 0.0 44.1 4.3
407 Pembroke Road, Minto 1.1 1.1 0.0 23.0 0.0 0.0 0.0 0.0 0.3 0.0 23.3 2.3
4 Holker Street, Newington 1.7 1.6 (0.1) 30.4 0.0 0.0 0.0 0.0 (4.5) 0.0 26.0 2.5
18-24 Abbott Road, Seven Hills 0.8 0.8 0.0 13.7 0.0 0.0 0.0 0.0 0.0 0.0 13.7 1.3
83 Derby Street, Silverwater 0.0 1.1 1.1 25.2 0.0 0.0 0.0 0.0 0.0 0.0 25.2 2.5
3 Figtree Drive, Sydney Olympic Park 0.0 0.4 0.4 0.0 0.0 0.0 20.5 0.0 (1.1) 0.0 19.4 1.9
5 Figtree Drive, Sydney Olympic Park 0.2 0.9 0.7 20.2 0.0 0.4 0.0 0.0 0.0 0.0 20.6 2.0
7 Figtree Drive, Sydney Olympic Park 0.4 0.5 0.0 10.6 0.0 0.0 0.0 0.0 3.0 (0.1) 13.5 1.3
6 Herb Elliott Avenue, Sydney Olympic Park 0.2 0.4 0.3 12.1 0.0 0.1 0.0 0.0 0.2 0.0 12.5 1.2
8 Herb Elliott Avenue, Sydney Olympic Park 0.4 0.4 0.0 9.4 0.0 0.0 0.0 0.0 0.8 0.0 10.2 1.0
5 Murray Rose Avenue, Sydney Olympic Park 0.8 2.6 1.8 68.5 (0.5) 0.0 0.0 0.0 2.2 0.0 70.2 6.9
Quad 1, Sydney Olympic Park 0.9 0.2 (0.7) 19.6 0.3 0.0 0.0 0.0 0.2 (0.1) 20.0 2.0
Quad 2, Sydney Olympic Park 0.7 1.2 0.5 22.5 0.0 0.3 0.0 0.0 1.5 0.0 24.4 2.4
Quad 3, Sydney Olympic Park 0.9 0.9 0.0 23.0 0.0 0.1 0.0 0.0 0.6 (0.1) 23.6 2.3
Quad 4, Sydney Olympic Park 1.4 1.4 0.0 36.1 0.0 0.0 0.0 0.0 (2.3) 0.0 33.8 3.3
7 Parkview Drive, Sydney Olympic Park 0.3 0.4 0.1 19.4 0.0 0.1 0.0 0.0 0.0 (0.1) 19.4 1.9
372-374 Victoria Street, Wetherill Park 0.9 0.9 0.0 18.4 0.0 0.0 0.0 0.0 0.0 0.0 18.4 1.8
Citiwest Industrial Estate, Altona North 2.9 2.9 0.1 66.7 0.0 0.0 0.0 0.0 0.0 (0.2) 66.6 6.5
Citiport Business Park, Port Melbourne 1.4 2.6 1.2 61.5 0.0 0.4 0.0 0.0 0.0 0.1 62.0 6.0
Austrak Business Park, Somerton 7.2 5.9 (1.3) 135.4 0.0 0.0 0.0 0.0 4.6 0.0 140.0 13.7
134-140 Fairbairn Road, Sunshine West 0.6 0.6 0.0 13.2 0.0 0.0 0.0 0.0 0.0 0.0 13.2 1.3
92-116 Holt Street, Pinkenba 0.6 0.6 0.0 13.4 0.0 0.0 0.0 0.0 0.0 0.0 13.5 1.3
Assets Under Development
Erskine Park - Land 51.4 0.4 0.0 0.0 0.0 0.0 0.0 51.8 5.1
17 Berry Street, Granville - Land 2.9 (0.2) 0.0 0.0 0.0 0.0 0.0 2.8 0.3
407 Pembroke Road, Minto - Land 4.7 0.0 0.0 0.0 0.0 (0.2) 0.0 4.5 0.4
Austrak Business Park, Somerton - Land 21.7 0.0 0.0 0.0 0.0 0.0 0.0 21.8 2.1
Toll NQX, Karawatha 28.3 7.3 0.0 0.0 0.0 0.0 0.0 35.6 3.5
Assets Sold During Period
Ocean Steamers Drive, Port Adelaide 0.1 0.0 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Total Logistics & Business Parks 32.4 37.1 4.7 989.5 7.8 1.4 20.5 0.0 6.2 (0.8) 1,024.8
----- End of picture text -----

154

Rosehill Business Park

Camellia

Rosehill Business Park is a modern industrial asset located in the established central west industrial area of Sydney. The property features 41,900 sqm of lettable area across three buildings that were completed in separate stages. The property benefits from its close proximity to James Ruse Drive and the M4 motorway.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	May1998
Property Details
GLA	41,900 sqm
Site Area	79,700 sqm
Occupancy	89.1%
WALE (By Income)	2.7 years
Current Valuation
Fair Value	$67.4m
Capitalisation Rate	8.25%1
Terminal Capitalisation Rate	8.25%1
Discount Rate	9.50%1
Valuation Type	Directors
Income (6 months)	$2.6m
Latest External Valuation
Value	$67.5m
Capitalisation Rate	8.25%
Terminal Capitalisation Rate	8.25%
Discount Rate	9.50%
Valuer	Jones LangLaSalle
Valuation Date	30 June 2012

10 Interchange Drive Eastern Creek

10 Interchange Drive is located at the intersection of the M4 and the M7 motorways, with direct exposure to the M7 motorway. The property comprises a modern, purpose built warehouse and office facility, that is fully leased to Asics, the property features undercover parking and a showroom.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired (by GPT)	August 2012
Property Details
GLA	15,100 sqm
Site Area	30,200 sqm
Occupancy	100.0%
WALE (By Income)	7.0 years
Current Valuation
Fair Value	$28.6m
Capitalisation Rate	7.65%
Terminal Capitalisation Rate	7.90%
Discount Rate	9.50%
Valuation Type	Directors
Income (6 months)	$0.9m
Latest External Valuation
Value	$28.6m
Capitalisation Rate	7.65%
Terminal Capitalisation Rate	7.90%
Discount Rate	9.50%
Valuer	CB Richard Ellis
Valuation Date	31 July2012

Represents weighted average cap rate of constituent properties

155

Connect@Erskine Park, Cnr Lockwood & Templar Road Erskine Park

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Connect@Erskine Park is a 27.8 hectare site situated on the corner of Lockwood and Templar Road, Erskine Park. It is located approximately 26 kilometres west of the Parramatta CBD and 46 kilometres west of the Sydney CBD with good access to the major M4 and M7 Motorways junctions.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired (by GPT)	May 2008
PropertyDetails Stage 1 (Goodman Fielder) Stage 2 (Target)
GLA	15,200 sqm	12,700 sqm
Site Area	39,700 sqm	22,900 sqm
Occupancy	100.0%	100.0%
WALE (By Income)	16.0 years	8.6 years
Current Valuation
Fair Value	$38.8m	$20.0m
Capitalisation Rate	7.50%	7.75%
Terminal Capitalisation Rate	8.00%	8.25%
Discount Rate	9.50%	9.50%
Valuation Type	Directors	External
Income (6 months)	$1.6m	$0.8m
Latest External Valuation
Value	$38.8m	$20.0m
Capitalisation Rate	7.50%	7.75%
Terminal Capitalisation Rate	8.00%	8.25%
Discount Rate	9.50%	9.50%
Valuer	Knight Frank	CB Richard Ellis
Valuation Date	30 June 2012	30 June 2013

Stage 1 is leased to Goodman Fielder on a 20 year lease. Stage 2 is leased to Target Australia on a 12 year lease.

Approximately 21.5 hectares remains for future development.

156

Granville Logistics Centre, 15-19 Berry Street Granville

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Granville Logistics Centre comprises 29,600 sqm of high clearance warehouse and modern office accommodation across two separate buildings, 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.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired (by GPT)	December 2000
PropertyDetails 15 BerryStreet 19 BerryStreet
GLA	10,000 sqm	19,600 sqm
Site Area	20,600 sqm	30,800 sqm
Occupancy	100.0%	100.0%
WALE (By Income)	1.8 years	4.7 years
Current Valuation
Fair Value	$13.3m	$26.6m
Capitalisation Rate	8.75%	8.50%
Terminal Capitalisation Rate	9.00%	8.75%
Discount Rate	9.50%	9.50%
Valuation Type	Directors	Directors
Income (6 months)	$0.6m	$1.2m
Latest External Valuation
Value	$13.3m	$26.7m
Capitalisation Rate	8.75%	8.50%
Terminal Capitalisation Rate	9.00%	8.75%
Discount Rate	9.50%	9.50%
Valuer	Savills	Savills
Valuation Date	30 June 2012	30 June 2012

157

2-4 Harvey Road

Kings Park

2-4 Harvey Road, Kings Park comprises a modern high clearance warehouse and associated high quality office accommodation. Kings Park is located approximately 40 kilometres west of the Sydney CBD and 15 kilometres northwest of the Parramatta CBD. The area is well located to major transport routes.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	May1999
Property Details
GLA	40,300 sqm
Site Area	64,800 sqm
Occupancy	100.0%
WALE (By Income)	4.2 years
Current Valuation
Fair Value	$44.1m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	9.00%
Discount Rate	9.75%
Valuation Type	Directors
Income (6 months)	$2.0m
Latest External Valuation
Value	$44.0m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	9.00%
Discount Rate	9.75%
Valuer	Savills
Valuation Date	30 June 2011

407 Pembroke Road

Minto

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 hectares of land remains for future development.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	50%
Co-Owner	Austrak(50%)
Acquired(by GPT)	October 2008
Property Details
GLA	15,300 sqm
Site Area	21,100 sqm
Occupancy	100.0%
WALE (By Income)	6.4 years
Current Valuation
Fair Value	$23.3m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuation Type	External
Income (6 months)	$1.1m
Latest External Valuation
Value	$23.3m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.50%
Valuer	Knight Frank
Valuation Date	30 June 2013

158

4 Holker Street

Newington

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4 Holker Street, Newington comprises a modern hi-tech data centre built 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 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	March 2006
Property Details
GLA	7,400 sqm
Site Area	6,800 sqm
Occupancy	100.0%
WALE (By Income)	4.0 years
Current Valuation
Fair Value	$26.0m
Capitalisation Rate	9.00%
Terminal Capitalisation Rate	10.00%
Discount Rate	10.25%
Valuation Type	External
Income (6 months)	$1.6m
Latest External Valuation
Value	$26.0m
Capitalisation Rate	9.00%
Terminal Capitalisation Rate	10.00%
Discount Rate	10.25%
Valuer	Colliers
Valuation Date	30 June 2013

18-24 Abbott Road Seven Hills

Abbott Road, Seven Hills provides a strategic 4 hectare land bank near the junction of the M2 and M7 Motorways. The site, which is currently leased to Chassis Brakes International Castings until 2017, is suitable for a variety of future industrial development opportunities.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	October 2006
Property Details
GLA	19,400 sqm
Site Area	40,800 sqm
Occupancy	100.0%
WALE (By Income)	4.4 years
Current Valuation
Fair Value	$13.7m
Capitalisation Rate	10.00%
Terminal Capitalisation Rate	10.50%
Discount Rate	10.00%
Valuation Type	Directors
Income (6 months)	$0.8m
Latest External Valuation
Value	$13.6m
Capitalisation Rate	10.00%
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	CB Richard Ellis
Valuation Date	31 December 2011

Note: Previously independently valued on a rate per sqm of potential Gross Floor Area (GFA). Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value

159

83 Derby Street Silverwater

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A well located property comprising a freestanding warehouse, with associated office space. The warehouse is separated into three units, however is currently being leased in one-line to a single tenant. The improvements were completed between 2001 and 2003 and features 52% site coverage and 142 car spaces.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired (by GPT)	August 2012
Property Details
GLA	17,000 sqm
Site Area	31,900 sqm
Occupancy	100.0%
WALE (By Income)	4.4 years
Current Valuation
Fair Value	$25.2m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%
Discount Rate	10.00%
Valuation Type	Directors
Income (6 months)	$1.1m
Latest External Valuation
Value	$25.0m
Capitalisation Rate	8.62%
Terminal Capitalisation Rate	8.75%
Discount Rate	10.00%
Valuer	Knight Frank
Valuation Date	30 June 2012

3 Figtree Drive Sydney Olympic Park

3 Figtree Drive comprises two levels of quality, modern office accommodation and a high clearance warehouse, with good onsite access and manoeurability with 198 car spaces. In conjunction with neighbouring GPT assets, the property forms part of a 5 hectare consolidated holding.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired (by GPT)	April 2013
Property Details
GLA	6,800 sqm
Site Area	12,900 sqm
Occupancy	100.0%
WALE (By Income)	3.5 years
Current Valuation
Fair Value	$19.4m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.50%
Discount Rate	10.00%
Valuation Type	Directors
Income (6 months)	$0.4m
Latest External Valuation
Value	$19.4m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.50%
Discount Rate	10.00%
Valuer	CB Richard Ellis
Valuation Date	1 March 2013

160

5 Figtree Drive

Sydney Olympic Park

5 Figtree Drive comprises a two level office facility and high clearance warehouse. The property is situated on the north western side of Figtree Drive between Olympic Boulevard and Australia Avenue. The area is well serviced by an orbital road network and rail transport is available via Olympic Park Rail Station.

==> picture [130 x 100] intentionally omitted <==

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	July2005
Property Details
GLA	8,800 sqm
Site Area	12,900 sqm
Occupancy	100.0%
WALE (By Income)	5.6 years
Current Valuation
Fair Value	$20.6m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.25%
Valuation Type	Directors
Income (6 months)	$0.9m
Latest External Valuation
Value	$18.8m
Capitalisation Rate	8.75%
Terminal Capitalisation Rate	9.00%
Discount Rate	10.25%
Valuer	Colliers
Valuation Date	30 June 2011

7 Figtree Drive Sydney Olympic Park

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 5 hectare consolidated holding.

==> picture [132 x 100] intentionally omitted <==

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	July2004
Property Details
GLA	3,500 sqm
Site Area	9,600 sqm
Occupancy	100.0%
WALE (By Income)	2.2 years
Current Valuation
Fair Value	$13.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	External
Income (6 months)	$0.5m
Latest External Valuation
Value	$13.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Knight Frank
Valuation Date	30 June 2013

Note: Valued on a rate per sqm of potential Gross Floor Area (GFA). Costs such as demolition and deferment of development have been deducted. The PV of the current lease has then been added to the value

161

6 Herb Elliott Avenue

Sydney Olympic Park

6 Herb Elliott Avenue is well located in the Sydney Olympic Park Precinct, being opposite the Railway Station. The property comprises a high quality office and warehouse building with a good level of ongrade car parking. In conjunction with neighbouring GPT assets, the property forms part of a 5 hectare consolidated holding.

==> picture [132 x 100] intentionally omitted <==

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	June 2010
Property Details
GLA	4,100 sqm
Site Area	8,400 sqm
Occupancy	100.0%
WALE (By Income)	1.7 years
Current Valuation
Fair Value	$12.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	External
Income (6 months)	$0.4m
Latest External Valuation
Value	$12.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Jones LangLaSalle
Valuation Date	30 June 2013

8 Herb Elliott Avenue

Sydney Olympic Park

8 Herb Elliott Avenue is situated opposite the Olympic Park Railway Station, between Australia Avenue and Olympic Boulevard. Current site improvements comprise 3,300 sqm of high quality office and warehouse accommodation. In conjunction with neighbouring GPT assets, the property forms part of a 5 hectare consolidated holding.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	August 2004
Property Details
GLA	3,300 sqm
Site Area	9,100 sqm
Occupancy	100.0%
WALE (By Income)	6.6 years
Current Valuation
Fair Value	$10.2m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	External
Income (6 months)	$0.4m
Latest External Valuation
Value	$10.2m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Knight Frank
Valuation Date	30 June 2013

162

7 Parkview Drive

Sydney Olympic Park

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7 Parkview Drive forms part of the Sydney Olympic Park (SOP) commercial precinct and is located in close proximity to key SOP amenities and infrastructure. Over the medium to longer term, existing site improvements will make way for a new campus style office park, including the recently completed 5 Murray Rose and the proposed 3 Murray Rose.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	May2002
Property Details
GLA	2,300 sqm
Site Area	21,000 sqm
Occupancy	100.0%
WALE (By Income)	0.3 years
Current Valuation
Fair Value	$19.4m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuation Type	Directors
Income (6 months)	$0.4m
Latest External Valuation
Value	$17.5m
Capitalisation Rate	N/A
Terminal Capitalisation Rate	N/A
Discount Rate	N/A
Valuer	Jones LangLaSalle
Valuation Date	30 June 2011

5 Murray Rose

Sydney Olympic Park

5 Murray Rose forms part of the Sydney Olympic Park precinct and is a 12,400 sqm commercial building over 5 levels, with a 6 Green Star Rating.

==> picture [132 x 93] intentionally omitted <==

This is the first stage of GPT’s $200 million Murray Rose Business Park with the masterplan for the site providing a total of 42,700 sqm of campus style business and retail accommodation.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Construction/Refurbishment	Completed 2012
Property Details
GLA	12,400 sqm
Site Area	3,500 sqm
Occupancy	100.0%
WALE (By Income)	10.8 years
Current Valuation
Fair Value	$70.2m
Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%
Discount Rate	9.25%
Valuation Type	External
Income (6 months)	$2.6m
Latest External Valuation
Value	$70.2m
Capitalisation Rate	7.50%
Terminal Capitalisation Rate	7.75%
Discount Rate	9.25%
Valuer	m3 Property
Valuation Date	30 June 2013

163

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, 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. 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 Energy rating of 5 Stars.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired (by GPT)	June 2001 to March 2003
Property Details Quad 1 Quad 2 Quad 3 Quad 4
GLA	5,000 sqm	5,100 sqm	5,200 sqm	8,000 sqm
Site Area	9,400 sqm	7,800 sqm	6,600 sqm	8,000 sqm
Occupancy	37.9%	100.0%	100.0%	100.0%
WALE (By Income)	1.8 years	5.5 years	2.9 years	2.1 years
Current Valuation
Fair Value	$20.0m	$24.4m	$23.6m	$33.8m
Capitalisation Rate	8.50%	8.25%	8.25%	8.25%
Terminal Capitalisation Rate	8.75%	8.50%	8.50%	8.50%
Discount Rate	9.25%	9.25%	9.25%	9.25%
Valuation Type	External	External	External	External
Income (6 months)	$0.2m	$1.2m	$0.9m	$1.4m
Latest External Valuation
Value	$20.0m	$24.4m	$23.6m	$33.8m
Capitalisation Rate	8.50%	8.25%	8.25%	8.25%
Terminal Capitalisation Rate	8.75%	8.50%	8.50%	8.50%
Discount Rate	9.25%	9.25%	9.25%	9.25%
Valuer	Knight Frank	Knight Frank	Knight Frank	Knight Frank
Valuation Date	30 June 2013	30 June 2013	30 June 2013	30 June 2013

164

372-374 Victoria Street Wetherill Park

The property comprises a high bay warehouse and associated offices. 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.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	July2006
Property Details
GLA	20,500 sqm
Site Area	40,900 sqm
Occupancy	100.0%
WALE (By Income)	1.7 years
Current Valuation
Fair Value	$18.4m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.50%
Valuation Type	Directors
Income (6 months)	$0.9m
Latest External Valuation
Value	$18.3m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.75%
Discount Rate	10.50%
Valuer	Knight Frank
Valuation Date	30 June 2012

Citiwest Industrial Estate Altona North

The property comprises a complex of six 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.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	August 1994
Property Details
GLA	90,000 sqm
Site Area	201,800 sqm
Occupancy	100.0%
WALE (By Income)	3.0 years
Current Valuation
Fair Value	$66.6m
Capitalisation Rate	8.56%1
Terminal Capitalisation Rate	8.87%1
Discount Rate	9.60%1
Valuation Type	Directors
Income (6 months)	$2.9m
Latest External Valuation
Value	$66.6m
Capitalisation Rate	8.50%-8.75%
Terminal Capitalisation Rate	8.75%-9.00%
Discount Rate	9.50%-9.75%
Valuer	Jones LangLaSalle
Valuation Date	31 March 2012

Represents weighted average cap rate of constituent properties

165

Citiport Business Park

Port Melbourne

Citiport Business Park is a well located office and warehouse estate comprising a low-rise office building and 10 warehouse office units with adjoining showrooms. The property is well located in the Port Melbourne precinct being opposite the Port, the property features a good level of underground and on grade parking.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	February2012
Property Details
GLA	27,100 sqm
Site Area	25,500 sqm
Occupancy	94.4%
WALE (By Income)	2.3 years
Current Valuation
Fair Value	$62.0m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%
Valuation Type	Directors
Income (6 months)	$2.6m
Latest External Valuation
Value	$61.0m
Capitalisation Rate	8.50%
Terminal Capitalisation Rate	8.75%
Discount Rate	9.75%
Valuer	Jones LangLaSalle
Valuation Date	1 February2012

Austrak Business Park Somerton

Austrak Business Park comprises approximately 65 hectare of industrial zoned land, located 20 kilometres north of the Melbourne CBD. The land offers a key point of difference 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.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	50%
Co-Owner	Austrak(50%)
Acquired(by GPT)	October 2003
Property Details
GLA	193,600 sqm
Site Area	644,000 sqm
Occupancy	100.0%
WALE (By Income)	7.8 years
Current Valuation
Fair Value	$140.0m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.00%
Valuation Type	External
Income (6 months)	$5.9m
Latest External Valuation
Value	$140.0m
Capitalisation Rate	7.75%
Terminal Capitalisation Rate	8.50%
Discount Rate	9.00%
Valuer	CB Richard Ellis
Valuation Date	30 June 2013

166

134-140 Fairbairn Road

Sunshine West

134-140 Fairbairn Road comprises two high bay warehouses and extensive hardstand areas used for the storage and distribution of steel products. The area is popular with transport and logistics users due to its close proximity to the Western Ring Road and West Gate Freeway.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	March 2006
Property Details
GLA	16,700 sqm
Site Area	52,000 sqm
Occupancy	100.0%
WALE (By Income)	4.6 years
Current Valuation
Fair Value	$13.2m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	10.50%
Discount Rate	10.00%
Valuation Type	Directors
Income (6 months)	$0.6m
Latest External Valuation
Value	$13.2m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	10.50%
Discount Rate	10.00%
Valuer	CB Richard Ellis
Valuation Date	31 December 2011

92-116 Holt Street Pinkenba

92–116 Holt Street comprises two large high bay warehouses. 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.

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Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	100%
Acquired(by GPT)	March 2006
Property Details
GLA	15,400 sqm
Site Area	32,800 sqm
Occupancy	100.0%
WALE (By Income)	4.6 years
Current Valuation
Fair Value	$13.5m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.25%
Discount Rate	10.25%
Valuation Type	Directors
Income (6 months)	$0.6m
Latest External Valuation
Value	$13.0m
Capitalisation Rate	9.25%
Terminal Capitalisation Rate	9.25%
Discount Rate	10.25%
Valuer	Jones LangLaSalle
Valuation Date	30 June 2011

167

GPT INTERIM RESULT DEVELOPMENT

168

Development Overview

Development is a core part of GPT’s business, adding value through improved income, development profits and increased Fund Management fees. GPT’s focus is to enhance and preserve existing assets with a particular focus on Retail & Major Projects. GPT has also established a Logistics & Business Parks development business where it intends to develop assets which can be retained by GPT and its Funds or sold to third parties for a profit.

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Toll NQX, Karawatha, QLD
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Retail & Major Projects Logistics & Business Parks Underway Underway

Wollongong Central - West Keira, NSW 150 Collins Street, VIC

Toll NQX, Karawatha, QLD

Planned

Sydney Olympic Park, NSW Erskine Park, NSW Austrak Business Park, Somerton, VIC Chullora, NSW

Casuarina Square, NT

Pipeline Summary	Retail & Major Projects Forecast Cost ($m)	Logistics & Busines Parks Forecast Cost ($m)	Total Forecast Cost ($m)
Underway1	$250	$50	$300
Planned	$250	$425	$675
Future Pipeline	$1,760	$0	$1,760
Total Pipeline	$2,260	$475	$2,735

Costs to complete current projects

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Return Targets [2] Development IRR [3]
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Return Targets2	Development IRR3
Retail	10% - 13%
Office	11% - 14%
Logistics & Business Parks	12% - 15%

Excluding fund-through developments
Development IRR is the Internal Rate of Return calculated from the commencement of a development project through to practical completion

170

Developments Underway

GPT has $0.5 billion of developments underway ($0.3 billion cost to complete) on behalf of assets owned on balance sheet and in GPT’s wholesale funds.

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150 Collins Street, VIC
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Development	GLA/NLA	Total Cost	Forecast Cost to Complete	Forecast Cost to Complete
	Post Development 100% Interest (sqm)	($m)	GPT Share ($m)	Fund’s Share ($m)
Retail & Major Projects
Wollongong Central - West Keira, NSW	53,000	200	0	133
150 Collins Street, VIC	20,500	181	0	117
Logistics & Business Parks
Toll NQX, QLD	44,000	87	50	0
Total Developments Underway		468	50	250

Development Timeline - Projects Underway

Wollongong Central - West Keira, NSW	Retail
150 Collins Street, VIC	Office
Toll NQX, QLD	LBP
		Q3 Q4 2013	Q1	Q2 20	Q3 Q4 14

171

Development Pipeline GPT has $0.7 billion of planned developments and a future pipeline of $1.8 billion.

Planned Development	Ownership	Forecast Total Cost¹ ($m)	Estimated Development Period	Comments
Retail & Major Projects - Planned
Casuarina Square, NT	50% GPT 50% GWSCF	250	~ 24 months	Expansion of existing centre
Logistics & Business Parks - Planned
Sydney Olympic Park, NSW	100% GPT	140	~ 36 months	Business parks
Erskine Park, NSW	100% GPT	200	~36 months	Next stages of development
Austrak Business Park, Somerton, VIC	50% GPT	70	~36 months	Next stage of development in joint venture with Austrak (50%)
Chullora, NSW	50% GPT	5	~ 24 months	Development in joint venture with CIP (50%)
Other Developments	Various	10	~ 12 - 36 months
Total Planned		675
Future Pipeline - Retail & Major Projects		1,760
Total Planned and Future Pipeline		2,435

Excludes the value of development land

172

Wollongong Central - West Keira

New South Wales

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150 Collins Street Melbourne

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The Wollongong – West Keira development will deliver a unique retail experience with an extension of 18,000 sqm. This responds directly to the needs of the Wollongong community by addressing a significant undersupply of food retail in Wollongong’s city centre. Anchor tenants have been secured (Coles supermarket and the relocation of JB HiFi) and leasing of the 80 additional specialty shops commenced at the end of 2012.

150 Collins Street, Melbourne is a new A Grade development with Premium Grade services featuring 20,500 sqm of accommodation over 13 floors. The development is being undertaken by Grocon/APN and is scheduled for completion in mid 2014. The asset is located in the exclusive “Paris” end of Collins Street and is currently 71% precommitted to Westpac Group for 12 years. There is a 24 month rent guarantee from Grocon/APN on the vacant space.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	GWSCF (100%)
Acquired	March 2007
Additional GLA	18,000 sqm
Development Cost	$200m
Target Yield	7.0%
Targeted Development IRR¹	11%
Completion	2H 2014

IRR is blended return over 10 years from project commencement

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	GWOF (100%)
Acquired	July2012
NLA	20,500 sqm
% Area Committed	71%
Development Cost	$181m
Target Yield	6.7%
Completion	2H 2014

173

Toll NQX

Karawatha

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Toll NQX is a new, state-of-the-art logistics facility under construction at Karawatha in the Logan Motorway precinct of South East Queensland. Development is scheduled for completion in early 2014. The 44,000 sqm of warehouse and office is being developed for Toll Group on a 13.4 hectare site.

Key Metrics as at 30 June 2013	Key Metrics as at 30 June 2013
Ownership Interest	GPT (100%)
Acquired	December 2012
NLA	44,000 sqm
% Area Committed	100%
Development Cost	$87m
Target Yield	7.6%
Completion	1H 2014

174

GPT INTERIM RESULT FUNDS MANAGEMENT

176

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 2013, the Fund consisted of 15 office assets located across Australia’s key CBD office markets with a value of $4.0 billion.

	June 2013	December 2012
Number of Assets	15	14
PropertyInvestments	$3,992m	$3,637m
Gearing	12.4%	7.3%
One Year Return(post-fees)	10.6%	12.0%

Fund Details as at 30 June 2013
GPT's OwnershipInterest(%)	20.1%
GPT's OwnershipInterest($m)	$684.1m
Established	July2006
Weighted Average Capitalisation Rate	6.88%
Portfolio Occupancy (%)	98.1%
Distributions Received($m)	$21.1m
GPT Base Management Fee($m)	$8.3m
GPT Performance Fee($m)	Nil

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Total Return 1 July 2012 to Inception to Date
30 June 2013 (Annualised) 21 July 2006
to 30 June 2013
Post fees 10.6% 7.7%
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GWOF Ownership Composition
As at 30 June 2013
Sovereign
Wealth Funds
Offshore
8%
Other
1% GPT
20%
Offshore
Pension Funds
14%
Domestic
Other
8% Domestic
Super Funds
49%
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178

GWOF Capital Management

Total borrowings for the Fund at 30 June 2013 were $500 million resulting in gearing of 12.4%.

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8 Exhibition Street, Melbourne
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GWOF Capital Management Summary as at 30 June 2013 Gearing 12.4% Weighted Average Cost of Debt 4.8% Fees and Margins(included in above) 1.9% Weighted Average Debt Term 2.5years Drawn Debt Hedging 64% Weighted Average Hedge Term 3.2years	GWOF Capital Management Summary as at 30 June 2013 Gearing 12.4% Weighted Average Cost of Debt 4.8% Fees and Margins(included in above) 1.9% Weighted Average Debt Term 2.5years Drawn Debt Hedging 64% Weighted Average Hedge Term 3.2years	GWOF Capital Management Summary as at 30 June 2013 Gearing 12.4% Weighted Average Cost of Debt 4.8% Fees and Margins(included in above) 1.9% Weighted Average Debt Term 2.5years Drawn Debt Hedging 64% Weighted Average Hedge Term 3.2years	GWOF Capital Management Summary as at 30 June 2013 Gearing 12.4% Weighted Average Cost of Debt 4.8% Fees and Margins(included in above) 1.9% Weighted Average Debt Term 2.5years Drawn Debt Hedging 64% Weighted Average Hedge Term 3.2years
GWOF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bank Bilateral Facility	150.0	30 November 2014	150.0
Bank Bilateral Facility	150.0	30 November 2014	150.0
Bank Bilateral Facility	100.0	1 July2015	100.0
Bank Bilateral Facility	200.0	1 July2016	100.0
Total	600.0		500.0

GWOF Forward Start Debt Facilities	Facility Limit ($m)	Start Date	Facility Expiry
Bank Bilateral Facility	50.0	1 July2013	2 July2016
Bank Bilateral Facility	50.0	1 February2014	1 February2017
Total	100.0

179

GWOF Capital Management

GWOF has $320 million of derivative instruments (being 64% hedged) and these have a weighted average term of 3.2 years.

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GWOF Hedging Profile
As at 30 June 2013
1,000 5%
900
800 3.66% 3.66% 4%
3.50%
700 2.98% 2.98% 3.06% 3.06% 3.20% 3.20% 3.29%
600 3%
($m)
500
400 2%
300
200 1%
100
0 0%
Forecast debt Hedges Weighted average fixed rate
161 Castlereagh Street, Sydney (LHS) (LHS) (RHS)
Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18
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180

GPT Wholesale Shopping Centre Fund

GWSCF provides wholesale investors with exposure to high quality retail assets. At 30 June 2013, the Fund consisted of 10 shopping centres with a value of $3.0 billion.

	June 2013	December 2012
Number of Assets	10	10
PropertyInvestments	$3,016m	$2,940m
Gearing	25.3%1	27.6%
One Year Return(post-fees)	9.3%	6.2%
1. Reduced to 22.0% on 1 July 2013 from further capital raising proceeds
Fund Details as at 30 June 2013
GPT's OwnershipInterest(%)	21.9%2
GPT's OwnershipInterest($m)	$487.1m
Established	March 2007
Weighted Average Capitalisation Rate	6.40%
Portfolio Occupancy (%)	99.5%
Distributions Received($m)	$14.7m
GPT Base Management Fee($m)	$6.6m
GPT Performance Fee($m)	Nil

Reduced to 20.9% on 1 July 2013 from further capital raising proceeds

Total Return	1 July 2012 to 30 June 2013	Inception to Date (Annualised) 31 March 2007 to 30 June 2013
Post fees	9.3%	4.7%

GWSCF Ownership Composition

As at 30 June 2013

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Sovereign
Wealth Funds
11%
Offshore GPT
Other 22%
1%
Offshore
Pension Funds
18%
Domestic Domestic Super
Other Funds
15% 33%
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181

GWSCF Capital Management

Total borrowings for the Fund at 30 June 2013 were $779 million resulting in gearing of 25.3%[1] .

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Highpoint Shopping Centre, VIC
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GWSCF Capital Management Summary as at 30 June 2013 Gearing 25.3%1 Weighted Average Cost of Debt 4.9% Fees and Margins(included in above) 1.9% Weighted Average Debt Term 2.7years Drawn Debt Hedging 88% Weighted Average Hedge Term 3.7years 1. Reduced to 22.0% on 1 July 2013 from further capital raising proceeds	GWSCF Capital Management Summary as at 30 June 2013 Gearing 25.3%1 Weighted Average Cost of Debt 4.9% Fees and Margins(included in above) 1.9% Weighted Average Debt Term 2.7years Drawn Debt Hedging 88% Weighted Average Hedge Term 3.7years 1. Reduced to 22.0% on 1 July 2013 from further capital raising proceeds	GWSCF Capital Management Summary as at 30 June 2013 Gearing 25.3%1 Weighted Average Cost of Debt 4.9% Fees and Margins(included in above) 1.9% Weighted Average Debt Term 2.7years Drawn Debt Hedging 88% Weighted Average Hedge Term 3.7years 1. Reduced to 22.0% on 1 July 2013 from further capital raising proceeds	GWSCF Capital Management Summary as at 30 June 2013 Gearing 25.3%1 Weighted Average Cost of Debt 4.9% Fees and Margins(included in above) 1.9% Weighted Average Debt Term 2.7years Drawn Debt Hedging 88% Weighted Average Hedge Term 3.7years 1. Reduced to 22.0% on 1 July 2013 from further capital raising proceeds
GWSCF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bank Bilateral Facility	100.0	22 June 2014	0.0
Bank Bilateral Facility	100.0	1 July20142	100.0
Bank Bilateral Facility	80.0	30 November 2014	80.0
Bank Bilateral Facility	150.0	31 March 2015	150.0
Bank Bilateral Facility	50.0	22 June 2015	0.0
Bank Bilateral Facility	100.0	30 September 2015	49.0
Bank Bilateral Facility	200.0	12 January2016	200.0
Medium Term Notes	200.0	13 November 2017	200.0
Total	980.0		779.0
2. Quarterly extension facility
GWSCF Forward Start Debt Facilities	Facility Limit ($m)	Start Date	Facility Expiry
Bank Bilateral Facility	100.0	30 November 2013	30 November 2014
Total	100.0

182

GWSCF Capital Management

GWSCF has $485 million of derivative instruments and $200 million of fixed rate Medium Term Notes (being 88% hedged) and these have a weighted average term of 3.7 years.

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GWSCF Hedging Profile
As at 30 June 2013
1,200 3.72% 3.72% 4%
3.45% 3.45% 3.45%
1,000 3.02% 3.00% 3.00% 3.02% 3.02% 3.05%
3%
800
($m) 600 2%
400
1%
200
0 0%
Forecast debt Swaps Fixed Rate Weighted average fixed rate
Parkmore Shopping Centre, VIC (LHS) Debt (RHS)
Jun 13 Dec 13 Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18
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183

AI assistant

GPT GROUP — Interim / Quarterly Report 2013

65009_rns_2013-08-11_407ea196-bdcb-4860-91d8-325b5eaf8576.pdf

GPT INTERIM RESULT DATAPACK

GPT INTERIM RESULT GPT OVERVIEW

GPT Overview

GPT Portfolio Diversity

Retail Portfolio

Office Portfolio

Logistics & Business Parks Portfolio

GPT Portfolio Overview

Across the three sectors, GPT has maintained high occupancy and a long WALE.

GPT Securityholder Overview

Drivers of Earnings and Value

Strategy on a Pagey on a Page

Glossary

GPT INTERIM RESULT FINANCIAL PERFORMANCE

Financial Summary

Results Summary

Results Summary

Results Summary

Realised Operating Income to Statutory Results

Capital Expenditure Overview

Investments and Income

Proportion of Income

NTA Movement

Capital Management Summary

Look Through Gearing

Sources of Drawn Debt

Debt Facilities

Liquidity Profile

Hedging Profile

GPT Portfolio Overview

Across the three sectors, GPT has maintained high occupancy and a long WALE.

GPT Securityholder Overview

GPT INTERIM RESULT RETAIL PORTFOLIO

Retail Portfolio Overview

New South Wales GPT Owned

Northern Territory GPT Owned Casuarina Square (50%)

GWSCF Owned

Queensland

Australian Capital Territory GWSCF Owned Westfield Woden (50%)*

Victoria

GPT Owned

GWSCF Owned

Retail Portfolio Summary

Retail Portfolio Summary

Retail Sales Summary

Comparable Change in Retail Sales By Category

Retail Sales

Retail sales have slowed over the first half of 2013.

Specialty MAT Growth

Weighted Average Capitalisation Rate

Weighted Average Capitalisation Rate

Lease Expiry Profile

Total Centres

Total Specialty Tenants

Retail Portfolio External Valuation Summary

49% of the GPT retail portfolio was valued externally in the 6 months to 30 June 2013.

Retail Portfolio Income and Fair Value Schedule

Retail Sustainability

Retail Sustainability

Casuarina Square Northern Territory

Charlestown Square New South Wales

Dandenong Plaza

Victoria

Note: Sustainability data as at 31 December 2012

Melbourne Central Victoria

Rouse Hill Town Centre New South Wales

Westfield Penrith

New South Wales

GPT Wholesale Shopping Centre Fund

Casuarina Square Northern Territory

Chirnside Park

Victoria

Forestway Shopping Centre New South Wales

Highpoint Shopping Centre Victoria

highpoint.com.au

Macarthur Square New South Wales

Norton Plaza

GPT GROUP Interim / Quarterly Report 2013