GPT GROUP - Interim / Quarterly Report 2016

2016 INTERIM RESULT Data Pack

	Contents CONTENTS GPT Overview 27 Financial Performance 33 Retail Portfolio 45 Ofce Portfolio 59 Logistics Portfolio 75 Development 87 Funds Management 89 Note: All information included in this pack includes GPT owned assets and GPT’s interest in the Wholesale Funds (GWOF and GWSCF) and its ASX listed Fund (GMF), unless otherwise stated.
		CONTENTS GPT Overview 27 Financial Performance 33 Retail Portfolio 45 Ofce Portfolio 59 Logistics Portfolio 75 Development 87 Funds Management 89 Note: All information included in this pack includes GPT owned assets and GPT’s interest in the Wholesale Funds (GWOF and GWSCF) and its ASX listed Fund (GMF), unless otherwise stated.

2016 INTERIM RESULT

GPT Overview

27 GPT Overview

GPT Overview

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 Portfolio Diversity

Retail Portfolio

14 shopping centres
990,000 sqm GLA
3,400 + tenants
$4.9b portfolio
$8.1b AUM

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Melbourne Central, Melbourne

Office Portfolio

23 assets
1,160,000 sqm NLA
490 + tenants
$4.0b portfolio
$9.1b AUM

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One One One Eagle Street, Brisbane

Logistics Portfolio

31 assets
810,000 sqm GLA
90 + tenants
$1.4b portfolio
$1.8b AUM

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29-55 Lockwood Road, Erskine Park

As at 30 June 2016

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Retail 47%
Office 39%
Logistics 14%
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28 GPT Overview

GPT Portfolio Metrics

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

	Portfolio Size	WALE	Occupancy	WACR
Retail	$4.94b	4.1 years	99.4%	5.52%
Ofce	$4.03b	5.3 years	97.3%	5.58%
Logistics	$1.44b	7.9 years	92.7%	6.81%
Total	$10.41b	5.2 years	95.8%	5.70%

Structured Rental Increases[1]

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Retail Office Logistics
Fixed 72% Fixed 87% Fixed 92%
4.5% Other 28% 3.8% Other 13% 3.3% Other 8%
Average Average Average
Increase Increase Increase
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Structured rent reviews for the 12 months to 31 December 2016. Other includes market reviews, CPI reviews and expiries in 2016.

29 GPT Overview

GPT Securityholder Overview

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GPT Securityholders by Geography GPT Securityholders by Type
As at 30 June 2016 As at 30 June 2016
Domestic
Australia & New Zealand 60%
Institutions 52%
North America 21%
Foreign
Asia 8%
Institutions 41%
Europe (ex UK) 7%
Retail
UK 4% Investors 7%
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30 GPT Overview

Glossary

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A-Grade As per the Property Council of Australia’s ‘A Guide to Office Building Quality’
AFFO Adjusted Funds From Operations: Adjusted Funds From Operations is
defined as FFO less maintenance capex, leasing incentives and other items
calculated in accordance with the PCA ‘Voluntary Best Practice Guidelines
for Disclosing FFO and AFFO’
AREIT Australian Real Estate Investment Trust
ASX Australian Securities Exchange
AUM Assets under management
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 Earning Before Interest and Tax
EPS Earnings per security: Earnings per security is defined as Funds From
Operations per 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 assets
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GFA Gross Floor Area
GLA Gross Lettable Area
GMF GPT Metro Office Fund
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
LBP Logistics & Business Parks
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
Net Gearing Net gearing is defined as debt less cash divided by total tangible assets
less cash
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NLA Net Lettable Area
NPAT Net Profit After Tax
NTA Net Tangible Assets
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 Includes assets of Premium and A-Grade quality
psm Per square metre
PV Present Value
Retail Sales Based on a weighted GPT interest in the assets and GWSCF portfolio. GPT
reports retail sales in accordance with the Shopping Centre Council of
Australia (SCCA) guidelines
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ROCE Return on capital employed
Specialty Tenants Retail tenancies with a GLA below 400 sqm
Sqm Square metre
TR Total Return: Total Return at GPT Group level is calculated as the change in Net
Tangible Assets (NTA) per security plus distributions per security declared over
the year, divided by the NTA per security at the beginning of the year
TSR Total Securityholder Return: Total Securityholder Return is defined as
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
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One One One Eagle Street, Brisbane

2016 INTERIM RESULT Financial Performance

33 Financial Performance

Financial Summary

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6 months to 30 June 2016 2015 Change
Funds From Operations ($m) 269.8 249.0 Up 8.4%
Net profit after tax ($m) 586.4 421.9 Up 39.0%
FFO per ordinary security (cents) 15.02 14.15 Up 6.1%
FFO yield (based on period end price) 5.6% 6.7% Down 110 bps
Distribution per ordinary security (cents) 11.5 11.0 Up 4.5%
Distribution yield (based on period end price) 4.3% 5.2% Down 90 bps
Net interest expense ($m) (50.1) (57.3) Down 12.6%
Interest capitalised ($m) 3.4 2.8 Up 21.4%
Weighted average cost of debt 4.3% 4.6% Down 30 bps
Interest cover 6.3 times 5.4 times Up 0.9 times
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As at 30 Jun 16 As at 31 Dec 15 Change
Total assets ($m) 11,255.7 11,006.5 Up 2.3%
Total borrowings ($m) 2,791.6 2,948.0 Down 5.3%
NTA per security ($) 4.38 4.17 Up 5.0%
Net gearing 24.4% 26.3% Down 190 bps
Net look through gearing 26.2% 27.8% Down 160 bps
Weighted average term to maturity of debt 5.9 years 5.1 years Up 0.8 years
Credit ratings A (stable) / A3 (stable) A- (positive) / A3 (stable) Upgraded
Weighted average term of interest rate hedging 5.3 years 5.6 years Down 0.3 years
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34 Financial Performance

Results Summary

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Segment performance 6 months to 30 June ($m) 2016 2015 Comment
Retail
Operations net income 141.7 148.8 Comparable property income growth of 3.0%
Development net income 6.9 0.9 Sale of residential land at Rouse Hill
148.6 149.7
Office
Operations net income 106.5 106.9 Comparable property income growth of 6.0%
Development net income 0.6 0.4
107.1 107.3
Logistics
Operations net income 46.7 44.8 Comparable property income growth of 0.1%
Development net income 3.0 6.6
49.7 51.4
Funds Management 29.2 15.6 1H Performance Fee
Net financing costs (50.1) (57.3) Lower debt balance and lower fixed/floating rates
Corporate management expenses (13.8) (16.4)
Tax expenses (5.9) (5.7)
Non-core 5.0 6.1 Interest income from ILC, ceases 1 July 2016
Less: distribution to exchangeable securities – (1.7) Redeemed in January 2015
Funds From Operations (FFO) 269.8 249.0
Valuation increase 379.9 146.0
Financial instruments mark to market movements and net foreign exchange movements (65.7) 7.3 5 year interest swap rates down 65 bps from December 2015
Other items 2.4 17.9 2015 included profit on sale of 1 & 2 Murray Rose
Exclude distributions on exchangeable securities in Funds From Operations – 1.7
Net Profit After Tax (NPAT) 586.4 421.9
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35 Financial Performance

Funds From Operations to Adjusted Funds From Operations

6 months to 30 June ($m)	2016	2015
Core operations	334.6	324.0
Non-core operations	5.0	6.1
Financing and corporate overheads	(69.8)	(79.4)
Less: distribution to exchangeable securities	–	(1.7)
Funds From Operations	269.8	249.0
Maintenance capital expenditure	(25.5)	(22.4)
Lease incentives (including rent free)	(36.2)	(29.4)
Adjusted Funds From Operations	208.1	197.1

36 Financial Performance

NTA Movement

Securities on Issue	Number of Securities (million)
Opening balance 1 January 2016	1,794.8
Issue of securities	3.2
30 June 2016 Balance	1,798.0
	Net Assets	No. of Securities	NTA per Security
NTA Movement	($m)	(million)	($)
NTA position as at 31 December 2015	7,489.6	1,794.8	4.17

FFO	269.8		0.15
Revaluations (include development proft)	379.9		0.21
Mark to market of Treasury	(66.3)		(0.04)
Distribution	(206.8)		(0.115)
Issue of securities	10.6	3.2	–
Other	(2.1)		–
Movement in NTA	385.1		0.21

NTA position as at 30 June 2016	7,874.7	1,798.0	4.38

37 Financial Performance

Capital Management Summary

Gearing ($m)		As at 30 June 2016
Total assets		11,255.7
Less: intangible assets		(35.1)
Total tangible assets		11,220.6
Current borrowings		24.3
Non-current borrowings		2,767.3
Total borrowings1		2,791.6
Headline Gearing		24.9%
Net Gearing2		24.4%

Interest Cover ($m)		30 June 2016
Funds From Operations		269.8
Add: taxes deducted		5.9
Add: Finance Costs for the period		51.8
Earnings Before Interest and Tax (EBIT)		327.4
Finance Costs		51.8
Interest Cover		6.3 times

Includes fair value and other adjustments. As at 30 June 2016, drawn debt is $2,478 million.
Net gearing equals debt less cash/total tangible assets less cash.

38 Financial Performance

Look Through Gearing

Look Through Gearing as at 30 June 2016	GPT Group	GWOF	GWSCF	GMF	Other2	Total
Share of assets of non-consolidated entities
Group total tangible assets	11,220.6					11,220.6
Plus: GPT share of assets of non-consolidated entities		1,248.7	784.3	57.8	1,021.7	3,112.5
Less: total equity investment in non-consolidated entities		(1,042.0)	(635.4)	(39.0)	(992.4)	(2,708.8)
Less: GPT loans to non-consolidated entities					(9.1)	(9.1)
Total look through assets	11,220.6	206.7	148.9	18.8	20.2	11,615.2
Group total borrowings	2,791.6					2,791.6
Plus: GPT share of external debt of non-consolidated entities		175.6	123.5	16.5	2.1	317.7
Total look through borrowings	2,791.6	175.6	123.5	16.5	2.1	3,109.3
Look through gearing						26.8%
Look through gearing based on net debt1						26.2%

Net debt equals debt less cash/total tangible assets less cash.
Retail, office, logistics and other assets held in joint ventures.

39 Financial Performance

Debt

Debt Cost
Average for period ending		Average Debt	% of Average Debt		Interest Rate
30 June 2016		($m)		(%)	(%)
Hedged debt		1,652		64%	3.1%
Floating debt		932		36%	2.1%
Total debt		2,584		100%	2.8%
Margin					1.0%
Fees					0.5%
All-in cost of funds					4.3%
Debt Funded Capacity	Current Gearing	Investment Capacity1
As at 30 June 2016	(%)	($m)			Comment
Balance Sheet	24.4%	1,320		Assumes increase to 30% gearing
Funds
– GWOF	13.7%	1,415		Assumes increase to 30% gearing
– GWSCF	15.4%	805		Assumes increase to 30% gearing
Total		3,540

Sources of Drawn Debt

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As at 30 June 2016
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Domestic bank debt 37%
Foreign bank debt 7%
Secured bank debt 4%
Domestic MTNs 19%
Foreign MTNs 7%
USPP 23%
CPI bonds 3%
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Pro-forma adjusted for GPT’s divestments in July 2016 and excludes unrealised fair value adjustments on foreign borrowings.

40 Financial Performance

Debt Facilities

Current Debt Facilities as at 30 June 2016

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Outstanding ($m) (equiv) Maturity Date Limit ($m) (equiv) Available ($m) (equiv)
Bank Facility – Metroplex 7 30 Nov 16 10 3
Bank Facility – Metroplex 5 5 May 17 7 2
Bank Facility – Metroplex 12 21 May 17 12 0
Bank Bilateral 75 11 Sep 17 [1] 75 0
Bank Bilateral 100 30 Sep 17 [1] 100 0
Medium Term Notes 30 19 Nov 17 30 0
Bank Bilateral 100 1 Jan 18 100 0
Bank Bilateral 62 1 Jan 18 100 38
Bank Bilateral 100 30 Mar 18 100 0
Bank Bilateral 105 30 Sep 18 125 20
Bank Bilateral 25 30 Sep 18 100 75
Bank Bilateral 150 26 Oct 18 150 0
Bank Bilateral 150 26 Oct 18 150 0
Bank Bilateral 50 30 Nov 18 50 0
Medium Term Notes 250 24 Jan 19 250 0
Bank Facility – Somerton 88 28 Feb 19 88 0
Bank Bilateral 75 31 May 19 75 0
Bank Bilateral 0 30 Nov 19 75 75
Medium Term Notes 150 11 Sep 20 150 0
Bank Bilateral 0 1 Oct 20 100 100
Bank Bilateral 0 1 Oct 20 50 50
Bank Bilateral 0 30 Oct 20 75 75
Bank Bilateral 91 30 Nov 20 100 9
Bank Bilateral 0 31 Mar 21 100 100
Medium Term Notes 50 16 Aug 22 50 0
US Private Placement 146 19 Jun 25 146 0
Medium Term Notes 69 30 Mar 26 69 0
US Private Placement 64 2 Jun 27 64 0
Medium Term Notes 99 5 Feb 28 99 0
US Private Placement 64 2 Jun 28 64 0
US Private Placement 97 19 Jun 28 97 0
US Private Placement 67 8 Jul 29 67 0
US Private Placement 121 8 Jul 29 121 0
CPI Indexed Bonds 75 10 Dec 29 75 0
Total Borrowings 2,478 3,025 547
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Quarterly extension facility.

Financial Performance

Debt Maturity Profile

As at 30 June 2016 (A$ millions)

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575
475
413
300
260 263
205
146
100
75 69 64
50
10 19
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
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
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Facility

42 Financial Performance

Liquidity Profile

Liquidity Profile As at 30 June 2016

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0.9
0.8
0.7
0.6
0.5
($bn)
0.4
0.3
0.2
0.1
0.0
Cash balance Undrawn Current Retained Acquisitions, Development/Capex Debt facility Excess liquidity
30 Jun 2016 existing liquidity earnings Divestments & expiries at 31 Dec 2016
facilities ARR Settlement
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43 Financial Performance

Hedging Profile

Hedging Profile as at 30 June 2016

Hedging Profile as at 30 June 2016
	Average Rate on Hedged Balance	Principal Amount of Derivative	Principal Amount of
Hedging Position	excl Margins	Financial Instruments ($m)	Fixed Rate Borrowings ($m)
30 June 2016	3.12%	1,050	525
30 June 2017	3.23%	1,045	525
30 June 2018	2.99%	1,665	525
30 June 2019	2.76%	1,540	275
30 June 2020	2.58%	1,200	275
30 June 2021	3.89%	1,000	125

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3,500 5%
3,000
3.58% 4%
2,500 3.12% 3.11% 3.23% 3.23% 2.99%
2.75% 2.76% 2.76% 2.58%
2,000 3%
($m)
1,500
2%
1,000
1%
500
0 0 0%
Forecast Debt Swaps Fixed rate debt Weighted average fixed rate
Jun 16 Dec 16 Jun 17 Dec 17 Jun 18 Dec 18 Jun 19 Dec 19 Jun 20 Dec 20
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2 Southbank Boulevard, Melbourne

2016 INTERIM RESULT Retail Portfolio

45 Retail Portfolio

Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $4.9 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
QLD
Brisbane
WA 1
SA
NSW Sydney
Canberra 1 6
VIC
5 Melbourne
Number of assets in each state
TAS
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Northern Territory

GPT Owned

Casuarina Square (50%)

GWSCF Owned

Casuarina Square (50%)

Queensland

GPT Owned

Sunshine Plaza (50%)[1]

New South Wales

GPT Owned

Charlestown Square
Rouse Hill Town Centre
Westfield Penrith (50%)[1]

GWSCF Owned

Macarthur Square (50%)[1]

Australian Capital Territory

GWSCF Owned

Westfield Woden (50%)[1]

Victoria

GPT Owned

Melbourne Central
Highpoint Shopping Centre (16.67%)

GWSCF Owned

Chirnside Park
Highpoint Shopping Centre (58.33%)
Northland Shopping Centre (50%)[1]
Parkmore Shopping Centre
Norton Plaza
Wollongong Central

1. Not managed by GPT.

Note: GLA and number of tenancies is updated on an annual basis, as at 31 December 2015. All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWSCF portfolio. GPT reports retail sales in accordance with the Shopping Centre Council of Australia (SCCA) guidelines.

46 Retail Portfolio

Retail Portfolio Summary

The GPT retail portfolio is well positioned with a high level of occupancy at 99.4%. The retail portfolio achieved comparable income growth of 3.0% over the six months to 30 June 2016.

Top Ten Tenants[1]

As at 30 June 2016

Geographic Weighting As at 30 June 2016

Premier Retail Cotton On Wesfarmers Woolworths Myer (Just Group) Clothing 4.8% 4.3% 2.9% 2.8% 2.7%

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1.9% 1.4% 1.2% 1.2% 1.0%
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Hoyts Country Road BB Retail Westpac Sussan Group

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NSW VIC
45% 39%
QLD NT
8% 7%
ACT
1%
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Based on gross rent (including turnover rent).

47 Retail Portfolio

Retail Portfolio Summary

The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 14 shopping centres.

14 shopping centres.
		GLA (100%	30 Jun 16	30 Jun 16	External or		Annual Centre	Occupancy	Specialty
		Interest)	Fair Value	Cap Rate	Internal		Turnover	Cost	Sales
State	Ownership	(sqm)	($m)	(%)	Valuation	Occupancy	($m)	Specialty	($psm)
GPT Portfolio
Casuarina Square NT	50%	53,000	304.8	5.75%	External	99.4%	388.1	15.9%	11,582
Charlestown Square NSW	100%	90,200	882.0	5.75%	External	99.0%	527.5	14.7%	11,150
Highpoint ShoppingCentre¹ VIC	16.67%	153,100	363.2	5.00%	Internal	98.7%	990.1	19.2%	10,740
Melbourne Central² VIC	100%	54,700	1,136.3	5.25%	Internal	99.4%	468.7	19.0%	11,674
Rouse Hill Town Centre NSW	100%	69,700	543.9	5.75%	Internal	100.0%	422.7	14.6%	8,264
Sunshine Plaza QLD	50%	73,400	396.0	5.75%	External	99.8%	532.0	18.5%	11,768
Westfeld Penrith NSW	50%	90,400	632.5	5.25%	External	100.0%	630.5	17.7%	11,978
GWSCF Portfolio
Casuarina Square NT	50%	53,000	304.8	5.75%	External	99.4%	388.1	15.9%	11,582
Chirnside Park VIC	100%	37,900	261.5	6.25%	Internal	100.0%	272.7	15.8%	11,490
Highpoint ShoppingCentre¹ VIC	58.33%	153,100	1,271.1	5.00%	Internal	98.7%	990.1	19.2%	10,740
Macarthur Square NSW	50%	94,600	457.9	5.75%	External	n/a	562.6	16.4%	10,289
Northland ShoppingCentre VIC	50%	97,200	478.5	5.75%	External	99.8%	520.5	20.1%	8,441
Norton Plaza NSW	100%	11,800	132.9	6.00%	Internal	100.0%	126.0	13.6%	11,975
Parkmore ShoppingCentre VIC	100%	36,800	252.0	6.25%	External	99.2%	255.6	15.2%	8,874
Westfeld Woden ACT	50%	74,400	299.5	6.00%	External	99.0%	362.6	18.7%	9,026
WollongongCentral NSW	100%	56,600	391.3	5.75%	External	97.2%	268.3	17.2%	8,158
Total		994,000		5.52%		99.4%³	6,327.6	17.1%⁴	10,766⁴

Fair value includes Homemaker City Maribyrnong. Cap rate of 8.00%.
Fair value includes retail and 100% interest of car park. Car park cap rate of 6.00%.
Excludes development impacted centre (Macarthur Square).
Excludes development impacted centres (Wollongong Central and Macarthur Square).

48 Retail Portfolio

Retail Sales Summary

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|||||||
|---|---|---|---|---|---|
|Comparable|Comparable|
|Centre MAT|Centre MAT|Specialty MAT|Specialty MAT|Specialty|
|($m)|Growth|Growth|($psm)|Occupancy Cost|
|GPT Portfolio|
|Casuarina Square|388.1|(1.3%)|(0.3%)|11,582|15.9%|
|Charlestown Square|527.5|(1.7%)|(1.2%)|11,150|14.7%|
|Highpoint Shopping Centre|990.1|6.1%|7.4%|10,740|19.2%|
|Melbourne Central|468.7|12.4%|8.3%|11,674|19.0%|
|Rouse Hill Town Centre|422.7|1.6%|5.7%|8,264|14.6%|
|Sunshine Plaza¹|532.0|2.5%|4.4%|11,768|18.5%|
|Westfeld Penrith²|630.5|3.2%|4.9%|11,978|17.7%|
|GWSCF Portfolio|
|Casuarina Square|388.1|(1.3%)|(0.3%)|11,582|15.9%|
|Chirnside Park|272.7|4.2%|4.2%|11,490|15.8%|
|Highpoint Shopping Centre|990.1|6.1%|7.4%|10,740|19.2%|
|Northland Shopping Centre³|520.5|2.0%|1.6%|8,441|20.1%|
|Norton Plaza|126.0|5.3%|7.9%|11,975|13.6%|
|Parkmore Shopping Centre|255.6|2.6%|3.4%|8,874|15.2%|
|Westfeld Woden²|362.6|(0.1%)|1.7%|9,026|18.7%|
|GPT Weighted Total|2,736.7|3.2%|4.2%|10,766|17.1%|

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||||||||
|---|---|---|---|---|---|---|
|Centres Under Development|
|GWSCF Portfolio|
|Wollongong Central|268.3|15.4%|7.9%|8,158|17.2%|
|Macarthur Square|[1]|562.6|(0.1%)|2.2%|10,289|16.4%|

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Analysis provided by Lend Lease.
Analysis provided by Scentre Group.
Analysis provided by Vicinity Centres.

49 Retail Portfolio

Comparable Change in Retail Sales by Category

Retail sales showed positive growth over the 12 months to 30 June 2016 with total centre sales up 3.2% and specialties up 4.2%.

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Comparable Change in Retail Sales by Category as at 30 June 2016 MAT ($m) 12 Months Growth
Department Store $132.9m 3.7%
Discount Department Store $256.2m 0.7%
Supermarket $440.8m 1.6%
Mini and Other Majors $337.3m 4.5%
Other Retail¹ $230.0m 1.1%
Total Specialties $1,339.6m 4.2%
Total Centre $2,736.7m 3.2%
Specialty Sales Split
General Retail $136.9m 16.4%
Homewares $72.6m 10.7%
Jewellery $81.8m 9.8%
Mobile Phones $54.3m 6.2%
Leisure $79.1m 4.5%
Food Catering $253.0m 4.2%
Retail Services $109.2m 2.7%
Apparel $489.0m 0.3%
Food Retail $63.7m (1.1%)
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Based on GPT weighted interest. Excludes development impacted centres (Macarthur Square and Wollongong Central). 1. Other Retail includes travel agents, lotto, automotive accessories, cinemas, and other entertainment and other reporting tenants.

50 Retail Portfolio

Retail Sales

Retail specialty sales have increased 4.2% over the 12 months to 30 June 2016.

Specialty MAT Growth

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6.5%
5.9%
4.4%
4.2% 4.2%
4.0%
3.9%
3.6%
3.2%
2.8% 2.7%
2.3%
2.1%
1.8%
1.5%
1.4%
1.2% 1.1%
0.5% 0.4%
0.2%
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 Dec 14 Jun 15 Dec 15 Jun 16
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From December 2014, based on GPT weighted interest. Excludes development impacted centres.

51 Retail Portfolio

Lease Expiry Profile

Weighted Average Lease Expiry
(by base rent) as at 30 June 2016
Major Tenants		10.9 years
Mini-Major Tenants		4.5 years
Specialty Tenants		2.7 years
Weighted Total		4.1 years

Total Centres

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15% 15%
14%
13%
12% [1]
10%
9%
5%
3%
2%
1%
2H 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+
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Total Specialty Tenants

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18% 18%
17%
16% [1] 16% 16%
2H 2016 2017 2018 2019 2020 2021+
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Includes holdovers.

52 Retail Portfolio

External Valuation Summary

67% of the GPT retail portfolio was valued externally in the six months to 30 June 2016.

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Casuarina Square NT 50% 30 Jun 16 CBRE 304.8 5.75%
Charlestown Square NSW 100% 30 Jun 16 M3 882.0 5.75%
Highpoint Shopping Centre¹ VIC 16.67% 31 Mar 16 Savills 362.3 5.00%
Melbourne Central² VIC 100% 31 Dec 15 Savills 1,129.3 5.25%
Rouse Hill Town Centre³ NSW 100% 31 Dec 15 JLL 542.0 5.75%
Sunshine Plaza QLD 50% 30 Jun 16 M3 396.0 5.75%
Westfield Penrith NSW 50% 30 Jun 16 Knight Frank 632.5 5.25%
GWSCF Portfolio
Casuarina Square NT 50% 30 Jun 16 CBRE 304.8 5.75%
Chirnside Park VIC 100% 31 Mar 16 Savills 259.0 6.25%
Highpoint Shopping Centre¹ VIC 58.33% 31 Mar 16 Savills 1,268.0 5.00%
Macarthur Square NSW 50% 30 Jun 16 Colliers 457.9 5.75%
Northland Shopping Centre VIC 50% 30 Jun 16 Knight Frank 478.5 5.75%
Norton Plaza NSW 100% 31 Mar 16 Knight Frank 132.6 6.00%
Parkmore Shopping Centre VIC 100% 30 Jun 16 CBRE 252.0 6.25%
Westfield Woden ACT 50% 30 Jun 16 CBRE 299.5 6.00%
Wollongong Central NSW 100% 30 Jun 16 JLL 391.3 5.75%
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Note: Valuations include ancillary assets.

Valuation includes Homemaker City Maribyrnong.
Valuation includes retail and car park.
Valuation excludes expansion land.

53 Retail Portfolio

Income and Fair Value Schedule

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GPT Equity Interest in GWSCF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations of investment property and mark to market movements of financial instruments. Net income for the six months to 30 June 2016 represents GPT’s share of FFO for the period.

54 Retail Portfolio

Retail Sustainability

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Water (Total) Emissions Waste %
Area GLA Litres/m [2] kg CO2-e/m [2] Recycled/Reused
GPT Portfolio
Casuarina Square 53,000 1,768 96 41%
Charlestown Square 90,200 489 31 70%
Highpoint Shopping Centre 153,100 1,043 52 30%
Melbourne Central 54,700 2,024 111 18%
Rouse Hill Town Centre 69,700 1,100 18 60%
Sunshine Plaza 73,400 1,158 80 44%
Westfield Penrith 90,400 1,576 93 45%
GWSCF Portfolio
Casuarina Square 53,000 1,768 96 41%
Chirnside Park 37,900 810 38 33%
Highpoint Shopping Centre 153,100 1,043 52 30%
Macarthur Square 94,600 1,158 66 37%
Northland Shopping Centre 97,200 818 89 28%
Norton Plaza 11,800 1,403 40 50%
Parkmore Shopping Centre 36,800 839 61 42%
Westfield Woden 74,400 1,337 71 42%
Wollongong Central 56,600 738 71 32%
Portfolio Average 1,122 67 40%
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Note: Sustainability data as at 31 December 2015.

55 Retail Portfolio – Appendices

Retail

The relative economic strength of NSW and Victoria is supporting sales growth

State Final Demand Growth

Westpac Consumer Sentiment Index (by state)

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AUS NSW VIC QLD WA
16%
12%
8%
4%
0%
-4%
-8%
Quarterly Growth (Trend - %)
Mar 01 Mar 02 Mar 03 Mar 04 Mar 05 Mar 06 Mar 07 Mar 08 Mar 09 Mar 10 Mar 11 Mar 12 Mar 13 Mar 14 Mar 15 Mar 16
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Source: Deloitte Access Economics, Business Outlook, June 2016.

Retail Trade Growth (by State)

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AUS NSW VIC QLD WA
12%
10%
8%
6%
4%
2%
0%
-2%
Source: ABS Retail Trade, May 2016 (Seasonally adjusted).
Annual Growth MoM (%)
Jun 11 Sep 11 Dec 11 Mar 12 Jun 12 Sep 12 Dec 12 Mar 13 Jun 13 Sep 13 Dec 13 Mar 14 Jun 14 Sep 14 Dec 14 Mar 15 Jun 15 Sep 15 Dec 15 Mar 16 Jun 16
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130
AUS NSW VIC QLD WA
120
110
100
90
80
70
Source: Westpac MI Consumer Sentiment Index, July 2016.
Retail Trade Growth vs Westpac Consumer Sentiment Index
Consumer Confidence (RHS) Retail Trade Growth (SA - LHS)
10% 130
8% 120
6% 99.1 110
4% 100
2% 2.8% 90
0% 80
Index
Apr 11 Jul 11 Oct 11 Jan 12 Apr 12 Jul 12 Oct 12 Jan 13 Apr 13 Jul 13 Oct 13 Jan 14 Apr 14 Jul 14 Oct 14 Jan 15 Apr 15 Jul 15 Oct 15 Jan 16 Apr 16 Jul 16
Index
Annual Growth (QoQ)
Jul 95 Jul 96 Jul 97 Jul 98 Jul 99 Jul 00 Jul 01 Jul 02 Jul 03 Jul 04 Jul 05 Jul 06 Jul 07 Jul 08 Jul 09 Jul 10 Jul 11 Jul 12 Jul 13 Jul 14 Jul 15 Jul 16
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Source: ABS Retail Trade June 2016, Westpac MI Consumer Sentiment Index, July 2016.

56 Retail Portfolio – Appendices

10%

Retail

Investing in the right centres and catchments is driving sales growth

Contribution by asset to 4.2% Specialty MAT growth[1]

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2.5%
2.0% Melbourne Central
8.3%
1.8%
1.5%
1.0% Westfield Penrith
4.9% Rouse Hill Highpoint
0.6% 5.7% 7.4%
0.8% 0.7%
0.5% Sunshine
Westfield Woden 4.4%
1.7% 0.0% Parkmore 0.4% Norton Plaza
Casuarina 3.4% Chirnside 7.9%
0.0% -0.3% 0.0% 4.2% 0.0%
Charlestown 0.0% Northland 0.1%
-1.2% 1.6%
-0.2% 0.0%
-0.5%
% black = specialty MAT growth
% blue = contribution to specialty MAT growth
Bubble size = asset proportion of total portfolio specialty sales
-1.0%
-4% -2% 0% 2% 4% 6% 8%
Specialty MAT Growth
Contribution to portfolio specialty MAT sales growth
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Based on GPT weighted interest. Excludes development impacted assets (Wollongong Central & Macarthur Square).

Retail Portfolio – Appendices

Retail

Specialty MAT sales growth up 4.2% strongly driven by General Retail

Contribution by asset to 4.2% Specialty MAT growth[1 ]

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2.0%
General Retail
1.5% 16.4%
1.5%
Appendices – To come from Alice as a PPT slide to be inserted. NB. This is a different Master page.
1.0%
Food Catering
4.2%
0.8% Jewellery
9.8% Homewares
0.5% 0.6% 10.7%
0.5%
Retail Leisure Mobile
Services 4.5% Phones
Apparel 2.7% 0.3% 6.2%
0.3%
0.0% 0.1% 0.2% 0.2%
Food Retail
-1.1%
-0.1% % black = specialty MAT growth
% blue = contribution to GPT portfolio specialty MAT growth
Size of circle indicates asset weighted proportion of total portfolio specialty sales
-0.5%
-5% 0% 5% 10% 15% 20%
Specialty MAT Growth
Contribution to portfolio specialty MAT sales growth
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Based on GPT weighted interest. Excludes development impacted assets (Wollongong Central & Macarthur Square).

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Highpoint Shopping Centre, Victoria

2016 INTERIM RESULT Office Portfolio

59 Office Portfolio

Office Portfolio Overview

GPT’s office portfolio comprises ownership in 23 high quality assets with a total investment of $4.0 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
QLD
Brisbane
WA 3
SA
NSW Sydney
10
VIC
l Number of assets in each state 10 Melbourne
TAS
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New South Wales

GPT Owned

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

GWOF Owned

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

Victoria

GPT Owned

Melbourne Central Tower
CBW, Melbourne (50%)

GWOF Owned

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

Queensland

GPT Owned

One One One Eagle Street (33%)

GWOF Owned

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

Note: All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWOF portfolio.

60 Office Portfolio

Office Portfolio Summary

The GPT office portfolio has exposure to 100% Prime Grade office assets and benefits from a diversified tenant base.

Top Ten Tenants[1]

As at 30 June 2016

Tenant Mix by Industry

As at 30 June 2016

Geographic Weighting As at 30 June 2016

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Members
Government IAG Deloitte Equity Bank NBN Co
8.5% 3.2% 2.9% 2.8% 2.7%
2.5% 2.4% 2.0% 2.0% 1.9%
Citibank NAB Arrow Energy ANZ CBA
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SYDNEY
57%
MELBOURNE
32%
BRISBANE
11%
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Based on gross rent.

Banking 17% Accountants 9% Legal 15% Info and Comms Technology 9% Other Business Services 15% Finance 5% Insurance 13% Mining & Energy 4% Government 10% Other 3%

61 Office Portfolio

Lease Expiry Profile

Lease Expiry Profile (by Income)

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17%
15%
14%
10%
8% 8% 8%
6% 6%
5%
2%
2H 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+
Note: Includes Signed Leases.
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62 Office Portfolio

Office Portfolio Summary

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Australia Square, Sydney

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MLC Centre, Sydney

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CBW, Melbourne

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Office Occupancy
Office NLA
(100% 30 Jun 16 30 Jun 16 External or Inc. WALE
Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income
State Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years)
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney NSW 50% 56,400 575.0 5.00% External 100.0% 100.0% 100.0% 9.2
DP1: 5.50%
Darling Park 1 & 2, Sydney NSW 50% 101,900 785.0 External 100.0% 100.0% 100.0% 7.0
DP2: 5.25%
Darling Park 3, Sydney NSW 100% 29,800 405.0 5.50% External 100.0% 100.0% 100.0% 5.4
HSBC Centre, Sydney NSW 100% 37,300 443.0 6.00% External 86.3% 96.5% 100.0% 3.3
workplace [6] , Sydney NSW 100% 16,300 220.0 6.00% External 100.0% 100.0% 100.0% 3.4
2 Southbank Boulevard, Melbourne VIC 50% 53,500 227.5 5.88% External 97.9% 97.9% 97.9% 2.8
8 Exhibition Street, Melbourne VIC 50% 44,600 204.0 5.25% External 83.8% 88.1% 88.1% 5.6
150 Collins Street, Melbourne VIC 100% 19,200 209.1 5.38% External 100.0% 100.0% 100.0% 9.5
530 Collins Street, Melbourne VIC 100% 65,700 547.5 5.75% External 98.0% 98.0% 98.0% 4.7
655 Collins Street, Melbourne VIC 100% 16,600 137.8 5.25% External 100.0% 100.0% 100.0% 13.4
750 Collins Street, Melbourne VIC 100% 37,300 250.0 6.75% External 100.0% 100.0% 100.0% 3.4
CBW, Melbourne VIC 50% 76,100 321.0 5.63% External 100.0% 100.0% 100.0% 4.0
800/808 Bourke Street, Melbourne VIC 100% 59,600 508.5 5.25% External 100.0% 100.0% 100.0% 11.1
One One One Eagle Street, Brisbane QLD 33% 63,800 277.0 5.50% External 97.6% 97.6% 97.6% 7.1
Riverside Centre, Brisbane QLD 100% 51,800 605.0 5.88% External 87.3% 87.3% 88.2% 3.3
GWOF assets for sale [1] Various Various 90,400 356.5 7.08% Various 95.5% 98.2% 98.2% 2.3
Total 1,162,500 5.58% 93.8% 97.3% 98.4% 5.3
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GWOF assets for sale include The Zenith, Chatswood, Twenty8 Freshwater Place, Melbourne and 545 Queen Street, Brisbane.

64 Office Portfolio

External Valuation Summary

The entire GPT office portfolio was valued externally in the six months to 30 June 2016, with the exception of two of the GWOF assets that are held for sale.

				Valuation	Capitalisation Rate
State	Ownership	Date	Valuer	($m)	(%)
GPT Portfolio
Australia Square, Sydney NSW	50%	30 Jun 16	Savills	399.5	5.57%
Citigroup Centre, Sydney NSW	50%	30 Jun 16	Colliers	542.0	5.50%
MLC Centre, Sydney NSW	50%	30 Jun 16	Knight Frank	518.5	5.64%
1 Farrer Place, Sydney NSW	25%	30 Jun 16	JLL	426.3	5.16%
Melbourne Central Tower, Melbourne VIC	100%	30 Jun 16	JLL	508.0	5.75%
CBW, Melbourne VIC	50%	30 Jun 16	CBRE	321.0	5.63%
One One One Eagle Street, Brisbane QLD	33%	30 Jun 16	Colliers	277.0	5.50%

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Liberty Place, Sydney

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney NSW 50% 30 Jun 16 Urbis 575.0 5.00%
Darling Park 1 & 2, Sydney NSW 50% 30 Jun 16 Knight Frank 785.0 5.43%
Darling Park 3, Sydney NSW 100% 30 Jun 16 Knight Frank 405.0 5.50%
HSBC Centre, Sydney NSW 100% 30 Jun 16 Savills 443.0 6.00%
workplace [6] , Sydney NSW 100% 30 Jun 16 JLL 220.0 6.00%
2 Southbank Boulevard, Melbourne VIC 50% 30 Jun 16 JLL 227.5 5.88%
8 Exhibition Street, Melbourne VIC 50% 30 Jun 16 Knight Frank 204.0 5.25%
150 Collins Street, Melbourne VIC 100% 30 Jun 16 Savills 209.1 5.38%
530 Collins Street, Melbourne VIC 100% 30 Jun 16 Savills 547.5 5.75%
655 Collins Street, Melbourne VIC 100% 30 Jun 16 Savills 137.8 5.25%
750 Collins Street, Melbourne VIC 100% 30 Jun 16 Knight Frank 250.0 6.75%
CBW, Melbourne VIC 50% 30 Jun 16 CBRE 321.0 5.63%
800/808 Bourke Street, Melbourne VIC 100% 30 Jun 16 CBRE 508.5 5.25%
One One One Eagle Street, Brisbane QLD 33% 30 Jun 16 Colliers 277.0 5.50%
Riverside Centre, Brisbane QLD 100% 30 Jun 16 Colliers 605.0 5.88%
GWOF assets for sale [1] Various Various Various Various 354.5 7.08%
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GWOF assets for sale include The Zenith, Chatswood, Twenty8 Freshwater Place, Melbourne and 545 Queen Street, Brisbane.

66 Office Portfolio

Income and Fair Value Schedule

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Income Fair Value Reconciliation
6 months to
30 June ($m) Capex
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 15 & Other Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 30 Jun 16 Portfolio
2015 2016 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Australia Square, Sydney 11.2 11.1 (0.1) 342.4 0.0 3.4 2.8 0.0 0.0 50.9 0.0 399.5 9.9
Citigroup Centre, Sydney 14.6 16.1 1.5 490.0 0.0 0.0 6.0 0.0 0.0 46.0 0.0 542.0 13.4
MLC Centre, Sydney 9.7 12.7 3.1 459.8 4.7 1.7 5.5 0.0 0.0 46.3 0.5 518.5 12.9
1 Farrer Place, Sydney 10.0 9.9 (0.1) 377.7 0.0 2.2 3.5 0.0 0.0 42.7 0.1 426.3 10.6
Melbourne Central Tower, Melbourne 14.5 15.9 1.4 469.0 0.1 0.9 0.6 0.0 0.0 37.4 0.1 508.0 12.6
CBW, Melbourne 9.2 9.5 0.3 317.5 0.0 0.4 0.4 0.0 0.0 2.7 0.0 321.0 8.0
One One One Eagle Street, Brisbane 7.5 8.0 0.5 273.7 0.0 0.0 1.1 0.0 0.0 2.2 0.0 277.0 6.9
Equity Interests
GPT Equity Interest in GWOF (20.4%) [1] 31.1 25.1 (6.0) 980.3 0.0 0.0 0.0 0.0 0.0 59.1 2.6 1,042.0 25.8
Total Office Portfolio 107.7 108.3 0.5 3,710.3 4.7 8.7 19.8 0.0 0.0 287.3 3.3 4,034.2
----- End of picture text -----

GPT Equity Interest in GWOF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations of investment property and mark to market movements of financial instruments. Net income for the six months to 30 June 2016 represents GPT’s share of FFO for the period.

67 Office Portfolio

Office Sustainability

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NABERS Energy Rating
(including Green Power) NABERS Water Rating
2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016
GPT Portfolio
Australia Square, Sydney (Tower) 4.0 4.5 5.0 4.5 4.0 4.0 4.0 4.5 4.5 3.5 4.0 4.0 4.0 4.0 3.0 3.0 3.5 3.5
Australia Square, Sydney (Plaza) 5.0 5.0 5.0 5.0 5.0 5.5 5.5 5.5 5.5 3.5 4.0 4.0 4.0 4.0 4.0 4.0 4.0 3.5
Citigroup Centre, Sydney 4.5 4.5 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0 3.5 3.5 3.5 3.5 3.5 3.5 3.5
MLC Centre, Sydney 4.5 5.0 5.5 5.5 5.0 5.0 5.0 5.0 5.5 2.5 3.0 3.5 3.0 3.5 4.0 4.0 4.0 2.5
1 Farrer Place, Sydney (GMT) 3.0 3.0 4.5 4.5 4.5 4.5 4.0 4.5 4.5 n/a 2.5 4.0 4.0 3.5 n/a 3.5 3.0 3.0
1 Farrer Place, Sydney (GPT) 3.0 3.0 4.0 4.0 4.5 4.5 4.5 4.0 3.5 n/a 3.0 3.0 3.5 3.5 n/a 3.5 3.0 3.0
Melbourne Central, Melbourne 4.5 4.5 5.0 5.0 5.0 4.5 4.5 4.5 5.0 2.0 3.5 2.5 3.0 3.0 3.0 3.0 3.0 3.0
CBW, Melbourne – – – – – – 5.0/5.0 5.0/5.0 5.0/5.0 – – – – – – 4.5/4.5 4.5/4.5 4.5/4.5
One One One Eagle Street, Brisbane – – – – – – 5.5 5.5 5.5 – – – – – 4.5 4.5 4.5 4.5
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One One One Eagle Street, Brisbane

68 Office Portfolio

Office Sustainability (continued)

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NABERS Energy Rating
(including Green Power) NABERS Water Rating
2008 2009 2010 2011 2012 2013 2014 2015 2016 2008 2009 2010 2011 2012 2013 2014 2015 2016
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney – – – – – – 5.0 5.0 5.0 – – – – – – – 3.5 3.5
Darling Park 1, Sydney 4.5 4.0 5.5 5.5 5.0 5.0 5.0 5.5 5.5 2.0 2.5 3.5 3.5 3.5 3.0 3.0 3.0 3.5
Darling Park 2, Sydney 5.0 5.0 5.0 5.5 5.0 5.5 5.5 5.5 5.5 3.0 3.0 3.5 3.0 3.0 3.5 3.5 3.5 3.5
Darling Park 3, Sydney 5.0 5.0 5.5 5.5 5.0 5.0 5.0 5.5 5.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5 3.5
HSBC Centre, Sydney 3.5 3.5 4.0 4.5 5.0 5.0 5.0 5.0 5.5 3.0 3.0 2.5 2.5 3.5 3.0 3.0 3.5 3.5
workplace [6] , Sydney – – 5.5 5.5 5.0 5.0 5.0 5.5 5.5 – – 5.0 5.0 5.0 5.0 5.0 4.0 4.0
The Zenith, Chatswood 3.0 3.0 3.5 4.0 5.0 5.5 5.0 5.0 5.0 1.5 2.5 2.0 3.0 4.0 4.0 3.5 5.0 3.5
2 Southbank Boulevard, Melbourne – – – – – 4.5 4.5 5.0 5.5 – – – – – 3.5 3.5 3.5 4.0
8 Exhibition Street, Melbourne – – – – – 4.5 4.5 4.5 4.5 – – – – – 3.5 4.0 4.5 4.5
Twenty8 Freshwater Place, Melbourne – – 5.0 5.0 5.0 5.0 5.0 5.5 5.5 – – 4.5 4.5 4.5 4.5 4.5 4.5 4.5
– – – – – – – – – – – – – – – – – –
150 Collins Street, Melbourne [1]
530 Collins Street, Melbourne 4.0 4.5 5.0 5.5 5.5 5.0 4.5 5.0 5.0 3.0 3.0 3.5 3.0 3.0 2.0 2.0 3.0 3.0
655 Collins Street, Melbourne – – – – – 4.5 4.5 4.0 5.0 – – – – – 5.5 5.5 4.5 3.5
750 Collins Street, Melbourne – – – – – 4.5 4.5 4.5 5.5 – – – – – 4.5 4.5 4.0 5.0
CBW, Melbourne – – – – – – 5.0/5.0 5.0/5.0 5.0/5.0 – – – – – – 4.5/4.5 4.5/4.5 4.5/4.5
800/808 Bourke Street, Melbourne 4.5 5.0 5.0 4.5 5.0 5.0 5.0 5.0 5.5 3.0 3.0 2.5 2.5 2.5 3.0 3.0 3.5 3.0
One One One Eagle Street, Brisbane – – – – – 5.5 5.5 5.5 5.5 – – – – – 4.5 4.5 4.5 4.5
Riverside Centre, Brisbane 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.0 5.5 3.5 3.5 3.5 3.0 3.5 3.5 3.5 3.5 3.5
545 Queen Street, Brisbane – 5.0 5.0 5.0 5.5 5.0 5.0 5.0 5.5 – – 4.5 4.0 4.0 n/a 4.0 4.0 4.0
Portfolio Average 4.4 4.6 4.8 5.0 5.0 5.0 4.9 5.0 5.2 2.8 3.2 3.3 3.7 3.7 3.7 3.5 3.8 3.7
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Note: 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.

69 Office Portfolio

Office Sustainability

Water (Total)	Emissions	Waste
Area NLA Litres/m2	kg CO2-e/m2	% Recycled/Reused
GPT Portfolio
Australia Square, Sydney 51,400 982	87	63%
Citigroup Centre, Sydney 73,200 670	78	75%
MLC Centre, Sydney 67,400 608	55	30%
1 Farrer Place, Sydney 84,500 757	86	58%
Melbourne Central Tower, Melbourne 65,600 694	46	18%
CBW, Melbourne 76,100 556	36	23%
One One One Eagle Street, Brisbane 63,800 493	33	44%

Note: Sustainability data as at 31 December 2015. Only recycled waste reported.

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2 Southbank Boulevard, Melbourne

70 Office Portfolio

Office Sustainability (continued)

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Water (Total) Emissions Waste
Area NLA Litres/m [2] kg CO2-e/m [2] % Recycled/Reused
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney 56,400 853 71 58%
Darling Park 1 & 2, Sydney 101,900 932 36 56%
Darling Park 3, Sydney 29,800 746 37 57%
HSBC Centre, Sydney 37,300 652 61 50%
workplace [6] , Sydney 16,300 440 38 51%
The Zenith, Chatswood 43,400 658 61 58%
2 Southbank Boulevard, Melbourne 53,500 503 42 48%
8 Exhibition Street, Melbourne 44,600 314 75 61%
Twenty8 Freshwater Place, Melbourne 33,900 394 30 62%
150 Collins Street, Melbourne 19,200 587 41 33%
530 Collins Street, Melbourne 65,700 646 48 57%
655 Collins Street, Melbourne 16,600 600 60 29%
750 Collins Street, Melbourne 37,300 248 41 36%
CBW, Melbourne 76,100 556 36 23%
800/808 Bourke Street, Melbourne 59,600 548 16 41%
One One One Eagle Street, Brisbane 63,800 493 33 44%
Riverside Centre, Brisbane 51,800 731 53 71%
545 Queen Street, Brisbane 13,100 624 48 29%
Portfolio Average 633 52 52%
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Note: Sustainability data as at 31 December 2015. Only recycled waste reported.

71 Office Portfolio – Appendices

Office

Sydney CBD – strong performance during last 12 months, outlook positive

Strong market fundamentals in the last 12 months.
Demand has exceeded supply, vacancy and incentives have reduced and rental growth has been strong.
Supply cycle will peak in 3Q16.
Prime cap rates stabilising at prior cyclical lows.

Sydney CBD: Demand, Supply & Vacancy (2Q16)

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250,000 12.0%
7.1%
Vacancy 8.0%
150,000
Rate (RHS)
119k
4.0%
50,000 91k
0.0%
-50,000
Net Supply -4.0%
(LHS)
-150,000 Net Absorption -8.0%
(LHS)
-250,000 -12.0%
sqm pa
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16
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Sydney CBD: Rents and Incentives (2Q16)
$1,000 $909 40%
(+7.0%)
$900 35%
Net Face
$800 Rent (LHS) 30%
$700 28.4%
(-291bp) 25%
$600 Incentives (RHS)
$500 Net Effective 20%
Rent (LHS)
$400 $538 15%
(+17.1%)
$300 10%
Sydney CBD: Upper & Lower Prime Yields (2Q16)
9%
8% 7.8%
Lower Prime
7%
6.50%
6% 6.00%
Upper Prime
5% 5.00%
5.00%
4%
$/sqm pa
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16
Yield
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16
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JLL Research 2Q16, GPT Research.

72 Office Portfolio – Appendices

Office

Melbourne CBD – improving fundamentals to strengthen rental growth

Demand significantly exceeded net supply (138,000 vs. 44,000 sqm) in the last 12 months driving the vacancy rate down from 10.1% to 8.0%.
Rental growth has been slow to respond, however, is expected to strengthen in the next 12 months due to a low level of net supply delivery and solid demand to continue.

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Melbourne CBD: Rents and Incentives (2Q16)
33.3%
$550 (+104bp) 35%
$500 Incentives
30%
(RHS)
$450
$400 Rent (LHS)Net Face (+3.1%) $466 25%
$350 $279 20%
$300 (+1.9%)
$250 Net Effective 15%
Rent (LHS)
$200 10%
$/sqm pa
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16
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Melbourne CBD: Upper & Lower Prime Yields (2Q16)

Melbourne CBD: Demand, Supply & Vacancy (2Q16)

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9%
300,000 Vacancy 8.0% 12.0% Lower Prime
250,000 Rate (RHS) 10.0% 8%
200,000 8.0%
138k 7%
150,000 6.0% 6.75%
100,000 4.0%
50,000 Net Supply 2.0% 6% Upper Prime
0 (LHS) 44k 0.0% 5.75% 5.25%
5%
-50,000 Net Absorption -2.0%
(LHS)
-100,000 -4.0% 4%
sqm pa Yield
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16
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JLL Research 2Q16, GPT Research.

73 Office Portfolio – Appendices

Office

Brisbane CBD – demand recovering, although supply remains an issue

The Brisbane CBD is showing signs of recovery as positive net absorption returns.

Brisbane CBD: Rents and Incentives (2Q16)

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35.9%
$800 40.0%
(+188 bp)
$700 Net Face 35.0%
$600 Rent (LHS) 30.0%
$500 $575 25.0%
$400 Incentives (RHS) (+0.6%) 20.0%
$300 Net Effective 15.0%
$200 Rent (LHS) $269 10.0%
(-3.5%)
$100 5.0%
$0 0.0%
Brisbane CBD: Upper & Lower Prime Yields (2Q16)
9%
Lower Prime
8%
7.75%
7%
6%
Upper Prime 5.75%
5.50%
5%
4%
$/sqm pa
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16
Yield
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16
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Demand is focussed on A-Grade accommodation.
Vacancy has increased in the past 12 months $500 Incentives (RHS) (15.2% to 16.6%) due to soft demand being met $400 $300
with new supply and a significant level of backfill $200 space. Appendices – To come from Alice as a PPT slide to be inserted. NB. This is a different Master page. $100
Outlook to gradually improve with no new supply in 2017 and demand continuing to recover.

Brisbane CBD: Demand, Supply & Vacancy (2Q16)

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250,000 Net Supply Vacancy 16.6% 20.0%
Rate (RHS)
200,000 (LHS) 16.0%
150,000 12.0%
92k
100,000 8.0%
47k
50,000 4.0%
0 0.0%
-50,000 Net -4.0%
-100,000 Absorption -8.0%
-150,000 (LHS) -12.0%
sqm per annum
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16
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JLL Research 2Q16, GPT Research.

74 Office Portfolio – Appendices

Office

Perth CBD – weak market fundamentals to continue

Vacancy and incentives continued to rise due to a large level of new supply combined with negative net absorption.
As a result both net face and effective rents continued to decline (-3.6% and -20.1% p.a. respectively).
Demand to remain weak due to ongoing contraction in resource sector related services industries.

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Perth CBD: Rents and Incentives (2Q16)
$1,000 47.0% 50%
(+900bp)
Net Face
$800 40%
Rent (LHS)
$600 Net Effect $631 30%
Rent (LHS) (-3.6%)
$400 20%
$200 Incentives $279 10%
(RHS) (-20.1%)
$0 0%
$/sqm pa
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16
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Perth CBD: Demand, Supply & Vacancy (2Q16) 24.5% Perth CBD: Upper & Lower Prime Yields (2Q16)
180,000 Vacancy 24.0% 10%
Rate (RHS)
130,000 Net Supply 16.0% 9% Lower Prime
80,000 (LHS) 124k 8.25%
8.0% 8%
30,000
-20,000 Net 0.0% 7% Upper Prime
Absorption -24k
-70,000 (LHS) -8.0% 6% 6.25% 6.00%
-120,000 -16.0% 5%
Yield
sqm pa
Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16 Dec 04 Dec 05 Dec 06 Dec 07 Dec 08 Dec 09 Dec 10 Dec 11 Dec 12 Dec 13 Dec 14 Dec 15 Dec 16
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JLL Research 2Q16, GPT Research.

2016 INTERIM RESULT

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Logistics Portfolio
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75 Logistics Portfolio

Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 31 high quality logistics and business park assets located across Australia’s Eastern Seaboard. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Metro Office Fund.

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NT
QLD
Brisbane
WA
3
SA
NSW Sydney
24
VIC
4 Melbourne
l Number of assets in each state
TAS
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New South Wales

GPT Owned

Rosehill Business Park, Camellia
10 Interchange Drive, Eastern Creek
16-34 Templar Road, Erskine Park
36-52 Templar Road, Erskine Park
54-70 Templar Road, Erskine Park
67-75 Templar Road, Erskine Park
29-55 Lockwood Road, Erskine Park
2-4 Harvey Road, Kings Park
407 Pembroke Road, Minto (50%)
4 Holker Street, Newington
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
Quad 1, Sydney Olympic Park
Quad 4, Sydney Olympic Park
372-374 Victoria Street, Wetherill Park

New South Wales

GMF Owned

3 Murray Rose Avenue, Sydney Olympic Park
5 Murray Rose Avenue, Sydney Olympic Park
Quad 2, Sydney Olympic Park
Quad 3, Sydney Olympic Park

Victoria

GPT Owned

Citiwest Industrial Estate, Altona North
Citiport Business Park, Port Melbourne
Austrak Business Park, Somerton (50%)

GMF Owned

Vantage, 109 Burwood Road, Hawthorn

Queensland

GPT Owned

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

GMF Owned

Optus Centre, 15 Green Square Close, Fortitude Valley
38 Pine Road, Yennora

Note: All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GMF portfolio.

76 Logistics Portfolio

Logistics Portfolio Summary

The logistics portfolio delivered a Total Portfolio Return of 13.1%, underpinned by a high occupancy level of 92.7% and a long weighted average lease expiry of 7.9 years.

Top Ten Tenants[1] As at 30 June 2016

Key Operating Metrics As at 30 June 2016

Geographic Weighting As at 30 June 2016

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Rand Freedom
Wesfarmers Toll Transport TNT Australia Furniture
16.8% 7.1% 5.9% 5.2% 4.4%
4.3% 3.9% 3.8% 3.8% 3.2%
Australian Schenker Goodman Vodafone Super Cheap
Pharmaceutical Australia Fielder Auto
Industries
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	1H 2016	1H 2015
Number of Assets2	31	34
Portfolio Value3	$1,437.2m	$1,385.2m
Comparable Net Income Growth	0.1%	0.8%
Occupancy4	92.7%	92.4%
Weighted Average Lease Expiry	7.9 years	8.2 years

Consolidated properties are counted individually.
Includes equity interest in GMF. Excludes land and development held in GPTMH.
Includes Signed Leases.

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NSW
66%
VIC
22%
QLD
12%
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Based on gross rent.

77 Logistics Portfolio

Lease Expiry Profile

(by Income)

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41%
17%
11%
10%
9%
4%
3% 3%
2%
1%
0%
2H 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026+
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Note: Includes Signed Leases.

78 Logistics Portfolio

Logistics Portfolio Summary

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Logistics Occupancy
GLA (100% 30 Jun 16 30 Jun 16 External or Inc. WALE
Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income
State Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100% 41,900 79.0 7.25% Internal 100.0% 100.0% 100.0% 2.3
10 Interchange Drive, Eastern Creek NSW 100% 15,100 30.8 7.00% Internal 100.0% 100.0% 100.0% 4.0
16-34 Templar Road, Erskine Park NSW 100% 15,200 54.5 6.00% External 100.0% 100.0% 100.0% 13.0
36-52 Templar Road, Erskine Park NSW 100% 24,500 97.0 5.75% External 100.0% 100.0% 100.0% 18.6
54-70 Templar Road, Erskine Park NSW 100% 21,000 138.0 6.00% External 100.0% 100.0% 100.0% 19.0
67-75 Templar Road, Erskine Park NSW 100% 12,700 22.5 6.75% Internal 100.0% 100.0% 100.0% 5.6
29-55 Lockwood Road, Erskine Park NSW 100% 32,200 85.5 5.75% External 100.0% 100.0% 100.0% 13.5
2-4 Harvey Road, Kings Park NSW 100% 40,300 50.3 8.25% Internal 100.0% 100.0% 100.0% 1.2
407 Pembroke Road, Minto NSW 50% 15,300 26.5 7.25% External 100.0% 100.0% 100.0% 3.4
4 Holker Street, Newington NSW 100% 7,400 30.5 8.50% Internal 100.0% 100.0% 100.0% 1.0
83 Derby Street, Silverwater NSW 100% 17,000 30.4 6.50% Internal 100.0% 100.0% 100.0% 9.5
3 Figtree Drive, Sydney Olympic Park [1] NSW 100% 6,800 24.0 n/a External 100.0% 100.0% 100.0% 3.5
5 Figtree Drive, Sydney Olympic Park NSW 100% 8,800 26.6 7.50% External 100.0% 100.0% 100.0% 3.9
7 Figtree Drive, Sydney Olympic Park [1] NSW 100% 3,500 15.0 n/a External 100.0% 100.0% 100.0% 1.0
6 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 4,100 11.0 n/a External 26.8% 26.8% 26.8% 1.8
8 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 3,300 11.3 n/a External 100.0% 100.0% 100.0% 3.6
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Logistics Occupancy
GLA (100% 30 Jun 16 30 Jun 16 External or Inc. WALE
Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income
State Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years)
Quad 1, Sydney Olympic Park NSW 100% 4,400 [2] 23.0 7.25% External 88.3% 88.3% 94.9% 3.4
Quad 4, Sydney Olympic Park NSW 100% 8,100 [2] 49.3 6.50% External 100.0% 100.0% 100.0% 13.7
372-374 Victoria Street, Wetherill Park NSW 100% 20,500 20.9 8.00% Internal 100.0% 100.0% 100.0% 3.7
38 Pine Road, Yennora NSW 100% 33,200 52.0 7.50% External 100.0% 100.0% 100.0% 2.7
Citiwest Industrial Estate, Altona North VIC 100% 90,000 67.4 7.90% Internal 65.5% 65.5% 65.5% 1.7
Citiport Business Park, Port Melbourne VIC 100% 27,000 71.0 7.50% External 92.9% 92.9% 92.9% 3.0
Austrak Business Park, Somerton VIC 50% 211,300 159.1 6.67% Internal 92.3% 92.3% 92.3% 8.6
16-28 Quarry Road, Yatala QLD 100% 40,800 47.7 8.25% Internal 94.9% 94.9% 94.9% 0.6
59 Forest Way, Karawatha QLD 100% 44,000 102.5 6.25% External 100.0% 100.0% 100.0% 12.7
GMF Portfolio
3 Murray Rose Avenue, Sydney Olympic Park NSW 100% 13,400 [2] 91.5 6.50% Internal 100.0% 100.0% 100.0% 5.7
5 Murray Rose Avenue, Sydney Olympic Park NSW 100% 12,300 [2] 90.5 6.25% Internal 100.0% 100.0% 100.0% 7.8
Quad 2, Sydney Olympic Park NSW 100% 5,100 [2] 29.0 7.25% Internal 100.0% 100.0% 100.0% 3.1
Quad 3, Sydney Olympic Park NSW 100% 5,200 [2] 29.3 7.25% Internal 95.1% 95.1% 95.1% 2.8
Vantage, 109 Burwood Road, Hawthorn VIC 100% 12,300 [2] 72.9 7.00% Internal 69.6% 76.3% 89.2% 4.7
Optus Centre, 15 Green Square Close,
QLD 100% 16,200 [2] 127.1 6.75% Internal 97.8% 97.8% 97.8% 5.7
Fortitude Valley
Total 812,900 6.81% 92.6% 92.7% 92.7% 7.9
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Valued on a rate per sqm of potential Gross Floor Area (GFA). Allowances for costs of demolition and deferment of development have been made. The Present Value (PV) of the current lease has then been added to the value. 2. NLA.

80 Logistics Portfolio

External Valuation Summary

61% of the logistics portfolio was valued externally in the six months to 30 June 2016.

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100% 31 Dec 15 Urbis 79.0 7.25%
10 Interchange Drive, Eastern Creek NSW 100% 31 Dec 15 JLL 30.8 7.00%
16-34 Templar Road, Erskine Park NSW 100% 30 Jun 16 CBRE 54.5 6.00%
36-52 Templar Road, Erskine Park NSW 100% 30 Jun 16 CBRE 97.0 5.75%
54-70 Templar Road, Erskine Park NSW 100% 30 Jun 16 JLL 138.0 6.00%
67-75 Templar Road, Erskine Park NSW 100% 31 Dec 15 CBRE 22.5 6.75%
29-55 Lockwood Road, Erskine Park NSW 100% 30 Jun 16 CBRE 85.5 5.75%
2-4 Harvey Road, Kings Park NSW 100% 30 Jun 14 Savills 46.5 8.25%
407 Pembroke Road, Minto NSW 50% 30 Jun 16 m3 26.5 7.25%
4 Holker Street, Newington NSW 100% 30 Jun 14 Colliers 24.0 8.75%
83 Derby Street, Silverwater NSW 100% 31 Dec 15 m3 29.3 6.50%
3 Figtree Drive, Sydney Olympic Park [1] NSW 100% 30 Jun 16 Knight Frank 24.0 n/a
5 Figtree Drive, Sydney Olympic Park NSW 100% 30 Jun 16 Knight Frank 26.6 7.50%
7 Figtree Drive, Sydney Olympic Park [1] NSW 100% 30 Jun 16 Knight Frank 15.0 n/a
6 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 30 Jun 16 Knight Frank 11.0 n/a
8 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 30 Jun 16 Knight Frank 11.3 n/a
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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
Quad 1, Sydney Olympic Park NSW 100% 30 Jun 16 Savills 23.0 7.25%
Quad 4, Sydney Olympic Park NSW 100% 30 Jun 16 Savills 49.3 6.50%
372-374 Victoria Street, Wetherill Park NSW 100% 31 Dec 15 JLL 19.0 8.00%
38 Pine Road, Yennora NSW 100% 30 Jun 16 CBRE 52.0 7.50%
Citiwest Industrial Estate, Altona North VIC 100% 31 Dec 15 Savills 66.6 7.90%
Citiport Business Park, Port Melbourne VIC 100% 30 Jun 16 Savills 71.0 7.50%
Austrak Business Park, Somerton VIC 50% 31 Dec 15 m3 155.1 6.67%
16-28 Quarry Road, Yatala QLD 100% 31 Dec 14 Knight Frank 47.3 8.75%
59 Forest Way, Karawatha QLD 100% 30 Jun 16 CBRE 102.5 6.25%
GMF Portfolio
3 Murray Rose Avenue, Sydney Olympic Park NSW 100% 31 Mar 16 Colliers 91.5 6.50%
5 Murray Rose Avenue, Sydney Olympic Park NSW 100% 31 Mar 16 Colliers 90.5 6.25%
Quad 2, Sydney Olympic Park NSW 100% 31 Mar 16 Colliers 28.8 7.25%
Quad 3, Sydney Olympic Park NSW 100% 31 Mar 16 Colliers 29.0 7.25%
Vantage, 109 Burwood Road, Hawthorn VIC 100% 31 Mar 16 Colliers 72.5 7.00%
Optus Centre, 15 Green Square Close, Fortitude Valley QLD 100% 31 Mar 16 Colliers 127.0 6.75%
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Valued on a rate per sqm of potential Gross Floor Area (GFA). Allowances for costs of demolition and deferment of development have been made. The Present Value (PV) of the current lease has then been added to the value.

82 Logistics Portfolio

Income and Fair Value Schedule

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Income Fair Value Reconciliation
6 months to
30 Jun ($m) Capex
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 15 & Other Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 30 Jun 16 Portfolio
2015 2016 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia 2.9 3.0 0.1 79.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 79.0 5.5
10 Interchange Drive, Eastern Creek 1.2 1.2 0.0 30.8 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30.8 2.1
16-34 Templar Road, Erskine Park 1.7 1.8 0.1 51.5 0.0 0.0 0.0 0.0 0.0 3.0 0.0 54.5 3.8
36-52 Templar Road, Erskine Park 2.1 2.8 0.7 84.3 (0.7) 0.0 0.0 0.0 0.0 13.3 0.0 97.0 6.7
54-70 Templar Road, Erskine Park 0.3 4.9 4.6 135.8 (3.2) 0.0 0.0 0.0 0.0 5.4 0.0 138.0 9.6
67-75 Templar Road, Erskine Park 0.9 0.9 0.0 22.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 22.5 1.6
29-55 Lockwood Road, Erskine Park 2.5 2.5 0.0 81.5 (0.4) 0.0 0.0 0.0 0.0 4.4 0.0 85.5 5.9
407 Pembroke Road, Minto 1.2 1.2 0.0 25.0 0.0 0.0 0.0 0.0 0.0 1.5 0.0 26.5 1.8
4 Holker Street, Newington 1.7 1.7 0.1 30.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 30.5 2.1
83 Derby Street, Silverwater 1.2 1.1 (0.2) 29.3 0.0 0.1 1.1 0.0 0.0 0.0 0.0 30.4 2.1
3 Figtree Drive, Sydney Olympic Park 1.0 1.0 0.0 21.0 0.0 0.0 0.0 0.0 0.0 3.0 0.0 24.0 1.7
5 Figtree Drive, Sydney Olympic Park 1.0 1.1 0.1 23.8 0.0 0.1 0.0 0.0 0.0 2.8 0.0 26.6 1.9
7 Figtree Drive, Sydney Olympic Park 0.5 0.5 0.0 13.8 0.0 0.0 0.0 0.0 0.0 1.2 0.0 15.0 1.0
6 Herb Elliott Avenue, Sydney Olympic Park 0.2 0.0 (0.2) 13.2 0.1 0.0 0.0 0.0 0.0 (2.4) 0.0 11.0 0.8
8 Herb Elliott Avenue, Sydney Olympic Park 0.4 0.4 0.0 10.6 0.0 0.0 0.0 0.0 0.0 0.7 0.0 11.3 0.8
Quad 1, Sydney Olympic Park 0.3 0.8 0.5 24.9 0.0 0.5 0.1 0.0 0.0 (2.5) 0.0 23.0 1.6
Quad 4, Sydney Olympic Park 1.5 1.2 (0.3) 41.4 0.0 0.1 5.9 0.0 0.0 1.3 0.6 49.3 3.4
372-374 Victoria Street, Wetherill Park 0.9 1.0 0.0 19.0 0.0 1.9 0.0 0.0 0.0 0.0 0.0 20.9 1.5
38 Pine Road, Yennora 2.0 1.9 (0.1) 50.5 0.0 0.0 1.2 0.0 0.0 0.2 0.0 52.0 3.6
Citiwest Industrial Estate, Altona North 2.7 1.8 (0.9) 66.6 0.0 0.8 0.0 0.0 0.0 0.0 0.0 67.4 4.7
Citiport Business Park, Port Melbourne 1.9 2.5 0.6 68.4 0.0 1.0 0.5 0.0 0.0 1.2 (0.1) 71.0 4.9
Austrak Business Park, Somerton 5.4 4.9 (0.4) 157.0 1.5 0.1 0.4 0.0 0.0 0.0 0.1 159.1 11.1
16-28 Quarry Road, Yatala 2.1 2.2 0.1 47.4 0.0 0.3 0.0 0.0 0.0 0.0 0.0 47.7 3.3
59 Forest Way, Karawatha 3.3 3.4 0.1 98.6 0.0 0.0 0.0 0.0 0.0 3.9 0.0 102.5 7.1
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GPT Equity Interest in GMF represents GPT’s equity accounted interest in the net assets of the Fund, including net revaluations of investment property and mark to market movements of financial instruments. Net income for the six months to 30 June 2016 represents GPT’s share of FFO for the period.
Excludes $2.5 million which was attributable to 16 Holt Street, Pinkenba and 15-19 Berry Street, Granville, which were sold in 2015.

84 Logistics Portfolio – Appendices

Logistics Sydney – well balanced market fundamentals

2015 saw strongest take-up figures in since 2007.
Combined with relatively low levels of new supply, vacancy has decreased.
Sydney is best placed for rental growth with well balanced supply and demand.

Sydney Industrial: Total vacant stock by grade ('000 sqm)

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

900
Prime
800
Secondary
700
600
500
400
300
200
100
-
Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16
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Sydney Industrial Supply ('000 sqm)

==> picture [266 x 124] intentionally omitted <==

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

sqm
900
800
700
600
8 year
500 average
400
300
200
100
0
2012 2013 2014 2015 2016
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Sydney Industrial Demand ('000 sqm)
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----- Start of picture text -----

sqm
All Other
900
Pre-Lease and Design & Construct
800
700 8 year
600 average
500
400
300
200
100
0
2012 2013 2014 2015 1H 2016
Full Calendar Year Half Year
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Source: Knight Frank, JLL.

85 Logistics Portfolio – Appendices

Logistics

Melbourne – strong demand but challenging supply side issues

Activity in the pre-lease market experienced record demand in 2015.
Supply levels remain high as developers continue to activate projects in Melbourne’s West.
Vacancy levels and incentives are elevated as tenants relocate to new facilities.

Melbourne Industrial: Vacant stock by grade ('000 sqm)

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

900
800 Prime
700 Secondary
600
500
400
300
200
100
-
Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16
----- End of picture text -----

Melbourne Industrial Supply ('000 sqm)

==> picture [264 x 120] intentionally omitted <==

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

sqm
900
800
700
600 8 year
500 average
400
300
200
100
0
2012 2013 2014 2015 2016
----- End of picture text -----

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

Melbourne Industrial Demand ('000 sqm)
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----- Start of picture text -----

sqm
All Other
900
800 Pre-Lease and Design & Construct
700 8 year
600 average
500
400
300
200
100
0
2012 2013 2014 2015 1H 2016
Full Calendar Year Half Year
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Source: Knight Frank, JLL.

86 Logistics Portfolio – Appendices

Logistics Brisbane – contracting rents amidst subdued demand

Demand has been subdued in the first half of 2016, with evidence of increasing incentives.
Supply below long term average.
Vacancy stabilising as developers wait to secure pre-leases before activating projects.

Brisbane Industrial: Total vacant stock by grade ('000 sqm)

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

700 Prime
Secondary
600
500
400
300
200
100
-
Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 Jan 16 Jul 16
----- End of picture text -----

Brisbane Industrial Supply ('000 sqm)

==> picture [266 x 137] intentionally omitted <==

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

sqm
700
600
500
8 year
400 average
300
200
100
0
2012 2013 2014 2015 2016
Brisbane Industrial Demand ('000 sqm)
----- End of picture text -----

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

sqm
700 All Other
600 Pre-Lease and Design & Construct
8 year
500
average
400
300
200
100
0
2012 2013 2014 2015 1H 2016
Full Calendar Year Half Year
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Source: Knight Frank, JLL.

2016 INTERIM RESULT Development

Development

Development Overview

GPT has $0.2 billion in development projects currently underway across the retail, office and logistics sectors, with a significant pipeline of future development opportunities on behalf of assets owned on balance sheet and in GPT’s funds.

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Forecast Forecast Cost to Complete Target
Total Cost Completion
Sector Ownership Interest (%) ($m) GPT’s Share ($m) Fund’s Share ($m) Date
Underway
Macarthur Square, NSW Retail 50% GWSCF 120 0 82 2H 2017
Casuarina Square, NT Retail 50% GPT / 50% GWSCF 34 1 1 2H 2016
Total Underway 154 1 83
Planned
Rouse Hill Town Centre, NSW Retail 100% GPT 300 300 0
Wollongong Central, NSW Retail 100% GWSCF 70 0 70
Melbourne Central, VIC Retail 100% GPT 70 70 0
Sunshine Plaza, QLD Retail 50% GPT 203 203 0
Casuarina Square, NT Retail 50% GPT / 50% GWSCF 110 55 55
MLC Centre, NSW Office 50% GPT 75 75 0
4 Murray Rose Avenue, Sydney Olympic Park, NSW Office 100% GPT 86 83 0
Austrak Business Park, Minto, NSW Logistics 50% GPT 15 10 0
Eastern Creek Drive & Old Wallgrove Road, Eastern Creek, NSW Logistics 100% GPT 90 58 0
1 Lockwood Road & 16-34 Templar Road, Erskine Park, NSW Logistics 100% GPT 23 15 0
Lot 11, Templar Road, Erskine Park, NSW Logistics 50% GPT 12 9 0
18-24 Abbott Road, Seven Hills, NSW Logistics 100% GPT 30 22 0
Austrak Business Park, Somerton, VIC Logistics 50% GPT 67 48 0
Metroplex, Wacol, QLD Logistics 50% GPT 150 100 0
Wembley Business Park, Berrinba, QLD Logistics 100% GPT 124 92 0
Total Planned 1,425 1,140 125
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Development

Development Overview (continued)

Sector Ownership Interest (%) Forecast Total Cost ($m)	Forecast Cost to Complete Target Completion Date GPT’s Share ($m) Fund’s Share ($m)
Future Pipeline
Highpoint ShoppingCentre,VIC Retail 16.67% GPT / 58.33% GWSCF 334	74 260
Parkmore ShoppingCentre,VIC Retail 100% GWSCF 30	0 30
Chirnside Park,VIC Retail 100% GWSCF 100	0 100
Other 1,530	790 740
Total Future Pipeline 1,994	864 1,130
Total Underway,Planned and Future Pipeline 3,573	2,005 1,338

Excludes development capex for minor asset positioning and remixing works, and the MLC Centre façade works.

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Casuarina Square, NT

2016 INTERIM RESULT Funds Management

89 Funds Management

GPT Funds Management Summary

The Group’s Funds Management platform provides GPT with an important source of income through funds management, property management and development management fees. In addition, the platform provides GPT investors with access to a steady income stream through a significant co-investment in the Group’s managed funds.

GPT’s Funds Management platform includes the GPT Wholesale Office Fund (GWOF), the GPT Wholesale Shopping Centre Fund (GWSCF) and the ASX-listed GPT Metro Office Fund (GMF).

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==> picture [339 x 66] intentionally omitted <==

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|||||
|---|---|---|---|
|Fund Summary as at 30 June 2016|GWOF|GWSCF|GMF|
|Number of Assets|18|9|6|
|Total Assets|$6.1bn|$3.9bn|$0.4bn|
|Net Gearing|13.7%|15.4%|28.1%|
|One Year Equity IRR (post-fees)|18.6%|5.3%|23.1%¹|

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Total Unitholder Return.

Fund Details as at 30 June 2016

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||||||
|---|---|---|---|---|
|GPT's Ownership Interest|20.4%|20.2%|13.0%|[2]|
|GPT's Investment|$1,042.0m|$635.4m|$39.0m|[2]|
|Established|July 2006|March 2007|October 2014|
|Weighted Average Capitalisation Rate|5.68%|5.62%|6.70%|
|Portfolio Occupancy|97.6%|98.9%|94.9%|
|GPT’s Share of Fund FFO|$25.1m|$17.8m|$1.4m|
|GPT’s Base Management Fee|$13.2m|$8.5m|$1.3m|
|GPT Performance Fee|$14.4m|$0.0m|n/a|

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On 1 July 2016, GPT sold its interest in GMF.

Highpoint Shopping Centre, VIC

90 Funds Management

GPT Funds Management Overview

Historical Growth in Funds under Management

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

$10.4b
$9.6b $9.8b $10.0b
$7.1b
$6.6b
$5.3b $5.6b
Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Jun 2015 Dec 2015 Jun 2016
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Growth in Funds under Management for the 12 months to 30 June 2016

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

$0.8b ($0.2b) $10.4b
$9.8b
Jun 15 FUM Developments Acquisitions Divestments Jun 16 FUM
& Asset Growth
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GWOF performance versus benchmark

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

18.8
17.7 16.8 17.1
14.012.8 12.6 14.0
10.9 10.9 11.2 10.9 11.4
9.3 9.1 8.9 9.0 9.9 8.5
7.3
GWOF Mercer / IPD Peer 1 Peer 2 Peer 3
All Office Index
1 Year 3 Years 5 Years 7 Years
Total return (%)
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GWSCF performance versus benchmark

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

12.9
9.3 9.0 8.7 8.2 10.19.3 8.8 8.3 8.5 10.39.6 9.3 9.1
7.0 [7.4 7.6] 8.47.6
5.3
GWSCF Mercer / IPD Peer 1 Peer 2 Peer 3
All Retail Index
Total return (%)
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----- Start of picture text -----

1 Year 3 Years 5 Years 7 Years
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Source: Mercer / IPD.

91 Funds Management

GWOF Capital Management

Total borrowings for the Fund at 30 June 2016 were $863 million resulting in net gearing of 13.7%.

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GWOF Capital Management Summary as at 30 June 2016

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|||
|---|---|
|Net Gearing|13.7%|
|Weighted Average Cost of Debt|4.4%|
|Fees and Margins (included in above)|1.4%|
|Weighted Average Debt Term|3.7 years|
|Drawn Debt Hedging|72%|
|Weighted Average Hedge Term|3.3 years|

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||||||
|---|---|---|---|---|
|GWOF Loan Facilities|Facility Limit ($m)|Facility Expiry|Amount Currently Drawn ($m)|
|Bank Bilateral Facility|150.0|29 Jul 17|[1]|150.0|
|Bank Bilateral Facility|50.0|30 Sep 17|50.0|
|Bank Bilateral Facility|50.0|30 Sep 18|50.0|
|Bank Bilateral Facility|160.0|2 Oct 18|157.0|
|Bank Bilateral Facility|50.0|29 Sep 19|50.0|
|Bank Bilateral Facility|150.0|31 Jan 20|56.0|
|Bank Bilateral Facility|50.0|29 Sep 20|0.0|
|Bank Bilateral Facility|200.0|2 Oct 20|200.0|
|Medium Term Notes|150.0|18 May 22|150.0|
|Total|1,010.0|863.0|

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Quarterly extension facility.

CBW, Melbourne

92 Funds Management

GWSCF Capital Management

Total borrowings for the Fund at 30 June 2016 were $613 million resulting in net gearing of 15.4%.

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GWSCF Capital Management Summary as at 30 June 2016

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|||
|---|---|
|Net Gearing|15.4%|
|Weighted Average Cost of Debt|4.7%|
|Fees and Margins (included in above)|1.6%|
|Weighted Average Debt Term|3.3 years|
|Drawn Debt Hedging|75%|
|Weighted Average Hedge Term|2.9 years|

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

||||||
|---|---|---|---|---|
|GWSCF Loan Facilities|Facility Limit ($m)|Facility Expiry|Amount Currently Drawn ($m)|
|Bilateral Facility|50.0|1 Jul 17|[1]|50.0|
|Medium Term Notes|200.0|13 Nov 17|200.0|
|Bilateral Facility|50.0|1 Oct 18|50.0|
|Bilateral Facility|110.0|1 Jul 19|110.0|
|Bilateral Facility|100.0|30 Sep 19|100.0|
|Forward Start Facility|50.0|1 Jan 20|0.0|
|Bilateral Facility|150.0|1 Jul 20|53.0|
|Bilateral Facility|50.0|1 Oct 20|50.0|
|Forward Start Facility|75.0|30 Oct 20|0.0|
|Forward Start Facility|75.0|29 Apr 21|0.0|
|Total|910.0|613.0|

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Quarterly extension facility.

Wollongong Central, NSW

AI assistant

GPT GROUP — Interim / Quarterly Report 2016

65009_rns_2016-08-14_ab8d5abe-2be7-4805-bb00-104c06d86b98.pdf

GPT Overview

GPT Portfolio Diversity

Retail Portfolio

Office Portfolio

Logistics Portfolio

GPT Portfolio Metrics

Structured Rental Increases[1]

GPT Securityholder Overview

Glossary

Financial Summary

Results Summary

Funds From Operations to Adjusted Funds From Operations

NTA Movement

Capital Management Summary

Look Through Gearing

Debt

Sources of Drawn Debt

Debt Facilities

Current Debt Facilities as at 30 June 2016

Debt Maturity Profile

Debt Maturity Profile

Liquidity Profile

Hedging Profile

Hedging Profile as at 30 June 2016

Retail Portfolio Overview

Northern Territory

GPT Owned

GWSCF Owned

Queensland

GPT Owned

New South Wales

GPT Owned

GWSCF Owned

Australian Capital Territory

GWSCF Owned

Victoria

GPT Owned

GWSCF Owned

1. Not managed by GPT.

Retail Portfolio Summary

Top Ten Tenants[1]

Retail Portfolio Summary

Retail Sales Summary

Comparable Change in Retail Sales by Category

Retail Sales

Specialty MAT Growth

Lease Expiry Profile

External Valuation Summary

Income and Fair Value Schedule

Retail Sustainability

Retail

State Final Demand Growth

Westpac Consumer Sentiment Index (by state)

Retail Trade Growth (by State)

Retail

Investing in the right centres and catchments is driving sales growth

Contribution by asset to 4.2% Specialty MAT growth[1]

Retail

Contribution by asset to 4.2% Specialty MAT growth[1 ]

Office Portfolio Overview

New South Wales

GPT Owned

GWOF Owned

Victoria

GPT Owned

GWOF Owned

Queensland

GPT Owned

GWOF Owned

Office Portfolio Summary

Lease Expiry Profile

Office Portfolio Summary

External Valuation Summary

Income and Fair Value Schedule

Office Sustainability

Office Sustainability (continued)

Office Sustainability

GPT GROUP Interim / Quarterly Report 2016