GPT GROUP - Interim / Quarterly Report 2018

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INTERIM RESULT 2018

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AGENDA

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SECTION SPEAKER
2018 Interim 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 2018

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RESULTS PRESENTATION

2018 Interim Result Financial Highlights

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3.2% 2.5%
FFO GROWTH DISTRIBUTION GROWTH
PER SECURITY PER SECURITY
$5.31 13.9%
NTA PER TOTAL RETURN
SECURITY (12 MONTHS)
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Our Vision
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To be the most respected property company in Australia in the eyes of our Investors, People, Customers and Communities

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Our Purpose
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To create value by delivering superior returns to Investors, and by providing environments that enable our People to excel and Customers and Communities to prosper

Progress on Strategic Priorities

Investment Portfolio

- Portfolio occupancy of 97.4%
- Like for Like income growth 3.9%
- Revaluation gains of $457 million
- Weighted Average Cap Rate 5.14%

Balance Sheet & Capital Management

- Net Gearing at 24.7%
- Interest rate hedging at 79%
- Credit ratings A / A2
- Weighted average debt maturity of 6.6 years
- Total Portfolio Return of 11.5%

Development Pipeline

- Sunshine Plaza 75% leased
- 32 Smith Street terms agreed for 51% of NLA
- Logistics developments underway and on-track
- Rouse Hill Town Centre revised DA to be lodged in Q4 2018

Funds Management

- Assets Under Management of $12.4 billion
- 12 month total return of 13.5%
- Market leading wholesale platform
- Development pipeline of over $1.2 billion
- Melbourne Central Office and Retail expansion

RESULTS PRESENTATION

FINANCE & TREASURY

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INTERIM RESULT 2018

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Financial Summary

6 MONTHS TO 30 JUNE($ MILLION) 2018 2017 CHANGE Funds From Operations (FFO) 289.4 279.8 3.4% Valuation increases 456.7 480.0 Treasury items marked to market (8.9) (3.7) Other items1 (8.7) (4.9) Net Profit After Tax (NPAT) 728.5 751.2 (3.0%) Funds From Operations per stapled security (cps) 16.04 15.54 3.2% Funds From Operations (FFO) 289.4 279.8 3.4% Maintenance capex (26.7) (21.4) Lease incentives (29.8) (23.4) Adjusted Funds From Operations (AFFO) 232.9 235.0 (0.9%) Distribution per stapled security (cps) 12.61 12.30 2.5%	$728.5m STATUTORY NET PROFIT AFTER TAX
	3.2% FFO PER SECURITY GROWTH
	97.7% PAYOUT RATIO

6 MONTHS TO 30 JUNE($ MILLION)
2018
2017
CHANGE
Funds From Operations (FFO)
289.4
279.8
3.4%
Valuation increases
456.7
480.0
Treasury items marked to market
(8.9)
(3.7)
Other items1
(8.7)
(4.9)
Net Profit After Tax (NPAT)
728.5
751.2
(3.0%)
Funds From Operations per stapled security (cps)
16.04
15.54
3.2%
Funds From Operations (FFO)
289.4
279.8
3.4%
Maintenance capex
(26.7)
(21.4)
Lease incentives
(29.8)
(23.4)
Adjusted Funds From Operations (AFFO)
232.9
235.0
(0.9%)
Distribution per stapled security (cps)
12.61
12.30
2.5%

$728.5m
STATUTORY NET PROFIT
AFTER TAX

3.2%
FFO PER SECURITY GROWTH

97.7%
PAYOUT RATIO

The comparative in the financial statements has been restated due to the adoption of the accounting standard AASB 9, as per note 12(a) of the Financial Statements.

RESULTS PRESENTATION

Segment Result

6 MONTHS TO 30 JUNE
($ MILLION)
2018
2017
Retail
157.8
157.0
Office
133.5
127.9
Logistics
57.8
46.2
Funds Management
21.1
17.5
Net Income
370.2
348.6
Net interest expense
(58.8)
(47.2)
Corporate overheads
(14.0)
(14.2)
Tax expense
(8.0)
(7.4)
Corporate
(80.8)
(68.8)
Funds From Operations
289.4
279.8
▲0.5%
Operations net income has increased 3.2% as a result of
structured rent increases. This was offset by lower
Development net income.
▲4.4%
▲25.1%
As a result of continued high occupancy levels and strong
income growth particularly at MLC Centre and Farrer Place.
Operations net income has increased as a result of continued
high occupancy levels, strong rental growth, new acquisitions
and development completions.
▲20.6%
Fund Management fees have increased due to higher AUM
driven by revaluation gains and the acquisition of an additional
25% interest in Highpoint Shopping Centre.
▲24.6%
Interest expense has increased due to acquisitions and
completed developments.

Capital Management

- Issued A$90 million HKD bond for 13 year term at 137 basis points margin
- Further diversified funding sources with 53% sourced from debt capital markets
- Continue to maintain a long weighted average debt term of 6.6 years
- Liquidity remains strong with $860 million of cash and undrawn committed facilities

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Sources of Financing Facilities
CPI Bonds
2%
Domestic bank
USPP debt
23% 26%
Debt Capital Markets
53%
Foreign MTNs Bank Debt
6%
47%
Foreign bank
debt
20%
Domestic MTNs
21%
Secured bank debt
2%
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KEY STATISTICS

	JUN 2018	DEC 2017
Net tangible assets per security	$5.31	$5.04
Net gearing	24.7%	24.4%
Weighted average cost of debt	4.3%	4.2%
Weighted average term to maturity	6.6 years	7.1 years
Interest cover ratio	6.0x	6.5x
Credit ratings (S&P / Moody’s)	A / A2	A / A2
Weighted average term of hedging	4.6 years	4.8 years
Drawn debt hedging	79%	76%

Debt Maturity Profile

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600
500
400
300
200
100
0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
CPI Bonds US Private Placements Medium Term Notes Drawn Bank Facilities Undrawn Bank Facilities
$ millions
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RESULTS PRESENTATION

RETAIL

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INTERIM RESULT 2018

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Retail Portfolio

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2.3% 4.4% 99.7%
PORTFOLIO TOTAL SPECIALTY PORTFOLIO Retail Portfolio Quality &
LIKE FOR LIKE MAT GROWTH OCCUPANCY Geographic Exposure
INCOME GROWTH
NT
QLD 6%
8%
+ Stable property income growth, partially offset by rising
Key electricity costs across the portfolio. Melbourne Central and
Highlights Rouse Hill delivering strong results NSW42%
+ Total Speciality sales growth +6.1% for 1H 2018
86%
+ Re-valuation uplift of $53.5m for 1H 2018 Exposure to NSW/VIC
+ Total Portfolio Return of 9.5% for 12 months to 30 June 99%
Prime regional assets
+ Moderate retail sales growth expected over the next 6 VIC
Outlook months with NSW and VIC continuing to outperform 44%
+ Strategic capital investment into the retail mix and asset
aesthetics will drive sales productivity and performance
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RESULTS PRESENTATION

Retail Sales

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Portfolio MAT
Growth by Category 17.4%
12.0%
10.4%
4.4%
7.5% 6.9%
Total Specialty MAT Growth 4.4% 3.9%
2.3%
Specialties >400sqm Specialties <400sqm 0.5%
-0.6%
12.8% 1.7% -4.1% [-3.2%] -2.7%
-6.8% -7.3%
Specialty Sales Productivity (<400sqm)
$11,404 2.7%
Specialty Sales Specialty Sales
per sqm per sqm Growth
Statistics exclude development impacted centres (Sunshine Plaza, Macarthur Square, Wollongong Central)
Total Centre Department Stores Discount Department Stores Supermarkets Cinemas Total Specialties Technology & Appliances General Retail Leisure Health & Beauty Homewares Dining Food Retail Fashion, Footwear & Accessories Jewellery
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Retail Leasing

- High quality portfolio continues to be in strong demand resulting in low vacancy and sustainable occupancy costs
- Specialty rental CAGR of +4.5% (over the term of the lease) on new deals completed 1H 2018
- Introduced 48 new retail brands to the portfolio

Portfolio Leasing Statistics

JUN 2018 DEC 2017	JUN 2018 DEC 2017	JUN 2018 DEC 2017
Portfolio Occupancy	99.7%	99.6%
Retention Rate	71%	74%
Avg. Annual Fixed Increase1	4.8%	4.7%
Avg. Lease Term1	4.8 years	4.7 years
Leasing Spread(Specialities <400sqm)	0.6%	(1.2%)
Specialty Occupancy Cost	17.0%	17.1%

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Sunshine Plaza Development Update

- Works continue on $420m retail expansion (100% interest)
- Forecast completion Q2 2019
- 75% of leasing deals completed, with flagship national and international retailers secured

1. New leases

Statistics exclude development impacted centres (Sunshine Plaza, Macarthur Square, Wollongong Central) & holdovers

RESULTS PRESENTATION

OFFICE & LOGISTICS

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INTERIM RESULT 2018

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Office Highlights

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$
5.5% 377.9M 14.4%
PORTFOLIO VALUATION TOTAL PORTFOLIO
LIKE FOR LIKE UPLIFT RETURN Office Portfolio Quality &
INCOME GROWTH (12 MONTHS) Geographic Exposure
+ Office valuation gains primarily driven by market rental
Key growth, WACR of 5.02%
Highlights + Leases signed totalling 53,300sqm, and terms agreed for a A Grade
further 28,600sqm 43%
+ Portfolio occupancy of 96.6% and WALE of 5.3 years Sydney - 58%
+ Continue to progress developments at 32 Smith, Parramatta, Melbourne - 31%
Melbourne Central, and Cockle Bay Park, Sydney
Brisbane - 11%
+ Sydney and Melbourne assets approximately 8% under-rented
Outlook + Continued investment in assets and in broadening customer Premium
relationships 57%
+ Capital allocation to the strongly performing markets of
Sydney and Melbourne experiencing vacancy contraction and
rent growth
+ Further valuation growth expected from rising effective rents
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RESULTS PRESENTATION

Office Leasing

53,300sqm signed leases in H1 2018 with a further 28,600sqm terms agreed

Leasing activity has resulted in an increased portfolio occupancy of

96.6%

Melbourne Central Tower | Accelerating income

- ACCC vacated 7,600sqm in December 2017
- Asset occupancy including HoA up 8.6% in six months to 98.2%
- Space&Co. a key differentiator in leasing and customer engagement

SYDNEY

- 18,900sqm of signed leases including NIB (1 Farrer Place) and ELMO Software (580 George Street)
- Vacancy contraction and rent growth forecast for medium term with net supply to remain low until at least 2022

MELBOURNE

- 30,600sqm of signed leases including CUB and Microsoft (2 Southbank Blvd)
- Space&Co. expanding to four Melbourne sites - 8 Exhibition Street opened in June, 2 Southbank Blvd due to open in August
- Demand fuelled by strong Victorian economy and population growth

BRISBANE

- 111 Eagle Street at 99.7% occupied following lease to Marsh & McLennan
- Leasing at Riverside Centre with 2,200sqm of signed leases and a further 10,300sqm at terms agreed
- Ongoing demand recovery has stabilised vacancy, with rental growth to turn positive

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85% $636 psqm
Average Net Face Rent
committed
including HoA > 20%
Increase to Passing Rent
Now configured into
19 spaces
from 170sqm to 1,100sqm
7.0 years
Average lease
term agreed
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Office Valuations

- Valuation uplift of $377.9m driving a 12 month Total Portfolio Return of 14.4%
- Market rental growth has driven 72% of total valuation gains
- Further growth expected from rising effective rents in Sydney and Melbourne in the order of 7-9% in the next 12 months

Composition of Valuation Gains

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Valuation Gains
28%
72%
Cap Rate Compression
Rental Growth
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1 year growth
Effective Rental Growth by Market - Prime
Net Effective Rents ($/sqm pa) +12%
$800 $807
$700 Sydney +13%
$600
$460
$500
$400 Melbourne $376$364 +21%
$300 $278 Parramatta
$263
$200 $273$262 Brisbane -1%
$100
Current Vacancy Rate by Market - Total
16.0%
14.0%
12.0% 14.4%
10.0% National Average 9.4%
8.0%
6.0%
4.0%
2.0% 4.5% 4.6% 4.6%
0.0%
Sydney Melbourne Parramatta Brisbane
Source: JLL, GPT Research – Q2 2018
Jun-15 Dec-15 Jun-16 Dec-16 Jun-17 Dec-17 Jun-18 Dec-18
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RESULTS PRESENTATION

Logistics Highlights

3.6% 96.6% 10.0% PORTFOLIO PORTFOLIO TOTAL PORTFOLIO LIKE FOR LIKE OCCUPANCY RETURN Logistics Portfolio INCOME GROWTH (12 MONTHS) Geographic Exposure + High portfolio occupancy and long WALE of 7.4 years Key + 49,500sqm of leases signed and 73,900sqm of terms agreed Highlights + Valuation uplift of $25.3 million and WACR of 6.17% + $74 million acquisition of Sunshine Business Estate, Sydney - 64% Melbourne Melbourne - 25% + Two Sydney developments totalling 41,000sqm due for completion in 2H 2018 Brisbane - 11% + Dynamic market with asset class becoming increasingly Outlook globalised and impacted by e-commerce + Continue to pursue opportunities to expand portfolio through acquisitions and development pipeline + Further valuation uplift expected due to strong investor demand and underlying market rental growth

Office & Logistics Development

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4 Murray Rose, Sydney Olympic Park Melbourne Central Rooftop Huntingwood, NSW (Stage 1B)
65% committed to NSW Rural Fire Service and HoAs Seeking pre-commit for 20,000sqm complex above retail centre 11,000sqm facility on track for August 2018 completion
Cockle Bay Park, Darling Harbour, Sydney Eastern Creek, NSW (Lot 21)
Engagement continues with authorities on 70,000sqm scheme 30,000sqm development completing December 2018
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RESULTS PRESENTATION

32 Smith Street, Parramatta

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Development Update

- Terms agreed over 13,600sqm, representing 51% of Office NLA
- Demolition of existing building has commenced
- Contractor to be appointed imminently and construction set to commence in Q4 2018 subject to finalisation of lease documentation
- Target completion in Q4 2020
- Expected yield on cost of 6.75%, with an expected end value greater than $300 million
- Parramatta office market experiencing record low vacancy rates, limited uncommitted supply
- Significant public and private investment in Western Sydney including WestConnex and the proposed Metro West rail

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FUNDS MANAGEMENT

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INTERIM RESULT 2018

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RESULTS PRESENTATION

Funds Management Highlights

FUND TOTAL GPT FUND RETURN ASSETS INVESTMENT 15.9% 13.5% 20.6% (1YR) ANNUAL INCREASE TOTAL RETURN PROFIT GWOF $7.5 bn 13.9% $1.5 bn IN ASSETS UNDER (12 MONTHS) GROWTH MANAGEMENT GWSCF $4.9 bn 8.4% $1.0 bn Total $12.4 bn $2.5 bn GPT Funds Management Total Return AUM and EBIT Growth 12 months to 30 June 2018 5 Year CAGR 1.9% 7.2% 17.3% 13.5% 11.8% 4.4% Distribution Yield Capital Growth FM Business Contribution Total Return Assets Under Management Underlying EBIT

Fund Updates

GPT Wholesale Shopping Centre Fund (GWSCF) Highpoint

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150 Collins Street
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GPT Wholesale Office Fund (GWOF)

Achieved an 8.4% total return for the 12 months to 30 June 2018
Distribution reinvestment plan take-up of 28% (excluding GPT)
Portfolio quality improved with $1.2 billion of asset recycling over past 18 months
Super-regional weighting increased from 46% to 68%
Wollongong Central – focus on growing sales performance post the introduction of David Jones, H&M and Mecca Maxima
Issued a $200 million 10 year MTN with a fixed coupon of 4.49%
Delivered a 13.9% total return for the 12 months to 30 June 2018
Distribution reinvestment plan take-up of 56% (excluding GPT)
Leasing success driving strong portfolio fundamentals including occupancy of 96.0% and WALE of 6.7 years
DA submission imminent for the repositioning of 100 Queen Street, Melbourne
Acquired 32 Flinders Street, Melbourne, as a medium-term precinct development opportunity

RESULTS PRESENTATION

Summary & Outlook

ECONOMIC OUTLOOK

- Strong population growth at 1.5% p.a.
- Unprecedented infrastructure spend in major cities
- Inflationary pressures remain low
- Interest rates remain accommodative

SECTOR OUTLOOK

- Low wages growth and competition remain headwinds for retail
- Favourable office sector fundamentals in Sydney and Melbourne set to continue
- Growth in logistics being driven by economic cycle in Sydney and Melbourne

GROUP OUTLOOK

- Office and logistics sectors will continue to outperform
- Retail remixing delivering results but impacting downtime
- Further office valuation growth expected, underpinned by strong fundamentals
- New developments on-track for 2019/2020 delivery

2018 GUIDANCE

FFO per security growth of 3% DPS growth of 3%

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 2018 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 2018. 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.

Certain images on page 18, and all images on pages 13 and 19, represent artist impressions.

RESULTS PRESENTATION

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Riverside Centre, Brisbane

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2018 INTERIM RESULT DATA PACK

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CONTENTS GPT Overview 26 Financial Performance 30 Retail Portfolio 40 Office Portfolio 54 Logistics Portfolio 70 Development 84 Funds Management 86

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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2018 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
$6.0b portfolio
$9.8b AUM

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Highpoint Shopping Centre, Victoria

Office Portfolio

22 assets
1,110,000 sqm NLA
510 + tenants
$5.4b portfolio
$11.2b AUM

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580 George Street, Sydney

Logistics Portfolio

29 assets
830,000 sqm GLA
70 + tenants
$1.7b portfolio
$1.7b AUM

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TNT Erskine Park, Sydney

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As at 30 June 2018
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Retail 46%
Office 41%
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 $5.99b 2.3% 4.1 years 99.7% 4.97%
Office $5.35b 5.5% 5.3 years 96.6% 5.02%
Logistics $1.67b 3.6% 7.4 years 96.6% 6.17%
Total $13.02b 3.9% 5.1 years 97.4% 5.14%
Structured Rental Increases [2]
Retail
Office Logistics
(Specialties)
Fixed 91% Fixed 91%
Fixed 74%
Other 9% Other 9%
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 2018 compared to the previous corresponding period.
Structured rent reviews for the 12 months to 31 December 2018. Other includes market reviews and expiries in 2018.

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 The level of borrowings relative to assets
GFA Gross Floor Area
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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 Calculated net of cash and excludes any fair value adjustment to foreign
bonds and its associated cross currency derivative asset positions
NLA Net Lettable Area
NPAT Net Profit After Tax
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GPT OVERVIEW

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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
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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2018 INTERIM RESULT

FINANCIAL PERFORMANCE

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Financial Summary

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6 months to 30 June 2018 2017 Change
Funds From Operations ($m) 289.4 279.8 3.4%
Net profit after tax ($m) [1] 728.5 751.2 3.0%
FFO per ordinary security (cents) 16.04 15.54 3.2%
FFO yield (based on period end price) 6.4% 6.5%
Distribution per ordinary security (cents) 12.61 12.30 2.5%
Distribution yield (based on period end price) 5.0% 5.2%
Net interest expense ($m) (58.8) (47.2) 11.6m
Interest capitalised ($m) 6.5 11.8 5.3m
Weighted average cost of debt 4.3% 4.2% 10 bps
Interest cover 6.0 times 7.0 times 1.0 times
The weighted average number of ordinary stapled securities was 1,803.9 million for 2018 and 1,800.5 million for 2017.
The period end price was $5.06 at 30 June 2018 and $5.11 at 31 December 2017.
As at 30 Jun 18 As at 31 Dec 17 Change
Total assets ($m) [1] 13,654.2 12,957.3 5.4%
Total borrowings ($m) 3,522.2 3,300.6 6.7%
NTA per security ($) 5.31 5.04 5.4%
Net gearing 24.7% 24.4% 30 bps
Net look through gearing 27.9% 27.7% 20 bps
Weighted average term to maturity of debt 6.6 years 7.1 years 0.5 years
Credit ratings (S&P / Moody's) A stable / A2 stable A stable / A2 stable Unchanged
Weighted average term of interest rate hedging 4.6 years 4.8 years 0.2 years
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The comparative in the financial statements has been restated due to the adoption of accounting standard AASB 9, as per note 12(a) of the Financial Statements.

FINANCIAL PERFORMANCE

Results Summary

Results Summary
Segment performance 6 months to 30 June ($m)	2018	2017
Retail
Operations net income	156.8	152.0
Development net income	1.0	5.0
	157.8	157.0
Ofce
Operations net income	132.9	127.3
Development net income	0.6	0.6
	133.5	127.9
Logistics
Operations net income	51.8	45.1
Development net income	6.0	1.1
	57.8	46.2
Funds Management	21.1	17.5
Net fnancingcosts	(58.8)	(47.2)
Corporate management expenses	(14.0)	(14.2)
Tax expenses	(8.0)	(7.4)
Funds From Operations (FFO)	289.4	279.8
Valuation increase	456.7	480.0
Financial instruments mark to market movements and net foreign exchange movements	(8.9)	(3.7)
Other items1	(8.7)	(4.9)
Net Proft After Tax (NPAT)	728.5	751.2

The comparative in the financial statements has been restated due to the adoption of accounting standard AASB 9, as per note 12(a) of the Financial Statements.

Funds From Operations to Adjusted Funds From Operations

6 months to 30 June ($m)	2018	2017
Net Operating Income	370.2	348.6
Financing and corporate overheads	(80.8)	(68.8)
Funds From Operations	289.4	279.8
Maintenance capital expenditure	(26.7)	(21.4)
Lease incentives (including rent free)	(29.8)	(23.4)
Adjusted Funds From Operations	232.9	235.0

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Highpoint Shopping Centre, VIC

FINANCIAL PERFORMANCE

NTA Movement

	Net Assets	No. of Securities	NTA per Security
NTA Movement	($m)	(million)	($)
NTA position as at 31 December 20171	9,075.0	1,801.6	5.04

FFO	289.4		0.16
Revaluations	456.7		0.25
Mark to market of Treasury	(1.1)		(0.00)
Distribution	(227.6)		(0.13)
Issue of securities	11.1	3.3	0.00
Other	(15.1)		(0.01)
Movement in NTA	513.4		0.27

NTA position as at 30 June 2018	9,588.4	1,804.9	5.31

Note: Differences due to rounding.

The 31 December 2017 net assets have been restated due to the adoption of accounting standard AASB 9, as per note 12(a) of the Financial Statements.

Capital Management Summary

Gearing ($m)		As at 30 June 2018
Total assets		13,654.2
Less: Intangible assets		(29.2)
Less: Cross currency swap assets		(172.7)
Total tangible assets		13,452.3
Current borrowings		498.7
Non-current borrowings		3,023.5
Less: Fair value of foreign currency bonds		(164.3)
Total borrowings1		3,357.9
Net Gearing2		24.7%

Interest Cover ($m)		30 June 2018
Funds From Operations		289.4
Add: Income tax expense		8.0
Add: Finance Costs		59.5
Earnings Before Interest and Tax (EBIT)		356.9
Finance Costs		59.5
Interest Cover		6.0 times

Includes unamortised establishment costs and other adjustments. As at 30 June 2018, drawn debt is
$3,332.7 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 2018	GPT Group	GWOF	GWSCF	Other2	Total
Share of assets of non-consolidated entities
Group total tangible assets	13,452.3				13,452.3
Plus: GPT share of assets of non-consolidated entities		1,861.7	1,398.0	1,314.3	4,574.0
Less: total equity investment in non-consolidated entities		(1,495.3)	(1,013.9)	(1,274.6)	(3,783.8)
Less: GPT loans to non-consolidated entities				(2.1)	(2.1)
Total look through assets	13,452.3	366.4	384.1	37.6	14,240.4
Group total borrowings	3,357.9				3,357.9
Plus: GPT share of external debt of non-consolidated entities		330.4	353.9	0.0	684.3
Total look through borrowings	3,357.9	330.4	353.9	0.0	4,042.2
Look through gearing based on net debt1					27.9%

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 for period	Average Debt	% of Average Debt	Interest Rate
ending 30 June 2018	($m)	(%)	(%)
Hedged debt	2,388	73%	2.7%
Floating debt	901	27%	1.9%
Total debt	3,289	100%	2.5%
Margin			1.3%
Fees			0.5%
All-in cost of funds			4.3%

Note: Differences due to rounding.

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Sources of Drawn Debt

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As at 30 June 2018
USPP 29%
Domestic MTNs 25%
Foreign bank debt 16%
Domestic bank debt 12%
Foreign MTNs 8%
Commercial paper 5%
Secured bank debt 3%
CPI Bonds 2%
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655 Collins Street, Melbourne

FINANCIAL PERFORMANCE

Debt Maturity Profile

Undrawn committed facilities of $812 million.

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600 Debt Maturity Profile
As at 30 June 2018
(A$ millions)
500
400
300
200
100
0
1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H 1H 2H
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
CPI Bonds US Private Placements Medium term notes Drawn bank facilities Undrawn bank facilities
$ millions
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Assumes Commercial Paper is refinanced with committed bank facilities.

Liquidity Profile

As at 30 June 2018

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1.0
0.9
0.8
0.7
0.6
($bn) 0.5
0.4
0.3
0.2
0.1
0.0
Cash balance Undrawn Current Development/Capex Retained Debt facility Excess liquidity
30 June 2018 existing liquidity earnings expiries at 31 Dec 2018
facilities
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FINANCIAL PERFORMANCE

Hedging Profile

Hedging Profile as at 30 June 2018

Hedging Profile as at 30 June 2018	Hedging Profile as at 30 June 2018	Hedging Profile as at 30 June 2018
Hedging Position Average Rate on Hedged Balance excl Margins Principal Amount of Derivative Financial Instruments ($m) Principal Amount of Fixed Rate Borrowings ($m)
30 June 2018 2.82% 1,915 725
30 June 2019 2.68% 2,215 475
30 June 2020 2.60% 1,845 475
30 June 2021 3.21% 1,945 325
30 June 2022 3.08% 1,175 475
30 June 2023 3.22% 650 425
Fixed interest rate derivatives Floating rate debt Fixed rate debt Dec 19 90 80 70 Per cent of drawn debt 60 50 40 30 20 10 0 100 Jun 18 Dec 18 Jun 19 Dec 20 Jun 20 Dec 21 Jun 21 Jun 22 Jun 23 Dec 22
	90 80 70 60 50 40 30 20 10
	Fixed interest rate derivatives Floating rate debt Fixed rate debt Dec 19 0 Jun 18 Dec 18 Jun 19 Dec 20 Jun 20 Dec 21 Jun 21 Jun 22 Jun 23 Dec 22

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2018 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 $6.0 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 (83.33%)

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 2017. All totals and averages are based on GPT’s balance sheet portfolio and weighted ownership interest in the GWSCF portfolio.

RETAIL PORTFOLIO

Retail Portfolio Summary

Top Ten Tenants[1] As at 30 June 2018

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Cotton On
Wesfarmers Woolworths Clothing Myer Just Group
4.8% 4.0% 2.8% 2.8% 2.5%
1.9% 1.4% 1.3% 1.2% 1.2%
Hoyts Country Road BB Retail Retail Apparel Westpac
Group Capital Group
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Geographic Weighting As at 30 June 2018

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NSW 42%
VIC 44%
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QLD 8% NT 6%
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Based on gross rent (including turnover rent).

Retail Portfolio Summary

		GLA	30 Jun 18	30 Jun 18	External or		Centre	Specialty	Specialty
		(100% Interest)	Fair Value	Cap Rate	Internal		MAT	Occupancy	MAT2
State	Ownership	(sqm)	($m)	(%)	Valuation	Occupancy	($m)	Cost2	($psm)
GPT Portfolio
Casuarina Square NT	50%	55,000	302.2	5.50%	Independent	99.5%	$355.9m	18.2%	10,317
Charlestown Square NSW	100%	94,100	968.0	5.25%	Independent	99.4%	$574.0m	14.2%	12,671
Highpoint ShoppingCentre VIC	17%	154,300	447.0	4.13%	Independent	99.8%	$1,017.4m	19.1%	11,221
Melbourne Central VIC	100%	56,700	1,397.4	4.75%	Internal	99.4%	$556.6m	18.6%	12,869
Rouse Hill Town Centre NSW	100%	69,500	618.5	5.50%	Internal	100.0%	$439.8m	14.6%	9,046
Sunshine Plaza QLD	50%	73,400	530.2	5.38%	Independent	99.4%	$506.9m	18.6%	11,842
Westfeld Penrith NSW	50%	91,400	713.5	4.75%	Independent	99.9%	$650.5m	18.2%	12,211
GWSCF Portfolio
Casuarina Square NT	50%	55,000	302.2	5.50%	Independent	99.5%	$355.9m	18.2%	10,317
Chirnside Park VIC	100%	37,500	299.3	5.50%	Internal	99.8%	$280.7m	15.5%	12,213
Highpoint ShoppingCentre VIC	83%	154,300	2,234.7	4.13%	Independent	99.8%	$1,017.4m	19.1%	11,221
Macarthur Square NSW	50%	107,000	613.8	4.75%	Internal	97.9%	$556.8m	18.6%	8,911
Northland ShoppingCentre VIC	50%	98,200	505.9	5.25%	Internal	99.7%	$529.6m	18.0%	9,129
Norton Plaza NSW	100%	11,900	144.0	5.50%	Independent	99.1%	$117.1m	14.8%	11,702
Parkmore ShoppingCentre VIC	100%	36,800	262.2	6.00%	Internal	99.7%	$258.8m	14.6%	9,545
WollongongCentral NSW	100%	54,800	481.5	5.75%	Independent	98.1%	$308.7m	15.4%	8,705
GPT Weighted Total		940,600		4.97%		99.7%1	$2,801.8m1	17.0%1	11,4041

Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central).
Represents Specialty Tenancies less than 400sqm.

RETAIL PORTFOLIO

Income and Fair Value Schedule

	Income 6 months to 30 Jun ($m) 2017 2018 Variance 9.4 9.4 0.0 25.9 27.2 1.3 9.7 9.5 (0.2) 35.8 37.8 2.0 18.4 19.0 0.6 12.5 11.4 (1.1) 16.9 17.3 0.4 21.2 22.9 1.7 149.8 154.5 4.7	Fair Value Reconciliation
		Fair Value 31 Dec 17 ($m) Development Capex ($m) Maintenance Capex ($m) Lease Incentives ($m) Acquisitions ($m) Sales ($m) Net Revaluations ($m) Other Adjustments ($m) Fair Value 30 Jun 18 ($m) % of Portfolio (%)
GPT Portfolio
Casuarina Square		322.6 2.5 1.1 0.7 0.0 0.0 (24.7) 0.0 302.2 5.0
Charlestown Square		931.4 2.5 1.0 1.3 0.0 0.0 31.8 0.0 968.0 16.2
Highpoint Shopping Centre		445.9 0.2 1.1 0.5 0.0 0.0 (0.7) 0.0 447.0 7.5
Melbourne Central		1,383.2 8.4 3.3 2.5 0.0 0.0 0.0 0.0 1,397.4 23.3
Rouse Hill Town Centre		606.8 3.7 5.8 2.2 0.0 0.0 0.0 0.0 618.5 10.3
Sunshine Plaza		486.5 41.7 0.4 0.6 0.0 0.0 1.0 0.0 530.2 8.9
Westfeld Penrith		669.5 0.2 0.7 0.5 0.0 0.0 42.6 0.0 713.5 11.9
Equity Interests
GPT Equity Interest in GWSCF (28.7%)1		1,008.2 0.0 0.0 0.0 0.0 0.0 3.5 2.2 1,013.9 16.9
Total Retail Portfolio		5,854.1 59.2 13.4 8.3 0.0 0.0 53.5 2.2 5990.7

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 2018 represents GPT’s share of FFO for the period.

Note: Differences due to rounding.

Lease Ex ir Profile p y

Weighted Average Lease Expiry
(by base rent) as at 30 June 20181
Major Tenants		9.3 years
Specialty Tenants > 400sqm		4.6 years
Specialty Tenants < 400sqm		2.9 years
Weighted Total		4.1 years

Total Centre

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16%
15% 15%
13%
8% 8%
6% [1]
4%
3% 3%
2%
2H 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+
1. Excludes holdovers.
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Total Specialty Tenants < 400sqm

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18%
17% 17%
16% 16%
7% [1]
2H 2018 FY2019 FY2020 FY2021 FY2022 FY2023+
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RETAIL PORTFOLIO

Retail Sales Summary

		Comparable	Comparable
	Centre MAT	Centre MAT	Specialty MAT	Specialty MAT4	Specialty
	($m)	Growth	Growth4	($psm)	Occupancy Cost4
GPT Portfolio
Casuarina Square	$355.9m	(8.0%)	(8.8%)	10,317	18.2%
Charlestown Square	$574.0m	2.3%	1.6%	12,671	14.2%
Highpoint Shopping Centre	$1,017.4m	2.3%	1.5%	11,221	19.1%
Melbourne Central	$556.6m	10.8%	4.6%	12,869	18.6%
Rouse Hill Town Centre	$439.8m	1.0%	5.2%	9,046	14.6%
Westfeld Penrith1	$650.5m	0.6%	0.5%	12,211	18.2%
GWSCF Portfolio
Casuarina Square	$355.9m	(8.0%)	(8.8%)	10,317	18.2%
Chirnside Park	$280.7m	2.8%	1.7%	12,213	15.5%
Highpoint Shopping Centre	$1,017.4m	2.3%	1.5%	11,221	19.1%
Northland Shopping Centre2	$529.6m	(0.9%)	(2.8%)	9,129	18.0%
Norton Plaza	$117.1m	(5.8%)	(3.6%)	11,702	14.8%
Parkmore Shopping Centre	$258.8m	0.2%	4.6%	9,545	14.6%
GPT Weighted Total3	$2,801.8m	2.3%	1.7%	11,404	17.0%

Analysis provided by Scentre Group.
Analysis provided by Vicinity Centres.
Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central).
Represents Specialty Tenancies less than 400sqm.

Comparable Change in Retail Sales by Category

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Comparable Change in Retail Sales by Category as at 30 June 2018 MAT ($m) 12 Months Growth
Department Store $106.9m (4.1%)
Discount Department Store $222.1m (3.2%)
Supermarket $422.2m (0.6%)
Cinemas $62.8m (6.8%)
Other Retail [1] $166.3m 2.7%
Total Specialties $1,821.4m 4.4%
• Specialties >400sqm $471.6m 12.8%
• Specialties <400sqm $1,349.8m 1.7%
Total Centre $2,801.8m 2.3%
Total Specialty Sales Split
Fashion, Footwear & Accessories $551.8m (2.7%)
Technology & Appliances $319.0m 17.4%
Dining $273.1m 3.9%
Health & Beauty $261.5m 7.5%
Leisure $128.0m 10.4%
Food Retail $96.1m 0.5%
Jewellery $79.5m (7.3%)
General Retail $72.3m 12.0%
Homewares $32.0m 6.9%
Retail Services $8.1m (2.4%)
Total Specialties $1,821.4m 4.4%
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Note: Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central). 1. Other Retail includes: automotive accessories, car wash, general entertainment, fitness, lotto, pad sites/bulky goods and travel agencies.

RETAIL PORTFOLIO

Retail Sales

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Specialty MAT Growth [1]
6.5%
5.9%
4.4%
4.2% 4.2%
3.6%
3.2%
2.8%
2.7% 2.6%
2.1% 2.1%
1.8%
1.7%
1.5%
1.2%
1.1%
0.5% 0.4% 0.3%
0.2%
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 Dec 17 Jun 18
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Note: From December 2014, based on GPT weighted interest. Excludes development impacted centres (Sunshine Plaza, Macarthur Square and Wollongong Central). 1. Represents Specialty Tenancies less than 400sqm.

External Valuation Summary

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Casuarina Square NT 50% 30 Jun 18 Savills 302.2 5.50%
Charlestown Square NSW 100% 30 Jun 18 KF 968.0 5.25%
Highpoint Shopping Centre VIC 17% 30 Jun 18 CBRE 447.0 4.13%
Melbourne Central VIC 100% 31 Dec 17 CBRE 1,383.2 4.75%
Rouse Hill Town Centre NSW 100% 31 Dec 17 M3 606.8 5.50%
Sunshine Plaza QLD 50% 30 Jun 18 M3 530.2 5.38%
Westfield Penrith NSW 50% 30 Jun 18 M3 713.5 4.75%
GWSCF Portfolio
Casuarina Square NT 50% 30 Jun 18 Savills 302.2 5.50%
Chirnside Park VIC 100% 31 Mar 18 Colliers 298.3 5.50%
Highpoint Shopping Centre VIC 83% 30 Jun 18 CBRE 2,234.7 4.13%
Macarthur Square NSW 50% 31 Mar 18 KF 611.5 4.75%
Northland Shopping Centre VIC 50% 31 Mar 18 CBRE 500.0 5.25%
Norton Plaza NSW 100% 30 Jun 18 Colliers 144.0 5.50%
Parkmore Shopping Centre VIC 100% 31 Mar 18 Savills 261.0 6.00%
Wollongong Central NSW 100% 30 Jun 18 CBRE 481.5 5.75%
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Note: Valuations include ancillary assets.

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 55,000 1,994 80 24%
Charlestown Square 94,100 538 12 66%
Highpoint Shopping Centre 154,300 965 47 38%
Melbourne Central 56,700 2,099 99 17% [1]
Rouse Hill Town Centre 69,500 1,206 18 67%
Sunshine Plaza 73,400 1,175 77 52%
Westfield Penrith 91,400 1,503 90 42%
GWSCF Portfolio
Casuarina Square 55,000 1,994 80 24%
Chirnside Park 37,500 896 29 28%
Highpoint Shopping Centre 154,300 965 47 38%
Macarthur Square 107,000 1,176 71 33%
Northland Shopping Centre 98,200 913 123 35%
Norton Plaza 11,900 1,417 42 45%
Parkmore Shopping Centre 36,800 860 47 44%
Wollongong Central 54,800 679 55 34%
Total Portfolio Average 1,138 63 40%
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Note: Sustainability data as at 31 December 2017.

Figure reflects combined Melbourne Central and Melbourne Central Tower recycling service.

Investing in our Assets

Case Study: Melbourne Central

+[ Significant refurbishment across existing asset commenced in 2016] +[ Investment to support asset positioning in a high growth market]

Project Status

$24m $36m $33m 2018 – 19 delivered underway future delivery schedule

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Translating to Retailer Demand

Leading to Strong Sales Productivity

Enhancing Financial Returns

+[15 first to market retailers secured ] (10 already open)
+[78 deals completed over 18 months to 30 June ] (6% positive leasing spread)
+[Asset trading at $12,869 psm, total Centre sales ] up 10.2%
+[Lonsdale Building (precinct) completed end 2017, ] sales productivity up 19.1%
+[12 month Total Return of 12.2% ] (ending June 2018)
+[Net Income Growth of 5.6% (June 2018)]
+[Strong historical investment return of 11.2% ] (10 year IRR to 31 Dec 2017)

RETAIL PORTFOLIO

Retail Sales Categories

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Broad Category Sub Category Tenant Examples
Department Store Department Store David Jones, Myer
Discount Department Store Discount Department Store Kmart, Big W, Target
Supermarkets Supermarket Woolworths, Coles
Fashion, Footwear & Unisex, Womenswear, Menswear, Footwear, Fashion Accessories, H&M, Uniqlo, Zara, Country Road, Peter Alexander, Witchery, Sportsgirl, Portmans, Tarocash,
Accessories Childrenswear Mimco, Colette, Lovisa, Nine West, Wittner
Dining Cafes, Restaurants, Food Court, Takeaway The Bavarian, Grill’d, Max Brenner, The Coffee Club, Guzman y Gomez, Sushi Train,
McDonalds, Muffin Break, Top Juice
Food Retail Bakeries/Cakes/Pastries, Butcher, Delicatessen, Fruit & Bakers Delight, Michel’s Patisserie, Craig Cook Butcher, Deliland, Harris Farm, Dan Murphy,
Vegetables, Liquor, Poultry, Seafood, Other Specialty Food Liquorland, Healthy Life, The Source Bulk Foods, Lenard’s, Costi Seafood
Health & Beauty Cosmetics, Hairdressing/Beauty/Laser, Massage & Nail Bars, Mecca, Sephora, Just Cuts, Laserclinics, Ella Bache, OPSM, Terry White, Priceline
Optometrist, Pharmacy
General Retail Car Show Room, Discount Variety, Educational, Florist, Giftware, Toyota, Daiso, The Reject Shop, Australian Geographic, Riot Art & Craft, T2, Lincraft, RSPCA,
Pets, Toys, Miscellaneous Build a Bear, Casey Toys
Homewares General Homewares Adairs, Bed Bath and Table, Habitania, Dusk, Robins Kitchen
Jewellery Jewellery Angus & Coote, Prouds, Swarovski, Pandora
Leisure Athleisure, Books, Newsagents, Sports, Stationery Nike, Puma, Lorna Jane, Dymocks, Berkelouw, Rebel, Kathmandu, Anaconda, InSport,
Kikki K, Typo, Smiggle
Retail Services Key Cutting/Watch Repair & Shoe Repair, Other Retail Services Mister Minit, Maurice, Looksmart Alterations
Technology & Appliances Aggregators, Film Processing/Photography, Mobile & Apple, Samsung, JB Hi Fi, Camera House, Telstra, Optus, Shaver Shop, EB Games, Sanity
Accessories, Music/Video/Games, Pure Brands
Cinemas Cinemas Hoyts, Reading Cinemas
Other Retail Car Wash, Automotive, Entertainment – General, Fitness, Lotto, Star Car Wash, Kmart Tyre and Auto, Strike Bowling, Timezone, Holey Moley, Fitness First,
Pad Sites/Bulky Goods, Travel Agent Anytime Fitness, Flight Centre
Non-retail ATM, Banks/Insurance/OtherFinancial, Education, Medical, Petrol ANZ, CBA, Westpac, BUPA, Medicare, Currency Exchange, Kumon, Australia Post, TAB,
Station, Other Non Retail Mortgage Choice
RETAIL
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Rouse Hill Town Centre

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Rouse Hill Data
42km
from Sydney CBD
439,250
trade area population
$126,000
average household income
(28% 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

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Highpoint Shopping Centre, VIC

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2018 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 $5.4 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 2018

Tenant Mix by Industry As at 30 June 2018

Geographic Weighting As at 30 June 2018

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ANZ Banking
Government IAG Group Deloitte NBN Co
4.8% 3.8% 3.5% 3.3% 3.3%
3.0% 2.8% 2.7% 2.1% 2.1%
Amazon Web Members NAB CBA Citibank
Services Equity Bank
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SYDNEY
58%
MELBOURNE
31%
BRISBANE
11%
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Based on gross rent. Includes future IAG lease at Darling Park 2.

Banking 20% Accountants 7% Other Business Services 15% Finance 6% Legal 14% Government 5% Insurance 13% Mining & Energy 4% Info and Comms Technology 12% Other 4%

Income and Fair Value Schedule

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Fair Value Reconciliation
Income 6 months to
30 Jun ($m) Capex
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 17 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 30 Jun 18 Portfolio
2017 2018 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Australia Square, Sydney 11.8 12.7 0.9 444.2 0.8 2.0 1.8 – – 77.7 – 526.5 9.8
Citigroup Centre, Sydney 17.8 17.9 0.1 630.0 – 1.6 3.4 – – 65.0 – 700.0 13.1
MLC Centre, Sydney 13.9 16.5 2.6 662.2 4.3 3.5 1.9 – – 54.3 – 726.2 13.6
1 Farrer Place, Sydney 10.2 12.8 2.6 476.7 0.9 2.5 3.7 – – 57.5 – 541.3 10.1
Melbourne Central Tower, Melbourne 16.0 17.1 1.1 546.7 2.3 2.1 5.8 – – 16.0 – 572.9 10.7
CBW, Melbourne 9.8 10.5 0.7 360.0 0.1 – 0.9 – – 9.0 – 370.0 6.9
One One One Eagle Street, Brisbane 11.0 10.5 (0.5) 293.7 – 0.3 0.1 – – 0.7 – 294.8 5.5
Assets Under Development
4 Murray Rose Avenue, Sydney Olympic Park – – – 33.0 35.8 – – – – 16.2 – 85.0 1.6
32 Smith Street, Parramatta – – – 39.6 3.2 – – – – – – 42.8 0.8
Equity Interests
GPT Equity Interest in GWOF (24.7%) [1] 38.1 35.3 (2.8) 1,409.7 – – – – – 81.5 4.1 1,495.3 27.9
Total Office Portfolio 128.6 133.3 4.7 4,895.8 47.4 12.0 17.6 – – 377.9 4.1 5,354.8
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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 6 months to 30 June 2018 represents GPT’s share of FFO for the period. Other adjustments include restatement of the 31 December 2017 balance as a result of the adoption of new accounting standards.

OFFICE PORTFOLIO

Office Portfolio Summary

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655 Collins Street, Melbourne

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8 Exhibition Street, Melbourne

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Australia Square, Sydney

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Office Occupancy
Office NLA
(100% 30 Jun 18 30 Jun 18 Independent Inc. WALE
Interest) Fair Value Cap Rate or 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% 56,400 710.0 4.63% Independent 92.2% 92.2% 100.0% 10.3
DP1: 5.40% DP1: 100.0% DP1: 100.0% DP1: 100.0% DP1: 3.5
Darling Park 1 & 2, Sydney NSW 50% 101,800 943.2 Internal
DP2: 5.05% DP2: 33.9% DP2: 98.3% DP2: 98.3% DP2: 9.9
Darling Park 3, Sydney NSW 100% 29,800 543.5 5.05% Internal 74.9% 100.0% 100.0% 7.2
580 George Street, Sydney NSW 100% 37,000 594.5 5.13% Independent 81.3% 91.3% 94.8% 4.7
workplace [6] , Sydney NSW 100% 16,300 283.0 5.38% Independent 100.0% 100.0% 100.0% 4.7
2 Southbank Boulevard, Melbourne VIC 50% 53,400 279.9 5.13% Internal 77.5% 92.6% 94.5% 4.9
8 Exhibition Street, Melbourne VIC 50% 44,500 254.5 4.88% Independent 93.1% 97.6% 97.6% 5.2
100 Queen Street, Melbourne VIC 100% 34,900 284.0 5.00% Independent 100.0% 100.0% 100.0% 1.0
150 Collins Street, Melbourne VIC 100% 19,100 243.7 5.00% Internal 97.3% 97.3% 97.3% 8.1
530 Collins Street, Melbourne VIC 100% 65,700 670.0 5.00% Independent 89.3% 89.3% 89.3% 4.1
655 Collins Street, Melbourne VIC 100% 16,600 154.5 4.88% Internal 100.0% 100.0% 100.0% 11.4
750 Collins Street, Melbourne VIC 100% 37,300 284.0 4.75% Internal 100.0% 100.0% 100.0% 17.3
800/808 Bourke Street, Melbourne VIC 100% 59,600 581.0 4.88% Independent 100.0% 100.0% 100.0% 9.1
CBW, Melbourne VIC 50% 76,100 370.0 5.13% Independent 100.0% 100.0% 100.0% 5.5
One One One Eagle Street, Brisbane QLD 66.67% 63,700 589.7 5.13% Independent 97.8% 99.7% 99.7% 5.7
Riverside Centre, Brisbane QLD 100% 51,500 668.0 5.50% Internal 81.7% 86.1% 92.1% 4.4
Total 1,105,300 5.02% 92.8% 96.6% 97.7% 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 2018.

Valuation	Capitalisation Rate
State Ownership Date Valuer ($m)	(%)
GPT Portfolio
Australia Square, Sydney NSW 50% 30 Jun 18 Colliers 526.5	5.02%
Citigroup Centre, Sydney NSW 50% 30 Jun 18 CBRE 700.0	5.00%
MLC Centre, Sydney NSW 50% 30 Jun 18 JLL 726.2	4.98%
1 Farrer Place, Sydney NSW 25% 30 Jun 18 Savills 541.3	4.75%
Melbourne Central Tower, Melbourne VIC 100% 30 Jun 18 CBRE 572.9	5.13%
CBW, Melbourne VIC 50% 30 Jun 18 Urbis 370.0	5.13%
One One One Eagle Street, Brisbane QLD 33.33% 30 Jun 18 CBRE 294.8	5.13%

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Space & Co. 530 Collins Street, Melbourne

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GWOF Portfolio
Liberty Place, 161 Castlereagh Street, Sydney NSW 50% 30 Jun 18 KF 710.0 4.63%
DP1: 5.40%
Darling Park 1 & 2, Sydney NSW 50% 31 Mar 18 JLL 928.0
DP2: 5.05%
Darling Park 3, Sydney NSW 100% 31 Mar 18 JLL 540.0 5.05%
580 George Street, Sydney NSW 100% 30 Jun 18 CBRE 594.5 5.13%
workplace [6] , Sydney NSW 100% 30 Jun 18 KF 283.0 5.38%
2 Southbank Boulevard, Melbourne VIC 50% 31 Mar 18 CBRE 278.7 5.13%
8 Exhibition Street, Melbourne VIC 50% 30 Jun 18 JLL 254.5 4.88%
100 Queen Street, Melbourne VIC 100% 30 Jun 18 Colliers 284.0 5.00%
150 Collins Street, Melbourne VIC 100% 31 Mar 18 Urbis 242.5 5.00%
530 Collins Street, Melbourne VIC 100% 30 Jun 18 KF 670.0 5.00%
655 Collins Street, Melbourne VIC 100% 31 Mar 18 CBRE 154.5 4.88%
750 Collins Street, Melbourne VIC 100% 31 Mar 18 Colliers 284.0 4.75%
800/808 Bourke Street, Melbourne VIC 100% 30 Jun 18 Urbis 581.0 4.88%
CBW, Melbourne VIC 50% 30 Jun 18 Urbis 370.0 5.13%
One One One Eagle Street, Brisbane QLD 66.67% 30 Jun 18 CBRE 589.7 5.13%
Riverside Centre, Brisbane QLD 100% 31 Mar 18 Urbis 665.0 5.50%
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OFFICE PORTFOLIO

Office Sustainability

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800-808 Bourke Street, Melbourne

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NABERS Energy Rating (including Green Power) NABERS Energy Rating (excluding Green Power) NABERS Water Rating
2014 2015 2016 2017 2018 2014 2015 2016 2017 2018 2014 2015 2016 2017 2018
GWOF Portfolio
Liberty Place, 161 Castlereagh 5.0 5.0 5.0 5.5 5.5 5.0 5.0 5.0 5.0 5.0 – 3.5 3.5 4.0 4.0
Street, Sydney
Darling Park 1, Sydney 5.0 5.5 5.5 5.5 5.5 5.0 5.0 5.0 5.0 5.0 3.0 3.0 3.5 3.5 3.5
Darling Park 2, Sydney 5.5 5.5 6.0 6.0 6.0 5.5 5.5 5.5 5.5 5.5 3.5 3.5 3.0 3.5 3.5
Darling Park 3, Sydney 5.0 5.5 5.5 5.5 5.5 5.0 5.0 5.0 5.0 5.0 3.5 3.5 3.5 3.5 3.5
580 George Street, Sydney 5.0 5.0 5.5 5.5 5.0 4.5 4.5 4.0 4.0 3.0 3.0 3.5 3.0 3.0 3.0
workplace [6] , Sydney 5.0 5.5 5.5 5.5 5.5 5.0 5.0 5.0 5.0 5.0 5.0 4.0 3.5 4.5 4.5
2 Southbank Boulevard, Melbourne 4.5 5.0 5.5 5.5 5.5 4.5 4.5 4.5 4.5 4.5 3.5 3.5 4.0 3.5 3.5
8 Exhibition Street, Melbourne 4.5 4.5 4.5 5.0 5.0 4.5 4.5 5.0 4.5 4.5 4.0 4.5 3.5 3.5 3.5
100 Queen Street, Melbourne [1] – – 3.0 3.0 3.0 – – 3.0 3.0 3.0 – – – 2.0 2.0
150 Collins Street, Melbourne – – – 4.5 5.0 – – – 3.5 4.5 – – – 2.5 4.0
530 Collins Street, Melbourne 4.5 5.0 5.5 5.5 5.5 4.5 4.5 4.5 4.5 4.5 2.0 3.0 2.5 3.0 3.0
655 Collins Street, Melbourne 4.5 4.0 5.0 5.0 5.0 4.5 4.0 4.0 4.0 4.0 5.5 4.5 3.5 3.0 3.5
750 Collins Street, Melbourne 4.5 4.5 5.5 5.5 6.0 4.5 5.0 5.0 5.0 5.0 4.5 4.0 5.0 5.0 4.5
CBW, Melbourne 5.0/5.0 5.0/5.0 5.0/5.0 5.0/5.0 5.5/5.5 5.0/5.0 5.0/5.0 5.0/5.0 5.0/5.0 5.0/5.0 4.5/4.5 4.5/4.5 4.5/4.5 4.0/4.0 3.5/3.5
800/808 Bourke Street, Melbourne 5.0 5.0 5.5 5.5 5.5 5.0 5.0 5.0 5.0 5.0 3.0 3.5 3.0 3.0 3.5
One One One Eagle Street, Brisbane 5.5 5.5 5.5 6.0 5.5 5.5 5.5 5.5 5.5 5.5 4.5 4.5 4.5 4.5 4.5
Riverside Centre, Brisbane 5.0 5.0 5.5 5.5 5.0 5.0 4.5 4.5 4.5 4.5 3.5 3.5 3.5 3.5 3.5
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Note: NABERS rating: 1 to 6 stars, 1 = poor performance, 6 = exceptional performance. Ratings are as at 31 December, except for 2018 which reflects ratings as at 30 June 2018. 1. Asset acquired in 2016, energy rating is for whole of building including tenant effects and is excluded from the portfolio average.

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	917	70	54%
Citigroup Centre, Sydney 73,400	612	71	43%
MLC Centre, Sydney 67,000	992	57	32%
1 Farrer Place, Sydney 84,300	687	79	56%
Melbourne Central Tower, Melbourne 65,500	630	40	N/A1
CBW, Melbourne 76,100	641	35	26%
One One One Eagle Street, Brisbane 63,700	517	38	28%

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150 Collins Street, Melbourne

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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 56,400 745 12 53%
Darling Park 1 & 2, Sydney 101,800 608 30 39%
Darling Park 3, Sydney 29,800 584 31 30%
580 George Street, Sydney 37,000 507 51 41%
workplace [6] , Sydney 16,300 571 31 49%
2 Southbank Boulevard, Melbourne 53,400 457 41 42%
8 Exhibition Street, Melbourne 44,500 356 46 44%
100 Queen Street, Melbourne [2] 34,900 N/A N/A N/A
150 Collins Street, Melbourne 19,100 424 36 30%
530 Collins Street, Melbourne 65,700 568 41 34%
655 Collins Street, Melbourne 16,600 548 54 35%
750 Collins Street, Melbourne 37,300 398 27 33%
800/808 Bourke Street, Melbourne 59,600 560 27 29%
CBW, Melbourne 76,100 641 35 26%
One One One Eagle Street, Brisbane 63,700 517 38 28%
Riverside Centre, Brisbane 51,500 824 57 47%
Portfolio Average 632 45 42%
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Note: Sustainability data as at 31 December 2017.

Melbourne Central Tower recycling number is reported as part of the Melbourne Central retail centre number.
100 Queen Street was acquired in December 2016 and is under external management. The asset is scheduled for redevelopment.

OFFICE PORTFOLIO

Lease Expiry Profile

Lease Expiry Profile (by Income)

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16%
14%
13% 13%
10%
9%
7% 7%
5%
4%
2%
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+
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Note: Includes Signed Leases.

Office – Sydney CBD

A rebound in net absorption and further negative net supply due to withdrawals has maintained downward pressure on the vacancy rate to being at the lowest level in the last 16 years.
Very low vacancy has continued to fuel both face rental growth and a reduction in incentives, resulting in continued double digit effective rental growth.
Yields continue to compress to record low levels although the rate of change is slowing.

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Sydney CBD: Demand, Supply & Vacancy (2Q18)
300,000 12%
200,000 Vacancy 8%
Rate (RHS) 4.5%
100,000 4%
62,361
0 0%
-100,000 Net Supply Net Absorption -34,181 -4%
(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 Dec-19
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$1,200 Sydney CBD: Rents and Incentives (2Q18) 40%
$1,100
$1,000 Incentives (RHS) $1,085 35%
(+6.6%)
$900 30%
$800
Net Face $807 25%
$700 Rent (LHS) (+12.5%)
$600 Net Effective 20%
$500 Rent (LHS) 17.9%
15%
$400 (-286bps)
$300 10%
Sydney CBD: Upper & Lower Prime Yields (2Q18)
9%
8% 7.75%
Lower Prime
7%
6.50%
6%
Upper Prime 5.00%
5%
5.00%
4.50%
4%
$/sqm pa
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
idlYe
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 2018, GPT Research.

OFFICE PORTFOLIO

Office – Melbourne CBD

Melbourne’s solid state economic backdrop has maintained strong net absorption levels, which have significantly exceeded negative net supply and resulted in strong compression in the vacancy rate in the last 12 months to be in line with Sydney’s.
Face rents and incentives have benefitted as a result and effective rental growth has started to surpass that of Sydney.
Yields continue to compress to record low levels.

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Melbourne CBD: Demand, Supply & Vacancy (2Q18)
300,000 12%
250,000 Vacancy 10%
Rate (RHS)
200,000 8%
Net Supply
150,000 (LHS) 4.6% 6%
100,000 4%
113,625
50,000 2%
0 0%
-50,000 Net Absorption -10,732 -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 Dec-19
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$600 Melbourne CBD: Rents and Incentives (2Q18) 45%
$573
$550 Net Face (+8.5%) 40%
Rent (LHS)
$500
29.0% 35%
$450 (-207bps)
Incentives 30%
$400 (RHS)
25%
$350 Net Effective $376
$300 Rent (LHS) (+12.8%) 20%
$250 15%
$200 10%
Melbourne CBD: Upper & Lower Prime Yields (2Q18)
9%
8.75%
Lower Prime
8%
7% 7.00%
6% Upper Prime
5.75% 5.50%
5%
4.63%
4%
$/sqm pa
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
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 2018, GPT Research.

Office – Brisbane CBD

Brisbane CBD: Rents and Incentives (2Q18)

Brisbane’s recovery and tightening vacancy rate continued due to demand exceeding supply, however, demand is still tepid and down on last year, whilst negative net supply due to no new completions and withdrawals has also assisted.

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$800 38.8% 45%
continued due to demand exceeding supply, however, $700 Net Face (+210bps) 40%
demand is still tepid and down on last year, whilst $600 Rent (LHS) $597 35%
negative net supply due to no new completions and $500 (+3.5%) 30%
withdrawals has also assisted. $400 Incentives (RHS) 25%
20%
• This has resulted in a modest increase in face rents, $300 Net Effect ive $263 15%
(-0.9%)
however, due to incentives yet to peak, effective rents $200 Rent (LHS) 10%
have remained stable. $100 5%
$0 0%
• Lower prime yields tightened strongly during the past
year.
Brisbane CBD: Demand, Supply & Vacancy (2Q18)
Brisbane CBD: Upper & Lower Prime Yields (2Q18)
250,000 Vacancy 20% 9%
200,000 Rate (RHS) 16% 8.25% Lower Prime
14.4% 8%
150,000 12%
100,000 Net Supply 8% 7% 7.25%
(LHS) 6.75%
50,000 4%
0 5,746 0% 6%
Upper Prime
-50,000 Net -24,419 -4% 5.50% 5.25%
5%
-100,000 Absorption -8%
(LHS)
-150,000 -12% 4%
$/sqm pa
Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19
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-19 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 2018, GPT Research.

OFFICE PORTFOLIO

Metropolitan & Mixed Use Opportunities

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Parramatta Camellia
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Second largest CBD in NSW • Draft Camellia Town Centre Master Plan exhibited in 2018,
• 23km west of Sydney CBD identifying GPT's 8ha land parcel
• Regional centre for as part of future mixed-use zone Greater Western Sydney’s est. population of 2.3m • Camellia earmarked as
Second largest CBD in NSW
23km west of Sydney CBD
est. population of 2.3m • Camellia earmarked as “Major Mixed-Use Precinct”
• Office market comprises within Priority Growth Area
c.740,000sqm of space
Formal rezoning expected
• Construction planned to in 2019
commence by late 2018 on GPT's 26,000sqm office • Authorities currently finalising tower in Parramatta on wider infrastructure plans corner Phillip and Smith Street • First stage of Parramatta light rail route confirmed to have a stop at Camellia

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Sydney Olympic Park
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SOPA Masterplan 2030 (2016 Review) gazettal expected 2018
Vision is for Sydney Olympic Park to become a thriving “Lifestyle Super Precinct” and Greater Parramatta to Olympic Peninsula’s eastern economic anchor
Authorities currently finalising the wider infrastructure and transport plans
GPT holds 5.3ha within a future “Town Centre” precinct

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2018
INTERIM
RESULT
LOGISTICS PORTFOLIO
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Logistics Portfolio Overview

GPT’s logistics portfolio consists of ownership in 29 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
22
VIC
4 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%)
Sunshine Business Estate, Sunshine

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
54 Eastern Creek Drive, Eastern Creek

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 10%, underpinned by a high occupancy level of 96.6% and a long weighted average lease expiry of 7.4 years.

Top Ten Tenants[1]

As at 30 June 2018

Rand Wesfarmers IVE Group Toll Transport TNT Australia 16.5% 8.8% 7.0% 5.7% 5.1%

Geographic Weighting As at 30 June 2018

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NSW 64%
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QLD 11%
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4.1% 3.8% 3.7% 2.7% 2.7% Australian Schenker Goodman Silk Logistics Super Retail Pharmaceutical Australia Fielder Group Industries

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VIC 25%
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Based on net rent.

Lease Expiry Profile

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Lease Expiry Profile
(by Income)
34%
14%
13%
10%
5%
4% 4% 4% 4% 4% 3%
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028+
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Note: Includes Signed Leases.

LOGISTICS PORTFOLIO

Income and Fair Value Schedule

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Income 6 months to
30 Jun ($m) Fair Value Reconciliation
Fair Value Development Maintenance Lease Net Other Fair Value % of
31 Dec 17 Capex Capex Incentives Acquisitions Sales Revaluations Adjustments 30 Jun 18 Portfolio
2017 2018 Variance ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia 3.3 2.7 (0.6) 81.4 0.4 0.2 0.3 – – – – 82.3 4.9
10 Interchange Drive, Eastern Creek 1.3 1.3 0.0 33.2 – – – – – – – 33.2 2.0
16-34 Templar Road, Erskine Park 1.8 1.9 0.1 58.3 – – – – – – – 58.3 3.5
36-52 Templar Road, Erskine Park 2.9 3.0 0.1 98.3 – – – – – 1.8 – 100.1 6.0
54-70 Templar Road, Erskine Park 5.1 5.2 0.1 145.0 – – – – – 4.5 – 149.5 8.9
67-75 Templar Road, Erskine Park 0.9 0.9 0.0 24.2 – – – – – – – 24.2 1.4
29-55 Lockwood Road, Erskine Park 2.6 2.8 0.2 98.1 – 0.1 – – – 1.6 – 99.8 6.0
407 Pembroke Road, Minto 1.3 1.3 0.0 25.5 – – – – – – – 25.5 1.5
4 Holker Street, Newington 1.1 1.1 0.0 33.0 – – 1.0 – – – – 34.0 2.0
83 Derby Street, Silverwater 1.1 1.2 0.1 34.8 – 0.1 – – – – – 34.9 2.1
3 Figtree Drive, Sydney Olympic Park 1.0 1.1 0.1 24.5 – – – – – – – 24.5 1.5
5 Figtree Drive, Sydney Olympic Park 1.1 1.1 0.0 26.7 – – – – – 1.8 – 28.5 1.7
7 Figtree Drive, Sydney Olympic Park 0.5 0.2 (0.3) 15.3 – – – – – 0.2 – 15.5 0.9
6 Herb Elliott Avenue, Sydney Olympic Park 0.1 0.1 0.0 12.0 – – – – – 0.4 – 12.4 0.7
8 Herb Elliott Avenue, Sydney Olympic Park 0.4 0.4 0.0 11.7 – – – – – 0.4 – 12.1 0.7
Quad 1, Sydney Olympic Park 0.9 1.0 0.1 24.0 – 0.1 – – – 2.4 – 26.5 1.6
Quad 4, Sydney Olympic Park 1.6 1.7 0.1 51.5 – 0.1 – – – 3.2 – 54.8 3.3
372-374 Victoria Street, Wetherill Park 1.0 1.0 0.0 24.8 – 0.1 – – – – – 24.9 1.5
38 Pine Road, Yennora 1.9 1.9 0.0 52.9 0.3 – – – – 0.8 – 54.0 3.2
18-24 Abbott Road, Seven Hills 0.2 1.1 0.9 34.6 – – – – – 2.7 – 37.3 2.2
1 Huntingwood Drive, Huntingwood [1] – 1.2 1.2 50.9 7.1 – – – – 3.2 – 61.2 3.7
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Includes 1B development.

LOGISTICS PORTFOLIO

Logistics Portfolio Summary

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Logistics Occupancy
GLA (100% 30 Jun 18 30 Jun 18 Independent 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 82.3 6.00% Internal 83.3% 100.0% 100.0% 2.3
10 Interchange Drive, Eastern Creek NSW 100% 15,100 33.2 6.00% Internal 100.0% 100.0% 100.0% 2.0
16-34 Templar Road, Erskine Park NSW 100% 15,200 58.3 6.00% Internal 100.0% 100.0% 100.0% 11.0
36-52 Templar Road, Erskine Park NSW 100% 24,500 100.1 5.75% Independent 100.0% 100.0% 100.0% 16.6
54-70 Templar Road, Erskine Park NSW 100% 21,000 149.5 5.75% Independent 100.0% 100.0% 100.0% 17.0
67-75 Templar Road, Erskine Park NSW 100% 12,700 24.2 6.25% Internal 100.0% 100.0% 100.0% 3.6
29-55 Lockwood Road, Erskine Park NSW 100% 32,200 99.8 5.50% Independent 100.0% 100.0% 100.0% 11.5
407 Pembroke Road, Minto NSW 50% 15,300 25.5 7.00% Independent 100.0% 100.0% 100.0% 1.5
4 Holker Street, Newington NSW 100% 7,400 34.0 6.50% Internal 100.0% 100.0% 100.0% 8.3
83 Derby Street, Silverwater NSW 100% 17,000 34.9 6.00% Internal 100.0% 100.0% 100.0% 7.5
3 Figtree Drive, Sydney Olympic Park NSW 100% 6,800 24.5 7.50% Independent 100.0% 100.0% 100.0% 1.5
5 Figtree Drive, Sydney Olympic Park NSW 100% 8,800 28.5 7.50% Independent 100.0% 100.0% 100.0% 5.4
7 Figtree Drive, Sydney Olympic Park [1] NSW 100% 3,500 15.5 N/A Independent 100.0% 100.0% 100.0% 0.1
6 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 4,100 12.4 N/A Independent 100.0% 100.0% 100.0% 0.6
8 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 3,300 12.1 N/A Independent 100.0% 100.0% 100.0% 1.6
Quad 1, Sydney Olympic Park NSW 100% 4,700 [2] 26.5 6.75% Independent 100.0% 100.0% 100.0% 3.6
Quad 4, Sydney Olympic Park NSW 100% 8,100 [2] 54.8 6.00% Independent 100.0% 100.0% 100.0% 11.7
372-374 Victoria Street, Wetherill Park NSW 100% 20,500 24.9 7.00% Internal 100.0% 100.0% 100.0% 1.7
38 Pine Road, Yennora NSW 100% 33,200 54.0 7.00% Independent 100.0% 100.0% 100.0% 0.7
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Valued on a rate per sqm of potential Gross Floor Area (GFA). Allowances for costs of demolition and deferment of development have been made. The Present Value (PV) of the current lease has then been added to the value. 2. NLA.
Includes 1B development.

LOGISTICS PORTFOLIO

Independent Valuation Summary

66% of the logistics portfolio was valued independently in the 6 months to 30 June 2018.

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Valuation Capitalisation Rate
State Ownership Date Valuer ($m) (%)
GPT Portfolio
Rosehill Business Park, Camellia NSW 100% 31 Dec 17 CBRE 81.4 6.50%
10 Interchange Drive, Eastern Creek NSW 100% 31 Dec 17 JLL 33.2 6.00%
16-34 Templar Road, Erskine Park NSW 100% 31 Dec 17 Colliers 58.3 6.00%
36-52 Templar Road, Erskine Park NSW 100% 30 Jun 18 JLL 100.1 5.75%
54-70 Templar Road, Erskine Park NSW 100% 30 Jun 18 M3 149.5 5.75%
67-75 Templar Road, Erskine Park NSW 100% 31 Dec 17 Savills 24.2 6.25%
29-55 Lockwood Road, Erskine Park NSW 100% 30 Jun 18 Savills 99.8 5.50%
407 Pembroke Road, Minto NSW 50% 30 Jun 18 JLL 25.5 7.00%
4 Holker Street, Newington NSW 100% 31 Dec 17 CBRE 33.0 6.50%
83 Derby Street, Silverwater NSW 100% 31 Dec 17 JLL 34.8 6.00%
3 Figtree Drive, Sydney Olympic Park NSW 100% 30 Jun 18 JLL 24.5 7.50%
5 Figtree Drive, Sydney Olympic Park NSW 100% 30 Jun 18 JLL 28.5 7.50%
7 Figtree Drive, Sydney Olympic Park [1] NSW 100% 30 Jun 18 JLL 15.5 N/A
6 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 30 Jun 18 JLL 12.4 N/A
8 Herb Elliott Avenue, Sydney Olympic Park [1] NSW 100% 30 Jun 18 JLL 12.1 N/A
Quad 1, Sydney Olympic Park NSW 100% 30 Jun 18 M3 26.5 6.75%
Quad 4, Sydney Olympic Park NSW 100% 30 Jun 18 M3 54.8 6.00%
372-374 Victoria Street, Wetherill Park NSW 100% 31 Dec 17 CBRE 24.8 7.00%
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					Valuation	Capitalisation Rate
	State	Ownership	Date	Valuer	($m)	(%)
38 Pine Road, Yennora	NSW	100%	30 Jun 18	M3	54.0	7.00%
18-24 Abbott Road, Seven Hills	NSW	100%	30 Jun 18	Savills	37.3	5.75%
1 Huntingwood Drive, Huntingwood2	NSW	100%	30 Jun 18	CBRE	61.2	5.57%
54 Eastern Creek Drive, Eastern Creek	NSW	100%	30 Jun 18	CBRE	48.0	5.75%
Citiwest Industrial Estate, Altona North	VIC	100%	31 Dec 17	CBRE	81.6	6.71%
Citiport Business Park, Port Melbourne	VIC	100%	30 Jun 18	JLL	78.0	6.50%
Austrak Business Park, Somerton	VIC	50%	31 Dec 17	JLL	170.5	6.25%
Sunshine Business Estate, Sunshine	VIC	100%	30 Jun 18	CBRE	74.5	6.00%
16-28 Quarry Road, Yatala	QLD	100%	31 Dec 17	CBRE	44.3	8.00%
59 Forest Way, Karawatha	QLD	100%	30 Jun 18	Savills	110.0	6.00%
55 Whitelaw Place, Wacol	QLD	100%	30 Jun 18	Savills	15.8	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. 2. Includes 1B development.

LOGISTICS PORTFOLIO

Logistics – Sydney

Sydney remains a strong market, with land availability becoming more constrained which is reflected in land price growth.
New supply will end the year on a high in response to record demand and pre-lease activity in 2017.
Vacancy remains low, contributing to rent growth particularly in higher and better use locations.
The solid state final demand growth forecast should underpin future growth in the sector.

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Sydney Industrial: Total vacant stock by grade ('000 m )
1,400
Prime
1,200
Secondary
1,000
800
600
400
200
-
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sqm Sydney Industrial Supply ('000 m2)
1,400
1,200
1,000
800
Historical
600 average
400
200
0
2013 2014 2015 2016 2017 2018 (f)
sqm Sydney Industrial Demand ('000 m2)
1,400
1,200
1,000
Historical
800 average
600
400
200
0
2013 2014 2015 2016 2017 1H18
All Other Pre-Lease and D & C 11 yr Avg.
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Source: Knight Frank, JLL, GPT Research.

Logistics – Melbourne

Gross take-up has been strong during 2018, driven by demand for existing stock.
Population growth and a pipeline of infrastructure should continue to support demand.
Prime vacancy continues to decline and new supply activity is forecast to be lower in the near term.
The state economy is forecast to grow steadily, driven by improved business sentiment.

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Melbourne Industrial: Vacant stock by grade ('000 m )
700
Prime
600
Secondary
500
400
300
200
100
-
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Source: Knight Frank, JLL, GPT Research.

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sqm Melbourne Industrial Supply ('000 m2)
1,000
900
800
Historical
700 average
600
500
400
300
200
100
0
2013 2014 2015 2016 2017 2018 (f)
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sqm Melbourne Industrial Demand ('000 m2)
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1,000
900
800
Historical
700
average
600
500
400
300
200
100
0
2013 2014 2015 2016 2017 1H18
All Other
Pre-Lease and D & C
11 yr Avg
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LOGISTICS PORTFOLIO

Logistics – Brisbane

Demand was steady during the first half due to a strong second quarter.
The outlook for economic growth has improved.
Vacancy is steady and is supported by relatively low supply.
Whilst over the worst, Brisbane is yet to provide consistent indicators that would imply stability in the market.

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Brisbane Industrial: Total vacant stock by grade ('000 m )
700
Prime
600
Secondary
500
400
300
200
100
-
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sqm Brisbane Industrial Supply ('000 m2)
700
600
500
Historical
400 average
300
200
100
0
2013 2014 2015 2016 2017 2018 (f)
sqm Brisbane Industrial Demand ('000 m2)
700
600 Historical
500 average
400
300
200
100
0
2013 2014 2015 2016 2017 1H18
All Other Pre-Lease and D & C
11 yr Avg.
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Source: Knight Frank, JLL, GPT Research.

Sydney Industrial Market

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GPT Industrial Assets GPT Logistics 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
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9 Sydney Olympic Park
10 Pembroke Rd, Minto
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LOGISTICS PORTFOLIO

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Sunshine Business Estate, Sunshine, VIC

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2018 INTERIM RESULT

DEVELOPMENT

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Development Overview

Sector Ownership Interest (%) Forecast Total Cost ($m)	Forecast Cost to Complete Target Completion Date GPT’s Share ($m) Fund’s Share ($m)
Underway
Lot 21 Old Wallgrove Road,Eastern Creek,NSW Logistics 100% GPT 50	24 0 2H 2018
1B Huntingwood,Huntingwood,NSW Logistics 100% GPT 21	5 0 2H 2018
4 MurrayRose Avenue,SydneyOlympic Park,NSW Ofce 100% GPT 96	27 0 2H 2018
Sunshine Plaza,QLD Retail 50% GPT 211	91 0 1H 2019
Melbourne Central,VIC Ofce 100% GPT 35	33 0 2H 2019
32 Smith Street,Parramatta Ofce 100% GPT 266	223 0 2H 2020
Total Underway 679	403 0

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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
Future Pipeline
MLC Centre, Sydney Office 50% GPT 35 35 0
100 Queen Street, Melbourne Office 100% GWOF 150 0 150
Melbourne Central, VIC Office 100% GPT 250 250 0
Cockle Bay Park, Sydney Office 50% GWOF 650 0 645
Austrak Business Park, Minto, NSW Logistics 50% GPT 15 9 0
Austrak Business Park, Somerton, VIC Logistics 50% GPT 67 45 0
Metroplex, Wacol, QLD Logistics 50% GPT 97 31 0
38 Pine Road, Yennora, NSW Logistics 100% GPT 10 7 0
Wembley Business Park, Berrinba, QLD Logistics 100% GPT 109 76 0
Rouse Hill Town Centre, NSW Retail 100% GPT 200 200 0
Casuarina Square, NT Retail 50% GPT / 50% GWSCF 80 40 40
Chirnside Park Vic Retail 100% GWSCF 85 0 85
Highpoint Shopping Centre, VIC Retail 16.67% GPT / 83.33% GWSCF 120 20 100
Parkmore Shopping Centre, VIC Retail 100% GWSCF 30 0 30
Other 600 600 0
Total Future 2,498 1,313 1,050
Total Underway and Future Pipeline 3,177 1,716 1,050
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2018 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 2018	GWOF	GWSCF
Number of Assets	17	8
Total Assets	$7.5b	$4.9b
Net Gearing	17.4%	25.2%
One Year EquityIRR (post-fees)	13.9%	8.4%
Fund Details as at 30 June 2018
GPT's OwnershipInterest	24.7%	28.7%
GPT's Investment	$1,495.3m	$1,013.9m
Established	July2006	March 2007
Weighted Average Capitalisation Rate	5.06%	4.82%
Portfolio Occupancy	96.0%	99.7%
GPT’s Share of Fund FFO	$35.3m	$22.9m
GPT Base Management Fee	$17.7m	$10.9m

Macarthur Square, New South Wales

FUNDS MANAGEMENT

GPT Funds Management Overview

Historical Growth in Funds under Management

Growth in Funds under Management for the 12 months to 30 June 2018

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$12.4b
$12.0b
$10.4b $10.7b
$10.0b
$9.6b
$7.1b
$6.6b
$5.3b $5.6b
Dec 2010 Dec 2011 Dec 2012 Dec 2013 Dec 2014 Dec 2015 Dec 2016 Jun 2017 Dec 2017 Jun 2018
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$0.7b $12.4b
$1.0b
$10.7b
Jun 17 FUM Developments Acquisitions June 18 FUM
& Asset Growth
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GWOF performance versus benchmark

GWSCF performance versus benchmark

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20
18.2
15.5 15.115.4 16.0 16.415.2
15 14.0 14.013.1 13.3 13.5 12.7 13.2
11.9 11.5 11.6
10.8
10 8.7 9.9
7.0 7.1
6.0
5.3
5
0
GWOF Mercer / IPD Peer 1 Peer 2 Peer 3
All Office Index
1 Year 3 Years 5 Years 7 Years 10 Years
11.9
Total return (%)
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8.4 9.0 8.5 8.4 9.7 9.9 9.4 9.1 8.210.59.8 9.3 10.18.8 8.8 8.6 10.210.39.9 9.6
7.4 7.2 7.4
6.5 6.5
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 2018, the Fund had a value of $7.5 billion.

	June 2018	June 2017
Number of Assets	17	17
Total Assets	$7.5b	$6.8b
Net Gearing	17.4%	16.9%
One Year EquityIRR (post-fees)	13.9%	13.5%

Fund Details as at 30 June 2018
GPT's OwnershipInterest (%)	24.7%
GPT's OwnershipInterest ($m)	$1,495.3m
Established	July2006
Weighted Average Capitalisation Rate	5.06%
Portfolio Occupancy(%)	96.0%
GPT’s Share of Fund FFO ($m)	$35.3m
GPT Base Management Fee ($m)	$17.7m

		Inception to Date
		(Annualised) 21 July 2006
Equity IRR	1 July 2017 to 30 June 2018	to 30 June 2018
Post fees	13.9%	9.7%

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GWOF Ownership Composition
As at 30 June 2018 [1]
Domestic Super Funds 45%
GPT 25%
Offshore Pension Funds 15%
Domestic – Other 7%
Offshore – Other 6%
Sovereign Wealth Funds 1%
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Differences due to rounding.

FUNDS MANAGEMENT

GWOF Capital Management

Total borrowings for the Fund at 30 June 2018 were $1,339 million resulting in net gearing of 17.4%.

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750 Collins Street, Melbourne

GWOF Capital Management Summary as at 30 June 2018

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Net Gearing 17.4%
Weighted Average Cost of Debt 4.2%
Fees and Margins (included in above) 1.6%
Weighted Average Debt Term 5.3 years
Drawn Debt Hedging 79%
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 2019 [1] 50.0
Bilateral Facility 50.0 1 October 2019 [1] 50.0
Bilateral Facility 50.0 30 November 2019 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
Bilateral Facility 100.0 30 September 2021 0.0
Bilateral Facility 150.0 25 November 2021 141.0
Medium Term Notes 150.0 18 May 2022 150.0
Bilateral Facility 100.0 31 May 2023 100.0
Medium Term Notes 200.0 22 February 2027 200.0
US Private Placement 99.0 18 June 2029 99.0
US Private Placement 99.0 18 June 2030 99.0
Total 1,598.0 1,339.0
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Quarterly extension facility.

GWSCF Overview

GWSCF provides wholesale investors with exposure to 8 high quality retail assets. At 30 June 2018, the Fund had a value of $4.9 billion.

	June 2018	June 2017
Number of Assets	8	8
Total Assets	$4.9b	$3.9b
Net Gearing	25.2%	11.0%
One Year EquityIRR (post-fees)	8.4%	13.4%

Fund Details as at 30 June 2018
GPT's OwnershipInterest (%)	28.7%
GPT's OwnershipInterest ($m)	$1,013.9m
Established	March 2007
Weighted Average Capitalisation Rate	4.82%
Portfolio Occupancy(%)	99.7%
GPT’s Share of Fund FFO ($m)	$22.9m
GPT Base Management Fee ($m)	$10.9m

		Inception to Date
		(Annualised) 31 March 2007
Equity IRR	1 July 2017 to 30 June 2018	to 30 June 2018
Post fees	8.4%	6.0%

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GWSCF Ownership Composition
As at 30 June 2018 [1]
Domestic Super Funds 37%
GPT 29%
Domestic – Other 15%
Offshore Pension Funds 12%
Sovereign Wealth Funds 5%
Offshore – Other 3%
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Differences due to rounding.

FUNDS MANAGEMENT

GWSCF Capital Management

Total borrowings for the Fund at 30 June 2018 were $1,239 million resulting in net gearing of 25.2%.

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GWSCF Capital Management Summary as at 30 June 2018

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|||
|---|---|
|Net Gearing|25.2%|
|Weighted Average Cost of Debt|4.1%|
|Fees and Margins (included in above)|1.7%|
|Weighted Average Debt Term|5.0 years|
|Drawn Debt Hedging|75%|
|Weighted Average Hedge Term|3.1 years|

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GWSCF Loan Facilities Facility Limit ($m) Facility Expiry Amount Currently Drawn ($m)
Bilateral Facility 50.0 8 January 2020 50.0
Bilateral Facility 50.0 1 July 2020 50.0
Bilateral Facility 50.0 1 October 2020 50.0
Bilateral Facility 75.0 30 October 2020 75.0
Bilateral Facility 75.0 29 April 2021 70.0
Bilateral Facility 100.0 30 September 2021 100.0
Bilateral Facility 125.0 31 December 2021 125.0
Bilateral Facility 100.0 31 March 2022 100.0
Bilateral Facility 50.0 1 April 2022 0.0
Bilateral Facility 200.0 14 September 2022 119.0
Bilateral Facility 100.0 31 October 2022 100.0
Medium Term Notes 200.0 11 September 2024 200.0
Medium Term Notes 200.0 28 February 2028 200.0
Total 1,375.0 1,239.0
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Casuarina Square, NT

AI assistant

GPT GROUP — Interim / Quarterly Report 2018

65009_rns_2018-08-12_8d94e8c2-5845-47ef-9492-664e01b976aa.pdf

AGENDA

2018 Interim Result Financial Highlights

Progress on Strategic Priorities

Investment Portfolio

Balance Sheet & Capital Management

Development Pipeline

Funds Management

Financial Summary

Segment Result

Capital Management

KEY STATISTICS

Debt Maturity Profile

Retail Portfolio

Retail Sales

Retail Leasing

Portfolio Leasing Statistics

Sunshine Plaza Development Update

1. New leases

Office Highlights

Office Leasing

96.6%

Melbourne Central Tower | Accelerating income

SYDNEY

MELBOURNE

BRISBANE

Office Valuations

Composition of Valuation Gains

Logistics Highlights

Office & Logistics Development

32 Smith Street, Parramatta

Development Update

Funds Management Highlights

Fund Updates

Summary & Outlook

ECONOMIC OUTLOOK

SECTOR OUTLOOK

GROUP OUTLOOK

Disclaimer

GPT Overview

GPT Portfolio Diversity

Retail Portfolio

Office Portfolio

Logistics Portfolio

GPT Portfolio Metrics

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

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 Maturity Profile

Liquidity Profile

Liquidity Profile

Hedging Profile

Hedging Profile as at 30 June 2018

Retail Portfolio Overview

New South Wales

GPT Owned

GWSCF Owned

Victoria

GPT Owned

GWSCF Owned

Northern Territory

GPT Owned

GWSCF Owned

Queensland

GPT Owned

1. Not managed by GPT.

Retail Portfolio Summary

Retail Portfolio Summary

Income and Fair Value Schedule

Lease Ex ir Profile p y

Retail Sales Summary

GPT GROUP Interim / Quarterly Report 2018