GPT GROUP — Interim / Quarterly Report 2013

Apr 29, 2013

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GPT 2013 MARCH QUARTER <<<<<<<< RESULT UPDATE

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MARCH QUARTER HIGHLIGHTS A positive start to 2013

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Low gearing and
Continued high US$250m raised from
extended debt
occupancy inaugural USPP
maturity
Completed $300 million 161 Castlereagh Street reaches
redevelopment of Highpoint Practical Completion
GWOF acquires Distribution of 5.1 Change to half yearly
8 Exhibition Street cents, up 10.9% distributions
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INVESTMENT MANAGEMENT Quality underpins strong fundamentals

PORTFOLIO SUMMARY

	Portfolio	WALE	Occupancy	WACR
	Size(1)
Retail	$4.87bn	4.4 years	99.7%	6.07%
Office	$2.78bn	5.5 years	95.7%	6.83%
Logistics & Business Parks	$0.99bn	5.6 years	98.5%	8.30%
Total	$8.64bn	4.9 years	98.3%	6.53%

(1) Assets as at 31 March 2013

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RETAIL Occupancy continues to increase

	31 Mar 2013	31 Dec 2012
Comparable total centre sales growth(1)	0.9%	1.3%
Comparable specialty sales growth(1)	1.3%	1.5%
Specialty sales psm(1)	$8,975	$8,964
Specialty occupancy costs(1)	18.0%	17.9%
Occupancy rate	99.7%	99.5%
Weighted average capitalisation rate	6.07%	6.07%

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

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RETAIL

Cautious consumer environment continues

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Comparable Change in Annual Retail Sales Growth by Category
0.9%
10% 9.0%
Total
8% 7.1%
Centre
6% 5.1%
4.0%
1.3%
4%
1.8% 2.2% Specialty
1.3%
2% 0.9%
0.1%
0%
-2%
-4% -1.5% -2.6% -1.5% -2.2% -2.4%
-3.7%
-6%
-8% -7.0%
Specialties breakdown
DDS Apparel Leisure
Total Centre Dept Store Supermarket Mini & Other Majors Other Retail Total Specialties Mobile Phones Retail Services Food Catering General Retail Jewellery Food Retail Homewares
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Note: Includes GPT and GWSCF assets and excludes development impacted centres. Growth for the 12 months compared to the prior 12 months.

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RETAIL Market outlook subdued, but growth drivers improving

Supportive monetary policy and low unemployment

Stable economic growth anticipated

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IMF Forecast: Australian GDP Growth [(2) ]
Cash Rate and Unemployment [[(1) ]]
5%
Cash Rate (LHS) Unemployment Rate Forecast
4% Forecast
3%
2%
5%
1%
0% 0%
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2000 2002 2004 2006 2008 2010 2012 2014 2016
Consumer wealth improving
Consumer sentiment trending upward
25% House Prices and S&P/ASX 200 [(3) ] 60% Sentiment and Retail Sales Growth [(4) ]
House Prices (LHS) ASX 200 (RHS) 10% Australian Retail Turnover (LHS) 130
20% 40% Consumer Sentiment (RHS)
15% 8% 120
20%
10% 6%
110
0%
5% 4%
-20% 100
0% 2%
-5% -40% 0% 90
-10% -60% -2% 80
2003 2005 2007 2009 2011 2013 2002 2004 2006 2008 2010 2012
Annual Growth
Index
Moving Annual Growth Moving Annual Growth
Moving Annual Growth
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Cash Rate and Unemployment [[(1) ]]
15%
Cash Rate (LHS) Unemployment Rate
10%
5%
0%
1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013
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Consumer wealth improving

(1) Data source: RBA (cash rate), ABS (unemployment rate)

• (2) Data source: IMF World Economic Outlook Apr-13

(3) Data source: ASX, monthly rests. ABS Established Houses Index (weighted average of 8 capital cities), quarterly rests (4) Data source: Westpac-MI Consumer Sentiment Index, base index=100. ABS Retail Trade, seasonally adjusted

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RETAIL DEVELOPMENT Dominant regional centres will continue to outperform

HIGHPOINT UPDATE

• Opened on schedule on 14 March 2013, fully leased

• Several International retailers have been secured (such as Top Shop, Zara, Samsung, Gap and Apple)

 Trading performance:

• Customer visitations have exceeded forecast.

• Traffic through the existing Centre has remained at or above previous levels.

• Of the new stores that have supplied sales to date, 80% of these have met or exceeded their budget.

• Highpoint is the highest ‘liked’ Shopping Centre page in Australia with in excess of 48,000 fans.

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OFFICE Metrics remain robust in first quarter

	31 Mar 2013	31 Dec 2012
Occupancy (including terms agreed)	95.7%	95.8%
Weighted average lease expiry	5.5 years	5.4 years
Leases signed	22,925 sqm	135,646 sqm(1)
Terms agreed at period end	14,430 sqm	36,409 sqm(1)
Weighted average capitalisation rate	6.83%	6.86%

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Office Portfolio Lease Expiry Profile (by Area)
13%
13%
12%
11%
9%
7%
8%
8%
6%
5%
4%
4%
Vacant 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023+
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(1) For the 12 months ended 31 December 2012

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OFFICE

Strong focus on tenant retention

• 22,925 sqm leased during the quarter with 14,430 sqm at HOA

 Continued focus on future expiries

LEASING TRANSACTIONS

Asset	Status	Tenant	Sqm	Term
2 Park Street	Signed Lease	Citigroup	18,470 sqm	10 years
Australia Square	Signed Leases	Various suites	2,030 sqm	Avg	5 years
Brisbane Transit	HoA	Brisbane	4,160 sqm		2 years
Centre		Council
Melbourne Central	HoA	Government	3,060 sqm	10 years
Riverside	HoA	Marsh	1,870 sqm		5 years

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OFFICE

Fundamentals remain weak

• Weak demand across most markets resulting in higher vacancy and incentives

 Sydney: Improved activity in smaller space requirements (<1,000 sqm)

• Melbourne: Weak demand and excess supply with significant sublease space

• Brisbane: Significant negative net absorption, high vacancy in secondary space

OFFICE MARKET

	Prime	Prime	Prime Net Face	Prime Net	Total Net
	Vacancy	Vacancy	Rent Growth	Absorption	Absorption
	31 Mar 2013	31 Dec 2012	Mar 2013 Qtr	Mar 2013 Qtr	Mar 2013 Qtr
Sydney	9.8%	8.7%	0.1%	-30,080 sqm	-34,500 sqm
Melbourne	6.4%	5.7%	0.2%	24,949 sqm	-4,500 sqm
Brisbane	8.3%	6.6%	0.2%	-49,227 sqm	-57,000 sqm

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OFFICE

Developments on track

• 161 CASTLEREAGH STREET (ANZ TOWER)

• Tower reached practical completion in March

• 96% leased to ANZ, Herbert Smith Freehills and Boston Consulting Group

• Due for completion in mid 2013

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• 6.7% yield

150 COLLINS STREET

• Scheduled for completion in mid 2014

• On track

• 6.7% yield

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LOGISTICS & BUSINESS PARKS Increased occupancy and long WALE maintained

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31 Mar 2012 31 Dec 2012
Occupancy 98.5% 98.2%
Weighted average lease expiry 5.6 years 5.8 years
Leases signed 1,993 sqm 55,696 sqm [(1)]
Weighted average capitalisation rate 8.30% 8.30%
Logistics and Business Parks Lease Expiry (By Area)
31%
14%
11% 10% 10% 12%
4% 3%
2% 1% 1%
Vacant 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 Beyond
2023
(1) For the 12 months ended 31 December 2012
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LOGISTICS & BUSINESS PARKS Market conditions remain positive

• Manageable forecast supply with limited speculative activity

• Vacancy low across most markets

• Good enquiry in prelease market, long lead time to execution

INDUSTRIAL MARKET

Industrial	Current Prime	Prime Net	Current Prime	Prime Yield
Market(1)	Net Rent	Rental Growth(2)	Yield Range	Movement(2)
Sydney	$113/m(2)	3.1%	7.75% - 8.50%	-25bps
(Central West)
Melbourne	$68/m(2)	1.9%	8.25% - 8.75%	Flat
(North)
Brisbane	$124/m(2)	Flat	7.50% - 8.50%	-25bps
(Trade Coast)

(1) Source of supply data: GPT and Jones Lang LaSalle

(2) Q212 – Q113

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FUNDS MANAGEMENT Continuing growth for existing funds

GWOF

• $14.3m valuation uplift

• Leading performance continues over longer term

• 161 Castlereagh Street reached practical completion

• 8 Exhibition Street acquired for $160m (settlement on 3 April 2013)

• Transit Centre Office building in exclusive due diligence period

GWSCF

• $8.3m valuation uplift

• Short term performance strong post write off of acquisition costs

• Highpoint Shopping Centre development completed

• Wollongong Central development underway

• Capital raising to be launched with first close in June quarter

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FUNDS MANAGEMENT $6.8 billion of FUM

KEY FUND METRICS

	GWOF	GWOF	GWSCF	GWSCF
	31 Mar	31 Dec	31 Mar	31 Dec
	2013(1)	2012	2013	2012
GPT Ownership Interest (%)	20.2%	20.4%	23.2%	23.3%
Number of assets	14	14	10	10
AUM (Funds under Management)	$3,757m	$3,665m	$3,044m	$2,962m
Gearing	8.4%	7.3%	28.5%	27.6%
One Year Total Return (post-fees)	10.2%	12.0%	6.4%	6.2%

(1) 8 Exhibition St, Melbourne settled in early April 2013, post quarter end

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CAPITAL MANAGEMENT Low gearing and long debt term

GPT BALANCE SHEET

		31 Mar 2013	31 Dec 2012
	Total borrowings ($m)	2,190m	2,144m
	Gearing (%)(1)	21.7%	21.7%
	Weighted average cost of debt	5.08%	5.08%
	Weighted average term to maturity	6.3 years	5.4 years
	CREDIT METRICS
		31 Mar 2013	31 Dec 2012
	Standard & Poor’s	A– (stable)	A– (stable)
	Moody’s	A3 (stable)	A3 (stable)

CREDIT METRICS

(1) Based on net debt

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CAPITAL MANAGEMENT Continued diversification of funding sources

• US$250m (A$243m) inaugural USPP issue of 12 and 15 year notes

• Pricing represents a margin of 170bps over BBSW

• Follows HKD800m (A$100m) 15 year bonds issued in January

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Sources of debt Debt maturity profile
4% Facility Flat
11% A$ millions Maturity
Profile
5%
40%
27%
3% 10%
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
Foreign bank debt
2013 2014 2015 2016 2017 2018 2019 2022 2025 2028 2029
Domestic MTNs
405 425
250
216
200 196
160
146
100
75 85
44 50
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Domestic bank debt Foreign bank debt Secured bank debt Domestic MTNs Foreign MTNs USPP CPI Bonds

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2013 GROUP STRATEGIC PRIORITIES Four priorities to optimise and grow

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OPTIMISE
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Optimise GPT
Equip
employees for
high
performance
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• Streamlining processes and maintaining expense discipline

 Minimising cost of funding

• Reinforcing GPT’s culture

• Accelerating development of high potential employees

Enhance core business growth

 Optimising income with strong customer-focus

 Actively managing the portfolio

Build additional sustainable growth

 Shaping the future of GPT

• Building on growth platforms

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GUIDANCE FOR 2013 On track to achieve target

 Targeting EPS[(1)] growth of at least 5% for 2013

• Payout ratio of 80% of ROI

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

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APPENDICES<<<<<<<<

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CAPITAL MANAGEMENT Hedging profile

4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22	4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22	4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22	4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22	4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22	4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22	4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22	4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22	4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22	4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22	4.02%4.18% 4.08% 4.05% 4.04% 4.04% 3.99% 3.96% 3.95% 3.94% 4.22

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RETAIL Specialty monthly sales growth

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8%
6.0%
6%
4.1%
4.0%
3.6%
4%
1.7%
2%
1.0% 1.0%
0.6%
0%
0.8%
-0.3%
-2%
-1.5%
-2.9%
-4%
-3.6%
-6%
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
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Note: Includes GPT and GWSCF assets and excludes development impacted centres. Represents the growth for the month compared to the corresponding month in the prior year.

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RETAIL Retail portfolio sales performance

		Moving Annual Turnover	Moving Annual Turnover	Moving Annual Turnover	Moving Annual Turnover	Occupancy Costs (%)	Occupancy Costs (%)
Centre Name	Owner	Centre MAT $PSM	Comparable Centre MAT Growth (%)	Specialty MAT $PSM	Comparable Specialty MAT Growth (%)	Centre (%)	Specialty (%)
Carlingford Court GWSCF 6,672 -0.9% 8,761 -0.7% 8.7% 16.9%
Casuarina Square(1) GWSCF/GPT 8,372 2.7% 10,797 3.3% 9.5% 15.1%
Charlestown Square(1) GPT 6,056 7.8% 8,988 9.2% 11.4% 16.7%
Chirnside Park GWSCF 8,314 0.5% 10,376 0.3% 6.9% 14.7%
DandenongPlaza GPT 3,975 -4.6% 6,503 -3.8% 11.3% 18.3%
Erina Fair GPT/APPF 6,159 1.8% 7,609 1.0% 9.7% 18.8%
Forestway GWSCF 14,118 1.3% 9,942 -1.7% 6.8% 15.4%
Melbourne Central Retail GPT 7,522 3.6% 9,078 2.3% 18.1% 21.6%
Macarthur Square GWSCF/APPF 6,193 0.9% 9,028 0.3% 10.8% 17.7%
Norton Plaza GWSCF 14,824 -0.4% 11,511 -4.1% 5.7% 13.2%
Parkmore GWSCF 6,996 0.6% 8,359 -0.3% 7.9% 14.8%
Rouse Hill Town Centre GPT 6,233 3.1% 6,707 3.0% 9.6% 16.6%
Sunshine Plaza(1) GPT/APPF 8,189 1.4% 11,035 2.8% 11.0% 18.3%
Westfield Penrith(2) GPT/Westfield 7,072 1.0% 10,240 -0.9% 12.4% 20.2%
Westfield Woden(2) GWSCF/Westfield 6,729 -9.5% 8,979 -4.6% 11.4% 19.2%
Total Portfolio 6,805 0.9% 8,975 1.3% 10.7% 18.0%
Centres under development
Highpoint GPT/GWSCF/HPG 5,842 4.1% 9,442 2.2% 14.6% 21.0%
WollongongCentral GWSCF 5,343 -4.8% 8,586 -6.3% 13.8% 18.7%

(1) Casuarina does not include Monterey House; Charlestown does not include Pacific Hwy properties; Sunshine Plaza does not include Maroochydore Superstore or Horton Parade.

(2) Analysis provided by Westfield

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23 23 23 GPT reports in accordance with the Shopping Centre Council of Australia guidelines

RETAIL Valuation summary

As at 31 March 2013	As at 31 March 2013	As at 31 March 2013	As at 31 March 2013	As at 31 Dec 2012	As at 31 Dec 2012
Interest	Valuer	Valuation	Cap Rate	Fair Value	Cap Rate
GWSCF Portfolio
Forestway 100% CBRE $83.6m 7.50% $81.5m 7.50%
Macarthur Square 50% CBRE $401.3m 6.25% $394.2m 6.25%

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OFFICE Valuation summary

As at 31 March 2013	As at 31 March 2013	As at 31 March 2013	As at 31 March 2013	As at 31 Dec 2012	As at 31 Dec 2012
Interest	Valuer	Valuation	Cap Rate	Fair Value	Cap Rate
GPT Portfolio
One One One Eagle St 33% $220.0m 6.50% $208.6m 6.63%
GWOF Portfolio
One One One Eagle St 33% $220.0m 6.50% $208.0m 6.63%
Darling Park 1 & 2 50% $595.0m 6.50% - 6.75% $587.9m 6.75% - 7.38%
Darling Park 3 100% $288.0m 7.00% $285.2m 7.13%

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DISCLAIMER

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

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

You should note that returns from all investments may fluctuate and that past performance is not necessarily a guide to future performance. Furthermore, while every effort is made to provide accurate and complete information, The GPT Group does not represent or warrant that the information in this presentation is free from errors or omissions, is complete or is suitable for your intended use. In particular, no representation or warranty is given as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects or returns contained in the information - such material is, by its nature, subject to significant uncertainties and contingencies. To the maximum extent permitted by law, The GPT Group, its related companies, officers, employees and agents will not be liable to you in any way for any loss, damage, cost or expense (whether direct or indirect) howsoever arising in connection with the contents of, or any errors or omissions in, this presentation. Information is stated as at 31 March 2013 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.

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