GPT GROUP - Interim / Quarterly Report 2017

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INTERIM RESULT

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2017

AGENDA

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SECTION SPEAKER
2017 lnterim Result Highlights Bob Johnston
Financial Summary & Capital Management Anastasia Clarke
Retail Vanessa Orth
Office & Logistics Matthew Faddy
Funds Management Nicholas Harris
Summary & Outlook Bob Johnston
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INTERIM RESULT 2017

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RESULTS PRESENTATION

2017 Interim Result Highlights

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Key Outcomes in the first half
3.5% 7.0% 16.9% $4.88 24.1%
Growth in Growth in Total Net Tangible Assets Net gearing
Funds From Operations Distribution Return per security
per security per security
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Group highlights in 1H 2017

Group Assets Under Management increased 5.2% to $20.2 billion
NTA per security growth of 6.3%
Total Return of 16.9% for the 12 months to 30 June
S trong financial platform with conservative balance sheet gearing

Progressing strategic priorities

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Business Outcomes
4.7% $480M 96.9% 5.2YRS 5.39% $10.7B
Portfolio like for Valuation Total portfolio Weighted Weighted Funds Under
like income uplift occupancy Average Lease average cap rate Management
growth Expiry
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INVESTMENT PORTFOLIO & OPERATIONS

DEVELOPMENT

Office portfolio continues to deliver outperformance
Resilient Retail portfolio delivered 3.8% income growth
Completion of GWSCF terms renewal and liquidity review
Increased investment in GWSCF
GWSCF acquired the remaining 25 per cent stake in Highpoint Shopping Centre for $680 million
GWOF concluded non-core asset sales following completion of 545 Queen St divestment
Development pipeline continues to be a focus and a source of new investment assets for the Group
Planning for Rouse Hill Town Centre continues
32 Smith Street, Parramatta office development
Construction commenced at 4 Murray Rose Ave, Sydney Olympic Park
Successful delivery of new Logistics assets in Western Sydney

RESULTS PRESENTATION

FINANCE & TREASURY

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INTERIM RESULT 2017

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Financial Summary

6 MONTHS TO 30 JUNE ($ MILLION)	2017	2016	CHANGE
Funds From Operations (FFO)	279.8	269.8	3.7%
Valuation increases	480.0	379.9
Treasury items marked to market	(3.7)	(65.7)
Other items	(3.8)	2.4
Net Profit After Tax (NPAT)	752.3	586.4	28.3%
Funds From Operations per stapled security (cps)	15.54	15.02	3.5%

Funds From Operations (FFO)	279.8	269.8
Maintenance capex	(21.4)	(25.5)
Lease incentives	(23.4)	(36.2)
Adjusted Funds From Operations (AFFO)	235.0	208.1	12.9%
Distribution per stapled security (cps)	12.3	11.5	7.0%

RESULTS PRESENTATION

Segment Result


	6 MONTHS TO 30 JUNE ($ MILLION) 2017 2016 CHANGE
	Retail 157.0 148.6
	Office 127.9 107.1
	Logistics 46.2 49.7
	Funds Management 17.5 29.2

	Net Income 348.6 334.6 4.2%
	Net interest expense (47.2) (50.1)
	Corporate overheads (14.2) (13.8)
	Tax expense (7.4) (5.9)
	Non-core income - 5.0
	Funds From Operations 279.8 269.8 3.7%

Capital Management

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NTA increased 6.3 per cent to $4.88 underpinned by strong portfolio revaluation gains
Gearing remains low
Hedging levels increased and average rate reduced

KEY STATISTICS	JUN 2017	DEC 2016
Net tangible assets per security	$4.88	$4.59
Net gearing	24.1%	23.7%
Weighted average cost of debt	4.20%	4.25%
Weighted average term to maturity	5.9 years	6.5 years
Interest cover ratio	7.0x	6.4x
Credit ratings (S&P / Moody’s)	A / A3	A / A3
Weighted average term of hedging	5.1 years	4.4 years
Drawn debt hedging	80%	57%

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Average Hedging
At Dec 2016 At Jun 2017
68% 66% 72% 71%
58%
53%
2017 2018 2019
Average Hedge Rate
At Dec 2016 At Jun 2017
3.14%
2.88% 2.92%
2.80%
2.74%
2.67%
2017 2018 2019
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RESULTS PRESENTATION

RETAIL

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INTERIM RESULT 2017

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Retail Highlights

Key Portfolio Statistics $ $ 3.8% 2.1% 11,100 99.6% 120.6m 5.28% Portfolio like for Specialty sales Specialty sales Total portfolio Valuation Weighted like income MAT growth productivity occupancy uplift average cap rate growth per sqm Total 12 month portfolio return of 12.1% RETAIL FINANCIAL 1H 2017 1H 2016 CHANGE Like for like income growth resulting from high portfolio occupancy and HIGHLIGHTS ($M) outperformance from assets located in quality markets Valuation gains due to solid income growth and metric compression Property NOI 128.6 120. 9 6.4% Increased investment in GWSCF to 28.9% with $116.6m of units Income from GWSCF 21.2 17.8 19.1%

Total 12 month portfolio return of 12.1%
Like for like income growth resulting from high portfolio occupancy and outperformance from assets located in quality markets
Valuation gains due to solid income growth and metric compression
Increased investment in GWSCF to 28.9% with $116.6m of units acquired in May 2017

RESULTS PRESENTATION

Retail Valuations

4 assets externally valued in GPT portfolio for 6 months to June 2017
Delivering a total revaluation uplift of $120.6m
Weighted average cap rate compression of 11bps to 5.28 per cent

VALUATION UPLIFT 1H	2017 (MILLION)
PROPERTY	VALUATION	UPLIFT	CHANGE
Charlestown Square	$926.6	$28.4	3.2%
Westfield Penrith (50%)	$665.0	$27.7	4.3%
Highpoint (16.67%)	$409.8	$26.2	6.8%
Sunshine Plaza (50%) 1	$448.1	$0.8	0.2%
GWSCF Ownership2	$976.4	$37.5	4.0%
TOTAL		$120.6

Asset under Development
Based on GPT’s equity interest in GWSCF

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Retail Leasing

Highly productive portfolio attracting strong retailer demand reflected in stable leasing spreads and occupancy
Active remixing ensuring assets are responding to shopper trends and upweighting to retailers in growth categories
New consumer brands continue to enter the market with first Australian Toyota concept store to open at Rouse Hill Town Centre

PORTFOLIO LEASING STATISTICS1
	1H 2017	CY 2016
Specialty Deal Count	257	504
−Avg. Annual Fixed Increase	4.8%	4.8%
−Avg. Lease Term	4.9 years	4.7 years
Leasing Spread	(0.2%)	0.3%
Retention Rate	71%	75%
Portfolio Occupancy	99.6%	99.6%
Specialty Rent - % of Income Expiring	9.3%	19.3%
Specialty WALE	2.8 years	2.7 years
Specialty Occupancy Cost	16.8%	16.9%

Excludes development impacted centres; holdovers

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RESULTS PRESENTATION

Retail Sales

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Portfolio MAT Growth by Category
$11,100
Specialty Sales 15.4%
per sqm
3.4%
12.7%
12.1%
Total Centre
MAT 8.6%
Growth 3.9%
4.9% 5.2%
Comparable Specialty per sqm Growth 3.4% 2.7% 2.1% 3.1% 2.5% 3.6% 3.0%
15.4% -1.7%
-4.1%
Mini Major MAT
Growth
-7.3%
4.9%
Combined
MAT
Growth 2.1%
Specialty MAT
Growth
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Excludes development impacted centres - Macarthur Square, Wollongong Central and Sunshine Plaza

Retail Development

Sunshine Plaza

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Macarthur Square

$240m retail expansion opened in March 2017
David Jones, H&M, Coles, Fresh Food Market, Dining Precinct, and 45 specialties
Aldi and Harris Scarfe due to open end 2017

Wollongong Central

$68m repositioning including introduction of a new generation David Jones on track to open October 2017
$420m retail expansion (100% interest)
Development underway, targeting completion Q4 2018
Specialty leasing program commenced (15% completed)
Construction of new retail mall underway
New carpark (700 spaces) opening October 2017
Forecasting stabilised yield greater than 6%

Rouse Hill Town Centre

Continue to progress plans for $250m retail expansion
Development Application submitted February 2017
Discussions with key stakeholders continue to refine scheme

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RESULTS PRESENTATION

Active Management

Shifting the retail mix based on trends and new retail supply

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Local & Created by Me Retail Shift [2014 – 2017]
Emerging Artisan for Me Evidenced % of GLA Variance
retailer and
trends Knowing where it came from Personalised and customised executed Specialty Apparel
creating through 4.5%
new the
1.2%
Mini Major
sources of Living Hyper evolving
retail the Brand Singular retail mix 3.9%
supply
Bringing to life the Doing one thing well
emotion brand proof Food Catering General Retail
points
19.8% 1.8%
Curated For the fun
Collaboration of it
Best in class and Immersive Retail Services Leisure
limited edition offers connected
experiences for
7.1% 4.4%
friends and family
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Enhancing The Experience To Drive Preference And Productivity

Executing on our Data Strategy Smart Investments in Technology Focused on driving market share

RESULTS PRESENTATION

Retail Market Outlook

Australian Retail Sales GPT Retail Income forecast to grow at 4.7% over the next solid income growth supported by stable 10 years* occupancy and flat leasing spreads

GPT Portfolio

  - _75% located in catchments with strong population growth_

§ Total retail sales are worth $307bn with § Resilient high quality portfolio of assets proportion of Bricks and Mortar at 93% and providing stable underlying specialty income online sits at 7% growth of 4.7%.
§ Fixed increases of 4.8% continue to be secured on new leases, whilst leasing spreads will continue to remain flat.
§ Online penetration will grow, however Bricks and Mortar will continue to retain the majority of retail sales.
§ Retail sales growth has moderated to 3.1% for § Low vacancies remain across the portfolio with May 2017. occupancy sitting at 99.6%.
§ Future sales growth will be captured by assets § Retailer productivity is key and retail demand located in high quality catchments and through remains high for quality assets. active tenant remixing.
§ Portfolio located in strong growth markets well positioned to deal with changing market fundamentals.
§ Focused and active management, leveraging data and technology enabling us to re-shape our experiences and offer.
§ 100% of our core portfolio trading with MAT above $400m^ demonstrating a high quality retail portfolio
source: Deloitte Economics ^ MAT: incl. Casuarina Square Dining precinct

Portfolio expected to deliver comparable net income growth of approximately 3% over the medium term

OFFICE

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INTERIM RESULT 2017

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RESULTS PRESENTATION

Office Highlights

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Key Portfolio Statistics
$
5.8% 321.2m 97.4% 49,300m [2] 5.25% 5.3yrs
Portfolio like for Valuation Total portfolio Leases Weighted Office
like income uplift occupancy signed average cap rate WALE
growth
Portfolio commentary OFFICE
FINANCIAL 1H 2017 1H 2016 CHANGE
• Total 12 month portfolio return of 15% HIGHLIGHTS ($M)
• Like for like income growth of 5.8% driven by leasing outcomes
Property NOI 90.5 83.2 8.8%
• Valuation uplift supported by strong rent growth
• 141,400sqm of lease deals signed or terms agreed Income from GWOF 38.1 25.1 51.8%
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Sydney exposure increasing through developments in Sydney Olympic Park and Parramatta

Office Valuations

Total valuation gain for six months of $321.2m
Cap rate compression of 30bps to 5.25%
MLC Centre uplift of $105.2m following the sale of co-owner’s 50% interest

VALUATION UPLIFT 1H 2017 (MILLION)

PROPERTY	VALUATION	UPLIFT	CHANGE
Australia Square (50%)	$438.5	$33.6	8.3%
Citigroup Centre (50%)	$622.5	$63.6	11.4%
MLC Centre (50%)	$650.0	$105.2	19.3%
1 Farrer Place (25%)	$473.8	$32.6	7.4%
Melbourne Central	$532.0	$11.4	2.2%
CBW Melbourne (50%)	$348.5	$10.9	3.2%
111 Eagle Street (33.3%)	$290.0	$4.0	1.4%
GWOF Ownership1	$1,367.6	$59.9	4.6%
TOTAL2	$4,722.9	$321.2	7.3%

Based on GPT’s equity interest in GWOF
Excludes 4 Murray Rose Avenue, Sydney Olympic Park and 32 Smith Street, Parramatta

WEIGHTED AVERAGE VALUATION UPLIFT

	Sydney +10.9%	Melbourne +2.6%	Brisbane +0.8%

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Composition of Valuation Gains
Market Rent Cap Rate
Growth Compression
43% 57%
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GPT 2017 Interim Result

RESULTS PRESENTATION

Office Leasing

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49,300sqm signed leases and 92,200sqm terms agreed 1H 2017
Sydney exposure to be expanded by 42,000sqm of Metropolitan developments
Opportunity to capture income growth, with over one third of Sydney and Melbourne leases to expire 2017-2020

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Leasing Volume 2012 – 1H 2017 Income Expiring by Market 2017 - 2020
sqm
180,000
Brisbane
160,000 12%
140,000
120,000 HoA
100,000
80,000
Sydney
60,000 45%
40,000
Melbourne
20,000
43%
0
2012 2013 2014 2015 2016 First Half 2017
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Active Asset Management

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Citigroup Centre, Sydney
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Darling Park 3, Sydney
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580 George Street, Sydney
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12 month total return of 17.8%
Over 30,000sqm leased in 3 years, now 100% occupied including HoAs
Amazon Web Services expansion to 15,000sqm
Pitt Street Metro Station and George Street Light Rail to positively impact
12 month total return of 18.6%
Lobby and retail upgrade completed
Only one ex-Marsh Mercer floor remains
Deals to Salesforce, Dimension Data, Avant Insurance
12 month total return of 19.3%
Lobby upgrade completed in 2016
Over 80% of ex-HSBC space now committed
Space&Co expansion to provide flexibility for customers and incubate new tenants

RESULTS PRESENTATION

Office Development

32 Smith St, Parramatta

Design competition awarded to Fender Katsalidis Architects
Construction is targeted to commence in 2018 with completion in 2020
Expected end value of over $230 million - yield on cost over 7%

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Property Details1	Property Details1
Total Office NLA	26,000 sqm
Office levels	20
Average Floorplate size	1,400 sqm
Car spaces	115
Total Retail NLA	220 sqm
Targeted Green Star Rating	5 star

Indicative details subject to detailed design and planning approval.

Office Development

orner Phillip & Smith Streets, Cockle Bay Wharf, arramattaSydney

Continuing engagement with authorities on proposed scheme
Approximately 70,000sqm office and retail precinct
Stage 1 DA lodged, with revised EIS to be issued 2H 2017

4 Murray Rose Ave, Sydney Olympic Park

Construction commenced, expected completion 2H 2018
60% committed to NSW Government
Good engagement with market on remaining space
Expected end value of over $100 million, yield on cost over 7%

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Artists impression of Cockle Bay Wharf, Sydney. Subject to design competition and planning approval.

RESULTS PRESENTATION

Office Market Outlook

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Sydney and Melbourne CBDs have been experiencing high levels of demand for prime grade accommodation despite the overall net absorption rate for Sydney declining from peak levels
Demand for prime grade accommodation in the Brisbane CBD has been gradually increasing since its trough in 2013-2014
Strong net effective rental growth in Sydney and Melbourne CBDs due to tightening vacancy and incentive levels

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Prime Grade Net Absorption Eastern Seaboard CBD Office Markets:
Eastern Seaboard CBD Office Markets 12 Month Net Effective Rental Growth
250,000 35% 32.4% FY15
200,000 Sydney 164,000 30% FY16
150,000 CBD 149,000 25% 19.6% FY17
100,000 Melbourne 90,000 20%
50,000 CBD
15%
0 Brisbane
10%
-50,000 CBD
5%
-100,000
0%
-150,000
-5% -1.5%
-10%
Sydney CBD Melbourne CBD Brisbane CBD
Source: JLL, GPT Research
sqm. pa
% y-o-y
Dec-13 Dec-14 Dec-15 Dec-16 Dec-17
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Office Market Outlook

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• Vacancy to remain at low levels in the next 2-3 years in the Sydney and Melbourne CBDs, below
average long term rates
• Melbourne CBD has largest supply pipeline, however is forecast to experience the highest demand
• Despite improving conditions in the Brisbane CBD, vacancy will remain elevated in the medium term
Near Term Market Balance (FY18-FY20)
sqm.
Avg. F'cst Vacancy Rate (FY18-FY20) Avg. Vacancy Rate - Last 20 Years
300,000
250,000
13.8%
200,000
150,000 8.1% 8.7% 8.3%
6.8%
100,000 4.2%
50,000
109,000 206,000 273,000 102,000 80,000
0
-48,000
-50,000
Total Net Total Net Total Net Total Net Total Net Total Net
Absorption Supply Absorption Supply Absorption Supply
Sydney CBDSydney CBD Melbourne CBDMelbourne CBD Brisbane CBDBrisbane CBD
Source: GPT Research
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RESULTS PRESENTATION

LOGISTICS

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INTERIM RESULT 2017

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Logistics Highlights

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Key Portfolio Statistics
$
3.8% 38.2m 95.0% 139,400m [2] 6.39% 8.0yrs
Portfolio like for Valuation Total portfolio Leases Weighted Logistics
like income uplift occupancy signed average cap rate WALE
growth
Portfolio commentary LOGISTICS
FINANCIAL 1H 2017 1H 2016 CHANGE
• Total 12 month portfolio return of 9.6% HIGHLIGHTS ($M)
• Strong leasing results with 139,400sqm of deals signed and terms agreed of
Property NOI 46.1 46.0 0. 2 %
9,100sqm
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Like for like income growth up 3.8% driven by increased occupancy
NOI impacted by divestment of Kings Park in 2016
Three development completions in 1H 2017, 100% leased

RESULTS PRESENTATION

Logistics Development

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100% Leased

1H 2017 COMPLETIONS

Huntingwood Stage 1, Sydney

$88.5m end value 9.6yrs WALE

Metroplex Wacol (Loscam), Brisbane
Seven Hills, Sydney
Completions and projects underway of $215m
Strong 1H leasing outcomes achieved with WALE of 9.6 years
Four projects under construction in Sydney and Brisbane
Future development pipeline of 67 hectares

76,900sqm GLA

UNDERWAY

Eastern Creek (Lot 2012), Sydney

$126.5m end value

Eastern Creek (Lot 21), Sydney
Huntingwood Stage 2, Sydney
Metroplex Wacol (Volvo), Brisbane ¹

¹ Divestment to complete in 2018, end value $17.5m (50% interest)

Logistics Market Outlook

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Sydney Melbourne Brisbane
Outperformance expected in the Take up of existing stock is creating a
Demand improving from low base
medium term more balanced market
Enquiry for product increasing, pursing
Increasing exposure through Deals secured, driving increased
pre-lease and land sales
development opportunities occupancy
(‘000) Gross Take-up and Vacancy by Market
1,200 Take-up (sqm) Vacancy (sqm)
1,000
800
600
400
200
0
First Half First Half First Half
2014 2015 2016 1H172017 2014 2015 2016 1H172017 2014 2015 2016 1H172017
SYDNEY MELBOURNE BRISBANE
Source: JLL, Knight Frank, Colliers, GPT Research – Take-up = ≥ 5,000 sqm
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RESULTS PRESENTATION

Heading

FUNDS MANAGEMENT

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INTERIM RESULT 2017

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Funds Management Highlights

Funds Management business delivered a strong Total Return of 17.0% for the full year
Total assets under management increased by 3% to $10.7 billion
Underlying EBIT growth of 18.2% when performance fee is eliminated
Strong demand for units in both Funds from existing and new investors

Economies of scale driving EBIT Growth

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(5 Year CAGR)
17%
11%
AUM FM EBIT
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FUND TOTAL ASSETS RETURN (1YR IRR) GPT INVESTMENT
GWOF $6.8b 13.5% $1.37b
GWSCF $3.9b 13.4% $0.98b
Total $10.7b $2.34b

FINANCIAL HIGHLIGHTS($M) 1H 2017 1H 2016 CHANGE
Adjusted EBIT (excl. GWOF Performance Fee) 17.5 14.8 18.2%
GWOF Performance Fee - 14.4
EBIT 17.5 29.2

RESULTS PRESENTATION

Fund Update

GPT Wholesale Office Fund

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GPT Wholesale Shopping Centre Fund

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13.5% total return for the 12 months to 30 June 2017
Continued strong portfolio fundamentals including occupancy of 95.3% and a WALE of 5.9 years
Sale of 545 Queen Street, Brisbane for $70.5 million completed
Issued a $200 million 10 year MTN with a fixed coupon of 4.52 per cent
13.4% total return for the 12 months to 30 June 2017
New Fund terms unanimously approved by Investors
Liquidity review successfully concluded with all securities taken up under the pre-emptive offer process
Acquisition of a further 25% interest in Highpoint Shopping Centre for $680 million

Summary & Outlook

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Focus on Eastern Seaboard markets benefitting investment returns and income growth

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Progressing metropolitan office development projects
Commencing works on next round of Logistics developments

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Upgrade to guidance reflects performance of underlying portfolio

2017 GUIDANCE FFO per security growth of 3% DPS growth of approximately 5%

RESULTS PRESENTATION

Disclaimer

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

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

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

Information is stated as at 30 June 2017 unless otherwise indicated.

All values are expressed in Australian currency unless otherwise indicated.

Funds from Operations (FFO) is reported in the Segment Note disclosures which are included in the financial report of The GPT Group for the 6 months ended 30 June 2017. FFO is a financial measure that represents The GPT Group’s underlying and recurring earnings from its operations. This is determined by adjusting statutory net profit after tax under Australian Accounting Standards for certain items which are non-cash, unrealised or capital in nature. FFO has been determined based on guidelines established by the Property Council of Australia. A reconciliation of FFO to Statutory Profit is included in this presentation.

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2017 INTERIM RESULT DATA PACK

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CONTENTS
GPT Overview	36
Financial Performance	42
Retail Portfolio	54
Ofce Portfolio	68
Logistics Portfolio	84
Development	98
Funds Management	100

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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2017 INTERIM RESULT GPT OVERVIEW

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GPT Overview

GPT’s core portfolio consists of high quality properties in the retail, office and logistics sectors. The portfolio includes some of the most iconic buildings in Australia and award winning developments.

GPT Portfolio Diversity

Retail Portfolio

13 shopping centres
940,000 sqm GLA
3,200 + tenants
$5.6b portfolio
$8.6b AUM

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Highpoint Shopping Centre, Victoria

Office Portfolio

22 assets
1,110,000 sqm NLA
490 + tenants
$4.8b portfolio
$10.1b AUM

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HSBC Centre, Sydney

Logistics Portfolio

27 assets
750,000 sqm GLA
70 + tenants
$1.5b portfolio
$1.5b AUM

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TNT Erskine Park, Sydney

As at 30 June 2017

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Retail 47%
Office 40%
Logistics 13%
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GPT OVERVIEW

GPT Portfolio Metrics

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

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Portfolio Size Comparable Income Growth [1] WALE Occupancy WACR
Retail $5.61b 3.8% 4.1 years 99.6% 5.28%
Office $4.77b 5.8% 5.3 years 97.4% 5.25%
Logistics $1.48b 3.8% 8.0 years 95.0% 6.39%
Total $11.87b 4.7% 5.2 years 96.9% 5.39%
Structured Rental Increases [2]
Retail
Office Logistics
(Specialties)
Fixed 90% Fixed 93%
Fixed 74%
Other 10% Other 7%
4.7% Other 26% 3.9% 3.3%
Average fixed Average fixed Average fixed
Increase Increase Increase
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Income for the 6 months to 30 June 2017 compared to the previous corresponding period.
Structured rent reviews for the 12 months to 31 December 2017. Other includes market reviews and expiries in 2017.

GPT Securityholder Overview

GPT Securityholders by Geography As at 30 June 2017

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Australia & New Zealand 57%
North America 22%
Europe (ex UK) 8%
Asia 7%
UK 6%
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GPT Securityholders by Type As at 30 June 2017

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Domestic
Institutions 48%
Foreign
Institutions 43%
Retail
Investors 9%
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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 one-off
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 Gearing is defined as debt divided by total tangible assets (excludes fair
value movements in foreign bonds and associated cross currency swaps)
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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
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 (excludes fair value movements in foreign bonds and associated
cross currency swaps)
NLA Net Lettable Area
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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
ROCE Return on capital employed
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Specialty Tenants Retail tenancies with a GLA below 400 sqm
Sqm Square metre
Total Portfolio Return The unlevered portfolio return as calculated by IPD
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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GPT OVERVIEW

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530 Collins Street, Melbourne

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2017 INTERIM RESULT FINANCIAL PERFORMANCE

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Financial Summary

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6 months to 30 June 2017 2016 Change
Funds From Operations ($m) 279.8 269.8 Up 3.7%
Net profit after tax ($m) 752.3 586.4 Up 28.3%
FFO per ordinary security (cents) 15.54 15.02 Up 3.5%
FFO yield (based on period end price) 6.5% 5.6% Up 90 bps
Distribution per ordinary security (cents) 12.3 11.5 Up 7.0%
Distribution yield (based on period end price) 5.2% 4.3% Up 90 bps
Net interest expense ($m) (47.2) (50.1) Down 5.8%
Interest capitalised ($m) 11.8 3.4 Up 247.1%
Weighted average cost of debt 4.2% 4.3% Down 10 bps
Interest cover 7.0 times 6.3 times Up 0.7 times
The weighted average number of ordinary stapled securities was 1,800.5 million for 30 June 2017 and 1,796.9 million for 30 June 2016.
The period end price was $4.79 at 30 June 2017 and $5.41 at 30 June 2016.
As at 30 Jun 17 As at 31 Dec 16 Change
Total assets ($m) 12,532.9 11,817.9 Up 6.1%
Total borrowings ($m) 3,179.7 2,996.6 Up 6.1%
NTA per security ($) 4.88 4.59 Up 6.3%
Net gearing 24.1% 23.7% Up 40 bps
Net look through gearing 26.2% 25.7% Up 50 bps
Weighted average term to maturity of debt 5.9 years 6.5 years Down 0.6 years
Credit ratings (S&P / Moody's) A stable / A3 stable A stable / A3 stable No Change
Weighted average term of interest rate hedging 5.1 years 4.4 years Up 0.7 years
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FINANCIAL PERFORMANCE

Results Summary

Results Summary
Segment performance 6 months to 30 June ($m)	2017	2016
Retail
Operations net income	152.0	141.7
Development net income	5.0	6.9
	157.0	148.6
Ofce
Operations net income	127.3	106.5
Development net income	0.6	0.6
	127.9	107.1
Logistics
Operations net income	45.1	46.7
Development net income	1.1	3.0
	46.2	49.7
Funds Management	17.5	29.2
Net fnancingcosts	(47.2)	(50.1)
Corporate management expenses	(14.2)	(13.8)
Income tax expense	(7.4)	(5.9)
Non-core	0.0	5.0
Funds From Operations (FFO)	279.8	269.8
Valuation increase	480.0	379.9
Financial instruments mark to market movements and net foreign exchange movements	(3.7)	(65.7)
Other items	(3.8)	2.4
Net Proft After Tax (NPAT)	752.3	586.4

Funds From Operations to Adjusted Funds From Operations

6 months to 30 June ($m)	2017	2016
Core business	348.6	334.6
Non-core operations	–	5.0
Financing and corporate overheads	(68.8)	(69.8)
Funds From Operations	279.8	269.8
Maintenance capital expenditure	(21.4)	(25.5)
Lease incentives (including rent free)	(23.4)	(36.2)
Adjusted Funds From Operations	235.0	208.1

FINANCIAL PERFORMANCE

NTA Movement

Securities on Issue	Number of Securities (million)
Opening balance 1 January 2017	1,798.0
Issue of securities	3.6
30 June 2017 balance	1,801.6

	Net Assets	No. of Securities	NTA per Security
NTA Movement	($m)	(million)	($)
NTA position as at 31 December 2016	8,246.9	1,798.0	4.59

FFO	279.8		0.16
Revaluations	480.0		0.27
Mark to market of Treasury	(5.6)		(0.00)
Distribution	(221.6)		(0.12)
Issue of securities	10.6	3.6	0.00
Other	(3.3)		(0.00)
Movement in NTA1	539.9		0.29

NTA position as at 30 June 2017	8,786.8	1,801.6	4.88

Difference due to rounding.

Capital Management Summary

Gearing ($m)		As at 30 June 2017
Total assets		12,532.9
Less: intangible assets		(32.2)
Less: Cross currency swap assets		(169.5)
Total tangible assets		12,331.2
Current borrowings		32.4
Non-current borrowings		3,147.3
Less: Fair value of foreign currency bonds		(173.2)
Total borrowings1		3,006.5
Headline Gearing		24.4%
Net Gearing2		24.1%

Interest Cover ($m)		30 June 2017
Funds From Operations		279.8
Add: taxes deducted		7.4
Add: Finance Costs for the period		47.7
Earnings Before Interest and Tax (EBIT)		334.9
Finance Costs		47.7
Interest Cover		7.0 times

Includes unamortised establishment costs and other adjustments. As at 30 June 2017, drawn debt is $2,978 million.
Calculated net of cash and excludes any fair value adjustment to foreign bonds and their associated cross currency derivative asset positions.

FINANCIAL PERFORMANCE

Look Through Gearing

Look Through Gearing as at 30 June 2017	GPT Group	GWOF	GWSCF	Other2	Total
Share of assets of non-consolidated entities
Group total tangible assets	12,331.2				12,331.2
Plus: GPT share of assets of non-consolidated entities		1,701.9	1,137.6	1,165.2	4,004.7
Less: total equity investment in non-consolidated entities		(1,367.6)	(976.4)	(1,135.1)	(3,479.1)
Less: GPT loans to non-consolidated entities				(2.0)	(2.0)
Total look through assets	12,331.2	334.3	161.2	28.1	12,854.8
Group total borrowings	3,006.5				3,006.5
Plus: GPT share of external debt of non-consolidated entities		294.8	127.4	2.1	424.3
Total look through borrowings	3,006.5	294.8	127.4	2.1	3,430.8
Look through gearing					26.7%
Look through gearing based on net debt1					26.2%

Calculated net of cash and excludes any fair value adjustment to foreign bonds and its associated cross currency derivative asset positions.
Retail, office and other assets (held in joint ventures).

Debt

Debt Cost	Average Debt	% of Average Debt	Interest Rate
Average for period ending 30 June 2017	($m)	(%)	(%)
Hedged debt	1,906	67%	2.9%
Floating debt	938	33%	1.9%
Total debt1	2,845	100%	2.5%
Margin			1.2%
Fees			0.4%
All-in cost of funds1			4.2%

Difference due to rounding.

Debt Funded Capacity	Current Net Gearing	Investment Capacity
As at 30 June 2017	(%)	($m)	Comment
Balance Sheet	24.1%	1,031	Assumes increase to 30% gearing
Funds
- GWOF	16.9%	1,265	Assumes increase to 30% gearing
- GWSCF	11.0%	1,065	Assumes increase to 30% gearing
Total		3,361

Sources of Drawn Debt

As at 30 June 2017

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Domestic MTNs 30%
Domestic bank debt 24%
USPP 19%
Foreign bank debt 16%
Foreign MTNs 6%
Secured bank debt 3%
CPI Bonds 2%
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FINANCIAL PERFORMANCE

Debt Facilities

Current Debt Facilities as at 30 June 2017

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Outstanding ($m) (equiv) Maturity Date Limit ($m) (equiv) Available ($m) (equiv)
Medium Term Notes 30 19 Nov 17 30 0
Bank Facility - Metroplex 2 15 Jan 18 5 2
Bank Bilateral 75 11 Sep 18 75 0
Bank Bilateral 100 30 Sep 18 100 0
Bank Facility - Metroplex 4 30 Sep 18 4 0
Bank Facility - Metroplex 8 30 Sep 18 14 6
Bank Facility - Metroplex 1 30 Sep 18 1 0
Bank Bilateral 150 26 Oct 18 150 0
Bank Bilateral 50 30 Nov 18 50 0
Bank Bilateral 100 1 Jan 19 100 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 31 Jul 20 125 125
Medium Term Notes 150 11 Sep 20 150 0
Bank Bilateral 80 1 Oct 20 100 20
Bank Bilateral 47 1 Oct 20 50 3
Bank Bilateral 100 30 Nov 20 100 0
Bank Bilateral 100 31 Jan 21 100 0
Bank Bilateral 100 31 Mar 21 100 0
Bank Bilateral 0 31 Jul 21 100 100
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Current Forward Start Debt Facilities

Start Date	Maturity Date	Limit ($m) (equiv)
30 Oct 17	29 Nov 19	75
30 Oct 17	30 Oct 20	75
28 Feb 18	28 Feb 23	150
Total		300

	Outstanding ($m) (equiv)	Maturity Date	Limit ($m) (equiv)	Available ($m) (equiv)
Bank Bilateral	115	30 Sep 21	115	0
Bank Bilateral	0	30 Nov 21	100	100
Bank Bilateral	100	12 Dec 21	100	0
Medium Term Notes	50	16 Aug 22	50	0
Medium Term Notes	200	7 Nov 23	200	0
US Private Placement	146	19 Jun 25	146	0
Medium Term Notes	69	30 Mar 26	69	0
Medium Term Notes	200	24 Aug 26	200	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 Bond	75	10 Dec 29	75	0
Total Borrowings	2,978		3,334	357

FINANCIAL PERFORMANCE

Debt Maturity Profile

As at 30 June 2017 (A$ millions)

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600
513
415
394
261 263
200 200 200
150 146
75 69 64
50
30
5
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
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
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Facility Limit

Liquidity Profile

Liquidity Profile As at 30 June 2017

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0.6
0.5
0.4
0.3
($bn)
0.2
0.1
0.0
Cash balance Undrawn Current Forward Start Development/Capex Retained Debt facility Excess liquidity
30 Jun 2017 existing liquidity Facilities earnings expiries at 31 Dec 2017
facilities
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FINANCIAL PERFORMANCE

Hedging Profile

Hedging Profile as at 30 June 2017

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|||||
|---|---|---|---|
|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 2017|2.77%|1,645|725|
|30 June 2018|2.89%|1,765|725|
|30 June 2019|2.69%|2,065|475|
|30 June 2020|2.55%|1,725|475|
|30 June 2021|3.42%|1,425|325|
|30 June 2022|3.21%|825|475|
|100|
|90|
|80|
|70|
|60|
|50|
|40|
|30|
|20|
|10|
|0|
|Fixed rate Debt|Fixed interest rate derivatives|Floating rate debt|

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2017 INTERIM RESULT RETAIL PORTFOLIO

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Retail Portfolio Overview

GPT is a leading owner, manager and developer of Australian retail property. GPT’s retail investments of $5.6 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
6
VIC
5 Melbourne
Number of assets in each state
TAS
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New South Wales

GPT Owned

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

GWSCF Owned

Macarthur Square (50%)[1]
Norton Plaza
Wollongong Central

Victoria

GPT Owned

Melbourne Central
Highpoint Shopping Centre (16.67%)

GWSCF Owned

Chirnside Park
Highpoint Shopping Centre (58.33%)

Northern Territory

GPT Owned

Casuarina Square (50%)

GWSCF Owned

Casuarina Square (50%)

Queensland

GPT Owned

Sunshine Plaza (50%)[1]
Northland Shopping Centre (50%)[1]
Parkmore Shopping Centre

1. Not Managed by GPT.

Note: GLA and number of tenancies is updated on an annual basis, as at 31 December 2016. 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.

RETAIL PORTFOLIO

Retail Portfolio Summary

The GPT retail portfolio is well positioned with a high level of occupancy at 99.6%. The retail portfolio achieved comparable income growth of 3.8% over the 6 months to 30 June 2017.

Top Ten Tenants[1]

As at 30 June 2017

Geographic Weighting As at 30 June 2017

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Cotton On
Wesfarmers Woolworths Clothing Myer Just Group
5.0% 4.1% 2.9% 2.8% 2.7%
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2.0% 1.4% 1.2% 1.2% 1.2%
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NSW VIC
43% 42%
QLD NT
8% 7%
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Hoyts Country Road Westpac Retail Apparel BB Retail Group Group Capital

Based on gross rent (including turnover rent).

Retail Portfolio Summary

The high quality retail portfolio has been created over approximately 40 years and currently consists of interests in 13 shopping centres.

	GLA (100%	30 Jun 17	30 Jun 17	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% 54,700	315.3	5.75%	Internal 100.0%	387.5	16.4%	11,338
Charlestown Square	NSW 100% 93,500	926.6	5.50%	External 99.4%	560.8	14.0%	12,353
Highpoint ShoppingCentre¹	VIC 16.67% 154,000	409.8	4.50%	External 99.7%	990.6	19.6%	10,816
Melbourne Central²	VIC 100% 56,000	1,286.1	5.00%	Internal 99.4%	502.4	18.6%	12,285
Rouse Hill Town Centre	NSW 100% 69,300	583.5	5.75%	Internal 99.8%	435.5	14.8%	8,517
Sunshine Plaza	QLD 50% 73,400	448.1	5.50%	External 99.8%	531.9	18.7%	11,716
Westfeld Penrith	NSW 50% 91,800	665.0	5.00%	External 99.8%	640.9	17.8%	12,186
GWSCF Portfolio
Casuarina Square	NT 50% 54,700	316.4	5.75%	Internal 100.0%	387.5	16.4%	11,338
Chirnside Park	VIC 100% 37,600	279.7	6.00%	Internal 98.9%	274.0	15.4%	11,863
Highpoint ShoppingCentre¹	VIC 58.33% 154,000	1,434.4	4.50%	External 99.7%	990.6	19.6%	10,816
Macarthur Square	NSW 50% 107,600	570.4	5.50%	External 99.1%	552.8	16.1%	10,390
Northland ShoppingCentre	VIC 50% 97,400	486.6	5.625%	Internal 99.8%	534.6	19.1%	8,685
Norton Plaza	NSW 100% 11,900	140.9	5.75%	External 100.0%	124.2	14.1%	11,839
Parkmore ShoppingCentre	VIC 100% 36,900	255.6	6.25%	Internal 99.7%	256.9	15.4%	8,802
WollongongCentral	NSW 100% 56,600	432.8	5.75%	External 97.5%	272.4	15.7%	8,603
Total	940,700		5.28%	99.6%³	2,666.9	16.8%³	11,100³

Fair value includes Homemaker City Maribyrnong. Cap rate of 7.50%.
Fair value includes retail and 100% interest of car park. Car park cap rate of 5.75%.
Excludes development impacted centres (Wollongong Central, Macarthur Square and Sunshine Plaza).

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|387.5|(0.2%)|(2.8%)|11,338|16.4%|
|Charlestown Square|560.8|6.3%|4.3%|12,353|14.0%|
|Highpoint Shopping Centre|990.6|0.2%|(0.7%)|10,816|19.6%|
|Melbourne Central|502.4|7.5%|6.0%|12,285|18.6%|
|Rouse Hill Town Centre|435.5|2.9%|3.2%|8,517|14.8%|
|Westfeld Penrith|[1]|640.9|1.5%|(2.9%)|12,186|17.8%|
|GWSCF Portfolio|
|Casuarina Square|387.5|(0.2%)|(2.8%)|11,338|16.4%|
|Chirnside Park|274.0|0.4%|1.8%|11,863|15.4%|
|Highpoint Shopping Centre|990.6|0.2%|(0.7%)|10,816|19.6%|
|Northland Shopping Centre|[2]|534.6|2.7%|0.7%|8,685|19.1%|
|Norton Plaza|124.2|(1.7%)|(2.0%)|11,839|14.1%|
|Parkmore Shopping Centre|256.9|0.4%|(2.5%)|8,802|15.4%|
|GPT Weighted Total|2,666.9|3.4%|2.1%|11,100|16.8%|

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||||||||
|---|---|---|---|---|---|---|
|Centres Under Development|
|GPT Portfolio|
|Sunshine Plaza|[3]|531.9|(0.0%)|0.9%|11,716|18.7%|
|GWSCF Portfolio|
|Macarthur Square|[3]|552.8|(1.9%)|(1.1%)|10,390|16.1%|
|Wollongong Central|272.4|1.8%|3.3%|8,603|15.7%|

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

Comparable Change in Retail Sales by Category

Retail sales showed positive growth over the 12 months to 30 June 2017 with total centre sales up 3.4% and specialties up 2.1%.

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Comparable Change in Retail Sales by Category as at 30 June 2017 MAT ($m) 12 Months Growth
Department Store $103.8m (1.7%)
Discount Department Store $225.0m (4.1%)
Supermarket $422.4m 2.7%
Mini and Other Majors $401.0m 15.4%
Other Retail¹ $223.0m 3.6%
Total Specialties $1,291.7m 2.1%
Total Centre $2,666.9m 3.4%
Specialty Sales Split
Jewellery $83.0m 12.1%
Retail Services $110.3m 8.6%
General Retail $140.3m 8.0%
Homewares $74.4m 6.1%
Food Retail $66.6m 4.0%
Food Catering $247.3m 2.7%
Leisure $72.8m (0.6%)
Apparel $452.4m (2.4%)
Mobile Phones $44.7m (7.3%)
Total Centre $1,291.7m 2.1%
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Note: Excludes development impacted centres (Macarthur Square, Wollongong Central and Sunshine Plaza).

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

RETAIL PORTFOLIO

Retail Sales

Retail specialty sales have increased 2.1% over the 12 months to 30 June 2017.

Specialty MAT Growth

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6.5%
5.9%
4.4%
4.2% 4.2%
3.9% 4.0%
3.6%
3.2%
2.8%
2.7%
2.6%
2.3%
2.1% 2.1%
1.8%
1.5%
1.2%
1.1%
0.5%
0.4%
0.2%
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 Dec 16 Jun 17
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Note: From December 2014, based on GPT weighted interest. Excludes development impacted centres (Wollongong Central, Macarthur Square and Sunshine Plaza).

Lease Expiry Profile

Weighted Average Lease Expiry
(by base rent) as at 30 June 2017¹
Major Tenants	9.9 years
Mini-Major Tenants	4.4 years
Specialty Tenants	2.8 years
Weighted Total	4.1 years

Total Centre

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16%
15%
14%
13%
9%
8% [1] 8%
5%
3%
2% 2%
2H 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+
1. Excludes holdovers.
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Total Specialty Tenants

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18%
16% 16% 16% 16%
9% [1]
2H 2017 2018 2019 2020 2021 2022+
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RETAIL PORTFOLIO

External Valuation Summary

62% of the GPT retail portfolio was valued externally in the 6 months to 30 June 2017.

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Casuarina Square NT 50% 31 Dec 16 CBRE 313.0 5.75%
Charlestown Square NSW 100% 30 Jun 17 m3 926.6 5.50%
Highpoint Shopping Centre¹ VIC 16.67% 30 Jun 17 Savills 409.8 4.50%
Melbourne Central² VIC 100% 31 Dec 16 CBRE 1,274.0 5.00%
Rouse Hill Town Centre NSW 100% 31 Dec 16 m3/Knight Frank 578.8 5.75%
Sunshine Plaza QLD 50% 30 Jun 17 m3 448.1 5.50%
Westfield Penrith NSW 50% 30 Jun 17 Knight Frank 665.0 5.00%
GWSCF Portfolio
Casuarina Square NT 50% 31 Mar 17 CBRE 314.2 5.75%
Chirnside Park VIC 100% 31 Mar 17 Savills 278.0 6.00%
Highpoint Shopping Centre¹ VIC 58.33% 30 Jun 17 Savills 1,434.4 4.50%
Macarthur Square NSW 50% 30 Jun 17 Colliers 570.4 5.50%
Northland Shopping Centre VIC 50% 31 Mar 17 CBRE 484.3 5.625%
Norton Plaza NSW 100% 30 Jun 17 Knight Frank 140.9 5.75%
Parkmore Shopping Centre VIC 100% 31 Mar 17 Savills 255.0 6.25%
Wollongong Central NSW 100% 30 Jun 17 JLL 432.8 5.75%
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Note: Valuations include ancillary assets.

Valuation includes Homemaker City Maribyrnong.
Valuation includes retail and car park.

Income and Fair Value Schedule

	Income 6 months to 30 Jun ($m) 2016 2017 Variance 8.3 9.4 1.1 22.2 25.9 3.7 9.4 9.7 0.3 33.2 35.8 2.6 16.5 18.4 1.9 12.4 12.5 0.1 16.3 16.9 0.6 2.5 0.0 (2.5) 17.8 21.2 3.4 138.7 149.8 11.1	Fair Value Reconciliation
		Fair Value 31 Dec 16 ($m) Development Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions ($m) Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 30 Jun 17 ($m) % of Portfolio (%)
GPT Portfolio
Casuarina Square		313.0 0.2 2.0 0.1 0.0 0.0 0.0 0.0 315.3 5.6
Charlestown Square		892.6 1.2 2.6 1.6 0.0 0.0 28.4 0.2 926.6 16.5
Highpoint Shopping Centre		383.2 0.0 0.3 0.1 0.0 0.0 26.2 0.0 409.8 7.3
Melbourne Central		1,274.0 7.5 1.2 2.7 0.0 0.0 0.0 0.7 1,286.1 22.9
Rouse Hill Town Centre		578.8 2.8 0.8 0.8 0.0 0.0 0.0 0.3 583.5 10.4
Sunshine Plaza		417.3 28.7 0.7 0.4 0.0 0.0 0.8 0.2 448.1 8.0
Westfeld Penrith		636.2 0.0 1.0 0.1 0.0 0.0 27.7 0.0 665.0 11.9
Assets Sold During the Period
Dandenong Plaza		0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Equity Interests
GPT Equity Interest in GWSCF (28.9%)¹		822.7 0.0 0.0 0.0 116.6 0.0 37.5 (0.4) 976.4 17.4
Total Retail Portfolio		5,317.8 40.4 8.6 5.8 116.6 0.0 120.6 1.0 5,610.8

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 6 months to 30 June 2017 represents GPT’s share of FFO for the period.

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 54,700 2,127 89 27%
Charlestown Square 93,500 591 18 67%
Highpoint Shopping Centre 154,000 1,000 51 32%
Melbourne Central 56,000 2,002 99 17%
Rouse Hill Town Centre 69,300 1,260 17 62%
Sunshine Plaza 73,400 1,219 78 44%
Westfield Penrith 91,800 1,456 91 45%
GWSCF Portfolio
Casuarina Square 54,700 2,127 89 27%
Chirnside Park 37,600 808 32 36%
Highpoint Shopping Centre 154,000 1,000 51 32%
Macarthur Square 107,600 1,253 74 27%
Northland Shopping Centre 97,400 901 106 33%
Norton Plaza 11,900 1,372 43 42%
Parkmore Shopping Centre 36,900 827 54 45%
Wollongong Central 56,600 635 62 32%
Portfolio Average 1,151 65 38%
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Note: Sustainability data as at 31 December 2016.

Retail – Specialty MAT growth

Contribution by asset to 2.1% Specialty MAT growth[1]

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2.0%
1.5% Melbourne Central
6.0%
1.5%
1.0% Charlestown
4.3%
0.9%
Rouse Hill
0.5% Northland 3.2%
Parkmore Norton Plaza 0.7% 0.4%
-2.0%
-2.5% 0.0%
0.0%
0.0%
0.0% Highpoint
-0.7% Chirnside
-0.1% 1.8%
Westfield Penrith
Casuarina 0.0%
-2.9%
-0.5% -2.8%
-0.4%
-0.2% % black = specialty MAT growth
% blue = contribution to specialty MAT growth
Bubble size = asset proportion of total portfolio spec sales
-1.0%
-6% -4% -2% 0% 2% 4% 6% 8%
GPT assets GWSCF assets Specialty MAT Growth
Contribution to portfolio specialty MAT sales growth
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Excludes development impacted assets (Wollongong Central, Macarthur Square and Sunshine Plaza).

RETAIL PORTFOLIO

Retail – Specialty MAT growth

Contribution by commodity group to 2.1% Specialty MAT growth[1]

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1.5%
General Retail
Retail Services
1.0% 8.0%0.8% 8.6%
0.7%
Food Catering
0.5% 2.7%
Leisure Jewellery
-0.6% 0.5% Homewares 12.1%
0.0% 6.1% 0.7%
0.3%
0.0% Food Retail
4.0%
0.2%
-0.5% Mobile Phones
-7.3%
-0.3% Apparel
-2.4%
-1.0% -0.9% % black = specialty MAT growth
% blue = contribution to specialty MAT growth
Bubble size = asset proportion of total portfolio spec
sales
-1.5%
-8% -3% 2% 7% 12%
Specialty MAT Growth
Contribution to portfolio specialty MAT sales growth
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Excludes development impacted assets (Wollongong Central, Macarthur Square and Sunshine Plaza).

Rouse Hill Town Centre

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Rouse Hill Data
42km
from Sydney CBD
425,500
trade area population
$110,000
average household income
(25% above national average)
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Sydney Metro Northwest
• New station to be located directly
outside the Rouse Hill Town Centre
• Services expected to start in 1H 2019,
with a train every 4 minutes at
peak times
• Travel time of 45 minutes to
Martin Place station
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RETAIL PORTFOLIO

International Retail Real Estate Markets

Australian shopping centre space per capita is less than half that of the US
Total US retail space per capita is estimated at 5.14sqm versus Australia at 2.26sqm
US department store space as a proportion of total GLA is twice that of Australia
Approximately 93% of sales in Australia occur in physical stores, compared to 88% in the US
Excluding Food, market penetration is estimated at 11% in Australia

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Shopping Centre Space
(Sqm per capita)
2.19
1.56
1.04
0.55 0.53 0.43 0.40 0.36 0.22 0.26
USA Canada Australia Singapore New UK Japan France Germany China
Zealand
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Australia has the 3rd highest online retail spend per capita (ex-food)

Key Retail Market Statistics

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Retail Category Share of Total GLA
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Country Retail Market Size (million; sqm) Population (million) Retail Sales (per capita; USD) USA 708.1 323.1 $14,995 Canada 56.8 36.4 $11,900 Japan 50.8 127.1 $9,996 Australia 25.2 24.3 $9,928 France 23.6 66.3 $8,437 New Zealand 2.5 4.7 $7,792 UK 27.8 65.1 $6,821 Germany 17.7 81.1 $6,668 Singapore 3.0 5.5 $4,614 China 356.0 1,374.6 $3,253
	46% 27% 23% 17% 15%	13% 13% 15% 17% 21%	29% 47% 36% 45% 40%	8% 11% 13% 11% 16%
	Department Stores Mini-Major Specialty Non-Retail / Entertainment USA UK Australia Asia Middle East

Sources: GGP Presentation, ICSC country summaries, UBS Research, Shopping Centre Council of Australia research, GPT research

GPT 2017 Interim Result

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2017 INTERIM RESULT OFFICE PORTFOLIO

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Office Portfolio Overview

GPT’s office portfolio comprises ownership in 22 high quality assets with a total investment of $4.8 billion. The portfolio includes assets held on the Group’s balance sheet and an investment in the GPT Wholesale Office Fund (GWOF).

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NT
QLD
Brisbane
WA 2
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
580 George Street
workplace[6]

Victoria

GPT Owned

Melbourne Central Tower
CBW, Melbourne (50%)

GWOF Owned

2 Southbank Boulevard (50%)
8 Exhibition Street (50%)
100 Queen Street
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 (33.33%)

GWOF Owned

One One One Eagle Street (66.67%)
Riverside Centre

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

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 2017

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Tenant Mix by Industry
As at 30 June 2017
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Geographic Weighting
As at 30 June 2017
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ANZ Banking
Government IAG Group Deloitte NBN Co
7.0% 3.8% 3.6% 3.3% 3.2%
2.8% 2.7% 2.4% 2.1% 2.1%
NAB Members Citibank CBA Amazon Web
Equity Bank Services
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SYDNEY
57%
MELBOURNE
31%
BRISBANE
12%
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Based on gross rent. Includes future IAG lease at Darling Park 2.

Banking 20% Accountants 7% Legal 15% Government 7% Other Business Services 14% Finance 5% Insurance 13% Mining & Energy 4% Info and Comms Technology 11% Other 4%

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
17%
14%
13%
11%
9%
9%
7%
7%
5%
5%
3%
2H 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+
Sydney Melbourne Brisbane
Note: Includes Signed Leases.
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OFFICE PORTFOLIO

Office Portfolio Summary

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1 Farrer Place, Sydney

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CBW, Melbourne

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MLC Centre, Sydney

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Office Occupancy
Office NLA
(100% 30 Jun 17 30 Jun 17 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% 56,400 620.0 4.88% External 100.0% 100.0% 100.0% 8.2
DP1: 5.13% DP1: 100.0% DP1: 100.0% DP1: 100.0% DP1: 4.5
Darling Park 1 & 2, Sydney NSW 50% 101,900 857.8 Internal
DP2: 5.13% DP2: 24.5% DP2: 92.3% DP2: 98.0% DP2: 10.8
Darling Park 3, Sydney NSW 100% 29,800 485.4 5.13% Internal 69.9% 95.0% 95.0% 8.1
580 George Street, Sydney NSW 100% 37,200 506.3 5.63% External 64.0% 79.5% 86.1% 5.1
workplace [6] , Sydney NSW 100% 16,300 241.0 5.75% External 100.0% 100.0% 100.0% 3.7
2 Southbank Boulevard, Melbourne VIC 50% 53,500 240.5 5.50% Internal 63.2% 63.2% 63.2% 3.4
8 Exhibition Street, Melbourne VIC 50% 44,600 221.7 5.00% Internal 98.1% 100.0% 100.0% 5.3
100 Queen Street, Melbourne VIC 100% 34,900 275.0 5.13% External 100.0% 100.0% 100.0% 2.0
150 Collins Street, Melbourne VIC 100% 19,100 218.7 5.25% Internal 93.0% 93.0% 93.0% 9.2
530 Collins Street, Melbourne VIC 100% 65,700 608.8 5.38% External 98.9% 99.7% 99.7% 3.8
655 Collins Street, Melbourne VIC 100% 16,600 142.1 5.13% Internal 100.0% 100.0% 100.0% 12.4
750 Collins Street, Melbourne VIC 100% 37,300 251.3 5.50% Internal 100.0% 100.0% 100.0% 2.4
CBW, Melbourne VIC 50% 76,100 348.5 5.38% External 98.0% 100.0% 100.0% 6.1
800/808 Bourke Street, Melbourne VIC 100% 59,600 530.0 5.13% External 100.0% 100.0% 100.0% 10.1
One One One Eagle Street, Brisbane QLD 66.67% 63,800 580.0 5.38% External 93.3% 98.8% 98.8% 6.3
Riverside Centre, Brisbane QLD 100% 51,700 634.9 5.88% Internal 89.4% 91.6% 92.4% 2.9
Total 1,106,700 5.25% 93.2% 97.4% 97.8% 5.3
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OFFICE PORTFOLIO

External Valuation Summary

The entire GPT office portfolio was valued externally in the 6 months to 30 June 2017.

Valuation	Capitalisation Rate
State Ownership Date Valuer ($m)	(%)
GPT Portfolio
Australia Square, Sydney NSW 50% 30 Jun 17 Colliers 438.5	5.29%
Citigroup Centre, Sydney NSW 50% 30 Jun 17 CBRE 622.5	5.13%
MLC Centre, Sydney NSW 50% 30 Jun 17 KF 650.0	4.97%
1 Farrer Place, Sydney NSW 25% 30 Jun 17 JLL 473.8	5.00%
Melbourne Central Tower, Melbourne VIC 100% 30 Jun 17 JLL 532.0	5.50%
CBW, Melbourne VIC 50% 30 Jun 17 JLL 348.5	5.38%
One One One Eagle Street, Brisbane QLD 33.33% 30 Jun 17 CBRE 290.0	5.38%

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Citigroup Centre, 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 17 Urbis 620.0 4.88%
DP1: 5.13%
Darling Park 1 & 2, Sydney NSW 50% 31 Mar 17 KF 856.3
DP2: 5.13%
Darling Park 3, Sydney NSW 100% 31 Mar 17 KF 467.0 5.13%
580 George Street, Sydney NSW 100% 30 Jun 17 Savills 506.3 5.63%
workplace [6] , Sydney NSW 100% 30 Jun 17 JLL 241.0 5.75%
2 Southbank Boulevard, Melbourne VIC 50% 31 Mar 17 JLL 240.0 5.50%
8 Exhibition Street, Melbourne VIC 50% 31 Mar 17 KF 222.5 5.00%
100 Queen Street, Melbourne VIC 100% 30 Jun 17 Colliers 275.0 5.13%
150 Collins Street, Melbourne VIC 100% 31 Mar 17 Savills 218.9 5.25%
530 Collins Street, Melbourne VIC 100% 30 Jun 17 Savills 608.8 5.38%
655 Collins Street, Melbourne VIC 100% 31 Mar 17 Savills 142.0 5.13%
750 Collins Street, Melbourne VIC 100% 31 Mar 17 KF 251.0 5.50%
CBW, Melbourne VIC 50% 30 Jun 17 JLL 348.5 5.38%
800/808 Bourke Street, Melbourne VIC 100% 30 Jun 17 Urbis 530.0 5.13%
One One One Eagle Street, Brisbane QLD 66.67% 30 Jun 17 CBRE 580.0 5.38%
Riverside Centre, Brisbane QLD 100% 31 Mar 17 Colliers 629.0 5.88%
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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) [1] 3.0 3.0 4.5 4.5 4.5 4.5 4.0 4.5 – n/a 2.5 4.0 4.0 3.5 n/a 3.5 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 2.5
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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8 Exhibition Street, Melbourne

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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 6.0 3.0 3.0 3.5 3.0 3.0 3.5 3.5 3.5 3.0
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
580 George Street, 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 3.0
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 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 3.5
100 Queen Street, Melbourne [2] – – – – – – – – 3.0 – – – – – – – – –
– – – – – – – – – – – – – – – – – –
150 Collins Street, Melbourne [3]
530 Collins Street, Melbourne 4.0 4.5 5.0 5.5 5.5 5.0 4.5 5.0 5.5 3.0 3.0 3.5 3.0 3.0 2.0 2.0 3.0 2.5
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
Portfolio Average [4] 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 3.4
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Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. Sustainability data as at 31 December 2016.

The 2016 NABERS ratings for this asset are in the process of being reassessed.
Asset acquired in 2016, energy rating is for whole of building including tenant effects.
Asset in the process of being rated, requiring 12 months post commissioning and occupancy data to be assessed.
Portfolio average is calculated on the portfolio that exists at Dec 31st each year.

OFFICE PORTFOLIO

Office Sustainability

Office Sustainability
	Water (Total)	Emissions	Waste
Area NLA	Litres/m2	kg CO2-e/m2	% Recycled/Reused
GPT Portfolio
Australia Square, Sydney 51,500	920	87	59%
Citigroup Centre, Sydney 73,200	665	73	67%
MLC Centre, Sydney 67,100	797	63	32%
1 Farrer Place, Sydney 84,800	702	94	62%
Melbourne Central Tower, Melbourne 65,600	639	43	17%
CBW, Melbourne 76,100	572	36	18%
One One One Eagle Street, Brisbane 63,800	519	34	37%

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MLC Centre, Sydney

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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 56,400 819 57 62%
Darling Park 1 & 2, Sydney 101,900 780 36 59%
Darling Park 3, Sydney 29,800 734 30 55%
580 George Street, Sydney 37,200 806 60 39%
workplace [6] , Sydney 16,300 474 35 47%
2 Southbank Boulevard, Melbourne 53,500 566 35 61%
8 Exhibition Street, Melbourne 44,600 571 66 50%
100 Queen Street, Melbourne [1] n/a n/a n/a n/a
150 Collins Street, Melbourne 19,100 549 46 25%
530 Collins Street, Melbourne 65,700 576 46 46%
655 Collins Street, Melbourne 16,600 611 53 36%
750 Collins Street, Melbourne 37,300 288 31 38%
CBW, Melbourne 76,100 572 36 18%
800/808 Bourke Street, Melbourne 59,600 547 14 30%
One One One Eagle Street, Brisbane 63,800 519 34 37%
Riverside Centre, Brisbane 51,700 617 83 55%
Portfolio Average 669 51 49%
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Note: Sustainability data as at 31 December 2016.

Asset acquired in 2016 and in the process of being assessed.

OFFICE PORTFOLIO

Income and Fair Value Schedule

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Income Fair Value Reconciliation
6 months to
30 Jun ($m) Capex
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 16 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 30 Jun 17 Portfolio
2016 2017 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Australia Square, Sydney 11.1 11.8 0.7 402.6 0.1 0.7 1.3 – – 33.6 0.2 438.5 9.2
Citigroup Centre, Sydney 16.1 17.8 1.7 554.5 – 0.6 3.7 – – 63.6 0.1 622.5 13.0
MLC Centre, Sydney 12.7 13.9 1.2 531.5 10.4 1.7 1.0 – – 105.2 0.2 650.0 13.6
1 Farrer Place, Sydney 9.9 10.2 0.3 435.1 – 1.2 4.6 – – 32.6 0.3 473.8 9.9
Melbourne Central Tower, Melbourne 15.9 16.0 0.1 513.5 2.7 3.4 1.0 – – 11.4 – 532.0 11.1
CBW, Melbourne 9.5 9.8 0.3 336.3 – 0.3 1.0 – – 10.9 – 348.5 7.3
One One One Eagle Street, Brisbane 8.0 11.0 3.0 284.2 – 0.8 0.9 – – 4.0 0.1 290.0 6.1
Assets Under Development
4 Murray Rose Avenue, Sydney Olympic Park – – – 3.4 12.6 – – – – – – 16.0 0.3
32 Smith Street, Parramatta – – – – 1.1 – – 33.0 – – – 34.1 0.7
Equity Interests
GPT Equity Interest in GWOF (25.0%)¹ 25.1 38.1 13.0 1,283.1 – – – 23.2 – 59.9 1.4 1,367.6 28.7
Total Office Portfolio 108.3 128.6 20.3 4,344.1 26.9 8.7 13.5 56.2 – 321.2 2.3 4,773.0
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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 2017 represents GPT’s share of FFO for the period.

Office – Sydney CBD

Sydney continues to outperform all other CBD markets, recording effective rental growth of 32.4% during the past 12 months.
Although total net absorption has been declining, it is still exceeding net supply, causing further tightening in the vacancy rate (6.4%).
Near term outlook is for further tightening in the vacancy rate and continued double digit net effective rental growth.

Sydney CBD: Demand, Supply & Vacancy (2Q17)

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300,000 12%
200,000 Vacancy 8%
Rate (RHS) 6.4%
100,000 4%
17k
0 0%
-20k
-100,000 Net Supply -4%
Net Absorption
(LHS)
(LHS)
-200,000 -8%
-300,000 -12%
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 Dec-17 Dec-18
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Sydney CBD: Rents and Incentives (2Q17)
$1,100 $1,017 40%
(+10.9%)
$1,000 35%
$900
Net Face $718 30%
$800 Rent (LHS) (+32.4%)
$700 Incentives (RHS) 25%
$600 Net Effective 20%
$500 Rent (LHS) 20.7%
(-776bps) 15%
$400
$300 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 Dec-17 Dec-18
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Sydney CBD: Upper & Lower Prime Yields (2Q17)

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9%
8% 7.75%
Lower Prime
7%
6.50%
6%
Upper Prime 5.25%
5%
5.00% 4.63%
4%
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-17 Dec-18
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JLL Research Q2 2017, GPT Research.

OFFICE PORTFOLIO

Office – Melbourne CBD

The Melbourne market has lagged Sydney this cycle, however has gained significant momentum in the last 12 months, resulting in 19.6% effective rent growth during that period.
The vacancy rate has been contracting due to strong demand exceeding moderate supply and will continue to do so in the near term before a new supply cycle commences in 2019.
Net effective rents are forecast to continue to strengthen.

Melbourne CBD: Demand, Supply & Vacancy (2Q17)

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300,000 12%
250,000 Vacancy 10%
Rate (RHS)
200,000 Net Supply 7.1% 8%
150,000 (LHS) 163k 6%
100,000 129k 4%
50,000 2%
0 0%
-50,000 Net Absorption -2%
(LHS)
-100,000 -4%
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 Dec-17 Dec-18
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Melbourne CBD: Rents and Incentives (2Q17)
$550 45%
$500 $528 40%
(+13.4%)
$450 35%
Net Face 31.1%
$400 30%
Rent (LHS) Incentives (-222bps)
$350 (RHS) 25%
Net Effective
$300 Rent (LHS) $333 20%
(+19.6%)
$250 15%
$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 Dec-17 Dec-18
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Melbourne CBD: Upper & Lower Prime Yields (2Q17)

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9%
8.75%
Lower Prime
8%
7% 7.00%
6% Upper Prime 5.75%
5.75%
5%
4.75%
4%
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-17 Dec-18
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JLL Research Q2 2017, GPT Research.

Office – Brisbane CBD

Brisbane CBD: Rents and Incentives (2Q17)risbane CBD: Rents and Incentives (2Q17)isbane CBD: Rents and Incentives (2Q17)sbane CBD: Rents and Incentives (2Q17)bane CBD: Rents and Incentives (2Q17)ane CBD: Rents and Incentives (2Q17)ne CBD: Rents and Incentives (2Q17)e CBD: Rents and Incentives (2Q17) CBD: Rents and Incentives (2Q17)BD: Rents and Incentives (2Q17)D: Rents and Incentives (2Q17): Rents and Incentives (2Q17) Rents and Incentives (2Q17)ents and Incentives (2Q17)nts and Incentives (2Q17)ts and Incentives (2Q17)s and Incentives (2Q17) and Incentives (2Q17)nd Incentives (2Q17)d Incentives (2Q17) Incentives (2Q17)ncentives (2Q17)centives (2Q17)entives (2Q17)ntives (2Q17)tives (2Q17)ives (2Q17)ves (2Q17)es (2Q17)s (2Q17) (2Q17)2Q17)Q17)17)7))

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• Brisbane is experiencing a slow recovery, with Brisbane CBD: Rents and Incentives (2Q17)risbane CBD: Rents and Incentives (2Q17)isbane CBD: Rents and Incentives (2Q17)sbane CBD: Rents and Incentives (2Q17)bane CBD: Rents and Incentives (2Q17)ane CBD: Rents and Incentives (2Q17)ne CBD: Rents and Incentives (2Q17)e CBD: Rents and Incentives (2Q17) CBD: Rents and Incentives (2Q17)BD: Rents and Incentives (2Q17)D: Rents and Incentives (2Q17): Rents and Incentives (2Q17) Rents and Incentives (2Q17)ents and Incentives (2Q17)nts and Incentives (2Q17)ts and Incentives (2Q17)s and Incentives (2Q17) and Incentives (2Q17)nd Incentives (2Q17)d Incentives (2Q17) Incentives (2Q17)ncentives (2Q17)centives (2Q17)entives (2Q17)ntives (2Q17)tives (2Q17)ives (2Q17)ves (2Q17)es (2Q17)s (2Q17) (2Q17)2Q17)Q17)17)7))
$800 40%
strengthening demand and a diminishing level of 36.7%
supply resulting in tightening vacancy rate from $700 Net Face (-95bps) 35%
16.6% to 15.5% during the last 12 months. $600 Rent (LHS) $576 30%
(+0.3%)
$500 25%
• Rents have generally been flat, however, are $400 Incentives (RHS) 20%
forecast to show modest growth during the next 12 $300 Net Effect ive $265 15%
months based on improving market conditions. $200 Rent (LHS) (-1.5%) 10%
• Capitalisation rates have been stable during the last $100 5%
6 months with a bias toward tightening. $0 0%
Brisbane CBD: Demand, Supply & Vacancy (2Q17) Brisbane CBD: Upper & Lower Prime Yields (2Q17)
250,000 Vacancy 20% 9%
Rate (RHS) 8.25% Lower Prime
200,000 15.5% 16%
8%
150,000 12%
7.50%
100,000 Net Supply 8% 7% 7.25%
(LHS) 53k
50,000 4%
35k
0 0% 6%
-50,000 Net -4% 5.50% Upper Prime 5.50%
5%
-100,000 Absorption -8%
(LHS)
-150,000 -12% 4%
JLL Research Q2 2017, GPT Research.
$/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-17 Dec-18
Yield
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 Dec-17 Dec-18 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-17 Dec-18
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OFFICE PORTFOLIO

Metropolitan & Mixed Use Opportunities

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2017 INTERIM RESULT LOGISTICS PORTFOLIO

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Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 27 high quality logistics and business park assets located across Australia’s Eastern Seaboard.

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NT
QLD
Brisbane
WA
3
SA
NSW Sydney
21
VIC
3 Melbourne
l Number of assets in each state
TAS
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New South Wales

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
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

Victoria

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

Queensland

16–28 Quarry Road, Yatala
59 Forest Way, Karawatha
55 Whitelaw Place, Wacol
Quad 4, Sydney Olympic Park
372–374 Victoria Street, Wetherill Park
38 Pine Road, Yennora
18–24 Abbott Road, Seven Hills
1 Huntingwood Drive, Huntingwood

All totals and averages are based on GPT’s balance sheet portfolio.

LOGISTICS PORTFOLIO

Logistics Portfolio Summary

The logistics portfolio delivered a Total Portfolio Return of 9.6%, underpinned by a high occupancy level of 95.0% and a long weighted average lease expiry of 8.0 years.

Top Ten Tenants[1] As at 30 June 2017

Key Operating Metrics As at 30 June 2017

Geographic Weighting As at 30 June 2017

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Rand
Wesfarmers Toll Transport TNT Australia IVE Group
16.5% 7.3% 5.9% 5.5% 5.1%
4.4% 4.1% 4.0% 3.6% 2.8%
Australian Schenker Goodman Super Retail ASICS
Pharmaceutical Australia Fielder Group
Industries
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	1H 2017	1H 2016
Number of Assets2	27	31
Portfolio Value3,4	$1,484.3m	$1,437.2m
Comparable Net Income Growth	3.8%	0.1%
Occupancy5	95.0%	92.7%
Weighted Average Lease Expiry	8.0 years	7.9 years

Consolidated properties are counted individually.
Excludes land and development held in GPTMH.
Includes equity interest in GMF (since been divested, at 1 July 2016).
Includes Signed Leases.

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

Lease Expiry Profile

Lease Expiry Profile (by Income)

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41%
(by Income)
15% 15%
9%
8%
3% 3% 3% 3%
0% 0%
2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027+
Note: Includes Signed Leases.
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LOGISTICS PORTFOLIO

Logistics Portfolio Summary

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Logistics Occupancy
GLA (100% 30 Jun 17 30 Jun 17 External or Inc. WALE
Interest) Fair Value Cap Rate Internal Inc. Signed Heads of by Income
State Ownership (sqm) ($m) (%) Valuation Actual Leases Agreement (Years)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100% 41,900 80.0 6.50% Internal 100.0% 100.0% 100.0% 2.5
10 Interchange Drive, Eastern Creek NSW 100% 15,100 32.0 6.75% Internal 100.0% 100.0% 100.0% 3.0
16-34 Templar Road, Erskine Park NSW 100% 15,200 55.8 6.00% External 100.0% 100.0% 100.0% 12.0
36-52 Templar Road, Erskine Park NSW 100% 24,500 98.3 5.75% External 100.0% 100.0% 100.0% 17.6
54-70 Templar Road, Erskine Park NSW 100% 21,000 145.0 6.00% External 100.0% 100.0% 100.0% 18.0
67-75 Templar Road, Erskine Park NSW 100% 12,700 23.5 6.50% Internal 100.0% 100.0% 100.0% 4.6
29-55 Lockwood Road, Erskine Park NSW 100% 32,200 96.5 5.50% External 100.0% 100.0% 100.0% 12.5
407 Pembroke Road, Minto NSW 50% 15,300 25.5 7.00% External 100.0% 100.0% 100.0% 2.4
4 Holker Street, Newington NSW 100% 7,400 30.1 6.50% Internal 100.0% 100.0% 100.0% 9.3
83 Derby Street, Silverwater NSW 100% 17,000 32.9 6.25% Internal 100.0% 100.0% 100.0% 8.5
3 Figtree Drive, Sydney Olympic Park¹ NSW 100% 6,800 24.5 N/A External 100.0% 100.0% 100.0% 2.5
5 Figtree Drive, Sydney Olympic Park NSW 100% 8,800 26.6 7.50% External 100.0% 100.0% 100.0% 2.9
7 Figtree Drive, Sydney Olympic Park¹ NSW 100% 3,500 15.3 N/A External 100.0% 100.0% 100.0% 0.3
6 Herb Elliott Avenue, Sydney Olympic Park¹ NSW 100% 4,100 12.0 N/A External 26.8% 26.8% 26.8% 0.8
8 Herb Elliott Avenue, Sydney Olympic Park¹ NSW 100% 3,300 11.7 N/A External 100.0% 100.0% 100.0% 2.6
Quad 1, Sydney Olympic Park NSW 100% 4,500² 24.0 7.00% External 100.0% 100.0% 100.0% 2.6
Quad 4, Sydney Olympic Park NSW 100% 8,100² 51.5 6.25% External 100.0% 100.0% 100.0% 12.7
372-374 Victoria Street, Wetherill Park NSW 100% 20,500 24.1 8.00% Internal 100.0% 100.0% 100.0% 2.7
38 Pine Road, Yennora NSW 100% 33,200 52.8 7.00% External 100.0% 100.0% 100.0% 1.7
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State Ownership GLA (100% Interest) (sqm) 30 Jun 17 Fair Value ($m) 30 Jun 17 Cap Rate (%) External or Internal Valuation	Logistics Occupancy WALE by Income (Years) Actual Inc. Signed Leases Inc. Heads of Agreement
18-24 Abbott Road, Seven Hills NSW 100% 18,100 32.5 6.25% External	50.0% 50.0% 100.0% 6.8
1 Huntingwood Drive, Huntingwood NSW 100% 21,000 39.0 5.75% External	0.0% 100.0% 100.0% 10.1
Citiwest Industrial Estate, Altona North VIC 100% 90,100 72.7 7.14% Internal	100.0% 100.0% 100.0% 2.9
Citiport Business Park, Port Melbourne VIC 100% 27,000 74.5 7.00% External	93.2% 93.2% 93.2% 2.4
Austrak Business Park, Somerton VIC 50% 210,000 165.7 6.29% Internal	100.0% 100.0% 100.0% 7.2
16-28 Quarry Road, Yatala QLD 100% 40,800 43.9 8.25% Internal	55.1% 55.1% 55.1% 2.7
59 Forest Way, Karawatha QLD 100% 44,000 108.0 6.00% External	100.0% 100.0% 100.0% 11.7
55 Whitelaw Place, Wacol QLD 100% 5,600 15.0 6.00% External	100.0% 100.0% 100.0% 14.9
Total 751,700 6.39%	91.7% 95.0% 96.4% 8.0

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.

LOGISTICS PORTFOLIO

External Valuation Summary

64% of the logistics portfolio was valued externally in the 6 months to 30 June 2017.

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100% 31 Dec 16 CBRE 79.4 6.50%
10 Interchange Drive, Eastern Creek NSW 100% 31 Dec 16 Knight Frank 32.0 6.75%
16-34 Templar Road, Erskine Park NSW 100% 30 Jun 17 CBRE 55.8 6.00%
36-52 Templar Road, Erskine Park NSW 100% 30 Jun 17 JLL 98.3 5.75%
54-70 Templar Road, Erskine Park NSW 100% 30 Jun 17 m3 145.0 6.00%
67-75 Templar Road, Erskine Park NSW 100% 31 Dec 16 Savills 23.5 6.50%
29-55 Lockwood Road, Erskine Park NSW 100% 30 Jun 17 Savills 96.5 5.50%
407 Pembroke Road, Minto NSW 50% 30 Jun 17 JLL 25.5 7.00%
4 Holker Street, Newington NSW 100% 31 Dec 16 CBRE 29.0 6.50%
83 Derby Street, Silverwater NSW 100% 31 Dec 16 JLL 31.8 6.25%
3 Figtree Drive, Sydney Olympic Park¹ NSW 100% 30 Jun 17 Knight Frank 24.5 N/A
5 Figtree Drive, Sydney Olympic Park NSW 100% 30 Jun 17 Knight Frank 26.6 7.50%
7 Figtree Drive, Sydney Olympic Park¹ NSW 100% 30 Jun 17 Knight Frank 15.3 N/A
6 Herb Elliott Avenue, Sydney Olympic Park¹ NSW 100% 30 Jun 17 Knight Frank 12.0 N/A
8 Herb Elliott Avenue, Sydney Olympic Park¹ NSW 100% 30 Jun 17 Knight Frank 11.7 N/A
Quad 1, Sydney Olympic Park NSW 100% 30 Jun 17 m3 24.0 7.00%
Quad 4, Sydney Olympic Park NSW 100% 30 Jun 17 m3 51.5 6.25%
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					Valuation	Capitalisation Rate
	State	Ownership	Date	Valuer	($m)	(%)
372-374 Victoria Street, Wetherill Park	NSW	100%	31 Dec 16	CBRE	21.8	8.00%
38 Pine Road, Yennora	NSW	100%	30 Jun 17	m3	52.8	7.00%
18-24 Abbott Road, Seven Hills	NSW	100%	30 Jun 17	CBRE	32.5	6.25%
1 Huntingwood Drive, Huntingwood	NSW	100%	30 Jun 17	CBRE	39.0	5.75%
Citiwest Industrial Estate, Altona North	VIC	100%	31 Dec 16	CBRE	70.6	7.14%
Citiport Business Park, Port Melbourne	VIC	100%	30 Jun 17	Savills	74.5	7.00%
Austrak Business Park, Somerton	VIC	50%	31 Dec 16	m3	165.4	6.29%
16-28 Quarry Road, Yatala	QLD	100%	31 Dec 16	CBRE	43.2	8.25%
59 Forest Way, Karawatha	QLD	100%	30 Jun 17	CBRE	108.0	6.00%
55 Whitelaw Place, Wacol	QLD	100%	30 Jun 17	JLL	15.0	6.00%

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.

LOGISTICS PORTFOLIO

Income and Fair Value Schedule

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Income
6 months to
30 Jun ($m) Fair Value Reconciliation
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 16 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 30 Jun 17 Portfolio
2016 2017 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia 3.0 3.3 0.3 79.4 0.2 0.4 0.0 0.0 0.0 0.0 0.0 80.0 5.4
10 Interchange Drive, Eastern Creek 1.2 1.3 0.1 32.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 32.0 2.2
16-34 Templar Road, Erskine Park 1.8 1.8 0.0 54.5 0.0 0.0 0.0 0.0 0.0 1.3 0.0 55.8 3.8
36-52 Templar Road, Erskine Park 2.8 2.9 0.1 97.0 0.0 0.0 0.0 0.0 0.0 1.3 0.0 98.3 6.6
54-70 Templar Road, Erskine Park 4.9 5.1 0.2 138.0 0.0 0.0 0.0 0.0 0.0 7.0 0.0 145.0 9.8
67-75 Templar Road, Erskine Park 0.9 0.9 0.0 23.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 23.5 1.6
29-55 Lockwood Road, Erskine Park 2.5 2.6 0.1 85.5 1.2 0.0 0.0 0.0 0.0 7.0 2.8 96.5 6.5
407 Pembroke Road, Minto 1.2 1.3 0.1 26.5 0.0 0.0 0.0 0.0 0.0 (1.0) 0.0 25.5 1.7
4 Holker Street, Newington 1.7 1.1 (0.6) 29.0 0.0 0.0 1.1 0.0 0.0 0.0 0.0 30.1 2.0
83 Derby Street, Silverwater 1.1 1.1 0.0 31.8 0.0 0.0 1.1 0.0 0.0 0.0 0.0 32.9 2.2
3 Figtree Drive, Sydney Olympic Park 1.0 1.0 0.0 24.0 0.0 0.0 0.0 0.0 0.0 0.5 0.0 24.5 1.7
5 Figtree Drive, Sydney Olympic Park 1.1 1.1 0.0 26.5 0.0 0.0 0.0 0.0 0.0 0.0 0.1 26.6 1.8
7 Figtree Drive, Sydney Olympic Park 0.5 0.5 0.0 15.0 0.0 0.0 0.0 0.0 0.0 0.3 0.0 15.3 1.0
6 Herb Elliott Avenue, Sydney Olympic Park 0.0 0.1 0.1 11.1 0.0 0.0 0.0 0.0 0.0 0.9 0.0 12.0 0.8
8 Herb Elliott Avenue, Sydney Olympic Park 0.4 0.4 0.0 11.3 0.0 0.0 0.0 0.0 0.0 0.4 0.0 11.7 0.8
Quad 1, Sydney Olympic Park 0.8 0.9 0.1 23.4 0.0 0.0 0.0 0.0 0.0 0.6 0.0 24.0 1.6
Quad 4, Sydney Olympic Park 1.2 1.6 0.4 49.3 0.0 0.0 0.0 0.0 0.0 2.1 0.1 51.5 3.5
372-374 Victoria Street, Wetherill Park 1.0 1.0 0.0 21.8 0.0 2.3 0.0 0.0 0.0 0.0 0.0 24.1 1.6
38 Pine Road, Yennora 1.9 1.9 0.0 52.2 0.0 0.0 0.0 0.0 0.0 0.6 0.0 52.8 3.6
18-24 Abbott Road, Seven Hills 0.0 0.2 0.2 14.7 11.9 0.0 0.0 0.0 0.0 5.9 0.0 32.5 2.2
1 Huntingwood Drive, Huntingwood 0.0 0.0 0.0 32.8 4.1 0.0 0.0 0.0 0.0 2.1 0.0 39.0 2.6
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	Income 6 months to 30 Jun ($m) 2016 2017 Variance 1.8 3.4 1.6 2.5 2.6 0.1 4.9 5.4 0.5 2.2 1.1 (1.1) 3.4 3.4 0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 43.81 46.1 2.3	Fair Value Reconciliation
		Fair Value 31 Dec 16 ($m) Development Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions ($m) Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 30 Jun 17 ($m) % of Portfolio (%)
Citiwest Industrial Estate,Altona North		70.6 0.0 1.0 1.0 0.0 0.0 0.0 0.1 72.7 4.9
Citiport Business Park,Port Melbourne		71.0 0.0 0.0 0.3 0.0 0.0 3.2 0.0 74.5 5.0
Austrak Business Park,Somerton		165.4 0.0 0.3 0.0 0.0 0.0 0.0 0.0 165.7 11.2
16-28 QuarryRoad,Yatala		43.2 0.0 0.1 0.6 0.0 0.0 0.0 0.0 43.9 3.0
59 Forest Way,Karawatha		102.5 0.0 0.0 0.0 0.0 0.0 5.5 0.0 108.0 7.3
55 Whitelaw Place,Wacol		6.4 8.1 0.0 0.0 0.0 0.0 0.5 0.0 15.0 1.0
Assets Sold Duringthe Period
Erskine Park Land		5.5 0.0 0.0 0.0 0.0 (5.5) 0.0 0.0 0.0 0.0
Assets Under Development
407 Pembroke Road,Minto - Land		5.5 0.1 0.0 0.0 0.0 0.0 0.0 0.0 5.6 0.4
Lot 2012 Eastern Creek Drive		18.9 7.6 0.0 0.0 0.0 0.0 0.0 0.0 26.5 1.8
Lot 21 Old Wallgrove Road,Eastern Creek		17.1 1.6 0.0 0.0 0.0 0.0 0.0 0.0 18.7 1.3
Austrak Business Park,Somerton - Land		19.4 0.7 0.0 0.0 0.0 0.0 0.0 0.0 20.1 1.4
Total Logistics Portfolio		1,404.8 35.5 4.1 4.1 0.0 (5.5) 38.2 3.1 1,484.3 100.0

Excludes $3.6 million, $2.2 million of which was attributable to 2-4 Harvey Road, Kings Park and $1.4 million of which was attributable to GPT’s equity accounted interest in GMF. Both investments have since been divested.

LOGISTICS PORTFOLIO

Logistics – Sydney

Gross take-up has been strong in the first half of 2017, with pre-lease activity remaining robust.
Land values in strategic locations are increasing which is likely to continue in the near term.
Government commitment to infrastructure in the outer west region is providing a good alternative to tenants seeking to increase scale.
Sydney is experiencing modest rent growth in some locations. As vacancy tightens, this should continue.

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sqm Sydney Industrial: Total vacant stock by grade ('000 m²)
1,200
1,000 Prime Secondary
800
600
400
200
-
Source: Knight Frank, JLL, GPT Research.
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Sydney Industrial Supply ('000 m2)
sqm
1,200
1,000
800
10 year
600 average
400
200
0
2013 2014 2015 2016 2017f
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Sydney Industrial Demand ('000 m2)
sqm
1,200
1,000
10 year
800
average
600
400
200
0
2013 2014 2015 2016 1H17a
All Other Pre-Lease and D & C 10 yr Avg.
Actual (a), Forecast (f)
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Logistics – Melbourne

Take-up of existing stock was elevated in the first half of 2017, pre-lease activity was solid.
Supply is forecast to remain above historical averages in 2017, as pre-leases from 2015/16 reach completion.
Vacancy levels are beginning to decrease in both prime and secondary markets.
High incentives continue to add pressure on the rental market, however incentives appear to have plateaued.

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sqm Melbourne Industrial: Vacant stock by grade ('000 m )
1,000
Prime Secondary
800
600
400
200
-
----- End of picture text -----

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

Source: Knight Frank, JLL, GPT Research.
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----- Start of picture text -----

Melbourne Industrial Supply ('000 m2)
sqm
1,000
800
600 10 year
average
400
200
0
2013 2014 2015 2016 2017f
----- End of picture text -----

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

Melbourne Industrial Demand ('000 m2)
sqm
1,000
10 year
800
average
600
400
200
0
2013 2014 2015 2016 1H17a
All Other
Actual (a), Forecast (f)
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LOGISTICS PORTFOLIO

Logistics – Brisbane

Brisbane take-up remains subdued, however there has been increasing take up of existing space.
Developers are cautious as the pre-commit market remains competitive, however enquiry levels are improving.
Vacancy remains high, but is now declining as a result of the increased demand for existing prime stock.

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sqm Brisbane Industrial: Total vacant stock by grade ('000 m²)
700
600 Prime Secondary
500
400
300
200
100
-
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Brisbane Industrial Supply ('000 m2)
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----- Start of picture text -----

sqm
700
600
500
10 year
400
average
300
200
100
0
2013 2014 2015 2016 2017f
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Brisbane Industrial Demand ('000 m2)
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----- Start of picture text -----

sqm
700
600
10 year
500
average
400
300
200
100
0
2013 2014 2015 2016 1H17a
All Other Pre-Lease and D & C 10 yr Avg.
Actual (a), Forecast (f)
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Source: Knight Frank, JLL, GPT Research.

Sydney Industrial Market

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GPT Industrial Assets
[Erskine Park]
[Eastern Creek]
1 Erskine Park
2 Eastern Creek
3 Huntingwood Dr, Huntingwood
4 Victoria St, Wetherill Park
5 Pine Rd, Yennora
6 Rosehill Business Park, Camellia
7 Derby St, Silverwater
8 Holker St, Newington
9 Sydney Olympic Park
10 Pembroke Rd, Minto
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LOGISTICS PORTFOLIO

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Rand, Erskine Park, Sydney

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2017 INTERIM RESULT DEVELOPMENT

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Development Overview

GPT has over $600 million in development projects currently underway across the retail, office and logistics sectors, with a significant pipeline of future development opportunities.

sectors, with a significant pipeline of future development opportunities.
Sector Ownership Interest (%) Forecast Total Cost ($m)	Forecast Cost to Complete Target Completion Date GPT’s Share ($m) Fund’s Share ($m)
Underway
Macarthur Square,NSW Retail 50% GWSCF 120	0 11 2H 2017
WollongongCentral,NSW Retail 100% GWSCF 68	0 35 2H 2017
Sunshine Plaza,QLD Retail 50% GPT 210	164 0 2H 2018
4 MurrayRose Avenue,SydneyOlympic Park,NSW Ofce 100% GPT 96	80 0 2H 2018
Lot 2012 Eastern Creek Drive,Eastern Creek,NSW Logistics 100% GPT 42	16 0 2H 2017
Lot 21 Old Wallgrove Road,Eastern Creek,NSW Logistics 100% GPT 48	29 0 2H 2018
1B Huntingwood,Huntingwood,NSW Logistics 100% GPT 19	13 0 2H 2018
1 Lockwood Road,Erskine Park,NSW Logistics 100% GPT 6	2 0 2H 2017
Metroplex Volvo,Wacol,QLD Logistics 50% GPT 16	12 0 2H 2018
Total Underway 625	316 46

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Charlestown Square, NSW

DEVELOPMENT

Development Overview (continued)

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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
Planned
Rouse Hill Town Centre, NSW Retail 100% GPT 250 250 0
Chirnside Park, VIC Retail 100% GWSCF 85 0 85
Melbourne Central, VIC Retail 100% GPT 200 200 0
Casuarina Square, NT Retail 50% GPT / 50% GWSCF 110 55 55
MLC Centre, NSW Office 50% GPT 35 35 0
32 Smith Street, Parramatta, NSW Office 100% GPT 212 178 0
100 Queen Street, Melbourne, VIC Office 100% GWOF 150 0 150
Austrak Business Park, Minto, NSW Logistics 50% GPT 15 9 0
Lot 11 Templar Road, Erskine Park, NSW Logistics 50% GPT 13 9 0
Austrak Business Park, Somerton, VIC Logistics 50% GPT 67 47 0
Metroplex, Wacol, QLD Logistics 50% GPT 121 64 0
Wembley Business Park, Berrinba, QLD Logistics 100% GPT 113 79 0
Total Planned 1,371 926 290
Future Pipeline
Highpoint Shopping Centre, VIC Retail 16.67% GPT / 58.33% GWSCF 128 28 100
Parkmore Shopping Centre, VIC Retail 100% GWSCF 30 0 30
Other 1,527 700 827
Total Future Pipeline 1,685 728 957
Total Underway, Planned and Future Pipeline 3,681 1,970 1,293
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Excludes development capex for minor asset positioning and remixing works, and the MLC Centre façade works.

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2017 INTERIM RESULT FUNDS MANAGEMENT

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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 is made up of the GPT Wholesale Office Fund (GWOF) and the GPT Wholesale Shopping Centre Fund (GWSCF).

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Fund Summary as at 30 June 2017	GWOF	GWSCF
Number of Assets	17	8
Total Assets	$6.8b	$3.9b
Net Gearing	16.9%	11.0%
One Year EquityIRR (post-fees)	13.5%	13.4%
Fund Details as at 30 June 2017
GPT's OwnershipInterest	25.0%	28.9%
GPT's Investment	$1,367.6m	$976.4m
Established	July2006	March 2007
Weighted Average Capitalisation Rate	5.32%	5.31%
Portfolio Occupancy	95.3%	99.7%
GPT’s Share of Fund FFO	$38.1m	$21.2m
GPT Base Management Fee	$16.5m	$8.5m

Wollongong Central, New South Wales

100

FUNDS MANAGEMENT

101

FUNDS MANAGEMENT

GPT Funds Management Overview

Historical Growth in Funds under Management

Growth in Funds under Management for the 12 months to 30 June 2017

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

$10.7b
$10.0b $10.4b $10.4b
$9.6b
$6.6b $7.1b
$5.3b $5.6b
Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Jun 2016 Dec 2016 Jun 2017
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----- Start of picture text -----

$0.6b $0.7b
$10.4b $0.4b $10.7b
Jun 16 FUM Developments Acquisitions Divestments Jun 17 FUM
& Asset Growth
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GWOF performance versus benchmark

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

16 14.8 15.5
1412 13.6 13.312.3 13.614.011.911.1 11.812.4 12.913.0 13.611.5
10 8.9 10.4 9.8 10.0 9.8 10.5
8 7.5 8.0
6.6
6 5.0
4
2
0
GWOF Mercer / IPD Peer 1 Peer 2 Peer 3
All Office Index
1 Year 3 Years 5 Years 7 Years 10 Years
Total return (%)
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GWSCF performance versus benchmark

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

13.5
10.6 10.5 10.9 10.5 10.3
9.6 8.7 8.5 9.8 9.1 9.0 7.8 9.6 9.6 7.0 8.1 8.2 8.2 8.2 7.5 9.6 9.7 7.2
6.3
GWSCF Mercer / IPD Peer 1 Peer 2 Peer 3
All Retail Index
1 Year 3 Years 5 Years 7 Years 10 Years
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Source: Mercer/IPD.

GWOF Overview

GWOF provides wholesale investors with exposure to 17 high quality office assets, located across Australia’s key CBD office markets. At 30 June 2017, the Fund had a value of $6.8 billion.

GWOF Ownership Composition As at 30 June 2017

	June 2017	June 2016
Number of Assets	17	18
Total Assets	$6.8b	$6.1b
Net Gearing	16.9%	13.7%
One Year EquityIRR (post-fees)	13.5%	18.6%

Fund Details as at 30 June 2017
GPT's OwnershipInterest (%)	25.0%
GPT's OwnershipInterest ($m)	$1,367.6m
Established	July2006
Weighted Average Capitalisation Rate	5.32%
Portfolio Occupancy(%)	95.3%
GPT’s Share of Fund FFO ($m)	$38.1m
GPT Base Management Fee ($m)	$16.5m

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Domestic Super Funds 48%
GPT 25%
Offshore Pension Funds 12%
Domestic – Other 8%
Offshore – Other 4%
Sovereign Wealth Funds 3%
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102

FUNDS MANAGEMENT

103

FUNDS MANAGEMENT

GWOF Capital Management

Total borrowings for the Fund at 30 June 2017 were $1,187 million resulting in net gearing of 16.9%.

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750 Collins Street, Melbourne

GWOF Capital Management Summary as at 30 June 2017

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

Net Gearing 16.9%
Weighted Average Cost of Debt [1] 4.2%
Fees and Margins (included in above) 1.4%
Weighted Average Debt Term 4.8 years
Drawn Debt Hedging 78%
Weighted Average Hedge Term 4.1 years
GWOF Loan Facilities Facility Limit ($m) Facility Expiry Amount Currently Drawn ($m)
Bilateral Facility 50.0 29 July 2018 [2] 50.0
Bilateral Facility 50.0 1 October 2018 [2] 50.0
Bilateral Facility 150.0 30 November 2019 150.0
Bilateral Facility 50.0 31 January 2020 50.0
Bilateral Facility 50.0 31 January 2020 50.0
Bilateral Facility 50.0 31 January 2020 50.0
Bilateral Facility 50.0 29 September 2020 50.0
Bilateral Facility 50.0 30 September 2020 50.0
Bilateral Facility 100.0 2 October 2020 100.0
Bilateral Facility 100.0 2 October 2020 100.0
Bilateral Facility 150.0 30 May 2021 0.0
Bilateral Facility 50.0 1 July 2021 50.0
Forward Start 100.0 30 September 2021 0.0
Bilateral Facility 150.0 25 November 2021 87.0
Medium Term Notes 150.0 18 May 2022 150.0
Medium Term Notes 200.0 22 February 2027 200.0
Total 1,500.0 1,187.0
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Average for the 12 months to 30 June 2017.
Quarterly extension facility.

GWSCF Overview

GWSCF provides wholesale investors with exposure to 8 high quality retail assets. At 30 June 2017, the Fund had a value of $3.9 billion.

GWSCF Ownership Composition As at 30 June 2017

	June 2017	June 2016
Number of Assets	8	9
Total Assets	$3.9b	$3.9b
Net Gearing	11.0%	15.4%
One Year EquityIRR (post-fees)	13.4%	5.3%

Fund Details as at 30 June 2017
GPT's OwnershipInterest (%)	28.9%
GPT's OwnershipInterest ($m)	$976.4m
Established	March 2007
Weighted Average Capitalisation Rate	5.31%
Portfolio Occupancy(%)	99.7%
GPT’s Share of Fund FFO ($m)	$21.2m
GPT Base Management Fee ($m)	$8.5m

Domestic Super Funds 39% GPT 29% Domestic – Other 15% Offshore Pension Funds 10% Sovereign Wealth Funds 4% Offshore – Other 3%

104

FUNDS MANAGEMENT

105

FUNDS MANAGEMENT

GWSCF Capital Management

Total borrowings for the Fund at 30 June 2017 were $443 million resulting in net gearing of 11.0%.

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GWSCF Capital Management Summary as at 30 June 2017

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Net Gearing 11.0%
Weighted Average Cost of Debt [1] 4.9%
Fees and Margins (included in above) 1.9%
Weighted Average Debt Term 3.4 years
Drawn Debt Hedging 70%
Weighted Average Hedge Term 3.3 years
GWSCF Loan Facilities Facility Limit ($m) Facility Expiry Amount Currently Drawn ($m)
Medium Term Notes 200.0 13 November 2017 200.0
Bilateral Facility 50.0 1 July 2018 [2] 50.0
Bilateral Facility 60.0 1 July 2019 60.0
Bilateral Facility 100.0 30 September 2019 83.0
Forward Start Facility 50.0 8 January 2020 0.0
Bilateral Facility 100.0 1 July 2020 0.0
Bilateral Facility 50.0 1 July 2020 0.0
Bilateral Facility 50.0 1 October 2020 50.0
Bilateral Facility 75.0 30 October 2020 0.0
Forward Start Facility 75.0 29 April 2021 0.0
Forward Start Facility 50.0 1 April 2022 0.0
Total 860.0 443.0
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Average for the 12 months to 30 June 2017.
Quarterly extension facility.

Casuarina Square, Darwin

AI assistant

GPT GROUP — Interim / Quarterly Report 2017

65009_rns_2017-08-14_0f6a0f3b-ee7d-4c2a-97d9-6b966928758a.pdf

AGENDA

2017 Interim Result Highlights

Group highlights in 1H 2017

Progressing strategic priorities

Financial Summary

Segment Result

Capital Management

Retail Highlights

Retail Valuations

Retail Leasing

Retail Sales

Retail Development

Sunshine Plaza

Macarthur Square

Wollongong Central

Rouse Hill Town Centre

Active Management

Enhancing The Experience To Drive Preference And Productivity

Retail Market Outlook

GPT Portfolio

Office Highlights

Office Valuations

VALUATION UPLIFT 1H 2017 (MILLION)

WEIGHTED AVERAGE VALUATION UPLIFT

Office Leasing

Active Asset Management

Office Development

32 Smith St, Parramatta

Office Development

orner Phillip & Smith Streets, Cockle Bay Wharf, arramattaSydney

Office Market Outlook

Office Market Outlook

LOGISTICS

Logistics Highlights

Logistics Development

UNDERWAY

Logistics Market Outlook

Funds Management Highlights

Economies of scale driving EBIT Growth

Fund Update

Summary & Outlook

Disclaimer

GPT Overview

GPT Portfolio Diversity

Retail Portfolio

Office Portfolio

Logistics Portfolio

GPT Portfolio Metrics

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 2017

Current Forward Start Debt Facilities

Debt Maturity Profile

Debt Maturity Profile

Liquidity Profile

Hedging Profile

Hedging Profile as at 30 June 2017

Retail Portfolio Overview

New South Wales

GPT Owned

GWSCF Owned

Victoria

GPT Owned

GWSCF Owned

Northern Territory

GPT Owned

GWSCF Owned

Queensland

GPT GROUP Interim / Quarterly Report 2017