GPT GROUP - Interim / Quarterly Report 2014

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INTERIM RESULT ARTWORK TO COME > GPT DATAPACK 2014

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750 Collins Street, Melbourne, VIC
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GPT Overview	46
Financial Performance	56
Retail Portfolio	72
Office Portfolio	86
Logistics Portfolio	98
Development	110
Funds Management	124

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

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INTERIM RESULT > GPT GPT OVERVIEW 2014

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GPT OVERVIEW

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GPT’s core portfolio consists of
high quality properties in the retail,
office and logistics 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 2014
Highpoint Shopping Liberty Place, Connect@Erskine Park,
Centre, VIC Sydney NSW
Retail Portfolio Office Portfolio Logistics Portfolio
Retail 51%
Office 34%
Logistics 15% 16 shopping centres 23 assets 30 assets
1,040,000 sqm GLA 1,120,000 sqm NLA 760,000 sqm GLA
3,600+ tenants 360+ tenants 80+ tenants
$4.5bn portfolio $3.0bn portfolio $1.3bn portfolio
$8.1bn AUM $7.1bn AUM $1.5bn AUM
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GPT’s core portfolio consists of high quality properties in the retail, office and logistics 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 OVERVIEW

Total Portfolio Return for the rolling 12 months to 30 June 2014.

IPD Total Return for the 12 months to 30 June 2014

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Retail Office Logistics Total
(Inc GWSCF Stake) (Inc GWOF Stake) Investment Portfolio Portfolio
8.4% 0.2% 8.6%
1.6% 8.1% 1.2% 8.0%
7.6%
0.9%
6.4% 6.6% 6.7%
Income Return Capital Return Total Return
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Note: Total Return figures include equity interests in wholesale funds and exclude logistics development land. Variance in total is due to rounding.

GPT PORTFOLIO METRICS

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

	Portfolio Size1	Comparable Income Growth2	WALE	Occupancy	WACR
Retail	$4.53bn	2.6%	4.0 years	99.5%	5.96%
Office	$2.96bn	(3.1%)	6.3 years	91.7%	6.56%
Logistics	$1.31bn	0.6%	5.5 years	95.3%	8.17%
Total	$8.80bn	0.3%	4.9 years	95.6%	6.43%

Structured Rental Increases³

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Retail Office Logistics
Fixed 86% Fixed 85% Fixed 88%
Other 14% Other 15% 3.4% Other 12%
4.5% 3.9%
Average
Average Average Increase
Increase Increase
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Assets as at 30 June 2014.
Income for the six months to 30 June 2014 compared to the previous corresponding period.
For the six months to 31 December 2014.

GPT SECURITYHOLDER OVERVIEW

GPT Securityholders by Geography As at 30 June 2014

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Australia 61%
North America 21%
UK 5%
Europe (ex UK) 7%
Asia 6%
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GPT Securityholders by Type
As at 30 June 2014
Domestic
Institutions 50%
Foreign
Institutions 39%
Retail
Investors 11%
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DRIVERS OF EARNINGS AND VALUE

For the rolling 12 months to 30 June 2014.

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Retail: 86%
at 4.5% increase [3]
Derivatives
Banks Office: 85%
Gearing 60% at 3.9% increase [3]
24.8%
Bonds Logistics: 88%
Development 40% at 3.4% increase [3]
Fixed Rental
Cap Rates Increases Retail: 99.5%
Valuation Retail: 5.96% 86% at 4.2%
Office: 91.7%
Office: 6.56%
Logistics: 95.3%
Logistics: 8.17%
Development Fees
2H 2014 Expiries
Acquisitions Retail: 12%
Portfolio Mix $1.1bn Occupancy Office: 3%
Retail: 51% 95.6% Logistics: 3%
Office: 34%
Logistics: 15% Divestments Other Fees Innogen
Asset Scrub Others
NTA Change New Profit
1.6% WANOS [2] Sources
Total Return LiquidSpace Average Term
8.4% 6.0 years
Distribution EPS Yield FM Fees
6.8% 7.0% Income Existing Funds
WACD [4]
4.81%
Less Exchangeable Jaws MER < 45 bps New Funds
100% Hedged
Less Capex AUD
Expenses Capital Buy-back
76% Hedged
Fixed
Maintenance Incentives
Interest Expense
Refinancing
3. Structured rental increases for the six months to 31 December 2014. 12 months: Nil
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For the six months to 30 June 2014.
Weighted average number of securities.
Structured rental increases for the six months to 31 December 2014.
Weighted average cost of debt.

STRATEGY ON A PAGE

OUR PURPOSE Property to Prosperity We maximise the financial potential of Australian property with solutions that fulfil the aspirations of our investors, tenants and communities.

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FOR OUR FOR OUR FOR OUR FOR OUR FOR OUR
INVESTORS TENANTS COMMUNITIES SECURITYHOLDERS PEOPLE
We provide investors We provide property We are committed to We are a secure, We equip our people for
with access to value in solutions, enabling being a highly trusted reliable investment, high performance,
property to meet their businesses to prosper partner, creating value targeting superior creating a unified team
investment needs. and connect. in our communities. risk adjusted returns with a culture of
over time. achievement.
OUR GOALS
Measured over 1, 3 and 5 years:
• Total return > 9%
• Leading relative total shareholder return
OUR ACHIEVEMENT CULTURE
ACCOUNTABLE EFFECTIVE AUTHENTIC FUTURE SHAPING CAN DO COURAGEOUS UNIFIED
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GLOSSARY

A Grade...........................As per the Property Council of Australia’s ‘A Guide to Office Building Quality’ AFFO ............................... Adjusted Funds From Operations AREIT ..............................Australian Real Estate Investment Trust ASX .................................Australian Securities Exchange AUM ................................ Assets under management Assets under management includes interests in joint ventures. Bps .................................Basis Points Capex..............................Capital expenditure CBD ...............................Central Business District CO2 .................................Carbon Dioxide CPI ..................................Consumer Price Index cps ..................................Cents per security DPS.................................Distribution per security EBIT ................................Earnings Before Interest and Tax EPS ................................. Earnings per security Earnings per security is defined as Funds From Operations per ordinary security. FFO ................................. Funds From Operations Funds From Operations is defined as the underlying earnings calculated in accordance with the PCA ‘Voluntary Best Practice Guidelines for Disclosing FFO and AFFO’. FUM ................................Funds under management Gearing ...........................The level of borrowings relative to tangible assets. GFA .................................Gross Floor Area GLA .................................Gross Lettable Area GWOF..............................GPT Wholesale Office Fund GWSCF ...........................GPT Wholesale Shopping Centre Fund HoA .................................Heads of Agreement IFRS ................................International Financial Reporting Standards IPD ..................................Investment Property Databank IRR ..................................Internal Rate of Return Jaws ...............................Jaws is defined as the combined benefit derived from the increase in income and the reduction in expenses. Major Tenants ................ Retail tenancies including Supermarkets, Discount Department Stores, Department Stores and Cinemas. MAT ................................Moving Annual Turnover MER ................................ Management Expense Ratio Management Expense Ratio is defined as management expenses divided by assets under management. 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 NAV .................................Net Asset Value NLA ................................Net Lettable Area NPAT ...............................Net Profit After Tax NTA .................................Net Tangible Assets per security. Ordinary Securities ........ Ordinary securities are those that are most commonly traded on the ASX. The ASX defines ordinary securities as those securities that carry no special or preferred rights. Holders of ordinary securities will usually have the right to vote at a general meeting of the company, and to participate in any dividends or any distribution of assets on winding up of the company on the same basis as other ordinary securityholders. PCA .................................Property Council of Australia Premium Grade..............As per the Property Council of Australia’s ‘A Guide to Office Building Quality’ Prime Grade ...................Prime Grade includes assets of Premium and A Grade quality. psm ................................Per square metre 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. ROCE ..............................Return on capital expenditure Specialty Tenants ...........Retail tenancies with a GLA below 400 sqm. Sqm ................................Square metre TR ................................... Total Return Total Return is defined as the sum of the change in Net Tangible Assets, plus the distribution per security over the period, divided by the NTA at the beginning of the period. TSR ................................. Total Securityholder Return Total Securityholder Return is defined as the distribution per security plus change in security price. Total Tangible Assets .....Total Tangible Assets is defined as per the Constitution of the Trust and equals Total Assets less Intangible Assets reported in the Statement of Financial Position. USPP ..............................United States Private Placement VWAP ..............................Volume weighted average price WACD .............................Weighted average cost of debt WACR .............................Weighted average capitalisation rate WALE ..............................Weighted average lease expiry WANOS ...........................Weighted average number of securities

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INTERIM RESULT > GPT FINANCIAL PERFORMANCE 2014

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FINANCIAL SUMMARY

Financial Performance

Financial Performance
6 months to 30 June	2014	2013	Change
Funds From Operations (FFO) ($m)	223.6	223.6	-
Net profit after tax ($m)	240.6	257.0	Down 6.4%
Earnings per ordinary security (cents)	13.3	12.7	Up 4.5%
Earnings yield (based on period end price)	7.0%	6.7%	Up 30 bps
Distribution per security (cents)	10.5	10.1	Up 4.0%
Distribution yield (based on period end price)	5.5%	5.3%	Up 20 bps
Net interest expense ($m)	(47.4)	(49.8)	Down 4.8%
Interest capitalised ($m)	4.4	0.6	Up 633.3%
Weighted average cost of debt	4.81%	5.10%	Down 29 bps
Interest cover (x)	5.6 times	5.4 times	Up 3.7%

The weighted average number of ordinary stapled securities was 1,687.2 million at 30 June 2014 and 1,766.4 million at 30 June 2013.

	As at 30 Jun 14	As at 31 Dec 13	Change
Total assets ($m)	9,559.0	9,421.8	Up 1.5%
Total borrowings ($m)	2,415.5	2,310.4	Up 4.5%
NTA per security ($)	3.82	3.79	Up 0.7%
Net gearing	24.8%	22.3%	Up 250 bps
Net look through gearing	27.3%	23.2%	Up 410 bps
Weighted average term to maturity	6.0 years	5.5 years	Up 0.5 years
Credit ratings	A- (positive) / A3 (stable)	A- (stable) / A3 (stable)
Weighted average term of interest rate hedging	5.2 years	5.9 years	Down 0.7 years

RESULTS SUMMARY

RESULTS SUMMARY
Segmentperformance 6 months to 30 June ($m)	2014	2013	Comment
Retail NOI	123.6	139.6	Comparable incomegrowth of 2.6%
Office NOI	67.8	73.1	Comparable income decline of 3.1%
Logistics NOI	43.1	37.1	Comparable incomegrowth of 0.6%
Income from Funds	38.7	35.8	Increased distribution from higher interest in GWOF and GWSCF plus Fund asset acquisitions
Investment Management Expenses	(2.3)	(3.0)
Investment Management	270.9	282.6
Asset Management	2.5	2.6
Development - Retail & Major Projects	1.8	1.2
Development - Logistics	2.0	(1.3)
Funds Management	15.5	10.1
Net financing costs	(47.4)	(49.8)	Lower cost of debt and increase in capitalised interest offset byhigher amount of debt
Corporate Management & Administrative Expenses	(12.6)	(14.4)
Tax Expenses	(2.2)	(0.6)
Non-Core	5.5	5.6
Less: distribution to exchangeable securities	(12.4)	(12.4)
Total Funds From Operations (FFO)	223.6	223.6
Valuation increase - core operations	30.8	20.0
Financial instruments mark to market value movements and net foreign exchange movements	(27.4)	8.3
Other items	1.2	(7.3)
Exclude distributions on exchangeable securities in Funds From Operations	12.4	12.4
Net profit after tax	240.6	257.0

RESULTS SUMMARY

Segment Result

Segment Result
6 months to 30 June 2014 ($m)	Investment Management	Asset Management	Development - Retail & Major Projects	Development - Logistics	Funds Management	Corporate	Total Core Operations	Non-Core, Consolidation & Eliminations	Total
Property net income (including share from joint venture entities and associates)	273.2				5.6		278.8		278.8
Management fees income		17.5			16.0		33.5		33.5
Development fees income (including share of profit from joint venture entities)			5.6	3.8			9.4		9.4
Management & Administrative Expenses	(2.3)	(15.0)	(3.8)	(1.8)	(6.1)	(12.6)	(41.6)		(41.6)
Net interest expense						(47.4)	(47.4)	6.4	(41.0)
Segment Result Before Tax	270.9	2.5	1.8	2.0	15.5	(60.0)	232.7	6.4	239.1
Income tax expense						(2.2)	(2.2)	(0.9)	(3.1)
Distribution to exchangeable securities						(12.4)	(12.4)		(12.4)
Segment Result for the period	270.9	2.5	1.8	2.0	15.5	(74.6)	218.1	5.5	223.6

FUNDS FROM OPERATIONS TO ADJUSTED FUNDS FROM OPERATIONS

6 months to 30 June ($m)	2014	2013
Core business	292.7	295.2
Non-core operations	5.5	5.6
Financing and corporate overheads	(62.2)	(64.8)
Less: distribution to exchangeable securities	(12.4)	(12.4)
Funds From Operations	223.6	223.6
Maintenance capital expenditure	(19.8)	(14.7)
Lease incentives (including rent free)	(20.5)	(31.4)
Adjusted Funds From Operations	183.3	177.5

CAPITAL EXPENDITURE OVERVIEW

CAPITAL EXPENDITURE	OVERVIEW
Capital Expenditure ($m)	1H 2014	FY 2013	1H 2013
Maintenance capital expenditure	19.8	40.4	14.7
Lease incentives (including rent free)	20.5	50.8	31.4
Total operating capital expenditure	40.3	91.2	46.1
Development capital expenditure	138.4	80.4	17.7
Interest capitalised	4.4	3.0	0.6
Total property capital expenditure	183.1	174.6	64.4

INVESTMENTS AND INCOME

Proportion of Real Estate Investments

Proportion of Income

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As at 30 June 2014 As at 31 December 2013 6 months to 6 months to
30 June 2014 30 June 2013
Logistics 17%GWSCF 6%Office 24%Retail 44%GWOF 8% Logistics 15%GWSCF 6%Office 25%Retail 45%GWOF 8% Funds Management 16%Logistics 17%Non-Core 1%Office 23%Retail 43% Funds Management 14%Logistics 12%Office 24%Retail 48%
Non-Core 1% Non-Core 1% Non-Core 2%
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NTA MOVEMENT

Securities on Issue	NTA Movement	Net Assets ($m)	No. of Securities (million)	NTA per Security ($)
Opening balance 1 January 2014	NTA position as at 31 December 2013	6,423.5	1,694.9	3.79
Issue of securities
Buy back of securities	FFO	223.6		0.13
30 June 2014 Balance¹	Core revaluation (includes development profit)	30.8		0.02
1. Excludes exchangeable securities. On-market Security Buy Back at 30 June	Mark to market of Treasury	(30.2)		(0.02)
	Distribution	(177.0)		(0.10)
	Buy back	(41.0)	(11.4)	(0.00)
Securities acquired	Issue of securities	5.7	2.0	0.00
% of securities on issue	Other	(8.3)		(0.00)
Cost	Movement in net assets	3.6		0.03
Average price paid
Average discount to NTA	Less intangibles - movement	3.2		0.00
Value created	NTA position as at 30 June 2014	6,430.3	1,685.5	3.82
2. Discount to 30 June 2014 NTA.

CAPITAL MANAGEMENT SUMMARY

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Gearing ($m) As at 30 June 2014 Interest Cover ($m) 30 June 2014
Total assets 9,559.0 Funds From Operations 223.6
Less: intangible assets (47.5) Plus: taxes deducted 3.1
Total tangible assets 9,511.5 Add: distribution to exchangeable securities 12.4
Current borrowings 0.0
Non-current borrowings 2,415.5 Add: Gross Finance Costs for the period (post capitalised interest) 52.0
Total borrowings [1] 2,415.5 Earnings before Interest & Tax 291.1
Headline gearing 25.4% Gross Finance Costs 52.0
Net gearing 24.8% Interest Cover 5.6 times
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Includes fair value adjustment. As at 30 June 2014, drawn debt is $2,405 million.

LOOK THROUGH GEARING

Look Through Gearing as at 30 June 2014 ($m)	GPT Group	GWOF	GWSCF	Other²	Total
Share of assets of non-consolidated entities
Group total tangible assets	9,511.5				9,511.5
(i) Plus: GPT share of assets of non-consolidated entities		993.8	704.7	817.7	2,516.1
(ii) Less: total equity investment in non-consolidated entities		(761.0)	(512.3)	(742.5)	(2,015.8)
(iii) Less: GPT loans to non-consolidated entities				(8.3)	(8.3)
Total look through assets	9,511.5	232.8	192.4	66.9	10,003.5
Group total borrowings	2,415.5				2,415.5
(iv) Plus: GPT share of external debt of non-consolidated entities		209.7	172.9	1.9	384.5
Total look through borrowings	2,415.5	209.7	172.9	1.9	2,800.0
Look through gearing					28.0%
Based on net debt1					27.3%

Net debt equals debt less cash/total tangible assets less cash.
Retail, office and other assets (held in associates).

DEBT

Debt Cost as at 30 June 2014	Debt ($m)	% of Total Debt (%)	Interest Rate (%)
Hedged debt	1,825	76%	3.64%
Floating debt	580	24%	2.74%
Total debt	2,405		3.43%
Margin			0.98%
Fees			0.43%
All-in cost of funds			4.84%

Debt Funded Capacity as at 30 June 2014	Current Gearing (%)	Investment Capacity ($m)
Balance Sheet	25.4%	700
Wholesale Funds
- Office	21.1%	635
- Retail	24.5%	280
Total		1,615

Sources of Drawn Debt As at 30 June 2014

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Domestic
bank debt 42%
Foreign bank debt 14%
Secured bank debt 4%
Domestic MTNs 14%
Foreign MTNs 4%
USPP 18%
CPI bonds 4%
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DEBT FACILITIES

Current Debt Facilities as at 30 June 2014

Current Debt Facilities as	at 30 June 2014
	Outstanding ($m) (equiv)	Maturity Date	Limit ($m) (equiv)	Available ($m) (equiv)
Bank Bilateral	200	11 Jul 15	200	0
Bank Bilateral	150	10 Sep 15	150	0
Bank Bilateral	150	11 Sep 15	150	0
Bank Facility - Metroplex	6	21 Nov 15	10	4
Bank Facility - Somerton	80	31 Mar 16	83	2
Bank Bilateral	140	1 Apr 16	140	0
Bank Bilateral	100	1 Apr 16	100	0
Bank Bilateral	100	1 Apr 16	100	0
Bank Bilateral	0	30 Nov 16	75	75
Bank Facility - Metroplex	12	21 May 17	12	0
Bank Bilateral	300	30 Sep 17	300	0
Bank Bilateral	17	26 Oct 17	75	58
Medium Term Notes	30	19 Nov 17	30	0
Bank Bilateral	325	26 Oct 18	325	0
Medium Term Notes	250	24 Jan 19	250	0
Medium Term Notes	50	16 Aug 22	50	0
US Private Placement	146	19 Jun 25	146	0
Medium Term Notes	99	5 Feb 28	99	0
US Private Placement	97	19 Jun 28	97	0
US Private Placement	67	8 Jul 29	67	0
CPI Indexed Bonds	85	10 Dec 29	85	0
Total Borrowings	2,405		2,543	139

Current Forward Start Debt Facilities

Start Date	Maturity Date	Limit ($m) (equiv)
30 Sep 14	30 Mar 19	100
8 Jul 14	8 Jul 29	121
Total		221

DEBT MATURITY PROFILE

As at 30 June 2014

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Facility A$ millions
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
423
405
350
325
289
273
196
146
75
50
12
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LIQUIDITY PROFILE

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Liquidity Profile
As at 30 June 2014
1.0
0.8
0.6
($bn)
0.4
0.2
0.0
Cash balance Undrawn Current Forward Start Retained Sale of Participation Capex Excess
30 June 2014 existing liquidity Facilities earnings assets in Funds’ liquidity at
facilities equity raise 31 Dec 2014
& DRP
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HEDGING PROFILE

HedgingProfile as at 30 June 2014	HedgingProfile as at 30 June 2014
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 2014	3.64%	1,265	560
30 June 2015	3.71%	965	710
30 June 2016	3.71%	1,040	710
30 June 2017	3.70%	1,040	710
30 June 2018	4.03%	1,240	710
30 June 2019	4.02%	440	135

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4.03% 3.97%
3,000 3.64% 3.63% 3.71% 3.74% 3.71% 3.70% 3.70% 3.69% 4.00%
2,500
3.00%
2,000
($m)
1,500 2.00%
1,000
1.00%
500
0 0.00%
Forecast Debt Long term “interest rate risk management” swaps
Short Term “interest cost management” swaps Fixed rate debt
Weighted average fixed rate
Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18
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INTERIM RESULT > GPT RETAIL PORTFOLIO 2014

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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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Darwin
1
NT Brisbane
QLD
1
WA
SA
Sydney
NSW
Canberra 7
1
VIC
6 Melbourne
TAS
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Number of assets in each state
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Northern Territory

GPT OWNED Casuarina Square (50%)

GWSCF OWNED Casuarina Square (50%)

Queensland

GPT OWNED Sunshine Plaza (50%)*

Australian Capital Territory

GWSCF OWNED Westfield Woden (50%)*

Not managed by GPT

Retail Portfolio Definitions

Specialty Tenants - includes tenancies with a GLA below 400 sqm

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.

New South Wales

GPT OWNED

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

GWSCF OWNED

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

Victoria

GPT OWNED

Dandenong Plaza Melbourne Central Highpoint Shopping Centre (16.67%)

GWSCF OWNED

Chirnside Park

Highpoint Shopping Centre (50%) Northland Shopping Centre (50%)* Parkmore Shopping Centre

GLA and number of tenancies is updated on an annual basis, as at 31 December 2013 (excludes Northland, updated as at 30 June 2014).

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 2.6% over the first half of 2014.

Top Ten Tenants[1] As at 30 June 2014

Asset Quality As at 30 June 2014

Geographic Weighting As at 30 June 2014

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Premier
Retail
Wesfarmers Woolworths Myer (Just Group) 100
80
NSW 44%
5.2% 4.4% 2.9% 2.7% 60 VIC 39%
(%) QLD 9%
40 ACT 1%
Country James NT 7%
Cotton on Road Pascoe
Clothing Hoyts Group BB Retail Westpac Group 20
2.1% 1.6% 1.3% 1.2% 1.2% 1.2%
0
GPT Peer Peer Peer Peer
1 2 3 4
1. Based on gross rent (including turnover rent).
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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Location Owner- GLA 30 Jun 14 30 Jun 14 31 Dec 13 External or Occupancy Annual Occupancy Specialty
ship (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% 53,500 256.0 6.00% 6.00% Directors 99.8% 396.6 15.5% 10,967
Charlestown Square NSW 100% 89,300 838.7 5.88% 6.00% External 98.7% 508.1 16.9% 9,277
Dandenong Plaza VIC 100% 61,400 173.5 8.00% 8.00% Directors N/A 206.2 18.4% 6,321
Highpoint Shopping Centre¹ VIC 16.67% 153,900 307.7 5.50% 5.50% Directors 99.5% 881.5 20.9% 9,530
Melbourne Central [2] VIC 100% 52,700 1,003.7 5.75% 5.75% Directors 99.6% 393.0 21.4% 9,596
Rouse Hill Town Centre NSW 100% 68,900 472.7 6.00% 6.00% Directors 99.8% 400.2 15.0% 7,425
Sunshine Plaza QLD 50% 72,700 407.5 5.75% 5.75% External 99.6% 517.1 18.5% 11,312
Westfield Penrith NSW 50% 91,700 562.5 5.75% 5.75% External 99.9% 590.5 19.5% 10,759
GWSCF Portfolio
Casuarina Square NT 50% 53,500 255.8 6.00% 6.00% Directors 99.8% 396.6 15.5% 10,967
Chirnside Park VIC 100% 37,900 233.7 6.75% 7.00% External 99.9% 251.9 16.1% 9,803
Forestway Shopping Centre NSW 100% 9,600 87.0 7.50% 7.50% Directors 100.0% 99.9 15.4% 10,763
Highpoint Shopping Centre¹ VIC 50% 153,900 922.7 5.50% 5.50% Directors 99.5% 881.5 20.9% 9,530
Macarthur Square NSW 50% 94,100 406.6 6.25% 6.25% Directors 99.9% 545.8 17.7% 9,207
Northland Shopping Centre VIC 50% 94,600 499.2 5.75% N/A Directors 99.7% 497.8 22.1% 8,205
Norton Plaza NSW 100% 11,900 114.0 6.75% 7.00% External 100.0% 118.0 13.6% 11,224
Parkmore Shopping Centre VIC 100% 36,800 224.0 7.00% 7.00% External 99.3% 241.9 15.5% 8,382
Westfield Woden ACT 50% 72,300 313.5 6.25% 6.25% External 99.5% 367.4 20.2% 8,639
Wollongong Central NSW 100% 37,900 432.4 6.25% 6.50% External N/A 151.5 19.3% 8,636
Total 1,039,200 5.96% [3] 5.99% [3] 99.5% [4] 6,167.4 18.0% [5] 9,613 [5]
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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 7.25%.
Includes GPT shopping centres and GPT interest in GWSCF.
Excludes development impacted centres: Dandenong Plaza and Wollongong Central.
Includes 100% interest in GPT and GWSCF assets. Excludes Northland Shopping Centre and development impacted centres: Dandenong Plaza, Highpoint Shopping Centre and Wollongong Central.

RETAIL SALES SUMMARY

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Moving Annual Turnover (MAT) Occupancy Costs
Ownership Centre MAT Comparable Centre Specialty MAT Comparable Specialty Centre Specialty
($psm) MAT Growth ($psm) MAT Growth
Casuarina Square GPT/GWSCF 8,475 0.7% 10,967 3.1% 9.8% 15.5%
Charlestown Square GPT 6,351 2.8% 9,277 2.6% 11.3% 16.9%
Chirnside Park GWSCF 7,514 (9.3%) 9,803 (4.5%) 8.0% 16.1%
Forestway Shopping Centre GWSCF 16,854 2.1% 10,763 (2.3%) 6.3% 15.4%
Melbourne Central Retail GPT 7,907 5.5% 9,596 3.6% 17.7% 21.4%
Macarthur Square GWSCF/APPF 6,195 0.0% 9,207 3.4% 11.1% 17.7%
Norton Plaza GWSCF 13,825 0.4% 11,224 1.7% 6.2% 13.6%
Parkmore Shopping Centre GWSCF 7,021 (0.7%) 8,382 0.5% 8.1% 15.5%
Rouse Hill Town Centre GPT 6,649 4.3% 7,425 8.3% 9.1% 15.0%
Sunshine Plaza GPT/APPF 8,385 1.2% 11,312 3.0% 11.2% 18.5%
Westfield Penrith [1] GPT/Westfield 7,244 (1.2%) 10,759 3.2% 12.5% 19.5%
Westfield Woden [1] GWSCF/Westfield 6,103 (1.8%) 8,639 (1.0%) 12.0% 20.2%
Total 7,255 0.5% 9,613 2.7% 11.1% 18.0%
Centres Under Development
Dandenong Plaza GPT 4,473 (8.9%) 6,321 (7.4%) 11.2% 18.4%
Highpoint Shopping Centre GPT/GWSCF/HPG 6,246 26.1% 9,530 20.8% 14.2% 20.9%
Wollongong Central GWSCF 5,038 (6.1%) 8,636 (4.0%) 14.6% 19.3%
Assets Acquired
Northland Shopping Centre [2] GWSCF/CFS 5,803 (0.4%) 8,205 (0.5%) 14.0% 22.1%
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Analysis provided by Westfield.
Analysis provided by CFS.

COMPARABLE CHANGE IN RETAIL SALES BY CATEGORY

Retail sales showed positive growth over the 12 months to 30 June 2014 with total centre sales up 0.5% and specialties up 2.7%.

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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Structured
Rent Increases
4.5% Fixed 86%
Average Other [1 ] 14%
Increase
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Structured specialty rent increases for the six months to 31 December 2014. Based on specialty base rent. 1. Other includes expiries in 2014.

Comparable Change in Retail Sales by Category as at 30 June 2014	MAT ($m)	12 Months Growth
Department Store	$197	(1.0%)
Discount Department Store	$485	(5.8%)
Supermarket	$934	(0.7%)
Mini Majors	$477	(2.5%)
Other Retail¹	$394	5.9%
Total Specialties	$1,944	2.7%
Total Centre	$4,430 0.5%
Specialty Sales Split
Retail Services	$160	10.6%
General Retail	$196	4.9%
Food Catering	$359	4.0%
Leisure	$119	4.0%
Food Retail	$149	3.1%
Apparel	$673	0.9%
Jewellery	$133	0.7%
Homewares	$89	(2.4%)
Mobile Phones	$66	(2.4%)

Excludes Northland Shopping Centre and development impacted centres: Highpoint Shopping Centre, Dandenong Plaza and Wollongong Central. Based on 100% of GPT and GWSCF assets.

Other Retail includes travel agents, lotto, automotive accessories, cinemas, and other entertainment and other reporting tenants.

RETAIL SALES

Retail specialty sales have increased by 2.7% over the 12 months to 30 June 2014.

Specialty MAT Growth

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7.0%
6.0% 5.8% [6.0%]
5.0%
4.8%
4.4%
4.0% 3.9% [4.0%]
3.6%
3.3%
3.2%
3.0%
2.8% 2.7%
2.3%
2.1%
2.0%
1.8%
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 Dec 13 Jun 14
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100% of GPT & GWSCF assets. Excludes development impacted centres and Northland Shopping Centre.

WEIGHTED AVERAGE CAPITALISATION RATE

The weighted average capitalisation rate of the retail portfolio firmed by 3 basis points over the past six months to 5.96% at 30 June 2014.

Weighted Average Capitalisation Rate

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5.84% 6.04% 6.26% 6.26% 6.25% 6.21% 6.19% 6.21% 6.10% 6.07% 6.03% 5.99% 5.96%
5.63%
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Dec 07 Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14

LEASE EXPIRY PROFILE

Weighted Average Lease Expiry (by base rent) as at 30 June 2014

Major Tenants	11.6 years
Mini-Major Tenants	4.2 years
Specialty Tenants	2.5 years
Weighted Total	4.0 years

Total Centres

Total Specialty Tenants

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19.2%
22.6%
16.6% 20.3%
12.9% [13.1%]
15.5%
11.7% 14.4%
13.8%
8.9%
7.3%
5.8% 7.5%
3.4%
1.7% 1.4% 1.5%
1.0% 0.4% [0.7%] 0.3%
2H 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+ 2H 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+
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RETAIL PORTFOLIO EXTERNAL VALUATION SUMMARY

48% of the GPT retail portfolio was valued externally in the six months to 30 June 2014.

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State Date Valuer Valuation Interest Capitalisation Terminal Discount
($m) (%) Rate Capitalisation Rate
(%) Rate (%) (%)
GPT Portfolio
Casuarina Square NT 31 Dec 13 JLL 247.0 50% 6.00% 6.25% 8.75%
Charlestown Square NSW 30 Jun 14 Savills 838.7 100% 5.88% 6.13% 8.75%
Dandenong Plaza VIC 30 Jun 13 Colliers 155.0 100% 8.00% 8.25% 9.50%
Highpoint Shopping Centre¹ VIC 30 Sep 13 Savills 306.4 16.67% 5.50% 5.75% 8.50%
Melbourne Central [2] VIC 31 Dec 13 Savills 998.2 100% 5.75% 6.00% 8.75%
Rouse Hill Town Centre NSW 31 Dec 13 JLL 470.0 100% 6.00% 6.25% 8.75%
Sunshine Plaza QLD 30 Jun 14 CBRE 407.5 50% 5.75% 6.00% 8.75%
Westfield Penrith NSW 30 Jun 14 JLL 562.5 50% 5.75% 6.00% 8.50%
GWSCF Portfolio
Casuarina Square NT 31 Dec 13 JLL 247.0 50% 6.00% 6.25% 8.75%
Chirnside Park VIC 30 Jun 14 CBRE 233.7 100% 6.75% 7.00% 8.75%
Forestway Shopping Centre NSW 31 Mar 14 CBRE 86.9 100% 7.50% 7.75% 9.00%
Highpoint Shopping Centre¹ VIC 30 Sep 13 Savills 919.3 50% 5.50% 5.75% 8.50%
Macarthur Square NSW 31 Mar 14 CBRE 404.5 50% 6.25% 6.50% 8.75%
Northland Shopping Centre VIC 31 Mar 14 CBRE 497.0 50% 5.75% 5.88% 8.50%
Norton Plaza NSW 30 Jun 14 Colliers 114.0 100% 6.75% 7.00% 8.75%
Parkmore Shopping Centre VIC 30 Jun 14 Colliers 224.0 100% 7.00% 7.25% 8.75%
Westfield Woden ACT 30 Jun 14 Savills 313.5 50% 6.25% 6.50% 8.75%
Wollongong Central NSW 30 Jun 14 CBRE 432.4 100% 6.25% 6.50% 8.50%
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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

	Income 6 months to 30 June ($m)	Income 6 months to 30 June ($m)	Income 6 months to 30 June ($m)				Fair Value	Fair Value	Fair Value			% of Portfolio (%)
				Fair Value 31 Dec 13 ($m)	Capex ($m)	Lease Incentives ($m)	Acquisitions ($m)	Sales ($m)	Net Revaluations ($m)	Other Adjustments ($m)	Fair Value 30 Jun 14 ($m)
	2013	2014	Variance
GPT Portfolio
Casuarina Square	7.7	7.9	0.2	247.0	9.0	0.1	0.0	0.0	0.0	0.0	256.0	5.6
Charlestown Square	24.4	24.6	0.3	829.9	0.6	0.5	0.0	0.0	7.6	0.0	838.7	18.5
DandenongPlaza	9.5	8.1	(1.4)	158.8	14.6	0.1	0.0	0.0	0.0	0.0	173.5	3.8
Highpoint ShoppingCentre	7.5	8.7	1.2	307.2	0.3	0.2	0.0	0.0	0.0	0.0	307.7	6.8
Melbourne Central	30.4	31.4	1.1	998.2	0.7	0.3	4.8	0.0	(0.3)	0.0	1,003.7	22.1
Rouse Hill Town Centre	14.4	14.5	0.1	470.0	1.7	1.0	0.0	0.0	0.0	0.0	472.7	10.4
Sunshine Plaza	11.4	11.9	0.5	399.2	0.6	0.4	0.0	0.0	7.4	0.0	407.5	9.0
Westfield Penrith	16.2	16.4	0.2	553.9	1.0	0.7	0.0	0.0	6.9	0.0	562.5	12.4
Equity Interests
GPT Equity Interest in GWSCF (20.1%)¹	14.7	15.0	0.3	523.8	-	-	-	-	(11.5)	-	512.3	11.3
Total Retail Portfolio	136.1	138.6	2.5	4,488.0	28.5	3.2	4.8	0.0	10.2	0.0	4,534.7

GPT Equity Interest in GWSCF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations during the period resulting from mark to market movements of financial instruments and investment property revaluations. Net income for the six months to 30 June 2014 represents distributions declared from the Fund for the March 2014 and June 2014 quarterly distribution periods.

RETAIL SUSTAINABILITY

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Area Water (Total) Emissions Waste
GLA Litres/m [2] kg CO [2] -e/m [2] % Recycled/Reused
GPT Portfolio
Casuarina Square 53,500 2,201 112 24%
Charlestown Square 89,300 806 49 85%
Dandenong Plaza 61,400 896 120 18%
Highpoint Shopping Centre 153,900 874 103 24%
Melbourne Central 52,700 1,974 193 25%
Rouse Hill Town Centre 68,900 712 48 67%
Sunshine Plaza 72,700 905 93 46%
Westfield Penrith 91,700 1,484 110 40%
GWSCF Portfolio
Casuarina Square 53,500 2,201 112 24%
Chirnside Park 37,900 1,031 62 31%
Forestway Shopping Centre 9,600 1,781 61 24%
Highpoint Shopping Centre 153,900 874 103 24%
Macarthur Square 94,100 1,161 68 41%
Norton Plaza 11,900 1,311 104 25%
Parkmore Shopping Centre 36,800 844 90 34%
Westfield Woden 72,300 1,198 83 28%
Wollongong Central 37,900 745 79 49%
Total 1,121 92 38%
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Note: Sustainability data as at 31 December 2013.

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 2014

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GWSCF - Portfolio by Sub-Sector
As at 30 June 2014
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Premier
Retail
Wesfarmers Woolworths Myer (Just Group)
5.7% 4.9% 2.9% 2.1%
Regional 94%
Other 6%
Speciality James
Fashion Cotton Pascoe
David Jones Hoyts Westpac Group On Clothing Group
2.1% 1.8% 1.5% 1.5% 1.4% 1.3%
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Based on gross rent (including turnover rent).

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INTERIM RESULT > GPT OFFICE PORTFOLIO 2014

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OFFICE PORTFOLIO OVERVIEW

GPT’s office portfolio comprises ownership in 23 high quality assets with a total investment of $3.0 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
Brisbane
QLD
4
WA
SA
NSW Sydney
10
VIC
9 Melbourne
TAS
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l Number of assets in each state

NEW SOUTH WALES

GPT Owned

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

GWOF Owned

Liberty Place (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%) One One One Eagle Street (33%) Riverside Centre 545 Queen Street

VICTORIA

GPT Owned

Melbourne Central Tower 818 Bourke Street

GWOF Owned

2 Southbank Boulevard (50%) 8 Exhibition Street (50%) Twenty8 Freshwater Place (50%) 530 Collins Street 655 Collins Street 750 Collins Street 800/808 Bourke Street

OFFICE PORTFOLIO SUMMARY

GPT has the highest exposure to Prime Grade office assets out of the listed AREIT sector. The GPT office portfolio is underpinned by a strong weighted average lease term of 6.3 years.

Top Ten Tenants[1] As at 30 June 2014

Asset Quality As at 30 June 2014

Geographic Weighting As at 30 June 2014

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100
Members Ericsson
Government Equity NAB Australia PwC
80
11.0% 3.3% 2.6% 2.4% 2.4% 60
(%)
40
Arrow King & Wood
Energy Citibank ANZ Mallesons CBA
20
2.2% 2.2% 2.2% 2.2% 2.1%
0
GPT Peer Peer Peer Peer Peer
1 2 3 4 5
Other
A Grade
Premium
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Based on gross rent.

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Sydney 58%
Melbourne 28%
Brisbane 14%
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OFFICE PORTFOLIO SUMMARY

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Location Owner- Office 30 Jun 14 30 Jun 14 31 Dec 13 External Office Occupancy WALE
ship NLA Fair Cap Rate Cap Rate or Directors By
(100% Value (%) (%) Valuation Inc. Inc. Income
Interest) ($m) Actual Signed Heads of (Years)
(sqm) Leases Agreement
GPT Portfolio
Australia Square, Sydney NSW 50% 51,400 320.0 6.50% 6.75% External 93.6% 97.7% 97.7% 5.2
Citigroup Centre, Sydney NSW 50% 73,400 399.5 6.50% 6.50% Directors 79.2% 92.4% 92.7% 6.5
MLC Centre, Sydney NSW 50% 68,500 365.0 6.75% 7.00% External 64.0% 65.8% 68.4% 6.3
1 Farrer Place, Sydney NSW 25% 86,400 336.3 6.00% 6.25% External 83.3% 85.1% 89.5% 6.8
Melbourne Central Tower, Melbourne VIC 100% 65,700 399.7 6.75% 6.75% Directors 88.5% 88.5% 88.5% 5.0
818 Bourke Street, Melbourne VIC 100% 21,900 150.0 7.00% 7.25% External 100.0% 100.0% 100.0% 4.3
One One One Eagle Street, Brisbane QLD 33% 63,800 229.7 6.50% 6.50% Directors 83.7% 93.6% 93.6% 9.4
GWOF Portfolio
Liberty Place, Sydney NSW 50% 56,400 452.5 6.00% 6.25% External 100.0% 100.0% 100.0% 10.9
Darling Park 1 & 2, Sydney NSW 50% 101,800 620.1 6.38% - 6.75% 6.50% - 6.75% Directors 100.0% 100.0% 100.0% 5.0
Darling Park 3, Sydney NSW 100% 29,800 292.5 6.25% 7.00% External 100.0% 100.0% 100.0% 5.4
HSBC Centre, Sydney NSW 100% 37,300 341.6 7.00% 7.00% Directors 94.5% 94.5% 94.5% 3.5
workplace [6] , Sydney NSW 100% 16,300 173.1 7.00% 7.00% Directors 100.0% 100.0% 100.0% 5.4
The Zenith, Chatswood NSW 50% 43,400 128.5 8.00% 8.50% External 94.5% 94.5% 94.5% 3.7
2 Southbank Boulevard, Melbourne VIC 50% 53,500 198.0 6.25% - External 100.0% 100.0% 100.0% 3.7
8 Exhibition Street, Melbourne VIC 50% 44,600 175.1 6.25% 6.50% Directors 100.0% 100.0% 100.0% 6.4
Twenty8 Freshwater Place, Melbourne VIC 50% 33,900 123.5 6.75% 7.00% External 100.0% 100.0% 100.0% 4.7
530 Collins Street, Melbourne VIC 100% 65,700 444.2 6.50% 6.63% Directors 96.3% 96.3% 97.0% 6.4
655 Collins Street, Melbourne VIC 100% 16,600 112.0 6.25% - External 100.0% 100.0% 100.0% 15.4
750 Collins Street, Melbourne VIC 100% 37,300 263.0 7.13% - External 100.0% 100.0% 100.0% 5.4
800/808 Bourke Street, Melbourne VIC 100% 59,600 402.0 6.25% 6.50% External 100.0% 100.0% 100.0% 13.1
Brisbane Transit Centre, Brisbane QLD 50% 29,500 62.5 9.00% 9.00% Directors 69.2% 69.2% 69.2% 1.8
One One One Eagle Street, Brisbane QLD 33% 63,800 229.1 6.50% 6.50% Directors 83.7% 93.6% 93.6% 9.4
Riverside Centre, Brisbane QLD 100% 51,700 590.0 6.75% 7.00% External 96.4% 96.4% 96.4% 4.7
545 Queen Street, Brisbane QLD 100% 13,100 86.5 7.75% 7.75% Directors 100.0% 100.0% 100.0% 2.9
Total 1,121,500 6.56% 6.72% 88.3% 91.1% 91.7% 6.3
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WEIGHTED AVERAGE CAPITALISATION RATE

The weighted average capitalisation rate of the office portfolio firmed by 16 basis points to 6.56% over the 6 months to 30 June 2014.

Weighted Average Capitalisation Rate

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7.10% 7.27% 7.20% 7.14% 7.11% 7.07% 7.01% 6.86% 6.78% 6.72%
6.60% 6.56%
6.10%
Jun 08 Dec 08 Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14
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OFFICE PORTFOLIO LEASE EXPIRY PROFILE

GPT has successfully reduced and flattened its expiry profile, demonstrating a proactive approach to managing expiry risk.

Office Portfolio Lease Expiry Profile (by Area)

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19%
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12%
11%
9%
8% 8% 8% 8%
5%
4% 4%
3%
Vacant 2H 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+
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Note: Includes Signed Leases and Heads of Agreements

OFFICE MARKET OUTLOOK

Sydney and Melbourne CBD office markets are showing signs of stabilisation, whilst Brisbane continues to experience a soft market environment.

Total Vacancy

GPT’s office portfolio has a

diverse tenant mix across a wide range of sectors. Income growth is underpinned by 85% of reviewed leases being subject to a fixed rental review with an average increase of 3.9%. The weighted office portfolio is over-rented by 1.5%[1] .

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Rent Reviews
3.9% Fixed 85%
Average Other [2] 15%
Increase
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Structured rent reviews for the six months to

31 December 2014.

Passing rents struck on effective deals “faced up” at current incentive levels.
Other includes market reviews, CPI reviews and expiries in 2014.

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18%
15.1%
16%
14%
12%
10.4%
10%
10.3%
8%
6%
4%
2% Forecast
0% 2014-2016
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2H 2014 Average
Sydney CBD Melbourne CBD Brisbane CBD Vacancy
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Source: JLL Research, Q2 2014

Prime Incentives

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35% 32.8%
30% 30.3%
30.0%
25%
20%
15%
10% Forecast
5% 2014-2016
0% Average Prime
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2H 2014 Incentives
Sydney CBD Melbourne CBD Brisbane CBD
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Source: JLL Research, Q2 2014.

Note: Incentives in Sydney and Brisbane are based on gross face rents, whilst Melbourne is based on net face rents.

OFFICE PORTFOLIO EXTERNAL VALUATION SUMMARY

68% of the GPT office portfolio was valued externally in the six months to 30 June 2014.

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Capitalisation Terminal
State Date Valuer Valuation Interest Rate Capitalisation Discount Rate
($m) (%) (%) Rate (%) (%)
GPT Portfolio
Australia Square, Sydney NSW 30 Jun 14 Knight Frank 320.0 50% 6.50% 6.63% 8.50%
Citigroup Centre, Sydney NSW 31 Dec 13 CBRE 395.0 50% 6.50% 6.50% 8.75%
MLC Centre, Sydney NSW 30 Jun 14 CBRE 365.0 50% 6.75% 6.88% 8.50%
1 Farrer Place, Sydney NSW 30 Jun 14 Knight Frank 336.3 25% 6.00% 6.13% 8.25%
Melbourne Central Tower, Melbourne VIC 31 Dec 13 Knight Frank 394.0 100% 6.75% 7.00% 8.65%
818 Bourke Street, Melbourne VIC 30 Jun 14 CBRE 150.0 100% 7.00% 7.25% 8.50%
One One One Eagle Street, Brisbane QLD 31 Mar 14 JLL 228.3 33% 6.50% 6.50% 8.50%
GWOF Portfolio
Liberty Place, Sydney NSW 30 Jun 14 JLL 452.5 50% 6.00% 6.25% 8.00%
Darling Park 1 & 2, Sydney NSW 31 Mar 14 Knight Frank 620.0 50% [Office: 6.38% - 6.63% ] Retail: 6.75% Retail: 7.00%Office: 6.75% Retail: 8.75% Office: 8.50%
Darling Park 3, Sydney NSW 30 Jun 14 JLL 292.5 100% 6.25% 6.57% 8.25%
HSBC Centre, Sydney NSW 31 Dec 13 JLL 340.0 100% 7.00% 7.00% 8.75%
workplace [6] , Sydney NSW 31 Dec 13 CBRE 173.0 100% 7.00% 7.25% 8.75%
The Zenith, Chatswood NSW 30 Jun 14 JLL 128.5 50% 8.00% 8.25% 8.75%
2 Southbank Boulevard, Melbourne VIC 30 Jun 14 JLL 198.0 50% 6.25% 6.50% 8.25%
8 Exhibition Street, Melbourne VIC 31 Mar 14 m3 172.8 50% 6.50% 6.50% 8.50%
Twenty8 Freshwater Place, Melbourne VIC 30 Jun 14 JLL 123.5 50% 6.75% 6.75% 8.25%
530 Collins Street, Melbourne VIC 31 Dec 13 Knight Frank 445.0 100% 6.63% 6.75% 8.50%
655 Collins Street, Melbourne VIC 30 Jun 14 Knight Frank 112.0 100% 6.25% 7.00% 8.50%
750 Collins Street, Melbourne VIC 30 Jun 14 JLL 263.0 100% 7.13% 7.50% 8.50%
800/808 Bourke Street, Melbourne VIC 30 Jun 14 JLL 402.0 100% 6.25% 7.00% 8.25%
Brisbane Transit Centre, Brisbane QLD 31 Dec 13 Colliers 62.3 50% 9.00% 9.25% 9.25%
One One One Eagle Street, Brisbane QLD 31 Mar 14 JLL 228.3 33% 6.50% 6.50% 8.50%
Riverside Centre, Brisbane QLD 30 Jun 14 Knight Frank 590.0 100% 6.75% 6.75% 8.25%
545 Queen Street, Brisbane QLD 31 Dec 13 Colliers 86.5 100% 7.75% 8.00% 9.00%
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OFFICE PORTFOLIO INCOME AND FAIR VALUE SCHEDULE

Cap rate compression underpinning capital values.

	Income 6 months to 30 June($m)	Income 6 months to 30 June($m)	Income 6 months to 30 June($m)				Fair Value	Fair Value	Fair Value	Fair Value
				Fair Value 31 Dec 13 ($m)	Capex ($m)	Lease Incentives ($m)	Acquisitions ($m)	Sales ($m)	Net Revaluations ($m)	Other Adjustments ($m)	Fair Value 30 Jun 14 ($m)	% of Portfolio (%)
	2013	2014	Variance
GPT Portfolio
Australia Square, Sydney	9.2	10.0	0.8	311.1	4.1	2.0	0.0	0.0	3.0	(0.1)	320.0	10.8
Citigroup Centre, Sydney	13.2	14.2	1.1	395.0	0.9	3.5	0.0	0.0	0.0	0.1	399.5	13.5
MLC Centre, Sydney	13.7	9.5	(4.2)	384.4	11.1	4.8	0.0	0.0	(35.3)	0.0	365.0	12.3
1 Farrer Place, Sydney	10.7	10.2	(0.5)	335.6	(1.0)	0.3	0.0	0.0	0.9	0.5	336.3	11.4
Melbourne Central Tower,Melbourne	15.9	12.3	(3.6)	394.0	2.5	3.3	0.0	0.0	0.0	(0.1)	399.7	13.5
818 Bourke Street, Melbourne	5.0	5.3	0.2	138.4	0.1	0.0	0.0	0.0	11.5	0.0	150.0	5.1
One One One Eagle Street,Brisbane	5.4	6.4	1.0	224.9	(0.1)	2.6	0.0	0.0	2.4	0.0	229.7	7.8
EquityInterests
GPT Equity Interest in GWOF1(20.5%)	21.1	23.7	2.6	714.9	-	-	24.3	-	21.8	0.0	761.0	25.7
Total	94.2	91.6	(2.6)	2,898.3	17.5	16.5	24.3	0.0	4.3	0.3	2,961.2

GPT Equity Interest in GWOF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations during the period resulting from mark to market movements of financial instruments and investment property revaluations. Net income for the six months to 30 June 2014 represents distributions declared from the Fund for the March 2014 and June 2014 quarterly distribution periods.

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.

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NABERS Energy Rating
(including Green Power) NABERS Water Rating
2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014
GPT Portfolio
Australia Square, Sydney (Tower) 4.0 4.5 4.5 4.0 4.5 4.0 4.0 3.5 3.5 3.5 4.0 4.0 4.0 3.0
Australia Square, Sydney (Plaza) 5.0 5.0 5.0 5.0 5.0 5.0 5.5 3.5 4.0 4.0 3.5 4.0 4.0 4.0
Citigroup Centre, Sydney 4.5 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0 4.0 3.5 3.5 3.5 3.5
MLC Centre, Sydney 4.5 5.0 5.0 5.0 5.5 5.0 5.0 2.5 3.0 3.0 3.5 3.0 3.5 4.0
1 Farrer Place, Sydney, (GMT) 3.0 3.0 4.5 4.5 4.5 4.5 4.5 - 4.0 4.0 4.0 4.0 3.5 N/A
1 Farrer Place, Sydney (GPT) 3.0 3.0 4.0 4.0 3.5 4.5 4.5 - 3.0 3.0 3.0 3.0 3.5 N/A
Melbourne Central, Melbourne 4.5 4.5 4.5 5.0 5.0 5.0 4.5 2.0 3.5 3.5 2.5 3.0 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 5.0 5.5 5.0 5.5
One One One Eagle Street, Brisbane - - - - - - 5.5 - - - - - - 4.5
GWOF Portfolio
Liberty Place, Sydney [2] - - - - - - - - - - - -
Darling Park 1, Sydney 4.5 4.0 5.0 5.5 5.5 5.0 5.0 2.0 2.5 2.5 3.5 3.5 3.5 3.0
Darling Park 2, Sydney 5.0 5.0 5.0 5.0 5.0 5.0 5.5 3.0 3.0 3.0 3.5 3.5 3.0 3.5
Darling Park 3, Sydney 5.0 5.0 5.0 5.5 5.5 5.0 5.0 3.5 3.0 3.0 3.5 3.5 3.5 3.5
HSBC Centre, Sydney 3.5 3.5 4.0 4.0 4.5 5.0 5.0 3.0 3.0 3.0 2.5 3.0 3.5 3.0
workplace [6] , Sydney - - 5.0 5.5 5.5 5.0 5.0 - - 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 5.5 1.5 2.0 2.0 2.0 2.0 4.0 4.0
8 Exhibition Street, Melbourne - - - - - 4.5 4.5 - - - - - 4.0 3.5
530 Collins Street, Melbourne 4.0 4.5 5.0 5.0 5.5 5.5 5.0 3.0 3.0 3.0 3.5 3.5 3.0 2.0
655 Collins Street, Melbourne - - - - - - 4.5 - - - - - - 5.5
750 Collins Street, Melbourne - - - - - - 4.5 - - - - - - 4.5
800/808 Bourke Street, Melbourne 4.5 5.0 5.0 5.0 4.5 5.0 5.0 3.0 3.0 3.0 2.5 2.5 2.5 3.0
2 Southbank Boulevard, Melbourne - - - - - - 4.5 - - - - - - 3.5
Twenty8 Freshwater Place, Melbourne - - 5.0 5.0 5.0 5.0 5.0 - - 3.5 4.5 4.5 4.5 4.5
One One One Eagle Street, Brisbane - - - - - - 5.5 - - - - - - 4.5
Riverside Centre, Brisbane 5.0 5.0 5.0 5.0 5.0 5.0 5.0 3.5 3.5 3.5 3.5 3.0 3.5 3.5
Brisbane Transit Centre, Brisbane - - - - - 5.0/5.5 5.0/5.0 - - - - - 2.5/3.5 3.0/3.5
545 Queen Street, Brisbane - 5.0 5.0 5.0 5.0 5.5 5.0 - - 4.5 4.5 4.5 4.0 N/A
Portfolio Average 4.4 4.6 4.8 5.0 5.0 5.0 4.9 2.8 3.2 3.3 3.7 3.7 3.7 3.6
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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.

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.

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Area Water (total) Emissions Waste
NLA Litres/m [2] kg CO2-e/m [2] % Reused/Recycled
GPT Portfolio
Australia Square, Sydney 51,600 958 97 56%
Citigroup Centre, Sydney 73,400 650 85 81%
MLC Centre, Sydney 68,500 744 116 58%
1 Farrer Place, Sydney 86,500 783 102 67%
Melbourne Central Tower, Melbourne 65,800 602 44 72%
818 Bourke Street, Melbourne 21,900 119 47 51%
GWOF Portfolio
Darling Park 1 & 2, Sydney 102,000 811 42 63%
Darling Park 3, Sydney 29,800 831 62 66%
HSBC Centre, Sydney 37,300 955 108 55%
workplace [6, ] Sydney 16,300 194 59 48%
The Zenith, Chatswood 44,000 621 71 63%
Twenty8 Freshwater Place, Melbourne 33,900 412 52 70%
530 Collins Street, Melbourne 66,000 473 75 58%
800/808 Bourke Street, Melbourne 59,600 584 0 44%
Brisbane Transit Centre, Brisbane 29,500 871 100 35%
Riverside Centre, Brisbane 51,600 794 86 59%
545 Queen Street, Brisbane 13,100 626 59 51%
Portfolio Average 682 69 61%
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Note: Only recycled waste reported. Sustainability data as at 31 December 2013.

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 2014

GWOF - Geographic Weighting As at 30 June 2014

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NAB PwC CBA Government AMP Brisbane
21%
8.4% 7.5% 6.8% 6.6% 5.5%
Herbert
Marsh Smith Ernst &
Mercer ANZ Freehills Suncorp Young
4.3% 4.2% 3.1% 2.9% 2.6%
Melbourne Sydney
37% 42%
1. Based on gross rent.
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Based on gross rent.

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INTERIM RESULT > GPT LOGISTICS PORTFOLIO 2014

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LOGISTICS PORTFOLIO OVERVIEW

GPT’s logistics portfolio consists of ownership in 30 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
3
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 372-374 Victoria Street, Wetherill Park 38 Pine Road, Yennora

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 16-28 Quarry Road, Yatala 59 Forest Way, Karawatha

Warehoused Assets

Optus Centre, 15 Green Square Close, Fortitude Valley, QLD

Vantage, 109 Burwood Road, Hawthorn, VIC

Number of assets in each state

LOGISTICS PORTFOLIO SUMMARY

The logistics portfolio delivered comparable income growth of 0.6%, maintaining a high occupancy level of 95.3% and a long weighted average lease expiry of 5.5 years.

Top Ten Tenants[1] As at 30 June 2014

Key Operating Metrics[2] Geographic Weighting[4] As at 30 June 2014 As at 30 June 2014

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Lion Schenker Freedom
Toll Wesfarmers Group Australia Furniture
1H 2014 1H 2013
Number of Assets [2] 30 29
10.3% 8.0% 5.6% 4.6% 4.5%
Portfolio Value [3] $1,307.7m $1,024.8m
Comparable Net 0.6% 3.2%
Income Growth
Australian
Pharmaceutical Goodman Super Occupancy 95.3% 98.5%
Industries Fielder Vodafone Cheap Auto Bluescope
Weighted Average 5.5 years 5.4 years
Lease Expiry
2. Consolidated properties are counted individually. Excludes
4.4% 4.0% 3.9% 3.3% 3.1% warehoused assets.
3. Includes land and development.
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NSW 60%
VIC 26%
QLD 14%
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Based on net rent. Excludes warehoused assets.
Excludes assets under development and warehoused assets.

LOGISTICS PORTFOLIO SUMMARY - NEW SOUTH WALES

The total value of the logistics portfolio has increased by $135.6 million to $1,308 million (including development assets) in the six months to 30 June 2014.

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Location Ownership GLA (100% 30 Jun 14 30 Jun 14 31 Dec 13 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 69.0 8.25% 8.25% Directors 100.0% 4.9
10 Interchange Drive, Eastern Creek NSW 100% 15,100 28.9 7.65% 7.65% Directors 100.0% 6.0
Connect@Erskine Park Stage 1 NSW 100% 15,200 38.8 7.50% 7.50% Directors 100.0% 15.0
Connect@Erskine Park Stage 2 NSW 100% 12,700 20.0 7.75% 7.75% Directors 100.0% 7.6
15 Berry Street, Granville NSW 100% 10,000 13.3 8.75% 8.75% Directors 100.0% 0.8
19 Berry Street, Granville NSW 100% 19,600 26.7 8.50% 8.50% Directors 100.0% 3.7
2-4 Harvey Road, Kings Park NSW 100% 40,300 46.5 8.25% 8.50% External 100.0% 3.2
407 Pembroke Road, Minto NSW 50% 15,300 23.3 8.50% 8.50% Directors 100.0% 5.4
4 Holker Street, Newington NSW 100% 7,400 24.0 8.75% 9.00% External 100.0% 3.0
18-24 Abbott Road, Seven Hills NSW 100% 19,400 14.5 10.00% 10.00% Directors 100.0% 3.4
83 Derby Street, Silverwater NSW 100% 17,000 25.2 8.50% 8.50% Directors 100.0% 3.4
3 Figtree Drive, Sydney Olympic Park NSW 100% 6,800 19.5 9.25% 9.25% Directors 100.0% 2.5
5 Figtree Drive, Sydney Olympic Park NSW 100% 8,800 23.6 8.25% 8.75% External 100.0% 4.6
7 Figtree Drive, Sydney Olympic Park [1] NSW 100% 3,500 13.5 N/A N/A Directors 100.0% 3.0
6 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 4,100 12.5 N/A N/A Directors 100.0% 0.8
8 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 3,300 10.3 N/A N/A Directors 100.0% 5.6
5 Murray Rose Avenue, Sydney Olympic Park NSW 100% 12,400 73.9 7.25% 7.50% External 100.0% 9.8
Quad 1, Sydney Olympic Park NSW 100% 5,000 20.8 8.25% 8.50% External 66.4% 3.2
Quad 2, Sydney Olympic Park NSW 100% 5,100 24.1 8.25% 8.25% External 100.0% 4.5
Quad 3, Sydney Olympic Park NSW 100% 5,200 24.8 8.25% 8.25% External 92.4% 3.9
Quad 4, Sydney Olympic Park NSW 100% 8,100 31.2 8.25% 8.25% External 100.0% 1.6
372-374 Victoria Street, Wetherill Park NSW 100% 20,500 18.5 9.25% 9.25% Directors 100.0% 0.7
38 Pine Road, Yennora NSW 100% 33,200 43.7 8.75% 8.75% Directors 100.0% 1.7
Sub Total - NSW Properties 329,900 646.6
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Valued on a rate per sqm of potential Gross Floor Area (GFA). Costs such as demolition and deferment of development have been deducted. The Present Value (PV) of the current lease has then been added to the value.

100

LOGISTICS PORTFOLIO SUMMARY

The total value of the logistics portfolio has increased by $135.6 million to $1,308 million (including development assets) in the six months to 30 June 2014.

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Location Ownership GLA (100% 30 Jun 14 30 Jun 14 31 Dec 13 External or Occupancy WALE
Interest) Fair Value Cap Rate Cap Rate Directors by Income
(sqm) ($m) (%) (%) Valuation (Years)
Sub Total - NSW Properties 329,900 646.6
Citiwest Industrial Estate, Altona North VIC 100% 90,000 66.9 8.50%-8.75% 8.50%-8.75% Directors 93.2% 2.2
Citiport Business Park, Port Melbourne VIC 100% 27,100 60.4 8.25% 8.25% Directors 67.0% 2.3
Austrak Business Park, Somerton VIC 50% 193,600 140.7 7.75% 7.75% External 80.5% 8.6
134-140 Fairbairn Road, Sunshine West VIC 100% 16,800 13.2 9.25% 9.25% Directors 100.0% 3.6
92-116 Holt Street, Pinkenba QLD 100% 14,500 14.1 9.00% 9.25% External 100.0% 3.6
16-28 Quarry Road, Yatala QLD 100% 41,600 44.5 9.50% 9.50% Directors 100.0% 1.7
59 Forest Way, Karawatha QLD 100% 44,000 89.5 7.13% 7.55% External 100.0% 14.7
Sub Total 757,500 1,076.0 8.17% 8.33% 95.3% 5.5
Assets Under Development
Erskine Park - Developments and Land NSW 100% 151.3 Directors
17 Berry Street, Granville - Land NSW 100% 2.9 Directors
407 Pembroke Road, Minto - Land NSW 50% 4.7 Directors
7 Parkview Drive, Sydney Olympic Park NSW 100% 45.3 Directors
Austrak Business Park, Somerton - Land VIC 50% 27.6 Directors
Total Logistics Portfolio 1,307.7
Warehoused Assets
Optus Centre, 15 Green Square Close, QLD 100% 16,600 110.0 7.75% 7.75% External 100.0% 8.1
Fortitude Valley
Vantage, 109 Burwood Road, Hawthorn VIC 100% 13,000 63.0 8.25% N/A External 100.0% 3.2
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101

WEIGHTED AVERAGE CAPITALISATION RATE

The weighted average capitalisation rate of the logistics portfolio firmed by 16 basis points to 8.17% over the past 6 months to 30 June 2014.

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% 8.33% 8.17%
Jun 09 Dec 09 Jun 10 Dec 10 Jun 11 Dec 11 Jun 12 Dec 12 Jun 13 Dec 13 Jun 14
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Note: Excludes warehoused assets and assets under development.

102

LEASE EXPIRY PROFILE

The portfolio has an attractive lease expiry profile with a weighted average lease expiry of 5.5 years.

Lease Expiry Profile

(by Area)

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29%
18%
15%
14%
7%
6%
3% 3% 3%
1%
0% 0%
Vacant 2H 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024+
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Note: Excludes warehoused assets, assets under development and land leases.

103

INDUSTRIAL MARKET OUTLOOK

Ongoing improvement in lead indicators such as trade volumes, housing construction and retail trade growth are yet to translate into industrial demand.

88% of the portfolio is subject to fixed rental increases with an average increase of 3.4% over the 2014 period with the balance subject to market and CPI reviews.

The logistics portfolio is well positioned with occupancy levels at 95.3% and a long WALE of 5.5 years. The logistics portfolio is over-rented by 7.4%.

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Rent Reviews
3.4%
Average Fixed 88%
Increase Other [1 ] 12%
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Structured rent reviews for the six months to 31 December 2014. Excludes warehoused assets. 1. Other includes market reviews, CPI reviews and expiries in 2014.

National Take-Up (m[2] )

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3,000,000
2,500,000
10 Year Average
2,000,000
1,500,000
1,000,000
500,000
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 1H 2014
Source: JLL Research, Q2 2014
National Supply (m [2] )
3,000,000 Under Construction
Completed
2,500,000
2,000,000 10 Year Average
1,500,000
1,000,000
500,000
0
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
)Take-Up (m2
)Take-Up (m2
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Source: JLL Research, Q2 2014

104

LOGISTICS PORTFOLIO EXTERNAL VALUATION SUMMARY

48% of the portfolio was valued externally in the 6 months to 30 June 2014.

	Location	Date	Valuer	Valuation ($m)	Interest (%)	Capitalisation Rate (%)	Terminal Capitalisation Rate (%)	Discount Rate (%)
Rosehill Business Park,Camellia	NSW	31 Dec 13	JLL	68.5	100%	8.25%	8.25%	9.50%
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	Knight Frank	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 14	Savills	46.5	100%	8.25%	8.50%	9.25%
407 Pembroke Road,Minto	NSW	30 Jun 13	Knight Frank	23.3	50%	8.50%	8.50%	9.50%
4 Holker Street,Newington	NSW	30 Jun 14	Colliers	24.0	100%	8.75%	9.75%	10.00%
18-24 Abbott Road,Seven Hills1	NSW	31 Dec 11	CBRE	13.6	100%	10.00%	N/A	N/A
83 DerbyStreet,Silverwater	NSW	30 Jun 12	Knight Frank	25.0	100%	8.62%	8.75%	10.00%
3 Figtree Drive,SydneyOlympic Park	NSW	01 Mar 13	CBRE	19.4	100%	9.25%	9.50%	10.00%
5 Figtree Drive,SydneyOlympic Park	NSW	30 Jun 14	CBRE	23.6	100%	8.25%	8.75%	9.00%
7 Figtree Drive,SydneyOlympic Park2	NSW	30 Jun 13	Knight Frank	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	Knight Frank	10.2	100%	N/A	N/A	N/A
5 MurrayRose Avenue,SydneyOlympic Park	NSW	30 Apr 14	JLL	73.9	100%	7.25%	7.50%	9.00%
Quad 1,SydneyOlympic Park	NSW	30 Jun 14	JLL	20.8	100%	8.25%	8.75%	9.50%
Quad 2,SydneyOlympic Park	NSW	30 Jun 14	JLL	24.1	100%	8.25%	8.50%	9.50%
Quad 3,SydneyOlympic Park	NSW	30 Jun 14	JLL	24.8	100%	8.25%	8.25%	9.50%
Quad 4,SydneyOlympic Park	NSW	30 Jun 14	JLL	31.2	100%	8.25%	8.75%	9.75%
372-374 Victoria Street,Wetherill Park	NSW	30 Jun 12	Knight Frank	18.3	100%	9.25%	9.75%	10.50%
38 Pine Road,Yennora	NSW	05 Sep13	JLL	43.6	100%	8.75%	8.75%	9.25%
Citiwest Industrial Estate,Altona North	VIC	31 Dec 13	Savills	66.6	100%	8.50%-8.75%	8.75%-9.50%	9.50%-9.75%
Citiport Business Park,Port Melbourne	VIC	31 Dec 13	JLL	60.0	100%	8.25%	8.50%	9.50%
Austrak Business Park,Somerton	VIC	30 Jun 14	JLL	140.7	50%	7.75%	8.25%	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 14	m3	14.1	100%	9.00%	9.50%	10.50%
16-28 QuarryRoad,Yatala	QLD	15 Oct 13	Knight Frank	44.5	100%	9.50%	9.50%	10.50%
59 Forest Way,Karawatha	QLD	30 Jun 14	JLL	89.5	100%	7.13%	7.88%	9.13%

Valued using the capitalisation and direct comparison (rate per sqm of GLA) approaches. 105 2. Valued on a rate per sqm of potential 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.

LOGISTICS PORTFOLIO INCOME AND FAIR VALUE SCHEDULE

	Income 6 months to 30 June($m)	Income 6 months to 30 June($m)	Income 6 months to 30 June($m)		Fair Value	Fair Value	Fair Value	Fair Value	Fair Value
				Fair Value 31 Dec 13 ($m)	Capex ($m)	Lease Incentives ($m)	Acquisitions ($m)	Sales ($m)	Net Revaluations ($m)	Other Adjust- ments ($m)	Fair Value 30 Jun 14 ($m)	% of Portfolio (%)
	2013	2014	Variance
Rosehill Business Park, Camellia	2.6	2.8	0.2	68.5	0.1	0.3	0.0	0.0	0.0	0.1	69.0	5.3
10 Interchange Drive, Eastern Creek	0.9	1.1	0.2	28.9	0.0	0.0	0.0	0.0	0.0	0.0	28.9	2.2
Connect@Erskine Park Stage 1	1.6	1.7	0.1	38.8	0.0	0.0	0.0	0.0	0.0	0.0	38.8	3.0
Connect@Erskine Park Stage 2	0.8	0.8	0.0	20.0	0.0	0.0	0.0	0.0	0.0	0.0	20.0	1.5
15 Berry Street, Granville	0.6	0.6	0.0	13.3	0.0	0.0	0.0	0.0	0.0	0.0	13.3	1.0
19 Berry Street, Granville	1.2	1.2	0.1	26.6	0.1	0.0	0.0	0.0	0.0	0.0	26.7	2.0
2-4 Harvey Road, Kings Park	2.0	2.1	0.0	44.1	0.1	0.0	0.0	0.0	2.3	0.0	46.5	3.6
407 Pembroke Road, Minto	1.1	1.2	0.1	23.3	0.0	0.0	0.0	0.0	0.0	0.0	23.3	1.8
4 Holker Street, Newington	1.6	1.6	0.0	26.0	0.5	0.0	0.0	0.0	(2.5)	0.0	24.0	1.8
18-24 Abbott Road, Seven Hills	0.8	0.8	(0.1)	14.5	0.0	0.0	0.0	0.0	0.0	0.0	14.5	1.1
83 Derby Street, Silverwater	1.1	1.2	0.0	25.2	0.0	0.0	0.0	0.0	0.0	0.0	25.2	1.9
3 Figtree Drive, Sydney Olympic Park	0.4	0.9	0.5	19.4	0.1	0.0	0.0	0.0	0.0	0.0	19.5	1.5
5 Figtree Drive, Sydney Olympic Park	0.9	1.0	0.0	21.0	(0.1)	0.0	0.0	0.0	2.5	0.1	23.6	1.8
7 Figtree Drive, Sydney Olympic Park	0.5	0.5	0.0	13.5	0.0	0.0	0.0	0.0	0.0	0.0	13.5	1.0
6 Herb Elliott Avenue, Sydney Olympic Park	0.4	0.4	0.0	12.5	0.0	0.0	0.0	0.0	0.0	0.0	12.5	1.0
8 Herb Elliott Avenue, Sydney Olympic Park	0.4	0.4	0.0	10.2	0.1	0.0	0.0	0.0	0.0	0.0	10.3	0.8
5 Murray Rose Avenue, Sydney Olympic Park	2.6	2.7	0.1	70.4	0.0	0.0	0.0	0.0	3.5	0.0	73.9	5.7
Quad 1, Sydney Olympic Park	0.2	0.3	0.1	20.3	0.0	0.1	0.0	0.0	0.2	0.1	20.8	1.6
Quad 2, Sydney Olympic Park	1.2	1.0	(0.2)	24.4	0.0	0.0	0.0	0.0	(0.3)	0.0	24.1	1.8
Quad 3, Sydney Olympic Park	0.9	1.0	0.1	24.0	0.0	0.1	0.0	0.0	0.7	0.0	24.8	1.9
Quad 4, Sydney Olympic Park	1.4	1.6	0.1	33.9	0.0	0.0	0.0	0.0	(2.7)	0.0	31.2	2.4
372-374 Victoria Street, Wetherill Park	0.9	0.9	0.0	18.4	0.1	0.0	0.0	0.0	0.0	0.0	18.5	1.4
38 Pine Road, Yennora	0.0	2.0	2.0	43.6	0.1	0.0	0.0	0.0	0.0	0.0	43.7	3.3
Citiwest Industrial Estate, Altona North	2.9	3.1	0.1	66.6	0.3	0.0	0.0	0.0	0.0	0.0	66.9	5.1
Citiport Business Park, Port Melbourne	2.6	2.1	(0.5)	60.0	0.3	0.1	0.0	0.0	0.0	0.0	60.4	4.6
Austrak Business Park, Somerton	5.9	4.8	(1.1)	140.1	0.1	0.0	0.0	0.0	0.5	0.0	140.7	10.8
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	1.0
92-116 Holt Street, Pinkenba	0.6	0.6	0.0	13.5	0.0	0.0	0.0	0.0	0.6	0.0	14.1	1.1
16-28 Quarry Road, Yatala	0.0	2.2	2.2	44.5	0.0	0.0	0.0	0.0	0.0	0.0	44.5	3.4
59 Forest Way, Karawatha	0.0	1.9	1.9	62.1	23.1	0.0	0.0	0.0	4.4	0.0	89.5	6.8
Assets Under Development
Erskine Park-Development & Land	0.0	0.0	0.0	75.1	67.2	0.0	0.0	0.0	9.0	0.0	151.3	11.6
17 Berry Street, Granville-Land	0.0	0.0	0.0	2.9	0.0	0.0	0.0	0.0	0.0	0.0	2.9	0.2
407 Pembroke Road, Minto-Land	0.0	0.0	0.0	4.7	0.0	0.0	0.0	0.0	0.0	0.0	4.7	0.4
7 Parkview Drive, Sydney Olympic Park	0.4	0.0	(0.4)	24.4	18.9	0.0	0.0	0.0	2.0	0.0	45.3	3.5
Austrak Business Park, Somerton-Land	0.0	0.0	0.0	24.3	3.6	0.0	0.0	0.0	(0.2)	0.0	27.6	2.1
Total Logistics Portfolio	37.1 43.1 6.0 1,172.2 114.6 0.8 0.1							0.0	20.0 0.3		1,307.7

Warehoused Assets
Optus Centre, 15 Green Square Close, Fortitude Valley	0.0	4.3	4.3	110.0	0.0	0.0	0.1	0.0	(0.1)	0.0	110.0
Vantage, 109 Burwood Road, Hawthorn	0.0	1.3	1.3	0.0	0.0	0.0	66.6	0.0	(3.6)	0.0	63.0

106

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Artist’s Impression
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INTERIM RESULT > GPT DEVELOPMENT 2014

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GPT’S DEVELOPMENT APPROACH

Development is a core part of GPT’s business, adding value through improved income and increased fund management fees.

GPT’s Retail & Major Projects Development business is focused on enhancing and preserving existing assets with the flexibility to respond to demand for growth, the aim being to incrementally develop and create new assets, when the time is right. Objectives include:

Respond to demand for growth and outperformance
Sourcing and creating assets
Confidence around delivery of pipeline
Flexible resourcing approach
Capacity to enhance M&A opportunities

Flexible Development Model

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GPT’s Logistics Development business is focused on activating GPT’s existing land bank and acquiring additional land to develop assets.

Objectives for the business include:

Deliver committed pipeline
Increase asset production for balance sheet and funds
Broaden market share through ‘fund through’ and ‘development management’ activities
Deliver above target risk adjusted returns and enhance growth opportunities

110

DEVELOPMENT OVERVIEW

GPT has $0.7 billion in development projects currently underway across the retail, office and logistics sectors, with an additional $2.5 billion pipeline of future development opportunities on behalf of assets owned on balance sheet and in GPT’s wholesale funds.

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Darwin
1
NT
QLD
WA
SA
Sydney
NSW
5
VIC
2 Melbourne
TAS
Number of assets in each state
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Developments Underway

Retail & Major Projects GPT Owned

Casuarina Square, NT

GWSCF Owned

Wollongong Central - West Keira, NSW Casuarina Square, NT

GWOF Owned

150 Collins Street, Melbourne, VIC

Logistics GPT Owned

TNT Express, Erskine Park, NSW Rand, Erskine Park, NSW RRM, Erskine Park, NSW

Samsung, 3 Murray Rose, Sydney Olympic Park, NSW IMCD and Lot B, Austrak Business Park, Somerton, VIC

111

RETAIL & MAJOR PROJECTS DEVELOPMENT OVERVIEW

GPT’s Retail & Major Projects Development business has $424 million of developments underway ($110 million cost to complete) on behalf of assets owned on balance sheet and in GPT’s wholesale funds.

Development	GLA/NLA 100% Interest (sqm)	Ownership Interest (%)	Forecast Total Cost ($m)	Forecast Cost to Complete	Forecast Cost to Complete
				GPT Share ($m)	Fund’s Share ($m)
Retail
Wollongong Central - West Keira, NSW	18,000	100% GWSCF	210	0	55
Casuarina Square - Student Accommodation, NT	303 beds	50% GPT / 50% GWSCF	33	9	9
Office 150 Collins Street, Melbourne, VIC
	20,500	100% GWOF	181	0	37
Total Underway			424	9	101
Planned			270
Future Pipeline			1,603
Total Pipeline			2,297

Development Timeline - Projects Underway

Wollongong Central - West Keira, NSW Casuarina Square - Student Accommodation, NT 150 Collins Street, Melbourne, VIC


Q3	Q4	Q1	Q2
2014		2015

Return Targets1	Development IRR2
Retail	10% - 13%
Office	11% - 14%

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150 Collins Street, Melbourne
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Excluding fund-through developments.
Development IRR is the Internal Rate of Return calculated from the commencement of a development project through to practical completion.

112

RETAIL & MAJOR PROJECTS DEVELOPMENT PIPELINE

GPT’s Retail & Major Projects Development business has a $1.9 billion planned and future development pipeline.

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Ownership Forecast
Planned Development Interest Total Cost
(%) ($m)
GPT Owned
Casuarina Square, NT 50% 135
GWSCF Owned
Casuarina Square, NT 50% 135
Total Planned Developments 270
Future Pipeline
GPT Owned
Rouse Hill Town Centre, NSW 100% 250
Sunshine Plaza, QLD 50% 170
Highpoint Shopping Centre, VIC 16.67% 13
MLC Centre, NSW 50% 75
GWSCF Owned
Westfield Woden, ACT 50% 100
Macarthur Square, NSW 50% 85
Parkmore Shopping Centre, VIC 100% 125
Highpoint Shopping Centre, VIC 50% 40
Chirnside Park, VIC 100% 65
Other 680
Total Future Pipeline 1,603
Total Planned and Future Pipeline 1,873
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113

WOLLONGONG CENTRAL - WEST KEIRA NEW SOUTH WALES

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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, Target and the relocation of JB HiFi) and leasing of the 75 additional specialty shops is well progressed.

Key Metrics as at 30 June 2014

OwnershipInterest	100% GWSCF
Acquired	March 2007
Additional GLA	18,000 sqm
Development Cost	$210m
Target Yield	6%
Target IRR¹	8.5%
Completion	2H 2014

IRR is 10 years from project completion.

CASUARINA SQUARE - STUDENT ACCOMODATION NORTHERN TERRITORY

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Construction has commenced on a 303 bed student accommodation facility at Casuarina Square. The development has the full support of Charles Darwin University and will meet the strong demand for student lodging in the region. UniLodge will operate the facility.

Key Metrics as at 30 June 2014

OwnershipInterest	50% GPT / 50% GWSCF
Additional GLA	303 beds
Development Cost	$33m
Target Yield	10%
Target IRR1	13%
Completion	1H 2015

IRR is 10 years from project completion.

114

150 COLLINS STREET MELBOURNE

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150 Collins Street 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 the second half of 2014. The asset is located in the exclusive “Paris” end of Collins Street and is 64% 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 2014

OwnershipInterest	100% GWOF
Acquired	July2012
NLA	20,500 sqm
% Area Committed	64%
Development Cost	$181m
Target Yield	6.7%
Completion	2H 2014

115

LOGISTICS DEVELOPMENT OVERVIEW

GPT’s Logistics Development business has $300 million of developments underway ($139 million cost to complete) on behalf of assets owned on balance sheet and for potential funds.

Development	GLA/NLA Post Development 100% Interest (sqm)	Ownership Interest (%)	Leasing Pre-commitment (%)	Average WALE (years)	Forecast Total Cost ($m)	Forecast Cost to Complete GPT’s Share ($m)
Underway
TNT Express, Erskine Park, NSW	31,900	100% GPT	100%	15.0	60	16
Rand, Erskine Park, NSW	23,760	100% GPT	100%	20.0	60	23
RRM, Erskine Park, NSW	20,520	100% GPT	100%	20.0	100	54
Samsung, 3 Murray Rose Avenue, Sydney Olympic Park, NSW	12,950	100% GPT	100%	7.0	72	45
IMCD and Lot B, Austrak Business Park, Somerton, VIC	12,500	50% GPT	49%	12.0	8	1
Total Developments - Underway	101,630			14.8	300	139
Planned
4 Murray Rose Avenue, Sydney Olympic Park, NSW	15,000	100% GPT			85	85
Erskine Park, NSW	10,500	100% GPT			16	16
Austrak Business Park, Somerton, VIC	167,140	50% GPT			162	81
Austrak Business Park, Minto, NSW	27,600	50% GPT			18	9
17 Berry Street, Granville, NSW	9,660	100% GPT			8	8
Metroplex, Wacol, QLD	325,000	50% GPT			300	150
Total Developments - Planned	554,900				589	349
Total Developments - Underway or Planned	656,530				889	488

Return Targets1	Development IRR2
Logistics	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.

116

LOGISTICS DEVELOPMENT

Development Timeline - Projects Underway

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TNT Express, Erskine Park, NSW
Rand, Erskine Park, NSW
RRM, Erskine Park, NSW
Samsung, 3 Murray Rose Avenue, Sydney Olympic Park, NSW
IMCD and Lot B, Austrak Business Park, Somerton, VIC
Q3 Q4 Q1 Q2 Q3 Q4
2014 2015
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TNT EXPRESS, ERSKINE PARK NEW SOUTH WALES

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The development on Site D at Connect@Erskine Park is a 31,900 sqm warehouse, distribution facility and transport terminal for TNT Australia.

Key Metrics as at 30 June 2014

OwnershipInterest	100% GPT
Acquired	May2008
GLA	31,900 sqm
% Area Committed	100%
WALE	15.0years
Development Cost	$60m
Target Yield	7.7%
Completion	1H 2015

117

RAND, ERSKINE PARK NEW SOUTH WALES

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The development on Site F at Connect@ Erskine Park is a 23,760 sqm temperature controlled and ambient storage and distribution facility for Rand Transport (a division of ASX listed Automotive Holdings).

Key Metrics as at 30 June 2014

OwnershipInterest	100% GPT
Acquired	May2008
GLA	23,760 sqm
% Area Committed	100%
WALE	20.0years
Development Cost	$60m
Target Yield	8.7%
Completion	1H 2015

RRM, ERSKINE PARK NEW SOUTH WALES

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The development on Site G at Connect@ Erskine park is a 20,520 sqm Retail Ready Meats (RRM) chilled food processing and manufacturing facility.

Key Metrics as at 30 June 2014

OwnershipInterest	100% GPT
Acquired	May2008
GLA	20,520 sqm
% Area Committed	100%
WALE	20.0years
Development Cost	$100m
Target Yield	8.5%
Completion	1H 2015

118

SAMSUNG, 3 MURRAY ROSE AVENUE, SYDNEY OLYMPIC PARK NEW SOUTH WALES

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3 Murray Rose is a 12,950 sqm office development which completes the second stage of the masterplanned Murray Rose development at Sydney Olympic Park. This premium office will house Samsung’s Australian head office.

Key Metrics as at 30 June 2014

OwnershipInterest	100% GPT
Acquired	May2002
GLA	12,950 sqm
% Area Committed	100%
WALE	7.0years
Development Cost	$72m
Target Yield	8.0%
Completion	1H 2015

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119

IMCD AND LOT B, AUSTRAK BUSINESS PARK, SOMERTON VICTORIA

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A 12,500 sqm logistics facility with a 49% pre-lease commitment to IMCD, currently under construction.

Key Metrics as at 30 June 2014	Key Metrics as at 30 June 2014
OwnershipInterest	50% GPT
Co-Owner	Austrak(50%)
Acquired	October 2003
GLA	12,500 sqm
% Area Committed	49%
WALE	12.0years
Development Cost	$8m
Target Yield	7.0%
Completion	2H 2014

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Terminal
Leased
P&O Somerton IntermodalTerminal
Available
Retarding Basin
Development
underway
QUBE
Linfox
Nation Link Drive
Coles Myer Limited Labelmakers
Boral
Somerton Road
Hume Highway
Regional Drive
Union Road
Austrak Drive
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120

METROPLEX, BOUNDARY ROAD, WACOL QUEENSLAND

Metroplex is Queensland’s premier logistics and business park development, located in the south west of Brisbane. GPT has a 50 per cent share in this 92 hectare estate in which it can develop up to 58 hectares of industrial, commercial and bulky goods retail.

Key Metrics as at 30 June 2014

OwnershipInterest	50% GPT
Co-Owner	Cidneo (50%)
Acquired	May2014
GLA	325,000 sqm
Development Cost	$150m
Target Yield	9.0%
Staged Completion	2015 - 2019

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121

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INTERIM RESULT > GPT FUNDS MANAGEMENT 2014

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GPT FUNDS MANAGEMENT OVERVIEW

One of GPT’s key strategic focal points is the growth in the contribution the Funds Management business makes to the Group’s overall earnings. Over the six months to 30 June 2014, Funds under Management (FUM) increased 18%. This growth in FUM will contribute to GPT’s goal to increase active earnings from 3% to 10%, driving Total Returns whilst maintaining a low cost of capital.

Historical Growth in Funds under Management

Growth in FUM for the six months to 30 June 2014

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$8.4b
$7.1b
$6.6b
$5.3b $5.6b
Dec 2010 Dec 2011 Dec 2012 Dec 2013 Jun 2014
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GWOF performance versus benchmark

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$1.0b $8.4b
$7.1b $0.3b
Dec 13 Developments Acquisitions Divestments Jun 14
FUM & Asset FUM
Growth
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GWSCF performance versus benchmark

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12 11.311.0
10 9.1 9.4
8.7 8.7
8.2 8.1
8 7.4
6.7 [7.4] 6.8
6.6 6.3
6 5.1
4
2
0
GWOF Mercer / IPD Peer 1 Peer 2 Peer 3
All Office Index
1 Year 3 Years 5 Years
Total return (%)
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10
8 8.2 [8.3] 7.7 8.1 8.1 7.9 9.0 8.5 7.4 8.4 [8.8 8.7]
7.2 [7.5]
6 5.7
4
2
0
GWSCF Mercer / IPD Peer 1 Peer 2 Peer 3
All Retail Index
1 Year 3 Years 5 Years
Total return (%)
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Source: Mercer / IPD

124

GPT FUNDS MANAGEMENT OVERVIEW

Strong Corporate Governance

The Fund has a number of policies and procedures in place such as the Operational Policies Deed and the Relationship Deed to govern, among other issues, the relationship between The GPT Group and the Funds.

A Majority Independent Board

GPT Funds Management Limited (GPTFM) is the Responsible Entity of the two Funds. The Board of GPTFM currently consists of a majority Independent Directors (three) appointed by the investors (excluding GPT) and two Executive Directors appointed by GPT.

The GPTFM Board consists of:

Independent Directors

Ernest Bennett
Dennis Broit

Executive Directors

Michael Cameron, GPT CEO and Managing Director
Carmel Hourigan, GPT Chief Investment Officer
Gary Symons

Acquisition and Divestment Rights

Pre-emptive rights to acquire property - The two Funds have a right of first refusal to acquire certain office and retail assets which The GPT Group wishes to sell. Where GPT sources an asset of this kind from a third party, the Funds will be offered the opportunity to acquire that asset. These rights are subject to some limitations such as the pre-emptive rights of co-owners, the right of GPT to develop vacant land before it sells that land, the right of GPT to do an asset swap and the exclusion of assets which are a part of a portfolio acquired as a result of a takeover, merger or similar transaction.

Pre-emptive obligation when selling property - Similar to the two Funds’ rights to acquire properties from The GPT Group, GPT has a first right of refusal to acquire certain assets from the Funds. These rights are subject to some limitations. In GWOF, GPT has a first right of refusal to acquire certain assets in the event of a disposal by GWOF or on the winding up or termination of GWOF (including the original seed assets and assets developed on vacant land by GPT and subsequently acquired by the Fund). In GWSCF, in the event of a disposal by GWSCF or on the removal of GPTFM as the Responsible Entity or the winding up or termination of the Fund, GPT has a first right of refusal to acquire the original seed assets and any properties subsequently acquired by the Fund from GPT.

Management Fees

Fees payable to the Manager include a base management fee of 0.1125% per quarter of the Asset Value (payable quarterly in arrears) and a performance fee which is paid semi-annually in arrears and is calculated as 15% of outperformance above the benchmark. The benchmark is the 10 year Government bond yield on the first day of the half year plus 3% per annum (post base management fee). For GWOF and GWSCF, the total funds management fee is capped at 0.45% of the Fund’s Asset Value per half year. Excess outperformance and underperformance is carried forward to future periods.

125

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 2014 , the Fund consisted of 18 office assets located across Australia’s key CBD office markets with a value of $4.8 billion.

	June 2014	December 2013
Number of Assets	18	15
Property Investments	$4,834m	$4,107m
Gearing	21.1%	11.7%
One Year Equity IRR (post-fees)	11.1%	9.9%

Fund Details as at 30 June 2014

Fund Details as at 30 June 2014
GPT's OwnershipInterest (%)	20.5%
GPT's OwnershipInterest ($m)	$761.0m
Established	July 2006
Weighted Average Capitalisation Rate	6.60%
Portfolio Occupancy (%)	97.5%
Distributions Received ($m)	$23.7m
GPT Base Management Fee ($m)	$9.3m
GPT Performance Fee ($m)	$0.0m

Equity IRR	1 July 2013 to 30 June 2014	Inception to Date (Annualised) 21 July 2006 to 30 June 2014
Post fees	11.1%	8.1%

GWOF Ownership Composition As at 30 June 2014

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Domestic
Super Funds 50%
Domestic Other 8%
Offshore Pension Funds 13%
Offshore Other 1%
Sovereign Wealth Funds 8%
GPT 20%
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126

GWOF CAPITAL MANAGEMENT

Total borrowings for the Fund at 30 June 2014 were $1,027 million resulting in gearing of 21.1%.

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750 Collins Street, Melbourne
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GWOF Capital Management Summary as at 30 June 2014

Gearing	21.1%
Weighted Average Cost of Debt	4.3%
Fees and Margins (included in above)	1.3%
Weighted Average Debt Term	2.4 years
Drawn Debt Hedging	56%
Weighted Average Hedge Term	3.1 years

GWOF Loan Facilities	Facility Limit ($m)	Facility Expiry	Amount Currently Drawn ($m)
Bank Bilateral Facility	250.0	1 July 2015¹	250.0
Bank Bilateral Facility	150.0	29 July 2015¹	150.0
Bank Bilateral Facility	100.0	30 July 2015¹	100.0
Bank Bilateral Facility	50.0	2 July 2016	50.0
Bank Bilateral Facility	160.0	31 January 2017	160.0
Bank Bilateral Facility	50.0	1 February 2017	47.0
Bank Bilateral Facility	150.0	30 September 2017	70.0
Bank Bilateral Facility	200.0	2 October 2018	200.0
Total	1,110.0		1,027.0

Quarterly extension facility.

127

GWOF CAPITAL MANAGEMENT

GWOF has $370 million of derivative instruments and $200 million of fixed rate loans (being 56% hedged) and these have a weighted average term of 3.1 years.

GWOF Hedging Profile

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As at 30 June 2014
1,200
5%
1,000 3.40% 3.40% 3.47% 3.60% 3.63% 3.63% 3.63% 3.51% 4%
3.31% 3.31%
800
3%
($m)
600
2%
400
1%
200
0 0%
Forecast debt Hedges Fixed Rate Debt Weighted average fixed rate
Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19
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128

GPT WHOLESALE SHOPPING CENTRE FUND

GWSCF provides wholesale investors with exposure to high quality retail assets. At 30 June 2014, the Fund consisted of 10 shopping centres with a value of $3.5 billion.

	June 2014	December 2013
Number of Assets	10	9
Property Investments	$3,489m	$2,959m
Gearing	24.5%	10.7%
One Year Equity IRR (post-fees)	5.7%	9.5%

Fund Details as at 30 June 2014

Fund Details as at 30 June 2014
GPT's OwnershipInterest (%)	20.1%
GPT's OwnershipInterest ($m)	$512.3m
Established	March 2007
Weighted Average Capitalisation Rate	6.11%
Portfolio Occupancy (%)	99.7%
Distributions Received ($m)	$15.0m
GPT Base Management Fee ($m)	$6.7m
GPT Performance Fee ($m)	$0.0m

Equity IRR	1 July 2013 to 30 June 2014	Inception to Date (Annualised) 31 March 2007 to 30 June 2014
Post fees	5.7%	4.8%

GWSCF Ownership Composition

As at 30 June 2014

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Domestic
Super Funds 39%
Domestic Other 15%
Offshore Pension Funds 15%
Offshore Other 1%
Sovereign Wealth Funds 10%
GPT 20%
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129

GWSCF CAPITAL MANAGEMENT

Total borrowings for the Fund at 30 June 2014 were $864 million resulting in gearing of 24.5%.

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Northland Shopping Centre, VIC
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GWSCF Capital Management Summary as at 30 June 2014

Gearing	24.5%	Facility Expiry	Amount Currently Drawn ($m)
Weighted Average Cost of Debt	4.5%
Fees and Margins (included in above)	1.5%
Weighted Average Debt Term	3.1 years
Drawn Debt Hedging	53%
Weighted Average Hedge Term	4.2 years
GWSCF Loan Facilities	Facility Limit ($m)
Bank Bilateral Facility	100.0	1 July 2015¹	100.0
Bank Bilateral Facility	100.0	1 July 2015¹	100.0
Bank Bilateral Facility	50.0	30 July 2015¹	50.0
Bank Bilateral Facility	50.0	1 October 2016	50.0
Bank Bilateral Facility	100.0	31 March 2017	100.0
Bank Bilateral Facility	75.0	30 September 2017	75.0
Bank Bilateral Facility	100.0	30 September 2017	100.0
Bank Bilateral Facility	70.0	1 October 2017	70.0
Bank Bilateral Facility	150.0	30 April 2019	19.0
Medium Term Notes	200.0	13 November 2017	200.0
Total	995.0 Facility Limit ($m)	Start Date	864.0 Facility Expiry
GWSCF Forward Start Debt Facilities
Bank Bilateral Facility	180.0	August 20 14	1 July 20151
Total	180.0

Quarterly extension facilities.

130

GWSCF CAPITAL MANAGEMENT

GWSCF has $260 million of derivative instruments and $200 million of fixed rate Medium Term Notes (being 53% hedged) and these have a weighted average term of 4.2 years.

GWSCF Hedging Profile As at 30 June 2014

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1,000 3.61% 3.61% 3.61% 4%
3.44% 3.44% 3.44%
3.25% 3.21% 3.21% 3.23%
800
3%
600
($m) 2%
400
1%
200
0 0%
Forecast debt Hedges Fixed Rate Debt Weighted average fixed rate
Jun 14 Dec 14 Jun 15 Dec 15 Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19
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131

AI assistant

GPT GROUP — Interim / Quarterly Report 2014

65009_rns_2014-08-11_885513a4-3dfd-4904-9f56-a138b89f55fe.pdf

CONTENTS

GPT OVERVIEW

GPT PORTFOLIO OVERVIEW

Total Portfolio Return for the rolling 12 months to 30 June 2014.

GPT PORTFOLIO METRICS

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

Structured Rental Increases³

GPT SECURITYHOLDER OVERVIEW

DRIVERS OF EARNINGS AND VALUE

STRATEGY ON A PAGE

GLOSSARY

Financial Performance

RESULTS SUMMARY

RESULTS SUMMARY

Segment Result

FUNDS FROM OPERATIONS TO ADJUSTED FUNDS FROM OPERATIONS

CAPITAL EXPENDITURE OVERVIEW

INVESTMENTS AND INCOME

Proportion of Income

NTA MOVEMENT

CAPITAL MANAGEMENT SUMMARY

LOOK THROUGH GEARING

DEBT

DEBT FACILITIES

Current Debt Facilities as at 30 June 2014

Current Forward Start Debt Facilities

DEBT MATURITY PROFILE

LIQUIDITY PROFILE

HEDGING PROFILE

RETAIL PORTFOLIO OVERVIEW

Northern Territory

Queensland

Australian Capital Territory

Retail Portfolio Definitions

New South Wales

GPT OWNED

GWSCF OWNED

Victoria

GPT OWNED

GWSCF OWNED

RETAIL PORTFOLIO SUMMARY

RETAIL PORTFOLIO SUMMARY

RETAIL SALES SUMMARY

COMPARABLE CHANGE IN RETAIL SALES BY CATEGORY

RETAIL SALES

Retail specialty sales have increased by 2.7% over the 12 months to 30 June 2014.

Specialty MAT Growth

WEIGHTED AVERAGE CAPITALISATION RATE

Weighted Average Capitalisation Rate

LEASE EXPIRY PROFILE

Total Centres

Total Specialty Tenants

RETAIL PORTFOLIO EXTERNAL VALUATION SUMMARY

48% of the GPT retail portfolio was valued externally in the six months to 30 June 2014.

RETAIL PORTFOLIO INCOME AND FAIR VALUE SCHEDULE

RETAIL SUSTAINABILITY

GPT WHOLESALE SHOPPING CENTRE FUND

OFFICE PORTFOLIO OVERVIEW

NEW SOUTH WALES

GPT Owned

GWOF Owned

QUEENSLAND

GPT Owned

GWOF Owned

VICTORIA

GPT Owned

GWOF Owned

OFFICE PORTFOLIO SUMMARY

OFFICE PORTFOLIO SUMMARY

WEIGHTED AVERAGE CAPITALISATION RATE

Weighted Average Capitalisation Rate

OFFICE PORTFOLIO LEASE EXPIRY PROFILE

OFFICE MARKET OUTLOOK

Total Vacancy

GPT’s office portfolio has a

Prime Incentives

OFFICE PORTFOLIO EXTERNAL VALUATION SUMMARY

GPT GROUP Interim / Quarterly Report 2014